Cette étude démontre l’évolution d’un outil spécifique devenu secteur : la micro finance. Véritable outil d’inclusion financière et de développement durable à destination des populations pauvres dans les pays en développement, sa croissance ainsi que sa maturation n’ont eu de cesse de révéler toute son importance à travers l’histoire. Ses institutions de micro finance, encadrées juridiquement dans la majorité des cas, par des statuts à parts, quasi- privé, constituent la représentation sur le terrain de ce secteur enclin à la transformation. La micro finance s’est frayée un chemin dans l’univers du secteur bancaire classique. La diversité de ses activités, la spécificité de ces réglementations et encore la technicité de sa mise en œuvre, prouve à quel point la micro finance produit d’incontestable effets sur la réduction de la pauvreté et par voie de conséquence sur le développement des Etats les plus pauvres. Malgré une certaine réponse aux objectifs du millénaire, la situation de pauvreté reste préoccupante mettant en exergue le besoin d’un réel cadre juridique général contraignant, inexistant au jour d’aujourd’hui. En effet, un tel cadre permettrait de résoudre la majorité des disfonctionnements de la micro finance et de relever une grande partie des défis qui se présentent à elle, pour faire fleurir une efficacité incontestable du mécanisme de développement. / This study shows the evolution of a sector become specific: microfinance. Real key tool for financial inclusion to poor population in developing countries, its growth and maturation, historicly and constantly reveal its importanceMicro finance institutions’ (MFIs), legally framed by statutes, almost private, are the field representation of this sector prone to transformation. Microfinance has pioneered in the traditional banking sector universe. Diversity of its activities, specificity of these regulations and still technicality of its implementation, shows how microfinance product undeniable effects on reduction of poverty and consequently on the development of developping countries. Despite some response to the Millennium Goals, the poverty situation remains worrying highlighting the need for a real binding general legal framework, which does not exist actually. Indeed, such a framework would solve most dysfunctional of microfinance and meet many of the challenges presented to it, to flourish unquestionable efficiency of the development process.

"Give poor communities the opportunity, and then get out of the way" Philosophy of FINCA Research has shown that in the provision of financial services to the poor there are two highly distinct approaches. The one considered the 'formal institutional approach', which attempts to provide these services but are motivated by the need to maintain financial sustainability and therefore generally operate on a wide scale, with large clientele that would not be served by the formal banking sector. The second encompasses those providers who are purely motivated by the need for the social upliftment of poor communities. Their aim is to effect change in the living standards of the poor via financial assistance and the encouragement of economic empowerment and independence. The Foundation for International Community Assistance (FINCA), whose aims and objectives, whilst falling into the latter category of providers still needs to address the question of sustainability, as it is solely dependent on donor funding. Most donors usually demand clear and sustainable results. This places an onerous task on the managers and providers of credit for social development to design sustainable and practical models for disbursement and payback. The financial services industry is still grossly underdeveloped in its ability to cater to the socio-economic needs of people and communities around the world. While there have been enormous innovations in the for-profit financial services industry, there have been few breakthroughs in the ways social sector activities iv are funded . As a result social entrepreneurs are attempting to create alternate financial services and models of funding for social ventures. Dr. Younus, of The Grameen Bank, has given birth to dozens of new enterprises using what he calls 'social venture capital'. Many initiatives are under way to explore a better way of financing social ventures. However, the question still remains, Can and do these Programmes extend the Philosophy of Pro-Poor Upliftment yet Maintain Financial Sustainability? Against this backdrop, the Individual Loans Programme was designed and piloted by FINCA - Durban. The Individual Loans Programme claims to economically empower poor communities yet be financially sustainable for FINCA. Its pilot phase analysis reveals many merits in its approach and financial sustainability if evaluated solely against the criteria mandated by FINCA. Utilising the Consultative Group to Assist the Poorest (CGAP) guidelines in setting interest rates and assuming costing values, an appropriate interest rate falls between 41 % and 44% for the Individual Loans Programme. The fact that it charges an interest rate of 84% per annum more than meets the requirements of financial sustainability. However, if it aims to reach the truly poor, then not only are its charges exorbitant but its strategy contains many requirements contrary to pro poor practices and therefore revisions in its dispensation are needed as it fails in terms of a pro poor model of micro finance practice. / Thesis (MBA)-University of Natal, 2003.

