The paper analyses the history and current status of financial inclusion in Malawi and its associated impact on individual, societal, and overall nation development. Through a review of past literature on financial inclusion and a survey on individuals’ opinions on financial services availability and affordability, the study reveals that financial inclusion has a direct relationship with economic performance and that individual economic independence, financial literacy, and accessibility play crucial roles in determining the levels of financial inclusion in an economy.
Promoting Financial Inclusion for Inclusive Growth in AfricaDr Lendy Spires
This document discusses promoting financial inclusion for inclusive growth in Africa. It begins with an overview of the high levels of financial exclusion in Africa, where less than half the population in many countries have formal bank accounts. The document then examines barriers that prevent the rural poor from accessing formal financial services. It argues that increasing financial inclusion through programs that reduce these barriers can help alleviate poverty and stimulate local economic development. The document concludes by recommending policies to promote greater financial inclusion across Africa.
Financial literacy is a major determinant of demand for financial services. This study sought to
determine the levels of financial literacy of informal Enterprise owners and to establish the link with Enterprise
usage of financial services, and at the same time to determine socio-demographic and Enterprise characteristics
that may affect levels of financial literacy, and Enterprises’ usage of financial services
Financial inclusion in Africa is low compared to other regions, with only 34% of adults having a bank account. There are significant disparities within countries as well, with women, youth, and the poor being most financially excluded. Expanding access to financial services, products tailored to marginalized groups, and leveraging remittances from the African diaspora could help drive development and economic growth across the continent.
This document discusses using technology to bridge the gap between rural development and financial inclusion in developing economies. It notes that while two billion people globally lack access to formal financial services, rural populations face even greater barriers to access due to issues like illiteracy and lack of infrastructure. The author examines whether technology can be used as a tool to increase financial inclusion for rural dwellers and help reduce poverty. While some progress has been made, most rural residents remain financially excluded. The paper aims to determine if technology can effectively bridge this gap or if individual and institutional factors prevent greater inclusion.
Myanmar Migrant Workers Remittance Data AnalysisMYO AUNG Myanmar
This document summarizes a study on migrant worker remittances from Burmese workers in Thailand to Burma. The study conducted surveys of Burmese migrant workers in Thailand to understand the amounts, costs, uses, and methods of remitting funds. Key findings included that remittances to Burma were large, disproportionately used for basic survival needs, and overwhelmingly sent via informal mechanisms due to Burma's dysfunctional economy and lack of trust in institutions. The use of informal channels limits the potential development benefits that remittances could provide.
This document summarizes a World Bank policy research working paper that examines the relationship between financial development, property rights, and poverty in sub-Saharan Africa. The paper finds that financial deepening is associated with lower poverty through different channels depending on the strength of property rights in a country. When property rights are weak, wider access to savings instruments is linked to reduced poverty, while increased credit benefits the richest. Only when property rights strengthen does greater access to credit become associated with lower poverty levels. The paper uses data from 37 sub-Saharan African countries from 1992 to 2006 to reach these conclusions.
This summarizes the first publicly available dataset measuring financial inclusion across 148 countries. It finds that 50% of adults worldwide have a bank account, but account penetration varies significantly between high-income and developing countries. Within countries, wealthier adults make greater use of formal financial services. The most common reasons for being unbanked are lack of money and banks being too expensive or far away. Most saving and borrowing in developing countries is done informally.
Constraints of rural women to utilize microfinance institutions the case of m...Alexander Decker
This document discusses constraints that rural women face in utilizing microfinance institutions in Ethiopia. It finds that the major constraints identified through interviews and focus groups are: 1) insufficient loan amounts that are not enough to sustain a business, 2) lack of ongoing training and follow up support from microfinance institutions after the initial loan, and 3) unavailability of nearby markets, high costs of inputs, and animal diseases that hamper women's ability to run livestock businesses and make a profit. The study concludes microfinance institutions need to provide larger and more sufficient loans, as well as continued training and support, to better empower women economically.
Promoting Financial Inclusion for Inclusive Growth in AfricaDr Lendy Spires
This document discusses promoting financial inclusion for inclusive growth in Africa. It begins with an overview of the high levels of financial exclusion in Africa, where less than half the population in many countries have formal bank accounts. The document then examines barriers that prevent the rural poor from accessing formal financial services. It argues that increasing financial inclusion through programs that reduce these barriers can help alleviate poverty and stimulate local economic development. The document concludes by recommending policies to promote greater financial inclusion across Africa.
Financial literacy is a major determinant of demand for financial services. This study sought to
determine the levels of financial literacy of informal Enterprise owners and to establish the link with Enterprise
usage of financial services, and at the same time to determine socio-demographic and Enterprise characteristics
that may affect levels of financial literacy, and Enterprises’ usage of financial services
Financial inclusion in Africa is low compared to other regions, with only 34% of adults having a bank account. There are significant disparities within countries as well, with women, youth, and the poor being most financially excluded. Expanding access to financial services, products tailored to marginalized groups, and leveraging remittances from the African diaspora could help drive development and economic growth across the continent.
This document discusses using technology to bridge the gap between rural development and financial inclusion in developing economies. It notes that while two billion people globally lack access to formal financial services, rural populations face even greater barriers to access due to issues like illiteracy and lack of infrastructure. The author examines whether technology can be used as a tool to increase financial inclusion for rural dwellers and help reduce poverty. While some progress has been made, most rural residents remain financially excluded. The paper aims to determine if technology can effectively bridge this gap or if individual and institutional factors prevent greater inclusion.
Myanmar Migrant Workers Remittance Data AnalysisMYO AUNG Myanmar
This document summarizes a study on migrant worker remittances from Burmese workers in Thailand to Burma. The study conducted surveys of Burmese migrant workers in Thailand to understand the amounts, costs, uses, and methods of remitting funds. Key findings included that remittances to Burma were large, disproportionately used for basic survival needs, and overwhelmingly sent via informal mechanisms due to Burma's dysfunctional economy and lack of trust in institutions. The use of informal channels limits the potential development benefits that remittances could provide.
This document summarizes a World Bank policy research working paper that examines the relationship between financial development, property rights, and poverty in sub-Saharan Africa. The paper finds that financial deepening is associated with lower poverty through different channels depending on the strength of property rights in a country. When property rights are weak, wider access to savings instruments is linked to reduced poverty, while increased credit benefits the richest. Only when property rights strengthen does greater access to credit become associated with lower poverty levels. The paper uses data from 37 sub-Saharan African countries from 1992 to 2006 to reach these conclusions.
This summarizes the first publicly available dataset measuring financial inclusion across 148 countries. It finds that 50% of adults worldwide have a bank account, but account penetration varies significantly between high-income and developing countries. Within countries, wealthier adults make greater use of formal financial services. The most common reasons for being unbanked are lack of money and banks being too expensive or far away. Most saving and borrowing in developing countries is done informally.
Constraints of rural women to utilize microfinance institutions the case of m...Alexander Decker
This document discusses constraints that rural women face in utilizing microfinance institutions in Ethiopia. It finds that the major constraints identified through interviews and focus groups are: 1) insufficient loan amounts that are not enough to sustain a business, 2) lack of ongoing training and follow up support from microfinance institutions after the initial loan, and 3) unavailability of nearby markets, high costs of inputs, and animal diseases that hamper women's ability to run livestock businesses and make a profit. The study concludes microfinance institutions need to provide larger and more sufficient loans, as well as continued training and support, to better empower women economically.
African Human Mobility Review (AHMR) is an interdisciplinary journal created to encourage and facilitate the study of all aspects (i.e. socio-economic, political, legislative and developmental) of human mobility in Sub-Saharan Africa.
The document discusses the potential role of the African diaspora as a "fourth wheel" in megacommunities aimed at addressing issues on the continent. It argues that diaspora members represent a significant untapped resource due to the large sums of money sent back in remittances, which in some cases exceed foreign aid and contribute substantially to GDP. While remittances show their ongoing connection, they also indicate potential for increased foreign direct investment that could fuel economic growth if African countries create an environment welcoming diaspora participation and integration. Fully utilizing diaspora expertise, networks, and resources could help accelerate development progress in Africa.
Corruption an enemy to economic development in nigeriaAlexander Decker
This document examines the relationship between corruption and economic development in Nigeria using data from 1980-2011. A multiple linear regression analysis found a significant relationship between corruption and economic development, rejecting the null hypothesis. The paper recommends that the government be more transparent and investigate sudden wealth, in order to curb corruption and foster economic development. Corruption is defined as the misuse of public funds for private gain. It slows economic growth by reducing investment in areas like education and health. While some argue corruption can increase efficiency, most studies find it has a negative impact on development.
Microfinance refers to financial services targeting low-income clients, particularly women, with loans, savings, insurance and remittances. The study found that only 10% of people have life insurance and less than 1% have non-life insurance. It also found that half of households do not have a formal bank account and most borrow from friends and relatives due to a lack of financial literacy and identification documents. The study concluded that concerted efforts are needed from all sectors to make microfinance more effective and provide an opportunity for economic growth.
