Dissertations / Theses on the topic 'Microfinance, Poverty, Microcredit'

The first chapter provides a comprehensive overview of microfinance academic literature with emphasis on recent innovations, trends and efficiency. In particular, we focus on controversial issues of microfinance, such as commercialization, regulation, interest rate policy and the balance between outreach and performance of MFIs. The next chapter especially investigates the role of public expenditures and general government debt in microfinance performance in Latin America and the Caribbean. Microfinance institutions finance their business activities primary with clients' deposits, equity or with external funding. The aim of the third chapter is to verify whether the external funding, macroeconomic development and the size of banking sector have some impact on a microfinance performance. This study investigates, as well, the possible reasons why many microfinance institutions have gradually experienced a decrease in the share of female borrowers in their portfolios over the last few years. The final chapter is focused on the impact of macroeconomic environment and internal variables of the microfinance sector on microfinance interest rates.

Thesis (Ph.D.) -- University of Western Sydney, 2007.
A thesis presented to the University of Western Sydney, College of Law and Business, School of Economics and Finance, in fulfilment of the requirements for the degree of Doctor of Philosophy. Includes bibliographies.

Microfinance has spread rapidly since the 1970s and gained a lot of international attention. Advocates mean it is a good way to reduce poverty, but still there is no consensus within the research about the impacts of microfinance and its contribution to poverty reduction.The aim of this study is to assess the members’ perceptions about the impacts of the rural member-based microfinance institutions (MFIs), Savings and Credit Cooperative Societies (SACCOS) and Village Community Bank (VICOBA), on members’ socio-economic situation as well as their perceptions about the contribution to poverty reduction and to identify potential obstacles. The study is mainly based on individual semi-structured interviews with members of SACCOS and VICOBA conducted between February and April 2012 in Babati district Tanzania and earlier research and studies within the area of microfinance and poverty reduction make up the theoretical framework. There is a general agreement among the members interviewed that these MFIs have positive impacts on their socio-economic situation. The results show that it helps to meet consumption needs, pay school fees, run small businesses, increase and diversify the income and the majority also believes that it can be a useful tool for poverty reduction. However, it doesn’t lead to poverty reduction automatically, it depends on how the loans are used and this study identifies several obstacles for SACCOS and VICOBA to be more effective and contribute more to poverty reduction. The main obstacles found are low repayment status, lack of capital and lack of education in both entrepreneurship and how these MFIs operate.

Cette thèse a pour objet la compréhension des mécanismes de diffusion de la microfinance en relation avec les questions de genre en Haute-Guinée. En effet, l’examen des rapports sociaux en Haute-Guinée laisse entrevoir des disparités de genre au détriment des femmes. Majoritairement elles touchées par de nombreuses inégalités d’ordre socio-économique, culturel et politique : elles sont peu ou pas du tout impliquées dans le processus de prise de décision ; leur niveau d’instruction et de formation sont faibles par rapport à ceux des hommes ; elles sont exclues du contrôle des ressources productives et économiques (terres, arbres fruitiers, mines, pêche…). Cet état de fait a pour conséquence la dévalorisation de leur statut social, la charge considérable du travail domestique et surtout la paupérisation généralisée des femmes. Face à ces réalités, certaines femmes s’inscrivent dans des logiques d’emprunt de microcrédits pour démarrer, renforcer ou encore diversifier les activités génératrices de revenus dans les secteurs du commerce, de l’artisanat et de l’agriculture. C’est dans la perspective d’approfondir ce défi que cette thèse tente d’analyser les effets de la microfinance sur la vie des femmes de cette région de la Guinée.A partir d’une approche méthodologique essentiellement qualitative, l’examen des réalités de terrain révèle que la microfinance n’est pas une solution miracle pour lutter contre la pauvreté des femmes et les inégalités de genre. Elle peut tout aussi produire des effets inverses débouchant sur l’aggravation de leur situation économique et sociale (surendettement, pauvreté, migration, exclusion, divorce, prostitution, exposition au VIH/SIDA)
The purpose of this dissertation is the understanding of the mechanisms of the development of microfinance in relation to gender issues in Upper Guinea, in the republic of Guinea. Indeed, the examination of social relations in Upper Guinea suggests gender disparities to the detriment of women. They are disproportionately affected by many socio-economic, cultural, and political inequalities: they have little or no involvement at all in the decision-making process; they have very low levels of education and training in comparison to men; they have no control over productive and economic resources (trees, fruit trees, mines, fishing, among others). This situation results in the devaluation of their social status, significant domestic workload, and above all, women’s generalized impoverishment. Confronted with this reality, some women adhere to the logic of borrowing, which is based on micro-credits in order to start, strengthen or diversify income generating activities in the trade, crafts and agriculture sectors. For the purpose of further exploring that issue, this dissertation attempts to analyze the effects of microfinance on women’s life in this region of Guinea.Using a methodological approach, which is primarily qualitative, the examination of field realities shows that microfinance is not a miracle solution to fight poverty among women and gender inequalities. It may just as well produce opposite effects resulting in the worsening of their economic and social situation (over-indebtedness, poverty, migration, exclusion, divorce, prostitution, exposure to HIV/AIDS)

