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Évaluer la microfinance, entre utilité sociale et performances financières
Abstract
Résumé Cet article de recherche en science politique analyse l’émergence de normes d’évaluation en microfinance. Il montre que malgré son hétérogénéité, ce secteur est influencé par des critères de mesures communs, qui ont avant tout été financiers, induisant un risque de dérive de la microfinance par rapport à ses fonctions de développement. Toutefois, de nouveaux enjeux favorisent l’émergence de normes sociales, qui portent sur des aspects divers, reflétant des conceptions différentes de ce qu’est et doit être la microfinance.
... The rise of the business paradigm within microfinance is also undeniable. Historical analysis of what has now become an 'industry' shows that the original alternative, reformist movement has gradually transformed into a standardised, highly commercial platform, at least for the largest institutions (Bédécarrats 2013;Roy 2010). Though many microfinance institutions do not acknowledge this shift themselves, the microfinance industry's strong growth over recent years is connected to the increasing involvement of private capital in search of profit. ...
... It is clear that the present-day microfinance landscape is mostly dominated by the logic of capital and market (Bédécarrats 2013;Fernando 2006;Bateman 2010;. Despite repeated pleas for innovation and adaptation -CGAP, 2 one of the leading institutions in the microfinance industry, has been talking innovation for years -the supply is still very standardized. ...
... This duality of objectives is a subject of debate in the academic literature. Some research advocates for MFI to be focused primarily on financial goals (Jacquand, 2005), while others support the need to pursue a dual purpose, one that is both financial and social in nature (Christen, Rosenberg and Jayadev, 2006;Bédécarrats, 2010). The financial performance of MFI is apprehended by conventional financial ratios that have been harmonised at the level of the West African Economic and Monetary Union (WAEMU); these ratios are indicators of profitability, efficiency-productivity, portfolio quality and management. ...
This article aims to identify and analyse the internal determinants of the financial and social performance of microfinance institutions (MFI) in Ivory Coast. For this purpose, we have collected a database of twenty-two Ivorian MFI with financial data covering the period 2011-2014. Our results show that MFI with the status of "public limited company" have higher profit margins than mutual and cooperative savings and credit institutions (IMCEC). Lastly, the capitalisation ratio, geographical coverage and deposit size play a positive role in the size evolution of the loans granted to customers.
... In particular, the lamps cannot be opened or mended by their users and only one model of battery can be used (Cross, 2013). In microcredit, co-construction is widely acclaimed, but remains marginal as it is incompatible with the cost constraints of today's ubiquitous market logic (Bédécarrats, 2013). ...
... Les consultations sont circonscrites au design et à la couleur tandis que le contenu technique est prédéterminé, avec notamment l'impossibilité d'ouvrir les lampes et de les réparer soi-même, et l'obligation d'utiliser un seul modèle de batterie (Cross, 2013). Dans le domaine du microcrédit, cette co-construction est largement plébiscitée, mais reste marginale car incompatible avec les contraintes de coût de la logique marchande aujourd'hui prédominante (Bédécarrats, 2013). ...
... For instance, multinational enterprises pursuing a corporate responsible strategy have embraced the possibility to find growth or strategic opportunities while contributing to poverty alleviation (André, 2014) through " Base of the Pyramid " (BoP) strategies (Prahalad & Fruehauf, 2004) or social business ventures (Yunus, 2008). In the meantime, relatively new actors such as social enterprises (Dacin, Dacin, & Tracey, 2011; Mair & Marti, 2006; Seelos & Mair, 2005) and microfinance organizations (Battilana & Dorado, 2010; Bédécarrats, 2013) have taken the lion's share among academia. Despite the diversity of these ventures that adopt practices from both for-profit and not-for-profit sectors, they all require financial resources to start-up, grow, and go to scale. ...
Impact investments are emerging as a new asset class of social finance, sometimes driven by multinational enterprises as part of their strategic corporate social responsibility strategy. These investments intend to create positive societal impact beyond a financial return through the development of social enterprises. Scholars have highlighted the conflicting institutional logics that these later hybrid organizations must face when combining social welfare and profitability. Yet we lack in-depth insight into how impact investing funds are building their own accountability and legitimacy, and more specifically how they are responding to their investor’s pressure to manage societal impact. This paper builds on a three year actionresearch program conducted with Schneider Electric, a multinational enterprise specialized in energy management. The company initiated and sponsored an impact investing fund targeting energy access ventures in Sub-Saharan Africa, alongside four Development Finance Institutions. Grounded in neo-institutional and resource dependence theories, the article analyzes the perceptions of the fund’s managers and suggests a pattern of strategic responses. The fund initially conformed to the emerging values and practices of the industry motivated by a search for salient legitimacy. Then they turned to find a compromise when facing operational complexity, and negotiated the increasing number of requirements from their investors. The paper further provides recommendation for social innovation actors in adopting a performance-oriented approach for managing societal value creation.