The document outlines the World Bank's strategy to strengthen engagement on governance and anti-corruption. It identifies mechanisms to build transparent and accountable institutions, improve monitoring of corruption in World Bank projects, and take a harmonized approach with other development partners. Key elements of the strategy include addressing governance issues and corruption at the project, country, and global levels.
The thrust of this study was to determine the impact of micro credit on the MSMEs sector in CRS,
Nigeria. Three hypotheses were formulated from the research questions and tested by using chi-square statistic
to validate the truth or otherwise of the hypotheses. Ex-post factor research design was adopted and a sample
size of 158 respondents was selected and used for the study. A structured questionnaire was used in obtaining
the data. In testing the hypotheses, all the calculated chi-square values were greater than the critical chi-square
value at the given level of significance and degree of freedom. This resulted in rejecting the null hypotheses
while the alternate hypotheses were retained. The results indicated that micro credit programmes have
significant effect on MSMEs in CRS. Equally, credit administration has a significant effect on the performance
of microcredit programmes and that collateral requirements on MSMEs have significant effect on obtaining
credit from microfinance institutions in CRS. Arising from the findings, the study recommends that government
should make more microcredit programmes available for the development of MSMEs in CRS. There should be
efficiency in credit administration on the part of both government and the private sector so as to enhance the
performance of microcredit programmes in CRS and also collateral requirements should be minimized, while
low interest rate should be charged on micro, small and medium enterprises so as to enhance obtaining of credit
facilities from microfinance institutions in the State.
Analysis of the effects of micro finance banks on poverty reanglo99
This document analyzes the effects of microfinance banks on poverty reduction and economic growth in Nigeria. It discusses how microfinance banks aim to increase access to credit for small businesses and low-income households. This is intended to promote entrepreneurship, self-reliance, employment, and household income among the poor. The document also outlines the objectives of microfinance banks in Nigeria, which include serving the large unserved market, generating employment, reducing poverty, and increasing savings opportunities. It provides context on the history and concept of microfinance in Nigeria.
The Role of Microfinance Banks in Poverty Alleviation in Nigeria–A Study of S...Gabriel Ken
The broad objective of this study was to examine the operations of microfinance
banks in Anambra State and to assess their contribution to poverty alleviation. A
total of 140 randomly selected customers and officials of 14 purposively selected
microfinance banks from the three geo-political zones of Anambra State.
Does Microfinance Really Empower? A presentation by Manoj BhusalManoj Bhusal
Microfinance aims to empower the poor through providing financial services like credit and savings. However, the document examines whether microfinance truly empowers poor women in northern Bangladesh through a study. Interviews with long and short-term beneficiaries of microfinance institutions found some increased choices and confidence for long-term beneficiaries but both groups still faced gender inequality and domestic violence. While microfinance provides important financial access, empowerment requires addressing deeper issues like education, skills training, social norms and poverty. Therefore, microfinance alone may not be enough to significantly empower the poor women in this region.
This document contains a PEST analysis of Afghanistan's healthcare industry. It identifies several key political, economic, social and technological factors impacting the industry. Politically, corruption and a lack of employment legislation hinder development. Economically, low income distribution and high inflation create challenges. Socially, traditional norms prevent access to care. Technologically, deficiencies in telecommunications and medical equipment limit services. The analysis recommends public-private partnerships, encouraging internal investment, developing a healthcare financing strategy, and promoting inter-ministerial collaboration to help improve the industry.
140301050136 igidr poor financial inclusion in rural areas of chhattisgarhgudu123
Poor financial inclusion persists in rural areas of Chhattisgarh, India despite government efforts over decades. While nationalized banks and microfinance programs have expanded access, the majority of rural poor still rely on expensive informal lenders due to a lack of suitable financial products and physical access to banks. Barriers to inclusion include irregular incomes, lack of collateral for loans, and remoteness of many villages. Improving access will require new products tailored to the needs and cash flows of rural households as well as expanding infrastructure and outreach of formal institutions.
Influence of micro finance and small loan centre (masloc) on the development ...Alexander Decker
The document discusses a study on the influence of the Microfinance and Small Loans Centre (MASLOC) on small and medium enterprises in Wa Municipality, Ghana. It finds that loans from MASLOC have helped most beneficiaries expand their businesses, increase profits, support their families, and improve their livelihoods and social lives. However, about 60% of beneficiaries are defaulting on loans despite business progress, making it difficult for others to access loans. The study also finds that MASLOC lacks sufficient human and material resources to operate effectively. It concludes with recommendations to improve MASLOC's activities.
The document discusses evidence on the impact of International Finance Corporation (IFC) tourism investments in Latin America and the Caribbean. It finds that IFC tourism investments have contributed significantly to economic development in the region in 3 key ways:
1) IFC investments in tourism and hospitality projects have helped drive growth of the services sector and national economies in many countries in the region.
2) Resort developments supported by IFC have promoted economic development in less developed regions within countries.
3) Tourism brings substantial benefits to countries through job creation, increased tax revenues, and opportunities for small businesses, helping reduce poverty.
Reaching the poorest while alleviating the poverty by micro finance in dera i...Alexander Decker
This document discusses a study on the role of microfinance in alleviating poverty in Dera Ismail Khan, Pakistan. It begins with background on microfinance and definitions of poverty. The study aims to determine if microfinance has impacted poverty reduction based on factors like income, employment, education, health, and housing. Data was collected through surveys from 96 respondents and analyzed using statistical tools. The results showed microfinance had a positive and significant impact on poverty reduction, though some factors like gender and marital status did not significantly influence outcomes. Overall, microfinance was found to be an effective tool for poverty alleviation in the study area.
An assessment of the performance of microfinance institutions in Alexander Decker
This document assesses the performance of microfinance institutions in Nigeria. It finds that the liabilities of microfinance institutions outweigh their assets, indicating they are more financed through debt than equity. The document provides background on microfinance and poverty in Nigeria. It reviews literature on the impact and challenges of microfinance in reducing poverty. The study uses debt-to-equity ratios from the Mix Market database to test the hypothesis that microfinance institution liabilities exceed their assets, finding support for this hypothesis. It concludes that while microfinance aims to reduce poverty, its own financial instability limits its ability to significantly impact poverty levels in Nigeria.
The document discusses a study that evaluated the impact of microfinance banks on household income and expenditure among rural communities in Oyo State, Nigeria. The study found that the emergence of microfinance banks in Oyo State impacts household income and expenditure levels because loan size is negatively correlated with poverty levels. Prior research discussed in the document showed mixed results on the impacts of microfinance on poverty reduction, household welfare, and women's empowerment. The objectives, hypotheses, and methodology of the study are also outlined.
Remittance levels and entrepreneurial activity in post soviet countriesAzer Dilanchiev
ABSTRACT Each individual entrepreneurial action has a more than proportional impact on economic growth, however less
works are dedicated to investigate the impact of the remittance on entrepreneurial activity. This paper examines the impact of
remittance level on entrepreneurial activity in 14 post-soviet countries over the period of 2006-2016. Panel data is employed
to analyze the impact of remittance on entrepreneurial activity. Study found statistically significant impact of remittance on
entrepreneurial activity for the post-Soviet countries in the sample.
Promoting Multi Stakeholder Process in Local Economic Governance and Develop...Dr. Astia Dendi
This document discusses the concept and prospects of multi-stakeholder forums as a local governance instrument to pursue pro-poor local economic development in Nusa Tenggara Barat, Indonesia. It examines how the forums evolved in the region, defined priorities for collaborative actions, and played a role in making local governance and markets work for the poor. The study found that the multi-stakeholder forums in Nusa Tenggara Barat were a prospective model for pursuing pro-poor objectives. It also identified factors critical to sustaining the forums, such as political will and capacity building.
This study aimed to determine the levels of financial literacy of Small Scale Farmers and to establish
the link with their usage of financial services.
The OECD/INFE financial literacy measurement household telephone survey questionnaire was adapted and
administered to Small Scale Farmers. Financial literacy was measured by adding up scores in financial
knowledge, financial attitude and financial behaviour. Financial service usage was assessed by asking
respondents whether the respondents had used any of the specified services. Pearson’s Chi-square test for
independence was used to test the hypotheses as categorical variables were mostly involved.
Contribution of mobile money in financial system inclussion to rural and poor...Abdalla Amour
The document discusses the contribution of mobile money to financial inclusion in Tanzania, specifically for rural and poor urban residents. It begins with background on Tanzania's financial system and how it has traditionally excluded many residents. While mobile phones are widespread in Tanzania, financial access is still limited, especially for rural and poor populations. The introduction of mobile money services starting in 2008 has the potential to expand access. However, the document aims to specifically measure the extent to which mobile money has helped include previously excluded groups and what benefits they have gained, such as access to deposits, loans, money transfers and transactions. It outlines the research objectives to analyze the degree of financial inclusion mobile money has provided for rural and poor urban Tanzanians.
