The role of informal microfinance institutions in saving

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ACKNOWLEDGEMENTS Many thanks go to Almighty God for His invaluable and inestimable favors, especially for blessing me with good health, wisdom, a broader thinking capacity and other essential ingredients of life to undertake this PhD research work. I acknowledge with immense gratitude and respect all the support given to me by Professor Dr David Iornem a St. Clements University Consultancy Services expert for his excellent guidelines and commendable remarks. Aim motivated and encouraged by the support and immense contributions made by My Research Supervisor, Professor Dr Simon Grima (Professor of Banking Studies) for his encouragement and constructive critics of the draft document who devoted time to read the research work thoroughly from the beginning up to the end. I also gratefully thank and appreciate profoundly the contributions made by Dr. Ramadhan Selestine Wilson of the Teophil Kisanji University (TEKU) for his painstaking critic of all entire document and very useful comments made. I wish to put on record the fatherly role of the Bank of Tanzania Management and staff for their moral and material support during the whole entire period of my research. Made a great challenge to my endeavour life. I want to acknowledge with my appreciation the support I received from Shadrack Joshua Mwakibete, the Monitoring and Evaluation Officer of the Rural Financial Services Programme (RFSP), a good and reliable friend of mine for his encouragement and contributions towards the realization of this PhD project. Thanks are also well due to Advoncia Kilufi, Sophia Mwalupya and Lester Mulagha who diligently typed the work and for sparing their private time to do justice to my research work. Finally, I thank immensely my wife Judith Maria Mwakajumilo and all my wonderful and excellent sons namely Boesak, Bismarck and daughter Eudosia (my soldiers of hope) for their support during the period of this research work was being undertaken. 6
ACRONYMS AND ABBREVIATIONS AGOA = African Growth Opportunity Act AIA = Arusha Institute of Accountancy BOT = Bank of Tanzania CBOs = Community Based Organizations CIDA = Canadian International Development Agency CMSA = Capital Markets and Security Authority CRDB = Cooperative and Rural Development Bank DFS = Decentralized Financial System DID = Desjardins International Development DSE = Dares-Salaam Stock Exchange EAC = East African Cooperation GDP = Gross Domestic Product GESS = Government Expenditure on Social Services GTZ = German Agency for Technical Cooperation IFAD =International Funds for Agricultural Development IFM = Institute of Finance Management MEDA = Mennonite Economic Development Associations MFIs = Micro finance Institutions MIGA = Multinational Investment Guarantee Agency MUCCOBS = Moshi University College of Cooperative and Business Studies NBC = National Bank of Commerce NMB = National Micro finance Bank NGOs = Non Government Associations PRIDE = Promotion of Rural Initiatives Development Economy PTA = Preference Trade Area PTF = Private Trust Fund R& D = Research and Development ROSCA = Rotating Savings and Credit Associations RFSP = Rural Financial Services Programme SACAs = Savings and Credit Associations 7
Page 1 and 2: THE ROLE OF INFORMAL MICROFINANCE I
Page 3 and 4: DECRALATION I, Mwakajumilo, Stephen
Page 5: DEDICATION To Almighty God, to whom
Page 9 and 10: TABLE OF CONTENTS Title Page I Abst
Page 11 and 12: 2.2.7 The prospects of SACCOs in Ta
Page 13 and 14: CHAPTER 4 PRESENTATION AND DATA ANA
Page 15 and 16: TABLE 18B: Value of loan from SACCO
Page 17 and 18: To SACCOs, they (SACCOs) are also e
Page 19 and 20: micro projects, general entrepreneu
Page 21 and 22: which are viewed as not credit wort
Page 23 and 24: parts of Tanzania. They are member
Page 25 and 26: Cooperatives were introduced in Tan
Page 27 and 28: 1.1.3: WHY IS THIS THESIS UNDERTAKE
Page 29 and 30: Cumulative Number of Number of Year
Page 31 and 32: Year Number of Members Value of Sha
Page 33 and 34: Year Percentage of Consumption of l
Page 35 and 36: • Bureaucratic constraints, lack
Page 37 and 38: 6. To identify gaps/shortfalls (i.e
Page 39 and 40: economy with respect to the unhealt
Page 41 and 42: organizations, help members achieve
Page 43 and 44: The cooperative formula was then co
Page 45 and 46: savings and credit cooperatives tha
Page 47 and 48: Cameroon in its English-speaking ar
Page 49 and 50: Since they have appeared on the sce
Page 51 and 52: Tanzania was the first country in A
Page 53 and 54: Type / Name of institution Microfin
Page 55 and 56: enhancing loan recovery and improvi
Page 57 and 58:
embarked on building links with Sac
Page 59 and 60:
• Encouraging and supporting, thr
Page 61 and 62:
This shows the true nature of a maj
Page 63 and 64:
Savings mobilization The potential
Page 65 and 66:
