We performed in-depth interviews with poor micro-entrepreneurs, lots of which had borrowed from each formal and informal lenders. This latter kind of borrower, in particular, drew interesting comparisons. We additionally interviewed representatives of formal microfinance initiatives and informal lenders, together with mortgage sharks. Tagging along to go to loan shark shoppers, ethnography-style, offered the level of insight usually absent from purely quantitative research. Furthermore, poor corporate governance in these establishments would result in poor repayment rates, excessive transaction prices and recurring losses, main the organizations to distress. Deposit-taking establishments, if not regulated or supervised, pose a risk to the financial system stability, as the safety of deposits mobilized are not ensured. Exploitation of customers by these unregulated institutions would adversely affect the recipients of microfinance and keep the low income and poor segments throughout the ‘cycle of poverty’, affecting the economic growth of the nation. At the same time such practices would affect the buyer confidence within the financial sector, including confidence in the formal regulated sector. For over a decade a number of attempts had been made to enact laws to regulate the unregulated institutions within the microfinance sector in Sri Lanka.
By way of the quality of the mortgage ebook, Africa had the poorest with a portfolio in danger ratio of 14%. The assessment confirmed that there has been a significant growth in microfinance within the continent. The examine further recognized a number of things that have influenced the widespread progress of microfinance in Africa. Finally, the chapter shows that the proof on the impression of microfinance on enhancing welfare within the continent is inconclusive at finest.
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