Impact of Microfinance Bank on Standard of Living of Hairdresser in Ogbomoso North Local Government of Oyo State, Nigeria

The thrusts of this study are to determine the impact of Microfinance bank on standard of living of hairdressers in Ogbomoso North Local Government Area (LGA) of Oyo State and to examine the impact of Microfinance on asset acquisition and savings of hairdressers in that LGA. A total of 49 hairdressers who registered with Ogbomoso North LGA were used as study sample. Data were collected using questionnaire and hypothesis was used using Chi-square technique. The null hypothesis was rejected at 5% significant level. It was then concluded that there is a significant relationship between Microfinance bank efforts and standard of living of hairdressers in Ogbomoso North LGA. Recommendations was thus made that government through the Apex bank (CBN) should ensure that Microfinance bank loans are easily obtainable and repayment should include a grace period with reasonable schedule instead of weekly payment period that is commonly found among the microfinance banks in Nigeria.