Thesis Proposal
ICT based Microfinance Services Delivery Model (Action Plan for Pakistan)
Owner: Examiner:
Asif Yaseen Terrence Brown
[email protected] [email protected]
Master of ICT Entrepreneurship School of Information and Communication Technology KTH, Royal Institute of Technology Stockholm, Sweden
Timeline: July 23 to December14, 2007
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Table of Contents 1. INTRODUCTION ...................................................................................................................... 5 2. THESIS MOTIVATION ............................................................................................................. 6 3. RESEARCH QUESTION ........................................................................................................... 7 4. THESIS OBJECTIVES................................................................................................................ 8 5. RESEARCH METHODOLOGY ................................................................................................ 9 5.1 SECONDARY RESEARCH SOURCES ........................................................................................ 9 5.2 FOCUSED GROUP ................................................................................................................... 9 5.3 FIELD SURVEY ....................................................................................................................... 9 6. EXPECTED RESULTS............................................................................................................. 10 7. BENEFICIARIES...................................................................................................................... 10 8. THESIS ORGANIZATION...................................................................................................... 11 9. THESIS METHODOLOGY ..................................................................................................... 12 9.1 PROPOSAL STAGE ................................................................................................................ 12 9.2 LITERATURE REVIEW STAGE............................................................................................... 12 9.3 DESIGN STAGE..................................................................................................................... 12 9.4 DOCUMENTATION STAGE .................................................................................................... 12 9.5 PRESENTATION STAGE ........................................................................................................ 12 10. DELIVERABLES .................................................................................................................... 13 10.1 PROJECT WEBSITE .............................................................................................................. 13 10.2 FINAL VERSION OF PROJECT PLAN.................................................................................... 13 10.3 LITERATURE REVIEW REPORT 1 (MICROFINANCE MODELS & PRODUCTS)...................... 13 10.4 LITERATURE REVIEW REPORT 2 (FINANCIAL REGULATORY FRAMEWORK RELATED TO MICROFINANCE IN PAKISTAN)................................................................................................... 13 10.5 LITERATURE REVIEW REPORT 3 (ICT INNOVATIONS IN MICROFINANCE)........................ 13 10.6 ICT BASED MICROFINANCE DELIVERY MODEL ................................................................ 13 10.7 PROJECT DRAFT PROTOTYPE ............................................................................................ 13 10.8 FINAL PROJECT REPORT .................................................................................................... 13 10.9 PRESENTATION .................................................................................................................. 14 11. GANTT CHART ..................................................................................................................... 14 11.1 KEY ACTIVITIES FOR PROJECT .......................................................................................... 15 11.2 IMPORTANT DATES AND MILESTONES .............................................................................. 15 12. RISK ANALYSIS..................................................................................................................... 17 13. CONCLUSION ....................................................................................................................... 19 14. REFERENCES ........................................................................................................................ 19
ICT based Microfinance Delivery Model, Action Plan for Pakistan
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Document Information
Document Name
Version Number
Start Date
Submission Date
Thesis Proposal
1.0
July 23, 2007
July 30, 2007
ICT based Microfinance Delivery Model, Action Plan for Pakistan
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Domain: Social Entrepreneurship Area: Micro finance outreach & Sustainability, breadth and depth of microfinance services Context: Information & Communication Technologies Result: A new delivery system for providing micro finance services like micro credits, micro insurance and leasing by using information and communication technologies for mitigating poverty in rural territories of Pakistan.
