Decoding Microfinance: A Synthesis of Research and Practical Insights

This chapter demonstrates four key elements of Microfinance (MF): ‘Microcredit (MC), Microinsurance (MI), Micro Saving (MS) and Self-Help Group (SHG)’ as per 2,162 scientific documents extracted from the Scopus and Web of Science (WoS) databases. The bibliometrix package in R Studio was used to analyse the data and comprehend the results. A blending of bibliometric analysis, literature review and field observations was applied to validate the core elements of MF. This chapter concludes that one, two or a combination of other MF elements cannot be substituted for MF because MF includes all of its components. The final framework depicts MC, MI, MS and SHG as constituents of MF based on the knowledge gained from the synthesis of literature and fieldwork. This chapter also highlights business opportunities for institutions engaged in MF activities.