Strategies adopted by microfinance institutions in Nairobi County to support poverty reduction programs in Kenya

Abstract

The primary purposes of the study were to study strategies adopted by microfinance institutions to support poverty reduction programs in Kenya, a case study of Nairobi County. The target population was financial manager from each of the 52 microfinance institutions in Kenya. The results of the study were both qualitative and quantitative. Quantitative data collected using a questionnaire were also analyzed by the use of descriptive statistics using the Statistical Package for Social Sciences and presented through percentages, means, standard deviations and frequencies. The information was also represented by use of bar charts, graphs and pie charts and in prose-form. This was done by tallying up responses, computing percentages of variations in response as well as describing and interpreting the data in line with the study objectives through use of Statistical Package for Social Sciences. In assessing adopted strategies and the context within which a microfinance institution operates, choice of strategy can indeed seem like a search for a myriad forces pushing and pulling an organization to change and little by way of established principles to determine what the choice should be. However, the choice of strategy is fundamental to a microfinance institution on a number of reasons. The study recommends further research on governments need to develop effective information convening platform to which the public could be reached in the microfinance sector by providing political and social economic changes in the efforts to give priority for the sector to be effective. There is need for initiatives to be taken for us to create a sustained and stable competitive strategy and for county demand to be able to adjust to foreign technologies needed in the industry. From the study there is need of adoption of strategies by microfinance institutions to support poverty reduction programs in Kenya