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Abb e ia ed Key Ti le: Is g J Econ Bus Manag
ISSN: 2584-0916 (Online)
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Volume – III Issue - V (Sep embe -Oc obe ) 2025
F equency: Bimon hly
FINANCIAL INCLUSION OF WOMEN AND ECONOMIC PROFITABILITY OF
MICROFINANCE INSTITUTIONS IN SUB-SAHARAN AFRICA
TSAGUE Joel Romuald, PhD.1*, TIONA WAMBA Joseph He man, PhD.2
1 Assis an Lec u e Managemen Sciences’ Resea ch Labo a o y-IUC Ins i u Uni e si ai e de la Cô e, Douala-
Came oon
2 Senio Lec u e & Mai e-Assis an CAMES Resea ch Labo a o y o Co po a e Go e nance and Pe o mance
Uni esi y o Douala, Came oon
| Recei ed: 04.10.2025 | Accep ed: 09.10.2025 | Published: 11.10.2025
*Co esponding au ho : TSAGUE Joel Romuald, PhD.
Assis an Lec u e Managemen Sciences’ Resea ch Labo a o y-IUC Ins i u Uni e si ai e de la Cô e, Douala-
Came oon
Abs ac
The s udy analyzes he impac o he pe cen age o emale bo owe s on he p o i abili y o mic o inance ins i u ions (MFIs) in sub-
Saha an A ica. Based on he obse a ion ha some MFIs ail o achie e inancial iabili y o s ay om hei social mission by
p io i izing p o i abili y, he s udy examines whe he o e ing se ices o women con ibu es o hei success o ailu e. The
di icul ies aced by MFIs include poo go e nance, c edi isk, exchange a e isk, liquidi y isk, and o e -indeb edness. The
hypo hesis es ed is ha he pe cen age o emale bo owe s signi ican ly in luences he p o i abili y o MFIs. Using a hypo he ical-
deduc i e me hod and da a om Mix-Ma ke (2012-2016) on 140 MFIs, analyzed ia linea eg ession in panel da a (STATA 14),
he esul s show ha he pe cen age o emale bo owe s and he 30-day isk po olio ha e a signi ican nega i e impac on he
p o i abili y o MFIs. This is due o he small scale o women's economic ac i i ies, o en in ended o e e yday consump ion, and
hei amily esponsibili ies, which inc ease he isk o mic o-p ojec ailu e. These indings con i m some s udies (Adai &
Be guiga, 2018) bu di e ge om o he s (Chu chill & Ma , 2017) due o con ex ual di e ences (cul u al, social, economic,
poli ical).
Keywo ds: Financial inclusion; P o i abili y; Women's inclusion; Mic o inance ins i u ions; Da abase; Sub-Saha an A ica.
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In oduc ion
The ole o women's inancial inclusion in he igh agains po e y
in A ica is well es ablished. Financial inclusion, de ined as access
o, and use o o mal inancial se ices such as bank accoun s,
c edi , insu ance, and paymen se ices, is an essen ial le e o
economic and social de elopmen . In A ica, whe e women
ep esen mo e han hal o he popula ion and play a key ole in
local economies, hei inancial inclusion emains a majo
challenge. Despi e he p og ess obse ed in some A ican
coun ies, s uc u al, cul u al, and echnological ba ie s con inue
o limi hei access o inancial oppo uni ies, pe pe ua ing gende
inequali ies and hinde ing sus ainable de elopmen . Gene ally
excluded om he adi ional banking sys em, women e y o en
u n o mic o inance ins i u ions, which un o una ely ha e o
balance economic and social objec i es.
Mo e b oadly, Honohan (2006) no es ha he mobiliza ion o
weal h among poo e segmen s o he popula ion is o en
o e looked. A he mac oeconomic le el, inancial accessibili y
o lowe -income households helps o balance oppo uni ies and
educe inequali y and po e y wi hin he popula ion (Honohan,
2006; UNCDF, 2006; He mes and Lensink, 2007; Wo ld Bank,
2008; Honohan, 2008). “Access o inancial se ices is a
p e equisi e o employmen , economic g ow h, po e y educ ion,
and social cohesion” (IMCE, 2006). On he mic oeconomic side,
inancial se ices help indi iduals egula e hei cash lows by
allowing hem o ans e hei pu chasing powe o e ime (Beck
and De la To e, 2004; Boyé e al., 2006; UNCDF, 2006).
