Exploring Sustainable Strategies for Executives of Microfinance Banks in Nigeria
Originally Published In
International Journal of Finance and Accounting
The purpose of this phenomenological study was to explore strategies microfinance bank executives use to maintain business sustainability. The concepts of microfinance banking, sustainability value, and strategic management theory formed the conceptual framework for this study. Twenty executives from microfinance banks in Anambra state of Nigeria participated in semi-structured interviews. The data analysis process involved the use of Moustakas’ modified van Kaam process, which resulted in the emergence of three themes: strategic management, fear of microlending, and maintaining sustainability. The findings indicated the practice of strategic management, but indulgence in commercial activities instead of microlending to maintain business sustainability. The outcome reinforced the necessity for a strategic management focus on the expansion of microlending services, implementation of best practices, and technological input.