Cette thèse est composée de deux partie. La partie 1 (chapitre 1, 2 et 3) s’intéresse à la dimension spatiale du phénomène microfinancier. Le chapitre 1 revient sur l’histoire récente du système bancaire indien et plus particulièrement sur sa capacité en termes d’inclusion financière dont nous analysons la distribution spatiale. Dans le chapitre 2, après avoir dressé une histoire du champ microfinancier indien, nous procédons à une analyse de la distribution et de l’évolution de la méthodologie microfinancière dominante en Inde, à savoir, les Self-Help Group. Le chapitre 3 présente une analyse spatiale de l’offre de service d’une institution de microfinance particulière. A cette fin, nous utilisons une base de données unique permettant de suivre l’évolution spatiale d’une institution particulière depuis le début de ses activités. <p>La partie 2 (chapitre 4 et 5) s’intéresse aux limites du financement du secteur agricole par la microfinance et aux aspects politiques de cette dernière. Le chapitre 4 procède à une analyse des déterminants du financement agricole en Inde. En revenant sur la crise microfinancière 2006 en Andhra Pradesh, le chapitre 5 complète nos analyses économétriques par une analyse des acteurs, de leurs motivations et de leurs contraintes afin de mettre à jour la dimension politique de la construction microfinancière.<p>La conclusion explicite la notion de construction donnée en intitulé. L’élaboration des services microfinanciers, leurs diffusions sur le territoire indien ainsi que leurs utilisations, détournements et réappropriations produisent la construction spatiale de la microfinance. <p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Thesis (MDF)--University of Stellenbosch, 2010. / Regulating microfinance activities has been an important policy concern in improving financial inclusion and extending financial services to all. However, introducing a regulatory framework of any kind pushes targeted institutions to change. In this case, microfinance regulatory framework that came to effect in 2008 has created three tiers of microfinance institutions: prudentially regulated deposit-taking institutions, credit only and unregulated informal groups. Those undertaking deposit-taking business were required by this regulation to transform their operations to comply with the requirements. Though many institutions wanted to be allowed to mobilise public deposits, only three institutions had managed to obtain at least a provisional license two years after the regulation became operational. The purpose of this research is to establish the factors affecting this microfinance transformation process in Kenya. Experiences around the world indicate that microfinance regulatory frameworks are dogged with a myriad of challenges that, at times, has limited the enjoyment of benefits of regulation. These challenges affect both the regulator and institutions being regulated. This study identifies several important factors affecting the transformation process of microfinance institutions in Kenya. These include the ability to meet capital requirements, restructuring existing ownership and getting new shareholders, ability to raise funds for transformation, acquiring suitable information systems, motivation to be regulated, governance issues and managerial inertia. These factors explain why certain institutions have moved faster than others in the transformation process and why some have opted to remain credit only.

Microfinance has strongly developed over the past decades on the promise of reaching a double bottom line of financial viability and social impact. Recently, some actors have started to advocate that microfinance, to be truly responsible, should include a third environmental objective as well. However, little scientific knowledge exists today on environmental management within microfinance institutions (MFIs). The objective of this PhD thesis is to shed light on how MFIs manage their environmental bottom line. More specifically, we identify the strategies adopted by MFIs to improve their environmental bottom line, we propose a new framework to assess the environmental performance of MFIs, and we analyze their motives for going green, the characteristics of MFIs involved in environmental management, and the challenges that they face when implementing environmental programs./La microfinance s’est fortement développée ces dernières années sur la base d’une double promesse :celle d’atteindre une viabilité financière tout en ayant un impact social. Récemment, certains acteurs ont commencé à déclarer que la microfinance, afin d’être véritablement responsable, devrait inclure un troisième objectif, environnemental. Aujourd’hui, les connaissances scientifiques liées à la gestion environnementale au sein des institutions de microfinance (IMF) sont toutefois limitées. Cette thèse s’intéresse donc à la manière dont les IMF gèrent leur impact environnemental. Plus particulièrement, elle identifie les stratégies adoptées par les IMF pour améliorer leur performance environnementale, propose un outil de mesure de la performance environnementale des IMF, et analyse leurs motivations pour devenir vertes, les caractéristiques des IMF engagées dans la gestion environnementale, et les défis auxquels elles sont confrontées lors de la mise en œuvre de programmes environnementaux. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

