With increased competition in the African microfinance industry, customer satisfaction and retention are important issues for microfinance institutions (MFIs) in the region. We rely on survey data from customers of MFIs in Ghana to examine the potential determinants of customer satisfaction in the microfinance sector. We find customer satisfaction to be significantly related to customers’ experiences and motivations such as the size of credit they seek. We further find customers’ demographics such as educational attainment and household income levels to be related to customer satisfaction in the microfinance sector. Our results are largely consistent with the view that MFIs offer a valuable service by expanding access of small credits to poor households and microenterprises who are either denied credit by the formal banking sector or exploited by informal moneylenders. Further, our interviews with managers of MFIs highlight various tactics utilized by MFIs in Ghana to manage their credit risks.

Aboagye, A.Q.Q. (2009) ‘A baseline study of Ghanaian microfinance institutions’, Journal of African Business 10(2), 163–81.

Acheampong, M., Ackom-Sampene, E., Barnie, J.A., Boateng, F.G., Dwumah, P. and Nortey, S. (2016) ‘Collapsing microfinance institutions in Ghana: an account of how four expanded and imploded in the Ashanti Region’, International Journal of African Development 3(2): 37–62.

Adeola, O. and Evans, O. (2017) ‘The impact of microfinance on financial inclusion in Nigeria’, The Journal of Developing Areas 51: 193–206.

Aggarwal, R., Goodell, J.W. and Selleck, L.J. (2015) ‘Lending to women in microfinance: role of social trust’, International Business Review 24: 55–65.

Agyei-Boapeah, H. and Machokoto, M. (2018) ‘Allocation of internally generated corporate cash flow in Africa’, Journal of Accounting in Emerging Economies 8(4): 495–513 <https://doi.org/10.1108/JAEE-10-2017-0099>.

Agyei-Boapeah, H., Machokoto, M., Amankwah-Amoah, J., Abongeh, T. and Fosu, S. (2020) ‘IFRS adoption and firm value: African evidence’, Accounting Forum 44(3): 238–61 <https://doi.org/10.1080/01559982.2020.1766755>.

Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20.

Akpandjar, G.M., Quartey, P. and Abor, J. (2013) ‘Demand for financial services by households in Ghana’, International Journal of Social Economics 40(5): 439–57 <http://doi.org/10.1108/03068291311315322>.

Akudugu, M.A. (2013) ‘The determinants of financial inclusion in Western Africa: insights from Ghana’, Research Journal of Finance and Accounting 4(8): 1–9.

Amankwah-Amoah, J., Chen, X., Wang, X., Khan, Z. and Chen, J. (2019) ‘Overcoming institutional voids as a pathway to becoming ambidextrous: the case of China’s Sichuan Telecom’, Long Range Planning 52(4): 101871 <https://doi.org/10.1016/j.lrp.2019.02.004>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, MIT Press, Cambridge, MA.

Augustine, D., Wheat, C.O., Jones, K.S., Baraldi, M. and Malgwi, C.A. (2016) ‘Gender diversity within the workforce in the microfinance industry in Africa: economic performance and sustainability’, Canadian Journal of Administrative Sciences 33: 227–41 <http://doi.org/10.1002/CJAS.1365>.

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics 7(1): 1–21.

Barry, T.A. and Tacneng, R. (2014) ‘The impact of governance and institutional quality on MFI outreach and financial performance in sub-Saharan Africa’, World Development 58: 1–20.

Basu, A., Blavy, R. and Yulek, M. (2004) Microfinance in Africa: Experience and Lessons from Selected African Countries, International Monetary Fund (IMF) Working Paper, African Department, Washington, DC.

Beck, T., Demirgüç-Kunt, A. and Martinez Peria, M.S. (2008) ‘Banking services for everyone? Barriers to bank access and use around the world’, World Bank Economic Review 22(3): 397–430.

Bhatt, N. (1997) ‘Microenterprise development and the entrepreneurial poor: including the excluded?’ Public Administration & Development 17(4): 371–86.

Chakrabarti, R. and Sanyal, K. (2015) ‘Microfinance and financial inclusion in India’ [online], SSRN <https://dx.doi.org/10.2139/ssrn.2619537>.

Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29, 16–27.

