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The Research Proposal RUNNING HEADER: Pakistan Microfinance Sector Growth Rate THE CONSTRAINTS TO THE DEVELOPMENT OF MICROFINANCE SECTOR IN PAKISTAN By AYESHA MAJID 14U00520 A Thesis Submitted to the Faculty of the Lahore School of Economics in Partial Fulfilment of the Requirement for Bachelors of Science Degree in Double Majors Accounting and Finance Lahore School of Economics Burki Campus, Lahore 2018 PAKISTAN MICROFINANCE SECTOR GROWTH RATE ii DECLARATION This thesis contains no material which has been accepted for the award to the candidate of any degree or diploma, in any university or other institution. To the best of my knowledge the thesis contains no material previously published or written by another person, except where the references is made in the text of the thesis. ________________________ Ayesha Majid PAKISTAN MICROFINANCE SECTOR GROWTH RATE iii CERTIFICATION OF APPROVAL I certify that I have thesis “The constraints to the development of microfinance sector in Pakistan” by, Ayesha Majid d/o Col. Majid Hamid own effort and composition. In my opinion this work meets the criteria for approving a thesis submitted in partial fulfilment of the requirements of the Bachelors of Science Degree of Double Majors in Accounting and Finance at the Lahore School of Economics. ____________________________ Thesis Supervisor: Anum Ellahi Lahore School of Economics, 2018 PAKISTAN MICROFINANCE SECTOR GROWTH RATE iv THE CONSTRAINTS TO THE DEVELOPMENT OF MICROFINANCE SECTOR IN PAKISTAN ABSTRACT Despite the socio-economic importance that development economists are now attributing to Microfinance, it remains generally under developed in Pakistan. Microfinance is provision of financial services to people who do not receive service by traditional formal financial institutions vis-à-vis Banking and Non-Banking Financial Institutions. The services include Credit, Savings, and Insurance etc. The Growth rate of Pakistan’s Microfinance Sector is not as high as expected. The anticipation was rise in sector growth once it enters the growth stage from the introductory stage but this has failed to happen. The paper aims to look at the reasons because of which the formal sector has growth rate lower then what international agencies like ADB and the federal government expected. For this 10-year data of the sector has been analysed from start of growth period in 2007 to 2016. The main constraints faced by the sector are access, sustainability, innovation, efficiency and risk management. This study examines the current environment of financial market in Pakistan against the contextual history of sustained fundamental limitations that refrain the sector’s growth. Keywords: deposit mobilization, government subsidization, microcredit, microlending, small enterprises, outreach, credit appraisal, financial self sufficiency PAKISTAN MICROFINANCE SECTOR GROWTH RATE v ACKNOWLEDGEMENT Initially, I would appreciate the contribution of my thesis advisor Ms. Anum Ellahi at Lahore School of Economics who guided me in the right direction whenever the need arose while constantly allowing this paper to be my own work. I am also grateful to all the experts who were engaged in the survey for this research project. Specially Mr. Sono Khangharani, Amjad Saqib, Irfan Memon, M. Khalid Khan Anwar, and Arafat Majeed for taking out time from their busy schedule and participating in my survey. I greatly express my gratitude to everyone who supported me throughout the module of this thesis. Especially for their aspiring guidance, invaluable criticism and constructive advice. I am sincerely grateful to them for sharing their truthful and illuminating views on a number of questions related to the subject. Finally, I must express my very profound gratitude to my parents for providing me with enduring support and encouragement throughout my academic career and through the process of researching and writing this thesis. This accomplishment would not have been possible without them. Thank you Ayesha Majid PAKISTAN MICROFINANCE SECTOR GROWTH RATE vi ABBREVIATION Ellipses Name CRM Credit risk Management System DFI Development Finance Institution DI Depository Institutions FSS Financial Self Sufficiency GDP Gross Domestic Product IMFI Islamic Microfinance Institutions MFB Microfinance Bank MFI Microfinance Institutions MF-NGO Microfinance Non‐governmental organization MFP Microfinance Providers MF-SP Microfinance Support Programs MSME Micro‐, small‐ and medium‐sized enterprise NGO Non‐governmental organization PMN Pakistan Microfinance Network RSP Rural Support Programs SBP State Bank of Pakistan SECP Securities and Exchange Commission of Pakistan SME Small‐ and medium‐sized enterprise PAKISTAN MICROFINANCE SECTOR GROWTH RATE vii TABLE OF CONTENTS DECLARATION ...................................................................................................................... II CERTIFICATION OF APPROVAL ....................................................................................... III ABSTRACT ............................................................................................................................. IV ACKNOWLEDGEMENT ........................................................................................................ V ABBREVIATION.................................................................................................................... VI TABLE OF CONTENTS ....................................................................................................... VII 1. INTRODUCTION ............................................................................................................. 1 1.1 History and Evolution of Microfinance Service ............................................................................ 2 1.2 Background and Context ............................................................................................................... 3 1.3 Current Scenario ............................................................................................................................ 5 1.4 Problem Statement ....................................................................................................................... 10 1.5 Objectives and Aims .................................................................................................................... 10 2. LITERATURE REVIEW ................................................................................................ 11 3. METHODOLOGY & THEORETICAL FRAMEWORK ............................................... 21 3.1 Methodology ................................................................................................................................ 21 3.2 Variables ...................................................................................................................................... 21 3.3 Research Design .......................................................................................................................... 24 3.4 Data Collection & Related Procedures ........................................................................................ 27 3.5 Research Method ......................................................................................................................... 27 4. ESTIMATION, ANALYSIS AND CONCLUSION ....................................................... 29 4.1 Estimated Results ........................................................................................................................ 29 4.2 Findings and Analysis of Findings .............................................................................................. 30 4.3 Results ......................................................................................................................................... 34 4.4 Synopsis ....................................................................................................................................... 35 4.4 Conclusion ................................................................................................................................... 36 PAKISTAN MICROFINANCE SECTOR GROWTH RATE viii 4.5 Policy Guidelines and Policy Recommendations ........................................................................ 39 4.6 Limitations of the Study ............................................................................................................. 40 REFERENCES ........................................................................................................................ 41 TABLE OF FIGURES ............................................................................................................. 45 APPENDIX 1 ........................................................................................................................... 46 APPENDIX 2 ........................................................................................................................... 48 APPENDIX 3 ........................................................................................................................... 51 APPENDIX 4 ........................................................................................................................... 56 Summary Table .................................................................................................................................. 59 PAKISTAN MICROFINANCE SECTOR GROWTH RATE 1 1. INTRODUCTION The term Microfinance, also called Microcredit, is a category of Banking Service, provided to low-income or unemployed individuals
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