Volume 6, Issue 8, August – 2021 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

Micro-Insurance Services and Growth of Women

Entrepreneurs in Onitsha, Anambra State, Nigeria
1 2
ANOKE Amechi Fabian ; NZEWI, Hope Ngozi
3 4
Agagbo Ogugua Chinyere ; ONU Anthonia Nkechi

1&2
Department of Business Administration, Nnamdi Azikiwa University, Awka. Anambre State
3&4
Department of Business Administration, Nasarawa State University, Keffi

Abstract:- Micro-insurance is a social system, which been considered as the “escape route” in addressing risks
offers financial cover for the effects of a disaster to the and vulnerability in low-income people especially women
low income in the society. The study anchored on market entrepreneurs (Mordi, 2016).
power theory to examine the influence of micro-
insurance services on the growth of women Micro-insurance as a part of insurance sector and
entrepreneurs in Onitsha, Anambra State, Nigeria. financial institution is insurance policy designed for
Using all the population of registered women affordability and inclusiveness. This implies that micro-
entrepreneurs in Onitsha, Anambra State as of January insurance target the poor, the vulnerable and the low-income
2021, which was 657. 248 of this population have at least people in the society who often cannot access services from
one insurance policy with either conventional insurance the mainstream insurance services (Abel, 2018). These crops
firm or with a micro-insurance industry, which was used of people are the small and medium business operators as
purposively as the sample size of the study. well as the women entrepreneurs. Although, micro-
Questionnaire was used as the only instrument to collect insurance operates with less revenue and business model
data in the study while regression was used to analyze unlike conventional insurance providers, it serves these all
the formulated hypotheses. The study found that Micro- important and marginalized segment of the society (the
insurance saving, and lending services have positive and active poor) by offering suitable cover for specific type of
significant effect on women entrepreneurship growth in risk in exchange for reduced premium (Adewale,2010).
Onitsha, while micro-insurance management training
service has negative and insignificant effect on the Recently, micro-insurance has taken a centre stage
growth of women entrepreneurs in Onitsha, Anambra especially in developing countries as a risk transfer tool used
state. The study concludes that micro-insurance services basically to dodge against unforeseen and unavoidable
are important determinants of women entrepreneurship circumstances for the low-income earners in any society. It
growth in Onitsha, Anambra State, Nigeria and is seen to be a social system, which offers financial cover
recommended among others that micro insurance sector for the effects of a disaster to the low income in any given
should be properly publicized through mass education society. The cover is provided from the accumulated
and adopted as a subsidiary by all insurance firms in contributions of all the participants in the scheme as they
Nigeria as this will help cover the active poor in the pool their resources together (Isimoya, 2017). Micro-
society, who are not currently covered by the insurance deals with micro risk, and it offers financial cover
conventional insurance firms in Nigeria; this will to those low- income individuals who suffer loss doing their
enhance insurance penetration and entrepreneurship small and medium business operation(s) (Bob –Alli, 2010).
growth in Nigeria. In Nigeria, micro- insurance sector was in full operation
since 2005 and since then, it is full of activities. However,
Keywords:- Growth, Micro-insurance, Onitsha, Services most women entrepreneurs especially in Onitsha, Anambra
and Women-entrepreneurs. State do not embrace its services despite the crucial roles
micro- insurance plays as a shock absorber to individual or
I. INTRODUCTION group when the unexpected occur in the business world,
there would be something to fall back on as compensations
Vulnerability to risk is a reoccurrence factor in the or indemnities. Against this backdrop, this study seeks to
lives of the poor and a major cause of persistent poverty in examine the effect of micro-insurance services on the
developing countries like Nigeria especially in Onitsha growth of women entrepreneurs in Onitsha, Anambra State.
Anambra State. The worst affected is the women
entrepreneurs. It is believed that micro-insurance offers one This study area was chosen because Onitsha is not
major window to mitigate such risk in the society. The only the commercial hub of the state but that of the entire
demand for this very important instrument is relatively low South-eastern (Imo, Abia, Ebonyi, Enugu and Anambra)
in developing and underdeveloped countries (Abdul, 2018). States of Nigeria. Therefore, the choice of Onitsha in this
Micro-insurance, which is designed to cover the poor has study is a square peg in a square hole.