African Human Mobility Review (AHMR) is an interdisciplinary journal created to encourage and facilitate the study of all aspects (i.e. socio-economic, political, legislative and developmental) of human mobility in Sub-Saharan Africa.
The document discusses the potential role of the African diaspora as a "fourth wheel" in megacommunities aimed at addressing issues on the continent. It argues that diaspora members represent a significant untapped resource due to the large sums of money sent back in remittances, which in some cases exceed foreign aid and contribute substantially to GDP. While remittances show their ongoing connection, they also indicate potential for increased foreign direct investment that could fuel economic growth if African countries create an environment welcoming diaspora participation and integration. Fully utilizing diaspora expertise, networks, and resources could help accelerate development progress in Africa.
Corruption an enemy to economic development in nigeriaAlexander Decker
This document examines the relationship between corruption and economic development in Nigeria using data from 1980-2011. A multiple linear regression analysis found a significant relationship between corruption and economic development, rejecting the null hypothesis. The paper recommends that the government be more transparent and investigate sudden wealth, in order to curb corruption and foster economic development. Corruption is defined as the misuse of public funds for private gain. It slows economic growth by reducing investment in areas like education and health. While some argue corruption can increase efficiency, most studies find it has a negative impact on development.
Microfinance refers to financial services targeting low-income clients, particularly women, with loans, savings, insurance and remittances. The study found that only 10% of people have life insurance and less than 1% have non-life insurance. It also found that half of households do not have a formal bank account and most borrow from friends and relatives due to a lack of financial literacy and identification documents. The study concluded that concerted efforts are needed from all sectors to make microfinance more effective and provide an opportunity for economic growth.
The document outlines the World Bank's strategy to strengthen engagement on governance and anti-corruption. It identifies mechanisms to build transparent and accountable institutions, improve monitoring of corruption in World Bank projects, and take a harmonized approach with other development partners. Key elements of the strategy include addressing governance issues and corruption at the project, country, and global levels.
The thrust of this study was to determine the impact of micro credit on the MSMEs sector in CRS,
Nigeria. Three hypotheses were formulated from the research questions and tested by using chi-square statistic
to validate the truth or otherwise of the hypotheses. Ex-post factor research design was adopted and a sample
size of 158 respondents was selected and used for the study. A structured questionnaire was used in obtaining
the data. In testing the hypotheses, all the calculated chi-square values were greater than the critical chi-square
value at the given level of significance and degree of freedom. This resulted in rejecting the null hypotheses
while the alternate hypotheses were retained. The results indicated that micro credit programmes have
significant effect on MSMEs in CRS. Equally, credit administration has a significant effect on the performance
of microcredit programmes and that collateral requirements on MSMEs have significant effect on obtaining
credit from microfinance institutions in CRS. Arising from the findings, the study recommends that government
should make more microcredit programmes available for the development of MSMEs in CRS. There should be
efficiency in credit administration on the part of both government and the private sector so as to enhance the
performance of microcredit programmes in CRS and also collateral requirements should be minimized, while
low interest rate should be charged on micro, small and medium enterprises so as to enhance obtaining of credit
facilities from microfinance institutions in the State.
Analysis of the effects of micro finance banks on poverty reanglo99
This document analyzes the effects of microfinance banks on poverty reduction and economic growth in Nigeria. It discusses how microfinance banks aim to increase access to credit for small businesses and low-income households. This is intended to promote entrepreneurship, self-reliance, employment, and household income among the poor. The document also outlines the objectives of microfinance banks in Nigeria, which include serving the large unserved market, generating employment, reducing poverty, and increasing savings opportunities. It provides context on the history and concept of microfinance in Nigeria.
The Role of Microfinance Banks in Poverty Alleviation in Nigeria–A Study of S...Gabriel Ken
The broad objective of this study was to examine the operations of microfinance
banks in Anambra State and to assess their contribution to poverty alleviation. A
total of 140 randomly selected customers and officials of 14 purposively selected
microfinance banks from the three geo-political zones of Anambra State.
Does Microfinance Really Empower? A presentation by Manoj BhusalManoj Bhusal
Microfinance aims to empower the poor through providing financial services like credit and savings. However, the document examines whether microfinance truly empowers poor women in northern Bangladesh through a study. Interviews with long and short-term beneficiaries of microfinance institutions found some increased choices and confidence for long-term beneficiaries but both groups still faced gender inequality and domestic violence. While microfinance provides important financial access, empowerment requires addressing deeper issues like education, skills training, social norms and poverty. Therefore, microfinance alone may not be enough to significantly empower the poor women in this region.
This document contains a PEST analysis of Afghanistan's healthcare industry. It identifies several key political, economic, social and technological factors impacting the industry. Politically, corruption and a lack of employment legislation hinder development. Economically, low income distribution and high inflation create challenges. Socially, traditional norms prevent access to care. Technologically, deficiencies in telecommunications and medical equipment limit services. The analysis recommends public-private partnerships, encouraging internal investment, developing a healthcare financing strategy, and promoting inter-ministerial collaboration to help improve the industry.
140301050136 igidr poor financial inclusion in rural areas of chhattisgarhgudu123
Poor financial inclusion persists in rural areas of Chhattisgarh, India despite government efforts over decades. While nationalized banks and microfinance programs have expanded access, the majority of rural poor still rely on expensive informal lenders due to a lack of suitable financial products and physical access to banks. Barriers to inclusion include irregular incomes, lack of collateral for loans, and remoteness of many villages. Improving access will require new products tailored to the needs and cash flows of rural households as well as expanding infrastructure and outreach of formal institutions.
Influence of micro finance and small loan centre (masloc) on the development ...Alexander Decker
The document discusses a study on the influence of the Microfinance and Small Loans Centre (MASLOC) on small and medium enterprises in Wa Municipality, Ghana. It finds that loans from MASLOC have helped most beneficiaries expand their businesses, increase profits, support their families, and improve their livelihoods and social lives. However, about 60% of beneficiaries are defaulting on loans despite business progress, making it difficult for others to access loans. The study also finds that MASLOC lacks sufficient human and material resources to operate effectively. It concludes with recommendations to improve MASLOC's activities.
The document discusses evidence on the impact of International Finance Corporation (IFC) tourism investments in Latin America and the Caribbean. It finds that IFC tourism investments have contributed significantly to economic development in the region in 3 key ways:
1) IFC investments in tourism and hospitality projects have helped drive growth of the services sector and national economies in many countries in the region.
2) Resort developments supported by IFC have promoted economic development in less developed regions within countries.
3) Tourism brings substantial benefits to countries through job creation, increased tax revenues, and opportunities for small businesses, helping reduce poverty.
Reaching the poorest while alleviating the poverty by micro finance in dera i...Alexander Decker
This document discusses a study on the role of microfinance in alleviating poverty in Dera Ismail Khan, Pakistan. It begins with background on microfinance and definitions of poverty. The study aims to determine if microfinance has impacted poverty reduction based on factors like income, employment, education, health, and housing. Data was collected through surveys from 96 respondents and analyzed using statistical tools. The results showed microfinance had a positive and significant impact on poverty reduction, though some factors like gender and marital status did not significantly influence outcomes. Overall, microfinance was found to be an effective tool for poverty alleviation in the study area.
An assessment of the performance of microfinance institutions in Alexander Decker
This document assesses the performance of microfinance institutions in Nigeria. It finds that the liabilities of microfinance institutions outweigh their assets, indicating they are more financed through debt than equity. The document provides background on microfinance and poverty in Nigeria. It reviews literature on the impact and challenges of microfinance in reducing poverty. The study uses debt-to-equity ratios from the Mix Market database to test the hypothesis that microfinance institution liabilities exceed their assets, finding support for this hypothesis. It concludes that while microfinance aims to reduce poverty, its own financial instability limits its ability to significantly impact poverty levels in Nigeria.
The document discusses a study that evaluated the impact of microfinance banks on household income and expenditure among rural communities in Oyo State, Nigeria. The study found that the emergence of microfinance banks in Oyo State impacts household income and expenditure levels because loan size is negatively correlated with poverty levels. Prior research discussed in the document showed mixed results on the impacts of microfinance on poverty reduction, household welfare, and women's empowerment. The objectives, hypotheses, and methodology of the study are also outlined.
Remittance levels and entrepreneurial activity in post soviet countriesAzer Dilanchiev
ABSTRACT Each individual entrepreneurial action has a more than proportional impact on economic growth, however less
works are dedicated to investigate the impact of the remittance on entrepreneurial activity. This paper examines the impact of
remittance level on entrepreneurial activity in 14 post-soviet countries over the period of 2006-2016. Panel data is employed
to analyze the impact of remittance on entrepreneurial activity. Study found statistically significant impact of remittance on
entrepreneurial activity for the post-Soviet countries in the sample.
