| Article Details : |
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| | | Article Name : | | | Institutional Entrepreneurship in Ghana’s Informal
Microfinance Institutions | | Author Name : | | | CHARLES HACKMAN K. ESSEL1
MIN WANG2
EDWINA OHENEASI ESSEL3
LYDIA ASARE-KYIRE4
DENNIS FIIFI DARKO5
| | Publisher : | | | Bridge Center | | Article URL : |  | | | Abstract : | | | This paper demonstrates how Microfinance institutions (MFIs)
in Ghana have acted as institutional entrepreneurs in the in bringing
change in the financial industry. Based on a qualitative case study
(spanning January – June, 2016) of selected MFIs operating in 3
regions (Greater Accra, Eastern and Ashanti) of Ghana we follow a
non-participant observation method at the community levels where
customers and key informant interviews were conducted. We analysed
the secondary data regarding the study. Our findings revealed that majority of the stakeholders embraced and transacted business with
the MFIs especially in the rural and sub-urban settlements than in the
urbanized areas. Key community or social stakeholders were engaged
as part of the community entry strategy at the initial stages to gain
legitimacy and acceptance. Customers are essential part of
product/service design, implementation phases by the MFIs. The
alternative use of group security in place of the traditional collateral to
secure loans emphasized the relationship and trust among the players.
The MFI practice as institutional entrepreneurs has diffused into the
mainstream financial players and is evidenced in the adoption of MFI
portfolios, inversely, the technological and processes within the
traditional players have gained prominence in the practices of most
MFIs giving it a two-dimensional interplay. These findings show how
innovative MFIs have emerged to fill the demand gap created within
the scope of the financial institutions logic leading to its legitimacy in
Ghana. | | Keywords : | | | Microfinance Institutions, Institutions, Institutional
Entrepreneurs, Legitimacy, Ghana |
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