Following current debate about possible trade-off between financial sustainability and social performance of microfinance institutions (MFIs), this paper explores the extent to which these institutions are capable of expanding ‘financial inclusion’, i.e. provision of financial access to those with no prior access to the financial system. By looking at one of the most dynamic microfinance markets in the world, Peru, the study analyses the factors that help explain the degree of financial inclusion by MFIs of previously-excluded clients, usually poor people. The research shows that statistically significant determinants of financial inclusion are related to MFIs’ asset value, maturity, and number of branches. Importantly, it is also found that alliances established by MFIs with nationwide domestic financial institutions contribute to MFIs’ ability to reach a greater number of people, while there is no statistical significance about the specific economic activity in which the micro-credit is used. Consequently, research findings support our policy recommendations of introducing mechanisms to help strengthen MFIs’ assets and their ability to engage in working relations with other actors in the microfinance system including, according to resource availability, an expansion of number of branches.

El objetivo del presente estudio exploratorio es analizar la importancia de la educación del trabajador ocupado para el acceso a servicios de seguridad social (de salud). De manera específica nuestro interés es analizar en qué medida el acceso que tiene el trabajador ocupado a algún tipo de seguro social —específicamente de salud— está determinado por su nivel educativo así como otras características de capital humano, características de sus familias y su entorno urbano o rural.

Morosidad, microfinanzas, modelos de datos de panel dinamicos con efectos fijos, cajas municipales de ahorro y credito del Peru, credit default, microfinance, dynamic fixed effects panel data models, Peruvian Municipal Banks of Savings and Credit

Siguiendo una tradicion sistematica institucional,a lo largo de los ocho capitulos, los autores analizan la desigualdad distributiva del Peru a traves del estudio de sus dimensiones histoticas, macroeconomicas y regionales, asi como aspectos especificos como la escasez del agua, la influencia del status social y el genero del mercado laboral y los servicios micro-crediticios.

This study explores the way a regulated microfinance institution in Peru, Confianza, links to external partners to expand its sources of funds. The author discusses the impact of recent microfinance regulation on the opportunities for Confianza to diversify its sources of funds. The author states that, in the Peruvian context, regulation plays a significant role in the type and nature of financial linkages MFIs can engage in. Regulated MFIs, like Confianza, have greater access to funds from international investorss, commercial banks and the government backed apex organization, COFIDE, than non-regulated NGOs. For purposes of comparison the author discusses briefly the challenges faced by ARAWIRA, a non-regulated financial NGO, in obtaining funds on a sustained basis.