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Is it time to regulate microfinance?

Author

Listed:
  • Fakhruddin Ahmed

    (Former Chief Adviser (Head of Government) of the Caretaker Government of the People’s Republic of Bangladesh (2007–2009))

  • Brad Brown

    (McIntire School of Commerce University of Virginia, Rouss Robertson Hall Charlottesville, VA 22901)

  • Susan Perry Williams

    (McIntire School of Commerce University of Virginia, Rouss Robertson Hall Charlottesville, VA 22901)

Abstract

In this article we suggest a new future for microfinance institutions (MFIs). In order to better serve the needs of the poor, we propose government regulation, improved organizational governance and business models for MFIs. With a strict definition of ‘microfinance’, true microfinance can be properly distinguished from other forms of financial activities. With adequate regulation and supervision, MFIs can take deposits from the poor thus providing a valuable service while obtaining money to lend. We propose that MFIs meet a strict definition and then be regulated and monitored to protect borrowers, which will also help to legitimize the microfinance industry.

Suggested Citation

  • Fakhruddin Ahmed & Brad Brown & Susan Perry Williams, 2013. "Is it time to regulate microfinance?," Progress in Development Studies, , vol. 13(3), pages 209-220, July.
    • Handle: RePEc:sae:prodev:v:13:y:2013:i:3:p:209-220
    DOI: 10.1177/1464993413486546
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