TAILIEUCHUNG - Microfinance Meets the Market - The World Bank Development Research Group

These relationships are shown in three figures. Figure 2 shows that it is operating costs, rather than capital costs or loan loss provisions, that that drive the differences in total costs between different kinds of microfinance institutions. Figure 3 shows that the institutions that make the smallest loans on average are also the institutions that face the highest costs per unit lent (a result that holds up in regressions after controlling for institutions’ age, inflation, country- level governance, GDP growth, region, and lending method). Figure 4 shows that the institutions with the highest costs per unit also charge. | Public Disclosure Authorized Public Disclosure Authorized WPS4630 Policy Research Working Paper 4630 Microfinance Meets the Market Robert Cull Asli Demirguẹ-Kunt Jonathan Morduch The World Bank Development Research Group Finance and Private Sector Team May 2008 Policy Research Working Paper 4630 Abstract Microfinance institutions have proved the possibility of providing reliable banking services to poor customers. Their second aim is to do so in a commercially-viable way. This paper analyzes the tensions and opportunities of microfinance as it embraces the market drawing on a data set that includes 346 of the world s leading microfinance institutions and covers nearly 18 million active borrowers. The data show remarkable successes in maintaining high rates of loan repayment but the data also suggest that profit-maximizing investors would have limited interest in most of the institutions that are focusing on the poorest customers and women. Those institutions as a group charge their customers the highest fees in the sample but also face particularly high transaction costs in part due to small transaction sizes. Innovations to overcome the well-known problems of asymmetric information in financial markets were a triumph but further innovation is needed to overcome the challenges of high costs. This paper a product of the Finance and Private Sector Team Development Research Group is part of a larger effort in the department to study different policies to improve access to financial services. Policy Research Working Papers are also posted on the Web at http . The authors may be contacted at rcull@ or ademirguckunt@. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange ofideas about development issues. An objective of the series is to get the findings out quickly even if the presentations are less than fully polished. The papers carry the names ofthe authors and .

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