Promoting Multi Stakeholder Process in Local Economic Governance and Develop...Dr. Astia Dendi
This document discusses the concept and prospects of multi-stakeholder forums as a local governance instrument to pursue pro-poor local economic development in Nusa Tenggara Barat, Indonesia. It examines how the forums evolved in the region, defined priorities for collaborative actions, and played a role in making local governance and markets work for the poor. The study found that the multi-stakeholder forums in Nusa Tenggara Barat were a prospective model for pursuing pro-poor objectives. It also identified factors critical to sustaining the forums, such as political will and capacity building.
This study aimed to determine the levels of financial literacy of Small Scale Farmers and to establish
the link with their usage of financial services.
The OECD/INFE financial literacy measurement household telephone survey questionnaire was adapted and
administered to Small Scale Farmers. Financial literacy was measured by adding up scores in financial
knowledge, financial attitude and financial behaviour. Financial service usage was assessed by asking
respondents whether the respondents had used any of the specified services. Pearson’s Chi-square test for
independence was used to test the hypotheses as categorical variables were mostly involved.
Contribution of mobile money in financial system inclussion to rural and poor...Abdalla Amour
The document discusses the contribution of mobile money to financial inclusion in Tanzania, specifically for rural and poor urban residents. It begins with background on Tanzania's financial system and how it has traditionally excluded many residents. While mobile phones are widespread in Tanzania, financial access is still limited, especially for rural and poor populations. The introduction of mobile money services starting in 2008 has the potential to expand access. However, the document aims to specifically measure the extent to which mobile money has helped include previously excluded groups and what benefits they have gained, such as access to deposits, loans, money transfers and transactions. It outlines the research objectives to analyze the degree of financial inclusion mobile money has provided for rural and poor urban Tanzanians.
This document summarizes a research paper that studied the determinants of financial literacy in the MIMAROPA region of the Philippines. The study aimed to assess the level of financial literacy in rural areas and determine if residents are able to effectively manage their money. The researchers conducted a quantitative survey and found that average income and savings had little influence on financial literacy, while educational attainment and marital status had more impact. Overall, the study concluded that financial literacy levels are low in the region, particularly among women and less educated groups. Improving access to financial education was proposed as a way to empower residents and boost their economic standing.
FINANCIAL INCLUSION AND WOMEN EMPOWERMENT IN UGANDA A CASE OF LANGO SUB REGIO...ectijjournal
Women empowerment has taken a center stage in the present development agenda. The study examines the role of financial inclusion in supporting women empowerment in Lango sub region, Northern Uganda. Using both purposive and simple random sampling a Sample of 126 respondents was selected with a response rate of 100% realized. The study found out that financial support appeared to be sparse, The regulations, supervision and monitoring of some of these firms was lacking, causing many women to lose their savings with such firms. The study therefore recommended that Government should establish buffers to serve as collateral security for women who intend to secure financial credit. Financial service providers should lower down the costs of operating accounts for the financial inclusiveness of women, particularly women from rural areas. Government should tighten monitoring, regulating and supervisory policies of financial service providers to restore public trust in financial institutions in Uganda. Financial services providers, government and other development partners should offer both formal and informal business education training.
Contribution of Financial Inclusion on the Economic Development of Nigeria 19...ijtsrd
Financial inclusion strategy was set up so that all people have access to banking and insurance services as well as financial literacy and capabilities that will help improve standard of living in the country. Therefore the study examined the contribution of financial inclusion on the economic development of Nigeria. Secondary data were collected from Central Bank of Nigeria statistical bulletin and UNDP Human Development Reports spanning from 1999 to 2020.The research work selected Nigeria as its sample and used the Error Correction Mechanism ECM to test the contribution of the explanatory variables Deposits from rural branches of commercial banks, Loans to rural branches of commercial banks, Number of Micro Finance Banks, Commercial Bank Loans to Small Scale Enterprise on the dependent variable Human Development Index .The findings from the study revealed that financial inclusion has not contributed significantly on the economic development of Nigeria for the period under review. The granger causality test also shows a unidirectional causality between financial inclusion and economic development of Nigeria. The results suggest that financial inclusion can help improve the standard of living of the country and reduce high unemployment rate in the country, if implemented effectively. The study therefore recommends that Central bank of Nigeria should approve the establishment of more micro finance banks in order to meet the financial needs of low income neighborhoods and rural dwellers. The Central bank of Nigeria should intensify efforts aimed at credit facilities to small and medium scale enterprises SMEs to boost financial inclusion in the economy by mandating banks to dedicate 10 of their net profit after tax to SMEs loans. Commercial banks should diversify their portfolios as this will help reduce various investment risks they face while extending financial service to the poor and rural dwellers in the country. There is need to improve the financial infrastructure in the country which will help banks in deposit mobilization especially the unbanked and rural dwellers in the country. Ogbonnaya-Udo, Nneka | Chukwu, Kenechukwu Origin "Contribution of Financial Inclusion on the Economic Development of Nigeria (1999 – 2020)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-1 , December 2021, URL: https://www.ijtsrd.com/papers/ijtsrd47748.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/47748/contribution-of-financial-inclusion-on-the-economic-development-of-nigeria-1999-–-2020/ogbonnayaudo-nneka
Determinants of financial literacy levels among employees of kenya ports auth...Alexander Decker
This document summarizes a study that examines the determinants of financial literacy levels among employees of Kenya Ports Authority in Kenya. The study found that overall financial literacy levels among employees were low. Financial literacy was affected by gender, age, education levels, wealth factors, and sources of financial information and advice. However, it was not affected by occupation status, occupation type, or personal income. The study recommends that employers and policymakers develop strategies to increase financial literacy, such as providing reliable sources of financial advice.
This document summarizes an analytical study on the relevance of financial inclusion for developing nations. It discusses the need for financial inclusion to promote equitable growth and reduce income disparities. The objectives of the study are to explore the need for financial inclusion in promoting economic and social development, analyze India's current status of financial inclusion, and examine access to banking in rural areas. The study finds that while financial inclusion plays a catalytic role, more progress is still needed to achieve desired outcomes. It also reviews initiatives taken in India to promote financial inclusion since 2005.
An Analytical Study:Relevance of Financial Inclusion For Developing NationsDr Lendy Spires
The document analyzes the relevance of financial inclusion for developing nations. It discusses how financial inclusion, defined as providing affordable financial services to disadvantaged groups, is key to promoting inclusive growth. While initiatives in India have increased access to banking, challenges remain in bridging the gap between financially excluded sections. The study examines objectives and progress of financial inclusion in India, finding that efforts have expanded access points and accounts but more progress is needed to fully achieve desired economic and social development outcomes through financial inclusion.
This document discusses the need for financial inclusion in India and the challenges involved. It notes that currently 41% of the adult population in India is unbanked, with even higher percentages in rural areas. Marginalized groups like small farmers, laborers, and women have little access to formal financial services. The purpose of financial inclusion is to provide affordable banking services to low-income and disadvantaged groups. However, achieving widespread financial inclusion faces challenges such as lack of awareness, high costs, documentation requirements, and behavioral barriers. The Reserve Bank of India has taken steps like promoting no-frills bank accounts but more efforts are needed to overcome issues like agent risk, dormant accounts, financial illiteracy, and ensuring long-term
Prudent macroeconomic management is important for poverty reduction and sustainable development in Nigeria. Over the past 30 years, Nigeria has experienced macroeconomic instability, financial distress, political uncertainty, high unemployment, insecurity, poverty, and natural resource mismanagement. Sound macroeconomic policies that promote economic growth through efficient allocation of resources can help reduce poverty and enable sustainable development. However, Nigeria's high levels of corruption and poor macroeconomic management have undermined growth and development goals. Prudent management of resources is needed to achieve more equitable distribution of wealth and opportunities for poverty reduction.
The determinants of financial inclusion in western africa insights from ghanaAlexander Decker
This document summarizes a research study that examined the determinants of financial inclusion in Western Africa, using Ghana as a case study. The study used survey data from 1,000 adults in Ghana to analyze factors that influence individuals' inclusion in Ghana's formal financial sector. The results of a logit model found that only 40% of adults are included. Significant determinants of inclusion were found to be: age, literacy levels, wealth class, distance to financial institutions, lack of documentation, lack of trust in institutions, lack of money, and influence of family members being included. The paper concludes that policies are needed to address the negative determinants and support the positive ones, to promote greater financial inclusion across Western Africa.
Financial inclusion and women investment in low income countries.pptxDorcasPAGAL
Présentation d'un Projet pour appel à financement à une conférence internationale organisée par le Patnership for Economic Policy. Ce projet fait aujourd'hui l'objet d'unn travail d'article qui sera soumis dans une revue à Comité d'auteur
The impact of microfinance on living standards, empowerment and poverty allev...Alexander Decker
This document summarizes a research study on the impact of microfinance on living standards, empowerment, and poverty alleviation among poor people in Ethiopia, using clients of Amhara Credit and Savings Institution (ACSI) as a case study. The study used questionnaires distributed to 150 ACSI clients in Debratabor and Estie branches to assess changes in factors like income, education, nutrition, and savings before and after using microfinance services. The results showed microfinance led to increased income, children being sent to school, ability to pay medical bills and feed families, and savings to cope with future crises. Overall, microfinance seemed to improve living standards and empower clients economically and socially.
