Exploring Hurdles in Accessing Islamic Microfinance for Sustainable Poverty Reduction in Nigeria

This study investigates the challenges hindering underprivileged Nigerians from accessing Islamic microfinance loans. Employing qualitative methods multiple case study approach, the research analyzes the experiences of three individuals who faced such challenges. The objective is to identify and analyze primary barriers encountered by Nigerians seeking financial services from Islamic Microfinance Institutions (IMFIs). The identified challenges include Convenient Access for the Unbanked Community, Limited Awareness, Stringent Eligibility Criteria, and High Cost of Financing. The narrative of the case study findings sequentially presents each business owner’s account, incorporating excerpts from their interviews. The study concludes by emphasizing the pivotal role that Islamic microfinance institutions can play in sustainable poverty alleviation efforts.