In the first part of the thesis I focus on credit markets in developing countries, and describe the competitive interaction between Microfinance Institutions (MFIs). <p>Microfinance has recently attracted a lot of attention from investors, politicians, scholars and, most of all, people working on development. As a results, a huge number of MFIs are being created all over the world so that, as of today, practitioners reckon that about 100 millions of customers are being served. Remarkably, about 67% of them are women. <p><p>The reason of this extraordinary effort is that Microfinance is considered the most promising development tool currently available. This belief is based on two important features of Microfinance: (i) It promises to be financially viable (and in some cases even profitable) since poor people have proven to be reliable clients. As a result, Microfinance is potentially a zero-cost development tool. (ii) It hinges on the entrepreneurial abilities of the poor. It is designed to help the poor to help themselves, in their own home countries, by allowing them to use their skills, ideas and potentials. This should progressively make developing countries independent of rich ones' help. <p><p>The growth of Microfinance has been so fast that many issues and related research questions are still not answered. In my thesis I try to address one of them, that I believe particularly important: the increase of competition between MFIs. As economic theory predicts, competition can have dramatic consequences in terms of borrower welfare, profitability of the institutions and, therefore, on the attractiveness of the business for potential investors, donors and entrants. I use the tools of industrial organization and contract theory to understand these effects, measure them, and give some interesting policy advice. <p><p>In the first paper, I analyze the effects of entry of a new MFI in a previously monopolistic microcredit market. In order to catch the salient features of financial markets in developing countries, I use a model of asymmetric information and assume that institutions can offer only one type of contract. I consider different behavioral assumptions for the MFIs and study their influence on equilibrium predictions. The model allows showing that competition can lead to equilibria in which MFIs differentiate their contracts in order to screen borrowers. This process can, unfortunately, make the poor borrowers worse off. Interestingly, the screening process we describe creates a previously unexplored source of credit rationing. I also prove that the presence in the market of an altruistic MFI, reduces rationing and, via this channel, affects positively the competitor's profit.<p><p>In the second paper, I study the effects of competition in those markets in which, due to the absence of credit bureaus, small entrepreneurs can simultaneously borrow from more than one institution. As in the first paper, I analyze an oligopolistic microcredit market characterized by asymmetric information and institutions that can offer only one type of contract. The main contribution is to show that appropriate contract design can eliminate the ex-ante incentives for multiple borrowing. Moreover, when the market is still largely unserved and particularly risky, a screening strategy leading to con- <p>tract differentiation and credit rationing is unambiguously the most effective to avoid multiple borrowing. The result of this paper can also be read as important robustness checks of the findings of my first paper. <p><p>In the last part of the thesis, I depart from the analysis of developing countries to consider, more generally, the corporate governance of financial infrastructures. The efficient functioning of financial markets relies more and more on the presence of infrastructures providing services like clearing, settlement, messaging and many others. The last years have been characterized by interesting dynamics in the ownership regime of these service providers. Both mutualizations and de-mutualizations took place, together with entry and exit of different players. <p><p>Starting from this observation, in the last paper (with Joachim Keller), we analyze the effects of competitive interaction between differently owned financial providers. We mainly focus on the incentives to invest in safety enhancing measures and we describe the different equilibrium market configurations. We use a model in which agents need an input service for the financial market they operate in. They can decide whether to provide it them selves by forming a Cooperative or outsource it from a Third Party Provider. We prove that the co-existence of differently governed infrastructures leads to a significant reduction in the investment in safety. In most cases, monopolistic provision is preferable to competition. Moreover, the decision rule used within the Cooperative plays a central role in determining the optimal market configuration. <p><p>All in all, throughout my thesis, I use the tools of industrial organization and contract theory to model the competitive interaction of the different actors operating in financial markets. Understanding the dynamics typical of developing countries can help in gaining a deeper comprehension of the markets in richer countries, and vice-versa. I am convinced that analyzing the differences and the similarities of financial markets in different regions of the world can be of great importance for economic theorists, in that it provides a counterfactual for the assumptions and the results on which our predictions and policy advices are based.