This document summarizes an analytical study on the relevance of financial inclusion for developing nations. It discusses the need for financial inclusion in developing countries to promote equitable growth and reduce poverty. The study examines India's progress on financial inclusion, including increasing access to banking services in rural areas through business correspondents and microfinance institutions. Data is presented on the growth in bank branches, no-frill accounts, loans disbursed, and other indicators between 2010-2012. While progress has been made, the study concludes that more efforts are still needed to close the gap between financially excluded populations and formal financial services.
Unsgsa annual report 2013 knowledge and commitment into actionDr Lendy Spires
Her Majesty Queen Máxima of the Netherlands has been the UN Secretary-General's Special Advocate for Inclusive Finance for Development since 2009. As the leading global voice on financial inclusion, her central message is that access to financial services enables progress toward goals like job creation, equitable growth, poverty alleviation, and empowerment. In her role, Queen Máxima advocates for universal access to a variety of affordable financial products and works with stakeholders globally to share knowledge, inspire commitments, and take meaningful action to expand inclusion.
The document discusses leveraging digital financial services to drive financial inclusion in Kenya, particularly for marginalized smallholder farmers. It notes that while Kenya has over 100 digital agri-specific services available, only 3.45 million of the 34.54 million Kenyan farmers access these services, and just 0.86 million (4.97%) of women farmers. The document examines barriers smallholder farmers face in accessing formal financing and proposes ways technology could be leveraged to increase financial inclusion for this group and help meet Kenya's sustainable development goals.
Microfinance and poverty reduction nexus among rural women in selected distri...Alexander Decker
This document summarizes a study on the relationship between microfinance and poverty reduction among rural women in Ghana. The study used changes in asset ownership as a proxy for well-being. A survey of 200 women found that access to microfinance was positively associated with acquiring assets, which can improve living standards. Educational attainment and marital status also positively correlated with asset accumulation, while number of dependents correlated negatively. The study concludes that microfinance can empower women financially and contribute to their families and communities by enabling asset building.
Assessment Of Factors Affecting The Performance Of Microfinance Institutions ...Karen Gomez
The document discusses factors affecting the performance of microfinance institutions in Hawassa City, Ethiopia. It assessed factors related to MFI clients, such as problems with loan repayment and diversion of loans to non-income generating activities. It also identified institutional factors like shortage of human resources, lack of cost-effective technologies, and shortage of loan capital. Political factors were also recognized as influencing MFI performance. Based on its analysis, the study recommended improving women's participation in microcredit and savings, using cost-effective technologies to minimize costs, and hiring adequate staff to improve MFI performance in Hawassa City.
The document discusses the positive and negative influences of scholars, analysts, and international news media on Africa's economic development programs. It notes that media coverage has both encouraged global awareness of issues in Africa but also sometimes perpetuated negative stereotypes. International organizations like the IMF and World Bank introduced structural adjustment programs in over 40 African countries that have been associated with increasing food insecurity, declining health services, and rising poverty. While the goals were to stabilize economies and restructure markets, the programs had unintended negative consequences for many Africans. In recent decades, some scholars argue there has been a shift with some African nations emerging as part of a "New Africa Rising."
Similar to The Journey to Financial Inclusion in Malawi- What Does the Future Hold? (20)
This study examined the influence of the characteristics of the audit committee on Palestinian firms’ value. The research explores precisely the effect on the Audit Committee characteristics’ efficiency, namely, independence, expertise, evaluating the relationship among dependent and independent variables. Secondary data collected from a list of companies were registered in the Palestine Stock Exchange from 2011 to 2018. Individual variables considered are the independence & expertise of the audit committee, whereas the ROA is employed as the dependent variable as an indicator of a firm’s value. The results showed that the Audit Committee’s independence & expertise substantially positive with ROA. The study concluded that the audit committee’s characteristics are enhancing firm performance. The implications of this study’s findings can be used by decisions and policymakers, the firm’s management, and other stockholders’ interests to create reliable ties between agents and the principals.
There is increasing acceptability of emotional intelligence as a major factor in personality assessment and effective human resource management. Emotional intelligence as the ability to build capacity, empathize, co-operate, motivate and develop others cannot be divorced from both effective performance and human resource management systems. The human person is crucial in defining organizational leadership and fortunes in terms of challenges and opportunities and walking across both multinational and bilateral relationships. The growing complexity of the business world requires a great deal of self-confidence, integrity, communication, conflict, and diversity management to keep the global enterprise within the paths of productivity and sustainability. Using the exploratory research design and 255 participants the result of this original study indicates a strong positive correlation between emotional intelligence and effective human resource management. The paper offers suggestions on further studies between emotional intelligence and human capital development and recommends conflict management as an integral part of effective human resource management.
This paper examines the role of loan characteristics in mortgage default probability for different mortgage lenders in the UK. The accuracy of default prediction is tested with two statistical methods, a probit model and linear discriminant analysis, using a unique dataset of defaulted commercial loan portfolios provided by sixty-six financial institutions. Both models establish that the attributes of the underlying real estate asset and the lender are significant factors in determining default probability for commercial mortgages. In addition to traditional risk factors such as loan-to-value and debt servicing coverage ratio lenders and regulators should consider loan characteristics to assess more accurately probabilities of default.
This study examined the impact of financial innovation on money demand in Nigeria, using quarterly time series for the period 2009-2019. The dependent variable was money demand, represented by broad money, while the independent variable was financial innovation represented by modern payment channels such as volume of Automated Teller Machines (ATMs) transactions, volume of Point of Sales (POS) transactions, volume of Internet banking transactions, and volume of Mobile banking transactions. The study employed the ordinary least squares (OLS) regression technique as the estimation method within the cointegration, granger causality, and error correction modeling. The result obtained showed that financial innovation has mixed impact on money demand in Nigeria during the period of analysis. For instance, financial innovation has positive impact on money demand through volume of ATM transactions in the current period, two periods lagged of volume of mobile banking transactions, current period and one period lagged of volume of internet banking transactions, and current period’s volume of Point of Sales (POS) transactions in Nigeria. On the other hand, financial innovation has negative impact on money demand through one period lagged of volume of point of sales in Nigeria. On the stability of the demand for money function, the result of the stability tests based on the CUSUM test and CUSUM of squares test showed that the demand for money function was stable during the evaluation period. The study recommended that monetary policy strategy of the central bank of Nigeria (CBN) should be fine-tuned to ensure it is well suited to deal with the challenges posed by financial innovation by way of proliferation of sophisticated payment channels.
Equity financing is one of the sources of funding available to non-bank financial institutions which is quite prevalent in developed financial markets for small or start-up firms. This study empirically determined the effect of the Equity Financing Scheme on a sustainable increase in productivity of agro-allied small businesses in Nigeria. Data for this study were elicited through the use of a questionnaire structured in a five-point likert scale. The evaluation of the relationship between the dependent and independent variables was performed using the Ordinary Least Square regression technique. The study revealed that the equity financing scheme had a positive and significant effect on the sustainable productivity of agro-allied small businesses in South-South Nigeria. The study recommended that efforts should be made to educate the small business entrepreneurs on the benefits of equity financing as a viable option towards business growth and expansion and that the government through the various intervention agencies should restructure the long-term loan policies to give access to more growth-oriented agro-allied businesses, to increase their presently low capacity to procure heavy-duty technology to increase productivity and achieve food security in Nigeria. Small business owners should take advantage of the membership of cooperative societies and as well maintain good business relationships with suppliers; this will guarantee a continuous supply of needed materials and uninterrupted operations of the business.
This study seeks to evaluate the impact of public borrowing on economic growth in Nigeria using time series data from 1980 to 2018. Specifically, the study seeks to analyze the effect of domestic debt (proxy by Federal Government Bonds-FGB) and external debt (proxy by International Monetary Fund Loan-IMFL) on Nigerian’s Gross Domestic Product (GDP). To achieve this objective, secondary data was collected from the Central Bank of Nigeria Statistical bulleting and the Debt Management Office of Nigeria. A multiple regression model involving the dependent variable (GDP) and the independent variables (FGB and IMFL) was formulated and subjected to econometric analysis. These variables were adjusted with the Jarque-bera test of normality while the correlation result was used to check the possibility of multi-collinearity among the variables. The t-test was used to answer the research questions and test the formulated hypotheses at the 5percent statistical level. Results from the analysis show that a positive relationship exists between IMF Loan and Nigeria’s gross domestic product, while a negative relationship exists between FG Bonds and Nigeria’s gross domestic product, which violates the Keynesian theory of public debt. The study concludes that both domestic and external debt significantly affect economic growth in Nigeria. Therefore, it was recommended that public borrowing should be efficiently used and contracted solely for economic reasons and not for social or political reasons as this will help to avoid accumulation of debt stock over time.
