AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

A Peer Reviewed International Journal of Asian

Academic Research Associates

AARJSH
ASIAN ACADEMIC RESEARCH
JOURNALOFSOCIAL
SCIENCE&HUMANITIES

NANOFINANCE, REDEFINITION OF MICROFINANCE FOR THE VERY MICRO

SOCIETY THROUGH PHILANTHROPY LINKAGE PROGRAM (CASE STUDY IN
INDONESIA, CAMBODIA, THAILAND, INDIA)
KHAIRUNNISA MUSARI1 ; RUSLI SIMANJUNTAK2
1

Lecturer, Faculty of Islamic Economics and Business (FEBI), State Institute of Islamic
Studies (IAIN) Jember.
2
Ph.D Candidate of Islamic Economic and Finance, Trisakti University.

Abstract
Most developing countries have very micro society in large numbers. Many of these do not
have ability to access bank financing and are forced the situation to borrow the loan shark.
The need of very micro society to obtain finance is not accommodated by banks. Some
microfinance institutions provide financial intermediation for them, but most of the loans use
the interest rate despite it looks relatively low and regarded not burden to the borrower. This
study found the need of loans for the very micro society is spread in some countries. This is
evident in some years sprung microfinance institution which provide opportunities for the
very poor, very low income, and very micro enterprises to access financial services through
what they call 'nanofinance'. So, this paper attempts to: (1) Describe the nanofinance activity
in Indonesia, Cambodia, Thailand, and India. (2) Redefine the microfinance for the very
micro society become nanofinance. (3) Reconstruct the scheme of nanofinance through
philanthropic linkage program between philanthropy institution and microfinance institutions.
Keywords: Microfinance, Nanofinace, Linkage Program, Philanthropy
JEL Classification: G21, G23, I30, O10, Z13

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
455

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

1. INTRODUCTION
Microfinance has been one of the crucial components for poverty alleviation.
Microfinance has proven to be an effective and powerful tool for poverty reduction.
Microfinance is the provision of tiny loans to the poor to help them establish or expand an
income-generating activity, and thereby escape from poverty. It also implies provision of
financial services to low-income people whose low economic standing excludes them from
formal financial systems. These people are traditionally considered non bankable, mainly
because they lack the guarantees that can protect a financial institution against a loss risk. In
absence of banking facility, the poor and low-income people often resorts money lending
from relatives and acquaintances but when such sources are not available they approach local
moneylenders. Moneylenders can and do provide very flexible and fast service tailor-made to
the needs of the borrowers but they are often charged exorbitant interest rates. Microfinance
comes to help the poor and low-income people. The true revolution of microfinance is that
this tool gives a chance to people who were denied the access to the financial market, opens
new perspectives and empowers people who can finally carry out their own projects and ideas
with their own resources, and escape assistance, subsidies and dependence (Morduch &
Haley, 2002; Segrado, 2005; Obaidullah & Khan, 2008; Chowdhury, 2009; Mitra, 2009;
Bateman, 2011).
Pioneered by the Grameen Bank in Bangladesh, microfinance institutions (MFIs)
today have developed as specialized financial institutions that cater to the needs of the poor
(Ahmed, 2002). Thousands of microfinance institutions sprang up around the globe, the
majority modeled closely on Classical Grameen Model and has been replicated in many
countries in a wide variety of settings (Leikem, 2012). The model requires careful targeting
of the poor and done by mostly of women group. The model requires intensive fieldwork by
staff to motivate and supervise the borrower groups. Groups normally consist of five
members, who guarantee each others loans. A number of variants of the model exist; but the
key feature of the model is group-based and graduated financing that substitutes collateral as
a tool to mitigate default and delinquency risk. The main point of departure of microfinance
from mainstream finance systems is its alternative approach to collateral that comes from the
concept of joint liability (Obaidullah & Khan, 2008).
Further, in Indonesia, Musari & Simanjuntak (2015) argue that there are very poor
which actually being a target of microfinance, but Indonesian banks do not yet accommodate
them. Type of financing in Indonesian banks is just grouping into micro small medium
enterprises (MSMEs), but the microfinance in the fact does not cover the very micro society
which consist the very poor and very micro enterprises. Even though, according to The Micro
Credit Summit that microfinance is programs extend small loans to very poor for selfemployment projects that generate income, allowing them to care for themselves and their
families. This situation is also happening in some countries, particular in developing
countries. This is evident in some years, microfinance become concern to the very micro
society and they introduce a new term nanofinance to provide opportunities for the very
poor and the very micro enterprises to access financial services.
Unfortunately, most of the financing for the very micro society uses interest. Interest
rates charged by MFIs have attracted criticism (Mitra, 2009). The findings in the field
indicate that the nanofinance activity is difficult when faced with an interest loans. So, this
paper attempts to: (1) Describe the nanofinance activity in Indonesia, Cambodia, Thailand,
and India. (2) Redefine the nanofinance as the microfinance for the very micro society. (3)
Reconstruct the scheme of nanofinance through philanthropic linkage program between
philanthropy institution and microfinance institutions.
Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
456