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Taking from the objective of the study, the following timely done, remains a key obstacle for the insurance
hypotheses were formulated and tested: industry to cross.
Ho1: Micro-insurance saving service does not significantly
affect women entrepreneurs’ growth in Onitsha, Anambra In general, when compared to conventional insurance
State industry that is as old as man, the micro-insurance sector is a
Ho2: Micro-insurance lending service does not significantly comparatively a new concept in the world, especially in
affect the growth of women entrepreneurs in Onitsha, Africa. The reason for introducing this all-important sector
Anambra State of the insurance industry globally, according to Omondi
Ho3: Micro-insurance management training service does (2018), was because of the key roles the low-income earners
not significantly affect the growth of women entrepreneurs play in the society today, the impact it will contribute to
in Onitsha, Anambra State. expanding the insurance business frontier as well as
returning power to the hands and minds of those small and
II. LITERATURE REVIEW medium business operators, who are seen today as the
drivers of the world economy. The concept came as a branch
Conceptual Framework of conventional insurance sector and then developed into a
body of its own. Therefore, it is noteworthy that only the
Entrepreneurship and Micro-insurance numen creature of micro-insurance that is new; the business
Recently, the effect of entrepreneurship and concept and operations remain the same (Ezie, 2017).
entrepreneurial activities in developing countries like
Nigeria has been noticed greatly. The attention given to this Oscar (2016) maintained that this form of insurance
‘unexploited source’ of growth and sustainability seems to deals with segment of people who cover their risk together
have increased largely for policymakers and development by paying contributions in case of any misfortune rather
expects. Entrepreneurs as well as SME operators are standing individually. This is where group savings by SME
gradually playing an important role in spurring economic operators are effective. Contributions or savings by
development and job creation all over the world. However, individuals or group are given back to customers who are in
most of this important segment of the economy are not financial need by the insurance firm as loan, putting all
knowledgeable or are unwilling to take one form of mechanism in place that will enable her to get the
insurance policy or the other (Anoke, 2020). This no doubt reimbursed funds back. He further noted that pooling the
has resulted to constant loss of valuables by entrepreneurs risk together as a group help to hedge the low- income
who operate in a very tensed and harsh economic people in the society and protect them against vulnerability
environment. and poor economic hardship.

Okpara (2016) noted that despite the laudable Bara and Taifa (2015) noted that this micro- insurance
programme and policies like credit loans, saving services, sector offers small loan facilities to her customers to boost
management training services, among others put in place by their business and take savings from them for proper
various insurance firms in Nigeria to help avert risk from keeping to her esteemed customers that act as a safety net in
occurring, Nigerian entrepreneurs especially the women fold time of business trouble. These help the beneficiaries to
are still lagging as they have not fully accepted the manage their resources more productively thereby
programmes and policies of the micro-insurance industry as generating employment opportunities through job creation.
a means of reducing or averting risk.
Abel (2018) emphasized that beside micro-insurance
Isiamoya (2017) argued that insurance is concerned basic role of providing social safety and security to her
with risk, and risk cannot be separated from life because it is contributors thereby easing government of some obligations
associated with all human endeavors. Therefore, risk is seen of meeting the financial security requirement by stepping in
as part of business that can occur at any given time. when the unexpected occurs, micro-insurance can foster
Adewale (2010) opined that micro- insurance was designed economic growth, development and sustainability through
to reduce risk for the poor. He stated that what micro- capital market expansion, funds deployment to the critical
insurance does is to offer financial cover to those poor set of and productive areas in the economy. Through proper
people as well as small business operator who suffer loss at accessibility to micro-insurance information, active
the course of their businesses and return peace of mind for entrepreneurs and low-income earners borrow, save and
the fortunate members of the group. manage their businesses profitably as the fear of the
unknown is reduced drastically.
Micro-insurance was established to give adequate
insurance cover to the uninsured, poor, and low- income Alando (2018) stressed that despite the worth and roles
earners in the society like the women entrepreneurs. played by micro- insurance industry in any given sector of
Notwithstanding the pivotal role this sector play in the the economy, it is noteworthy that insurance policies and
economic sustainability, getting the target customers, programs especially micro-insurance has not been fully
marketing the concept of micro-insurance, and building the accepted willingly in most developing countries like Nigeria
necessary hope and confidence like claim processes, which due to inherent challenges in the industry like difficulty in
often are their fear, will be effectively, efficiently, and processing claims by policyholders. The abysmal
penetration of insurance culture, policies and programs in

