Microfinance: A Comprehensive Review of the Existing Literature
The purpose of this article is to introduce the finance academic community to the discipline of microfinance and microfinance institutions (MFIs). A comprehensive review of over 350 articles was done to address the issues of MFI sustainability, products and services, management practices, clientele targeting, regulation and policy, and impact assessment. It was found that, many of the tools, models and frameworks in the existing finance literature can be brought to bear on the problem pf world poverty and have the potential to significantly move both the theory and practice of microfinance forward. Microfinance offers the finance discipline a possible avenue to make a significant difference in the lives of millions of poor people.