factors influencing the shifting of customers from micro finance institutions to other financial...
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a research academic proposal on micro-financeTRANSCRIPT
CHAPTER ONE
INTRODUCTION TO THE STUDY
1.0 Overview
This research study will focus on the factors influencing the shifting of customers from
microfinance institutions to other financial institutions and will be a case study of Capital Sacco
Limited Meru.
1.1 Background to study
According to Mortis (2000), microfinance lending institutions are recognized and acknowledged
as vital and significant contributors to economic development. Hence, they have been given great
emphasis in the recent past because they are considered as essential actors in achieving social
and economic development in both developed and developing countries.
Kenya which has an estimated population of 40 million people and per capita income of US $
260 is categorized by the World Bank to be among the poorest countries in the world (World
development report 1992). One of the main challenges facing Kenya’s development agenda
remains in finding a sustainable poverty eradication strategy. As a result, Micro and small
enterprises have been identified and seen as one of the strategy that can bring faster
development. Lending institutions therefore, play a big role in financing the micro and small
enterprises for faster development. Microfinance institutions are also highly rated for
employment creation and are therefore important in Kenya where unemployment and under
employment are estimated at between 25% and 35% respectively.
During the period preceding the First World War most economics of the world were product
driven. However, as the 20th Century progressed, customers became sophisticated and
demanding, making the manufacturers be more accountable of customer requirements (British
Council, 2002). These changes brought about the growth of market research and surveys, which
were conducted to capture the needs of customers, hence, companies became market-driven.
Nowadays however, companies have become more customer driven and must therefore examine
the needs and expectations of the individual customer with the aim of producing their
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products/services accordingly. With an ever more competitive future, flexibility, adaptability and
customer oriented approach are vital to an organization’s survival. The future is customer-driven
since without customers, the business does not exist, there will be no jobs and no salaries (British
Council, 2002).
Unsatisfied customers will always shift to other organizations offering similar services.
Customers now have a wide choice of product and service providers to choose from and
satisfaction by one provider will bring repeat purchase. However, dissatisfaction will not only
cause the customer to move to another provider, but will move along with other customers. This
calls for good quality customer service that will offer customer satisfaction. According to
Richard Gerson (1994), customer satisfaction is achieved when a customer’s expectation has
been met or surpassed. According to Philip Kotler (Millennium edition), the key to customer
retention is customer satisfaction. Effective and efficient customer service is crucial not only for
immediate sales but also for long-term customer retention / loyalty which results to sustained
growth in market share and profits. It is important for organizations therefore, to address issues
relating to customer service because good customer services bring loyalty hence retention of
customers.
1.2 Statement of the problem
There are several factors that are currently affecting the operations of microfinance institutions in
Kenya, especially Capital Sacco Limited, the main ones being, high rates of inflation and
corruption practices. There have been frequent complaints by customers annually about
insufficient funds, loan lending policies, high interest rates, and short repayment period. This has
been attributed to the reasons leading to shift of customers to competitors in service
organizations in Kenya.
The main problem at Capital Sacco Limited is that all loan applicants are given a choice of
repaying loans within a given period of time which has been short. Additionally, late payments
by any borrower results in suspension of further loans to the group. High or unpredictable
inflation rates are regarded as harmful to lending institutions. They add inefficiencies in the
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performance of lending institution, and make it difficult for lending institutions to budget or plan
long-term programs. Inflation can act as a drag on performance of lending institutions because
they will be forced to shift resources away from products and services in order to focus on profit
and losses from currency inflation. Uncertainty about the future value for money discourages
investment and savings, and inflation can impose hidden tax increases, as inflated earnings push
taxpayers into higher income tax rates.
With high inflation, financial institution’s lending rates, lending capacity/policy and loan
repayments and interest rates are adversely affected. Where fixed exchange rates are imposed,
rising inflation in one economy will cause its exports to become more expensive and affect the
balance of trade. There can also be negative impacts to trade from an increased instability in
currency exchange prices caused by unpredictable inflation.
The wide use of Internet as a way of sending and receiving money through M-Pesa, Airtel
Money and Orange money has challenged Capital Sacco Limited market share. Most people are
using M-Pesa, Airtel money and Orange money which is quite affordable and a very fast way of
doing business and personal transactions. The money transfer services are quite convenient and
accessible. This study will establish the factors contributing the shift of customers to other
financial institution in the Banking Industry, a case study of Capital Sacco Limited Meru.