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1. Introduction Sustainable development is one of the greatest challenges of today. Microfinance initiatives are recognized as development tools to empower sustainable development. Microfinance services can be defined as access of poor to financial services who have been neglected by main banking industry. These people have no access to commercial banking services due to poverty, lack of education, living in a far flung area and lack of collaterals. This was started during 1970s and now many different organizations like nonprofit organizations (both regional and international), financial institutions, some commercial banks and also state, local governments and independent rating agencies are in the main stream to provide microfinance services in different parts of Asia, Africa, Latin America and East Europe. Pakistan is also one of those countries where microfinance outreach has increased at unprecedented rate and innovative techniques have been used to tap the rural and urban market as well. Albeit 65% area in Pakistan is rural but still microfinance institutions in Pakistan have more access to urban areas as compared to rural areas. Moreover, in urban areas this growth is concentrated in Karachi, Faisalabad and Lahore district as compared to other one (16% growth is only in Lahore district). In Pakistan, researchers and practitioners are of the view that micro finance expansion is still in its infancy stage like in Lahore where the rate of penetration is highest but still passed only16% of total urban market. Not only in Pakistan, round the globe this is a proven fact that it is challenging to build village banking model for microfinance services in remote areas due to following issues faced by microfinance institutions. 1- Building information networks in far flung areas. 2- Management and processing of information at the transaction level. 3- Payment and receipt of money in remote areas. Everyone of above mentioned reason poses challenge for outreach and sustainability. Different delivery models and mechanisms have been used to increase outreach and financial sustainability but a little explored one is use of ICT for developing delivery architecture. Information and Communication Technologies (ICT) has a great potential to support microfinance initiatives. Though many steps has been taken to ensure that ICT is instrumental in lowering the cost of loan administration and also helps in offering many affordable and flexible loan products to poor yet practically in Pakistan, only MIS system and handheld calculators are used to support micro finance operations. In addition, ICT can also help MFIs to expand their services coverage by providing logistical, strategic and analytical support. So, ICT has an immense potential to support not only two crucial issues of microfinance sector, (increasing outreach and increasing financial sustainability) but also it will bring several benefits like breadth of market coverage as ICT based delivery model will facilitate expansion in untapped rural territories and also depth of market coverage by identifying new products and services. ICT innovations will be a key strategy in efforts to take microfinance to the next level in terms of outreach and sustainability.
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Moreover, in Pakistan, majority of these microfinance organizations are donor funded, which is an obstacle to their scalability and sustainability. ICT based initiatives (for example smart cards, handhelds, modified ATMs) are instrumental in lowering down transaction and overhead cost and expanding the availability of microfinance. As the world of micro finance is discerning a paradigm shift towards profit oriented commercial model from donor led model, it is pertinent to develop ICT based sustenance to change delivery model for microfinance. This new ICT based delivery model will propose a definite framework for outreach and sustainability whose social benefits will be measured in terms of quality and usefulness of microfinance services, cost of operations, depth and breadth of micro finance products, length and scope of microfinance activities.
2. Thesis Motivation According to statistics, about three billion people in this world are living on less than two dollar per day. Moreover, The United Nations' Millennium Development Goals (MDGs) have stimulated the world with a challenge to improve the welfare of the poorest of the poor. Since last three decades, microfinance is positioned as a development tool to reduce poverty on global level and many multilateral lending agencies, bilateral donor agencies, developing and developed country governments, and non-government organizations (NGOs) are supporting the development of microfinance. Despite this growth, outreach and financial sustainability of microfinance is a great matter to be discussed. It is estimated that about 95 percent of some 180 million poor households in the Asian and Pacific Region still have little access to institutional financial services. Access to services and offering banking operations at the very door step of poor are those two big questions that call reengineering of delivery mechanism and also range of microfinance products customized according to the need of a particular society. In Pakistan, there are certain gaps on supply side of microfinance services that is evident from outreach statistics. I intend to look for the best practices for these gaps and then examining the role of ICT for recuperating these gaps. In this context, I will explore electronic banking for remote areas and what kind of results have been obtained so far and what is the potential ramifications of this for Pakistan for quite long term growth and sustainability of this sector. In Pakistan like many other many areas of the world, only MIS system and handheld computers are being used in microfinance sector. In some other parts like in India and Latin American countries, other ICT applications are used on limited scale and a differentiation edge is taken. No one can deny that ICT innovations would be a key strategy for development of E-banking services for microfinance sector. This will change business models, range of services and methodologies that are the central to microfinance sector. Furthermore, ICT innovations will help commercial banks to do microfinance more profitably. Thus, it is a dire need to rethink delivery model for microfinance services and particularly a delivery model for commercial banks that have already big setups in different countries. Realizing this challenge many research work is going to induce ICT in microfinance but this is a need of time to consider a holistic approach for rethinking delivery model for financial services.