The politics surrounding retrenchment and social protection in the Middle East have been obscured by a broad ideological consensus that civil society has replaced the state as the site of social provisioning since the nineties. Contrary to the dominant “state retreat” narrative, the adoption of neo-liberalism in the region was not in fact uniformly accompanied by convergence around a minimal welfare regime. Why have processes of welfare retrenchment unfolded along contrasting patterns across the Middle East with some states explicitly redefining social policy frameworks, and others undermining access and effects of prevailing programs without dismantling them? The dissertation aims to contribute to our understanding of state-society relations in the region by closely examining recent welfare regime changes in Egypt. Why has Egypt pursued “hidden retrenchment” entailing dilution of universal benefits, conversion of social programs to new beneficiaries and institutional layering, without the explicit overhaul of welfare policy frameworks? What are the micro-level political influences shaping the retrenchment process on the ground? Using the Social Fund for Development as a window for understanding hidden retrenchment in Egypt, the dissertation demonstrates that external dynamics of globalization, and donor assistance do not mainly account for welfare regime restructuring. Similarly, the state’s fiscal status, and the underlying switch in development strategies cannot explain retrenchment patterns. Rather, I argue that the internationally dominant neoliberal development discourse has influenced some aspects of retrenchment reforms, and domestic political dynamics have molded hidden retrenchment in Egypt. The regime’s power maintenance logic and a prevailing moral economy of social entitlements explain the process. Micro-level qualitative and statistical analyses of retrenchment politics also reveal that intra-state agencies struggles, regime security concerns, the state’s tendency to fiscally penalize areas with a history of Muslim Brotherhood support, as well as the National Democratic Party’s patronage networks influence outcomes on the ground. My findings suggest that variations in retrenchment patterns across the region reflect important differences in states’ social bases of power, rather than external pressures or domestic economic dynamics.

The politics surrounding retrenchment and social protection in the Middle East have been obscured by a broad ideological consensus that civil society has replaced the state as the site of social provisioning since the nineties. Contrary to the dominant “state retreat” narrative, the adoption of neo-liberalism in the region was not in fact uniformly accompanied by convergence around a minimal welfare regime. Why have processes of welfare retrenchment unfolded along contrasting patterns across the Middle East with some states explicitly redefining social policy frameworks, and others undermining access and effects of prevailing programs without dismantling them? The dissertation aims to contribute to our understanding of state-society relations in the region by closely examining recent welfare regime changes in Egypt. Why has Egypt pursued “hidden retrenchment” entailing dilution of universal benefits, conversion of social programs to new beneficiaries and institutional layering, without the explicit overhaul of welfare policy frameworks? What are the micro-level political influences shaping the retrenchment process on the ground? Using the Social Fund for Development as a window for understanding hidden retrenchment in Egypt, the dissertation demonstrates that external dynamics of globalization, and donor assistance do not mainly account for welfare regime restructuring. Similarly, the state’s fiscal status, and the underlying switch in development strategies cannot explain retrenchment patterns. Rather, I argue that the internationally dominant neoliberal development discourse has influenced some aspects of retrenchment reforms, and domestic political dynamics have molded hidden retrenchment in Egypt. The regime’s power maintenance logic and a prevailing moral economy of social entitlements explain the process. Micro-level qualitative and statistical analyses of retrenchment politics also reveal that intra-state agencies struggles, regime security concerns, the state’s tendency to fiscally penalize areas with a history of Muslim Brotherhood support, as well as the National Democratic Party’s patronage networks influence outcomes on the ground. My findings suggest that variations in retrenchment patterns across the region reflect important differences in states’ social bases of power, rather than external pressures or domestic economic dynamics.

