Sustainability of Indian Microfinance Institutions: A Mixed Methods Approach

Microfinance

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The following articles are merged in Scholar. Their combined citations are counted only for the first article. Merged citations. This "Cited by" count includes citations to the following articles in Scholar. Add co-authors Co-authors. Upload PDF. These costs are of limited theoretical interest, but they can make all the difference to how the banks function and who they serve—and whether banks are even viable. One can get a sense of the role of costs by examining different types of microfinance institutions.

The average loan size provided by the median Non-Governmental organization NGO is less than a quarter the size of the average loan provided by the median commercial microfinance bank. That difference in loan sizes translates directly into differences in relative costs.

While the NGOs in the sample economize on costs, their median operating costs are still roughly double that of the median commercial microfinance bank when costs are taken as a share of loan value. Even if information asymmetries were not a major problem, the high transactions costs mean that reaching the very poor with small-scale services remains a tough business and often entails charging high fees or depending on steady subsidies.

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This structure of costs leads to practical trade-offs: Should the institution move up-market to provide larger loans and improve financial performance? Is deposit-taking feasible at such scales? Can socially-minded institutions survive commercial competition and regulation without re-defining their missions? Box 4. The first approach is carried out by conducting a simple financial ratio comparison. The approach places a firm or a sample of firms in relation to a population — such as Zimbabwe.

The main advantage of this technique is its ease and quickness. With simple grouping and averaging, a firm or groups of firms can broadly evaluate its own performance. The MIX www.

Themes on new hybrid microfinance model development Major themes emerged from the literature on how to balance the cost of lending with the potential social benefits while maintain the MFI profitability. As detailed on Box 6. According to Cull et. Therefore, the new model should incorporate an innovative way of raising capital.

Microfinance profitability and outreach performance Among the key findings are: 1 Raising interest rates improves profitability for many institutions but, after a point, higher rates are associated with increased loan delinquencies and diminished profits unless contractual innovations are in place to limit delinquencies. And 7 competition, or potential competition from mainstream, formal-sector banks appears to steer microfinance institutions toward serving poorer customers.

Box 5. Information asymmetry refers to the problem of making decisions on transactions based on incomplete information about the other part to the transaction such as when a bank is faced with a decision to approve credit to an applicant whose credit worthiness cannot be verified Cull et. Nevertheless, microfinance demonstrated innovative contracting that, both in theory and in practice made commercial lending to the poor possible and viable Cull et.

Cull et al. Commercialisation strategy Studies suggest that MFIs with a sound commercial approach are more efficient and stand a better chance of reaching more deserving poor people Zacharias, However, critics such as Morduch argue that compromises between financial and social goals are obvious.

A Mixed Methods Approach

He further argued that, NGO-MFIs on the other hand charge interest rates roughly double the size of those charged by commercial microfinance banks inorder to cover the higher cost of their operations as discussed earlier. Therefore, literature suggests that, NGO-MFIs either have to charge higher rates of interest on loans or accept subsidy meaning that the new hybrid model should address this delicate matter. Microfinance regulation and supervision As suggested in Box 7.

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Effects of regulation and supervision on microfinance profitability We find that onsite supervision of microfinance institutions varies, even within the same country and among profit-oriented institutions. Whether an institution faces onsite supervision depends on its ownership structure, funding sources, activities, and organizational charter. In terms of trade-offs, we find that microfinance institutions subjected to more rigorous and regular supervision are as profitable as others, despite facing higher costs of supervision.

For example, Ledgerwood and White , pg. Conclusion The discussions on current theoretical debates on the concepts underlying the development of the microfinance sector and its sustainability suggest that a new model can assist MFIs manage both commercial and social goals effectively. However, according to Zacharias, , p. Cull, et al.

Zacharias, also established that, MFI managers who hope to maximize social gains must be willing to sacrifice profit in order to do so, confirming the findings of Cull, et al. Introduction Addressing the mission drift in microfinance is one of the biggest challenges in microfinance research and model development. Studies in this area have suggested that a trade off point between social and commercial goals in microfinance can be reached to establish a win-win situation.

Zacharias , while citing Cull, et al argued that, a fit for purpose new microfinance model is required to address the problem of MFI profitability and mission drift. In order to develop this model, conditions and context in which both social and commercial goals of microfinance can be achieved must be established Zacharias, , pp.

This involves gathering data and evidence from a wide range of sources covering the minimum organisational and clientele circumstances necessary to maintain poverty alleviation strategies as well as profitability targets. Both qualitative and quantitative data is important in this study to establish evidence for the short comings of the current approaches and inform the development of a hybrid model. According to Creswell and , as the nature of data and evidence required in this study is complex, the most appropriate methodology will be to employ a variety of methods, integrating quantitative and qualitative approaches of data collection and interpretation.

Sustainability Of Indian Microfinance Institutions A Mixed Methods Approach 2014

Therefore, this study will comprise a study approach with a mixed method research methodology as the data collection and analysis strategy. This chapter seeks to elaborate the methodological approach to this investigation. It is organised into five sections. The first section provides an overview of various research methods available and why the chosen mixed methods research approach is the most appropriate method for this particular study.

It is followed by the research design section elaborating the research process.

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Section three explains the nature and composition of the study population while sections four and five cover data collection and analysis respectively. Overview of research methodologies Research methodologies depend on the different philosophical positions different researchers hold. Creswell, argued that, research philosophies are a set of beliefs or belief systems which researchers hold regarding the world around them.

These are sometimes called, paradigms; worldviews, epistemologies and ontologies or broadly conceived research methodologies Creswell, pp A review of different philosophies available in research design revealed two broad categories namely, phenomenology and positivism as contrasting extremes. All research approaches fall somewhere between these two extreme points Bryman and Bell, However, epistemology and ontology determine the philosophical perspective and where research fits Bryman, Bryman and Bell pp 13 define epistemology as a theory of knowledge used to describe a stance while David and Sutton , pp 30 simply described it as a way of knowing associated with methods that avoid the view that detachment is the best route to knowledge.

Ontology however, as described by Creswell, pp 76 is an assumption concerned with the nature of social entities, and questions about what constitutes reality. Positivism is a quantitative research view which consists of hypothesis formulation and testing with quantitative data in search for themes Bryman, This philosophy is based on the assumption that reality exists in the world Bryman, pp 9.

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