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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.

The main purpose of this paper is to establish whether trust plays a significant mediating role in the relationship between access to microcredit and survival of young women microenterprises in under-developed financial markets in sub-Saharan Africa. The main focus of this paper is to specifically test whether relational social capital built by young women from homogeneous and heterogeneous groups can be more effective in promoting economic exchange in under-developed financial markets since interpersonal trust has recently been found to harbor group collusion, especially among kins. Overall, the paper distinguishes trust among individuals based on their age, gender and ethnic diversity.

This study used structural equation model to test whether trust significantly mediates the relationship between access to microcredit and survival of young women microenterprises using Analysis of Moments Structures (AMOS) based on recommendations by Hair et al. (2022) and Baron and Kenny (1986).

The findings from this study revealed that trust significantly and positively mediate the relationship between access to microcredit and survival of young women microenterprises in under-developed financial markets in sub-Saharan Africa. Trust developed from relational social capital among young women from homogeneous and heterogeneous groups create a stronger basis for economic exchange in under-developed financial markets.

While this study generates a positive evidence on the impact of access to microcredit on survival of young women microenterprises, the results cannot be over emphasized and generalized because the data were collected from only a single developing country. Future research may extend the current study to include other developing countries to make a more justified comprehensive analysis.

The findings from this study highlights the importance of using a blend of social policy guided by norms combined with formal regulations as an informal contract enforcement mechanism to achieve efficient economic exchange in under-developed financial markets. Relational social capital formed on the basis of informal norms among groups from diverse population can supplement formal laws to enforce contractual obligations in microcredit access, especially among youthful microentrepreneurs, who seems to have stronger relational behaviors than adults. Financial institutions such as banks should use informal contract enforcement system to increase the scope of financial inclusion of young microentrepreneurs, especially in unbanked rural communities in sub-Saharan Africa, Uganda inclusive where formal laws are weak and sometimes not functional. The findings also show that younger people have a stronger relationship behavior than adults. Therefore, policy should create structures that can promote social activities among youth. Governments in sub-Saharan Africa, Uganda inclusive through their respective Ministry of Gender, Labour and Youth Affairs should create youth clubs that can increase interaction and relational social capital among the younger population to derive economic empowerment. sub-Saharan African governments, Uganda inclusive should rely more on social policy based on relational social capital as a missing link to promote and achieve economic development.

This paper provides an evidence on the unique role of age, gender and ethnicity in information sharing and exchange based on social policy in the financial market to limit group collusion. The authors indicate that diversity in relational social capital among young women microentrepreneurs prohibit strategic defaults, which promotes access to microcredit for survival of women micro small and medium enterprises (MSMEs) through socialization. High level of interaction among younger women microentrepreneurs from homogeneous and heterogeneous groups allow them to close the information gap to timely meet borrowing contractual obligations to derive economic benefits. The paper shows that younger women have more trust than older women while searching for economic value through socialization. In fact, social policy can wholly supplement formal policy to promote growth and survival of young women microenterprises, especially in sub-Saharan Africa, Uganda inclusive.

The purpose of the present paper is to provide a systematic overview of dimensions that need to be enfolded or considered in microfinance policies and strategies designs as well as impact studies aiming to empower or assess the empowerment of a specific category of women, namely women entrepreneurs. Afterward, the study aims to suggest some directions for future studies.

To meet its purpose, the paper applies the systematic review approach. The applied methodology follows guidelines for systematic reviews of social and economic interventions as set out by the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA). More specifically, the authors examine 87 empirical papers from 6 databases investigating the impact of microfinance institutions on the empowerment of women entrepreneurs.

Overall, findings of the study suggest that dimensions of the empowerment of women entrepreneurs are formed and conditioned by normative, cognitive and regulative institutional logics. Additionally, the systematic review suggests key research avenues and calls for more inclusive empirical studies in terms of geographical coverage, microfinance services/products assessed and method designs applied.

Findings of the current review provide clear theoretical contribution and useful practical implications in the field of microfinance and the empowerment of women entrepreneurs. On the one hand, the study suggests to scholars key avenues for future studies likely to bring new insights in terms of theory, context and methods. On the other hand, this study extents the understanding of microfinance practitioners on the concept of women empowerment as the field of female entrepreneurship is concerned. This implication is likely to enable the design of appropriate microfinance strategies and policies, allowing women entrepreneurs to achieve an overall empowerment.