Background. In striving to achieve the UN Millennium Development Goals, Pakistan pledged to focus on eradicating extreme poverty for its population. The association between socio-economic status and health is well established. Micro-finance institutions provide access to credit for poor women where cultural and social constraints limit their opportunities for economic advancement. While involvement in a micro-finance program has been shown to reduce poverty, little is known about how this involvement impacts women’s mental health. Objective. The purpose of this qualitative study was; (a) to gain an understanding of how women conceptualize the meaning of their mental health; (b) to explore the impact of women participation in micro-finance programs on their mental health; (c) to determine how they promote their mental health; and (d) to obtain their recommendations for change to micro-finance institutions. Methods. Using interpretive description methodology, data were collected and analyzed through interviews with 32 urban-dwelling women who have been micro-finance loan recipients for a period of 1 to 5 years. A total of six micro-finance administrative personnel were also interviewed; five institutional documents were reviewed. Data were analyzed in the source language Urdu, following three main phases of content analysis methods, preparation, organization and reporting. Results. Women conceptualize mental health as being the presence of peace and the absence of tension. Participants relate this tension to absence of basic resources in their day-to-day living and lack of safety and security around the city. Women recognized micro-finance programs as being a major inspiration towards their flourishing mental health. Regular practice of religion, being resilient towards adversity and securing family respect through a consistent source of income and repayment of the loans were identified approaches to promoting mental health. In enhancing micro-finance programs further, the women recommended for them to initiate vocational training institutions and to provide opportunities for their children to seek education at affordable cost. Conclusion. The women participants of this study represented “everyday women” of Pakistan, who thrive through their resilience and courage to mitigate poverty and to achieve peace. Combating obstacles to meet the basic needs, including access to education, would be a useful first step towards mental health promotion for Pakistani women. Financial services of micro-finance, along with provision of vocational skills training, “women-to-women” approach and modifications in policy would assist women to utilize their loan productively. Multiple stakeholders should work collaboratively for the promotion of mental health determinants. As nurses are now moving beyond the traditional roles and counteracting complex issues, this study identifies implications for research, education, and practice. / Thesis / Doctor of Philosophy (PhD)

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Cette recherche qui porte sur la micro finance a comme zone d’étude la Moyenne Guinée ou Fouta Djallon, une des quatre régions naturelles de la Guinée. L’objectif principal est d’analyser la façon dont la micro finance contribue à articuler la finance formelle (banques) et la finance informelle (tontines, banques villageoises, etc.) pour fournir des services financiers durables en milieu rural et d’étudier son incidence sur la lutte contre la pauvreté. Tant au plan régional (Afrique de l’Ouest) qu’au plan national guinéen, nous avons souligné que les différents secteurs financiers fonctionnent dans un contexte de cloisonnement relativement souple. Le secteur de la micro finance, le dernier né des secteurs financiers, constitue aujourd’hui une alternative forte dans la collecte de l’épargne et le financement des activités locales à travers des mécanismes novateurs établis essentiellement sur la base de la proximité avec les populations locales. Pourtant, nous montrons comment deux visions de la micro finance continuent à s’affronter : l’une sociale, fondée sur le bon vouloir des donateurs, donc fortement dépendante des bailleurs de fonds; l’autre, commerciale, institutionnelle, fondée sur la volonté de construire une véritable autonomie fonctionnelle de l’IMF, à la fois aux plans, technique, financier et humain. Par ailleurs, nous avons montré comment le débat sur le lien entre micro finance et pauvreté n’est pas encore tranché, tant les impacts sur le terrain interpellent les chercheurs et les bailleurs de fonds sur l’efficacité de la micro finance comme outil de réduction effective de la pauvreté. La question demeure de voir comment la micro finance peut être un élément de décloisonnement à travers une articulation entre finance formelle et finance informelle. Pour répondre à cette question, nous avons identifié deux arguments qui constituent les deux parties de la thèse. La première