Cohen, D., Gan, C., Yong, H.H.A. and Choong, E. (2006) Customer Satisfaction: A Study of Bank Customer Retention in New Zealand [online], Discussion Paper No. 109, Lincoln University, New Zealand <http://researcharchive.lincoln.ac.nz/handle/10182/324> [accessed 25 August 2020].

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton University Press, Princeton, NJ.

Debrah, Y.A. (2007) ‘Promoting the informal sector as a source of gainful employment in developing countries: insights from Ghana’, The International Journal of Human Resource Management 18(6): 1063–84.

Füller, J. and Matzler, K. (2008) ‘Customer delight and market segmentation: an application of the three-factor theory of customer satisfaction on lifestyle groups’, Tourism Management 29(1): 116–26.

Gan, C., Cohen, D., Clemes, M. and Chong, E. (2006) ‘A survey of customer retention in the New Zealand’s banking industry’, Banks and Bank System 1(4): 83–93.

Government of Ghana (2006) Ghana Microfinance Policy (GHAMP) [pdf], November 2006 <https://www.findevgateway.org/sites/default/files/publications/files/mfg-en-paper-ghana-microfinance-policy-nov-2006.pdf> [accessed 25 August 2020].

Gruca, T.S. and Rego, L.L. (2005) ‘Customer satisfaction, cash flow and shareholder value’, Journal of Marketing 69(7): 115–30.

Gwatidzo, T. and Ojah, O. (2014) ‘Firms’ debt choice in Africa: are institutional infrastructure and non-traditional determinants important?’ International Review of Financial Analysis 31: 152–66.

Hallowell, R. (1996) ‘The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study’, International Journal of Service Industry Management 7(4): 27–42.

Hartarska, V., Shen, X. and Mersland, R. (2013) ‘Scale economies and input price elasticities in microfinance institutions’, Journal of Banking & Finance 37: 118–31.

Henley, A. (2004) ‘Self-employment status: the role of state dependence and initial circumstances’, Small Business Economics 22(1), 67–82 <https://doi.org/10.1023/B:SBEJ.0000011573.84746.04>.

Hilson, G., Hilson, A., Siwale, A. and Maconachie, R. (2018) ‘Female faces in informal ‘spaces’: women and artisanal and small-scale mining in sub-Saharan Africa’, Africa Journal of Management 4(3): 306–46 <http://dx.doi.org/10.1080/23322373.2018.1516940>.

Islam, A., Nguyen, C. and Smyth, R. (2015) ‘Does microfinance change informal lending in village economies? Evidence from Bangladesh’, Journal of Banking & Finance 50: 141–56.

Jang, J. and Danes, S.M. (2013) ‘Are we on the same page? Copreneurial couple goal congruence and new venture viability’, Entrepreneurship Research Journal 3(4): 483–504 <https://doi.org/10.1515/erj-2013-0036>.

Kaboski, J.P. and Townsend, R.M. (2012) ‘The impact of credit on village economies’, American Economic Journal: Applied Economics 4(2): 98–122.

Kanyurhi, E.B. (2013) ‘Evaluation of customer satisfaction with services of a micro-finance institution: empirical evidence from Women Association for Social and Economic Gain customers’ in Togo’, African Journal of Marketing Management 5(2): 26–37.

Khandker, S.R. (2000) ‘Savings, informal borrowing, and microfinance’, Bangladesh Development Studies 26(2/3): 49–78.

Khanna, T. and Palepu, K. (1997) ‘Why focused strategies may be wrong for emerging markets’, Harvard Business Review 75(4): 41–8.

Khanna, T. and Palepu, K.G. (2006) ‘Emerging giants: building world-class companies in developing countries’, Harvard Business Review 84(10): 60–70.

Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition and Institutional Change 20(1): 73–111.

Ligthelm, A. (2006) ‘Size and estimate of the informal sector in South Africa’, Southern African Business Review 10(2): 32–52.

Lin, Z., Picot, G. and Compton, J. (2000) ‘The entry and exit dynamics of self-employment in Canada’, Small Business Economics 15(2): 105–25 <https://doi.org/10.1023/A:1008150516764>.

Maas, G. and Herrington, M. (2007) Global Entrepreneurship Monitor South Africa Report 2007 [online] <https://www.researchgate.net/publication/282859966> [accessed 25 August 2020].

Maitha, J. (1986) Review of Credit for Women in Kenya, Report to the World Bank Women in Development Division, Washington, DC.

