Are Microfinance Institutions Playing Their Role?
ELLIOTT S N, Member
I have been working in the microfinance sector in Cameroon
and it's quite interesting.
Being a very competitive sector, micro finance institutions usually come up with very innovative ideas for financial services. However, much still needs to be done in terms of meeting the needs of low income earners or people who ave no access to commercial bank services.
Many micro finance institutions tend to see themselves as close competitors to banks.
I think it should be a more complementary relationship not "competitive" as such
That not withstanding, the activities of microfinance institutions here have had a big impact on the activities of activities of banks. Banks here are more aggressive in their marketing, affordable and flexible than they were about 10 years ago.