Profitability of microfinance institutions and borrowers: a systematic literature review
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Published
11-09-2024
Salvador Fonseca
António Carrizo Moreira
Jorge Mota
https://orcid.org/0000-0002-9420-7904
António Carrizo Moreira
Jorge Mota
Abstract
Using the SCOPUS database, this paper conducts a systematic literature review to identify the drivers of financial profitability for both microfinance institutions (MFIs) and borrowers. Among the 174 papers reviewed, 39 addressed the profitability drivers of MFIs and borrowers. For, MFIs several factors stand out: financing for women and group credit, portfolio quality; client monitoring; appropriate active and passive interest rates; and control of operating costs. For borrowers, training in small business management; the generation of innovative and well-structured business ideas, access to microcredit and adequate passive interest rate, monitoring by MFIs and investment-focused credit, are found to drive profitability without jeopardizing their scope and depth of their operations. In this way the MFIs can grow and expand their services in a financially sustainable way, and better serve excluded individuals. These results may provide a valuable framework to MFIs and borrowers to consider in their activities. Additionally, the findings are valuable also to policymakers when designing microfinance policies aimed at poverty reduction. A possible conjecture resulting from this study is that the financial sustainability of microfinance does not lie in subsidization, but in the application of market rules. By identifying two sets of factors that drive profitability, for MFIs and for borrowers, this paper provides an interface that incorporates measurement indicators.
How to Cite
Fonseca, . S., Carrizo Moreira, A., & Mota, J. (2024). Profitability of microfinance institutions and borrowers: a systematic literature review. Cuadernos De Gestión, 24(2), 39–53. https://doi.org/10.5295/cdg.232011am
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Keywords
Profit, Financial Performance, Microfinance Institutions, Microcredit, Borrower, Systematic Review
References
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Arunkumar, S., Anand, A., Anand, V. V., Rengarajan, V., & Shyam, M. (2016). Empowering rural women through micro finance: An empirical study. Indian Journal of Science and Technology, 9(27), 1-14. https://doi.org/10.17485/ijst/2016/v9i27/97597
Asif, M., Lodhi, R. N., Sarwar, F., & Ashfaq, M. (2023). Dark side whitewashes the benefits of FinTech innovations: a bibliometric overview. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-10-2022-0438
Baas, J., Schotten, M., Plume, A., Côté, G., & Karimi, R. (2020). Scopus as a curated, high-quality bibliometric data source for academic research in quantitative science studies. Quantitative Science Studies, 1(1), 377-386. https://doi.org/10.1162/
qss_a_00019
Baklouti, I. (2013). Determinants of microcredit repayment: The case of Tunisian microfinance bank. African Devel-opment Review, 25(3), 370-382. https://doi.org/10.1111/j.1467-8268.2013.12035.x
Becchetti, L., & Conzo, P. (2013). Credit access and life satisfaction: Evaluating the nonmonetary effects of micro fi-nance. Applied Economics, 45(9), 1201-1217. https://doi.org/10.1080/00036846.2011.624086
Bennouna, G., & Tkiouat, M. (2016). Stochastic model of microcredit interest rate in Morocco. Risk Governance and Control: Financial Markets and Institutions, 6(4Continued2), 268-273. https://doi.org/10.22495/rgcv6i4c2art3
Bhanot, D., & Bapat, V. (2015). Sustainability index of micro finance institutions (MFIs) and contributory factors. In-ternational Journal of Social Economics, 42(4), 387-403. https://doi.org/10.1108/IJSE-01-2014-0001
Bos, J. W. B., & Millone, M. (2015). Practice what you preach: Microfinance business models and operational effi-ciency. World Development, 70, 28-42. https://doi.org/10.1016/j.worlddev.2014.12.018
Bradley, S. W., Artz, K., & Hulett, J. (2012). The innovation necessity: Evidence from microcredit in the Dominican Republic. Journal of International Developmen, 24(S1), S112-S121. https://doi.org/10.1002/jid.1761
Brau, J. C., Hiatt, S., & Woodworth, W. (2009). Evaluating impacts of microfinance institutions using Guatemalan data. Managerial Fi-nance, 35(12), 953-974. https://doi.org/10.1108/03074350911000025
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology, Qualitative Research in Psychology, 3(2), 77-101, DOI: 10.1191/1478088706qp063oa
Brett, J. A. (2006). We sacrifice and eat less: The structural complexities of microfinance participation. Human Or-ganization, 65(1), 8-19. https://doi.org/10.17730/humo.65.1.6wvq3ea7pbl38mub
Bumacov, V., Ashta, A., & Singh, P. (2017). Poverty scoring and financial inclusion of the poor. Strategic Change, 26(6), 555-562. https://doi.org/10.1002/jsc.2166
Caserta, M., Monteleone, S., & Reito, F. (2018). The trade-off between profitability and outreach in microfinance. Economic Modelling, 72, 31-41. https://doi.org/10.1016/j.econmod.2018.01.003
Crombrugghe, A., Tenikue, M., & Sureda, J. (2008). Performance analysis for a sample of microfinance institutions in India. Annals of Public and Cooperative Economics, 79(2), 269-299. https//:doi.org/10.1111/j.1467-8292.2008.00362.x
Denyer, D., & Tranfield, D. (2009). Producing a systematic review. In D. A. Buchanan & A. Bryman (Eds.), The Sage handbook of organizational research methods (pp. 671-689). Thousand Oaks, Califórnia, EUA: Sage Publications Ltd.
