L’efficience technique des institutions de microfinance en zone UEMOA

The aim of this article is to analyze the efficiency of microfinance institutions (MFIs) in the WAEMU area. The analysis is based on a two-stage DEA approach. In the first step, the efficiency of MFIs is estimated, by performing a VRS model (variable returns of scale) with input orientation. A total of six efficiency models are estimated, three of which relate to financial efficiency and three to social efficiency. The efficiency scores obtained in this first step are regressed in the second step on a set of environmental variables by following Simar and Wilson?s bootstrap truncated procedure [2007], which is more robust than the conventional approaches based on a tobit regression. The results of the first stage show that the MFIs in the WAEMU area are not very efficient. Inefficiency is both technical and of scale, but it is more likely to be explained by a poor technical combination of resources. It is more palpable socially than financially. The results of the post-dea estimate show that economic profitability is an essential determinant of financial and social efficiency. The MFIs that are most profitable economically are the most socially and financially efficient. The largest and oldest MFIs are also the least efficient at the social level. Similarly, MFIs with a non-commercial profile are the most efficient from the social point of view. However, the results show that environmental variables often have an impact that varies according to the type of model specified.