MICROFINANCE REGULATION AND SOCIAL SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: THE CASE OF NIGERIA AND ZAMBIA
ABSTRACT This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post‐regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in‐depth interviews with the Central Banks as regulators, MF...
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Veröffentlicht in: | Annals of public and cooperative economics 2017-12, Vol.88 (4), p.611-632 |
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This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post‐regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in‐depth interviews with the Central Banks as regulators, MFI managers, practitioners and apex microfinance associations, the study finds that regulations in both countries have managed to professionalize the sector, but their effectiveness in augmenting the centrality of social goals to microfinance and MFIs remains doubtful. The poorly designed regulations are not only undermining social goals but also sending wrong signals to would be social investors, with implications for the social image of the industry. The study further finds that regulations have neither speeded the emergence of sustainable MFIs (especially in Zambia) nor accelerated the sectors’ outreach to the poor and the financially excluded. Additionally, considerable levels of political interference and poor regulation have led to unintended consequences to the sector, further frustrating the ultimate goal of extending financial services to the poor. These findings have policy and practical implications for how microfinance engages with the regulatory logic and continues to serve those at the bottom of the pyramid. |
doi_str_mv | 10.1111/apce.12165 |
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This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post‐regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in‐depth interviews with the Central Banks as regulators, MFI managers, practitioners and apex microfinance associations, the study finds that regulations in both countries have managed to professionalize the sector, but their effectiveness in augmenting the centrality of social goals to microfinance and MFIs remains doubtful. The poorly designed regulations are not only undermining social goals but also sending wrong signals to would be social investors, with implications for the social image of the industry. The study further finds that regulations have neither speeded the emergence of sustainable MFIs (especially in Zambia) nor accelerated the sectors’ outreach to the poor and the financially excluded. Additionally, considerable levels of political interference and poor regulation have led to unintended consequences to the sector, further frustrating the ultimate goal of extending financial services to the poor. These findings have policy and practical implications for how microfinance engages with the regulatory logic and continues to serve those at the bottom of the pyramid.</description><identifier>ISSN: 1370-4788</identifier><identifier>EISSN: 1467-8292</identifier><identifier>DOI: 10.1111/apce.12165</identifier><language>eng</language><publisher>Oxford: Blackwell Publishing Ltd</publisher><subject>Central banks ; Financial services ; Microfinance ; Microfinance regulation ; Regulation ; Regulation of financial institutions ; Social goals ; Social image ; Sub‐Saharan Africa ; Sustainability</subject><ispartof>Annals of public and cooperative economics, 2017-12, Vol.88 (4), p.611-632</ispartof><rights>2017 The Authors Annals of Public and Cooperative Economics © 2017 CIRIEC</rights><rights>Journal compilation © 2017 CIRIEC</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3705-eb7afa59f9792b7ba53ab0aeffe77b1411d91b95ba30869e150f4bae5a149d4c3</citedby><cites>FETCH-LOGICAL-c3705-eb7afa59f9792b7ba53ab0aeffe77b1411d91b95ba30869e150f4bae5a149d4c3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2Fapce.12165$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2Fapce.12165$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,780,784,1416,27915,27916,45565,45566</link.rule.ids></links><search><creatorcontrib>SIWALE, Juliana</creatorcontrib><creatorcontrib>OKOYE, Ngozi</creatorcontrib><title>MICROFINANCE REGULATION AND SOCIAL SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: THE CASE OF NIGERIA AND ZAMBIA</title><title>Annals of public and cooperative economics</title><description>ABSTRACT
