Accordingly table 22 below presents the summary of

Accordingly, Table 2.2 below presents the summary of past studies that investigated MFIs
in the context of Nigeria. Following Table 2.2, Table 2.3 summarized previous research
that attempted to examine factors that influence the performance of MFIs.
The review of the previous studies on MFIs as presented in the above Table 2.2 and
Table 2.3 suggests the following issues:
i. Despite the relevance and applicability of strategic management to MFIs, there
appeared to be not many studies that focused on this important area of
management among these firms. As a result, there is little information and
knowledge on MFIs from the strategic management perspective.
ii. In the same manner, even though business practices are considered essential to the
performance of MFIs, the information in Table 2.1 suggests research in this area is
not only limited but also neglected in the context of Nigeria.
i. Limited Focus of Previous Studies on MFIs
Although the information in Tables 2.1 and 2.2 shows that the number of studies on MFIs
seems to increase, a review of these past studies highlights several limitations. Among
the limitations include; too much emphasis on investigating the effectiveness of
microfinance schemes, adoption of the case study method, and too many studies
concentrated on observing and reporting the impact of financial schemes on poverty
reduction (Abdulai, 2017; Abraham & Balogun, 2012; Amoo & Kolawole, 2015; Augustine
et al., 2016; Chinasa, 2015; Ene & Inemesit, 2015; Kamukama et al., 2010; Paul &
Emesuanwu Catherine Ebelechukwu, 2015; Tadele & Rao, 2014a; Umar et al., 2012).