Financial Sector Policy and the Poor :

This publication contains new empirical evidence on how financial sector policy can help in promoting pro-poor development and tackling poverty. It argues that microfinance and mainstream finance schemes should be regarded as complementary and overlapping rather than as competing alternatives, with the essential similarities between the two becoming more evident as individual microfinance firms, or associations of firms, grow to the scale needed for sustainability.

Abstract

v

Acknowledgments

vii

Introduction

1

(2)

Microfinance Penetration

3

(8)

Non-uniform Development of Microfinance Across Countries

3

(4)

Microfinance is Too Small to Threaten the Mainstream

7

(4)

Is Microfinance Different to the Mainstream?

11

(12)

Differences Related to Scale, Style, and Subsidy

11

(6)

What Prevents Microfinance from Expanding to Full Potential?

17

(6)

Impact

23

(12)

Microfinance Impact: Alleviation More than Escape

23

(7)

More Developed Mainstream Financial Systems are Associated with Less Poverty

30

(2)

Poverty Gap Data Highlights the Need for Deeper Mainstream Finance in Africa

32

(3)

Protecting the Vulnerable

35

(8)

Predatory Lending---The Liberal's Usury

35

(4)

Combating Prejudice and Discrimination

39

(4)

Concluding Remarks

43

Appendixes

A Microfinance Penetration

45

(8)

B MFI Scale and Profitability

53

(8)

C Poverty Rates and Financial Depth

61

(8)

D Predatory Lending

69

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Financial Sector Policy and the Poor : Selected Findings and Issues

Summary

Table of Contents

Supplemental Materials