Equity investment financing is an innovative way of financing the real sector which has considerable developmental potential. The study empirically determined the effect of Equity investment financing on sustainable increase in productivity among agro-allied small businesses in South-South Nigeria. The instrument of data collection is the research questions structured in a five-point likert scale. The evaluation of the relationship between the dependent and independent variables was performed using the Ordinary Least Square regression technique. The study revealed that equity investment financing has a positive and significant effect on the sustainable productivity of businesses in Nigeria. The study recommended educating small business entrepreneurs on the benefits of equity financing as a viable option towards business growth and expansion and that the government through the various intervention agencies should restructure the long-term loan policies to give access to more growth-oriented agro-allied businesses, to increase their presently low capacity to procure heavy-duty technology to increase productivity and achieve food security in Nigeria. Small business owners should take advantage of the membership of cooperative societies and as well maintain good business relationships with suppliers; this will guarantee a continuous supply of needed materials and uninterrupted operations of the business.
This document summarizes research on extended producer responsibility (EPR) programs for waste oil, e-waste, and end-of-life vehicles (ELVs) in Spain from 2007-2019. The main findings are:
1) Waste oil (SIG) production and e-waste (EEE) were found to be cointegrated variables, with a positive elasticity of 2.4166 for SIG with respect to EEE.
2) SIG and vehicle production (VP) were not found to be cointegrated, indicating an unstable relationship between these variables.
3) Differences in results may be due to EPR for e-waste including deposit refund systems, while EPR for ELVs
In the process of R&D globalization, due to market demand and preferential policies, many multinational companies choose to invest in R&D in China. With the increase of labor costs in coastal areas and the rapid economic development of the central and western regions, multinational companies have already shifted from coastal areas to central and western regions when choosing R&D regions in China, especially in Shaanxi Province. Therefore, studying the character of R&D investment and operating performance of Multinational Corporation in Shaanxi Province has important practical significance. This article uses the data of the R&D investment of multinational corporation in the joint annual inspection of Shaanxi Province in 2018 as the sample and uses EXCEL software to conduct data analysis to gain an in-depth understanding of the character of R&D and investment of multinational corporation in Shaanxi Province, business characteristics and business performance. And it is concluded that the R&D investment of multinational corporation in Shaanxi Province has a series of characteristics such as concentration of distribution, concentration of enterprise scale, and overall good performance of operating performance.
In Bangladesh, migrant worker’s remittances constitute one of the most significant sources of external finance. This paper investigates the existence of relation between remittance inflow and GDP and the causal link between them in Bangladesh by employing the Granger causality test under a VECM framework. Using time series data over a 38 year period, we found that growth in remittances does lead to economic growth in Bangladesh. In addition to the relationship, this paper also points out some issues that are working as impediments in getting remittance and give some recommendations to overcome those impediments.
In the context of the 4.0 revolution, technology applications, especially cloud computing will have strong impacts on all areas, including accounting systems of enterprises. Cloud computing contributes to helping the enterprise accounting apparatus become compact, help automate the input process, improve the accuracy of the input data. Besides, the issur of accounting, reporting, risk control and information security also became better, contributing to improving the effectiveness of accounting. However, besides the positive impacts, businesses also face many difficulties in deploying and applying cloud computing. However, this application requirement will become an inevitable trend contributing to improving the operational efficiency of enterprises. To promote this process requires from the State as well as businesses themselves must have awareness and appropriate decisions. Breakthroughs in information technology have dramatically changed the accounting industry and the creation of financial statements. The Internet and the technologies that use the power of the Internet are playing an important role in the management and accounting activities of businesses - who always tend to be ready to receive and use public innovations technology in collecting, storing, processing and reporting information.
In recent years, Vietnam has joined international intergration by strong export agreements of bilateral and multilateral; Vietnam’s merchandise export in 1995 was only US $5.4 billion, in 2018 Vietnam’s merchandise export increased by 45 times compared to 1995 with US $244 billion. Vietnam’s imports increased by 29 times in 2018 compared to 1995. This study is an attempt to test a method of estimating the influence of exports on several Supply-sidefactors such as production value, value added and imports through the expansion of the standard system W. Leontief I.O and Miyazawa-style economic-demographic relations. This study also tries to make an experiment in the “Leontief Paradox”.The result is that Vietnam’s export value spread to production and imports but spread low to added value, especially in the processing industry group’s fabrication. The study is based on the non-competitive I.O table in 2012 and 2018 with 16 sectors.
The profitability of commercial banks is influenced by a number of internal and external factors. This paper attempts to identify the internal factors which significantly influence the profitability of commercial banks in Bangladesh. In this study, profitability is measured by ROA and ROE which may be significantly influenced by the internal factors such as IRS, NIM, CAR, CR, DG, LD, CTI and SIZE of the bank. Data are collected from published annual reports during 2014--2018 of 23 commercial banks. Using simple regression model, it is found that CR has significant effect on the profitability and CAR has significant influence on ROA only. In addition to this, DG has significant effects on PCBs’ profitability (ROE only) where as IRS and CTI have significant influence on profitability (ROA only) of ICBs. Further, none of these variables have significant effects on the profitability of SCBs but CAR and CR are correlated with profitability (ROA only) and the causes may be the nature of services provided by SCBs to its clients. The internal policy makers should manage the influential internal factors of the banks in order to increase their profitability so that they can meet stakeholders’ expectations.
Using a series of econometric techniques, the study analysed interaction between monetary policy and private sector credit in Ghana. This study made use of monthly dataset spanning January 1999 to December 2019 of credit to the private sector (PSC) and broad money supply (M2). The results reveal that there exists cointegration, a long run stationary relation between monetary policy and private sector credit. This implies, increases in credit should prompt long-term increases in monetary policy. It is not surprising that growth in the private sector might have a stronger effect on monetary policy. The Error Correction Test is statistically significant and that all the variables demonstrate similar adjustment speeds. This implies that in the short run, both money supply and credit are somewhat equally responsive to their last period’s equilibrium error. There is unidirectional causation from private sector credit to monetary policy. It can be said that, there is an interaction between money supply and private sector credit. Thus, credit to private sector holds great potential in promoting economic growth. It can be recommended to the government to increase the credit flow to the private sector because of its strategic importance in creating and generating growth of the economy.
This paper investigates if forecasting models based on Machine Learning (ML) Algorithms are capable to predict intraday prices in the small, frontier stock market of Romania. The results show that this is indeed the case. Moreover, the prediction accuracy of the various models improves as the forecasting horizon increases. Overall, ML forecasting models are superior to the passive buy and hold strategy, as well as to a naïve strategy that always predicts the last known price action will continue. However, we also show that this superior predictive ability cannot be converted into “abnormal”, economically significant profits after considering transaction costs. This implies that intraday stock prices incorporate information within the accepted bounds of weak-form market efficiency, and cannot be “timed” even by sophisticated investors equipped with state of the art ML prediction models.
Applying the Arrow-Debreu-Mundell-Fleming model as an economic standard model, with combining axiological framework and epistemological model, it is proposed to analyze economic policies with using a synthetic model, where interest, exchange and tax rates are integrated together. Except normal monetary and fiscal policies mainly via interest and tax rates, there are feasible ways to utilize modified strategies via exchange and tax rates. When ones need to simulate national local market, ones can raise the exchange rate. Otherwise, when ones need to promote international global trade, ones may lower the exchange rate. It is found that tax reduction is good policy when tax rate is higher than normal and that tax increase is good social policy when tax rate is lower than normal, during economic depression. Also it is revealed that tax reduction is good social policy when tax rate is lower than normal, and that tax increase is good policy when tax rate is higher than normal, during economic overheat. While economic system seeks efficiency and social system pursues equality, common interest modifications with elastic exchange and tax rates could be applied for balancing efficiency and equality.
In recent times, agricultural sector has returned to the forefront of development issues in Nigeria given its contribution to employment creation, sustainable food supply and provision of raw materials to other sectors of the economy. In lieu of that, this study examines the impact of agriculture on the economic growth in Nigeria using annual time series data covering the sample period of 1981 to 2018. To analyse the data collected, Autoregression Distributed Lag (ARDL) model through the bounds testing framework is employed to measure the presence of cointegrating relations between real GDP, agricultural productivity, labour force, and agricultural export. Results show the presence of both short-run and long-run relationship among the variables, and that agriculture has a positive and significant impact on economic growth in Nigeria. These findings inform the Nigerian government on the need to expedite labour force (human capital) and agricultural export (non-oil) development with the view to achieving sustainable growth and development. In addition, developing skills and competencies of labour force through capacity building in the agricultural sector will encourage research and development thereby increase the export size, hence essential for long-term growth.
The article illustrates the results of the economic development of the first fifteen years of the XXI century under the conditions of unprecedented economic freedom, globalization and the appearance of new informational sectors up to and including the first attempts at revising liberalism. The analysis of statistical data demonstrates an obvious increase in the percentage of well-off people in many countries as well as the increased economic capabilities of small, medium and large businesses, whose assets are distributed among an ever-increasing number of owners. This provides the impetus to review our collective approach to liberalization and globalization, as well as to view its unexpected strong sides that make human progress possible.
