With 13 microfinance institutions (MFIs) operating in Lebanon the sector is witnessing limited growth. This article aims to determine the reasons behind such limited growth using a survey method to rank and prioritize factors affecting growth and profitability, followed by suggested solutions. The results have shown that, in fact, several factors are hindering MFI growth. “Increased competition” and “legislation and regulatory framework” rank highest, followed by lack of capital to lend to clients. Building awareness and better and stronger regulation rank highest among the suggested solutions. We believe that such results have important implications for policy makers and practitioners alike.

Aboagye, A.Q. and Otieku, J. (2010) ‘Are Ghanaian MFIs’ performance associated with corporate governance?’ Corporate Governance: The International Journal of Business in Society 10(3): 307–20 <https://doi.org/10.1108/14720701011051938>.

Amha, W. (2004) ‘Managing growth of microfinance institutions (MFIs): balancing sustainability and reaching large number of clients in Ethiopia’, Ethiopian Journal of Economics 13(2): 61–101.

Assefa, E., Hermes, N. and Meesters, A. (2013) ‘Competition and the performance of microfinance institutions’, Applied Financial Economics 23(9): 767–82 <https://doi.org/10.1080/09603107.2012.754541>.

Bankmed (2017) ‘Financial reports’ [online], <https://www.bankmed.com.lb/content/news/detail.aspx?subsid=268&cid=98> [accessed 10 July 2019].

Batchelor, P.G. (1993) People in Rural Development, Carlisle, UK: The Paternoster Press.

Bayai, I. and Ikhide, S. (2016) ‘Life cycle theory and financial sustainability of selected SADC microfinance institutions (MFIs)’, The Journal of Developing Areas 50(6): 121–32.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, Review of Economics and Statistics 94(4): 1045–58 <https://doi.org/10.1162/REST_a_00223>.

Calderone, M., Fiala, N., Mulaj, F., Sadhu, S. and Sarr, L. (2018) ‘Financial education and savings behavior: evidence from a randomized experiment among low-income clients of branchless banking in India’, Economic Development and Cultural Change 66(4): 793–825 <https://doi.org/10.1086/697413>.

Carifio, J. and Perla, R. (2008) ‘Resolving the 50-year debate around using and misusing Likert scales’, Medical Education 42(12): 1150–2 <https://doi.org/10.1111/j.1365-2923.2008.03172.x>.

Chambo, S. (2004) ‘The future of rural finance in Tanzania: the role of SACCOs in rural Tanzania’, paper delivered at the Third Annual National Conference on Microfinance, Arusha, 15–17 March 2004.

Chao-Beroff, R., Cao, T.H.H., Vandenbroucke, J.P., Musinga, M., Tiaro, E. and Mutesasira, L. (2000) A Comparative Analysis of Member-based Microfinance Institutions in East and West Africa, Nairobi, Kenya: MicroSave.

Crabb, P. (2008) ‘Economic freedom and the success of microfinance institutions’, Journal of Developmental Entrepreneurship 13(02): 205–19 <https://doi.org/10.1142/S1084946708000934>.

Executive Magazine (2018) ‘Keeping Lebanese wealth alive’ [online] <http://www.executive-magazine.com/special-report/keeping-lebanese-wealth-alive> [accessed 10 March 2019].

Faisal Ahammad, M., Mook Lee, S., Malul, M. and Shoham, A. (2015) ‘Behavioral ambidexterity: the impact of incentive schemes on productivity, motivation, and performance of employees in commercial banks’, Human Resource Management 54(S1): s45–s62 <https://doi.org/10.1002/hrm.21668>.

Financial Sector Assessment Program (2016) Financial Sector Assessment: Lebanon, Joint Report of the International Monetary Fund and the World Bank [online] <http://documents.worldbank.org/curated/en/260481485486059075/Lebanon-Financial-Sector-Assessment> [accessed 15 March 2019].

Hartarska, V. and Nadolnyak, D. (2007) ‘Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence’, Applied Economics 39(10): 1207–22 <https://doi.org/10.1080/00036840500461840>.

Hassan, A. and Mollah, S. (2018) ‘Small solutions: poverty alleviation through Islamic microfinance’, in Islamic Finance, pp. 149–82, Palgrave Macmillan, Cham.

