Microfinance Meets the Market

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dc.creatorCull, Robert
dc.creatorDemirgüç-Kunt, Asli
dc.creatorMorduch, Jonathan
dc.date2012-05-30T19:20:22Z
dc.date2012-05-30T19:20:22Z
dc.date2008-05
dc.date.accessioned2026-07-01T01:19:11Z
dc.descriptionMicrofinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market, drawing on a data set that includes 346 of the world's leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment, but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions, as a group, charge their customers the highest fees in the sample but also face particularly high transaction costs, in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph, but further innovation is needed to overcome the challenges of high costs.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2008/05/9473047/microfinance-meets-market
dc.identifierhttps://hdl.handle.net/10986/6690
dc.identifierhttps://doi.org/10.1596/1813-9450-4630
dc.identifier.urihttp://hdl.handle.net/123456789/417012
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper No. 4630
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectACCESS TO BANKS
dc.subjectACCESS TO CREDIT
dc.subjectACCESS TO FINANCE
dc.subjectACCESS TO FINANCIAL SERVICES
dc.subjectACCESS TO LOANS
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectAFFILIATE
dc.subjectAGRICULTURAL ECONOMICS
dc.subjectASYMMETRIC INFORMATION
dc.subjectAUTOMATED TELLER MACHINES
dc.subjectAVERAGE INTEREST
dc.subjectAVERAGE INTEREST RATE
dc.subjectBANK BORROWERS
dc.subjectBANK CREDIT
dc.subjectBANK CUSTOMERS
dc.subjectBANK LOAN
dc.subjectBANK POLICY
dc.subjectBANKING SERVICES
dc.subjectBORROWER
dc.subjectBORROWING
dc.subjectBUSINESS LOANS
dc.subjectBUSINESS SCHOOLS
dc.subjectCALCULATIONS
dc.subjectCAPITAL COSTS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCASH FLOWS
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL BORROWING
dc.subjectCOMMERCIAL INVESTMENT
dc.subjectCONSUMER
dc.subjectCONSUMER LOANS
dc.subjectCONTRIBUTIONS
dc.subjectCOST OF CAPITAL
dc.subjectCREDIT ACCESS
dc.subjectCREDIT COOPERATIVES
dc.subjectCREDIT MARKETS
dc.subjectCREDIT UNION
dc.subjectCREDIT UNIONS
dc.subjectCUSTOMER BASE
dc.subjectDEBIT CARDS
dc.subjectDEBT
dc.subjectDEFAULT RATES
dc.subjectDEFAULTERS
dc.subjectDEPOSIT
dc.subjectDEPOSITORS
dc.subjectDEPOSITS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING ECONOMIES
dc.subjectDONOR SUPPORT
dc.subjectEARNINGS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectEMPLOYMENT
dc.subjectENTREPRENEURS
dc.subjectEXCHANGE RATE
dc.subjectFACE VALUE
dc.subjectFAMILIES
dc.subjectFAMILY MEMBERS
dc.subjectFARM ENTERPRISES
dc.subjectFARMERS
dc.subjectFEMALE BORROWERS
dc.subjectFINANCIAL ACCESS
dc.subjectFINANCIAL DATA
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARY
dc.subjectFINANCIAL LIVES
dc.subjectFINANCIAL MAINSTREAM
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL MEASURES
dc.subjectFINANCIAL OPTIONS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL SELF - SUFFICIENCY
dc.subjectFINANCIAL SELF-SUFFICIENCY
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFIXED COSTS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DONORS
dc.subjectFOREIGN INVESTMENT
dc.subjectFORMAL FINANCIAL SERVICES
dc.subjectFUTURE LOANS
dc.subjectGENDER
dc.subjectGENDER EQUALITY
dc.subjectGENERAL PUBLIC