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developing economies has attracted relative interest among funds by the owners. These funds are then given out to the
researchers and practitioners (Anoke, 2020; Amos, 2018; needy customers in form of loans, overdrafts or even
Ahamba, 2015) to look in the direction of micro-insurance advances by the institutions. The institution here serves as a
as a way forward in Nigeria economic growth, development, bridge between the demand and supply sector of the
and sustainability. financial institution.

Micro-insurance savings Services and Growth of Micro-insurance Management Training Services and
Entrepreneurs Growth of Entrepreneurs
Life they say, cannot not be separated from risk, it is Management training services is a preparatory activity
wise that business operators take note and adopt traditional embarked upon by individual that helps in improving,
life insurance policy as a saving culture and component, enlightening, and enlarging individual’s skills, innovative
which will help them fulfill their life goals target. Willard ability, creativity, and position him or her as a leader or
(2017) opined that micro-insurance saving is a package that manager for productive business activities.
permits people especially the low-income earners to open
and maintain small amounts of cash or material with the Okeke (2018) noted that business training has helped
insurance firm for future use. This type of account allows many entrepreneurs and small business owners and
small business owners to store or save small amount of operators as more knowledge, skills, ideas acquired in the
money with the insurance company, which helps them to training are invested into the management and running of
meet up with the unanticipated expenditures, plan for future such business and has yield positive result. Proper and
businesses and in worst cases fall back on as a safety net profitable business training can be gotten through seminar,
when the unexpected happens. workshops, and conferences. Enyi (2015) argued that
business training, exposure, networking, and connections
Micro- insurance Lending Services and Growth of acquired on the training ground has shaped and reshaped
Entrepreneurs business thinking abilities of most business owners and
Micro-lending services is a practice by financial operators who pay key attention to such vital segment of the
institution(Banks and insurance) of lending smaller sums of micro insurance sector.
money, typically to those who are unable to obtain funding
through an established federal institution. It typically does III. CONCEPTUAL FRAMEWORK
not require any type of collateral before such loan is granted.
The key variable of attention in this study is the
Mabel (2016) states that micro credit refers to small dependent variable of growth of women entrepreneurs
loans made to individuals or group by financial institutions. which is measured by self-employment, expansion of
Micro-lending services is the provision of thrift facilities by business, nurturing skills. The independent variables that are
insurance firm or other financial institutions, financing of most likely to have impact on the dependent variable as
business, services, or products of very minor sum to the covered by this study are saving, lending and management
small business owners in rural, semi-urban and urban areas training services of micro-insurance firms. The relationship
in the society. According to Udoh (2017) noted that that exists between the two variables as stated here are
financial institutions (conventional insurance and especially shown in figure 1.
micro-insurance inclusive) provide means of saving surplus

Figure 1 Conceptual Framework

Independent Variables Dependent Variables

Micro -Insurance Services

Technical Skills of Business Owners Growth of Women Entrepreneurs
Saving Service ►
Self- Employment
--------------------------
Lending Service Influence Business Expansion
Management Training Service Nurturing skills

Empirical Reviews population was listed insurance firms in Abuja, Nigeria.

Ibrahim (2017) examined corporate governance and 124 out of 557 targeted populations was used as sample size
performance of quoted insurance firms in Nigeria. He as stratified random sampling was employed. The findings
adopted descriptive research design. Regression was used to revealed that board size has a significant impact on
run the analysis in the formulated hypotheses. The insurance firms’ performance in Nigeria.