McKernan, S. (2002) ‘The impact of micro-credit programs on self-employment profits: do non-credit program aspects matter?’ Review of Economics and Statistics 84(1): 93–115.

Mori, N., Golesorkhi, S., Randøy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mushinski, D.W. (1999) ‘An analysis of offer functions of banks and credit unions in Guatemala’, The Journal of Development Studies 36(2): 88–112.

Nguyen, V.C. (2008) ‘Is a governmental microcredit program for the poor really pro-poor? Evidence from Vietnam’, Developing Economies 46(2): 151–87.

Nukpezah, J.A. and Blankson, C. (2017) ‘Microfinance intervention in poverty reduction: a study of women farmer-entrepreneurs in rural Ghana’, Journal of African Business 18(4): 457–75 <http://dx.doi.org/10.1080/15228916.2017.1336915>.

Otoo, M., Ibro, G., Fulton, J. and Lowenberg-Deboer, J. (2012) ‘Micro-entrepreneurship in Niger: factors affecting the success of women street food vendors’, Journal of African Business 13(1): 16–28.

Owusu-Antwi, G. and Antwi, J. (2010) ‘The analysis of the rural credit market in Ghana’, International Business & Economics Research Journal (IBER) 9(8): 45–56 <https://doi.org/10.19030/iber.v9i8.611>.

Peel, M.J., Goode, M.M.H. and Moutinho, L.A. (1998) ‘Estimating consumer satisfaction: OLS vs. ordered probability models’, International Journal of Commerce and Management 8(2): 75–93 <https://doi.org/10.1108/eb047369>.

Podsakoff, P.M. and Organ, D.W. (1986) ‘Self-reports in organisational studies: problems and prospects’, Journal of Management 12(4): 531–44.

Podsakoff, P.M., MacKenzie, S.B. and Lee, J. (2003) ‘Common method biases in behavioral research: a critical review of the literature and recommended remedies’, Journal of Applied Psychology 88(5): 879–903.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, World Bank, Washington, DC.

Shipton, P. (1986, June) Borrowers and Lenders in the Gambia: Preliminary Report on a Study of ‘Informal’ Financial Systems in some Sahelian Farming Communities, Harvard Institute for International Development, Cambridge, MA.

Siwale, J. and Kimmitt, J. (2019) ‘The discourse of institutional change in the Zambian microfinance sector’, Africa Journal of Management 5(1): 47–78 <http://dx.doi.org/10.1080/23322373.2018.1563463>.

Swaid, S. and Wigand, R. (2007) ‘Key dimensions of e-commerce service quality and its relationships to satisfaction and loyalty’, 20th Bled Conference Mergence: Merging and Emerging Technologies, Processes, and Institutions, 4–6 June 2007, Bled, Slovenia, pp. 1–15.

Tchuigoua, H.T. (2014) ‘Institutional framework and capital structure of microfinance institutions’, Journal of Business Research 67(10): 2185–97.

Tedeschi, G.A. (2008) ‘Overcoming selection bias in microcredit impact assessments: a case study in Peru’, Journal of Development Studies 44(4): 504–19.

Tunyi, A.A., Agyei-Boapeah, H., Areneke, G. and Agyemang, J. (2019) ‘Internal capabilities, national governance and performance in African firms’, Research in International Business and Finance 50: 18–37.

Urquizo, J. (2006) Improving and Monitoring Customer Retention [online], Microcredit Summit, Accion, Cambridge, MA <https://www.findevgateway.org/paper/2006/01/improving-and-monitoring-customer-retention> [accessed 25 August 2020].

Verhoef, P. (2003) ‘Understanding the effect of customer relationship management efforts on customer retention and customer share development’, Journal of Marketing 67(4): 30–45.

Wolf, K. and Frese, M. (2018) ‘Why husbands matter: review of spousal influence on women entrepreneurship in sub-Saharan Africa’, Africa Journal of Management 4(1): 1–32 <http://dx.doi.org/10.1080/23322373.2018.1428019>.

Woodward, D., Rolfe, R. and Ligthelm, A. (2014) ‘Microenterprise, multinational business support, and poverty alleviation in South Africa’s informal economy’, Journal of African Business 15(1): 25–35.

Yin, R.K. (2017) Case Study Research and Applications: Design and Methods, Sage Publications, Thousand Oaks, CA.

Aboagye, A.Q.Q. (2009) ‘A baseline study of Ghanaian microfinance institutions’, Journal of African Business 10(2), 163–81.