Le Borgne, E. and Jacobs, T. (2016) Lebanon Promoting Poverty Reduction and Shared Prosperity, Washington, DC: World Bank.

Liñares-Zegarra, J. and Wilson, J.O. (2018) ‘The size and growth of microfinance institutions’, The British Accounting Review 50(2): 199–213 <https://doi.org/10.1016/j.bar.2017.11.006>.

McIntosh, C., De Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <https://doi.org/10.1111/j.1468-0297.2005.01028.x>.

Metcalfe, B. (2002) Strategic and Emerging Issues in South African Banking: 2002 Edition, South Africa: PricewaterhouseCoopers.

Mukama, J., Fish, T. and Volschenk, J. (2005) ‘Problems affecting the growth of microfinance institutions in Tanzania’, African Finance Journal 7(2): 42–63.

Norman, G. (2010) ‘Likert scales, levels of measurement and the “laws” of statistics’, Advances in Health Sciences Education 15(5): 625–32.

Ogbonnaya, C., Daniels, K. and Nielsen, K. (2017) ‘Does contingent pay encourage positive employee attitudes and intensify work?’ Human Resource Management Journal 27(1): 94–112 <https://doi.org/10.1111/1748-8583.12130>.

Ramezanali, M. and Assadi, D. (2018) ‘Does microfinance reduce poverty? The case of Brazil’, International Journal of Trade, Economics and Finance 9(2): 60–5 <https://doi.org/10.18178/ijtef.2018.9.2.589>.

Saeed, M.S. (2014) ‘Microfinance activities and factors affecting the growth of microfinance in developed & developing countries’, International Finance and Banking 1(1): 39.

SANAD Fund and CGAP (2017) Are Microfinance Borrowers in Lebanon Over-Indebted? [pdf] <http://www.findevgateway.org/sites/default/files/publication_files/sanad-cgap-lebanon-indebtedness_study-20180208_dis.pdf> [accessed 10 March 2019].

Souza, L.L.F., Bassi, F. and Ferreira de Freitas, A.A. (2019) ‘Multilevel latent class modeling to segment the microfinance market’, International Journal of Bank Marketing 37(5): 1103–18 <https://doi.org/10.1108/IJBM-05-2018-0132>.

Sullivan, G.M. and Artino Jr, A.R. (2013) ‘Analyzing and interpreting data from Likert-type scales’, Journal of Graduate Medical Education 5(4): 541–2 <https://doi.org/10.4300/JGME-5-4-18>.

Tchakoute-Tchuigoua, H. (2010) ‘Is there a difference in performance by the legal status of microfinance institutions?’ The Quarterly Review of Economics and Finance 50(4): 436–42 <https://doi.org/10.1016/j.qref.2010.07.003>.

The Daily Star (2018) ‘Unemployment due to “picky” job-hunters: Aoun’ [online], 29 March 2018 <http://www.dailystar.com.lb/News/Lebanon-News/2018/Mar-29/443558-unemployment-due-to-picky-job-hunters-aoun.ashx> [accessed 8 December 2018].

United Nations Development Programme (2016) Briefing Note for Countries on the 2016 Human Development Report Lebanon, New York: UNDP.

World Bank (2017) ‘The World Bank in Lebanon’<http://www.worldbank.org/en/country/lebanon> [accessed 8 December 2018].

World Bank (2018) Lebanon Economic Monitor: De-Risking Lebanon [online] <http://documents.worldbank.org/curated/en/615661540832875043/Lebanon-Economic-Monitor-De-Risking-Lebanon> [accessed 4 February 2019].

Aboagye, A.Q. and Otieku, J. (2010) ‘Are Ghanaian MFIs’ performance associated with corporate governance?’ Corporate Governance: The International Journal of Business in Society 10(3): 307–20 <https://doi.org/10.1108/14720701011051938>.

Amha, W. (2004) ‘Managing growth of microfinance institutions (MFIs): balancing sustainability and reaching large number of clients in Ethiopia’, Ethiopian Journal of Economics 13(2): 61–101.