... We are witnessing the emergence of organizations that adopt commercial ventures to achieve societal objectives such as poverty alleviation, health and education provision or climate change resilience. Relatively new actors such as social enterprises (Dacin, Dacin, & Tracey, 2011;Mair & Marti, 2006;Seelos & Mair, 2005) and microfinance organizations (Battilana & Dorado, 2010;Bédécarrats, 2013) have taken the lion's share among academia. ...
Impact investments are emerging as a new asset class of social finance. These investments intend to create positive societal impact beyond a financial return through the development of social enterprises. Scholars have highlighted the conflicting institutional logics that these later hybrid organizations must face when combining social welfare and profitability. Yet we lack in-depth, systemic insight into how impact investing funds areresponding to similar pressures and specifically to the pressure to conform to societal performance management. This paper builds on a three year action-research program conducted with Schneider Electric, a multinational enterprise specialized in energy management. The company initiated and sponsored an impact investing fund targeting energy access ventures in Sub-Saharan Africa, alongside four Development Finance Institutions. The article is grounded in neo-institutional and resource dependence theories to analyze the perceptions of the fund’s managers’ regarding emerging societal performance management procedures they were urged to adopt. The findings suggest a pattern of responses from the fund’s managers starting with passive conformity to external pressures and eventually turning to more resistive compromise with their own investors through interorganizational arrangements. The paper further asserts the establishment of impact investing as an institution in the making with potentially conflicting but not incompatible logics.
... une emprise croissante sur les décisions au détriment de l'inclusion financière et de la lutte contre la vulnérabilité. Afin d'éviter de s'éloigner de leur mission de base, plusieurs institutions de microfinance ont commencé à évaluer leur performance à partir de nouvelles normes reflétant mieux leur conception de ce que doit être la microfinance.(Bédécarrats, 2010). ...
Réflexion sur les contributions et les défis de la nébuleuse de l'ESS à partir d'une étude empirique vaudoise (Suisse)
This article aims to identify and analyse the internal determinants of the financial and social performance of microfinance institutions (MFI) in Ivory Coast. For this purpose, we have collected a database of twenty-two Ivorian MFI with financial data covering the period 2011-2014. Our results highlight the positive influence of the legal form on the financial performance of MFI. Specifically, we show that MFI with the status of "public limited companies" have higher profit margins than mutual and cooperative savings and credit institutions (IMCEC). On the other hand, the prudential ratios, the maturity of the MFI, the size of customer deposits and the number of points of service appear to have no influence on the financial performance of the MFI; social performance, the maturity of the MFI, the number of points of service and the geographical coverage of the MFI play a positive role in its attractiveness to customers. Lastly, the capitalisation ratio, geographical coverage and deposit size play a major role in the size evolution of the loans granted to customers.
À partir de l'évolution du secteur de la microfinance dans les trois dernières décennies, l'article appréhende les caractéristiques de la financiarisation de la microfinance. L'analyse permet d'interroger l'articulation entre le secteur et les logiques de développement, ainsi que les risques propres au processus de financiarisation. En ouvrant la conclusion sur la perspective du secteur comme bien commun, l'article cherche à en tirer les enseignements pour la financiarisation de l'aide au développement.
This paper takes the example of microfinance to analyze lived experiences of standardized development norms. It presents an in-depth analysis of fifteen women’s experiences, highlighting the discrepancy between norms for women’s individual empowerment and a context of material and social dependence on men that is perceived as natural. It also highlights how this discrepancy leads to by-passing practices that cause power relations to evolve and reformulate. Some women manage to grasp onto, manipulate and appropriate development norms, creating spaces of micro-freedom. Such appropriation is still limited to a minority of women however, and the process is chaotic and conflicted. Women leaders are emerging into a patriarchal context that remains highly oppressive. Ultimately, while microfinance cannot challenge power relationships, it can still help to reshape and diversify identities.