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

2. NANOFINANCE IN INDONESIA, CAMBODIA, INDIA & THAILAND

Microfinance supported the informal microenterprises through microcredit approach
to poverty reduction as the provision of small loans to individuals, usually within groups, as
capital investment to enable income generation through self-employment (Weber, 2006). In
Indonesia3, there is Bank for Poor Family4 which has mission against moneylenders then
targeting the low income community with super micro loan. In Jember Regency, East Java
Province, study of Musari & Simanjuntak (2015) show each Bank Gakin consist a maximum
of 200 poor people with predominantly 90 percent women become administrators and 46
percent of them are graduation of elementary school and 5 percent never undergone a formal
school education. Their financial performance is growing positive from period to period.
Bank Gakin also has gained positive response from the very micro society because make
them easier to obtain loan for venture capital. The members feel better because their incomes
increased.
As Grameen Bank, Musari & Simanjuntak (2015) see Bank Gakin in Jember also uses
the principle of joint responsibility among its members. Business group consisting of 5-10
people can apply for unsecured business loans between Rp50,000 to Rp1 million. People who
apply for credit does not have to submit business proposals, especially through a convolution
survey. Proposals can be submitted orally. Funds can be directly liquid after a survey
conducted at a glance toward the business. With credit disbursement period of 10 weeks paid
in installments every week with a rate 0.5 percent. This mechanism is very helpful the group
of microenterprises.
In Cambodia5, the microfinance sector has played a leading role in expanding the
reach of the financial sector to the rural poor. IFC (2009) notes the sector has experienced
rapid growth over the last five years, reaching over a million borrowers and more than
520,000 savers in 24 provinces. By the end of 2008, the total loan portfolio in Cambodia was
almost US$440 million while deposits were more than US$490 million. From 2006 2008,
the number of borrowers grew at a very rapid rate at 23 percent, 29 percent and 31 percent,
respectively, while total MFI lending increased at a rate of more than 55 percent a year.
In the field study, when a visit to Floating Village by name Kampung Pluk at Tonle
Sap Lake6, the result of observation and interview indicates the people prefer to use finance
3

MSMEs have played a significant role in the economy of Indonesia. Of more than 40 million
enterprises, 99.99 percent is micro, small and medium enterprises and only 0.01 percent is corporation. Based on
data from the Ministry of Cooperatives and Small Medium Enterprises (SMEs) (2014), micro-enterprises during
2011-2012 had a 99.99 percent share of the total 56.54 million business units and absorbed up to 90.12 percent
of the total 110.81 million labor forces. Whilst, the large enterprises had only a share 0.01 percent of all business
units and absorbed 2.84 percent of the labor force.
4

This bank actually is a microfinance institution that initiated by the Department of Cooperatives and
MSMEs (Dinkop & UMKM) since 2005. Its main target is productive women. In the beginning, this institution
would be implemented at the village level. However, the working area of Bank Gakin narrowed down to
backwoods because the village level is still too broad. The more narrow working area is predicted to be more
effective. In Jember Regency, East Java Province, Dinkop & UMKM grants Rp 25,000,000 for each Bank
Gakin.
5

In Cambodia, economic activities are dominated by micro, small and medium enterprises (MSMEs)
which are largely based in rural areas. These MSMEs are beyond the reach of the banking sector, which tends to
concentrate on serving businesses in urban areas. Thus, MFIs are principally the main providers of financial
services to the rural economy. Services provided by MFIs could help the rural population, especially the poor, to
increase their incomes and build up their assets.
6

The Tonle Sap is the largest freshwater lake in Southeast Asia and defines Cambodias national identity.
It provides 40-70 percent of the total protein intake of Cambodia. Currently, about 15 percent of Cambodias