Fu he mo e, inancial access pa icula ly enables he poo es o
inc ease and di e si y hei income, build and accumula e inancial
asse s, and e en expand hei economic oppo uni ies (Beck and De
la To e, 2004; UNCDF, 2006; Ashc o , 2008). In ligh o hese
indings, inancial inclusion o “all” has become an impo an goal
o in e na ional de elopmen (Helms, 2006; Wo ld Bank, 2008;
BCEAO 2019; BEAC, 2019).
Despi e he e o s made, he le el o access o and use o o mal
inancial se ices emains e y low in e na ionally (Wo ld Bank
2012). Acco ding o MERCY CORPS (2016), 2.5 billion people
wo ldwide a e unde se ed o excluded om he inancial sys em,
and wi hou access o inancial se ices, poo and ma ginalized
popula ions canno ully pa icipa e in he economy and he e o e
canno ensu e hei own secu i y, g ow h, and esilience. 61.5%
and 27.4% o he wo ld's popula ion ha e a bank accoun and
o mal sa ings, espec i ely (Wo ld Bank Global Findex Da abase
2014). Financial inclusion indica o s in A ica a e all below he
global a e age: 35% o he popula ion has a bank accoun ,
compa ed o 61.5% wo ldwide; 15.4% sa e in a inancial
ins i u ion and 6.7% ha e a loan om a inancial ins i u ion in
2014 (BSI-Economics, 2018). Financial inclusion is he e o e less
de eloped in de eloping economies, e en hough hey ha e he
highes a e o mobile accoun s (A ica 13% compa ed o 2% o
he wo ld; (BSI-Economics, 2018)). Fo example, in Came oon,
less han 20% o men and 10% o women ha e an accoun wi h a
o mal inancial ins i u ion (Wo ld Bank 2014).
The low le el o access, as highligh ed in p e ious w i ings, is
gene ally caused by he ac ions o adi ional banks when o e ing
inancial se ices. Banks a e inancial and mone a y
in e media ies whose main ac i i y is o ac as in e media ies
be ween agen s wi h su plus esou ces and agen s wi h inancing
de ici s, ecei ing liquid demand o e m deposi s om he o me
in exchange o emune a ion and g an ing he la e loans a
in e es a es ha a e signi ican ly highe han he in e es a es
paid o deposi o s (Gu ley and Shaw, 1960). De ined as such, in
p ac ice, i gene ally so s h ough se ice o e ings, pa icula ly in
he con ex o p ojec inancing h ough loans. Fo banks, p ojec
inancing is a isky ac i i y due o he possibili y o non-
epaymen . As a esul , in o de o in es , lende s mus necessa ily
assess he economic isks o he p ojec in ques ion. Such an
assessmen gene ally leads hem o o e hei se ices o la ge
companies and weal hy indi iduals. This choice esul s in c edi
a ioning and he e o e inancial exclusion o he poo . To
o e come he limi a ions o access o he o mal sys em,
indi iduals ( a ioned businesses and households) u n o in o mal
se ices, which a e mo e accessible bu mo e expensi e and less
eliable (Adic e al., 2011). The eme gence o mic o inance was o
sol e ou his p oblem o inancial exclusion.
The e m “mic o inance” e e s o he p o ision o a ange o
modes inancial se ices o low-income clien s (Ledge wood,
1999; Sch eine , 2002; La ou cade e al., 2005; De la To e and
Ven o, 2006; Onomo, 2010), bu also o o he indi iduals excluded
om he adi ional inancial sys em, such as women and u al
communi ies (Helms, 2006; Boyé e al., 2006). His o ically, he
ole o social mission o mic o inance was o o e a o dable and
secu ed inancial p oduc s o excluded indi iduals, wi h he aim o
educing po e y (AMAF, 2008). Mic o inance also con ibu es o
he achie emen o he Millennium De elopmen Goals: inc eased
income, imp o ed economic well-being, g ea e in es men in
educa ion and heal hca e, and he empowe men o women
(Li le ield e al., 2003; Wo ld Bank 2014; BCEAO 2019). O e
ime, he pionee s o mic o inance ha e p o en ha many
associa ions can be p o i able.
Con e sely, esea che s ha e obse ed ha he clien ele se ed is
becoming inc easingly poo (Cull e al., 2009), while o he s belie e
ha i emains i ually unchanged (Ch is en, 2001; Me sland and
S om, 2009). Many desc ibe he comme cializa ion o
mic o inance as a depa u e om i s social mission (Helms, 2006;
Cull e al., 2006; Cull e al., 2008; A mendà iz and Sza a z, 2009).
