Respondents from kitengela township were asked about their opinion on the effect of branch network on growth of MFIs and they indicated that the effects were significant. The majority indicated that branch network availability in the outskirts of the town highly facilitated the growth of the MFIs.
Entrepreneurs apart from accessing credit, need regular information updates which can be spearheaded by Micro finance institutions. This is in relation to the trend in market prices and new technologies which they can exploit to boost performance in their enterprises.
The findings as to whether MFIs provides market information to its clients indicated that it has not done enough to update its clients with information about the market trends and new technologies to promote their businesses. Further, the respondents felt MFIs has not shown efforts in providing networking opportunities for their enterprises. 5.2.2 Collateral requirement
Collateral requirement by banks has always been paramount before the issuance of a loan. This has always left out the poor individuals who do not have collaterals to secure the loans needed for their businesses and therefore led to the forming of micro credit organizations by the individuals so as to provide for their financial needs using the aspect of pooling together of resources.
In the perspective of the respondents, the provision of loans without the need to present collateral has generally increased the borrowings by the poor entrepreneurs. This therefore concurs with IFC (2010) which states that “the scaling up of microfinance is usually understood as the expansion of programs providing small loans to reach all the poor population, as opposed to increasing the average size of loans.” 5.2.3 Small scale (unbanked) savers
The micro financial services offered are limited to mainly credit, whereas the MFI clients need a variety of services such as savings and insurance. The savings component encouraged by the microfinance programmes offers an important pool of capital re-lending.
Since MFIs offer the savings option to the clients, this has attracted more clients to the MFIs therefore leading to the growth of loans.
Ultimately, the potential of the growth of the microfinance industry is determined by the numbers and needs of those without access to financial services – and these are likely to grow in the medium term since the job market is flooded and therefore leaving individuals with no option but to seek employment in the informal sector which is low paying. Despite strong evidence of progress in the fight against financial exclusion, there are still a significant number of individuals who do not have access to financial services.
5.3.1 Branch network
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