This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post‐regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in‐depth interviews with the Central Banks as regulators, MFI managers, practitioners and apex microfinance associations, the study finds that regulations in both countries have managed to professionalize the sector, but their effectiveness in augmenting the centrality of social goals to microfinance and MFIs remains doubtful. The poorly designed regulations are not only undermining social goals but also sending wrong signals to would be social investors, with implications for the social image of the industry. The study further finds that regulations have neither speeded the emergence of sustainable MFIs (especially in Zambia) nor accelerated the sectors’ outreach to the poor and the financially excluded. Additionally, considerable levels of political interference and poor regulation have led to unintended consequences to the sector, further frustrating the ultimate goal of extending financial services to the poor. These findings have policy and practical implications for how microfinance engages with the regulatory logic and continues to serve those at the bottom of the pyramid.</description><subject>Central banks</subject><subject>Financial services</subject><subject>Microfinance</subject><subject>Microfinance regulation</subject><subject>Regulation</subject><subject>Regulation of financial institutions</subject><subject>Social goals</subject><subject>Social image</subject><subject>Sub‐Saharan Africa</subject><subject>Sustainability</subject><issn>1370-4788</issn><issn>1467-8292</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2017</creationdate><recordtype>article</recordtype><recordid>eNp9kD9PwzAQxS0EEqWw8AkssSGl-PLPNZsb0tZSmqAmGWCx7NSRWpW2JFSo3x6nYWHhlruTfu_d6SF0D2QEtp7UoTIjcCEMLtAA_JA6Y5e5l3b2KHF8Oh5fo5u23RAC1G4DtFuIaJlNRcrTKMbLeFYmvBBZinn6gvMsEjzBeZkX3BITkYjiDWdT_Eck0rwQRdmp8mdczGMc8TzusFTM4qXgZ693vpgIfouuarVtzd1vH6JyGhfR3EmymYh44lT2z8AxmqpaBaxmlLmaahV4ShNl6tpQqsEHWDHQLNDKI-OQGQhI7WtlAgU-W_mVN0QPve-h2X8eTfslN_tjs7MnJbCQMABGwVKPPVU1-7ZtTC0PzfpDNScJRHZ5yi5Pec7TwtDD3-utOf1DSv4axb3mBwNhbo4</recordid><startdate>201712</startdate><enddate>201712</enddate><creator>SIWALE, Juliana</creator><creator>OKOYE, Ngozi</creator><general>Blackwell Publishing Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201712</creationdate><title>MICROFINANCE REGULATION AND SOCIAL SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: THE CASE OF NIGERIA AND ZAMBIA</title><author>SIWALE, Juliana ; OKOYE, Ngozi</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3705-eb7afa59f9792b7ba53ab0aeffe77b1411d91b95ba30869e150f4bae5a149d4c3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2017</creationdate><topic>Central banks</topic><topic>Financial services</topic><topic>Microfinance</topic><topic>Microfinance regulation</topic><topic>Regulation</topic><topic>Regulation of financial institutions</topic><topic>Social goals</topic><topic>Social image</topic><topic>Sub‐Saharan Africa</topic><topic>Sustainability</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>SIWALE, Juliana</creatorcontrib><creatorcontrib>OKOYE, Ngozi</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Annals of public and cooperative economics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>SIWALE, Juliana</au><au>OKOYE, Ngozi</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>MICROFINANCE REGULATION AND SOCIAL SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: THE CASE OF NIGERIA AND ZAMBIA</atitle><jtitle>Annals of public and cooperative economics</jtitle><date>2017-12</date><risdate>2017</risdate><volume>88</volume><issue>4</issue><spage>611</spage><epage>632</epage><pages>611-632</pages><issn>1370-4788</issn><eissn>1467-8292</eissn><abstract>ABSTRACT
This study examines the effect of regulations on microfinance institutions in Nigeria and Zambia by focusing on the post‐regulation experiences and reflections of the microfinance institutions (MFIs) and their regulators. Based on in‐depth interviews with the Central Banks as regulators, MFI managers, practitioners and apex microfinance associations, the study finds that regulations in both countries have managed to professionalize the sector, but their effectiveness in augmenting the centrality of social goals to microfinance and MFIs remains doubtful. The poorly designed regulations are not only undermining social goals but also sending wrong signals to would be social investors, with implications for the social image of the industry. The study further finds that regulations have neither speeded the emergence of sustainable MFIs (especially in Zambia) nor accelerated the sectors’ outreach to the poor and the financially excluded. Additionally, considerable levels of political interference and poor regulation have led to unintended consequences to the sector, further frustrating the ultimate goal of extending financial services to the poor. These findings have policy and practical implications for how microfinance engages with the regulatory logic and continues to serve those at the bottom of the pyramid.</abstract><cop>Oxford</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1111/apce.12165</doi><tpages>22</tpages><oa>free_for_read</oa></addata></record> |
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source | Wiley Online Library - AutoHoldings Journals; EBSCOhost Business Source Complete |
subjects | Central banks Financial services Microfinance Microfinance regulation Regulation Regulation of financial institutions Social goals Social image Sub‐Saharan Africa Sustainability |
title | MICROFINANCE REGULATION AND SOCIAL SUSTAINABILITY OF MICROFINANCE INSTITUTIONS: THE CASE OF NIGERIA AND ZAMBIA |
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