Mo duch (2000) e e s o a “schism” gi en he disconnec be ween
he ini ial objec i es o mic o inance o ganiza ions: inancial
pe o mance o social pe o mance. A su ey by he Cen e o
S udy o Financial Inno a ion (CSFI) shows ha he isk o
mic o inance de ia ing om i s social mission ose om he 19 h o
he 9 h place be ween 2009 and 2011.
Acco ding o he Wo ld Bank's Global Findex (2021),
app oxima ely 65% o women in sub-Saha an A ica do no ha e a
bank accoun , compa ed o 54% o men, e lec ing a pe sis en
gende gap. This gap has widened om 7% in 2011 o 12% in 2021,
pa ly due o he une en adop ion o digi al inancial se ices.
Women, pa icula ly in u al a eas, emain la gely dependen on
in o mal inancial mechanisms, such as on ines o pawnb oke s,
which a e o en cos ly and isky.
A ican women make a big di e ence o he economy, especially
in a ming (whe e hey make up as much as 60% o he wo k o ce
in some coun ies) and in o mal ade. Howe e , hei exclusion
om o mal inancial sys ems limi s hei abili y o in es , sa e
secu ely, o access c edi o de elop hei businesses. This si ua ion
has epe cussions no only on hei economic au onomy, bu also
on he well-being o hei amilies, as women ein es up o 90% o
hei income in heal h, educa ion, and nu i ion, compa ed o 30-
40% o men.
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Howe e , he goal o women's inancial inclusion should no
o e shadow he economic aspi a ions o mic o inance ins i u ions.
In his ega d, he ques ion ha a ises is he ollowing: wha is he
na u e o he impac o women's inancial inclusion on he
economic p o i abili y o MFIs in Sub-Saha an A ica? To answe
his ques ion, his a icle i s ou lines a heo e ical amewo k
designed o cla i y he concep s highligh ed and he heo e ical link
en isaged; hen a me hodological app oach is de eloped; and
inally, he esul s a e p esen ed and discussed.
1. Li e a u e e iew
1.1. Financial in e media ion: a high- isk mission o he
pe o mance o MFIs
1.1.1. The concep o inancial inclusion: de ini ion and
challenges
Financial inclusion e e s o a uni e sal and pe manen access o
indi iduals and businesses o a di e se ange o inancial p oduc s
and se ices, such as ansac ions, paymen s, sa ings, c edi , and
insu ance. These se ices mus be a o dable, ailo ed o use s'
needs, and p o ided by eliable and esponsible p o ide s (OFÉ,
2024). Bekkaoui Abdelmalek and Yahyaoui Taha (2025) indica e
ha inancial inclusion suppo s he idea ha e e y indi idual
should ha e equi able and a o dable access o inancial se ices,
ega dless o whe e hey li e. Financial inclusion is he e o e
essen ial o ensu ing equi able access o inancial se ices,
enabling indi iduals and businesses o pa icipa e ully in he
economy. I plays a key ole in educing po e y and p omo ing
sus ainable economic g ow h. The Sub-Saha an A ica egion
shows a le el o inancial inclusion ha e lec s i s speci ic
challenges and oppo uni ies.
Financial inclusion emains a signi ican challenge in F ench-
speaking coun ies, pa icula ly in Sub-Saha an A ica, whe e a
la ge po ion o he popula ion is excluded om he inancial
sys em. The Wo ld Bank (2021) epo s ha app oxima ely 57% o
adul s in F ench-speaking sub-Saha an A ican coun ies did no
ha e a bank accoun , compa ed o a global a e age o 24%. The
si ua ion is pa icula ly p onounced among women and u al
popula ions. Da a om he 2021 Global Findex epo show ha
33% o adul s in he sub-Saha an egion ha e a mobile money
accoun , compa ed o only 10% globally. Howe e , he egion s ill
lags behind in e ms o o e all access o accoun s. Only 55% o
adul s ha e an accoun wi h a inancial ins i u ion o mobile money
p o ide , compa ed o an a e age o 71% o de eloping
economies. Un o una ely, women a e mo e se e ely a ec ed by
his p oblem, wi h only 49% o hem ha ing access, compa ed o
61% o men. This 12 pe cen age poin gap be ween men and
women in accoun owne ship is one o he highes in he wo ld,
second only o he Middle Eas and No h A ica. While he e is a
gende gap in a o o women in bo h mic o inance ins i u ions
(80% o clien s o e all and 64% in Sub-Saha an A ica) and
in o mal sa ings and c edi coope a i es, loans g an ed by
mic o inance ins i u ions (o in o mal loans) a e p ima ily a ge ed
a he mos disad an aged popula ions, and hei lending condi ions
(small amoun s, sho ma u i ies, and e y high in e es a es) di e
om hose o banks.
