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An Investigation Into the State of Microfinance in Benin (2005)

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  1. Introduction
  2. Benin?An Overview
  3. Benin's Economy
  4. Benin's Economy at a Glance
  5. Microfinance In Benin
  6. The Need for Microfinance in Benin
  7. Demand for Microfinance (billions CFA)
  8. Microfinance Institutions in Benin
    1. General Overview
    2. Overview of Current Microfinance Institutions in Benin
  10. C2000
  11. Credit Only Institutions
  12. Non-profit NGOs
  13. Conclusion

Research on the economic and social development of countries in Africa demonstrates that there are a host of issues that must be addressed in the context of improving daily economic conditions for individual citizens. While some of these issues have been addressed by government agencies and through foreign direct investment, many scholars have observed that microfinance, while a viable means for individual economic development, has not been widely established as a means to promote economic development and growth in many countries. As such, at the present time, microfinance is being underutilized in the efforts that have been initiated to improve the economic conditions that exist in developing nations. With the realization that microfinance has been widely underutilized for improving the economies of developing nations, there is a clear impetus to examine the potential for microfinance to improve economic outcomes for individuals living in developing parts of the world. Using this as a basis for investigation, this research considers the current state of microfinance in Benin, Africa. This investigation starts with a broad overview of the current economic conditions that exist in Benin, followed by an examination of the current microfinance structures that have been initiated in the country.

[...] Although the organization is relatively young in terms of the long history that has been developed under FECECAM, it is clear that CMMB has been established for the true purposes of creating a mutualist environment for all citizens to take an active role in the process of banking. According to information published about the organization, CMMB was established as follows: Confronting the difficulties of accessing credit from commercial banks, workers in the tourism industry (drink vendors, restaurant and hotel workers) organized themselves to form the CMMB in the interest of promoting mutualist principles and in the spirit of taking initiative and allowing members to access credit at a lower cost? (CMMB, 2005). [...]

[...] Conclusion A critical review of the microfinance institutions that have been established in Benin demonstrate considerable growth in this industry overall. Most of the microfinance institutions examined above continue to show considerable growth, especially in the area of providing loans. Despite the fact that microfinance institutions in Benin have witnessed considerable growth in recent years, it is quite evident that these organizations are not large enough to provide service to the more than 5 million rural poor living in Benin. [...]

[...] In an effort to revitalize and rebuild the banking sector, the government of Benin made the decision to withdraw from the management of banking institutions and to create a mutualist banking organization that provided for the needs of the rural poor. Mosele argues that the new banking sector developed by the government focused on: decentralization and empowerment of local members in managing (as well as owning) local cooperative banks; individual as well as group membership; security and financial discipline; and deposit-taking from the general public (Financing the rural poor). [...]

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