La microfinance en Egypte comme en Tunisie répond depuis plusieurs décennies à un besoin permanent des populations qui sont exclues du système financier formel. Ces populations n’ont d’autres sources de financement que celles mises à disposition par les institutions de microfinance. Ces financements sont majoritairement axés sur le microcrédit, l’épargne, et les produits d’assurance. Notre recherche interroge l’influence et la capacité que la microfinance exerce dans les deux pays notamment pour leur participation à un autre mode de développement, local et socialement soutenable. Pour répondre à ces interrogations nous avons adopté une méthodologie mixte (recherche documentaire, interviews et enquêtes par questionnaires).Cette méthodologie a permis de mieux éclairer le problème de la microfinance à travers une typologie des institutions impliquées et de la capacité de ces institutions à faire face à la demande des populations dans les zones périurbaines et rurales de la Tunisie et de l’Egypte. Notre principale contribution théorique est de mettre en évidence que cet ensemble d’éléments constitutifs permet une analyse de l’impact de la microfinance sur le développement dans ces deux pays. Dans quelle mesure a-t-elle permis à la population de sortir de la pauvreté, quelle est sa place dans le développement local notamment dans les zones rurales et dans la périphérie des grandes villes du Caire et de Tunis ? Telles sont les principales questions que nous avons pu traiter
Microfinance in Egypt and in Tunisia as well has been given for decades an answer to the permanent need from populations that are excluded from the formal banking system. These populations have no other sources of finance than that of microfinance. These funds are mainly, microcredit, savings and insurance. Our research questions the influence and the capacity that microfinance exerts upon both countries especially on their participation to another development mode, local and socially sustainable. To address these questions we adopted a hybrid methodology (in depth documentation, interviews and surveys with questionnaires).This method has permitted to shed a better light on the microfinance issue through a typology of microfinance institutions and through their ability to meet the demand from the populations of rural and suburban areas in Tunisia and Egypt. Our main theoretical contribution is to make it clear that this whole set of elements allows an analysis about the impact of microfinance on development. To what extent does it enable the people to escape from poverty, what is its place in the local development especially in the rural and suburban areas in the large cities like Tunis and Cairo ? Here are the main questions we could deal with

The first chapter of this thesis is an introduction to issue of microfinance. This chapter is about characteristic, targets and social importance of microfinance loans and about birth and history where microfinance started to help and who is founder of microfinance. There is also describing of today's microfinance market, the distribution and characteristics every single microfinance regions: number of microfinance institution, gross loan portfolio and another main attribute for every region. The aim of next chapter is to review actual trends which are typical for microfinance sector. The most important trends are new products, separation microfinance institutions for profit and non-profit institutions, financial sources, rising regulation of microfinancial institution and changing quality of gross loan portfolio in time. The last chapter is about the quality of loan portfolio selected states from Latin Amerika and Asia where the impact of internal and macroeconomics variables to quality of gross loan portfolio is tested by regression model.

Worldwide, poverty remains to be an obstacle to achieve sustainable development and improve the well-being of people. Microfinance has become a popular tool for poverty alleviation and it can now be found in poor countries across the world. Microfinance is based on the principle that poor people can initiate their own development out of poverty, given they have the starting capital to do so. The capital can be invested in income-generating activities and it is assumed that this will lead to a higher income and additional positive effects, like an increase in well-being, will follow. However others argue that the focus on income is only one aspects of poverty, other forms of deprivation and constraints are excluded. This thesis aims to address how microfinance, the provision of credit in particular, has an influence on the well-being of women. A participatory rural appraisal was conducted in order to explore how women define well-being. The perspectives of four women groups from the urban and peri-urban areas of Dar es Salaam, Tanzania were included in understanding the local definition of well-being, the developments in their lives and the changes in well-being they have perceived. The results show that the group loans may contribute to positive changes in the well-being of women, but these changes cannot be attributed to the loans alone. The changes in well-being caused by the loan intertwine with other factors like group dynamics and family life; therefore the results need to be interpreted considering the specific context. Furthermore the results show that the changes in well-being are not necessarily related to an increase in income, thus contesting the assumptions on which microfinance is based.

The use of group lending for poverty alleviation is a widespread feature of modern microfinance. The structure of joint-liability credit - if one member defaults the others are held financially responsible - produces a natural tension between a borrower's social and economic interests. This study integrates theory from economics, sociology, and behavioural experiments to address the question, "How do social and economic mechanisms interact to shape a microcredit group's financial behaviour?" The empirical analysis involves an original dataset from a microfinance institution in Sierra Leone. The total dataset includes 7,025 joint-liability borrowers involved in 47,931 repayment transactions from 2005 to 2011. The empirical methods used are diverse: ethnographic fieldwork, GPS spatial analysis, social affiliation survey design, and multilevel statistical analysis of loan performance data. The original work is structured as three distinct papers. In the first paper, I examine social collateral, the formal use of a borrower's relationships as security against loan default. How does a group's spatial structure affect the efficacy of social collateral? Spatial concentration improves a group's economic performance up to a certain level after which the effect reverses and performance declines. The relationship is driven by a social trade-off between ability and willingness to enforce the loan. Further, groups that consist of multiple spatial fragments produce worse performance. Spatially fragmented groups are prone to splitting into social factions. In the second paper, I question what drives the self-selection process of microcredit group formation. The results show that group leaders prefer members with pre-existing social ties, who are spatially proximate, and have matching business types. The preference for socio-spatial factors is likely motivated by reducing the risk of strategic default by group members. In the third paper, I explore how economic cooperation in small groups evolves over years of repeated interaction. Despite the selective retention of better performing groups, average cooperation rates consistently decline, in terms of contribution and effort. Further, variance across groups continues to increase over 30 months of repeated interaction, suggesting that convergence to a stable cooperation rate has not occurred. Given that group lending exhibits many of the factors found to promote cooperation in laboratory experiments, it is surprising to find such a marked decline in this field setting. Overall, this thesis contributes to economic sociology by dissecting the difficult trade-offs between social and economic motives in group lending and offers policy implications for microfinance institutions regarding group formation heuristics, contract design, and loan management.

