Microfinance as an Enterprise: Its Practices, Opportunities and Challenges

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@article{1706179,
      author = {Gina L. Batayola, Dr. Erly M. Martir},
      title = {Microfinance as an Enterprise: Its Practices, Opportunities and Challenges},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {8},
      number = {2},
      pages = {618-661},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706179.pdf},
      abstract = {This study explored the practices, opportunities, and challenges of microfinance enterprises in the Province of Iloilo, Philippines for 2023. Data was collected from microfinance managers and employees across Iloilo through purposive sampling. The findings revealed a youthful, predominantly female workforce with high educational attainment, mainly in rank-and-file positions. Microfinance practices were highly regarded across demographics, with significant differences noted based on age, civil status, educational attainment, and professional positions. Opportunities were perceived positively, especially by younger respondents, while challenges were more pronounced among those with higher education and managerial roles. Statistical analyses highlighted significant demographic variations in microfinance practices, opportunities, and challenges, with strong positive correlations among these aspects. The study concludes that addressing specific challenges and capitalizing on opportunities through targeted strategies is essential for the sustained success of microfinance enterprises. To enhance microfinance in Iloilo, stakeholders and policymakers should develop targeted training programs, promote diversity and inclusion, and design support mechanisms for specific challenges. Continuous monitoring and evaluation should be implemented to adapt strategies. Encouraging collaboration among institutions and professionals, advocating for flexible policies, and allocating funding for research and innovation are also crucial. Extending educational outreach programs to promote awareness and establishing networking platforms for knowledge-sharing can further enhance the sector. Finally, integrating adaptive technologies is essential to improve efficiency and resilience in microfinance operations. These actions will provide practical guidance for informed decisions and interventions in the evolving microfinance landscape.},
      keywords = {Practices, Opportunities, Challenges, Microfinance},
      month = {August},
  }