1.1.2. The no ion o p o i abili y in MFIs
Many au ho s ha e a emp ed o de ine p o i abili y. P o i abili y
can be de ined as a company's abili y o gene a e p o i s o e a
gi en pe iod (Deppacens, 1990). I is he e o e he a io be ween
he income ob ained o expec ed and he esou ces used o ob ain i
(Makelele, 2014). The e alua ion o he pe o mance o in es ed
capi al can also be a measu e o he e ec i eness o a company's
managemen , and i s analysis is he e o e essen ial in a libe al
economy (Lukui shi, 2007). Acco ding o Tchakou e Tchuigoua
and Mehdi Nekhili (2012), in he mic o inance sec o , pe o mance
can be unde s ood p ima ily h ough he lens o economic
p o i abili y (ROA).
P o i abili y is a cons an and c ucial objec i e o any
o ganiza ion, and mic o inance ins i u ions (MFIs) a e no
excluded. I is he ba ome e o inancial pe o mance, enabling he
e u n on in es ed capi al o be assessed and guiding s a egic
decisions. Acco ding o CGAP (2016) and INSEE, inancial
p o i abili y speci ically measu es he abili y o enhance equi y
alue. Mo e b oadly, Lakehal (2000) de ines i as he possibili y o
ob aining an economic o collec i e bene i om an in es men .
Du ume (1996) dis inguishes be ween inancial p o i abili y,
measu ed mone a ily, and economic p o i abili y, which assesses
collec i e bene i s.
Fo a MFI, he impe a i e o p o i abili y mee s wo undamen al
equi emen s: main aining i s capi al and hono ing i s
commi men s o lende s and deposi o s. Many expe s, including
Ousseni (2009), conside p o i abili y o be a p e equisi e o he
iabili y and sus ainabili y o an MFI. P o i abili y is measu ed
using speci ic a ios, which allow o accu a e compa isons o e
di e en pe iods (Mic o a e 2003; 2014). Among hese a ios,
e u n on asse s (ROA) is he mos commonly used o assess
inancial pe o mance in mic o inance. Re u n on asse s (ROA)
akes in o accoun all o an MFI's asse s, including equi y and
inancial deb . I is an essen ial indica o o compa ing he
economic pe o mance o di e en MFIs (Mic oRa e, 2014).
Mic oRa e (2003) highligh s i s simplici y and i s dependence on
he composi ion o he ins i u ion's po olio. ROA measu es he
o e all economic pe o mance o an MFI by assessing i s abili y o
use all o i s asse s o gene a e p o i s (Tchakou e, 2012). I e lec s
bo h he p o i ma gin and he ope a ional e iciency o an
o ganiza ion (Bekkaoui Abdelmalek and Yahyaoui Taha, 2025).
The e u n on asse s is calcula ed as ollows:
Economic p o i abili y a io (ROA) =
The p e alence o ROA in scien i ic li e a u e is a es imony o i s
impo ance. Many esea che s ha e used i o measu e inancial
pe o mance in hei wo k, including Polanco (2005), Cull,
Demi guc-Kun & Mo duch (2006), Co née (2007), Tchakoun é
(2012), Ndioné (2019), and Mapouka (2020). This widesp ead use
alida es i s ele ance in assessing he pe o mance o MFIs.
Howe e , all hese de ini ions ha e a ce ain simila i y in ha
p o i abili y measu es he abili y o an economic ope a ion o
p oduce.
1.2. Re iew o empi ical s udies on he ela ionship
be ween women's inancial inclusion and he
p o i abili y o MFIs
Empi ical s udies examining he link be ween women's inancial
inclusion and he economic p o i abili y o MFIs ha e yielded
mixed esul s. Some s udies show ha men a e be e a epaying
loans (Kamalan and Kouakou, 2017), while o he analyses show
ha women a e be e a epaying loans, he eby con ibu ing o he
economic p o i abili y o MFIs (Yunus 1997; Nowak 2005).