Assefa, E., Hermes, N. and Meesters, A. (2013) ‘Competition and the performance of microfinance institutions’, Applied Financial Economics 23(9): 767–82 <https://doi.org/10.1080/09603107.2012.754541>.

Bankmed (2017) ‘Financial reports’ [online], <https://www.bankmed.com.lb/content/news/detail.aspx?subsid=268&cid=98> [accessed 10 July 2019].

Batchelor, P.G. (1993) People in Rural Development, Carlisle, UK: The Paternoster Press.

Bayai, I. and Ikhide, S. (2016) ‘Life cycle theory and financial sustainability of selected SADC microfinance institutions (MFIs)’, The Journal of Developing Areas 50(6): 121–32.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, Review of Economics and Statistics 94(4): 1045–58 <https://doi.org/10.1162/REST_a_00223>.

Calderone, M., Fiala, N., Mulaj, F., Sadhu, S. and Sarr, L. (2018) ‘Financial education and savings behavior: evidence from a randomized experiment among low-income clients of branchless banking in India’, Economic Development and Cultural Change 66(4): 793–825 <https://doi.org/10.1086/697413>.

Carifio, J. and Perla, R. (2008) ‘Resolving the 50-year debate around using and misusing Likert scales’, Medical Education 42(12): 1150–2 <https://doi.org/10.1111/j.1365-2923.2008.03172.x>.

Chambo, S. (2004) ‘The future of rural finance in Tanzania: the role of SACCOs in rural Tanzania’, paper delivered at the Third Annual National Conference on Microfinance, Arusha, 15–17 March 2004.

Chao-Beroff, R., Cao, T.H.H., Vandenbroucke, J.P., Musinga, M., Tiaro, E. and Mutesasira, L. (2000) A Comparative Analysis of Member-based Microfinance Institutions in East and West Africa, Nairobi, Kenya: MicroSave.

Crabb, P. (2008) ‘Economic freedom and the success of microfinance institutions’, Journal of Developmental Entrepreneurship 13(02): 205–19 <https://doi.org/10.1142/S1084946708000934>.

Executive Magazine (2018) ‘Keeping Lebanese wealth alive’ [online] <http://www.executive-magazine.com/special-report/keeping-lebanese-wealth-alive> [accessed 10 March 2019].

Faisal Ahammad, M., Mook Lee, S., Malul, M. and Shoham, A. (2015) ‘Behavioral ambidexterity: the impact of incentive schemes on productivity, motivation, and performance of employees in commercial banks’, Human Resource Management 54(S1): s45–s62 <https://doi.org/10.1002/hrm.21668>.

Financial Sector Assessment Program (2016) Financial Sector Assessment: Lebanon, Joint Report of the International Monetary Fund and the World Bank [online] <http://documents.worldbank.org/curated/en/260481485486059075/Lebanon-Financial-Sector-Assessment> [accessed 15 March 2019].

Hartarska, V. and Nadolnyak, D. (2007) ‘Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence’, Applied Economics 39(10): 1207–22 <https://doi.org/10.1080/00036840500461840>.

Hassan, A. and Mollah, S. (2018) ‘Small solutions: poverty alleviation through Islamic microfinance’, in Islamic Finance, pp. 149–82, Palgrave Macmillan, Cham.

Le Borgne, E. and Jacobs, T. (2016) Lebanon Promoting Poverty Reduction and Shared Prosperity, Washington, DC: World Bank.

Liñares-Zegarra, J. and Wilson, J.O. (2018) ‘The size and growth of microfinance institutions’, The British Accounting Review 50(2): 199–213 <https://doi.org/10.1016/j.bar.2017.11.006>.

McIntosh, C., De Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <https://doi.org/10.1111/j.1468-0297.2005.01028.x>.

Metcalfe, B. (2002) Strategic and Emerging Issues in South African Banking: 2002 Edition, South Africa: PricewaterhouseCoopers.

Mukama, J., Fish, T. and Volschenk, J. (2005) ‘Problems affecting the growth of microfinance institutions in Tanzania’, African Finance Journal 7(2): 42–63.

Norman, G. (2010) ‘Likert scales, levels of measurement and the “laws” of statistics’, Advances in Health Sciences Education 15(5): 625–32.

