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Risk Management in Microfinance: Identities, Perceptions, Behaviours and Interests of Microfinance Stakeholders in Plateau State, Nigeria

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Risk Management in Microfinance: Identities, Perceptions, Behaviours and Interests of Microfinance Stakeholders in Plateau State, Nigeria RISK MANAGEMENT IN MICROFINANCE: IDENTITIES, PERCEPTIONS, BEHAVIOURS AND INTERESTS OF MICROFINANCE STAKEHOLDERS IN PLATEAU STATE, NIGERIA VICTORIA VOELWOEN DANAAN PhD. THESIS 2018 Risk Management in Microfinance: Identities, Perceptions, Behaviours and Interests of Microfinance Stakeholders in Plateau State, Nigeria Victoria Voelwoen Danaan Community Finance Solutions Research and Development Unit, School of Arts and Media, University of Salford, Manchester, United Kingdom Submitted in Partial Fulfilment of the Requirements of the Degree of Doctor of Philosophy, December 2018 Table of Contents Acknowledgements .................................................................................................................................. i List of Acronyms ................................................................................................................................... iii Abstract .................................................................................................................................................. iv Chapter One: Introduction ...................................................................................................................... 1 1.0: Background of the Study ............................................................................................................. 1 1.1: Justification for the Study ............................................................................................................ 6 1.2: Statement of the Problem ............................................................................................................. 7 1.3: Research Focus and Objectives ................................................................................................. 13 1.4: Research Questions .................................................................................................................... 14 1.5: An Overview of Plateau State, Nigeria: Exploring the Research Setting ................................. 14 1.6: Structure of the Thesis .............................................................................................................. 16 1.7: Conclusion ................................................................................................................................. 18 Chapter Two: Theoretical Framework of Study ................................................................................... 20 2.0: Introduction ................................................................................................................................ 20 2.2: The Philosophy of Risk: Objective and Subjective Risk ........................................................... 23 2.3: The Concept of Risk in History ................................................................................................. 25 2.4: Risk and Uncertainty ................................................................................................................. 27 2.5: The Social Theories of Risk: A Theoretical Framework ........................................................... 28 2.5.1: Risk Society ........................................................................................................................ 29 2.5.2: Governmentality ................................................................................................................. 31 2.5.3: Systems Theory ................................................................................................................... 32 2.5.4: Edgework Theory................................................................................................................ 34 2.5.5: Cultural Theory ................................................................................................................... 34 2.6: The Process of Risk Interpretation: The Complexities of Measurement ................................... 35 2.7: Stakeholder Theory ................................................................................................................... 37 2.8: Conclusion ................................................................................................................................. 40 Chapter Three: Microfinance ................................................................................................................ 41 3.0: An Introduction .......................................................................................................................... 41 3.1: A Conceptual framework of Microfinance ................................................................................ 41 3.2: The Emergence of Microfinance as a Financial Innovation ...................................................... 43 3.3: The Modernity of Microfinance................................................................................................. 45 3.4: Sustainability Vs Outreach ......................................................................................................... 51 3.5: Microfinance Profile of Nigeria: Prospects and Challenges ...................................................... 56 3.6: Conclusion .................................................................................................................................. 60 Chapter Four: Risks and Risk Management in Microfinance ............................................................... 62 4.0: Introduction ................................................................................................................................ 62 4.1: Nature of Risks Confronting MFI .............................................................................................. 62 4.1.1: Financial Risks .................................................................................................................... 64 4.1.2: Operational Risks ................................................................................................................ 69 4.1.3: Strategic Risks ................................................................................................................... 72 4.2: The Processes and Practices of Risk Management in Microfinance .......................................... 75 4.3: Risk Management Practices in Microfinance ............................................................................ 80 4.4: Microfinance Regulation .......................................................................................................... 82 4.5: Conclusion ................................................................................................................................. 88 Chapter Five: Research Methodology................................................................................................... 89 5.0: Introduction ................................................................................................................................ 89 5.1: Research Philosophy .................................................................................................................. 89 5.2: Research Approach .................................................................................................................... 90 5.3: Research Design: Case Study .................................................................................................... 91 5.3.1: Selection of Cases ............................................................................................................... 92 5.3.2: Participants Recruitment and Gatekeepers ......................................................................... 94 5.4: Research Methods ...................................................................................................................... 96 5.4.1: Data Collection ................................................................................................................... 96 5.4.2: Data Analysis .................................................................................................................... 101 5.4.3: Validation, Generalizability, Transferability and Reflexivity ........................................... 108 5.5: Research Ethics ........................................................................................................................ 110 5.5.1: Data Protection and Management ..................................................................................... 111 5.5.2: Gaining Informed Consent, Anonymity and Non-Covert Approach ................................ 112 5.5.3: Language Barrier .............................................................................................................. 113 5.5.4: Exigency Plan ................................................................................................................... 114 5.5.5: Exiting the Field ................................................................................................................ 114 5.6: Conclusion ............................................................................................................................... 115 Chapter Six: Understanding the Perception of Risks by Stakeholders in Microfinance ..................... 116 6.0: Introduction .............................................................................................................................. 116 6.1: Financial Risks ......................................................................................................................... 116 6.1.1: Unforeseen Eventualities/Structural Factors
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