Fu he mo e, in he pu sui o he Sus ainable De elopmen Goals
(SDGs), mic o inance ins i u ions (MFIs) play a c ucial ole,
pa icula ly in A ica, by ocusing on po e y educ ion. Thei
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s a egy speci ically a ge s women, a segmen o he A ican
popula ion wi h ema kable po en ial o de elop income-gene a ing
ac i i ies and ensu e epaymen o hei loans (Wo ld Bank, 2014).
Despi e hei ulne abili y and ma ginaliza ion, women a e he
p e e ed a ge o MFIs because o hei abili y o ini ia e and
manage s uc u ed mic op ojec s (Mon alieu, 2002). They a e
known o hei highe epaymen a es han men, a ibu ed o hei
abili y o budge and manage hei households igo ously (Espallie
e al., 2009). These obse a ions a e co obo a ed by Ndioné
(2019), who emphasizes ha expanded access o c edi o women
con ibu es signi ican ly o he economic and inancial
pe o mance o MFIs.
Se e al s udies con i m he posi i e impac o women's
in ol emen in mic o inance in A ica: PLANET Finance (2014)
epo s an imp essi e epaymen a e o 93% among 3,000 women
bo owe s in no he n Ghana, in pa ne ship wi h wo local MFIs.
In Came oon, Kou y, Ongono & Ngueda (2015) demons a ed ha
being a woman inc eases he likelihood o accessing mic oc edi .
These esul s a e consis en wi h p e ious esea ch (Johnson &
Rogaly, 1997; Kobee , 1998; Mayaux, 2001), which has
consis en ly shown highe epaymen a es among women.
Chu chill & Ma (2017) es ablished a di ec link be ween he
numbe o emale clien s and he e u n on asse s (ROA) o MFIs.
Thei wo k concludes ha an inc ease in he numbe o emale
clien s has a posi i e in luence on ROA, a conclusion sha ed by
Laheen (2010). Mo e ecen ly, Nzongang e al. (2020) asse ed ha
he pe cen age o emale bo owe s signi ican ly a ec s he
sus ainabili y o MFIs in Came oon by in luencing p o i abili y and
inancial and ope a ional sel -su iciency.
These esul s highligh ha women ep esen a signi ican po en ial
ma ke o MFIs, no only o achie ing hei social objec i es o
po e y educ ion, bu also o expanding he each o hei
se ices and inc easing hei inancial sus ainabili y. Reach, as
de ined by Ya on e al. (1997), can be measu ed by an ins i u ion's
abili y o e ec i ely each i s a ge clien ele. While Abosede &
Azeez (2011) acknowledge ha mic o inance lending o women
p omo es hei empowe men , hey also poin o he lack o o mal
e idence ega ding he widesp ead bene icial impac o his ac ion
on socie y as a whole. Howe e , he exis ing li e a u e, pa icula ly
in he A ican con ex , s ongly sugges s ha women play a
ca aly ic ole. This e iew o he li e a u e leads o he ollowing
hypo hesis: he pe cen age o emale bo owe s signi ican ly
in luences he economic p o i abili y o mic o inance ins i u ions
in sub-Saha an A ica.
2. Resea ch me hodology
Ou conce n he e is o choose he mos app op ia e app oach o
collec ing and analyzing da a. Acco ding o Yin (1994), “The e is
no single mode o inqui y, no single logic, because esea che s can
choose he me hod ha seems mos app op ia e based on he
speci ic cha ac e is ics o hei esea ch subjec .”
2.1. App oach adop ed
Two me hodological app oaches a e gene ally used, depending on
he subjec o he s udy o he esea che 's posi ion: quan i a i e
app oaches and quali a i e app oaches. I should also be no ed ha
he e is a hyb id app oach be ween he i s wo (a combina ion o
he quan i a i e and quali a i e app oaches).
The choice o s udy ype is he e o e no andom. I depends on he
objec i e o he s udy i sel . The objec i e o a s udy may be o
explo e a phenomenon, explain i , p edic i , o iden i y i s causes
and highligh he causal link. Gi en ha ou s udy seeks o show
he deg ee o impac o women's inancial inclusion on he
p o i abili y o MFIs, we ha e decided o analyze he causal link
be ween he numbe o women bo owe s and he p o i abili y o
MFIs using a hypo he ical-deduc i e app oach. The e a e wo main
easons o ou choice. Fi s , we belie e i is in e es ing o analyze
in dep h he unde s anding o inancial inclusion and he
pe o mance o MFIs. Second, he quan i a i e app oach allows us
o measu e o e alua e in a conc e e way he ela ionship be ween
women's inancial inclusion and he p o i abili y o MFIs in sub-
Saha an A ica. Finally, ou s udy applies an expe imen al esea ch
design because i aims o es a heo y's p edic ion by de e mining
whe he an independen a iable ( he numbe o emale bo owe s)
has an in luence on he dependen o explained a iables (ROA,
ROE, OSS, and FSS).