Financial Non-Governmental Organisations (FNGOs) are regulated microfinance institutions (MFIs) that operate with the social welfare logic in the delivery of Microcredit (MC) and Entrepreneurship Training (ET) to the poor in Ghana. The provision of these two capitals (MC and ET) is aimed at supporting the poor to create sustainable Micro and Small Enterprises (MSEs) which is aimed at generating both skilled and unskilled employment. The major aim of this study is to investigate the impact of MC and ET delivered by FNGOs on the performance of MSEs in Ghana. Theoretically, the study adopts both the Institutional Theory and the Resource-Based View theory as the underlying theoretical frameworks, assuming that institutional and resource factors have a great influence on FNGOs in their delivery of MC and ET to MSEs in Ghana. The research design adopted in undertaking this study is based on the pragmatic research philosophy. Specifically, the mixed strategy with an explanatory triangulation method has been used. The mixed method has been adopted purposely for model testing as well as for exploring various issues on FNGOs and their role in the performance of MSEs. Primary data were collected through a quantitative method using a survey as well as through qualitative interviews. Adopting a stratified random sampling method, a total of 720 self-administered questionnaires were sent out in March 2017 to MSEs in the Volta Region of Ghana to collect primary data. Out of the number sent, 506 questionnaires were retrieved generating a response rate of 70.2%. Also, interviews were conducted with 10 MSEs. A multiple regression model was applied in measuring the impact of MC and ET on the performance of MSEs. The findings suggest that firm characteristics such as gender, managers educational level, industry category and business age correlate positively with employment sales and profitability growth which are statistically significant at 1% level. Secondly, the study also found that both MC and ET factors have a significant impact on MSE performance in the areas of employment, sales and profitability at 1% significant level. The qualitative findings also support the model tested in this study in the sense that the combined approach of both MC and ET have a significant impact on MSE performance in Ghana. This study has made two main contributions. Firstly, the provision of MC by FNGOs can only have the desired impact on the performance of MSEs if it is combined with entrepreneurship training, thereby leading to a sustainable employment, sales and profitability growth. Therefore, by using the 506 MSEs financed by FNGOs in the Volta region of Ghana, this study has for the first time in the Ghanaian microfinance landscape tested an empirical model and came out with meaningful findings for effective integration of ET into microfinance to improve the delivery of financial services to MSEs in Ghana by FNGOs and other socially oriented MFIs. The study has therefore developed a practical framework for ensuring that ET is provided alongside the delivery of MC in order to have the desired impact on the performance of MSEs. The study provided implications for policy and practice for making MC and ET more accessible to MSEs to achieve the desired goal of creating employment. Secondly, even though FNGOs play a very important role in providing entrepreneurial finance to MSEs particularly in developing countries, it has received insufficient research attention. This study has, therefore, added to the scanty research available about FNGOs and their contribution to entrepreneurship development and poverty reduction in developing countries.

This diploma thesis focuses on microfinance, it's basic characteristics and general principles of it's function. It introduces microfinance approaches, development of microfinance, microfinancial services and microfinance providers. Two largest microfinance institutions in Bangladesh, Grameen bank a BRAC, illustrate how microfinance works, helps to empower the poor and reduces their poverty in one of the poorest countries in the world.

A partir des associations féminines de microcrédit, des femmes sénégalaises mettent en place des stratégies de solidarité et investissent le secteur de la microfinance à l’aide de systèmes formels et informels d’épargne et de crédit pour assurer la survie de la famille ou l’acquisition de biens matériels et/ou d’argent, gage de succès économique et source de prestige au Sénégal. Ces pratiques de solidarité et de réseautage socio-économiques sont construites et entretenues à partir des acteurs dominants du milieu associatif (dirigeants et fondateurs) avec l’aide des partenaires financiers et techniques. L’Etat et les ONG de développement considérés comme les partenaires de ces associations sont les premiers à leur fournir un apport financier et technique. Ce partenariat s’inscrit dans une logique de lutte contre la pauvreté mais aussi instrumentale dans laquelle les femmes sont considérées comme une ressource, et comme sujette à un « investissement rentable ». Dans cette thèse, on semble se demander si les pratiques associées à la lutte contre la pauvreté en général et le microcrédit en particulier ne profitent pas plus aux partenaires qui en font la promotion qu’aux femmes elles-mêmes. A partir d’une étude de cas, cette thèse tente de comprendre la pratique du microcrédit dans les associations féminines de microcrédit sénégalaises, les dynamiques de collaboration et de pouvoir, entre les différents acteurs, qui se mettent en place, et enfin les objectifs poursuivis par les uns (Etat et ONG de développement) et les autres (les associations de femmes)
Women's microcredit associations allow Senegalese women to support each other while investing in the microfinance sector. Formal and informal savings and credit systems ensure the families survival and the purchase of goods. These, as well as the flow of cash, are proofs of economic success and a source of prestige in Senegal. Solidarity strategies, along with social and economic networking practices originate from key community leaders (both founders and leaders) with the help of technical and financial partners. The state and associated NGOs provide the biggest part of the financial and technical support. The partnerhip fits into a general fight against poverty where women are understood as resources and profitable investments. However one could argue that associated partners often benefit more from the fight against poverty- and the development of microcredit- than Senegalese women themselves. Using a specific case study, the thesis examines the microcredit practices of Senegalese women involved in the associative sector; the power dynamics behind associations of people and, finally, the objectives of each participant (NGOs, state and women’s associations)

