? F35, G21, G28, O54, O57

This paper identifies factors that explain why microfinance institutions are reaching more clients in some countries than in others. To that end, the paper applies a cross-country analysis on a unique dataset covering 115 countries. Results indicate that the microfinance sector is more present...

This article analyses the relationship between outreach and performance of Microfinance Institutions (MFIs) on the one hand and traditional financial sector development on the other. The results indicate that MFIs reach more clients and are more profitable in countries where access to the...

This study aims to assess the role of culture as a determinant of financial inclusion, defined with respect to formal account ownership, saving and credit in/from formal financial institutions. A sample of 85 countries, comprising 50 developing and 35 developed countries from the World Bank’s...

This paper analyzes the relationship between performance of microfinance institutions (MFIs) and the development of the formal financial sector of the country in which the MFI is active. We find that MFIs reach more clients and are more profitable where access to the formal financial system is...