Acheampong, M., Ackom-Sampene, E., Barnie, J.A., Boateng, F.G., Dwumah, P. and Nortey, S. (2016) ‘Collapsing microfinance institutions in Ghana: an account of how four expanded and imploded in the Ashanti Region’, International Journal of African Development 3(2): 37–62.

Adeola, O. and Evans, O. (2017) ‘The impact of microfinance on financial inclusion in Nigeria’, The Journal of Developing Areas 51: 193–206.

Aggarwal, R., Goodell, J.W. and Selleck, L.J. (2015) ‘Lending to women in microfinance: role of social trust’, International Business Review 24: 55–65.

Agyei-Boapeah, H. and Machokoto, M. (2018) ‘Allocation of internally generated corporate cash flow in Africa’, Journal of Accounting in Emerging Economies 8(4): 495–513 <https://doi.org/10.1108/JAEE-10-2017-0099>.

Agyei-Boapeah, H., Machokoto, M., Amankwah-Amoah, J., Abongeh, T. and Fosu, S. (2020) ‘IFRS adoption and firm value: African evidence’, Accounting Forum 44(3): 238–61 <https://doi.org/10.1080/01559982.2020.1766755>.

Ahlin, C., Lin, J. and Maio, M. (2011) ‘Where does microfinance flourish? Microfinance institution performance in macroeconomic context’, Journal of Development Economics 95: 105–20.

Akpandjar, G.M., Quartey, P. and Abor, J. (2013) ‘Demand for financial services by households in Ghana’, International Journal of Social Economics 40(5): 439–57 <http://doi.org/10.1108/03068291311315322>.

Akudugu, M.A. (2013) ‘The determinants of financial inclusion in Western Africa: insights from Ghana’, Research Journal of Finance and Accounting 4(8): 1–9.

Amankwah-Amoah, J., Chen, X., Wang, X., Khan, Z. and Chen, J. (2019) ‘Overcoming institutional voids as a pathway to becoming ambidextrous: the case of China’s Sichuan Telecom’, Long Range Planning 52(4): 101871 <https://doi.org/10.1016/j.lrp.2019.02.004>.

Armendáriz, B. and Morduch, J. (2010) The Economics of Microfinance, MIT Press, Cambridge, MA.

Augustine, D., Wheat, C.O., Jones, K.S., Baraldi, M. and Malgwi, C.A. (2016) ‘Gender diversity within the workforce in the microfinance industry in Africa: economic performance and sustainability’, Canadian Journal of Administrative Sciences 33: 227–41 <http://doi.org/10.1002/CJAS.1365>.

Banerjee, A., Karlan, D. and Zinman, J. (2015) ‘Six randomized evaluations of microcredit: introduction and further steps’, American Economic Journal: Applied Economics 7(1): 1–21.

Barry, T.A. and Tacneng, R. (2014) ‘The impact of governance and institutional quality on MFI outreach and financial performance in sub-Saharan Africa’, World Development 58: 1–20.

Basu, A., Blavy, R. and Yulek, M. (2004) Microfinance in Africa: Experience and Lessons from Selected African Countries, International Monetary Fund (IMF) Working Paper, African Department, Washington, DC.

Beck, T., Demirgüç-Kunt, A. and Martinez Peria, M.S. (2008) ‘Banking services for everyone? Barriers to bank access and use around the world’, World Bank Economic Review 22(3): 397–430.

Bhatt, N. (1997) ‘Microenterprise development and the entrepreneurial poor: including the excluded?’ Public Administration & Development 17(4): 371–86.

Chakrabarti, R. and Sanyal, K. (2015) ‘Microfinance and financial inclusion in India’ [online], SSRN <https://dx.doi.org/10.2139/ssrn.2619537>.

Chikalipah, S. (2017) ‘Institutional environment and microfinance performance in sub-Saharan Africa’, African Development Review 29, 16–27.

Cohen, D., Gan, C., Yong, H.H.A. and Choong, E. (2006) Customer Satisfaction: A Study of Bank Customer Retention in New Zealand [online], Discussion Paper No. 109, Lincoln University, New Zealand <http://researcharchive.lincoln.ac.nz/handle/10182/324> [accessed 25 August 2020].

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World’s Poor Live on $2 a Day, Princeton University Press, Princeton, NJ.