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3. Research Question Currently, this is a zenith stage for technological revolution showing technological and economic success for advanced countries while the rest of world finds themselves trapped in the vicious cycle of poverty. Microfinance is considered a major tool to cope with poverty issues. This is a high time to use ICT platform for increasing outreach and financial sustainability of microfinance in Pakistan. This thesis will explore the answers of the following questions. 1- In Pakistan, how ICT can be instrumental to the future direction of Microfinance initiatives by changing its delivery model. The cost of microfinance services in rural and far flung areas is high due to lack of infrastructure, high operating cost and management of operations. Is ICT based delivery model a promising solution for breadth and depth of microfinance services to this problem? 2- What is the current microfinance services delivery model prevalent in Pakistan what are the challenges and barriers in getting financial services by poor and what kind of ICT best suits the underlying environment in Pakistan. 3- What opportunities does exist in Pakistan for offering other microfinance products (except micro credit) to fill the microfinance gap through ICT based delivery model. 4- How Government of Pakistan can support E- banking model for microfinance operations in rural and far flung areas of Pakistan.
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4. Thesis Objectives This thesis project aims at achieving following objectives/ milestones. 1. Study and analyze microfinance market in Pakistan. What kinds of services are currently offered in Pakistan? What is the condition of demand and supply side in Pakistan? What is a true picture of growth and trends for microfinance products in Pakistan? 2. What kind of financial services are offered for the poor in Pakistan. What is the supply leading and poverty lending approaches prevalent in Pakistan? What is the demand driven and financial system approaches are currently used in Pakistan.
3. What are the challenges for rural finance in Pakistan? What are the barriers to access financial services in Pakistan by poor? 4. What kind of ICT innovations are being used in microfinance in different parts of the world and how ICT is a strategic tool for making microfinance institutions more efficient and effective.
5. What are the reasons for facing difficulties for getting right ICT based solutions in Pakistan. 6. What will be complete architecture for ICT based delivery system. What are important issues for its development and commercialization in Pakistan?
7. What kind of different microfinance products can be offered by ICT based delivery model and what will be new methodology to offer new microfinance services in Pakistan. 8. What are Pakistani government policy issues regarding financial system stability for building institutional capacity and regulation and supervision issues regarding E-Banking model for microfinance.
9. What are social and political motivations for developing this new model so Government of Pakistan supports building this model?
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5. Research Methodology To answer the above mentioned questions, following research methodology will be used. 5.1 Secondary Research Sources Extensive secondary research will be conducted about working of microfinance institutions in Pakistan, current outreach, comparison of different major delivery models prevailing in the world and the use of ICT in microfinance operations in different countries. 5.2 Focused Group Discussions with a sample of experts from banks, NGOs, government officials to get the meaningful insights about reality picture in Pakistan. Structured Interview technique will be used for this. 5.3 Field Survey Field surveys by using snowball sampling techniques in different areas of Pakistan to have a clear understanding for building the architecture for ICT based delivery model. A valid and reliable research instrument (Questionnaire) would be developed to get information from field. The samples would be selected in following ways. Respondents would be divided into 2 categories. Group 1: This group will consist of those persons who are directly availing formal and informal microfinance services. Group 2: This group will consist of different family members who are using financial services.
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6. Expected Results 1. To provide a clear understanding of challenges and barriers faced by poor in Pakistan to access microfinance services. 2. To furnish demand & supply analysis of microfinance market in Pakistan. This will be instrumental for developing new microfinance products. 3. To provide a complete architecture for ICT based microfinance delivery model focusing on Pakistani market needs but also can be used in rural parts of the developing world. 4. To open new opportunities for ICT entrepreneurs in Pakistan to develop customized products being used for ICT based delivery model. 5. To reduce existing loan administration cost and overhead cost. In addition to this, Microfinance companies will get logistic, strategic and analytical support by using this new delivery model.