1.3 Objectives of the study
1.3.1 General Objective
The main aim of the study will be to evaluate the factors influencing the shifting of customers
from microfinance institutions to other financial institutions
1.3.2 Specific Objectives
i. To investigate how the loan lending capacity of Capital Sacco Limited contributes to shift
of customers to other financial institutions.
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ii. To identify how lending/credit policy adopted by Capital Sacco Limited contributes to
shift of customers to other financial institutions.
iii. To determine how loan repayment period in Capital Sacco Limited contributes to shift of
customers to other financial institutions.
iv. To evaluate how interest rates of Capital Sacco Limited contributes to shift of customers
to other financial institutions.
1.4 Research questions
The study will seek to answer the following research questions:
i. To what extent does the loan lending capacity adopted by Capital Sacco contribute to
the customers’ shift to other financial institutions?
ii. What is the effect of loan lending/credit policy formulated by Capital Sacco on the
customers’ shift to other financial institutions?
iii. To what extent does the loan repayment period adopted by Capital Sacco contribute
to customers’ shift to other financial institutions?
iv. What is the effect of interest rates charged on loans by Capital Sacco on the
customers’ shift to other financial institutions?
1.5 Significance of the study
This study will be of benefit to the lending institutions in that it will guide them in policy
formulation, policies that will guide the organization in day to day management of operations. It
is for this reason that microfinance institutions will be able to come up with mission and vision
which direct employees and management achievement of common goal to success. The study
will also benefit the Kenyan government in identifying the problems facing these lending
institutions with a view to providing solutions which may include donations, grants and subsidies
meant for the welfare of the management of financial lending institutions in Kenya. To the small
scale entrepreneurs in different sectors of the economy, the study will benefit them since they
will be more informed on how lending and microfinance institutions are managed, and also how
these institutions can provide short term loans to boost their business.
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1.6 Limitations of the study
The limitations of the study may include the following: Challenges of literature review may crop
up especially if the materials will not be available. The researcher will then collaborate with the
microfinance and even the supervisor on ways to get the literature review. The respondents may
be suspicious as to why the research will be conducted and this may lead to a slow response rate.
To remove the suspicion, the researcher will explain and convince them that it will be for
academic purposes only. The respondents may not have enough time to answer all the questions
or they may not understand the questions. The researcher will request them to sacrifice their time
and also get someone to explain the questions to them. The researcher also may have limited
time to carry out the research due to other commitments such as work.
1.7 Scope of the study
The study will be conducted at Capital Sacco Limited head office in Meru town and two of its
branches. The target population for this study will be the Top management, middle level
management and employees at Capital Sacco Limited offices represented by 5, 10 and 15
respectively. The category of respondents targeted will be 30 respondents who will be picked
from the three main strata as above. The research shall be carried out within a six months period,
with the main aim of finding out the main factors contributing to the shift of customers to other
financial institutions in Kenya, a case study of Capital Sacco Limited in Kenya.
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CHAPTER TWO
LITERATURE REVIEW
2.1 Introduction
The chapter focused on giving in-depth view on what other writers have said thus enabling the
researcher to develop the foundation and background of the study about factors that influence
shift of customers from microfinance institutions to other financial institutions. The chapter will
hence discuss causes of customer dissatisfaction in an organization’s services that could cause
them to seek for similar products and services from competitors.