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL MARKETS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT BANKS
dc.subjectGROUP LENDING
dc.subjectGROUP-LENDING
dc.subjectGROUP-LENDING CONTRACTS
dc.subjectHANDICRAFTS
dc.subjectHIDDEN SUBSIDIES
dc.subjectHIGH INTEREST RATES
dc.subjectHOLDINGS
dc.subjectHOUSEHOLD INCOME
dc.subjectHOUSEHOLDS
dc.subjectIMPLICIT SUBSIDIES
dc.subjectIMPLICIT SUBSIDY
dc.subjectINCOME DISTRIBUTION
dc.subjectINCOME LEVEL
dc.subjectINCOMES
dc.subjectINFLATION
dc.subjectINITIAL PUBLIC OFFERING
dc.subjectINSENSITIVITY
dc.subjectINSTALLMENTS
dc.subjectINSURANCE
dc.subjectINTEREST INCOME
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL ACCOUNTING STANDARDS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTING
dc.subjectIPO
dc.subjectJOINT LIABILITY
dc.subjectLENDING INTEREST RATE
dc.subjectLIQUIDITY
dc.subjectLOAN
dc.subjectLOAN APPLICANTS
dc.subjectLOAN DECISION
dc.subjectLOAN LOSS PROVISIONS
dc.subjectLOAN PAYMENTS
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN PORTFOLIO QUALITY
dc.subjectLOAN PORTFOLIOS
dc.subjectLOAN PRODUCTS
dc.subjectLOAN REPAYMENT
dc.subjectLOAN REPAYMENT RATES
dc.subjectLOAN REPAYMENTS
dc.subjectLOAN SIZE
dc.subjectLOAN SIZES
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM LIABILITIES
dc.subjectLOW COST
dc.subjectLOW-INCOME
dc.subjectLOW-INCOME CUSTOMERS
dc.subjectLOW-INCOME PEOPLE
dc.subjectMARKET DATA
dc.subjectMFI
dc.subjectMFIS
dc.subjectMICRO-CREDIT
dc.subjectMICRO-FINANCE
dc.subjectMICRO-LOANS
dc.subjectMICROCREDIT
dc.subjectMICROENTERPRISES
dc.subjectMICROFINANCE
dc.subjectMICROFINANCE INSTITUTION
dc.subjectMICROFINANCE INSTITUTIONS
dc.subjectMICROFINANCE LENDING
dc.subjectMICROFINANCE LOANS
dc.subjectMICROFINANCE SECTOR
dc.subjectMONETARY FUND
dc.subjectMONEYLENDER
dc.subjectMONEYLENDERS
dc.subjectMUTUAL FUND
dc.subjectNON-PERFORMING LOANS
dc.subjectOPERATING COST
dc.subjectOPERATING COSTS
dc.subjectOPERATING EXPENSES
dc.subjectOUTREACH
dc.subjectOUTSTANDING BALANCE
dc.subjectPOLITICAL RISK
dc.subjectPOOR BORROWERS
dc.subjectPOOR COMMUNITIES
dc.subjectPORTFOLIO QUALITY
dc.subjectPOVERTY LEVELS
dc.subjectPRIME RATE
dc.subjectPRIVATE INVESTORS
dc.subjectPRIVATE SECTOR BANKS
dc.subjectPRODUCTIVITY
dc.subjectPROFITABILITY
dc.subjectPRUDENTIAL REGULATION
dc.subjectPUBLIC ECONOMICS
dc.subjectPUBLIC POLICY
dc.subjectPURCHASING POWER
dc.subjectPURCHASING POWER PARITY
dc.subjectRECENT LOANS
dc.subjectREPAYMENT INCENTIVES
dc.subjectREPAYMENT RATES
dc.subjectRESERVE
dc.subjectRESERVES
dc.subjectRETAINED EARNINGS
dc.subjectRETURN
dc.subjectRETURN ON ASSETS
dc.subjectRETURN ON EQUITY
dc.subjectRETURNS
dc.subjectRURAL BANK
dc.subjectRURAL BANKS
dc.subjectRURAL FINANCIAL MARKETS
dc.subjectSALE
dc.subjectSAVINGS
dc.subjectSAVINGS DEPOSITS
dc.subjectSAVINGS PRODUCTS
dc.subjectSENIOR
dc.subjectSMALL BUSINESSES
dc.subjectSMALL LOANS
dc.subjectSOCIAL MISSIONS
dc.subjectSOCIALLY RESPONSIBLE INVESTORS
dc.subjectSOFT LOANS
dc.subjectSOLIDARITY GROUP LENDING
dc.subjectSTART-UP
dc.subjectSTATE BANKS
dc.subjectSUBSIDIZATION
dc.subjectTAX
dc.subjectTIME DEPOSITS
dc.subjectTOTAL COSTS
dc.subjectTRANSACTION
dc.subjectTRANSACTION COSTS
dc.subjectTRANSACTIONS COSTS
dc.subjectVALUABLE
dc.subjectVALUE ADDED TAXES
dc.subjectVILLAGE
dc.subjectVILLAGES
dc.subjectWORTH
dc.titleMicrofinance Meets the Market

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