partie expose la diversité des modes de financement en Afrique de l’Ouest, fait le lien entre micro finance et pauvreté, en reprenant les débats théoriques qui continuent à s’affronter sur cette question et présente la problématique de l’articulation entre services financiers comme solution de décloisonnement et d’amélioration de la fourniture des dits services. La deuxième partie montre des exemples empiriques d’articulation entre banque, micro finance et finance informelle à travers les pratiques des usagers et formule quelques préoccupations sur le devenir de cette activité dans la région. / This research focusing on micro finance covers the Middle Guinea area or Fouta Djalon, one of the four natural regions of Guinea. The main objective is to review how micro finance helps to articulate formal finance (banks) and informal finance (tontines, village banks, etc.) in order to provide sustainable financial services in rural areas and to examine the effect on the fight against poverty. At both regional (West Africa) and national levels (Guinea), we noted that the various financial sectors operate in a relatively flexible partitioned context. The micro finance sector, the latest financial sector, is now a strong alternative in the collection of savings and financing of local activities through innovative mechanisms established mainly on the basis of the proximity to local populations. However, we have shown how two visions of micro finance are continuing to compete: the social one, based on the goodwill of donors, so heavily dependent on donors; and the other, commercial, institutional one, based on the willingness to build a real functional autonomy of the MFI technically, financially and in human terms. In addition, we have shown how the debate on the relationship between micro finance and poverty is not yet settled, as the impact on the field is challenging for researchers and funders regarding the effectiveness of micro finance as a tool for effective poverty reduction. The question remains how micro finance can be an element of de-partitioning through an articulation between formal finance and informal finance. To answer this question, we identified two arguments which are the two parts of the thesis. The first part outlines the diversity of modes of financing in West Africa, articulating the link between micro finance and poverty, repeating the theoretical debates that continue to clash on this issue, and presents the challenge in articulating financial services as a solution for breaking down barriers and improving the provision of such services. The second part shows empirical examples of nexus between banking, micro finance and informal finance through the practices of users, but states some concerns about the future of this activity in the region.

Microfinance has grown from a niche development intervention in the 1990s to one that commands global influence and donor support. By 2006 microfinance had become part of financial sector development policy through the concept of financial inclusion. At the same time theoretical analysis of economic development increasingly focused on the role of institutions and getting institutions right - including for the financial sector – which has given rise to attempts to theorize gradual institutional change. This convergence of policy, and theoretical emphasis on institutions, raises the central question as to what institutions and institutional changes are necessary for the financial sector to effectively serve poor people. The experience of microfinance sector growth over a decade in two countries has been investigated using a ‘micro-ethnographic’ methodology to respond to this question. The research finds that a focus on institutional functions rather than institutional forms aids definitional precision and allows comparability across markets. Social norms underpinned the development of institutional functions, as theories of social embeddedness suggest. These norms also became integrated into institutional functions through the process of change, adding to critiques of externally imposed ‘best practice’ institutional blueprints. Further, beyond the widely accepted institutional functions which the rest of the financial market needs to operate efficiently, this research highlights the importance of a constitutional function (or law) to include poor people in the formal financial system, appropriate supervision for microfinance providers and support for the development of microfinance. Recent theories of institutional change offer insights beyond path dependency in identifying spaces for change and how changes will ‘stick’. However, to better analyse change at the level of particular institutional arenas, greater elaboration is needed of: how to incorporate multiple sets of agents (including external development agents) and multiple institutional functions; appropriate time-frames for analysis and processes of actor engagement.