This paper investigates the relationship between working capital management and financial performance of Pharmaceuticals and Textile firms listed at the Dhaka Securities Exchange in Bangladesh. The data analysis was carried on ten Pharmaceuticals and Textile firms for a period of 2013 to 2017. Secondary Data was analyzed by applying Descriptive Statistics, Regression and Correlation analysis to findthe relationship of current ratio, inventory conversion period and average payment period with Return on Asset. The findings indicate that the Pharmaceuticals and Textile firms’ performance is influenced by the variables relating to working capital. There is a positive relationship between profitability and current ratioand Inventory Turnover period shows a negative relationship with profitability but Average payment period shows insignificant impact on profitability. The study concludes that there exists a relationship between working capital managementand financial performance of Pharmaceuticals and Textile firms in Bangladesh. The study recommends that for the Pharmaceuticals and Textile firms to remain profitable, they should employ working capital management practice that will help in making decisions about investment mix and policy, matching investment to objective, asset allocation for institution and balancing risk against profitability.
Organizational behaviour involves the design of work as well as the psychological, emotional and interpersonal behavioural dynamics that influence organizational performance. Management as a discipline concerned with the study of overseeing activities and supervising people to perform specific tasks is crucial in organizational behaviour and corporate effectiveness. Management emphasizes the design, implementation and arrangement of various administrative and organizational systems for corporate effectiveness. While the individuals, and groups bring their skills, knowledge, values, motives, and attitudes into the organization, and thereby influencing it, the organization, on the other hand, modifies or restructures the individuals and groups through its structure, culture, policies, politics, power, and procedures, and the roles expected to be played by the people in the organization. This study conducted through the exploratory research design involved 125 participants, and result showed strong positive relationship between the variables of interest. The study was never exhaustive due to limitations in terms of time and current relevant literature, therefore, further study could examine the relationship between personality characteristics and performance in the public sector, where productivity is not outstanding, when compared with the private sector. Based on the result of this investigation it was recommended that organizations should provide emotional intelligence programmes for their membership as an important pattern of increasing co-operative behaviours and corporate effectiveness.
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The Journey to Financial Inclusion in Malawi- What Does the Future Hold?
1. International Journal of Economics
and Financial Research
ISSN(e): 2411-9407, ISSN(p): 2413-8533
Vol. 2, No. 9, pp: 169-175, 2016
URL: http://arpgweb.com/?ic=journal&journal=5&info=aims
169
Academic Research Publishing Group
The Journey to Financial Inclusion in Malawi- What Does the
Future Hold?
Byson Beracah Majanga Faculty of Commerce, University of Malawi, The Polytechnic, Malawi
1. Introduction
Malawi is one of the least developed countries in the Southern part of Africa with a population of 15.9 Million
by 2014 and expected to grow by an average of 5.7% per annum due to high fertility rates; and with a population
density of 139/ m2
(Malawi National Statistical Office Publication, 2014) with 82.3% of the population living on less
than $2 per day. The economy is heavily based on agriculture, with a largely rural population totaling 84.6%. The
financial services sector in Malawi is mostly patronized by the high income population residing in the urban and city
areas, leaving out the major part of the population, which is low income and rural based.
Reports on the financial access in Malawi reveal that 19% of the population are bank account holders, 55% do
not use any financial product and 74% save their wealth in cash and kind (UNCDF, 2014). As a result of the failure
to extend her financial services to the low income and rural masses, Malawi fails to overcome some of its
development challenges which are of age now. Measures, however, are being considered to ensure the extension of
financial services to those that were in the dark in order to accelerate economic growth on a wider scale.
The aim of the study, which is much concentrated on a review of past literature, and a minor survey on
individuals’ opinion on financial services, is to establish the financial inclusion position for Malawi and analyse the
path Malawi has taken to ensure increased inclusion and compare with what other countries have adopted as pillars
and strategies leading to a total financial inclusion. The study intends to contribute to existing knowledge by
extending the literature on financial inclusion in the developing economies such as Malawi as they struggle to
recover from persistent economic woes, and provide a basis for further research on the same. The findings are also
expected to assist policy makers to adopt right approaches to ensure that financial services are accessible to all and
sundry in the economy regardless of their locations, background, ethnicity and other attributes. The study will also
contribute to the literature by exposing the real sources of challenges acting against achievement of full financial
inclusion in Malawi and other developing economies.
2. Overview of Financial Inclusion
The subject of financial inclusion has been a crucial one especially to the financial and economic authorities
such as IMF and World Bank. Joshi (2011) defines financial Inclusion as the process of ensuring access to
appropriate financial products and services needed by vulnerable groups such as weaker sections and low income
groups at an affordable cost in a fair and transparent manner by mainstream Institutional players. According to
Hannig and Jansen (2010), the aim of financial inclusion is to draw the unbanked population into the formal
financial system so that they have the opportunity to access financial services ranging from savings, payments, and
transfers to credit and insurance. Poor countries are at the helm of registering low rates of financial inclusion and
such countries are associated with having a majority of the population living in abject poverty while a handful
section of the population possess about 70% of the country’s wealth. In an economy where very few people access,
use and trust financial services, illegal and out of system transactions are inevitable and the net effect is that the
economy as a whole loses due to the incomes that are not accounted for, as a result of being earned in the informal
sector, rather than the formal financial sector. Consequently, in a situation where wealth is skewed towards a small
Abstract: The paper analyses the history and current status of financial inclusion in Malawi and its associated
impact on individual, societal, and overall nation development. Through a review of past literature on financial
inclusion and a survey on individuals’ opinions on financial services availability and affordability, the study
reveals that financial inclusion has a direct relationship with economic performance and that individual economic
independence, financial literacy, and accessibility play crucial roles in determining the levels of financial inclusion
in an economy.
Keywords: Financial inclusion; Mobile money; Financial services.
2. International Journal of Economics and Financial Research, 2016, 2(9): 169-175
170
section of people, the measure of economic growth for a country, that is, GDP per capita, may give a misleading
view. Due to its mathematical implications, the GDP per capital measures the total GDP of a nation divided by the
total population Callen (2008) regardless of which section of the population holds more wealth than the other. Each
person therefore, is mathematically assigned an equal measure of GDP, while in real a sense; the picture may not be
as bright as the GDP per capita computed.
According to Park and Mercado (2015), financial inclusion is considered as a critical element that makes growth
inclusive as access to finance can enable economic agents to make longer-term consumption and investment
decisions, participate in productive activities, and cope with unexpected short-term shocks. Previous studies show
that financial inclusion leads to economic and financial stability of a nation as a whole and the financial institutions
in particular (Morgan and Pontines, 2014). While acknowledging that 100% financial inclusion is rare, if not
impossible, Sarma (2010) recognises the importance of an inclusive financial system to the economy. In his paper
(Sarma, 2010) points out that an inclusive financial system facilitates the efficient allocation of productive resources,
significantly improves the day-to-day management of finances and helps in reducing the growth of informal sources
of credit which often tend to be exploitative.
Past studies have shown that financial inclusion increases the number of business start-ups and improves the
profitability of existing ones and that easy access to credit positively affects consumption levels, employment status
and income, and some aspects of mental health and outlook (Karlan and Zinman, 2009). It is further argued that
providing individuals with reliable access to savings instruments increases saving, female empowerment, productive
investment, and consumption (Dupas and Robinson, 2013). Global evidence, according to Liew (2006), shows that
financial sector development is important not only for growth, but also for poverty reduction, and that an inclusive
financial sector has both indirect and direct impact on poverty alleviation, firstly because of the linkages between
financial sector development and more equitable growth; and secondly, because of the impact of broadening access
to finance, especially to the poor, rural communities and women.
If financial inclusion is to succeed, and its benefits accrue to an economy, there is need for civic education
among the general population as previous studies have shown that the most salient characteristics of the unbanked
are that they tend to be in the very low-income bracket, and have less education Khashadourian and Tom (2007),
Khan (2008). In concurring with this, Kostov (2014) studied the behavioural aspects of the Mzansi population in
South Africa and argues that basic literacy, understanding of financial terms, targets for financial advice, desired
financial education and financial perception are key behavioural elements affecting financial inclusion.
3. The African Situation
According to Klapper and Singer (2013), only 23 percent of adults in Africa report having an account at a
formal financial institution as opposed to at least 41 percent of adults in developing countries overall. This finding is
supported by Mahrotra and Yetman (2015) who in their paper indicate that Africa still remains the least on average
in terms of access to formal financial services by adults. The charts below shows the population percentage of adults
who have a formal bank account and have access to financial services:
22%
40%
47%
51%
0%
10%
20%
30%
40%
50%
60%
Africa Latin America Asia East Europe
Proportion of adults with access to financial services
3. International Journal of Economics and Financial Research, 2016, 2(9): 169-175
171
Figure-1. Access to Financial Services
Source: Mahrotra and Yetman (2015)
The poor and low financial inclusion in Africa has been attributed to among others, population density (Allen et
al., 2014) and barriers to accessing financial services such as a lack of proper documentation, complex financial
products and services, illiteracy and the location of financial institutions (Oji, 2015) In addition, financial exclusion
in Africa has been attributed to income related issues such as lack of income, irregular income and the inability to
pay for formal financial services.