Cette thèse contribue à analyser dans quelles mesures les coopératives financières concourent à laréduction de la pauvreté.De ce point de vue, nos analyses ont porté aussi bien sur l’adéquation du cadre conceptuel de cesinstitutions que sur leurs impacts sur les sociétaires. Par rapport au fonctionnement, nos analysesmontrent dans le cas du Bénin, que les principes coopératifs sont globalement appliqués. Toutefois, ellessont confrontées à des problèmes de viabilité financière et de gouvernance liés à la croissance dusociétariat.En ce qui concerne leurs impacts sur les sociétaires, nos résultats suggèrent dans le court terme, que lecaractère intégré de ces institutions s’est avéré globalement pertinent. Par rapport à la dimensionfinancière, il ressort des résultats obtenus que le crédit communautaire contribue favorablement àl’accroissement du revenu des ménages, à la promotion de l’investissement en capital humain des enfants àtravers à l’accroissement des dépenses d’éducation et de santé, mais avec une portée relativement faible.Par contre, le crédit communautaire n’a pas eu d’effet sur l’accroissement de l’épargne. Par rapport à ladimension non financière, nos résultats suggèrent que les services non financiers offerts exercent à traversle statut de sociétariat, une influence favorable sur la constitution du revenu des ménages bénéficiaires ducrédit coopératif.Dans le même ordre d’idées, du point de vue de la mobilité économique, les résultats suggèrent à courtterme, une mobilité des ménages bénéficiaires relativement faible et liée à l’état initial de bien-Être. Defaçon comparative, les résultats suggèrent dans une certaine mesure qu’il y a eu une mobilité ascendanteélevée au niveau des ménages bénéficiaires comparés aux non bénéficiaires. Sur un horizon de long terme,nos résultats suggèrent une convergence très lente des sociétaires vers l’état de bien-Être supérieur si lescoopératives ne subissent pas de mutation en termes de stratégie de réduction de la pauvreté.Par ailleurs, de l’analyse de l’influence du degré de la contrainte de crédit révélée par les sociétairesbénéficiaires du crédit communautaire, il ressort que l’existence de la contrainte de crédit du côté del’offre ne semble pas avoir influencé le niveau de vie des bénéficiaires ayant jugé la valeur du montant ducrédit obtenu « insuffisante ou très insuffisante », dans le court terme. Par contre, par rapport auxbénéficiaires qui ont jugé la valeur du montant du crédit obtenu « suffisante », nos résultats suggèrent dansun premier temps, l’existence d’un biais de sélection et dans un second temps, que la chance de sortir de lapauvreté est plus faible pour cette catégorie de bénéficiaires comparée au reste de la population quipossède les mêmes caractéristiques mais qui s’estiment très contraints « crédit obtenu très insuffisant » oupartiellement contraints «crédit obtenu insuffisant ».En somme, nos résultats soulignent que le caractère intégré des coopératives peut contribuer à lacroissance économique et l’amélioration du bien-Être sociétaires pauvres et vulnérables, mais à conditionque ces structures définissent clairement une stratégie dans ce sens et qu’elle soit étalée sur un horizon detemps bien défini. En outre, pour y parvenir, ces institutions nécessitent d’être appuyées par des dotationsexternes ou d’autres programmes complémentaires au regard de leur mode endogène de mobilisation deressources qui pourraient donner lieu à des contraintes apparentes de crédit
This thesis contributes to analyze the extent to which financial cooperatives contribute to povertyreduction. From this point of view, our analysis focused on both the adequacy of the conceptualframework of these institutions and their impact on members. As for their operation, our analysis showsin the case of Benin that cooperative principles generally applied. However, they face problems offinancial sustainability and governance related to the growth of membership.With regard to their impact on shareholders, our results suggest that in the short term, the integratednature of these institutions has proven globally relevant. As for the financial dimension, it appears fromthe results that the community loan contributes positively to the growth of household income, theincrease of investment in human capital for children through higher education and health spending, butwith a relatively small range. However, the community loan had no effect on the growth of savings. As forthe non-Financial dimension, our results suggest that non-Financial services offered exercise through thestakeholder-Status, a positive influence on the formation of the income of households that arebeneficiaries of the cooperative loan.In the same vein, in terms of economic mobility, our results suggest, in short-Term a relatively lowmobility of recipient households which is also related to the initial state of well-Being. In other words, thefrequency of mobility is upward for all states of welfare for all recipients, except for the poorestshareholder households. Compared to non-Beneficiaries, our results suggest in some ways, a high upwardmobility for beneficiary households. Over a longer term, our results suggest a very slow convergence ofmembers to a state of higher well-Being when the cooperatives are not subject to change in their povertyreduction strategies.In addition, the analysis of the influence of the degree of credit constraints revealed by the shareholderswho were beneficiaries of the community loan, shows that the existence of credit constraints in the supplyside does not seem to have influenced the living standards of beneficiaries who rated the value of the loanreceived as "insufficient" or "very insufficient" in the short term. But, compared to recipients who foundthe value of the loan received "sufficient", our results suggest at first, the existence of a selection bias andin a second step, the chance to escape poverty is lower for this category of beneficiaries compared to therest of the population with the same characteristics but who feel very constrained ("loan received is veryinsufficient") or partially constrained ("loan received is insufficient".)In total, our results highlight that the integrated nature of cooperatives can contribute to economic growthand improve the welfare of poor and vulnerable members, provided that these cooperatives clearly definea strategy in that direction and spread it over a defined period of time. In addition, to achieve this, theseinstitutions need to be supported by external grants or other complementary programs, when oneconsiders their endogenous mode of resource mobilization

Le but de cette thèse est de déterminer si les objectifs que se fixent les institutions demicrofinance (IMF) en France en matière de lutte contre la pauvreté et l’exclusion, et en matièrede soutien au micro-entrepreneuriat, se traduisent dans les faits. Il s’agit plus précisémentd’apprécier la performance sociale des IMF tant en termes de portée sociale qu’en termesd’impact. Nous montrons dans une première partie que le microcrédit extra-bancaire en France aclairement un impact social car octroyé principalement aux personnes les plus pauvres et à cellesles plus en risque d’exclusion. Sa capacité à servir durablement le plus grand nombre estcependant remise en cause compte tenu du fait qu’aucune institution étudiée ne répond à lacontrainte de pérennité qu’est l’autosuffisance financière. Le maintien des subventions dans cecontexte s’avère donc indispensable. Nous trouvons en outre une adaptation de l’offre auxbesoins de la clientèle et mettons en évidence l’existence d’une stratégie dichotomique dans lesecteur (sociale vs économique), ce qui entraine un traitement différencié de la clientèle suivantl’objectif poursuivi par l’IMF. Dans une seconde partie, nous trouvons que dans un contextemarqué par la persistance de la crise économique, le microcrédit démontre une certaine capacité àsoutenir la création d’entreprises et d’emplois de qualité. Cette capacité dépend cependant dutype de microcrédit dont il s’agit (entrepreneurial vs insertion sociale). L’accompagnement serévèle fort utile dans l’ensemble, mais nous montrons des différences de perception parmi lesbénéficiaires. Le microcrédit se révèle en outre avoir un fort impact psychologique mais sesretombées économiques sont de faible ampleur. Nous trouvons en effet une amélioration globalede la situation professionnelle des bénéficiaires, mais soulignons la précarité des emplois occupéset la faiblesse des revenus. Ceci suggère un contraste entre perception et réalité économique
This thesis aims at determining whether microfinance institutions (MFIs) in France succeed inovercoming poverty and exclusion and in supporting entrepreneurship. More precisely, we assessthe social performance of the MFIs both in terms of outreach and impact. We show in a firstsection that non-bank MFIs in France reach the poor and individuals at high-risk of exclusion,and their offer is adapted to their clientele. However, because none of these IMFs are viable,their capacity to durably serve the largest number is questioned. This underlines the need formaintaining subsidies. We also highlight the existence of two types of strategy within the sector(social vs economic), which leads to a differentiated treatment of customers according to theobjective pursued by the MFI. In a second section we show that in a time of persistent economiccrisis, microcredit demonstrates some ability to support business and job creation. However, thisability depends on the type of microcredit in question (micro-enterprises lenders vs socialinclusion lenders). Business support shows itself very useful on the whole, but we bring to theforeground differences in perception among the beneficiaries. Besides, microcredit proves tohave a strong psychological impact even when economic gains are low. There is an overallimprovement in the working position of beneficiaries, although gains are limited by theprecariousness of jobs and relative low incomes. This suggests a contrast between perception andeconomic reality

