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The main purpose of this paper is to establish the mediating effect of credit counselling in the relationship between access to microcredit and survival of micro small and medium-sized enterprises (MSMEs) in developing countries in sub-Saharan Africa post COVID-19 pandemic with data collected from rural Uganda.

Structural equation modelling (SEM) through SmartPLS 4.0 was used to generate the standardized parameters to test whether credit counselling mediates the relationship between access to microcredit and survival of MSMEs in developing countries in sub-Saharan Africa post COVID-19 pandemic with data collected from rural Uganda.

The SEM bootstrap results revealed that credit counselling enhances access to microcredit by 27% to promote survival of MSMEs in developing countries in sub-Saharan Africa post COVID-19 pandemic with data collected from rural Uganda.

The current study focused only on women MSMEs. Future studies may possibly collect data from all the MSMEs to draw better generalization of the findings within the sector.

The findings can help public finance policy to ensure provision of credit counselling to microentrepreneurs who borrow from different financial institutions to reduce the problem of loan defaults and delinquency rampant in lending. This could be done through conducting routine business education and counselling sessions for microentrepreneurs who often need credit to grow their businesses.

This study is amongst the first few studies to establish the mediating effect of credit counselling in the relationship between access to microcredit and survival of MSMEs in developing countries in sub-Saharan Africa in the aftermath of COVID-19 pandemic with data collected from rural Uganda. There is a dearth in literature and theory on the rehabilitative and preventive role of credit counselling in reducing repayment defaults amongst borrowers within the credit market to spur survival of MSMEs seen as the main enabler of economic growth, especially in developing countries. In fact, credit counselling acts as a safety net by substituting financial literacy and education to solve the rampant problem of overindebtedness amongst borrowers who are debt illiterate within the credit market.

Examines critically the Grameen Bank (GB) experience in Bangladesh in order to understand the essential elements of its operations. Reports that this unique financial institution developed the important factors needed to help the poor and that GB has replaced physical collateral requirements with group responsibility. States that by organizing poor people into groups, it has created the social and financial conditions enabling them to receive loans; it has demonstrated that the poor are bankable, capable of making good business decisions in utilizing their loans and repaying them on time. Explains that GB showed the possibility to develop a viable and self‐reliant credit programme for the poor. Concludes that the GB approach also proves that financial intermediation is a viable device to fight poverty, and an excellent vehicle for community development.

This paper aims to explore the specific causes of failure among Malaysian female entrepreneurs who were provided with financial services by the microfinance institution: Amanah Ikhtiar Malaysia (AIM) to start up their own businesses.

This paper adopts a qualitative-based case study design approach, with data collected from a total of 18 female entrepreneurs who had failed to develop their businesses. In-depth personal interviews were conducted, coupled with personal observation via purposive cum snowball sampling.

Thematic analysis revealed a pattern-based outcome which discloses a variety of causes affecting the failure of Malaysian female entrepreneurship. These causes ranged from inter-related external factors which were perceived as beyond their control, such as personal life events, intensive competition and loan inflexibility to internal causes, which were related to lack of resources, poor financial management and personal dissatisfaction with their own business performance.

The findings of this study provide valuable information for Malaysian economic policymakers in how to practically address the objectives of the National Women's Policy (NPW) and improve the innovative quality of their products and services. A thorough understanding of the specific obstacles facing female entrepreneurs in Malaysia is essential if policymakers are to improve opportunity exploitation efficiency and assist in mitigating the external and internal causes of business failure among Malaysian females.

Studies in this field have demonstrated that most new “start-ups” fail within three years of their establishment. While determinist, emotive and voluntarist theories can often provide an adequate explanation for the causes of business failure, it is clear that no single factor is usually responsible. Rather, multiple interrelated factors are found to be at play. This study, therefore, provides an integrative model for causes of business failure among small-business female entrepreneurs. It also represents one of only a few such studies in the literature and, to the best of knowledge at the time of writing, is the first such study that used an integrative approach to explain the causes of business failure in the Malaysian context.

This study aims to investigate whether lending to women decreases sustainability of microfinance institutions (MFIs) and how regional characteristics where MFIs are located moderate this effect.

Financial and operating data of MFIs and national cultures are available from the MIX Market database and the Hofstede’s publications. These data are analyzed by using multiple regression models with the financial self-sustainability, proportion of women borrowers in the MFI’s lending portfolio, and dimensions of national culture as dependent, explanatory and moderating variables.

Lending to women tends to reduce sustainability of MFIs. This negative effect is more pronounced in countries ranking higher on power distance and individualism, but the effect is less serious in countries ranking higher on masculinity and uncertainty avoidance.