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The study though well-constructed, did not make any expansion strategy, with the help of facilities (financial and
recommendation. In addition, the study did not state the technical) gotten from micro-insurance institutions,
measures to be taken by government or stakeholders to entrepreneurs can gain viable power and control the market
certify that the rules and ethics of the business are not because of their position in the current market, but
maintained in the insurance industry for better operation and because of their strategic position in their competitor’s
performance. strong hold (markets)

Closely related to Ibrahim (2017), Oscar (2012) also V. RESEARCH METHODOLOGY

investigated corporate ethics and institutional performance
in Poland. The study’s purpose was to establish the The Study employed descriptive research design as
relationship between corporate ethics and institutional data was collected and evaluated in a way that combined
performance, and dividend/ bonus pay-outs during the relevance to the intention and objective of the study. The
economic crises in Poland. Corporate ethics was measured population of the study was all the registered women
against corporate ethics index (CEI). The study also looked entrepreneurs in Onitsha, Anambra State as of December
at a complete measure of the corporate ethics for 293 non- 2020. According to Enterprise Agency of Nigeria, Anambra
monetary businesses quoted on Warsaw Stock Exchange State Chapter; there are 657 registered Women
from the 2010-2014. The findings confirmed a positive entrepreneurs in Onitsha. 248 of this population have at least
relationship between the two variables. It was also obvious one insurance policy with either conventional insurance firm
that higher corporate ethics resulted to an increase in or with a micro-insurance industry, which was used
dividends received. The study also established a link purposively as the sample size of the study. The
between corporate ethics and return on assets during the questionnaire was designed in a five (5) Point Liket scale to
universal monetary meltdown in Poland. The study also collect information from the respondents. The copies of the
uncovered that during the economic crisis, companies that questionnaire were dispensed to the respondents who are
maintain good corporate ethics were able to pay dividends basically registered and sampled women entrepreneurs from
as at when due than firms with lower ethical standard. the study area.

The study focused on corporate ethics as the only To ensure that validity of the instrument was
measure for organizational performance leaving variables maintained, the initial draft of questionnaire was subjected
like sales volume, return on equity, return on investment, to content and face validation. The instrument was given to
return on assets, prompt claim payment etc unattended to. experts in entrepreneurship Development Centre, Nnamdi
Azikiwe University, Awka as well as National Insurance
IV. THEORETICAL FRAMEWORK Commission (NAICOM) regional office, Awka, Anambra
State. These authorities were demanded to examine the
Market Power Theory instrument and make appropriate suggestion(s) regarding the
Porter (1980) built market power belief of positioning authenticity or otherwise of the instrument. Their comments,
a company in its environment strategically in such a way suggestions and corrections were used to modify and
that such company will stand tall among her competitors. produce the final instrument. To ensure the reliability of the
The insurance firm through her managerial training services instrument, a trial test was conducted. The trial test was
builds up women entrepreneurs for the task ahead. carried out using 25 respondents. The instrument duly
Diversification has been seen over the years to be veritable completed by the respondents was collected and analysed.
tool and strategy most profitable organization and Cronbach Alpha method was used to measure the internal
entrepreneurs use to outsmart her closest rivals in the consistency of the items.
business (Barney, 2002). By entering other markets through

Table 1: Reliability Estimates for the Measurement of the Variables

Constructs Number of Items Cronbach’s Alpha
Micro-insurance Services 25 α = .91
Saving Services 25 α = .85
Lending Services 25 α = .92
Training Services 25 α = .88
Field Survey, 2021

The Cronbach's Alpha for the major variables in the to determine whether there is an effect relationship between
conceptual framework registered scores above the minimum the variables and is stated below:
value of 0.70 as shown above. The high reliability index Y= α + ßIx...........................................1
indicates that the instruments were reliable. Y stands for dependent variable,
α = intercept,
Simple regression and simple percentages were ßI is coefficient and x is the independent variable.
employed for the analysis. The simple regression was used However, the above model is expressed as:
GWEN= α + ßIMIINS+ +µ …...equation 2

