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Factors Affecting the Growth of Microfinance Institutions

Factors Affecting the Growth of Microfinance Institutions

Factors Affecting the Growth of Microfinance Institutions CHAPTER ONE INTRODUCTION 1.0 Introduction This chapter introduces the problem statement which the research proposes, the objectives that the research seeks to address, the questions that it seeks to answer and the scope of the research as well as the significance of the study. 1.1 Background of the Study There are many types of microfinance institutions depending on structure, function or philosophy. In many instances, the microfinance market is segmented according to the clients involved i.e. micro-enterprises, women, agriculturalists and so on. A main goal of many micro finance institutions is to provide sustainable micro finance facilities to the poor to facilitate income generation and reduce poverty (Baumann, 2001). The genesis of this is that the poor lack access to financial services, credit and savings facilities. The goal of microfinance institutions as development organizations is also to service the financial needs of unserved markets as means of meeting development objectives (Ledgerwood, 1999).

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