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
457

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

from institution similar to the cooperative. As a fishing village, ecotourism is a fundamental

livelihoods for them. They avoid bank because interest rate of local bank to the fishermen is
1.8 percent per month and it is too high for them. Overall, this village needs the strengthening
of cooperative concept among the fishermen to finance their working (boat, engine, fuel, etc)
as their local wisdom. They need other side jobs for man to get more income. They need
leadership to connect the link of subsystem/stakeholders to do community development. They
need a capacity building to create the leadership. ADB (2005) notes the poor and poorest
households are in need of credit for their livelihood activities. At present, there is hardly any
microfinance organization working among the floating fishing communities.
In India, some nonbanking financial company has established to the very micro
society with the term nanofinance'. Mahanti (2008) mentions nanofinance as a small interest
free loans could be given to women for their emergency needs. Nano finance institution is
established truly help the poorest of the poor women of the society. She argues the condition
of the poorest of the poor in India has not changed in spite of all the progress. Women who
fall into this category constantly struggle for their daily livelihood. One of the root causes of
their helpless situation is the emergency need of small amounts of money. They cannot go to
the government, commercial banks, or to microfinance institutions for their emergency needs.
The process in those institutions is impractical and unhelpful to the poorest of the poor, who
have always emergency needs of small loans and when they do not have any savings. The
only option they have is to go to the moneylenders who loan them money with a minimum
interest rate of 120 percent per year. Most of the time, they cannot pay back the entire
principal in a lump sum which is required by the moneylenders, and therefore, continue to
pay interest for the rest of their lives. Sometimes, the situation forces them to take another
loan to pay back their previous loan or take another emergency loan.
Mitra (2009) claims the cost of microfinance loan to poor borrowers in India varies
anything between 12 percent p.a. to more than 120 percent p.a. depending on nature of MFIs
that provide service to the poor. MFI should disclose effective interest rate to the borrowers.
Hiding effective interest rate to poor and illiterate borrowers by using creative accounting
practices is highly unethical. Many MFIs simply state that they charge only 15 percent flat
rate of interest. But the effective interest rate including processing fee, compulsory savings,
etc goes well over 100 percent per annum. As a result some of these micro lending outfits
breakeven within 6-9 months operations and thereafter their motive are only to earn profits!
Microfinance must not deviate from its original objective of extending a helping hand to the
poor and must not be viewed as an opportunity to make money from poor borrowers.
In Thailand, the government believes nanofinance will also help prevent those who
have already been in the formal loan system to additionally seek informal finances, especially
during the time financing institutions have tightened the release of loans. Nanofinance also
could provide added protection and fairness for consumers along with better management of
informal loans outside the financial institution system through the increase of clarity and
transparency, as nanofinance would encourage people to offer and get loans from within the
formal system. Nanofinance is also the loans to small entrepreneurs or people at the grasspopulations depend directly on the lake for their livelihood and many more draw indirect benefits.
Approximately 2 million people live on and around the Tonle Sap and draw their livelihood from it. Despite its
rich natural endowments, the Tonle Sap basin is characterized by high levels of poverty, in some areas up to
80%. Fishing communities living in floating villages on the lake and in the flood zone of the lake include some
of the poorest groups, characterized by their dependence on subsistence fisheries, high levels of indebtedness,
low levels of literacy and education, and poor health on account of the absence of basic social infrastructure and
services. Fisheries on the Tonle Sap are characterized by high levels of conflict, emerging from competition
between different interest groups, to extract the maximum from the resources of the lake.