Cette recherche a pour objectif d'élaborer un cadre d'évaluation de la performance d'institutions de micro-financement. Ces institutions sont mises en place pour répondre au besoin de financement de micro-entreprises initiées par des populations pauvres pour satisfaire leurs besoins de base. Ces micro-entrepreneurs, compte tenu de la précarité de leur situation économique et sociale, ont en effet été longtemps exclus du secteur bancaire traditionnel. Pour pallier ces imperfections de marché, différents modes organisationnels ont vu le jour (Organisations Non Gouvernementales, coopératives d'épargne et de crédit, banques, etc.). Habituellement, les auteurs intéressés par cette problématique recourent aux théories contractualistes pour expliquer le phénomène d'exclusion des micro-entrepreneurs du marché du crédit traditionnel et l'émergence de ces modes organisationnels spécifiques. Quoique ce cadre théorique offre des éléments d'explication intéressants pour notre problématique, notre thèse doctorale montre également ses limites. Afin de rendre compte de la multiplicité des objectifs qui peuvent être poursuivis par les membres des institutions de micro-financement (aides aux plus démunis, rentabilité des capitaux, etc.) ainsi que des mobiles qui peuvent animer ceux-ci (intérêts personnels, collectifs, etc.), nous montrons tout l'intérêt d'adopter une perspective conventionnaliste. A la suite de trois études de cas menées en profondeur au Chili, selon les principes méthodologiques de la ‘Grounded Theory', nous proposons un modèle d'évaluation de la performance des institutions de micro-financement qui présente la particularité de tenir compte du registre conventionnel adopté par les membres de ces institutions. Outre les aspects théoriques explicités plus haut, cette thèse prétend également à avoir une portée prescriptive pour les acteurs intéressés par la problématique de l'aide aux populations défavorisées.

Microfinance was rapidly hailed as a poverty alleviation tool by development agencies, researchers and practitioners. Despite the increasing capacity of MFIs to manage their financial sustainability, impact studies available report disappointingly low social achievements. Social performance assessment tools available struggle to combat a narrow MFI-centric approach which often overlooks contextual issues and institutional characteristics which can influence MFIs’ poverty reduction potential. This research’s main objective is to identify which and explain how organisational structures and management systems impact on MFIs’ social performance. This work uses a bottom-up research strategy, based on a 10-month extensive fieldwork in Bangladesh, a 490 household data-set, an ethnographic community study in Modhupur and institutional analyses of ASA and PDBF. It analyses the livelihoods, capitals and strategies of rural households in Bangladesh, explores their perceptions and experiences of microfinance and examines the management of socio-financial trade-offs within MFIs at different hierarchical levels. The research’s main findings seriously question the poverty reducing potential of standardised commercialised microfinance in settings characterised by vulnerability, shocks and seasonality, such as rural Bangladesh. It finds that although most MFIs have similar poverty reduction missions it is the way in which their organisational structures, managementsystems and working cultures are arranged that shapes their financial and social achievements. There is strong evidence that commercial MFIs can experience a silent practice drift at the field level in Bangladesh and that the commercialisation of MFIs provides strong incentives for the field staff to prioritise the achievement of their financial targets to the detriment of social performance, discouraging them from reporting low social performance. There are therefore few reasons why MFI senior managers should question their model and policies. This drift can manifest itself through malpractices hard-selling of loans, poor client selection and follow-up procedures, forcing clients into borrowing more and larger loans, using extreme forms of pressure through abusive language and behaviours and micro-collateral. This process usually has longer-term negative impacts on clients, especially the very poor who adopt successive short-term coping tactics to meet inflexible repayment schedules. This thesis concludes that commercial microfinance should not be targeted to the poorest and that more consideration should be given to clientselection and follow-up procedures. This thesis argues that the commercialisation of the global microfinance industry serves the interests of diverse stakeholders who contribute to maintaining the industry’s reputation though the media. This can be deemed an iceberg industry (that shows little of its actual workings and impacts to the public) which is sustained through considerable support from an increasing number of private investors for whom MFIs’ commercial expansion (regardless of its social achievements) serves their financial and political interests.