Debrah, Y.A. (2007) ‘Promoting the informal sector as a source of gainful employment in developing countries: insights from Ghana’, The International Journal of Human Resource Management 18(6): 1063–84.

Füller, J. and Matzler, K. (2008) ‘Customer delight and market segmentation: an application of the three-factor theory of customer satisfaction on lifestyle groups’, Tourism Management 29(1): 116–26.

Gan, C., Cohen, D., Clemes, M. and Chong, E. (2006) ‘A survey of customer retention in the New Zealand’s banking industry’, Banks and Bank System 1(4): 83–93.

Government of Ghana (2006) Ghana Microfinance Policy (GHAMP) [pdf], November 2006 <https://www.findevgateway.org/sites/default/files/publications/files/mfg-en-paper-ghana-microfinance-policy-nov-2006.pdf> [accessed 25 August 2020].

Gruca, T.S. and Rego, L.L. (2005) ‘Customer satisfaction, cash flow and shareholder value’, Journal of Marketing 69(7): 115–30.

Gwatidzo, T. and Ojah, O. (2014) ‘Firms’ debt choice in Africa: are institutional infrastructure and non-traditional determinants important?’ International Review of Financial Analysis 31: 152–66.

Hallowell, R. (1996) ‘The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study’, International Journal of Service Industry Management 7(4): 27–42.

Hartarska, V., Shen, X. and Mersland, R. (2013) ‘Scale economies and input price elasticities in microfinance institutions’, Journal of Banking & Finance 37: 118–31.

Henley, A. (2004) ‘Self-employment status: the role of state dependence and initial circumstances’, Small Business Economics 22(1), 67–82 <https://doi.org/10.1023/B:SBEJ.0000011573.84746.04>.

Hilson, G., Hilson, A., Siwale, A. and Maconachie, R. (2018) ‘Female faces in informal ‘spaces’: women and artisanal and small-scale mining in sub-Saharan Africa’, Africa Journal of Management 4(3): 306–46 <http://dx.doi.org/10.1080/23322373.2018.1516940>.

Islam, A., Nguyen, C. and Smyth, R. (2015) ‘Does microfinance change informal lending in village economies? Evidence from Bangladesh’, Journal of Banking & Finance 50: 141–56.

Jang, J. and Danes, S.M. (2013) ‘Are we on the same page? Copreneurial couple goal congruence and new venture viability’, Entrepreneurship Research Journal 3(4): 483–504 <https://doi.org/10.1515/erj-2013-0036>.

Kaboski, J.P. and Townsend, R.M. (2012) ‘The impact of credit on village economies’, American Economic Journal: Applied Economics 4(2): 98–122.

Kanyurhi, E.B. (2013) ‘Evaluation of customer satisfaction with services of a micro-finance institution: empirical evidence from Women Association for Social and Economic Gain customers’ in Togo’, African Journal of Marketing Management 5(2): 26–37.

Khandker, S.R. (2000) ‘Savings, informal borrowing, and microfinance’, Bangladesh Development Studies 26(2/3): 49–78.

Khanna, T. and Palepu, K. (1997) ‘Why focused strategies may be wrong for emerging markets’, Harvard Business Review 75(4): 41–8.

Khanna, T. and Palepu, K.G. (2006) ‘Emerging giants: building world-class companies in developing countries’, Harvard Business Review 84(10): 60–70.

Lensink, R. and Pham, T.T.T. (2012) ‘The impact of microcredit on self-employment profits in Vietnam’, Economics of Transition and Institutional Change 20(1): 73–111.

Ligthelm, A. (2006) ‘Size and estimate of the informal sector in South Africa’, Southern African Business Review 10(2): 32–52.

Lin, Z., Picot, G. and Compton, J. (2000) ‘The entry and exit dynamics of self-employment in Canada’, Small Business Economics 15(2): 105–25 <https://doi.org/10.1023/A:1008150516764>.

Maas, G. and Herrington, M. (2007) Global Entrepreneurship Monitor South Africa Report 2007 [online] <https://www.researchgate.net/publication/282859966> [accessed 25 August 2020].

Maitha, J. (1986) Review of Credit for Women in Kenya, Report to the World Bank Women in Development Division, Washington, DC.

McKernan, S. (2002) ‘The impact of micro-credit programs on self-employment profits: do non-credit program aspects matter?’ Review of Economics and Statistics 84(1): 93–115.