Many studies demonstrate that MFIs improve their repayment rates by targeting women borrowers. The increase in repayment rates, however, may not always improve their sustainability. Further, as microfinance industry increasingly diversifies geographically, regional characteristics where MFIs are located play a vital contingent role in their sustainability.

This paper examines the influence of financial leverage on the financial sustainability of microfinance institutions (MFIs) and the moderating role of the percentage of female borrowers (PFB).

The study uses a global sample of 646 MFIs drawn from the World Bank Mix Market and panel data for 2010–2018. The study employs ordinary least squares (OLS) and the one-step system generalized method of moments (SGMM) as regression estimation methods.

The findings of this study reveal that financial leverage and the PFB have a negative and significant effect on financial sustainability. The findings further show that the interaction between financial leverage and the PFB positively affects the financial sustainability of MFIs.

The findings inform MFIs' managers on the adverse effect of financial leverage and the PFB in their quest for financial sustainability. The findings also demonstrate that MFIs can leverage female borrowers to reverse the adverse effect of financial leverage on financial sustainability of MFIs.

Previous studies examined the direct effect of financial leverage and reported incongruent results. Because female borrowers are at the epicenter of MFI lending, this study fills the gap in the literature by examining whether the proportion of female borrowers moderates the relationship between financial leverage and MFIs' financial sustainability using a global dataset.

Microfinance emerged as an essential catalyst for socio-economic development and financial inclusion to reduce poverty. Microfinance institutions cannot meet their primary objective of poverty reduction if they are not sustainable financially. With the theoretical support of profit incentive theory, this paper aims to investigate the impact of organizational structure (OS), growth outreach (average loan per borrower [ALPB] and number of active borrowers), women empowerment (percentage of women borrowers [PWB]), liquidity, leverage and cost efficiency (cost per borrower) on the financial sustainability of microfinance providers (MFPs) in India and explore the possible moderating effect of the national governance indicators (NGIs).

A financial sustainability index has been developed by using principal components analysis, including both conventional measures (return of assets and return on equity) and efficiency measures (operational self-sufficiency and financial self-sufficiency). Due to the existence of endogeneity and heteroskedasticity, this study uses two-step system generalized method of moments estimates to examine the relationships for a period of 2006 to 2018.

The finding reveals that there is a strong significant relationship between financial sustainability and its influential factors. Organizatioanl Structure, loan size, women borrowers, Gross Domestic Products and inflation enhance the financial sustainability of India’s microfinance sector. However, a number of borrowers, liquidity, leverage and operating costs negatively affect the financial sustainability of MFPs of India. The estimates demonstrate that NGIs significantly moderate the association between financial sustainability and its influential factors. The NGIs negatively affect the positive impact of Organizatioanl Structure on financial sustainability. National governance increases the positive effect of loan size (ALPB) and reduces the negative effect of a number of borrowers and leverage on the financial sustainability of MFPs of India. However, NGIs negatively affect the positive relationship between Percentage of Women Borrowers and Financial sustainability of Microfinance Providers of India.

To the best of the authors’ knowledge, this study is the first of its kind that incorporates all of the six dimensions of the National Governance Indicators (NGIs) and uses as a moderator. Secondly, a financial sustainability index has been developed for measuring the financial sustainability of Microfinance Providers (MFPs).

The purpose of this paper is to shed light on the factors that affect microfinance institutions’ (MFI) credit risk. These factors include MFIs’ characteristics and country-level indicators.

This empirical study uses an unbalanced panel data of 638 MFIs from 87 countries observed over a period ranging from 2005 to 2015. Random-effects models are used to estimate the models.

The results reveal that group-lending methodology, percent of loan granted to women and diversification activities reduce credit risk; credit quality is enhanced by the relevance of the information published by public or private bureaus and law enforcement cost increases credit risk. Finally, credit risk tends to be limited in a good institutional environment.

Several implications can be drawn in light of these findings. For MFIs’ managers, using group lending or granting more credit to women and diversifying their activities enhance their credit quality. Furthermore, authorities need to strength debt repayment institutions and reinforce institutional environment to help MFIs to limit their credit risk.

Previous studies focus on specific MFIs’ practices that enhance repayment rate or on country-level indicators. One of the contributions of this paper is the use of both types of indicators.

Globally, women have been recognized as key contributors toward livelihood and poverty eradication, especially in developing countries in sub-Saharan Africa. This is due to their great involvement and participation in micro small and medium enterprises (MSMEs) that create employment and ultimately economic growth and development. Thus, the main purpose of this study is to establish the mediating role of social cohesion in the relationship between microfinance accessibility and survival of women MSMEs in post-war communities in sub-Saharan Africa, especially in Northern Uganda where physical collateral were destroyed by war.