Ogbonnaya, C., Daniels, K. and Nielsen, K. (2017) ‘Does contingent pay encourage positive employee attitudes and intensify work?’ Human Resource Management Journal 27(1): 94–112 <https://doi.org/10.1111/1748-8583.12130>.

Ramezanali, M. and Assadi, D. (2018) ‘Does microfinance reduce poverty? The case of Brazil’, International Journal of Trade, Economics and Finance 9(2): 60–5 <https://doi.org/10.18178/ijtef.2018.9.2.589>.

Saeed, M.S. (2014) ‘Microfinance activities and factors affecting the growth of microfinance in developed & developing countries’, International Finance and Banking 1(1): 39.

SANAD Fund and CGAP (2017) Are Microfinance Borrowers in Lebanon Over-Indebted? [pdf] <http://www.findevgateway.org/sites/default/files/publication_files/sanad-cgap-lebanon-indebtedness_study-20180208_dis.pdf> [accessed 10 March 2019].

Souza, L.L.F., Bassi, F. and Ferreira de Freitas, A.A. (2019) ‘Multilevel latent class modeling to segment the microfinance market’, International Journal of Bank Marketing 37(5): 1103–18 <https://doi.org/10.1108/IJBM-05-2018-0132>.

Sullivan, G.M. and Artino Jr, A.R. (2013) ‘Analyzing and interpreting data from Likert-type scales’, Journal of Graduate Medical Education 5(4): 541–2 <https://doi.org/10.4300/JGME-5-4-18>.

Tchakoute-Tchuigoua, H. (2010) ‘Is there a difference in performance by the legal status of microfinance institutions?’ The Quarterly Review of Economics and Finance 50(4): 436–42 <https://doi.org/10.1016/j.qref.2010.07.003>.

The Daily Star (2018) ‘Unemployment due to “picky” job-hunters: Aoun’ [online], 29 March 2018 <http://www.dailystar.com.lb/News/Lebanon-News/2018/Mar-29/443558-unemployment-due-to-picky-job-hunters-aoun.ashx> [accessed 8 December 2018].

United Nations Development Programme (2016) Briefing Note for Countries on the 2016 Human Development Report Lebanon, New York: UNDP.

World Bank (2017) ‘The World Bank in Lebanon’<http://www.worldbank.org/en/country/lebanon> [accessed 8 December 2018].

World Bank (2018) Lebanon Economic Monitor: De-Risking Lebanon [online] <http://documents.worldbank.org/curated/en/615661540832875043/Lebanon-Economic-Monitor-De-Risking-Lebanon> [accessed 4 February 2019].

Aboagye, A.Q. and Otieku, J. (2010) ‘Are Ghanaian MFIs’ performance associated with corporate governance?’ Corporate Governance: The International Journal of Business in Society 10(3): 307–20 <https://doi.org/10.1108/14720701011051938>.

Amha, W. (2004) ‘Managing growth of microfinance institutions (MFIs): balancing sustainability and reaching large number of clients in Ethiopia’, Ethiopian Journal of Economics 13(2): 61–101.

Assefa, E., Hermes, N. and Meesters, A. (2013) ‘Competition and the performance of microfinance institutions’, Applied Financial Economics 23(9): 767–82 <https://doi.org/10.1080/09603107.2012.754541>.

Bankmed (2017) ‘Financial reports’ [online], <https://www.bankmed.com.lb/content/news/detail.aspx?subsid=268&cid=98> [accessed 10 July 2019].

Batchelor, P.G. (1993) People in Rural Development, Carlisle, UK: The Paternoster Press.

Bayai, I. and Ikhide, S. (2016) ‘Life cycle theory and financial sustainability of selected SADC microfinance institutions (MFIs)’, The Journal of Developing Areas 50(6): 121–32.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, Review of Economics and Statistics 94(4): 1045–58 <https://doi.org/10.1162/REST_a_00223>.

Calderone, M., Fiala, N., Mulaj, F., Sadhu, S. and Sarr, L. (2018) ‘Financial education and savings behavior: evidence from a randomized experiment among low-income clients of branchless banking in India’, Economic Development and Cultural Change 66(4): 793–825 <https://doi.org/10.1086/697413>.