The present paper contributes to the debate around the multidimensionality of the concept, “women empowerment.” The multidimensional nature of the addressed concept is well established in the existing literature. However, to the best of the authors’ knowledge, no study has provided a conceptual analysis of empowerment dimensions of a particular category of women, namely women entrepreneurs. Unlike most of the studies assuming that all women face identical challenges, the present paper brings new insights on the topic as it is built on a different assumption. The paper takes ground from the institutional theory and applies it to the specific case of female entrepreneurship.

Microfinance is seen as the tool for poverty elimination. It provides loan to that particular section of the society which is not included in the mainstream financial system. The purpose of this paper is to study the impact of Microfinance on the lifestyle of women. The study is undertaken to address the question whether the Microfinance actually reach to the root of poverty and improve the standard of living for women who are considered to be the poorest of poor. This paper also aims to acquire the deeper understanding of the entrepreneurial skills which may or may not be inculcated with the help of Microfinance.

The paper is based on empirical data. The data were collected through structured questionnaire and purposive sampling was used. The respondents were the women beneficiaries of the Microfinance Institutions in the National Capital Region. Total of 117 women were personally interviewed to obtain the response for the questionnaire.

Microfinance helped to develop entrepreneurial skills among the women as acquiring loan helped them start their own microenterprise and support themselves and their family. Microfinance enhanced the participation of women in the household decision-making. As a result, after obtaining Microfinance, women were found to be more socially developed and empowered. Also, the gender gap seemed to have narrowed as a result of Microfinance.

The findings of the study are limited to the National Capital Region.

Microfinance will be beneficial for women and lead to their empowerment when they have control over the usage of the loan. Microfinance institutions play an important role in facilitating women to become self-reliant. With the help of this paper, one can understand the role of Microfinance in uplifting the marginalized section of the society.

The research work is authentic and original as per the understanding. This paper gives an insight into how Microfinance can not only eliminate poverty but also help women develop the entrepreneurial skills. The paper explores into the issue of how gender inequality can be addressed through Microfinance.

The breakout of the COVID-19 pandemic has forced governments all over the globe to bring radical changes to all walks of life. Strict lockdowns are not only adversely affecting the social, economic, and psychological wellbeing of individuals but also questioning the sustainability of most businesses. In wake of the current scenario, this study is aimed at exploring how the COVID-19 pandemic is influencing the sustainability of entrepreneurship particularly from a female perspective and further providing insights into the role of Islamic financial institutions in the sustainability of businesses during COVID-19.

This is a qualitative study that takes social constructivism approach to study the underlying phenomenon. Semi-structured interviews are conducted to collect primary data. Secondary data are also utilized in this study to theoretically define various concepts relating to entrepreneurial sustainability. The application of thematic analysis revealed various risks associated with sustainability. The interviews reveal the ground realities and tell us about the hardships being faced by the entrepreneurs due to ongoing crises. The participants of the study also shed light on the role of Islamic financial institutions during the pandemic.

The study results revealed that it may look impossible for women entrepreneurs to halt or avoid the adverse consequences of the pandemic; however, a few female entrepreneurs strived to guard their existing portfolios with the help of Islamic microfinance institutions. Whereas, several women, especially those running home-based businesses, lost their income streams. Despite these rapid challenges, most female entrepreneurs are working on inventive online systems to sustain their business activities during the crisis. Finally, guidelines are suggested which can help achieve sustainability of the entrepreneurial startups.

The outcomes of this study are expedient for funding agencies, government authorities and Islamic financial institutions as well as for non-government institutions to establish sustainable and broader policies for women to become successful entrepreneurs during severe disasters like COVID-19. Moreover, the study is a helpful tool for women entrepreneurs to avert the worst impact of the pandemic with the help of Islamic microfinance institutions. The themes of this study help generate realistic information to appraise the strategies to create facilitating business environments that drive the women to carry out the entrepreneurial activity during any crisis like the COVID-19.

The results of this study provide evidence that crisis can be anticipated up to some extent if entrepreneurs become able to take proactive decisions in case of expected or identifiable threats. The study may also help the women entrepreneurs to comprehend the serious consequences of the pandemic by shifting their mode of financing to Islamic finance. Although this pandemic is a cause of physical discomfort instead this research may encourage the female entrepreneurs not to lose heart, just find the potential opportunities for their home-based and small businesses and manage funding from the Islamic microfinance institutions.