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Where: α = Intercept
GWEN = Growth Entrepreneurs (Self-employment, µ = Error terms
business expansion) MIINS = Micro-insurance Services (Saving, Lending, and
ß = Coefficient Management training Services)

VI. DATA ANALYSIS AND DISCUSSION

Table 4.1: Result Summary (Dependent Variable – (Entrepreneurs Growth)

Model Summary
Model R R Square Adjusted R Square Std. Error of the
Estimate
1 .397a 0.68 .64 .13054
a. Predictors: (Constant), Training Services, Lending Services, Saving Services

ANOVAa
Model Sum of Squares Df Mean Square F Sig.

1 Regression .778 3 .359 32.212 .000b

Residual 4.158 244 .317
Total 4.936 247
a. Dependent Variable: Growth of women Entrepreneurs
b. Predictors: (Constant), Training Services, Lending Services, Saving Services

Coefficientsa
Model Unstandardized Coefficients Standardized T Sig.
Coefficients
B Std. Error Beta
1 (Constant) .202 .043 4.643 .000
Saving Services .287 .063 .269 4.525 .000
Lending Services .324 .081 .236 4.000 .000
Training Services -.197 .052 .226 -3.814 -.003
a. Dependent Variable: Growth of women Entrepreneurs
Authors’ computation from SPSS 25

In determining the total fit of the model, it was Similarly, it was equally seen in table 4 that micro-
detected that the model was fit for the study. This was seen insurance lending services have a significant and positive
by the probability F-statistics value of .000 is less than 0.05 effect on the growth of entrepreneurs in Onitsha, Anambra
State. This is captured by the value of the t-statistics
The coefficient of determination R2 (R-squire= 0.68) (t=4.00) and its corresponding PV (.000). The study
that was employed to determine the goodness of fit of the therefore rejects the second null hypothesis (Ho2) and
projected model. It implies that the 68 percent of the concludes that micro-insurance lending services have
variation on micro-insurance can be used to explain the considerable influence on the growth of women
growth of women entrepreneurs in Onitsha, while 32 percent entrepreneurs in Onitsha, Anambra State.
can be explained by other factors not covered in this
regression model. In addition, it was also found in the table 4 that micro-
insurance management training services has a adverse and
Test of Hypotheses insignificant association with the growth of women
From table 4, it was observed that there is a positive entrepreneurs in Onitsha, Anambra State. This is seen in
and significant association between micro-insurance saving value of t-statistics (t= -3.81) and an associated PV (-.003).
services and the growth of women entrepreneurs in Onitsha, The study, therefore, accepts the null hypothesis (H03) and
Anambra State. The value of the t-statistics (t=4.52) and the concludes that micro-insurance management training
associated PV of .000 captured this, which is less than the services have no significant effect on the women
0.05 acceptable level. Therefore, the study rejects the first entrepreneurs’ growth in Onitsha, Anambra State.
null hypothesis (Ho1) and concludes that a micro-insurance
savings service has a significant influence on the growth of
women entrepreneurs in Onitsha, Anambra State.

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Discussion of Results publicized through lending to their customers; the sector
The study has made a critical examination on the should be adopted as a subsidiary by all insurance firms in
effect of micro-insurance services on the growth of Nigeria as this will help cover the active poor in the society,
entrepreneurs in Onitsha, Anambra State. The results which are not covered by the conventional insurance firms
revealed a positive and significant relationship between in Nigeria; this will enhance insurance penetration and
micro-insurance saving services and the growth of Women entrepreneurship growth in Nigeria. The consultancy
entrepreneurs. This implies that micro-insurance firms in services department of the firm should be friendly,
Onitsha, Anambra State are performing their constitutional meaningful, relevant, and affordable to their clients so that
duties optimally and women entrepreneurs are equally the insurance subsector will take its rightful place in the
interested in their policies, programs and packages due to economic development of Nigeria.
the positive effect on their growth. This finding agrees with
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