La microfinance, au coeur de cet article, recouvre des services financiers destines a des populations en marge de la finance dite formelle, caracterises par des montants unitaires faibles, qui sont souvent envisages dans leur dimension locale. A l’instar de l’ensemble des initiatives d’economie solidaire, la legitimite et l’efficacite de la microfinance supposent un ancrage territorial fort. Les auteurs montrent toutefois que, plus que d’autres elements constitutifs de l’economie solidaire, la microfinance est mondialisee, au sens ou des modeles analogues se rencontrent dans les regions les plus diverses du globe. Les dispositifs de microfinance sont a l’echelle planetaire des supports de flux de techniques, d’informations et de capitaux qui relient des instances et des institutions diverses. ONG locales, ONG internationales, fondations et groupes de pression institues, gouvernements locaux, nationaux et federaux et institutions de cooperation bilaterales et multilaterales contribuent a une dynamique d’hybridation des ressources.
Microcredit Threatened by Neo-Liberalism and False Dreams Salesmen
Based on field research conducted in various contexts, this paper examines and confronts to our own observations hypotheses that underscore the conventional wisdom on microfinance effectiveness to reduce poverty viewed as a result of lack of access to financial market. We finally suggest moving forward from both the actual neoliberal ideology that underscores microfinance and the normative discourses pretending that microfinance is the most important tool able to reduce poverty.
[eng] Anne Le Naëlou — NGO's : The traps of professionalizing. Introduction.. The role of NGO's involved in development and international solidarity is increasingly complex and difficult to appreciate, in the context of the profound political mutations accompanying international relations crises, with the diminishing of development aid and the reduction of the ngo's share in the new configuration of intervening actors (urgencies or development). Professionalizing is therefore under consideration by NGO's and by funding agencies as a prospective for the changing of this private non-lucrative sector. Some appreciation is hereby made as regards the meanings and stakes of these changes.
Understanding and Improving the Governance of Non-Profit Organizations: Can Balanced Scorecards Help?
The governance of non-profit organizations is characterized by both similarities (split between investors and managers, analysis of transaction costs, agency relationship) and fundamental differences (multiplicity of objectives) in relation to the governance of purely commercial organizations. This article attempts to present a synthesis of governance in non-profit organizations and to determine to what extent the use of balanced scorecards can improve the governance of this type of organization. To do this, the author emphasizes the relevance of the theory of conventions and of the work of Pierre Bourdieu on the accumulation of different forms of capital. The article then goes on to discuss the multitude of approaches to the governance of non-profit organizations, which are examined using the typology developed by Cornforth. The article then proposes a presentation of cases where the use of balanced scorecards as a governance tool has the potential to strengthen governance. Finally, by way of illustration, the author provides an example of a balanced scorecard developed for microfinancing organizations in developing countries.
From Basel 1 to Basel 2: effects on the credit market
We analyse the effects of the introduction of capital requirement ratios for banks which depend first on the amount of credit supplied (according to the Basel 1 rules), then also on the probability of default of borrowers (following the future Basel 2 rules). We use a theoretical model of the bank credit market equilibrium, with two types of borrowers who differ by the degree of risk of the projects they invest in, and who face a cost of default, and with a bank facing a rule of capital requirement (of the Basel 1 or Basel 2 type). The borrowers and the bank maximize the expected return on their capital. We examine the effects on interest rates, on the amount of credit distributed, on the probabilities of default and on the financial strength of banks of the introduction of the two types of bank regulation.
In 2006, Muhammad Yunus, a Bangladeshi economist, won the Nobel Peace Prize. Yunus's key innovation was to create loan circles, usually of five women, who used social suasion to ensure high repayment rates and sustain their creditworthiness. This institutional structure helps resolve a number of information, incentive, and enforcement dilemmas that plague small banks catering to a large number of poor clients who lack credit histories. Enthusiasm for the Grameen model has far outdistanced rigorous analysis of its institutional and incentive features; likewise, valid benefit-cost or statistical studies of impacts are rare. Did Yunus and Grameen merit the Peace Prize?
Depuis le début du mois de mars, dans les médias indiens, on entend beaucoup parler de microfinance. Une fois n’est pas coutume mais les titres ne sont plus flatteurs. Au contraire, depuis plus d’un mois, nous assistons à un renversement de situation. Accusées de pratiquer des taux d’intérêt usuriers et d’être à l’origine de 10 suicides, les IMF sont aux abois, comme l’indique le Times of India dans son édition du 15 mars, elles se « précipitent aux abris ».