2.2 Review of past literature
2.2.1 Lending capacity
Lending capacity is the amount on reserve, for members to apply. This is influenced by inflation
rates that are mainly caused by sudden rise in prices of other items but mainly household
commodities in the market. This has a multiplier effect on the money lending institutions lending
capacity, in that most loan applicants will apply for huge sums of money, to spend on their daily
needs due to high prices of basic goods. But the fixed cost of processing loans of any size is
considerable, assessment of potential borrowers, their repayment prospects and security
administration of outstanding loans, collected from delinquent borrowers and so on. Ransom
(1997)
There is a breakeven point in providing loans or deposits below which banks lose money on each
transaction they make. Low income earners usually fall below the breakeven point. In addition,
most Customers have few assets that can be secured by the institution as collateral. As
documented extensively by the management, even if they happen to own land, they may not have
effective title deeds for the property. This means that the institution will have little resource
against defaulting borrowers from the institutions. Adams (1960)
From a broader perspective, it has long been accepted that the development of a healthy national
financial system is an important goal and catalyst for the broader goal of national economic
development. However, the efforts of national planners and experts to develop financial services
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for their nations’ majorities have often failed since World War II, due to high inflation rates,
leading to financial institutions failing to have sufficient funds for their members. Adams (1960),
in their classic analysis ‘Undermining Rural Development with Cheap Credit’
Ransom (1997), uses the simplest dynamic model to bring out this idea whereby the lending
capacity is controlled by the Central bank that determine how much reserve rates should a money
lending institution maintain and has an impact on the lending capacity. The lending capacity is
thus a weighted average of the short – and long – run inverse as set and standardized by the
Central bank of Kenya. It follows that, as the long-run (direct) supply of money to financial
institutions tends to be much higher than the short-run one, this very simple dynamic model
predicts the need to regulate the amount of finances to be loaned to Financial institutions keeping
in mind the rate of inflation has adverse effects, due to the distorted signals they send to the
market. Artificially high rates of interest charged by central bank discourage future shortages in
money available for the customers to borrow. Temporary controls may complement a recession
as a way to fight inflation. However, in general the advice of economists is not to impose lending
capacity rates controls, but to liberalize it by assuming that the economy will adjust and abandon
unprofitable economic activity.
2.2.2 Lending/Credit policy
A policy is typically described as a principle or rule to guide decision and achieve rational
outcome. Policy refers to the process of making important organizational decisions including the
identification of different alternatives such as programs or spending priorities and choosing
among them on the basis of impact they would have. Policies can be understood as political,
management, financial and administrative mechanisms arranged to reach explicit goals. A
lending policy is a statement of philosophy, standards, procedures and guidelines that employees
must observe in granting or rejecting a loan request. These policies determine which members of
the industry or business will be approved for loans and which will be rejected and must be based
on the central bank relevant laws and regulations. Manual policy document (2010) publication.
In addition a lending policy whether stringent or liberal is composed of lending terms which are
the methods used to analyze credit requests and used in decision making. Lending terms are
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therefore are a combination of credit conditions and standards of advancing credit. Recovery
includes all efforts of collecting loan balances in arrears to maintain a profitable loan portfolio
(Alexis, 2010).
Lending policy is the primary means by which senior management and the Board of an
institution guides the lending activities. It therefore provides the scope for achieving the loan
portfolio quality and returns, guides the risk tolerance levels in a manner commensurate with the
institutions strategic direction, Boah (2010). Lending policy enables an MFI to limit bad debts
and improve cash flows since loans are in most cases the core business activities in MFIs. The
credit policy also assures a degree of consistency among departments by writing down what is
expected of each department as well as ensuring consistence in handling customers based on pre
determined parameters. Riach (2010)
According to Rukwaro (2001), the lending policy must thus either be efficient that is able to
assess loan applicants’ characteristics than expected profit maximization. The lending policy has
to take into consideration the value at risk, being a value weighted sum of individual risks,
provides a more adequate measure of monetary losses on a portfolio of loans than default risk.
Capital Sacco Limited derives a value at Risk measure for the sample portfolio of loans and
shows how analyzing this can enable money lending institutions to evaluate alternative lending
policies on the basis of their implied credit risk and loss rate, inflation and make lending rates
consistent with the implied Value at Risk.
Lending/Credit policies vary from institution to institution and are always supplemented to by
more detailed guidelines and procedures. The variations arise due market conditions,
geographical locations, personnel and portfolio objectives but under all circumstances credit
policies tally with the lending activities. Lending/Credit policies vary from institution to
institution and are always supplemented to by more detailed guidelines and procedures. The
variations arise due market conditions, geographical locations, personnel and portfolio objectives
but under all circumstances credit policies tally with the lending activities. Navanjas (2009)
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In addition a credit policy specifies the authorization procedures for credit decisions Farquhar
(2010). This can be illustrated where MFIs Management give Branch managers’ authority to
approve loans depending on the limits and risks associated with given credit applicant (FINCA,
2010). Loans exceeding Branch limits are forwarded to senior management usually at regional
levels and head office hence influencing outreach.
Lending/Credit policies are periodically reviewed and revised by management to incorporate
changes in strategic direction and risk tolerance or market conditions (Elliot, 2009). Policies are
revised to incorporate customer preferences so that they are served according to their
expectations. MFIs review credit policies on average after three years (Credit manual, 2009). The
reviews are used to evaluate the performance of the policy in terms of achieving desired
objectives ranging from profitability to customer growth and outreach.