In 2015, United Nations implemented seventeen Sustainable Development Goals along with 169 sub-targets with the ambition to transform the world through achieving sustainable development and, hence annihilate poverty. In light of the foregoing, both authoritative and non-governmental entities accentuated the significance of ‘financial inclusion’ which, in turn, has developed into an evangelical advocacy reminiscent of the extensive publicity that microfinance received at the end of last century which, in turn, has led to an unprecedented passion among philanthrocapitalists, transnational corporations, and other benefactors to financially and socially assist the impoverished. In order to attain the objectives enforced by the United Nations, it is essential to elevate the people located at the bottom of the social hierarchy by minimizing the wealth and gender inequalities that exist. By providing women with equal access to education, job opportunities, financial resources, and representation in economic and political decision- making processes, both domestic and international prosperity will follow. Upon providing access to microfinancial services, microfinance institutions and similar entities have developed into essential tools for empowering women. Academic evidence has previously illustrated a positive association between the probability of accessing these services and the possession of an adequate understanding of economic knowledge – financial literacy. However, the underlying mechanisms of financial literacy and their possible connections to the access of microfinance are complex processes that often have been neglected in current academia. Hence, the purpose of this study is to determine the significant factors of financial literacy and examine how they interplay with the access to microfinancial activities. Accordingly, the objective of this paper is to answer the following research question. How does financial literacy favor women’s access to microfinancial services in developing countries? In order to obtain a greater insight into the subject matter, this paper utilizes a single-case study of Hand in Hand Eastern Africa’s operations in Kenya. The empirical findings presented in this qualitative study were collected through semi-structured interviews with managers working on both a local and nationwide level. Upon analyzing the findings, the authors found support in the argument that it is essential for an individual to be financially literate in order to obtain microfinancial services such as microcredit, microinsurance, and loans in kind. Although external forces in the form of social capital, social learning, and dynamic capabilities do not impact the access to microfinance directly, the empirical evidence indicated that an indirect influence on financial literacy exists. A myriad of previous academia has gravitated to emphasize the correlation between financial literacy and women empowerment rather than justifying the association through the examination of the underlying mechanisms. Hence, this thesis should provide valuable acumen about the elements of financial literacy and how they influence the microfinancial machinery as well as women’s socio-cultural and economic empowerment.

La microfinance, dont l’un des objectifs est de combattre la pauvreté, consiste en la fourniture de produits financiers à tous ceux qui sont exclus du système bancaire classique. Elle est née dans les années 1970, s’est diffusée dans les pays du Sud et s’est révélée être, en quelques décennies, un vecteur de développement. Cette thèse met en évidence ses limites et ses dérives, sans nier certains de ses succès. Au Tchad, dans certains cas, elle a produit des effets pervers et a conduit à l’endettement. L’étude menée répond à un travail de terrain pluridisciplinaire, conjuguant des approches financières et socio-culturelles. Les données recueillies proviennent de nos méthodes et techniques mises en place au cours de diverses enquêtes menées à N’Djaména et à Moundou entre janvier 2009 et mars 2012. Notre recherche a montré, entre autres, comment et à quel niveau se situe l’intervention de la microfinance auprès des populations défavorisées. Dans cette optique, nous avons analysé les obstacles rencontrés et précisé les conditions requises pour que ce type d’outil puisse être efficace, le secteur informel ainsi que l’économie sociale et solidaire étant susceptibles – en tant qu’outils de lutte contre l’exclusion – de rétablir le lien social
Microfinance, which one of the objectives is combating poverty, is the provision of financial products to all people who are excluded from the traditional. It emerged in the 1970s, spread in the countries of the South and proved to be, in a few decades, an instrument of development. This dissertation highlights his limits and his drawbacks, without denying some of its success. In Chad, in some cases, it has produced perverse effects and led to debt. This study is a pluridisciplinary field work, which aligns financial and socio-cultural approaches. Our research has shown, among others, how and at what level is situated the intervention of microfinance to the poor. In that process, we analyzed the obstacles and specified the conditions required so that this type of tool could be effective, the informal sector and social solidarity and economy etc. restore the social ties as they are effective for combating exclusion

Cette thèse interroge les processus de communication qui autorisent la construction du microcrédit - pratique de prêts à des personnes pauvres - comme cause internationale. Un réseau d’acteurs nommé « Campagne du Sommet du Microcrédit » milite activement pour sa reconnaissance en tant qu’outil de lutte contre la pauvreté. L’étude de ses pratiques et des formes de son discours éclaire les conditions de possibilité logistique et symbolique de la conversion d’une technique financière en cause louable, endossable et universalisable.L’approche communicationnelle de cet objet se formule au croisement de deux axes théoriques qui forment les deux niveaux d’analyse d’un matériau composite - documentaire et ethnographique.Le premier axe concerne la démarche stratégique d’« entrepreneurs de cause » qui défendent une thématique et en accompagnent la trajectoire publique. Il questionne les conditions de la visibilité de la cause et met, ainsi, en évidence les contraintes d’une exigence de visibilité et les normes d’action et de justification qu’elle impose aux acteurs.Le second axe s’attache aux médiations symboliques - formes intercalaires, rémanentes et circulantes - qui incarnent la cause en-Deçà et au-Delà des déclarations d’intention. Il interroge, alors, sa lisibilité en élucidant les régimes de construction de deux figures nécessaires et complémentaires - le micro et le macroentrepreneur - et leurs effets de sens paradoxaux.La thèse confronte donc les « arrière-Pensées » des formes aux intentions stratégiques des acteurs qui les mobilisent et éclaire ainsi la mécanique d’inscription d’une perspective contemporaine du traitement de la pauvreté dans son « ordre de discours »
Microcredit is a widespread financial tool, originally designed to lend small amounts of money to very poor people.This thesis questions the communication processes that enabled its construction as an international cause. Microcredit Summit Campaign is a network of organizations that strongly advocates for the acknowledgement of microcredit as a tool to fight poverty . The study of its practices and the forms of its discourse highlights the logistic and symbolic conditions required for the conversion of a financial theory into a praiseworthy, endorsable and universal cause.Drawing on a discourse and semiotic analysis of documented and ethnographical sources, the communicational approach of this topic links together two theoretical perspectives.On the one hand, it focuses on Microcredit Summit Campaign as a social movement organization and discusses the symbolic constraints imposed by a requirement for visibility in the public sphere. It influences their eligibility as spokeperson, their standards of action and their modes of justification.On the other hand, the thesis questions the legibility of microcredit as a cause. In this perspective, it analyzes the symbolic mediations that allow it to be embodied. To support the analysis, two compatible actors – “microentrepreneur” and “macroentrepreneur” - are strategically used in the discourse. The study of their characteristics reveals a paradoxical symbolic meaning and effect.Thus, the thesis confronts the "ulterior motives" of the semiotic forms used to support the discourse with the strategic intentions. In doing so, it sheds light on how a contemporary perspective on treating poverty is symbolically integrated in its " orders of discourse "