Voici quelques exemples des titres que l’on pouvait trouver dans la presse : « Doit-on imposer une limite aux taux d’intérêt en microfinance ? », « Les IMF risquent des poursuites », « Enquête officielle demandée à propos du fonctionnement des IMF dans l’Etat », « Les victimes de la microfinance déversent leurs larmes », « L’Etat prépare une loi contre les excès des institutions de microfinance », « Un emprunteur taillade à mort un agent de crédit », « Les IMF ont récupéré 2 milliards de roupies en coûts de transaction cachés », etc.
La sonnette d’alarme a été tirée. Le « train » microfinance n’a pas été stoppé mais les signaux d’alertes sont assez violents et inquiétants pour que les grands noms de la microfinance indienne aient décidé de prendre les choses en main pour ne pas, cette fois, rester pour de bon au milieu de la voie. Ils craignent un mouvement de refus de paiement.
Dans ce court article, nous allons tenter de mettre en perspective la situation microfinancière spécifique de cet Etat indien et de lister les évènements récents. Nous verrons tour à tour comment les institutions de microfinance (IMF) ont réagi à cette situation et nous évoquerons quelques pistes sur les causes profondes de cette crise.
In 2005, the Fondo de Desarrollo Local (FDL) gained the international Inter-American Development Bank (IADB) prize for the best non-regulated microfinance institution in Latin America. A year later, in 2006, the Central American Bank for Economic Integration (BCIE) selected the FDL from 78 Central American MFIs as the winner of its Award for Excellence in Microfinance Management. Its leadership in the Latin American Rural Microfinance Association (FOROLAC), its exceptional outreach to rural producers and its development orientation, coupled with entrepreneurial viability and extraordinary sustainability, contributed with these recognitions. Nevertheless, analysing the incentives and pressures emanating from the current mainstreaming microfinance paradigm, this article expresses deep concerns about the anti-rural and anti-agricultural bias of international microfinance policies and the negative effects that they engender for the further growth of microfinance for a more dynamic and socially inclusive agricultural development in Latin America.
This article addresses the problematic nature of “authority” in the global political economy. Focusing on the rules governing international commercial relations, which today form part of the juridical conditions of global capitalism, the location and structure of political authority are argued to be historically specific. They have changed with the emergence of different historic blocs and as a result of consequent alterations in state-societyrelations. The article emphasizes the significance of private corporate power in the construction of the global political economy and hegemonic authority relations. However, the significance of private authority is obscure and little understood by students of international relations. This gives rise to analytical and normative grounds for adopting a historical materialist approach to theanalysis of global authority that incorporates national, subnational, and transnational influences.
The financial crises of the 1990s triggered many changes to the design of the international financial system. We use the formulation of the new Basle capital accord for banks (B-II) to illustrate that, while much affected, developing countries have had very little influence on this so-called new international financial architecture. We argue that B-II has been formulated largely to serve the interests of powerful market players, with developing countries being left out. At the same time, we demonstrate that B-II is likely to raise the costs and reduce the supply of external financing for developing countries in particular. Furthermore, and importantly, B-II may well increase the pro-cyclicality of external financing, an unfortunate outcome given that developing countries already face much volatility in terms of capital flows. Overall, while B-II may indeed compensate for a range of weaknesses of Basle I, the exclusionary policy process and costs which B-II imposes on developing countries require a re-think of the way in which crucial elements of financial governance, such as the Basle capital accords, are developed and implemented.
Improving financial inclusion by strengthening intermediate institutions
The microfinance sector is at a turning point : the experimental and start-up phase has come to an end. External support is increasingly focused on a handful of sector leaders and start-ups emerging out of specialized funds, to the detriment of the majority of MFIs--the « intermediate » commercial institutions that have not yet reached maturity. Microfinance has become an attractive investment, but the line-up of potential financiers (donors, commercial banks, private investors) should not mask the magnitude of needs still unmet. The gap between supply and demand remains huge ; entire market segments have yet to be served, and the most mature MFIs alone will not suffice. Moreover, the increasing commercialization of microfinance poses the risk of mission drift. The current challenge to increasing outreach lies in strengthening intermediate institutions and greater recognition of ethical considerations.
The influence of regulation on microfinance’s contribution to development : the case of Bolivia
Bolivia, a microfinance pioneer, is also among the first countries that started regulating this activity. Firmly supported by international institutions, the country’s regulatory framework was designed to promote a commercial vision of the sector, encouraging growth and sustainability. The rules put into place standardized practices and gave priority to profitability and stability. Nevertheless, they hampered microfinance service providers from meeting the social mission they had initially set themselves. Given these shortcomings, the government introduced new public policies to put pressure on providers to intervene more in rural and productive sectors. To overcome these contradictory constraints, some actors put forward norms that combine social and financial criteria. In the current context, such evolutions can contribute to thought/discussions on how to improve financial regulation.