The study adds to the existing literature on entrepreneurial sustainability with a particular focus on the role of Islamic microfinance institutions for women entrepreneurs' sustainability in Pakistan. Secondly, the study employs the entrepreneurial sustainability model (ESM) that, according to the best of our knowledge, has not been used by the researchers earlier to study the given research phenomenon. Thirdly, the study findings are expedient for funding agencies, government authorities and financial institutions as well as for non-government institutions to establish sustainable and broader policies for women to become successful entrepreneurs during disasters like COVID-19.

This study aims to explore economic, social, psychological and political empowerment and dis-empowerment of women caused by microfiance interventions. Women tend to face the brunt of societal discrimination created by economic, social, psychological and political disempowerment. This led to the emergence of the microfinance model for the rural poor and specifically focused on women as an agency for social change.

This study is based on a systemic literature review to examine microfinance-led women empowerment to reduce the ambiguity in theoretical and empirical underpinning.

The study’s findings suggest that even though microfinance as a developmental model is not a runaway success, it did make some positive impact on the status of women.

This study shows that the microfinance program empowers women and reduces societal inequalities to some extent, but literature also suggests that microfinance as a model has failed to make the requisite socio-economic change, and in some cases, there is adverse impact.

Microfinance institutions (MFIs) are known for their contribution to the women empowerment and poverty alleviation but it is not clear about the role of gender on the performance of this industry. It is important to explore the representation of both the gender in three levels, namely, decision-making, day-to-day management and implementation of the micro-financial services. This study aims to examine the impact of female board members, female managers and female field officers on the financial and social performance of the MFIs.

The authors have used random effect panel data analysis. The study covers 104 MFIs operating in India. The time period of the analysis is from 2010 to 2014.

The study has shown that as the number of female directors within the board increase there is an increase in cost per borrower. This is an indication that more female clients are being targeted. The increase in number of female managers leads to an increase in the number of active borrowers. The increase in the number of female staff members leads to an increase of operational self-sufficiency and yield of the gross portfolio.

The present study has faced a lot of limitation due to the non-availability of the secondary data on the governance system of the microfinance industry. The study could not be undertaken for an extended period because of the unavailability of data for a long period.

This study has highlighted the role of gender in case of performance of microfinance institutions. The gender diversity at the field level has shown to enhance the financial performance of the MFIs. So, the MFIs should try to bring gender diversity at the operation level.

This study has shown that an increase of woman directors at the board level increase female clients of MFIs. The increase of female managers also enhances number of female clients. So, the gender diversity at the managerial level and director level help MFIs to meet their social performance by reaching to more number of needy female clients.

The gender diversity at the three levels, namely, board level, managerial level and field operation level has not been analyzed in the Indian context. In India MFIs mainly target the female clients so in this context having gender diversity at the three levels of operation of the MFIs, which can improve both the financial and social performance of the MFIs.

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.

The goal of this research is to look at how urban microfinance affects livelihood transformation in terms of poverty reduction, living standards, social well-being, empowerment and entrepreneurship.

This paper analyses the role of urban microfinance towards livelihood with special reference to Western Uttar Pradesh. Primary data were collected from 321 respondents who are users of a microfinance programme using a standardised questionnaire. The data were collected using a stratified random sampling technique, and the data were analysed using structural equation modelling.

Urban microfinance has a considerable impact on poverty reduction, the standard of living, social well-being, empowerment and entrepreneurship in the urban poor, according to the findings.

The fact that the majority of the borrowers were uneducated was the most significant barrier to them filling out the questionnaire. Their anxiety was the most significant psychological obstacle to successfully answering the questions, and it took time. As a result, it is urged that proper counselling be conducted before the poor borrowers fill out the questionnaire.

The current study highlights the factors that lead to the utilisation of microfinance services. This research will aid MFIs in selecting the appropriate products and services for the urban poor. The results of this study will aid them in understanding and meeting the expectations of microfinance CEOs.

This is a first study conducted in Northern zone of India measuring the roles urban microfinance institutions (MFIs) in uplifting the livelihood of urban poor.

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).