L‟application du plan d‟ajustement structurel par la Banque Mondiale et le Fonds Monétaire International (FMI) dans la dernière décennie n‟a pas épargné les pays en voie de développement notamment ceux de l‟Afrique du Sud Sahara comme la Côte d‟Ivoire. Ainsi, certains pays vont connaître le phénomène de l‟exode rural vers les grands centres urbains, créant un surpeuplement des villes, une chute du niveau de vie, un chômage avec pour corollaire la pauvreté. L‟évolution de ce phénomène en Côte d‟Ivoire accentué par les différentes crises socio politique qu‟à connu le pays nous permet de retenir que la paupérisation demeure un fait préoccupant. Dans un tel cas, notons que la crise pétrolière dans les années 70, la crise économique des années 80 avec ses plans d‟ajustement structurel successifs, ainsi que la dévaluation du franc CFA dans les pays du tiers monde complique d‟avantage la situation des ménages. Cette réalité existante dans les zones rurales est accentuée dans les zones urbaines. Les principales victimes étant les jeunes et les femmes. En effet, ces dernières se trouvent confrontées à des problèmes d‟exclusion, de mise à distance avec un réel problème d‟accès aux ressources. La micro finance, notamment en Côte d‟Ivoire, se veut une alternative en procurant aux femmes pauvres, un droit au crédit afin de se constituer une épargne et investir dans des activités génératrices de revenus. Autant d‟avantage qu‟il convient nous le pensons de mesurer en terme d‟empowerment. Un gain de pouvoir qui pourrait leur permettre d‟être autonome et lutter contre la pauvreté féminine.

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Esta tese tem por objetivo avaliar o microcrédito na Região Metropolitana de Salvador (RMS) no período compreendido entre 2010 e 2014. Este trabalho apresenta uma investigação a partir de dados coletados do Instituto Brasileiro de Geografia e Estatística (IBGE), Instituto de Pesquisa Econômica Aplicada (IPEA), Banco do Nordeste (BNB), Banco Central (BACEN), Serviço Brasileiro de Apoio às Micro e Pequenas Empresas (SEBRAE), dentre outros. Através da análise de dados, mostrou-se que tanto a população quanto os empreendimentos da região metropolitana buscam cada vez mais pelo microcrédito e, que os microempreendimentos individuais, solidários ou não, são vistos como a saída para geração e complementação da renda familiar. A pesquisa realizada também revela que o microcrédito é uma atividade importante na economia baiana e brasileira, especialmente se comparada a outros países da América Latina. Mostra ainda que a ampliação da oferta do microcrédito é parte do modelo que tem por objetivo a gestão da pobreza e seus efeitos na sociedade, e que a oferta de serviços de microfinanças cresce fundamentada nas orientações caracterizadas por procedimentos de rentabilidade tipicamente financeiros. Os resultados revelam que, entre 2010 e 2014, houve desenvolvimento social na Região Metropolitana de Salvador, porém não foi possível associar as melhorias aos programas de microcrédito ofertados na região.
This thesis aims to evaluate microcredit in the Metropolitan Region of Salvador (RMS) in the period between 2010 and 2014. This paper presents an investigation based on data collected from the Brazilian Institute of Geography and Statistics (IBGE), Institute of Applied Economic Research (IPEA), Banco do Nordeste (BNB), Banco Central (BACEN), Brazilian Service to Support Micro and Small Enterprises (SEBRAE), among others. Through the analysis of data, it was shown that both the population and the enterprises of the metropolitan region are increasingly seeking microcredit and that individual microenterprises are seen as the output for generation and complementation of family income. The research also reveals that microcredit is an important activity in the Bahia and Brazilian economy, especially when compared to other Latin American countries. It also shows that the expansion of the microcredit supply is part of the model that has the objective of managing poverty and its effects on society, and that the supply of microfinance services grows based on guidelines characterized by typically financial profitability procedures. The results show that, between 2010 and 2014, there was social development in the Metropolitan Region of Salvador, but it was not possible to associate the improvements to the microcredit programs offered in the region.