Carifio, J. and Perla, R. (2008) ‘Resolving the 50-year debate around using and misusing Likert scales’, Medical Education 42(12): 1150–2 <https://doi.org/10.1111/j.1365-2923.2008.03172.x>.

Chambo, S. (2004) ‘The future of rural finance in Tanzania: the role of SACCOs in rural Tanzania’, paper delivered at the Third Annual National Conference on Microfinance, Arusha, 15–17 March 2004.

Chao-Beroff, R., Cao, T.H.H., Vandenbroucke, J.P., Musinga, M., Tiaro, E. and Mutesasira, L. (2000) A Comparative Analysis of Member-based Microfinance Institutions in East and West Africa, Nairobi, Kenya: MicroSave.

Crabb, P. (2008) ‘Economic freedom and the success of microfinance institutions’, Journal of Developmental Entrepreneurship 13(02): 205–19 <https://doi.org/10.1142/S1084946708000934>.

Executive Magazine (2018) ‘Keeping Lebanese wealth alive’ [online] <http://www.executive-magazine.com/special-report/keeping-lebanese-wealth-alive> [accessed 10 March 2019].

Faisal Ahammad, M., Mook Lee, S., Malul, M. and Shoham, A. (2015) ‘Behavioral ambidexterity: the impact of incentive schemes on productivity, motivation, and performance of employees in commercial banks’, Human Resource Management 54(S1): s45–s62 <https://doi.org/10.1002/hrm.21668>.

Financial Sector Assessment Program (2016) Financial Sector Assessment: Lebanon, Joint Report of the International Monetary Fund and the World Bank [online] <http://documents.worldbank.org/curated/en/260481485486059075/Lebanon-Financial-Sector-Assessment> [accessed 15 March 2019].

Hartarska, V. and Nadolnyak, D. (2007) ‘Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence’, Applied Economics 39(10): 1207–22 <https://doi.org/10.1080/00036840500461840>.

Hassan, A. and Mollah, S. (2018) ‘Small solutions: poverty alleviation through Islamic microfinance’, in Islamic Finance, pp. 149–82, Palgrave Macmillan, Cham.

Le Borgne, E. and Jacobs, T. (2016) Lebanon Promoting Poverty Reduction and Shared Prosperity, Washington, DC: World Bank.

Liñares-Zegarra, J. and Wilson, J.O. (2018) ‘The size and growth of microfinance institutions’, The British Accounting Review 50(2): 199–213 <https://doi.org/10.1016/j.bar.2017.11.006>.

McIntosh, C., De Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <https://doi.org/10.1111/j.1468-0297.2005.01028.x>.

Metcalfe, B. (2002) Strategic and Emerging Issues in South African Banking: 2002 Edition, South Africa: PricewaterhouseCoopers.

Mukama, J., Fish, T. and Volschenk, J. (2005) ‘Problems affecting the growth of microfinance institutions in Tanzania’, African Finance Journal 7(2): 42–63.

Norman, G. (2010) ‘Likert scales, levels of measurement and the “laws” of statistics’, Advances in Health Sciences Education 15(5): 625–32.

Ogbonnaya, C., Daniels, K. and Nielsen, K. (2017) ‘Does contingent pay encourage positive employee attitudes and intensify work?’ Human Resource Management Journal 27(1): 94–112 <https://doi.org/10.1111/1748-8583.12130>.

Ramezanali, M. and Assadi, D. (2018) ‘Does microfinance reduce poverty? The case of Brazil’, International Journal of Trade, Economics and Finance 9(2): 60–5 <https://doi.org/10.18178/ijtef.2018.9.2.589>.

Saeed, M.S. (2014) ‘Microfinance activities and factors affecting the growth of microfinance in developed & developing countries’, International Finance and Banking 1(1): 39.

SANAD Fund and CGAP (2017) Are Microfinance Borrowers in Lebanon Over-Indebted? [pdf] <http://www.findevgateway.org/sites/default/files/publication_files/sanad-cgap-lebanon-indebtedness_study-20180208_dis.pdf> [accessed 10 March 2019].