7. Beneficiaries Primarily, this thesis report is for academic usage but secondly, it can be a valuable guideline for different stakeholders not only in Pakistan but also across the globe where the issue of increasing microfinance outreach and sustainability is a matter of discussion and that is a certain global agenda pertaining to microfinance sector. Following stakeholders in Pakistan can find this thesis a valuable resource. 1. Government financial policy makers who have a vision to get poor class of Pakistan in the main financial stream. 2. Microfinance Institutions who intend to develop a village banking model to tap the big untapped market. 3. Pakistan Microfinance network, which is a network of different leading microfinance institutions that are dedicated to improving the outreach and sustainability of microfinance services in Pakistan. 4. Internet service providers 5. Telecom Network Operators 6. Other ICT entrepreneurs 7. Household users of microfinance products in urban and rural areas. 8. Ministry of local government and rural development in Pakistan.
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8. Thesis organization This thesis project will be completed according to the rules of master thesis work at KTH, School of information and communication technology. The thesis will be completed in Pakistan by student researcher in collaboration with Pakistan Microfinance Network, a network of 19 member micro finance organizations (retail microfinance organizations, NGOs, donor agencies). Researcher Asif Yaseen. Master Student in ICT Entrepreneurship E-mail:
[email protected] Supervisor-1 Dr. Terrence Brown Telecommunication System Lab School of Information and communication technology, KTH E-mail:
[email protected] Supervisor-2 Lena Ramfelt Telecommunication System Lab School of Information and communication technology, KTH E-mail:
[email protected] Examiner Dr. Terrence Brown Telecommunication System Lab School of Information and communication technology, KTH E-mail:
[email protected]
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9. Thesis Methodology Here is a sequence for the execution of project activities. It is important to note that execution process for different stages may be iterative as uncertainty prevails when we solve real world problems. Different stages of this thesis project are as follows, 9.1 Proposal Stage Following activities will be carried out, 1. Finalize the draft for detailed project plan after a number of meetings with supervisor and examiner. 2. Discussing and concluding the project objectives and milestones. 3. Making project website, uploading final project specification and a detailed plan with GANTT chart. 9.2 Literature Review Stage This stage covers extensive readings on 1. Existing microfinance delivery models 2. Use of ICT in microfinance 3. Exploring ICT technology that may be used 4. Statistics related to outreach of microfinance operations in Pakistan 5. Financial regulatory framework prevalent in Pakistan 6. Different types of microfinance products offered in Pakistan at current time. 9.3 Design Stage This stage encompasses extensive field survey, focused group studies from different organizations like commercial microfinance banks (First Microfinance Bank Ltd, Tameer Bank), NGOs, personnel’s from telecom operators and financial regulatory body of Pakistan. In addition to this, this phase also includes building architecture for ICT based microfinance model. 9.4 Documentation Stage This stage focuses on putting all the secondary data and primary data collected during focused groups discussions and field survey in a report form to present to examiner and also used by any interested microfinance platform. 9.5 Presentation Stage This project would be presented to examiner and other interested participants for academic usage.
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10. Deliverables This thesis will furnish following important deliverables as progress goes on according to different stages. 10.1 Project website This is a space for all kind of documentation pertaining to this thesis. This will exhibit the complete process of furnishing different types of deliverables. Any concerned and interested person can access 1. What has been delivered? 2. What is in the pipeline? 3. Time frame for past and upcoming events. 10.2 Final Version of Project Plan After detailed meetings with supervisor and examiner, a project plan with table of contents for different areas to be covered during research will be uploaded on thesis website. Again it is important to note that real world problem solving requires some changes according to time frame that would be adjusted accordingly. 10.3 Literature Review Report 1 (Microfinance Models & Products) This report will include secondary research related different microfinance delivery models and microfinance products prevalent in the world and especially in Pakistan. This also entails challenges and gaps related to rural finance issues in Pakistan. 10.4 Literature Review Report 2 (Financial Regulatory framework related to microfinance in Pakistan) This report will describe Pakistani government financial regulation policy related to microfinance. It will be analyzed what kind of challenges and opportunities posed by regulatory framework. 10.5 Literature Review Report 3 (ICT Innovations in Microfinance) This report will consist of uses of different ICT innovations in microfinance delivery models that are being used in different parts of the world. This will also include what kind of ICT innovations are currently being used in Pakistan. T 10.6 ICT based Microfinance Delivery Model After field study, this report will provide an open design for ICT based microfinance delivery model in Pakistan and this also includes factors influencing the design and choice of system architecture. 10.7 Project Draft Prototype A detailed report containing precise and analytical information will be submitted to examiner and supervisor for constructive improvements. 10.8 Final Project Report After remodeling report, the final version will be uploaded on thesis website; Final copy will be mailed to examiner, supervisor and opponent.