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
458

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

roots or those who do not have access to institutional financing. To remedy many small
entrepreneurs who do not have access to capital and requiring them to use out of system debt
service known as loan sharks, the Thai Government has recently implemented Nano
Finance Project which provides the opportunity for nonbank companies to issue nanofinance.
To provide the private sector the incentive to participate in the project, half of the income
generated from the interests received from these nano loans may apply for tax incentive. On
the other hand, lower interest rates than loan sharks as incentive to small entrepreneurs to
seek loans from the project. Parpart (2014) mentions the smallest form of loan currently that
financial institutions can offer is microfinance, which has a maximum loan amount of
Bt200,000, at an interest rate of 28 percent, while the nano-finance idea would offer
Bt100,000-120,000 and the interest rate would be higher at 30-36 percent.
3. WHY SHOULD DO REDEFINITION?
Worldwide, microfinance plays a key role in providing financial services to the poor.
Microfinance helps mitigate vulnerability to shocks such as sickness and natural disasters,
and develops microenterprises. Microfinance plays an important role in the development of
the country and alleviating poverty. According to The Micro Credit Summit7 that
microfinance is programs extend small loans to very poor for self-employment projects that
generate income, allowing them to care for themselves and their families. So, there are very
poor not just poor which should be a target of microfinance too.
In Indonesia, Musari & Simanjuntak (2015) argue that most of banks do not yet
accommodate these very poor. Type of financing in Indonesian banks is just classifying into
MSMEs, but the microfinance in the fact does not cover the very micro society which consist
the very poor, very low income, and very micro enterprises. This situation is also happening
in some countries, particular in emerging countries. This is evident in some years, MFIs
become concern to the very micro society and they introduce a new term nanofinance to
provide opportunities for the very poor and the very micro enterprises to access financial
services. Ascarya & Sanrego (2007) also mention that MSMEs classification should be
redefined to be able to reach the poor and low income society, to assist and guide them to
move their businesses up until graduated and self reliant. The super micro enterprises are
those personal businesses with asset less than Rp10 million and credit limit of less than Rp5
million. Meanwhile, micro enterprises are businesses with asset Rp10-100 million and credit
limit Rp550 million.
So, referring to World Bank (1978) that microenterprises can be defined differently,
depending on countrys stage of development, policy objectives, and administration, then
microfinance also should can be defined differently, depending on countrys stage of
development, policy objectives, and administration. But, we can see that financial institution
which do a real microfinance for the real micro society is MFIs through nanofinance.
Microfinance in the term of bank actually does not service the real micro society, particular
the very micro society. So, we need redefine the term of microfinance and introduce the
nanofinance as the financial services of MFIs for the very micro society. The Asia
Foundation (2003) mentions that non-bank MFIs are an alternative for the micro enterprises
and/or the poor to obtain financial services. Banks are considered too bureaucratic by a
majority of the micro enterprises and/or the poor. Banks are also unable to provide services to
the poorest strata because the cost of servicing small loans was prohibitive. This
7

The Microcredit Summit was held on February 2-4, 1997 in Washington DC. The Summit was
participated by 2,900 people from 137 countries. A 9 year campaign was launched to provide credit to 100
million poor by year 2005. For more information on Microcredit Summit, see www.microcreditsummit.org.

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
459

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

consideration of profitability is believed to influence banks unwillingness to channel

microfinance.
4. PHILANTHROPY LINKAGE PROGRAM FOR NANOFINANCE
Bateman (2011) sees that MFIs charge lower interest rates than local loan sharks, they
are still seen as imposing high rates on poor clients. In the early days, many MFIs said this
was necessary to cover the high operational costs of providing tiny loans to the poor, but that
interest rates would fall through competition. This argument had some validity initially. But
interest rates have not fallen as much as predicted, and in some countries have remained very
high. Duvall (2004) asserts interest rate ceilings are found in many countries throughout the
world. With the expansion of microfinance in developing countries, many legislators and the
general public have found it difficult to accept that small loans to poor people generally cost
more than normal commercial bank rates. Though meant to protect consumers, interest rate
ceilings almost always hurt the poor by making it hard for new MFIs to emerge and existing
ones to stay in business. In countries with interest rate caps, MFIs often withdraw from the
market, grow more slowly, become less transparent about total loan costs, and/or reduce their
work in rural and other costly markets. By forcing pro-poor financial institutions out of
business, interest rate caps often drive clients back to the expensive informal market where
they have no or little protection.8
A lesson learned from MFIs in Indonesia, at 2009, Department of Cooperatives and
MSMEs tried to change the nanofinance scheme of Bank Gakin. The fund source was not
grant, but as loan from the local government to Bank Gakin. Then, Bank Gakin must return
the fund via bank agent of local government. Based on the result of evaluation, the seed
capital of Bank Gakin cannot be sourced from loans, but it should be a grant.
So, in order to make economic sustainability for nanofinance, it is necessary to get
low cost fund to finance the very micro society without interest rate. We need do linkage
program to bridge philanthropy institutions and MFIs to do nanofinance. Despite rate of
interest for nanofinance relatively low and regarded not burden to the borrower, but in the
name of humanity, they cannot be equated with the medium or large enterprises that have
assets and businesses are feasible and bankable. Nanofinance actually is a humanitarian
mission. One of the rational attempts to get low cost funds is cooperating with philanthropy
institutions such as charity organization, human foundation, zakat, waqf and sadaqah
institutions, etc to create philanthropy linkage program.
This paper proposes model to develop the philanthropy linkage program for MFIs to
do nanofinance without interest rate. Through philanthropy linkage program, these
institutions may have low cost funds and do not pay the interest rate. Figure 1 show the
proposed model for philanthropy linkage program.