Souza, L.L.F., Bassi, F. and Ferreira de Freitas, A.A. (2019) ‘Multilevel latent class modeling to segment the microfinance market’, International Journal of Bank Marketing 37(5): 1103–18 <https://doi.org/10.1108/IJBM-05-2018-0132>.

Sullivan, G.M. and Artino Jr, A.R. (2013) ‘Analyzing and interpreting data from Likert-type scales’, Journal of Graduate Medical Education 5(4): 541–2 <https://doi.org/10.4300/JGME-5-4-18>.

Tchakoute-Tchuigoua, H. (2010) ‘Is there a difference in performance by the legal status of microfinance institutions?’ The Quarterly Review of Economics and Finance 50(4): 436–42 <https://doi.org/10.1016/j.qref.2010.07.003>.

The Daily Star (2018) ‘Unemployment due to “picky” job-hunters: Aoun’ [online], 29 March 2018 <http://www.dailystar.com.lb/News/Lebanon-News/2018/Mar-29/443558-unemployment-due-to-picky-job-hunters-aoun.ashx> [accessed 8 December 2018].

United Nations Development Programme (2016) Briefing Note for Countries on the 2016 Human Development Report Lebanon, New York: UNDP.

World Bank (2017) ‘The World Bank in Lebanon’<http://www.worldbank.org/en/country/lebanon> [accessed 8 December 2018].

World Bank (2018) Lebanon Economic Monitor: De-Risking Lebanon [online] <http://documents.worldbank.org/curated/en/615661540832875043/Lebanon-Economic-Monitor-De-Risking-Lebanon> [accessed 4 February 2019].

Aboagye, A.Q. and Otieku, J. (2010) ‘Are Ghanaian MFIs’ performance associated with corporate governance?’ Corporate Governance: The International Journal of Business in Society 10(3): 307–20 <https://doi.org/10.1108/14720701011051938>.

Amha, W. (2004) ‘Managing growth of microfinance institutions (MFIs): balancing sustainability and reaching large number of clients in Ethiopia’, Ethiopian Journal of Economics 13(2): 61–101.

Assefa, E., Hermes, N. and Meesters, A. (2013) ‘Competition and the performance of microfinance institutions’, Applied Financial Economics 23(9): 767–82 <https://doi.org/10.1080/09603107.2012.754541>.

Bankmed (2017) ‘Financial reports’ [online], <https://www.bankmed.com.lb/content/news/detail.aspx?subsid=268&cid=98> [accessed 10 July 2019].

Batchelor, P.G. (1993) People in Rural Development, Carlisle, UK: The Paternoster Press.

Bayai, I. and Ikhide, S. (2016) ‘Life cycle theory and financial sustainability of selected SADC microfinance institutions (MFIs)’, The Journal of Developing Areas 50(6): 121–32.

Bogan, V.L. (2012) ‘Capital structure and sustainability: an empirical study of microfinance institutions’, Review of Economics and Statistics 94(4): 1045–58 <https://doi.org/10.1162/REST_a_00223>.

Calderone, M., Fiala, N., Mulaj, F., Sadhu, S. and Sarr, L. (2018) ‘Financial education and savings behavior: evidence from a randomized experiment among low-income clients of branchless banking in India’, Economic Development and Cultural Change 66(4): 793–825 <https://doi.org/10.1086/697413>.

Carifio, J. and Perla, R. (2008) ‘Resolving the 50-year debate around using and misusing Likert scales’, Medical Education 42(12): 1150–2 <https://doi.org/10.1111/j.1365-2923.2008.03172.x>.

Chambo, S. (2004) ‘The future of rural finance in Tanzania: the role of SACCOs in rural Tanzania’, paper delivered at the Third Annual National Conference on Microfinance, Arusha, 15–17 March 2004.

Chao-Beroff, R., Cao, T.H.H., Vandenbroucke, J.P., Musinga, M., Tiaro, E. and Mutesasira, L. (2000) A Comparative Analysis of Member-based Microfinance Institutions in East and West Africa, Nairobi, Kenya: MicroSave.

Crabb, P. (2008) ‘Economic freedom and the success of microfinance institutions’, Journal of Developmental Entrepreneurship 13(02): 205–19 <https://doi.org/10.1142/S1084946708000934>.