The data for this study were collected using a pre-tested semi-structured questionnaire from 395 women MSMEs who are clients of microfinance institutions in post-war communities in Northern Uganda, which suffered from the 20 years' Lord Resistance Army (LRA) insurgency. The Analysis of Moment Structures (AMOS) software was used to analyze the data and the measurement and structural equation models were constructed to test for the mediating role of social cohesion in the relationship between microfinance accessibility and survival of women MSMEs in post-war communities.

The results revealed that social cohesion significantly and positively mediate the relationship between microfinance accessibility and survival of women MSMEs in post-war communities in Northern Uganda. The results suggest that the presence of social cohesion as a social collateral promotes microfinance accessibility by 14.6% to boost survival of women MSMEs in post-war communities where physical collateral were destroyed by war amidst lack of property rights among women. Similarly, the results indicated that social cohesion has a significant influence on survival of women MSMEs in post-war communities in Northern Uganda. Moreover, when combined together, the effect of microfinance accessibility and social cohesion exhibit greater contribution towards survival of women MSMEs in post-war communities in Northern Uganda. Indeed, social cohesion provides the social safety net (social protection) through which women can access business loans from microfinance institutions for survival and growth of their businesses.

This study concentrated mainly on women MSMEs located in post-war communities in developing countries in sub-Saharan Africa with a specific focus on Northern Uganda. Women MSMEs located in other regions in Uganda were not sampled in this study. Besides, the study focused only on the microfinance industry as a major source of business finance. It ignored the other financial institutions like commercial banks that equally provide access to financial services to micro-entrepreneurs.

The governments in developing countries, especially in sub-Saharan Africa where there have been wars should waive-off the registration and licensing fees for grass-root associations because such social associations may act as social protection tools through which women can borrow from financial institutions like the microfinance institutions. The social groups can provide social collateral to women to replace physical collateral required by microfinance institutions in lending. Similarly, the governments, development agencies, and advocates of post-war reconstruction programs in developing countries where there have been wars, especially in sub-Saharan Africa should initiate the provision of group business loans through the existing social women associations. This may offer social protection in terms of social collateral in the absence of physical collateral required by the microfinance institutions in lending. This may be achieved through partnership with the existing microfinance institutions operating in rural areas in post-war communities in developing countries. Additionally, advocates of post-war recovery programs should work with the existing microfinance institutions to design financial products that suit the economic conditions and situations of the women MSMEs in post-war communities. The financial products should meet the business needs of the women MSMEs taking into consideration their ability to fulfil the terms and conditions of use.

This study revisits the role of microfinance accessibility in stimulating survival of women MSMEs as an engine for economic growth in the presence of social cohesion, especially in post-war communities in sub-Saharan Africa where physical collateral were destroyed by war. It reveals the significant role of social cohesion as a social protection tool and safety net, which contributes to economic outcomes in the absence of physical collateral and property rights among women MSMEs borrowers, especially in post-war communities.

Malaysia introduced its first micro‐financing programme in 1986 to replicate Grameen Bank's successful specialised delivery system, emphasising direct targeting, informality of delivery, and delivering credit to the “doorsteps” of the poor. Since then, micro‐finance programs (MFPs) have been part of the poverty alleviation policies and strategies. MFPs became a popular approach, especially to reach the poor who would normally be excluded from the formal credit sector. This paper evaluates the performance of three MFIs, namely Amanah Ikhtiar Malaysia (AIM), Yayasan Usaha Maju (YUM) and Koperasi Kredit Rakyat (KKR). The paper provides a micro‐finance capacity assessment to identify issues and constraints especially with respect to outreach, viability or sustainability, resource mobilisation, and policy environment.

This study investigates the role of national culture between outreach and sustainability of microfinance institutions (MFIs). Despite microfinance's deep embeddedness in cultural contexts, research on the influence of national culture on MFI performance is rather sparse. This paper seeks to fill this gap and, based on cross-country microfinance data, attempts to explain the outreach-sustainability relationship in reference to cultural factors.

An unbalanced panel, consisting of 5,741 MFI-year observations of 1,232 MFIs from 43 countries in six regions, is drawn from the Microfinance Information Exchange (MIX) Market database. Two different econometric models are tested. Model 1 estimates the direct effect of outreach on sustainability, using a fixed-effects estimator. Model 2 examines the moderation effect of national culture on outreach-sustainability relationship, employing correlated random effects approach.

The results show that depth of outreach and financial sustainability of MFIs are negatively related, and the relationship is moderated by national culture. Power distance and uncertainty avoidance positively moderate the outreach-sustainability relationship, whereas individualism and masculinity negatively moderate the relationship.

The findings suggest that the national culture where MFIs are located plays an important contingent role in their performance and that the magnitude of the trade-off effect varies from culture to culture. The research thus provides further insight in the trade-off debate and contributes to literatures of both microfinance and cross-cultural management.