Title: Evolution of microfinance: a systematic literature analysis and future road map

Authors: Dnyaneshwar Gudadhe; Nisha Bharti

Addresses: Faculty of Management, Symbiosis International (Deemed to be University), Pune, India ' Symbiosis Institute of International Business, Symbiosis International (Deemed to be University), Pune, India

Abstract: This paper is an explicit work on two aspects of the microfinance industry, evolution and performance. For the study of microfinance evolution, a systematic study approach is followed using available literature from 1975 to 2020. For the review purpose, we have used EBSCO and Google Scholar for regular search, and Emerald Insight, Science Direct, and Web of Science for the preliminary review of the literature. For analysis and visualisation, we have used the VOS application for the review discussion. We found the evolution of microfinance is a widely studied subject in developed countries compared to other economies of the world. The study evidenced that there are various research gaps and challenges in the microfinance sector. We have developed a future road map for microfinance progression and the first time introducing 7S techniques of performance measurement.

Keywords: evolution; systematic review; performance; microfinance; microfinance institutions; MFIs; development; public finance.

DOI: 10.1504/GBER.2021.118208

Global Business and Economics Review, 2021 Vol.25 No.2, pp.115 - 132

Received: 12 Nov 2020
Accepted: 15 Mar 2021

Published online: 15 Oct 2021 *

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