How did the rich countries really become rich? In this provocative
new study, Ha-Joon Chang examines the great pressure on developing
countries from the developed world to adopt certain "good policies"
and "good institutions", seen today as necessary for economic development.
Adopting an historical approach, Chang finds that the economic evolution
of now-developed countries differed dramatically from the procedures
that they now recommend to poorer nations. His conclusions are compelling
and disturbing: that developed countries are attempting to "kick
away the ladder" by which they have climbed to the top, thereby preventing
developing counties from adopting policies and institutions that
they themselves used.
Microfinance is arguably one of the most effective techniques for poverty alleviation in developing countries. Although traditionally supported by nongovernmental organizations and socially oriented investors, microfinance institutions (MFIs) have increasingly demonstrated their value on a stand-alone basis, typically exhibiting low default rates combined with attractive returns and growth, encouraging greater commercial involvement. This study addresses a related issue-whether microfinance shows low correlation with international and domestic market performance measures. If so, it could form the empirical basis for MFI access to capital markets and performance-driven investors in their search for efficient portfolios. Our empirical tests do not show any exposure of microfinance institutions to global capital markets, but significant exposure regarding domestic GDP, suggesting that microfinance investments may have useful portfolio diversification value for international investors, not for domestic investors lacking significant country risk diversification options. (c) 2009 by The University of Chicago. All rights reserved..
Standard methods of impact evaluation often leave significant gaps between what we know about development effectiveness and what we want to know--gaps that stem from distortions in the market for knowledge. The author discusses how evaluations might better address these knowledge gaps and so be more relevant to the needs of practitioners. It is argued that more attention needs to be given to identifying policy-relevant questions (including the case for intervention), that a broader approach should be taken to the problems of internal validity (including heterogeneity and spillover effects), and that the problems of external validity (including scaling up) merit more attention by researchers. Copyright The Author 2009. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / the world bank . All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.
Poverty reduction is now a prime concern of global policymakers. Renewed global efforts for poverty reduction are presented as the post-Washington Consensus. In this context, I identify an emerging 'global development architecture' that entails new patterns of interlinkages between the WTO, IMF, World Bank, Regional Development Banks and Bilateral and Multilateral Development Agencies. Through the example of microcredit and poverty reduction I address the political economic implications of the emerging global development architecture. I argue that microcredit (1) facilitates financial sector liberalisation and the global trade in financial services; (2) functions as a political safety-net, containing or dampening resistance at the community level to liberalisation policies and economic austerity measures. The article critically probes the emerging global development architecture and argues that it is incorporated into the reconfiguration of global political economy as a strategy of 'crisis management'. Normative discourses underpinning the post-Washington Consensus are argued to be instrumental to efforts to legitimate the consolidation, 'constitutionally', of what continues to be the Washington Consensus.
Au cours des vingt dernières années, la microfinance a connu un développement important amenant certaines organisations à se professionnaliser et à croître de manière particulièrement spectaculaire. Aujourd’hui composé d’un grand nombre d’organisations, aux statuts divers et n’ayant pas toujours la même vision des choses, le secteur se trouve à une croisée des chemins où mener une réflexion sur les fondements éthiques des pratiques de gestion développées peut permettre de mieux percevoir les enjeux et les risques encourus. Les quelques réflexions développées ici s’inscrivent dans cette perspective.
Tourism has been, and still is, a very profitable industry in Spain. But the Spanish model of tourism development, following a pattern set in the 1950s, is now in crisis. The crisis is apparent in the widespread overdevelopment of tourist resorts and residential facilities in coastal areas, generating high environmental, social and economic costs. In this paper, we describe the Spanish model of tourism, the results it has achieved, the reasons for its longevity and the obstacles facing any attempt to change it. Given the failure of individual, collective and political action to solve the problems ofoverdevelopment, we ask whether corporate social responsibility and its theoretical foundations and instruments offer a solution.
Microfinance promises to reduce poverty by employing profit-making banking practices in low-income communities. Many microfinance institutions have secured high loan repayment rates but, so far, relatively few earn profits. We examine why this promise remains unmet. We explore patterns of profitability, loan repayment, and cost reduction with unusually high-quality data on 124 institutions in 49 countries. The evidence shows the possibility of earning profits while serving the poor, but a trade-off emerges between profitability and serving the poorest. Raising fees to very high levels does not ensure greater profitability and the benefits of cost-cutting diminish when serving better-off customers. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.
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