2.2. Model speci ica ion and da a analysis echniques
2.2.1. Speci ica ion o a iables
In his s udy, he da a we ha e used is p ima ily quan i a i e, as i
comes om a seconda y da abase. To make he bes use o his
da abase, we need o speci y he indica o s o measu ing he
a iables using a able known as a a iable ope a ionaliza ion able.
Tableau 1. Ope a ionnaliza ion o a iables
Hypo hese
Va iables
Indica o s
P oxies
Au eu s
The numbe o emale bo owe s
signi ican ly in luences he
p o i abili y o MFIs.
Indp Va
Women
en ep eneu s
Pe cen age o women
en ep eneu s
Nombe o wemen
en ep eneu s/Numbe o ac i e
bo owe s
Ndione M. (2019)
Mapouka F. (2016)
Dp Va
Ren abili é des IMF
Economic p o i abili y
(ROA)
Ne ope a ing income / In es ed
asse s
Tchuigoua, H ; T. (2011) ;
Tchakou é, (2013)
Mapouka, F. (2016) ;
Solhi& Mehdi, (2012); Co hay
& Mbangala, (2007)
Cull, Demi guc-kun &
Mo duch (2006)
Financial p o i abili y (ROE)
Ne income / Equi y
Ope a ional sel -su iciency
(OSS)
Ope a ing e enues/Ope a ing
expenses
Con ol a iables
Risk Po olio (PAR > 30 days)
A e age balance o loans >30 days pas due / g oss
ou s anding loans
Mic o a e (2003);
Mic o a e (2014)
Cos pe bo owe /GNP pe capi a
Cos pe bo owe /GNP pe capi a
Cos pe sa e /GNP pe capi a
Cos pe sa e /GNP pe capi a
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DOI: 10.5281/zenodo.17320130
158
Épa gnan s pa e ec i du pe sonnel
Numbe o sa e s/To al numbe o employees
Ra io capi al/ac i
Equi y/ o al asse s
A e age loan balance pe bo owe
G oss ou s anding loans/numbe o bo owe s
Sou ce: The Au ho s
The sample on which ou wo k is based is loca ed in sub-Saha an
A ica and co e s he pe iod 2012-2016 (in cylind ical panel da a).
Ou da abase consis s o 140 MFIs, whose o igins di e acco ding
o he sub- egions ha make up sub-Saha an A ica. Thus, we ha e
21 MFIs loca ed in Sou he n A ica, 15 in Cen al A ica, 51 in
Eas A ica, and 53 in Wes A ica. The la ge numbe o MFIs
obse ed in Sou he n A ica and Wes A ica, espec i ely, could
be explained by he na u e o he inancial in o ma ion hey
p o ide. The low a e in Cen al A ica is due o he high
in o ma ion asymme ies some imes caused by he go e nance
sys em o hese MFIs.
2.2.2. Resea ch model
In o de o e i y whe he women's inancial inclusion has an
impac on he p o i abili y o MFIs in sub-Saha an A ica, we use a
mul iple eg ession model wi h panel da a. Ou model is based on
he wo ks o well knowned au ho s (Nzongang and Kemdong,
2020); (Ndioné, 2019); Chu chill and Ma (2017); and
Nyamsogo o (2010). This econome ic model is p esen ed as
ollows:
Yi = ∝ + ΣβXi + ei ………… (1).
Whe e:
Yi = explained o dependen a iable a each ime “ ”;
∝ = speci ic indi idual e ec which is s eady o e ime bu p ope
o each indi idual i m;
Β = model pa ame e o be es ima ed;
Χi = independen o explana o y a iables obse ed a each ime
“ ”;
ei = is he e o e m;
i e = deno e he s udy popula ion and ime, espec i ely.
