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François Seck FALL, Harouna WASSONGMA and Waly Clément FAYE
 
''Total Factor Productivity Change of Senegalese Microfinance Institutions: A Malmquist Productivity Index Approach''
( 2019, Vol. 39 No.3 )
 
 
The main purpose of this paper was to investigate the change in productivity of Senegalese microfinance institutions (MFIs) during the period from 2009 to 2013. With a balanced panel dataset of 80 observations from the 16 largest MFIs existing in Senegal, we have attempted to highlight the dynamics of microfinance productivity, using the Malmquist productivity index. The results show an average productivity improvement of 1.5% over the period, which is the lowest increase in productivity reported to date. This increase in productivity is mainly due to technological changes, with the change in technical efficiency generally declining in this post-reform period. The decomposition of technical efficiency shows that inefficiency of scale is the main cause of decline in technical efficiency during this period.
 
 
Keywords: Microfinance Institutions, Productivity, Technological Change, Technical Efficiency Change, Senegal
JEL: G2 - Financial Institutions and Services: General
D2 - Production and Organizations: General
 
Manuscript Received : Jul 05 2018 Manuscript Accepted : Jul 23 2019

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