4. Factors of Exclusion
An early study conducted by Rutherford (1996) identified the key factors affecting the rural poor’s consideration
of where to entrust their little savings. In his study over some rural districts of Uganda, Rutherford (1996)
established that safety of savings; ease of withdrawal; proximity to home or work place; prizes for good saving; and
quality of services were the key factors influencing the saver’s decision whether to save or not. This is also
supported by Claessens (2006) who in his paper argues that improved access to financial services requires the
prerequisites of availability, reliability, flexibility and continuity of access. Further, a study by FinScope Malawi
(2008) revealed that poverty and unemployment, are the major causes of financial exclusion in Malawi, followed by
lack of financial literacy among the population, then accessibility to the financial services and the least factor being
cost of accessing the financial services, as shown in the figure below:
Figure-2. Factors of Financial Exclusion
Source: FinScope Malawi (2008)
4.1. Poverty and Unemployment
In their report Kama and Adigun (2013) argue that the major challenge from the part of growing saving is the
inability of the Nigerian populace to save as a result of double digit inflation in the economy, leading to high levels
of poverty. Similarly, Malawi struggles to increase its economic performance as measured by GDP growth per
annum and this struggle leads to shrinking of the job market as most industries succumb to downsizing in order to
remain competitive, and be able to survive the economic shocks. The levels of poverty, especially at household level
consequently soar due to low or negative economic growth experienced. As noted by Dossani (2012), the economy
22%
40%
47%
51%
Proportion of adults with access to financial services
Poverty and
Unemployment,
54%
Illetaracy, 10%
Accessibility, 8%
Cost, 3%
Factors of financial exclusion
4. International Journal of Economics and Financial Research, 2016, 2(9): 169-175
172
of Malawi is very volatile and cannot be easily predicted and it is this unpredictability that leads to low labour
productivity and hence high poverty rate.
Figure-3. Malawi annual GDP growth
Source: Dossani (2012)
Due to the poor economic performance, employment creation has been a problem and instead unemployment
rate has soared from an average of 3% in the year 2006 to 7% in 2013 (Deraniyagala and Kalua, 2011). The
unemployment rate is further aggravated by the fact that the formal employment sector is offering on average 30,000
jobs as opposed to 130,000 youths joining the job market each year (Malawi Labour Market Profile, 2012). This
development has led to the increase in informal employment which is associated with hampered growth and
illegality. In establishing the impact of unemployment on financial inclusion, the studies by Clark and Aynsley
(2008) and Allen et al. (2012) show that employment status is a significant determinant of account ownership and
that adults employed by an employer are more likely to own an account than those who are self-employed. At the
same time those unemployed or out of the labour force are less likely than the self-employed to have an account and
hence automatically excluded financially.
4.2. Levels of Literacy
In his article, Boletawa (2015) defines financial literacy as the knowledge and understanding of personal finance
concepts and the skills, motivation and confidence to make informed financial choices, and participate in economic
life. He argues that a financially literate person understands how to use financial products to confidently meet their
own financial goals, which may range from safe ways to pay bills, to more complicated uses like acquiring medical
insurance, or borrowing money to start a business. A country’s economy can be significantly impacted on by the way
people use their money. According to Liew (2006), when an economy is made up of knowledgeable consumers who
make wise decisions on spending, savings and investment, the economy can be strengthened by way of increased
productivity arising from financial education which can as well influence a switch from conspicuous consumption to
productive investment. The FinScope Survey of 2008 reveals that 20% of the Malawi adult population do not have
any formal education and only 56% of the population managed to attain primary education, which is not enough to
make one fully financially literate. This high concentration of people in the illiterate bracket contributes to personal
hardships and broader economic risks due to lack of basic financial knowledge and skills (Joshi, 2011). In relating
literacy levels of the population and the level of financial inclusion, Biswas and Gupta (2008) and Mishi et al.
(2012) found in their respective studies that there exists a very statistically significant relationship between literacy
and financial inclusion index and that financial inclusion increases by improvement in literacy levels. In addition, the
level of financial literacy was identified as a significant impediment to the development of an inclusive financial
sector in Manila (Liew, 2006). With the financial literacy level in Malawi at 55% by 2013, according to the Reserve
Bank of Malawi, the financial inclusion index may be expected to be below average going by the correlation
between the two variables of literacy level and financial inclusion. This explains why just slightly over 20% of adults
in Malawi are depositors with formal commercial banks by 2014 (Guieze, 2014).
-15
-10
-5
0
5
10
15
20
Malawi Annual % GDP growth
5. International Journal of Economics and Financial Research, 2016, 2(9): 169-175
173
4.3. Accessibility and Distance of Financial Services
It is an indisputable truth that most financial institutions operate and provide their services to the urban
population leaving out the rural masses (Demirguc-Kunt and Klapper, 2013). In developing countries world over,
distance, as a hindrance affects 20% of the adult population from having formal accounts with banks whereas in
Africa alone, distance affects 27% of the adult population. According to Inforresources Focus (2008), a number of
financial institutions shun the rural areas due to higher transaction costs associated with transportation and IT
infrastructure; higher business risks as well as higher rates of illiteracy. To a less extent, though significantly vital, is
the cost of accessing and maintaining the service as provided by the formal institution. In Uganda, for example, the
annual cost of maintaining a checking account is equivalent to 25 percent of GDP per capita (Demirguc-Kunt and
Klapper, 2013). In analysing the rate of adoption to mobile money financial services, Micheni et al. (2013) argue
that the consideration of financial costs on the part of the population may prevent the masses from choosing a
financial service including mobile money. Due to the prevalence of mobile phones in many regions in Africa, mobile
financial services are often more accessible and affordable than banking services offered by traditional bank
branches. These features of mobile financial services offer new opportunities for expanding financial inclusion in a
cost-effective manner. In Africa, 33% of the saving population have savings at a formal institution while 67% saves
via informal institutions such as mobile money services signifying the prevalence of financial inclusion through
informal institutions and approaches, as shown below:
Figure-4. Mobile phone financial services usage in Africa
Source: (Demirguc-Kunt and Klapper, 2013)
Mbiti and Weil (2011), concluded in their study on the impact of mobile money services to the Kenyan
population that the use of mobile money services improves individual outcomes by promoting banking and
increasing funds transfers in Kenya. These findings were supported by Muisyo et al. (2014) who conducted a
similar study but focusing on the performance of banks in Kakamega area of Kenya. From their findings they
concluded that the introduction of mobile money services contributed positively to the financial performance of the
banking institutions. In addition, they said as long as the mobile services remain convenient and reliable, they will
increase customer satisfaction and loyalty towards the services hence a full financial inclusion can be achieved. Of
late, mobile money services provided by local mobile phone operators have proved a somehow perfect complement
to the formal financial sector. According to Buckley et al. (2015), mobile money is an important tool for poverty
reduction because it offers a means of addressing the impasse that exists between banks and poor households. Many
banks do not find it economically attractive to make banking infrastructure and financial services available in poor
communities due to high transaction costs relative to small transaction value sizes which make it unprofitable for
banks to service this population. Similarly, poor people can be reluctant to access formal financial services due to the
inconvenience and high cost involved in accessing and maintain these services (Demirguc-Kunt and Klapper, 2013)
relative to the more local and informal alternatives of mobile money services.
5. Conclusion
In developing countries, especially those in Africa, the level of economic growth is very low as compared with
their developed counterparts in the other parts of the globe. These small economies are associated with higher levels
of poverty and illiteracy and on the part of the financial institutions, a high cost of providing financial services to the
masses. As such, the financial services, when accessed are very costly compared to the cost of the same service
elsewhere in the developed world. It is also evident from literature that financial inclusion is a function of the
country’s economic performance and likewise, economic performance has some sort of dependency on how
inclusive the financial sector is. To this end, it can be said that one variable cannot be looked at in isolation and
therefore when policy makers make their decisions regarding the economy, regard should as well be had to the level
of inclusion applicable in the financial sector. The policy makers must invest in job creation, promote small scale
businesses among the population, and provide incentives to financial institutions reaching the remotest areas, as well
as encouraging the culture of online transactions by regulating the service charges by the operators. These efforts
combined may improve the level of participation in the financial services amongst the local masses; hence, economic
empowerment could be easily achieved.
5
15
21 18
4
27
33
10
32
14
0
10
20
30
40
50
60
Central
Afica
Eastern
Africa
Southern
Africa
Western
Africa
Northern
Africa
% of saving
population INFORMAL
FORMAL
6. International Journal of Economics and Financial Research, 2016, 2(9): 169-175
174
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