<p> / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Thesis (MDF)--Stellenbosch University, 2012. / Union Régionale des Coopèratives d’Epargne et de Crédit (URCOOPEC) is a network of 10 savings and credit cooperatives, established in 1990 by UNDP in Chad to support the government’s strategy of strengthening and improving access to financial services to the population. All the cooperatives are located in and around N’djaména the capital city of Chad. URCOOPEC has developed as a microfinance model owned by the community that is able to help the poor population that is excluded from the formal financial services accessing these services. Despite its potential of reaching people even in remote areas, literature about previous studies in other countries has indicated that sustainability of savings and credit cooperatives is hampered by the issues in corporate governance, management, skills, product development amongst others. This study examines the viability of this model in the context of Chad; particularly it examines the conditions for which this model can better contribute to financial sector development in Chad. The findings reveal that the model was helpful and accepted by many users at its earlier stage. However, weaknesses in corporate governance, credit management and shortage of skills have led this URCOOPEC into difficulties. There is a need for training of technical staff and for the board to develop more products, sensitize the members about their rights and duties. URCOOPEC also needs financial support from government and donors as well as linkage with commercial banks to better contribute to the provision of financial services to the population.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The approach to offering financial services to the poor has evolved over the past decades. The microfinance schism between the two paradigms, institutionist and welfarist, has yet to be narrowed by evidence of greater success of the one over the other. The drive for commercialisation of microfinance institutions has spurred many crises across the globe and the validity of the argument that commercial microfinance is more sustainable has come under scrutiny. This research report dissects the sustainability of African Bank and Capitec, two commercial microfinance institutions. Accounting ratios are applied to the audited financial data of both microfinance institutions to measure their sustainability from 2007 up to their most recent audited results. The research has found that both microfinance institutions experienced rapid growth since 2007, primarily driven by larger average loan sizes over longer terms. The research shows that Capitec has more diverse sources of revenue and depends less on its loan portfolio to generate income than African Bank. It also shows that Capitec has a more conservative approach with regard to provisioning for loans, and is consequently better prepared for loan write-offs than African Bank. Overall, Capitec is found to be more sustainable in each period measured.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The debate as to whether there is a trade–off between financial sustainability and outreach remains inconclusive among many researchers, therefore this research was conducted to bridge this knowledge gap. The study was conducted in Harare using longitudinal research design and analysed using panel data regression model. The study was conducted for the period of 3 years from 2011 to 2013 on 60 sampled MFIs in Harare. The findings were that MFIs in Harare are very sustainable but their outreach is low as shown by large loan sizes offered to clients. It was further revealed that staff cost per dollar and proportion of female clients are the only variables that affect sustainability of MFIs in Harare. Finally the research revealed that sustainability goals be achieved simultaneously and therefore are compatible. The key contributions to knowledge revealed by the study are as follows: there is a positive relationship between sustainability and outreach. Two variables affect sustainability on MFIs in Harare namely staff cost per dollar and proportion of female clients. The study recommends that Microfinance institutions in Harare should focus on financial sustainability in order to reduce their subsidy dependence, to ensure survival and growth in the future. To the policy makers the study recommends that sustainability does not compromise the outreach to the poor.