Executive Magazine (2018) ‘Keeping Lebanese wealth alive’ [online] <http://www.executive-magazine.com/special-report/keeping-lebanese-wealth-alive> [accessed 10 March 2019].

Faisal Ahammad, M., Mook Lee, S., Malul, M. and Shoham, A. (2015) ‘Behavioral ambidexterity: the impact of incentive schemes on productivity, motivation, and performance of employees in commercial banks’, Human Resource Management 54(S1): s45–s62 <https://doi.org/10.1002/hrm.21668>.

Financial Sector Assessment Program (2016) Financial Sector Assessment: Lebanon, Joint Report of the International Monetary Fund and the World Bank [online] <http://documents.worldbank.org/curated/en/260481485486059075/Lebanon-Financial-Sector-Assessment> [accessed 15 March 2019].

Hartarska, V. and Nadolnyak, D. (2007) ‘Do regulated microfinance institutions achieve better sustainability and outreach? Cross-country evidence’, Applied Economics 39(10): 1207–22 <https://doi.org/10.1080/00036840500461840>.

Hassan, A. and Mollah, S. (2018) ‘Small solutions: poverty alleviation through Islamic microfinance’, in Islamic Finance, pp. 149–82, Palgrave Macmillan, Cham.

Le Borgne, E. and Jacobs, T. (2016) Lebanon Promoting Poverty Reduction and Shared Prosperity, Washington, DC: World Bank.

Liñares-Zegarra, J. and Wilson, J.O. (2018) ‘The size and growth of microfinance institutions’, The British Accounting Review 50(2): 199–213 <https://doi.org/10.1016/j.bar.2017.11.006>.

McIntosh, C., De Janvry, A. and Sadoulet, E. (2005) ‘How rising competition among microfinance institutions affects incumbent lenders’, The Economic Journal 115(506): 987–1004 <https://doi.org/10.1111/j.1468-0297.2005.01028.x>.

Metcalfe, B. (2002) Strategic and Emerging Issues in South African Banking: 2002 Edition, South Africa: PricewaterhouseCoopers.

Mukama, J., Fish, T. and Volschenk, J. (2005) ‘Problems affecting the growth of microfinance institutions in Tanzania’, African Finance Journal 7(2): 42–63.

Norman, G. (2010) ‘Likert scales, levels of measurement and the “laws” of statistics’, Advances in Health Sciences Education 15(5): 625–32.

Ogbonnaya, C., Daniels, K. and Nielsen, K. (2017) ‘Does contingent pay encourage positive employee attitudes and intensify work?’ Human Resource Management Journal 27(1): 94–112 <https://doi.org/10.1111/1748-8583.12130>.

Ramezanali, M. and Assadi, D. (2018) ‘Does microfinance reduce poverty? The case of Brazil’, International Journal of Trade, Economics and Finance 9(2): 60–5 <https://doi.org/10.18178/ijtef.2018.9.2.589>.

Saeed, M.S. (2014) ‘Microfinance activities and factors affecting the growth of microfinance in developed & developing countries’, International Finance and Banking 1(1): 39.

SANAD Fund and CGAP (2017) Are Microfinance Borrowers in Lebanon Over-Indebted? [pdf] <http://www.findevgateway.org/sites/default/files/publication_files/sanad-cgap-lebanon-indebtedness_study-20180208_dis.pdf> [accessed 10 March 2019].

Souza, L.L.F., Bassi, F. and Ferreira de Freitas, A.A. (2019) ‘Multilevel latent class modeling to segment the microfinance market’, International Journal of Bank Marketing 37(5): 1103–18 <https://doi.org/10.1108/IJBM-05-2018-0132>.

Sullivan, G.M. and Artino Jr, A.R. (2013) ‘Analyzing and interpreting data from Likert-type scales’, Journal of Graduate Medical Education 5(4): 541–2 <https://doi.org/10.4300/JGME-5-4-18>.

Tchakoute-Tchuigoua, H. (2010) ‘Is there a difference in performance by the legal status of microfinance institutions?’ The Quarterly Review of Economics and Finance 50(4): 436–42 <https://doi.org/10.1016/j.qref.2010.07.003>.

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