2.2.3 Loan repayment
Loan repayment is an agreement period by which an owner of property (the lender) allows the
other party (the borrower) to use property or funds for a specific time period, and in return the
borrower will pay the lender a payment (usually interest), and return the property (usually cash)
at the end of the period. A loan is usually evidenced by a promissory note. Examples are
commercial, consumer, mortgage and auto loans.
The capability of borrowers to repay their microcredit loans is an important issue that needs
attention. Borrowers can either repay their loan or choose to default. Borrower defaults may be
voluntary or involuntary (Brehanu & Fufa, 2008). According to Brehanu and Fufa (2008),
involuntary defaults of borrowed funds could be caused by unexpected circumstances occurring
in the borrower’s business that affect their ability to repay the loan. Unexpected circumstances
include lower business revenue generated, natural disasters and borrowers’ illness. In contrast,
voluntary default is related to morally hazardous behaviour by the borrower. In this category, the
borrower has the ability to repay the borrowed funds but refuses to because of the low level of
enforcement mechanisms used by the institution (Brehanu & Fufa, 2008). Research has shown
that a group lending mechanism is effective in reducing borrower defaults (Armendariz de
9
Aghion, 1999). In group lending, the loan is secured by the co-signature of members within the
group and not by the microfinance institution. Each member will put pressure on the others in the
group to meet the loan repayment schedule. Thus, group sanction is important in discouraging
defaults among members in microfinance (Van Tassel, 1999).
According to Rosenberg (1999), Micro Finance Institutions (MFIs) are increasingly a central
source of credit for the poor in many countries. Weekly collection of repayment installments by
bank personnel is one of the key features of micro-finance that is believed to reduce default risk
in the absence of collateral and make lending to the poor viable. Some of the factors that lead to
loan default include; inadequate or non-monitoring of micro and small enterprises by banks,
leading to defaults, delays by banks in processing and disbursement of loans, diversion of funds,
over-concentration of decision making, where all loans are required by some banks to be
sanctioned by Area/Head Offices.
The typical repayment schedule offered by an MFI consists of weekly repayment starting one to
two weeks after loan disbursement. Weekly collection of repayment installments by bank
personnel is one of the key features of micro-finance that is believed to reduce default risk in the
absence of collateral and make lending to the poor viable - Vogelgesang (2003). In addition,
frequent meetings with a loan officer may improve client trust in loan officers and their
willingness to stay on track with repayments.
2.2.4 Interest rates
According to Saleemi (2009), interest is earnings on loans charged on loanees or members. The
major determinants of interest rate are the demand and supply for money in circulation. Finance
lending institutions qualify to give loans to applicants who have met the relevant requirements,
on some occasions loanees default. This study will investigate how interest rates charged by
micro-finance institutions affect their operations and performance.
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Oyando (2010) pointed out that customers who look to micro-finance institutions for money or
rather funding, are paying through the nose in terms of interest rates as these Money Lending
Institutions seeks to limit their level of exposure.
Many countries have established interest rate ceilings to protect consumers from unscrupulous
lenders. Governments often also face political or cultural pressure to keep interest rates low.
Despite good intentions, interest rate ceilings generally hurt the poor by making it hard for new
microfinance institutions (MFIs) to emerge and existing ones to stay in business. In countries
with interest rate caps, MFIs often withdraw from the market, grow more slowly, become less
transparent about total loan costs, and/or reduce their work in rural and other costly markets. By
forcing pro-poor financial institutions out of business, interest rate caps often drive clients back
to the expensive informal market where they have no or little protection. Brigit and Xavier
(2004)
The process of fixing the usury rate was often questioned and propositions of improvement
sometimes suggested (Baudassé and Lavigne, 2000). In developing countries, the risk of a bad
legislation cannot be dismissed. The inadequate legislations reduce transactions and efficient
functioning of markets (Coetzee and Goldblatt, 1998). That is true for the financial legislations
and in particular for the microfinance sector in Africa, which is dominated by the informal
practices. The cost of an inappropriate legislation could be socially high in this context where the
products of saving are not very diversified
The fixation of different thresholds of usury for banks and microfinance institutions supports the
idea that the credit charge and the risks taken in microfinance are different from those of banks.