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10.9 Presentation The researcher is ready for defending his research work and for oral presentation. The researcher will be open to any kind of questions to his examiner, opponent and other participants.
11. Gantt chart Here is a detailed schedule for key activities to be completed during this research thesis. Moreover, starting time, finish time and time span for each activity is listed. In this Gantt chart activities are assigned numbers and listed horizontally and time is shown in weeks and depicted vertically. Time Schedule for project activities 1 2 3 4 5 6 7 8 9 10 11 Time/ Key Activities Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 Week 45 Week 46 Week 47 Week 48 Week 49 Week 50
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11.1 Key Activities for Project 1. Thesis Website and detailed Project Plan 2. Familiarize with different microfinance models and financial products offered in this domain. 3. Developing questionnaire for focused group interview. 4. Analysis of microfinance markets in Pakistan. This analysis includes different services offered, demand and supply side, growth and trends for microfinance products in Pakistan. 5. Study ICT innovations in microfinance markets in the world and also in Pakistan. 6. Developing questionnaire for field survey. 7. Study microfinance regulatory and policy framework in Pakistan. 8. Design of ICT based microfinance delivery model. 9. Initial draft of report. 10. Final Draft of report. 11. Presentation. 11.2 Important Dates and Milestones Pre-planning work: 18 June: Approval from Examiner, Dr. Terrence Brown for domain and area for working on master thesis work. 22 June: Registration of thesis work in KTH Enrollment system. 25 June-15 July: Initial contacts to Pakistan Microfinance Network, a network of practitioners of microfinance for initial discussions for developing research questions. Crude search on internet related to social entrepreneurship domain and microfinance area. Project Starting Date: July 23, 2007 (Week 30) 30 July: First draft of thesis plan was finalized and mailed to examiner and supervisor for approval. 07 August: Feedback on first draft of project plan. 14 August: Deadline for producing and uploading the final draft for project plan. 20 August: Submission of questionnaire for focused group discussion for supervisor feedback. 24 August: Submission of final draft of literature review report 1 about microfinance models and products. 03 September: Submission of final draft of literature review report 2 about use of ICT products in microfinance. 14 September: Submission of questionnaire for field survey for supervisor feedback. 20 September: Submission of final draft of literature review report 3 about financial regulatory framework related to microfinance. 05 October: Submission of report related to focused group discussions. 22 October: Completion of field survey. 12 November: Deadline for architecture of ICT based microfinance model.
ICT based Microfinance Delivery Model, Action Plan for Pakistan
Master Thesis Proposal 26 November: Submission of first draft for thesis work. 05 December: Submission of final draft for thesis work. 14 December: Final presentation of thesis work at KTH. Project Finished Date: Dec 14, 2007 (Week 50)
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12. Risk Analysis This thesis is related to solving a real world problem so definitely certain risks are involved due to uncertainty. Here is a detailed analysis of risk events, probability that is denoted by ‘P’, effects that is denoted by ‘E’ and their mutual risk index is the multiplication of probability and Effect of any risk. Expected Risks No
Risk Event
Probability (P)
Effect (E)
1
Precise and accurate information about Microfinance models and products are not available.