Agroamigo is a program of rural microcredit inserted in the Methodology of the National Program for Strengthening Family Agriculture and National Program for Oriented Productive Microcredit (PNMPO). IT IS Operated at Banco do Nordeste do Brasil in the Northeastern and Northern States of Minas Gerais and Espirito Santo through partnership with Instituto Nordeste Cidadania. Its mission is to promote rural development through the granting of small financing (quantitative vision) for investments and costing in agricultural and non-agricultural activities, whether or not rotating, as well as credit counseling and technical monitoring (qualitative vision) over the term Of the financing. As a productive and oriented rural credit, Agroamigo transcends the mere granting of bank credit and is an instrument of a local and regional development policy, which should be integrated with other regional development policies such as PAA, PGPAF, Proagro, The Family Grant, the Light for All, etc. in order to maximize its social and economic effects. The objective of this work is to explain the effects of the individual perspective and the loco-regional perspective, with Agroamigo, considering the vertiginous and ascending growth in the quantitative of contracted operations in this methodology. It investigates whether this quantitative growth has been accompanied by social and financial changes in the borrowers and their socioeconomic externalities in the municipalities, by inducing a greater flow of capital and circulation of goods and services. The regional area analyzed is the main municipalities "borrowers" in the State of Sergipe, having defined the timeline from 2005 to 2015. It begins with a conceptual and historical-factual approach on PRONAF, the emergence of Agroamigo and Their inclusion in the PNMPO methodology. It proceeds with the presentation of the data collected, the field research performed, the expected results. Finally, it discusses the data and information in light of the thesis raised of the effects of Agroamigo in the regional development. The analysis of the data ratified the positive impacts of Agroamigo on income generation and its effects on the local economy, which justifies the choice of the theme as a relevant issue within the framework of regional development policy and in the process of organizing the rural area.
O Agroamigo é um programa de microcrédito rural inserido no contexto metodológico do Programa Nacional de Fortalecimento da Agricultura Familiar e do Programa Nacional de Microcrédito Produtivo Orientado (PNMPO). É Operacionalizado no Banco do Nordeste do Brasil nos Estados do Nordeste e norte de Minas Gerais e Espírito Santo através de parceria com o Instituto Nordeste Cidadania. Sua missão é promover o desenvolvimento rural através da concessão de pequenos financiamentos (visão quantitativa) para investimentos e custeio, em atividades agropecuárias e não agropecuárias, de forma rotativa ou não, bem como orientação creditícia e acompanhamento técnico (visão qualitativa) no decurso do prazo do financiamento. Como crédito rural produtivo e orientado, o Agroamigo, transcede à mera concessão de crédito bancário e figura como instrumento de uma política de desenvolvimento local e regional, que deverá estar integrado às outras políticas de desenvolvimento regional como o PAA, o PGPAF, o Proagro, o Bolsa Família, o Luz Para Todos, etc, de forma a maximizar seus efeitos sociais e econômicos. Esta pesquisa tem como objetivo explicitar quais efeitos na perspectiva individual e na perspectiva loco-regional vem trazendo o Agroamigo, considerando o crescimento vertiginoso e ascendente no quantitativo de operações contratadas nessa metodologia. Investiga se esse crescimento quantitativo vem sendo acompanhado de mudanças sociais e financeiras nos tomadores de crédito e suas externalidades socioeconômicas nos municípios, ao induzir maior fluxo de capital e circulação de bens e serviços. O espaço regional analisado são os principais municípios “tomadores de crédito” no Estado de Sergipe, tendo sido definido a linha de tempo de 2005 a 2015. Inicia-se com uma abordagem conceitual e histórico-factual sobre o PRONAF, o surgimento do Agroamigo e sua inserção na metodologia PNMPO. Prossegue com a apresentação dos dados coletados, a pesquisa de campo realizada, os resultados esperados. Por fim discute os dados e informações à luz da tese levantada dos efeitos do Agroamigo no desenvolvimento regional. A análise dos dados ratificou os impactos positivo do Agroamigo na geração de renda e seus efeitos na economia local, o que justifica a escolha do tema como problemática relevante no âmbito da politica de desenvolvimento regional e no processo de organização do espaço rural.
São Cristóvão, SE

Mestrado em Ciências Empresariais
Este estudo pretende analisar o impacto da crise financeira internacional no microcrédito em Moçambique. Utilizando a metodologia de estudo de caso, começamos por procurar compreender o impacto da pobreza no mundo, e desta forma tentar perceber como as microfinanças aparecem para tentar solucionar este problema. Assim sendo, tentar-se-á verificar como as microfinanças se introduzem nos países, o que oferecem e como o oferecem. Sendo a crise financeira de 2008 uma das grandes variáveis em questão, torna-se claro a necessidade de validar qual o seu impacto nos mercados, em especial no caso de Moçambique, o nosso estudo de caso. Neste sentido, percebemos que um dos motivos para o grande impacto desta crise deve-se, principalmente, ao facto da grande maioria dos países se encontrarem num mercado cada vez mais globalizado, onde Moçambique, por motivos específicos e detalhados neste estudo, não se encontra inserido. Com o avançar deste estudo afastamo-nos ainda mais da possibilidade das instituições de microfinanças, em Moçambique, sofrerem com a crise económica mundial, sendo que o principal driver para este acontecimento, advém do facto destas instituições de microfinanças terem o mesmo propósito de lucro dos bancos comerciais, com a vantagem de não estarem dependentes de doadores externos. Por outro lado, a capacidade destas instituições, que se encontram protegidas e com diferentes estratégias de evolução, em conseguir superar a perda de investidores externos, acaba por ser superior às que não têm como principal foco a obtenção de lucro.
This study aims to analyze the impact of international financial crisis on microcredit in Mozambique. We begin this investigation by trying to understand the impact of poverty in the world and how microfinance appear to solve this problem, using the case study methodology. Therefore,we will try to realize how microfinance were introduced in those countries and the offers that were also related to them. As we can see, the financial crisis of 2008 is one of the major reason to this event, becoming evident the need to validate their impact in the markets, especially in the case of Mozambique. In this sense , we realize that one of the reasons for the great impact of this crisis is due mainly to the fact that most countries are in a market that is increasingly globalized , where Mozambique is not included. Detailing this analysis, it is removed the possibility of microfinance institutions in Mozambique to being affected by the global economic crisis, and the main driver for this event comes from the fact that these microfinance institutions have the same purpose of profit commercial banks , with the advantage of not being dependent on external donors. Moreover, the ability of these institutions, which are protected with different evolution strategies in getting over the loss of outside investors, turns out to be greater than among those whose main focus is the profit.

