Time: 13:00-15:00 (UK Time), Wednesday, 2 November 2022
Presenter: Prof. Issouf Soumaré, Laval University, Canada
Co-authors: Dr. Désiré Kanga, International Monetary Fund (IMF) & Prof. Hubert Tchakoute-Tchuigoua, Kedge Business School, France
Chair: Prof. Victor Murinde, SOAS University of London
Abstract
This paper investigates the relationship between countries’ financial sector development and the loans extended to micro, small and medium-sized enterprises (MSMEs) by microfinance institutions located in those countries. Using 7675 MFI-year observations worldwide, our preliminary findings reveal a strong positive relationship between financial sector development and MSMEs lending by MFIs. In other words, improvement in the overall financial development index, defined as a combination of depth, access, and efficiency, enhances MFIs’ lending to MSMEs. Moreover, looking at the banking sector assets expansion as an indication of banking sector development, we find a positive significant impact of this expansion on profit-oriented, privately-owned, cooperatives and credit unions, and regulated MFIs lending to MSMEs. However, this is not true for NGO-and non-regulated MFIs.
Keywords: MFI, microfinance, MSME lending, credit constraint, financial sector development
JEL Classification: G21, G23
Presenter
Prof. Issouf SOUMARÉ, PhD, ISE, FRM, PRM, ASC
Prof. Issouf SOUMARÉ is Full Professor of Finance and the Director of the Laboratory for Financial Engineering of Université Laval (LABIFUL) in Canada. From 2012 to 2020, he was the Director of International Relations of the Faculty of Business Administration at Université Laval in Canada. In 2011-2012, he was the Director of the PhD and MSc research programs of the same Business School. He worked for the African Development Bank (ADB) at the former Risk Management Unit from 1996 to 1998.
Prof. Issouf SOUMARÉ is also President-Founder of SOUMARÉ UNIVERSITY in Abidjan, Côte d’Ivoire. He is Co-President of the Pan-African Institute for Economic and Financial Governance (IPAGEF) and the Vice-President for Program of the Africa Business and Entrepreneurship Research Society (ABERS). He is President of the Scientific Council of ENSEA (Abidjan, Côte d’Ivoire). He is a Resource Person for the African Economic Research Consortium (AERC), member of the Scientific Council of the Moroccan Financial Market Authority (AMMC), member of the Programme Steering Committee (PSC) of FSD WAEMU and member of the Scientific Committee of the “Revue Économique et Monétaire” of the Central Bank of West African States (BCEAO). He was also part of the consortium of researchers on the “FCDO-ESRC Growth Research Programme Call 3: ESRC Ref. ES/N013344/2; Research Project: Delivering Inclusive Financial Development & Growth in Africa (Consortium led by Prof. Victor Murinde, SOAS University of London, UK, 2016-2021).”
He is a financial economist, with more than 20 years of experience, specialized in financial engineering, international finance, development finance, and risk management. His research and teaching interests include international finance, financial development, banking, risk management, financial engineering and quantitative finance. He regularly provides advisory services and capacity building seminars for public and private administrations in Africa.
Prof. Issouf SOUMARÉ is the author of the book “Commodity Exchanges: Concepts, Tools and Guidelines” published by Edward Elgar in January 2022 and the book “Prise de Décision Financière” published by the Presses de l’Université Laval (Quebec, Canada) in 2021. He is also co-authored of the book “Foreign Direct Investment and Economic Development in Africa » published by Cambridge Scholars Publishing, and the book “Simulations Stochastiques et Applications en Finance avec Programmes Matlab” published by Economica (French version) and “Stochastic Simulation and Applications in Finance with Matlab Programs” published by Wiley (English version). Also, his theoretical and applied financial economic works have been published in leading international economics and finance journals. Prof. Issouf SOUMARE has also been a speaker and/or facilitator at several international conferences around the World.
Prof. Issouf SOUMARÉ holds a PhD in Business Administration in Finance from the University of British Columbia (UBC, Canada), MSc in Financial Engineering from Université Laval (Canada), MSc in Statistics and Quantitative Economic (Ingénieur Statisticien Économiste) from ENSEA and ‘Maitrise’ & BSc in Applied Mathematics from Université Félix Houphouët-Boigny (Abidjan, Côte d’Ivoire). Prof. Issouf SOUMARÉ is also a certified PRM (Professional Risk Manager) and FRM (Financial Risk Manager). He is ASC (Chartered Director) from the College des Administrateurs de Sociétés (Directors’ College) of Université Laval.
Prof. SOUMARÉ has visited various countries during his professional activities, including: Belgium, Benin, Burkina Faso, Canada, Chad, China, Côte d’Ivoire, Ethiopia, France, Ghana, Guinea, Ireland, Kenya, Mali, Mauritius, Morocco, Netherlands, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Thailand, Uganda, United Kingdom, USA and Zambia.