By in oducing he explained and explana o y a iables o he
obse a ion pe iod and he numbe o obse a ions, we ob ain ou
speci ic equa ion as ollows:
ROAi = + β1lognombempac i i + β2p emp + β5ppi + β6
cp al_ ac i i + β7pa 30i +β8pa 90i + β9p pb_ ac i i + β10logc empi
+ β11 endn_p bi + β12 enn_p bi + β13lognobdepi + β14mpi +
β15smpe_ nbhi + εi ………………………… (2)
Whe e i and s and espec i ely o he MFIs and ime. (i=1…140,
= 1 o 5, k = 15)
In his model, Lognomempac i = Loga i hm o he numbe o
ac i e bo owe s; p emp = pe cen age o emale bo owe s; pp =
s a p oduc i i y; cp al_ ac i = capi al s uc u e; pa = po olio a
isk; p pb_ ac i = po olio as a pe cen age o o al asse s;
logc emp = cos pe bo owe a io; endn_p b = eal e u n;
enn_p b = nominal e u n; lognobdep = a e age numbe o
deposi s a io; mp = p o i ma gin; smpe_ nhb = a e age loan
balance pe bo owe a io.
In his s udy, based on he esul s o he Hausman es , we op ed o
es ima e ixed e ec s models. The selec ed models we e es ima ed
using STATA 14 analysis so wa e, and he gene alized leas
squa es me hod was used.
3. Resea ch esul s
The aim he e is o es he hypo hesis ha he numbe o emale
bo owe s has an impac on he p o i abili y o mic o inance
ins i u ions. In his s udy, he e ec o he a ia ion in he
pe cen age o emale bo owe s on p o i abili y was cap u ed by
ROA. This choice is jus i ied by he ac ha we a e assessing no
only he e u n on equi y (ROE), bu also he e u n on all in es ed
asse s. Howe e , o MFIs, sou ces o inancing a e no limi ed o
equi y capi al. Thus, dis ega ding sus ainabili y, he es ima ion
model is as ollows:
ROAi = + β1p emp + β2pa 30i + β3pa 90i + β4p pb_ ac i i +
β5ppi + β6cp al_ ac i i + εi (i=1…140, = 1 à 5, k = 6)
Based on he o dina y leas squa es (OLS) me hod, he eg ession
esul s a e as ollows, co e ing 140 MFIs o e he pe iod 2012 o
2016:
Tableau n° 07 : Reg ession model o he pe cen age o emale bo owe s on he economic p o i abili y o MFIs
Copy igh © ISRG Publishe s. All igh s Rese ed.
DOI: 10.5281/zenodo.17320130
159
ROAi = 0,0329355 – 0,0194459p emp – 0,2289526pa 30i + εi
(i=1…140, = 1 à 5, k = 2)
Indeed, o he co ec ed empi ical model, we ind ha he e ec o
he pe cen age o emale bo owe s on he economic p o i abili y
o MFIs is nega i e and signi ican ( eg coe icien = -0.0194459
and sig = 0.025 < 0.05). This nega i e in luence is accen ua ed by a
isky po olio, which u he de e io a es he ela ionship s udied
( eg coe icien = -0.2289526 and sig = 0.000).
F om he abo e, we conclude ha economic p o i abili y is
nega i ely and signi ican ly ela ed o he pe cen age o emale
bo owe s and he 30-day isky po olio. Any 1% inc ease in
he pe cen age o emale bo owe s leads o a 1.94459% dec ease
in economic p o i abili y. Simila ly, a 1% inc ease in he 30-day
isk po olio leads o a 22.89% dec ease in he same a io.
4. Resul s discussions and manage ial
implica ions
A he end o his analysis, using he speci ic model desc ibed
abo e, we no e ha he pe cen age o emale bo owe s (p emp)
and he 30-day isk po olio (pa 30) ha e a signi ican nega i e
impac on economic p o i abili y. We hus con i m ha he
pe cen age o emale bo owe s has a nega i e e ec on he
economic pe o mance o MFIs in sub-Saha an A ica. This
asse ion alida es ou hypo hesis.
This esul is consis en wi h he idea ha women's businesses a e
gene ally e y small in scale. In p ac ical e ms, he income
gene a ed by hese women is la gely used o mee e e yday
consump ion needs, lea ing li le oom o weal h accumula ion in
he o m o sa ings. I is he e o e en i ely logical ha he
pe cen age o women bo owe s has a nega i e impac on
economic p o i abili y due o he high p obabili y o hei
mic op ojec s ailing. I should be no ed ha his in luence is also
due o he ac ha A ican women a e ex emely conce ned abou
hei amilies. These esul s a e consis en wi h hose o Adai and
Be guiga (2018) in he MENA egion, who show in hei wo k ha
he high pe cen age o emale bo owe s has a nega i e impac on
asse p o i abili y.