Estapé-Dubreuil, G., & Torreguitart-Mirada, C. (2015). Governance mechanisms, social performance disclosure and performance in microfinance: Does legal status matter? Annals of Public and Cooperative Economics, 86(1), 137-155. https://doi.org/10.1111/apce.12070
Fadikpe, A. A. A., Danquah, R., Aidoo, M., Chomen, D. A., Yankey, R., & Dongmei, X. (2022). Linkages between social and financial performance: Evidence from Sub-Saharan Africa microfinance institutions. PLoS ONE, 17(3), 1-23. https://doi.org/10.1371/journal.pone.0261326
Field, E., Pande, R., Papp, J., & Park, Y. J. (2012). Repayment flexibility can reduce financial stress: A randomized control trial with microfinance Clients in India. PLoS ONE, 7(9), 1-7. https://doi.org/10.1371/journal.pone.0045679
Gil-Lamata, M., & Martínez, M. (2022). The circular economy and sustainability: A systematic literature review. Cuadernos de Gestión, 22, 129-142. doi:10.5295/cdg.211492mg
Gupta, N., & Mirchandani, A. (2020). Corporate governance and performance of microfinance institutions: recent global evidences. Journal of Management and Governance, 24(2), 307-326. https://doi.org/10.1007/s10997-018-9446-4
Harper, M. (2012). Microfinance interest rates and client returns. Journal of Agrarian Change, 12(4), 564-574. https://doi.org/10.1111/j.1471-0366.2012.00374.x
Hemtanon, W., & Gan, C. (2020). An empirical analysis of Thai village funds and saving groups’ financial perfor-mance. Banks and Bank Systems, 15(2), 153-166. https://doi.org/10.21511/bbs.15(2).2020.14
Hermes, N., Lensink, R., & Meesters, A. (2011). Outreach and efficiency of microfinance Institutions. World Devel-opment, 39(6), 938-948. https://doi.org/10.1016/j.worlddev.2009.10.018
Hossain, B., & Wadood, S. (2020). Impact of urban microfinance on the livelihood strategies of borrower slum dwellers in the Dhaka city, Bangladesh. Journal of Urban Management, 9(2), 151-167. https://doi.org/10.1016/j.jum.2019.12.003
Janda, K., & Turbat, B. (2013). Determinants of the financial performance of microfinance institutions in Central Asia. Post-Communist Economies, 25 (4), 557-568. https://doi.org/10.1080/14631377.2013.844935
Jumpah, E. T., Tetteh, E. K., & Adams, A. (2018). Microcredit repayment among smallholder farmers: What micro-finance institutions need to know. Asian Journal of Agriculture and Rural Development, 8(2), 74-91. https://doi.org/10.18488/Journal.1005/2018.8.2/1005.2.74.91
Kar, A. K. (2013). Mission drift in microfinance: Are the concerns really worrying? Recent cross-country results. In-ternational Review of Applied Economics, 27(1), 44-60. https://doi.org/10.1080/02692171.2012.700701
Karaivanov, A. (2018). Non-grant microfinance, incentives and efficiency. Applied Economics, 50(23), 2509-2524. https://doi.org/10.1080/00036846.2017.1400655
Kasoga, P. S., & Tegambwage, A. G. (2021). An assessment of over-indebtedness among microfinance institutions’ borrowers: The Tanzanian perspective. Cogent Business and Management, 8(1), 1930499. https://doi.org/10.1080/23311975.2021.1930499
Kendo, S., & Tchakounte, J. (2022). Impact of asset size on performance and outreach using panel quantile regres-sion with non-additive fixed effects. Empirical Economics, 62(1), 65-92. https://doi.org/10.1007/s00181-021-02057-9
Kessy, S., & Temu, S. S. (2010). The impact of training on performance of micro and small enterprises served by mi-crofinance institutions in Tanzania. Research Journal of Business Management, 4(2), 103-111. https://doi.org/10.3923/rjbm.2010.103.111
Kumar, N., & Sensarma, R. (2017). Efficiency of microfinance institutions in India: A stochastic distance function ap-proach. Journal of Emerging Market Finance, 16(2), 151-168. https://doi.org/10.1177/0972652717712372
Lopatta, K., Tchikov, M., Jaeschke, R., & Lodhia, S. (2017). Sustainable development and microfinance: The effect of outreach and profitability on microfinance institutions’ development mission. Sustainable Development, 25(5), 386-399. https://doi.org/10.1002/sd.1663
Mosley, P., & Hulme, D. (1998). Microenterprise finance: is there a conflict between growth and poverty allevia-tion? World Development, 26(5), 783-790. https://doi.org/10.1016/S0305-750X(98)00021-7
Mota, J., Moreira, A.C. & Brandão, C. (2018). Determinants of microcredit repayment in Portugal: analysis of bor-rowers, loans and business projects. Portuguese Economic Journal, 17(3), 141-171. https://doi.org/10.1007/s10258-018-0148-2
Mota, J., Moreira, A., Costa, R., Serrão, S., Pais-Magalhães, V., & Costa, C. (2020). Performance indicators to support firm-level decision-making in the wine industry: a systematic literature review. International Journal of Wine Business Research, 33(2), 217-237. https://doi.org/10.1108/IJWBR-06-2020-0027
Mukherjee, A. K. (2014). Microfinance and credit to the ultra poor. International Journal of Social Economics, 41(10), 975-993. https://doi.org/10.1108/IJSE-03-2013-0064
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