2
4
Risk index (PxE) 8
2
NGOs reluctance to provide information related to use of ICT products in microfinance outreach
3
4
12
3
Delay in response from Pakistani Microfinance organization and companies are not willing to provide outreach statistics. Communication problem with stakeholders and delay in getting appointment time for focused group interview. Lack of cooperation from public sector in Pakistan.
3
4
12
4
4
16
4
2
8
Communication problems in field survey and unwillingness of common households to provide accurate information. Due to cost and time for extensive traveling, may be a homogenous survey If due to any uncertain reason one milestone takes longer time than expected Unanticipated work load
3
4
12
3
3
9
2
3
6
2
3
6
4
5
6
7
8
9
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Following are the mitigation strategies and contingency plans for the above mentioned risks. Risks Analysis No 1
Risk Event Precise and accurate information about Microfinance models and products are not available.
2
NGOs reluctance to provide Using personal references information related to use of to approach microfinance ICT products in microfinance companies and NGOs. outreach
3
Delay in response from Pakistani Microfinance organization and companies are not willing to provide outreach statistics. Communication problem with stakeholders and delay in getting appointment time for focused group interview. Lack of cooperation from public sector in Pakistan.
4
5
6
7
8
9
Mitigations Strategy Contingency Plan Getting help from Pakistan Redefining project plan scope. Microfinance Network.
Fixing the negotiation facilitators information.
Exploring the websites of those organizations whose outreach is greater or search for alternatives not those who are originally included in sample. problem by Redefining project plan to change and using the area of working. to get
Setup meetings well before Using references to get time and time. plan out telephonic and e-mail conversation.
Attempt to get publicly available reports for Pakistani statistics. Communication problems in Creating awareness among field survey and unwillingness poor communities by of common households to personal counseling. provide accurate information. Due to cost and time for Relying on existing extensive traveling, may be a information collected from homogenous survey is not member organizations of possible. Pakistan Microfinance Network.
Exploring alternatives if possible.
Changes in sampling technique and using accidental and judgmental sampling techniques.
For Focused group discussion only telephonic interview technique will be used. And for field survey a small number of easily approached areas only in Punjab and Sindh provinces will be selected from four provinces of Pakistan. If due to any uncertain reason Putting extra efforts to keep Make changes and specify project one milestone takes longer delay off. plan accordingly. time than expected Unanticipated work load Putting extra efforts to Make changes and specify project keep delay off. plan accordingly.
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13. Conclusion The primary focus of thesis project is to deliver an ICT based solution for remodeling microfinance delivery system in Pakistan that will increase outreach of microfinance operations not only in urban areas but also in the rural areas of Pakistan. This will be based on those technologies that are highly suitable for rural areas of Pakistan. This is not an easy task without realizing challenges faced by field survey, focused group discussions and regulatory framework view about using ICT innovations in microfinance.
14. References 1- Barton and Marshall Bear. April, 1999, Information and Communications Technologies: Are They the Key to Viable Business Development Services for Micro and Small Enterprises? 2- Mathison, S. (2005), Increasing the outreach and sustainability of microfinance through ICT innovation, draft. 3- Cracknell, D. (2004). Electronic Banking for the Poor: Panacea, Potential and pitfalls. Website: www.microsave.org 4- Janine Firpo, SEMBA Consulting, Banking the unbanked: Technology, s role in delivering accessible financial services to the poor. 5- Whelan, S. (2003), CGAP IT Innovation Series: Smart Cards. Retrieved August, 2005. 6- Mark Schreiner, June 1999, “Aspects of Outreach: A framework for the discussion of the social benefits of Microfinance”, Center for Social Development, Washington University, St.Louis, USA. 7- Asian Development Bank, 2000, Finance for the Poor: Microfinance development Strategy. 8- Social Enterprise Associates, Microfinance: Sustainable tool for Urban Poverty Alleviation, policy working paper no. 06. 9- Claessens, S., Glaessner, T., & Klingebiel,D.(2001). E-Finance in Emerging Markets: Is Leapfrogging Possible? (Financial Sector Discussion Paper No.07). Washington, DC, World Bank. 10- “Pakistan Microfinance Network”, website; http://www.pmn.org.pk/.
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