The con e gence o he esul s obse ed abo e could be jus i ied
by he ac ha , in A ica in gene al, women a e less
en ep eneu ial and do no a o he pe o mance o MFIs in
con ac ual ela ionships. In con as , (Chu chill and Ma , 2017)
ind ha he pe cen age o women (p emp) is posi i e and
s a is ically signi ican o economic p o i abili y. O he au ho s
ha e concluded ha an inc ease in he numbe o emale bo owe s
does no in luence asse p o i abili y (Abosede & Azeez, 2011;
Mahnane, 2016; Laheen, 2010; Ndione, 2019). I is impo an o
no e ha he di e gence in he esul s o hese au ho s could s em
mainly om he con ex o he s udy. This could be due o a
numbe o con ingency a iables such as cul u al di e ences, le el
o de elopmen , and he social, economic, and poli ical
en i onmen , o name bu a ew.
Conclusion
In b ie , we sough o measu e he impac o he pe cen age o
emale bo owe s on he p o i abili y o MFIs in sub-Saha an
A ica. We s a ed om he obse a ion ha se e al mic o inance
ins i u ions o e ing inancial se ices o hose excluded om he
adi ional banking sys em ha e gone bank up o ailed o achie e
inancial iabili y. O he s, howe e , ha e emained in he ma ke
because hei main objec i e has been o seek p o i , which
dis ances hem om hei social missions. This si ua ion is jus i ied
by he low a e o access o banking se ices o women in sub-
Saha an A ica, despi e he la ge numbe o MFIs. Howe e ,
despi e he comme cializa ion o mic o inance, i mus play a dual
ole, namely o include he poo while emaining p o i able.
Inclusion educes po e y and imp o es he s anda d o li ing o
he poo . P o i abili y, on he o he hand, allows in es o s o be
emune a ed and con ibu es o he sus ainabili y o MFIs.
Gi en his obse a ion, he ques ion a ises as o whe he he
p o ision o inancial and non- inancial se ices by MFIs o
women is a eason o hei ailu e o success. In seeking an answe
o his ques ion, i should be no ed ha MFIs encoun e many
di icul ies in hei ac i i ies. These include poo go e nance,
c edi isk, exchange a e and liquidi y isk, and bo owe o e -
indeb edness, which ha e led o he ailu e o MFIs in se e al
coun ies (Gué in, Labie, Se e , 2015).
Thus, ou e iew o he li e a u e has led us o o mula e he
ollowing hypo hesis: he pe cen age o emale bo owe s
signi ican ly in luences he economic p o i abili y o MFIs in
sub-Saha an A ica
As pa o his wo k, we op ed o causal esea ch. Ou esea ch
me hod is hypo he ical-deduc i e. We used da a on MFI inancial
s a emen s om Mix-Ma ke (Wo ld Bank) o he i e-yea pe iod
om 2012 o 2016. The da a used, co e ing a sample o 140 MFIs,
we e analyzed using STATA 14 so wa e. We used a ixed-e ec s
panel da a linea eg ession model.
Following ou a ious eg essions, we a i ed a he ollowing
esul s: he pe cen age o emale bo owe s and he 30-day isk
po olio ha e a signi ican nega i e impac on he economic
p o i abili y o MFIs. We hus con i m ha he pe cen age o
emale bo owe s has a nega i e e ec on he economic
pe o mance o MFIs in sub-Saha an A ica. This asse ion
alida es ou hypo hesis.
The analysis shows ha he pe cen age o emale bo owe s
(p emp) and he 30-day isk po olio (pa 30) ha e a signi ican
nega i e impac on he economic p o i abili y o mic o inance
ins i u ions (MFIs) in sub-Saha an A ica. This is explained by he
small scale o women's economic ac i i ies, whose incomes a e
mainly used o co e day- o-day consump ion needs, limi ing
sa ings and inc easing he isk o mic op ojec ailu e. In addi ion,
A ican women's amily esponsibili ies ein o ce his nega i e
in luence. These esul s con i m hose o Adai and Be guiga
(2018) in he MENA egion, bu con as wi h Chu chill and Ma
(2017), who ind a posi i e e ec o he pe cen age o women
bo owe s on p o i abili y. O he s udies (Abosede & Azeez, 2011;
Mahnane, 2016; Laheen, 2010; Ndione, 2019) conclude ha he e
is no in luence. These di e ences can be explained by di e ences
in cul u al, social, economic, and poli ical con ex s.
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