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Kampala International University (2017)

Microfinance institution services and standard of living in Garowe, Puntland, Somalia

Hussein, Mohamud Mohamed

Titre : Microfinance institution services and standard of living in Garowe, Puntland, Somalia

Auteur : Hussein, Mohamud Mohamed

Université de soutenance : Kampala International University

Grade : Master degree of Arts in economic planning and policy 2017

Résumé
The study examined the relationship between microfinance institution services and standard of living in Garowe district, Somalia. The study was guided by three specific objectives that included (i) examining the relationship between credit services and standard of living in Garowe district ; (ii) examining the relationship between saving services and standard of living in Garowe district and (iii) evaluate the relationship between insurance services and standard of living in Garowe district Somalia. This study used the descriptive survey design to establish the relationship between microfinance institution services and standard of living in Garowe district, Somalia, the study used a total population of 205 and a sample size of 135 respondents, and the questionnaire was used as the research instrument. Descriptive statistics used in this study included frequencies, means and PLCC on correlation of variables. Data analysis using rn ans showed that microfinance institution services were rated satisfactory (overall mean=2.88) and standard of living in Garowe district, Somalia was found to be satisfactory (mean=2.76). The following were the findings of the study ; the findings indicated a positive significant relationship between credit services and standard of living in Garowe district, Somalia, the findings connoted that savings services are significantly correlated with the standard of living in Garowe district ; there was a significant relationship between insurance services and standard of living in Garowe district. From the findings, the following recommendations were made ; the microfinance institutions in Garowe district Somalia should make sure that the collateral security requirements are always compatible with the credit required by the client, the microfinance institutions in Garowe district Somalia should always allow citizens borrow a specific amount of money and pay back through regular monthly payments with no collateral required, the microfinance institutions in Garowe district Somalia should provide bonuses for prompt credit payment among clients, microfinance institutions in Garowe district Somalia should provide risk transfer services, hence improving on the insurance services provided, and lastly microfinance institutions should always support people in receiving health insurance.

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