Groen (2002) mentions microfinance interest rates are set with the aim of providing viable, long-term
financial services on a large scale. MFIs must set interest rates that cover all administrative costs, plus the cost
of capital (including inflation), loan losses, and a provision for increasing equity. Unless MFIs do so, they may
only operate for a limited time; reach a limited number of clients; and will tend to be driven by donor or
government goals, not client needs. Only sustainable MFIs can provide permanent access to financial services to
the hundreds of millions who need them. Although microcredit interest rates can be legitimately high, inefficient
operations can make them higher than necessary. As the microcredit market matures in a given country or
region, donors and others should pay more attention to reducing operating costs to ensure the most efficient,
competitive interest rates possible.

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
460

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

Figure 1.
Philanthropy Linkage Program
Nanofinance for the very micro society is the area of MFIs. Through philanthropy
linkage program, MFIs may have low cost funds from philanthropy institutions or bank that
holds philanthropy institutions funds to nanofinance. The very micro society will have
financing without interest rate. MFIs may apply profit loss sharing (PLS) as the scheme for
nanofinance and bank may apply the PLS as the scheme. Forth, nano insurance or nano
takaful should be hand to hand with nano consultant to do mentoring to the very micro
society and do coordination with philanthropy institutions and MFIs or Nanofinance
institutions. Nano insurance is actually also nanofinance products that provides important
benefits to the institutionss clients, especially to protect the borrowers business. In this
context, the very micro society is vulnerable communities that need nano consultant and nano
insurance/nano takaful for supporting.
5. CONCLUSION
MFIs in Indonesia, Cambodia, Thailand, and India show that they do nanofinance for
the very micro society. MFIs in those countries play a key role in providing financial services
to the very poor, very low income, and very micro enterprises. Unfortunately, most of MFIs
charge such high interest rates to the very micro society despite it looks relatively low and
regarded not burden to the borrowers. But, if we compare to the bank interest rates per
annum, the microfinance or nanofinance interest rates is higher because the costs of making
a small loan are higher in percentage terms than the costs of making a larger loan.
So, we need redefine the term of microfinance in banks and introduce the nanofinance
as the financial services of MFIs for the very micro society because the hundreds of millions
who need them. In order to make economic sustainability for nanofinance, it is necessary to
get low cost fund to finance the very micro society without interest rate. We need do linkage
program to bridge philanthropy institutions and MFIs to do nanofinance. Nanofinance as a
humanitarian mission, should cooperate to philanthropy institutions such as charity
organization, human foundation, zakat, waqf and sadaqah institutions, etc to create
philanthropy linkage program. Through it, MFIs may distribute the fund to the very micro
society by leaving interest rates because its funding is not a loan, but a grant from
philanthropy institutions. Wallahualam bish showab.
Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
461