It is not only a question of guaranteeing the efficiency of the microfinance market but also to set
up a protection against high interest rates. We find this idea from the scholasticism for whom,
little lenders could become a powerful oligopoly which fixes high interest rates allowing an
overexploitation of the borrowers in case of insufficient competition (Baudassé and Lavigne,
2000). This idea of protection appears also with Glaeser and Scheinkman (1998) for whom, an
usury law which restricts the level of interest rates plays a role of social insurance by imposing a
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transfer of income from the lenders to the borrowers because marginal utility of capital is
stronger with the laters than the firsts who are in a situation of abundance. But for Adam Smith,
setting up a threshold of usury helps solving problems of anti-selection, the lenders will probably
being attracted by high interest rates offered by adventurers at all do not worried about a fund
repayment (Baudassé and Lavigne, 2000; Diatkine, 2002).
On the other hand, the argument of efficiency in favour of an interest rate ceiling is that the
lenders face a legal ceiling will try to minimize the costs of credit to maximize their profit
margin. The liberal economists think that imposing a threshold of usury reduces the possibility of
reaching Pareto's optimum where lender and borrowers can not any more, one and\or the other
one, under certain conditions, improve their satisfaction. The suspension of loan beyond the
usury interest rate reduces not only the satisfaction of the lender but also that of the borrower
who was ready to pay this price but sees itself speechless of an usury loan, without as far as one
other loan at better rate is offered to him (Baudassé and Lavigne, op. cit.).
2.3 Critical literature review
Generally, the main factors contributing to the shift of customers to competitors in service
organizations, a case study of Capital Sacco Limited are the Central Bank of Kenya lending
Capacity to microfinance institutions, the Capital Sacco Limited lending policies, the loan
repayment period and the interest rates charged on loans. There is need for technical support to
transforming institutions and to those who wish to develop savings services, and support to the
process of identifying and securing equity investors. This will lead to customer retention and
organizations prosperity.
As more money lending institutions programs cross the hurdles of operational efficiency and
then full profitability, with strategically applied external support, they can begin to reach tens of
millions of low income families with high quality financial services. In so doing they help those
families lead more secure, empowered, and healthy lives and to provide children with better
economic opportunities. Enlarging opportunities is the ultimate purpose of micro enterprise
finance. It is generally accepted that credit, which is put to productive use, results in good
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returns. But credit provision is such a risky business that, in addition to other reasons of varied
nature, it may involve fraudulent and opportunistic behavior. MFIs should rather depend on loan
recovery to have a sustainable financial position in this regard, so that they can meet their
objective of alleviating poverty. Whether default is random and influenced by erratic behavior or
whether it is influenced by certain factors in a specific situation, therefore, needs an empirical
investigation so that the findings can be used by micro financing institutions to manipulate their
credit programs for the better (Buvinic, 1997).
In a case study by Opportunity International, high or hyperinflation economic conditions
severely reduced the ability of microenterprises to repay loans. In the study the experience of two
different microfinance institutions was analyzed. In both cases, the loans to clients were indexed
to the U.S. dollar and as the countries experienced high inflation and the resulting devaluation of
their currencies, most clients were unable to make complete payments. This case study shows,
not surprisingly, that macroeconomic conditions affect the risks in the portfolio. The above
review suggests that the level of risk in an MFI’s loan portfolio is influenced by the choice of
lending methodologies, borrowers’ gender, other (microeconomic) institutional factors, and
macroeconomic variables that affect the ability of the borrower to repay loans, Weele and
Markowich (2001)
The role of collateral and guarantees in lending relationship has been widely discussed, and
different conclusions have been reached. Under perfect information, the bank can distinguish
between different types of borrowers, has perfect knowledge about the riskiness of their
investment projects, therefore there is no need for guarantees. Under asymmetric information,
however, collateral and personal guarantees play a role in solving different problems that may
arise (Ono and Uesugi, 2006). In a principal-agent setting, John et al. (2003) find that guarantees
decrease the riskiness of a given loan, and that collateralized debt has higher yield than general
debt, after controlling for credit rationing. Ahamed (2010) describes a credit policy as a
management philosophy spelling out the decision variables of credit standards, credit terms and
collection efforts by which managers in MFIs have an influence on their operations. The credit
policy impacts on the outreach of MFIs depending on the lending approaches used to screen
clients for credit facilities which are either liberal or stringent in nature. These approaches are 13
effective provided managers are competent with the relevant skills, knowledge and experience of
leading teams to achieve targets set (Frey, 2010).