Mori, N., Golesorkhi, S., Randøy, T. and Hermes, N. (2015) ‘Board composition and outreach performance of microfinance institutions: evidence from East Africa’, Strategic Change 24: 99–113.

Mushinski, D.W. (1999) ‘An analysis of offer functions of banks and credit unions in Guatemala’, The Journal of Development Studies 36(2): 88–112.

Nguyen, V.C. (2008) ‘Is a governmental microcredit program for the poor really pro-poor? Evidence from Vietnam’, Developing Economies 46(2): 151–87.

Nukpezah, J.A. and Blankson, C. (2017) ‘Microfinance intervention in poverty reduction: a study of women farmer-entrepreneurs in rural Ghana’, Journal of African Business 18(4): 457–75 <http://dx.doi.org/10.1080/15228916.2017.1336915>.

Otoo, M., Ibro, G., Fulton, J. and Lowenberg-Deboer, J. (2012) ‘Micro-entrepreneurship in Niger: factors affecting the success of women street food vendors’, Journal of African Business 13(1): 16–28.

Owusu-Antwi, G. and Antwi, J. (2010) ‘The analysis of the rural credit market in Ghana’, International Business & Economics Research Journal (IBER) 9(8): 45–56 <https://doi.org/10.19030/iber.v9i8.611>.

Peel, M.J., Goode, M.M.H. and Moutinho, L.A. (1998) ‘Estimating consumer satisfaction: OLS vs. ordered probability models’, International Journal of Commerce and Management 8(2): 75–93 <https://doi.org/10.1108/eb047369>.

Podsakoff, P.M. and Organ, D.W. (1986) ‘Self-reports in organisational studies: problems and prospects’, Journal of Management 12(4): 531–44.

Podsakoff, P.M., MacKenzie, S.B. and Lee, J. (2003) ‘Common method biases in behavioral research: a critical review of the literature and recommended remedies’, Journal of Applied Psychology 88(5): 879–903.

Robinson, M.S. (2001) The Microfinance Revolution: Sustainable Finance for the Poor, World Bank, Washington, DC.

Shipton, P. (1986, June) Borrowers and Lenders in the Gambia: Preliminary Report on a Study of ‘Informal’ Financial Systems in some Sahelian Farming Communities, Harvard Institute for International Development, Cambridge, MA.

Siwale, J. and Kimmitt, J. (2019) ‘The discourse of institutional change in the Zambian microfinance sector’, Africa Journal of Management 5(1): 47–78 <http://dx.doi.org/10.1080/23322373.2018.1563463>.

Swaid, S. and Wigand, R. (2007) ‘Key dimensions of e-commerce service quality and its relationships to satisfaction and loyalty’, 20th Bled Conference Mergence: Merging and Emerging Technologies, Processes, and Institutions, 4–6 June 2007, Bled, Slovenia, pp. 1–15.

Tchuigoua, H.T. (2014) ‘Institutional framework and capital structure of microfinance institutions’, Journal of Business Research 67(10): 2185–97.

Tedeschi, G.A. (2008) ‘Overcoming selection bias in microcredit impact assessments: a case study in Peru’, Journal of Development Studies 44(4): 504–19.

Tunyi, A.A., Agyei-Boapeah, H., Areneke, G. and Agyemang, J. (2019) ‘Internal capabilities, national governance and performance in African firms’, Research in International Business and Finance 50: 18–37.

Urquizo, J. (2006) Improving and Monitoring Customer Retention [online], Microcredit Summit, Accion, Cambridge, MA <https://www.findevgateway.org/paper/2006/01/improving-and-monitoring-customer-retention> [accessed 25 August 2020].

Verhoef, P. (2003) ‘Understanding the effect of customer relationship management efforts on customer retention and customer share development’, Journal of Marketing 67(4): 30–45.

Wolf, K. and Frese, M. (2018) ‘Why husbands matter: review of spousal influence on women entrepreneurship in sub-Saharan Africa’, Africa Journal of Management 4(1): 1–32 <http://dx.doi.org/10.1080/23322373.2018.1428019>.

Woodward, D., Rolfe, R. and Ligthelm, A. (2014) ‘Microenterprise, multinational business support, and poverty alleviation in South Africa’s informal economy’, Journal of African Business 15(1): 25–35.

Yin, R.K. (2017) Case Study Research and Applications: Design and Methods, Sage Publications, Thousand Oaks, CA.