Microfinance's digital transformation for sustainable inclusion

Marwa Fersi, M. Boujelbene, Feten Arous
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Abstract

PurposeThe purpose of this paper is to evaluate the performance of Microfinance Institutions (MFIs) offering FinTech services. This study contributes to the existing literature on microfinance digitalization, financial inclusion and sustainable development. The study also takes into consideration a behavioral perspective through the efficiency evaluation process of MFIs offering FinTech services.Design/methodology/approachThe following study employs the Stochastic Frontier Analysis approach to estimate the operational and social efficiency scores of the 387 MFIs over the period 2005–2019. Then, it tries to consider factors influencing MFIs' efficiency and assess their effects. Hence, two separate models for operation and social efficiency introducing a set of factors, including FinTech proxies and overconfidence proxies, are tested. The first model for operational efficiency uses a random-effects estimator while the second one for social efficiency uses a fixed-effects estimator.FindingsThe results show that innovative MFIs have weaker averages of operational efficiency than non-innovative ones but higher averages of social efficiency. This was justified by the fact that innovative MFIs are more socially oriented. Further, findings of this study depict that the proxies of FinTech affect negatively the level of operational efficiency of MFIs. They also depict a negative relationship between FinTech proxies and the level of social efficiency. These results hold through robustness tests.Originality/valueThe highlight of this study is that it takes heed of the indirect effect of technological innovation on the efficiency of MFIs. It has been proved that it moderates the impact of managerial overconfidence (manifested by excessive risk-taking, viz., high levels of PAR30, LGR and NIM) on the level of both operational and social efficiencies.
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小额信贷数字化转型促进可持续包容
目的本文旨在评估提供金融科技服务的小额金融机构的绩效。本研究有助于现有关于小额信贷数字化、金融包容性和可持续发展的文献。该研究还通过提供金融科技服务的小额金融机构的效率评估过程考虑了行为视角。设计/方法/方法以下研究采用随机前沿分析方法来估计2005-2009年期间387家小额金融机构的运营和社会效率得分。然后,试图考虑影响小额金融机构效率的因素并评估其影响。因此,测试了引入一组因素的两个独立的运营和社会效率模型,包括金融科技代理和过度自信代理。第一个运营效率模型使用随机效应估计器,而第二个社会效率模型使用固定效应估计员。研究结果表明,创新型小额金融机构的运营效率平均值低于非创新型小额信贷机构,但社会效率平均值较高。创新型小额金融机构更注重社会,这一事实证明了这一点。此外,本研究的结果表明,金融科技的代理对小额金融机构的运营效率水平产生了负面影响。它们还描述了金融科技代理与社会效率水平之间的负面关系。通过稳健性测试,这些结果成立。独创性/价值本研究的重点是注意到技术创新对小额金融机构效率的间接影响。事实证明,它缓和了管理层过度自信(表现为过度冒险,即高水平的PAR30、LGR和NIM)对运营和社会效率水平的影响。
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来源期刊
CiteScore
6.90
自引率
0.00%
发文量
21
审稿时长
24 weeks
期刊介绍: European Journal of Management and Business Economics is interested in the publication and diffusion of articles of rigorous theoretical, methodological or empirical research associated with the areas of business economics, including strategy, finance, management, marketing, organisation, human resources, operations, and corporate governance, and tourism. The journal aims to attract original knowledge based on academic rigour and of relevance for academics, researchers, professionals, and/or public decision-makers.
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