A credit policy adopted impacts on the outreach and customer retention in MFIs. However, the
research under looked the impact of managerial competence while implementing the credit
policy as fundamental to achieve lending goals, Zeller & Lapen (2009). Micro finance lending is
associated with default risk which compels management to formulate and implement credit
policies which are used by managers to influence credit accessibility inform of outreach. Once
credit is accessed by customers, manager play a big role with staff in retaining customers which
is achieved on the assumption that managers are competent enough to make financial decisions
which facilitates the achievement of corporate objectives (Tamil, 2009). Managerial competence
is the ability of managers to direct work streams and define outcomes clearly while leading staff
as a team (Jay, 2010).
The capability of borrowers to repay their microcredit loans is an important issue that needs
attention. Borrowers can either repay their loan or choose to default. Borrower defaults may be
voluntary or involuntary (Brehanu & Fufa, 2008). According to Brehanu and Fufa (2008),
involuntary defaults of borrowed funds could be caused by unexpected circumstances occurring
in the borrower’s business that affect their ability to repay the loan. Unexpected circumstances
include lower business revenue generated, natural disasters and borrowers’ illness. In contrast,
voluntary default is related to morally hazardous behavior by the borrower. In this category, the
borrower has the ability to repay the borrowed funds but refuses to because of the low level of
enforcement mechanisms used by the institution (Brehanu & Fufa, 2008). Research has shown
that a group lending mechanism is effective in reducing borrower defaults (Armendariz de
Aghion, 1999). In group lending, the loan is secured by the co-signature of members within the
group and not by the microfinance institution. Each member will put pressure on the others in the
group to meet the loan repayment schedule. Thus, group sanction is important in discouraging
defaults among members in microfinance (Van Tassel, 1999).
2.4 Summary and gap to be filled by the study
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There have been attempts in the past to study Micro financing and Micro lending but much focus
has been on the impact of MFIs in poverty alleviation, especially in Kenya. Not much has been
done to find out impact of lending policy, lending/credit policy, interest rates and loan repayment
period on customers’ loyalty and reasons for shifting to other MFIs institutions in Meru County,
therefore this research addresses that gap.
Summarise what u have reviewed showing the gap you are saying
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2.4 Conceptual Framework
Figure 2.1 Conceptual Frame work
Independent variables Dependent Variable
Affects
Source Author (2013)
Explanation of variables
2.4.1 Lending Capacity
This is the ability to give out loans to applicants, in relation to the repayment period and
applicants’ security or guaranteed arrangement. From the lending institution point of view, this
terminology is used to categorize different institutions as per the members’ discretion to get
loans, or funds available to members, which may have been pooled together through monthly
contribution to the pool. This study will find out how lending capacity affects the performance of
Capital Sacco Limited.
2.4.2 Lending Policy
A policy is a statement that is formulated by the management of an organization, to guide its
employees or customers on the day to day organizational / operational activities. Lending
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Lending capacity
Lending policy
Loan Repayment
Interest Rates
Customers shifting to Competitors
institutions lending policy statements outline to the customers rules and regulations for applying
for loans from the institution. This study will look at how lending policy adopted by Capital
Sacco Limited affects its performance.
2.4.3 Interest rates
Interest is earnings on loans charged on loanees or customers. The major determinants of interest
rate are the demand and supply for money in circulation. Finance lending institution qualifies to
give loans to applicants who have met the relevant requirements, on some occasions loanees
default. This study will investigate how interest rates charged by Capital Sacco Limited affected
its operation and performance.
2.4.4 Loan Repayment
According to Capital Sacco Limited loan repayment is an agreement period within which Capital
Sacco Limited allows the customer to use the funds (loans) for a specific time period, and in
return the borrower will pay interests and the principal amount advanced by Capital Sacco
Limited at the end of the period. This is usually contained in a letter of offer (terms and
conditions) that the borrower signs before the funds are released by Capital Sacco Limited.
17
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NB
REVISE CHAPTER TWO AND FEW CORRECTION IN CHAPTER ONE EG LIMITATION OF THE STUDY
Revise references and indent it as shown the second line from each reference
If you can get a better academic and professional term rather than customers shifting to other
financial institution it would be better – but you fail to get one you can continue
Bring chapter three with revised or corrected questionnaire and chapter one and two
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