It has been argued that the formal
Page 67 and 68:
It is suggested that governments, i
Page 69 and 70:
Local Counterpart Local MF NGOs wor
Page 71 and 72:
Local Counterpart Small Industrial
Page 73 and 74:
Local Counterpart Program Amount Go
Page 75 and 76:
• PROMOTION AND ROLE MODELS. Help
Page 77 and 78:
(iii) The target group being foreig
Page 79 and 80:
(iv) Existence of pressure of the M
Page 81 and 82:
(c) Government should honor stakeho
Page 83 and 84:
1.1.16: INCOME DISTRIBUTION Policie
Page 85 and 86:
TABLE 8: Formal Sector Distribution
Page 87 and 88:
percent households decreased from a
Page 89 and 90:
Also the significance of this study
Page 91 and 92:
loans to their respective members i
Page 93 and 94:
• Having adequate and timely secr
Page 95 and 96:
LITERATURE REVIEW 2.1.0: INTRODUCTI
Page 97 and 98:
It further defines savings and cred
Page 99 and 100:
from being influenced by individual
Page 101 and 102:
Investment Guarantee Agency (MIGA)
Page 103 and 104:
2.1.7: THE ROLE OF STOCK MARKET IN
Page 105 and 106:
isk{Solnik 1974}. As a consequence
Page 107 and 108:
• Access for New Firms- The prest
Page 109 and 110:
of financial systems. The success o
Page 111 and 112:
Mkwizu (1992) points out that Tanza
Page 113 and 114:
(1994) conclude that this conservat
Page 115 and 116:
areas. However, repayment schedules
Page 117 and 118:
plus services (Aghion and Murdoch 2
Page 119 and 120:
� Lack of appropriate and adequat
Page 121 and 122:
savings of the community. Community
Page 123 and 124:
ingenious entrepreneurs behind them
Page 125 and 126:
Reforming the national small busine
Page 127 and 128:
linkages based on both market and n
Page 129 and 130:
combinations: private sector, gover
Page 131 and 132:
Tanzania and most of its neighborin
Page 133 and 134:
favorable rates and help keep finan
Page 135 and 136:
The SACCOs, is a complex organizati
Page 137 and 138:
2.2.10.1: Advantages for the SACCOs
Page 139 and 140:
2.2.10.3 THE COMPARATIVE ANALYSIS B
Page 141 and 142:
2. The importance of savings in the
Page 143 and 144:
Commercial Banks are like the other
Page 145 and 146:
presence in carrying on the traditi
Page 147 and 148:
A summary profile of selected NGOs
Page 149 and 150:
(ii) Competitive Financial Environm
Page 151 and 152:
� Likewise, these institutions wi
Page 153 and 154:
METHODOLOGY OF THE STUDY CHAPTER TH
Page 155 and 156:
among variables such as the support
Page 157 and 158:
• Checklist response • Rating a
Page 159 and 160:
• What are the roles of instituti
Page 161 and 162:
In each Region, a total of 20 SACCO
Page 163 and 164:
3.1.8: Data Processing The data res
Page 165 and 166:
3.1.12: Limitations • Difficult i
Page 167 and 168:
Those students who are to write a M
Page 169 and 170:
V. Generalizations and interpretati
Page 171 and 172:
The method of collecting Primary an
Page 173 and 174:
characteristics of participants, th
Page 175 and 176:
How? Through experiment approach /g
Page 177 and 178:
which the problem has got to be stu
Page 179 and 180:
4.1.2: Responses to Questionnaire.
Page 181 and 182:
Outreach and Savings Mobilization
Page 183 and 184:
iggest commercial city have more SA
Page 185 and 186:
small farmers are most likely to sa
Page 187 and 188:
15 TPB … 16 TGT … 17 IFAD-Mbeya
Page 189 and 190:
and bank balances which have been o
Page 191 and 192:
However, operating income per total
Page 193 and 194:
The Research Institutions in Tanzan
Page 195 and 196:
microfinance services in both rural
Page 197 and 198:
(xi) Do you inform SACCOs about you
Page 199 and 200:
• Provide modern facilities and i
Page 201 and 202:
validate this observation by asking
Page 203 and 204:
fact that their SACCOs serves all k
Page 205 and 206:
What is more disturbing than the fa
Page 207 and 208:
Year Real Private Disposable income
Page 209 and 210:
Year Real Private Income Received b
Page 211 and 212:
Model R R Squar e Adjusted R Square
Page 213 and 214:
213
Page 215 and 216:
215
Page 217 and 218:
CONCLUSION The performance of micro
Page 219 and 220:
5.14 Please list in the other impor
Page 221 and 222:
Bank and other institutions engagin
Page 223 and 224:
Table 18A: SITUATION FOR THE SACCOs
Page 225 and 226:
Table 19: SITUATION FOR THE AUDITED
Page 227 and 228:
(a) Specific Recommendations. The r
Page 229 and 230:
APPENDIX E: QUESTIONNAIRES USED TO
Page 231 and 232:
5.15 How have you been financing th
Page 233 and 234:
Real Pinco RGD Rate Real GV Inv Dum
Page 235 and 236:
In general, SACCOs in Tanzania have
Page 237 and 238:
Finally, governments in Sub-Saharan
Page 239 and 240:
5.3.11 If the answer to 10.0 is “
Page 241 and 242:
5.3: RECOMMENDATIONS OF THE STUDY (
Page 243 and 244:
REFERENCES: Ally M.Kimario, Marketi
Page 245:
Working paper number 466, IDS, Univ
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The role of informal microfinance institutions in saving

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