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

BIBLIOGRAPHY
Book/Journal/Proceeding/Working Paper
ADB, 2000. Finance for the Poor: Microfinance Development Strategy. Asian Development
Bank (ADB).
Ahmed, Habib, 2002. Financing Microenterprises: An Analytical Study of Islamic
Microfinance Institutions. Islamic Economic Studies, Vol. 9, No. 2, March.
Ascarya & Yulizar D. Sanrego, 2007. Redefine Micro, Small, and Medium Enterprises
Classification and the Potency of Baitul Maal wa Tamwiel as Intermediary Institutions
in Indonesia. Paper to be presented in UBD-IRTI International Conference on Inclusive
Islamic Financial Sector Development Enhancing Islamic Financial Services for Micro
and Medium Sized Enterprises (MMEs), Empire Hotel and Country Club, Negara
Brunei Darussalam, 17-19 April.
Chowdhury, Anis, 2009. Microfinance as a Poverty Reduction Tool - A Critical Assessment.
United Nations/Department of Economic and Social Affairs (UN/DESA) Working
Paper No. 89. December.
Duval, Ann, 2004. The Impact of Interest Rate Ceilings on Microfinance. Donor Brief No.
18, May. CGAP Donor Information Resource Centre (DIRECT).
Groen, Ruth P. Goodwin, 2002. Making Sense of Microcredit Interest Rates. Donor Brief No.
6, September. CGAP Donor Information Resource Centre (DIRECT).
IFC, 2009. Microfinance in Cambodia: Taking the Sector to the Next Level. Business Issues
Bulletin No. 17. June. Phnom Penh: International Finance Corporation (IFC).
Mitra, Subrata Kumar, 2009. Exploitative Microfinance Interest Rates. Asian Social
Sciences. Vol 5, No. 5. May. www.ccsenet.org/journal.html.
Morduch, Jonathan & Barbara Haley, 2002. Analysis of the Effects of Microfinance on
Poverty Reduction. NYU Wagner Working Paper No. 1014. Issued June 28. Can be
downloaded at http://www.nyu.edu/wagner/workingpapers.html.
Musari, Khairunnisa & Rusli Simanjuntak, 2015. Reconstruction The Bank For Poor Family
Through Islamic Linkage Program (Case Study In Indonesia). A paper was presented at
4th International Conference on Inclusive Islamic Financial Sector Development 2015
held by Islamic Research and Training Institute Islamic Development Bank (IRTI-IDB)
and International Islamic University (IIU) Islamabad at Faisal Mosque, IIU Islamabad,
Pakistan, 17-18 November.
Obaidullah, Mohammed & Tariqullah Khan, 2008. Islamic Microfinance Development:
Challenges and Initiatives. Policy Dialogue Paper No. 2. Jeddah: Islamic Research and
Training Institute (IRTI).
Segrado, Chiara, 2005. Islamic Microfinance and Socially Responsible Investments. Meda
Project. University of Torino. August.
Weber, H, 2006. The Global Political Economy of Microfinance and Poverty Reduction. In
J.L. Fernando (Ed.), Microfinance: Perils and Prospects. New York: Routledge.
World Bank, 1978. Employment and Development of Small Enterprises. Sector Policy Paper.
Washington DC: World Bank.
ADB, 2005. Grant Assistance to the Kingdom of Cambodia for Improving the Access of Poor
Floating Communities on the Tonle Sap to Social Infrastructure and Livelihood
Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
462

AARJSH

VOLUME 3

ISSUE 4

(APRIL 2016)

ISSN : 2278 859X

Activities (Financed by the Japan Fund for Poverty Reduction). JFPR: CAM 38602.
Asian Development Bank (ADB). February.
Internet
Asia Foundation, 2003. Microfinance Services in Indonesia: A Survey of Institutions in 6
Provinces. https://asiafoundation.org/resources/pdfs/Indomicrofinancesurvey.pdf
Bateman, Milfrod, 2011. Microfinance As A Development and Poverty Reduction Policy: Is It
Everything Its Cracked Up To Be? Background Note of Overseas Development
Institute (ODI) at 50: Advancing Knowledge, Shaping Policy, Inspiring Practice.
March. www.odi.org.uk/50years.
Kementerian
Koperasi
&
UKM,
2014.
Data
UMKM.
Diakses
dari
http://www.depkop.go.id/index.php?option=com_phocadownload&view=category&id=
109:data-umkm-2012&Itemid=93
Leikem, Kirsten, 2012. Microfinance: A Tool for Poverty Reduction?. Senior Honors
Projects. Paper 300. http://digitalcommons.uri.edu/srhonorsprog/300
Mahanti, Joyasree, 2008. Women Helping Women Through Nano Finance Institution.
http://www.ashanet.org/detroit/Projects/BISWA/Nano_Finance_Report_Jan2008.pdf
Parpart, Erich, 2014. BOT Considers 'Nano-Financing' for Grass-Roots People. The
Nation. October 25. http://www.nationmultimedia.com/business/BOT-considers-nanofinancing-for-grass-roots-peopl-30246202.html
http://www.bangkokpost.com/business/news/882596/thitikorn-to-go-into-nanofinance
http://www.microfinancefocus.com/news/2009/12/10/adb-provides-30-7m-to-cambodiaslivelihoods-microfinance-program/
http://www.apraca.org/upload/book/28/1104%20okpaper%20forum%20iran%20cambodia%20nbc.pdf
http://pubs.iclarm.net/resource_centre/WF_2832.pdf
http://www.nationmultimedia.com/business/BOT-considers-nano-financing-for-grass-rootspeopl-30246202.html
http://www.thaigov.go.th/index.php/th/government-en1/item/91761-91761.html

Asian Academic Research Journal of Social Sciences & Humanities

www.asianacademicresearch.org
463