The microcredit program in Bangladesh is a unique innovation of credit delivery designed to enhance the income generating activities of the poor. Its uniqueness is reflected in its collateral-free group-based lending strategy. The program extends small loans to poor people, mainly women, for self-employment activities thus allowing clients to achieve a better quality of life. This program is regarded as a very exciting anti-poverty tool for the poorest, especially for women. This study investigates the impact of microcredit on economic indicators as well as consumption behaviour of the borrowers. It further analyses the impact of microcredit on women’s empowerment. Primary data has been collected from the borrowers of two major microcredit institutions in Bangladesh. Alongside the borrowers, data have also been collected from non-borrowers of the same village to compare the impact between borrowers and control group. The empirical work has used sophisticated econometric techniques. Five different econometric methods - OLS, 2SLS, Probit, Tobit and SURE estimators - have been applied to the sample data of this study. The most important finding indicates that microcredit programs are effective in increasing borrowers’ income, assets and consumption but it is more pronounced towards high income borrowers than low income borrowers. It further finds that microcredit programs are empowering for women.
Doctor of Philosophy (PhD)

The purpose of this essay is to understand why Microcredit Institutions, also known as MFIs, spend billions of dollars trying to end poverty by making small loans to impoverished entrepreneurs. MFIs argue that microcredit mitigates market failures, spurs micro-enterprise growth, and boosts borrowers well-being, consequently leading to a massive wave of theoretical speculations, often drawing upon the latest theoretical advances in economics and finance. This essay draws on the existing literature to synthesize the available evidence in a way that allows a comprehensive knowledge of some basic empirical facts. Overall, the results suggest that the expansion of the microcredit industry and high loan repayment ratios is raising questions about the real impact on the client entrepreneurs. The spread of consumer microcredit and uncontrolled growth of microfinance led to over-lending without adequate check and balances. As a result, borrowers cannot repay their loans, so they end up using the new loans to repay the old ones leading to over-indebtedness and associated stress and critique of microcredit.
O objetivo deste ensaio é perceber porque é que as Instituições de Microcrédito, também conhecidas como IFMs, gastam milhões de dólares a tentar eliminar a pobreza através de pequenos empréstimos a empreendedores empobrecidos. IFMs argumentam que o microcrédito mitiga as falhas do mercado, estimula o crescimento das microempresas e estimula o bem-estar dos mutuários. Consequentemente, uma onda maciça de especulações teóricas foi levantada, recorrendo aos mais recentes avanços teóricos em economia e finanças. Este ensaio baseia-se na literatura existente para sintetizar as evidências disponíveis de uma forma que permita um conhecimento abrangente de alguns fatos empíricos básicos. No geral, os resultados sugerem que a expansão da indústria do microcrédito e os altos índices de pagamento de empréstimos, levantam dúvidas sobre o real impacto que se verifica nos clientes. A disseminação do microcrédito para o consumidor e o crescimento descontrolado das microfinanças levaram ao excesso de empréstimos sem verificação e equilíbrio adequados. Como resultado, os mutuários não conseguem pagar os seus empréstimos, acabando por usar novos empréstimos para pagar os antigos, o que leva ao superendividamento e à tensão e crítica associadas ao microcrédito.

Magister Artium - MA
According to Professor Muhammed Yunus, Nobel Prize winner in 2006 and the founder of the internationally acclaimed Grameen Bank in Bangladesh, microfinance is a viable solution to poverty alleviation among the poorest people residing in rural areas. Microfinance programs have led to poverty alleviation and empowerment of especially rural based women of developing societies, as they enable the poor to manage their finances and cope with unpredictable shocks and emergencies (Yunus, 2007). This research evaluated the developmental impact of microfinance on poverty alleviation and women empowerment. It assessed the impact of the existing microfinance programmes among the members of the three microfinance Savings and Credit Associations (SCAs) in the rural areas of the Caprivi region of Namibia. This study explored whether microfinance programs have helped their members to minimize financial vulnerability through diversification of income sources and accumulation of assets. The research employed both qualitative and quantitative research designs. Data were collected through different qualitative and quantitative techniques (in-depth individual interviews, faceto- face interviews, questionnaire and questionnaire schedule). Summary findings indicate that the SCAs has positively contributed to the socio-economic improvement in the living standards (contribution to livelihood – increased income, enhanced health, and food status), improved education/healthcare, women empowerment through micro enterprise training and skill development. However, SCAs are still struggling with challenges, such as lack of income, high default rates and unprofitable micro enterprises. This research makes several recommendations, including: MFIs should concentrate on women’s economic empowerment as their main aim, incentives should be provided to the MFIs to encourage savings and investment amongst the poor, and if microfinance is to be used as a promotional tool for credit and saving services for the poor, then the socio-economic consequences of micro-credit lending have to be re-investigated, especially when they negatively impact on poverty reduction.

Orientação: Carlos Eduardo Capelo Ramos do Rosário
O presente trabalho, que tem como tema O Microcrédito como Instrumento para a Erradicação da Pobreza e Exclusão Social, procura compreender a problemática da pobreza e exclusão social, analisar a funcionalidade, os efeitos económicos e sociais do instrumento financeiro “microcrédito”. A investigação é orientada para o tratamento da seguinte questão: Será que o microcrédito contribui para erradicar a pobreza e a exclusão social? Como resposta à questão de investigação, aplicamos uma metodologia de propósito descritivo e exploratório, baseada no estudo de caso, cujo campo de investigação incidiu sobre uma instituição de microcrédito e respetivos clientes. Os resultados obtidos sugerem as seguintes conclusões: o microcrédito pode ser utilizado como instrumento para o combate à exclusão social numa determinada região em estudo, pois grande parte dos clientes financiados pela instituição estudada estão satisfeitos com a oportunidade de terem tido acesso a empréstimos, dos quais resultaram mudanças favoráveis nas suas condições de vida.
This work, whose theme is The Microcredit as a Vehicle for Eradication of Poverty and Social Exclusion, seeks to understand the problems of poverty and social exclusion, analyze the functionality, economic and social effects of the financial instrument "microcredit". The research is oriented to the treatment of the following question: Is the microcredit helps to eradicate poverty and social exclusion? In response to research question, we applied the exploratory and descriptive purpose methodology based on case studies, a field of research focused on a microfinance institution and its clients. The results suggest the following conclusions: the microcredit can be used as a tool to combat social exclusion in a given region under study, since most of the customers questioned are satisfied with the opportunity to have had access to loans, which resulted in changes favorable in their living conditions.