Les développements actuels de microfinance encouragent les IMF à fournir un éventail plus large de services financiers au sein d'un portefeuille multiservices comprenant de la micro-épargne, de la micro-assurance, des services bancaires mobiles. L'une des caractéristiques de cette tendance s'exprime par la volonté des IMF de développer le marché de l'épargne afin d'atteindre les clients les plus pauvres mais également d'attirer des dépôts à moindre coûts. L'évolution rapide de la microfinance a également engendré un processus de commercialisation qui implique l'ouverture du secteur aux pratiques marchandes et qui se concrétise par un changement des modes de financement des IMF. Le domaine de la microfinance est donc sujet à de nombreuses modifications qui touchent aussi bien les pratiques des IMF, que leur organisation ou leur mode de financement. L'objectif de cette thèse est alors de contribuer à la compréhension de l'impact de ces modifications sur le développement et l'efficacité des sociétés de microfinance. Pour se faire, nous nous proposons d'explorer trois thèmes particuliers, correspondant aux trois chapitres de la thèse. Premièrement, nous chercherons à identifier des mécanismes originaux d'incitations relatifs aux nouvelles pratiques des IMF (en particulier l'offre couplée de services financiers) et permettant d'assurer l'exécution des contrats de financement. Deuxièmement, nous tenterons d'évaluer la performance des IMF offrant des services de microfinance couplés (crédit plus épargne) par rapport aux IMF traditionnelles. Enfin, nous étudierons l'impact des nouvelles modalités de financement des IMF sur leurs performances à la fois financières et sociales. / It has been commonly acknowledged that in order to reach the target clienteles with loans at attractive terms and conditions, an appropriate technology for delivering financial services must be developed. Next to this, current developments in microfinance industry encourage MFIs to offer wide-ranging services within a multiservice portfolio including microsavings, microinsurance, remittances, mobile banking etc. One of the main pillars of this trend has become MFIs increasing interest in the expansion into the savings market to reach more poor clients as well as to lower costs by attracting presumably cheaper deposits. Joint services are tailored to better meet needs of the poor and aim at building sustainable financial systems and establishing closer and long-term relationship with clients. Furthermore, the rapid evolution of microfinance has generated another essential and closely related trend: commercialization. The focus of this dissertation is on three emerging issues associated with the development of microfinance sector: incentive mechanisms to address contract enforcement and screening problems, performance of MFIs though the lenses of combined microfinance services (credit plus savings), and performance of MFIs though the lenses of capital structure. The essays in the dissertation vary in research methodology: one essay is theoretical and two are empirical. Moreover, the data come from diverse microfinance units: Microfinance Information Exchange (MIX) online database and Microfinance Centre for Central & Eastern Europe and the New Independent States (MFC). As far as methods are concerned the empirical essays use less frequently applied methodologies in microfinance studies: seemingly unrelated regression (SUR) and propensity score matching (PSM).

Microcredit in developed countries behaves in a di erent way than in developing countries. Not only are there bigger obstacles to surpass, like regulation and heavy competition, but also the main driver for microcredit, peer pressure, is almost inexistent. Microcredit institutions turn to a di erent technique to ensure high repayment rates; they follow the loan using training and weekly meetings. However, this procedure has high costs and the institutions must plead for donations from public and private gures. Ensuring these donations come with higher repayment rates. Thus, we will observe which characteristic of a group loan has a positive or negative impact on the repayment rates using data from the Quebec institution of the RQCC. These variables range from gender to training hours and will be regressed using stata.

M.Comm. / Microfinance refers to the provision of financial services, in particular small loans in the context of South Africa, to poor people with very small businesses. Commercial banks have largely considered poor people in remote areas unbankable, because they lack collateral and have no credit histories. Microfinance institutions emerged as unconventional institutions with innovative techniques, mechanisms and instruments to advance financial services to this segmented part of the population. This has, however, not been without challenges. Microfinance institutions face a number of challenges such as lack of competent human capital, unfavourable regulatory environment, and insufficient financing. The study examines if these challenges are applicable in the South African context and whether financial and operational inefficiency has hindered microfinance institutions in South Africa from sustainably increasing their outreach through the provision of microcredit. It surveys two microfinance institutions, characterised as non-governmental organisations using the group lending methodology to offer microloans to the very poor. The results indicate that microfinance institutions are not on a sound fiscal footing, and large operating expenses have resulted in some form of inefficiency. This has, however, not hindered the microfinance institutions from reaching a greater number of borrowers. The witnessed increased outreach in number of clients reached is considered unsustainable given the existence of inefficiency and financial weakness. The results suggest a number of policy options on the side of government and the institutions concerned. Increasing the funding sources available to microfinance institutions should be considered by both government and private institutions. This policy would succeed if microfinance institutions work at reducing their operational costs and become both efficient and sustainable so as to be seen as viable investment options.