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168 Mutengezanwa, M.; Gombarume, F.B.; Njanike, K.; Charikinya, A. It was found out that 80% of the respondents indicated that entrepreneurial training was successful as a measure of mitigating problems faced by MFIs. 70% of the respondents were of the opinion that the eradication of politically affiliated NGOs was successful in addressing the challenges faced by MFIs. Partnership of government, donors and the central bank with the service providers was considered a successful technique. 40% of the respondents sited financial deregulation as a measure to reduce the challenges faced by MFIs. 4.4. Products and services delivered by MFIs Respondents were requested to indicate the services and products they receive from MFIs. The products and services delivered by MFIs are an essential tool used in poverty alleviation among the poor rural communities. The table below shows their responses: Table 5. Products and Service delivery by MFIs Service description MFIs help people to: Agree (%) Not Sure (%) Disagree (%) Access loans and become productive 55 15 30 Create market linkages 60 30 10 Cooperate for the good of the economy 30 45 25 Fight poverty and improve living standards 80 5 15 A majority of the respondents (80%) indicated that the main service offered by MFIs is the fighting of poverty and improving the living standards of the people. 60% of the respondents indicated that the role of MFIs was to create market linkages whilst 55% were of the opinion that MFIs were in existence so as to enable people to access loans for productive purposes. 4.5. Socio- economic dimensions In evaluating the impact of MFIs a number of measures were used to indicate the economic and social well being of individuals in the community. Respondents were requested to indicate whether they had benefited from MFIs and the results obtained are shown in the table below: Table 6. Socio economic impact Dimension Agree (%) Not sure (%) Disagree (%) Improved social well being 80 10 10 Food availability 70 13 17 Access to education 60 20 20 Improved housing 60 10 30 Improved health 50 25 25
The Impact of Micro Finance Institutions on the Socio- Economic … 169 From the results obtained 80% agreed that funding they had received from MFIs had improved their social well being as they were now able to obtain decent food (70%), have access to education (60%) were living in better houses (60%) and were able to send the sick to the hospital (50%). Education and health services were now accessible to many people in society. 5. CONCLUSION This research concluded that MFIs bring sustainability through various ways with each technique having an impact on the socio economic well being of people. MFIs create organizations which are owned by people who cater for people’s needs. However the operations of MFIs are being interrupted by political unrest and insecurity. It was also discovered that financial aid meant for communities was not reaching the targeted beneficiaries as it was being diverted to other uses. A majority of the respondents hold the view that financial challenges emanate from political factors as a result of failing to create good international relations resulting in sanctions being imposed on a nation. Problems faced by MFIs could be mitigated through the use of techniques such as entrepreneurial training which equips the public with adequate business knowledge. There was also need for unity of purpose among donors, governments the central bank and service providers to reduce the problems faced by MFIs. The major services provided by MFIs as confirmed by the respondents were revealed to be the fighting of poverty to improve living standards of people. MFIs are regarded as an essential tool that help people access loans and become productive. These MFIs assist micro entrepreneurs to fund their project especially those who cannot access loans from traditional banks and thus beneficiaries indicated that MFIs have a positive impact on the socio economic lives of people. REFERENCES: [1]. Adams, D.W.; Graham, D. (1984) Undermining Rural Development with Cheap credit, West View Press [2]. Almeyda, G.; Branch, B. (1998) Micro Finance in Guatemala: The case of Credit Unions, World of Credit Unions Research Monograph Series, No.13, Madison, W1: World Council Information Centre [3]. Chista, R.P.; Posenburg, R.; Jayadeva, V. (2004) Financial Institutions with a double bottom line, Implications for the future of micro finance, CGAP, Occasional Paper, July, pp.2-3 [4]. Fisher, T.; Sriram, M.S.; Harper, M.; Kanikar, A.; Sinha, F.; Sinha, S.; Titus, M. (2002) Beyond Micro Credit: Putting Development back into Micro Finance, New Delhi Oxford, Oxfam/New Economics Foundations/ Vista Publications [5]. Hulme, D.; Mosley, P. (1996) Finance against Poverty, Vol.1, London, Routledge [6]. Johnson, S.; Rogaly, B. (1999) Micro finance and Poverty Reduction, Oxfam [7]. Karlan, D.S.; Valdivia, M. (2011) Review of Economics and Statistics, Vol.93, pp.510-527 [8]. Ledgerwood, J. (1999) Micro Finance Handbook: An Institutional and Financial Perspective, The sustainable banking with the poor project, Washington DC, World Bank
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annals of the university of petroÅani â¼ economics â¼ vol. xi - part i ...