Received: 8 September 2017
Accepted: 12 October 2018
First Online: 29 October 2018
: Though this research paper is extracted from the PhD thesis of the author which was funded by the German Federal Ministry of Education (BMBF) through the WASCAL graduate programme at Universite Cheikh Anta Diop, Dakar – Senegal, an earlier draft of this paper also benefited from the research paper prize awarded to the author by the Making Finance Work for Africa (MFW4A) during the University Meets Microfinance (UMM) conference in Dakar, 2015.The earlier draft was first presented at the Research Meets Africa, a UMM workshop organized in collaboration with Appui au Développement Autonome (ADA) and Positive Planet during the African Microfinance Week, on June 29, 2015, and later published as a MFW4A Working Paper Series by the Making Finance Work for Africa (MFW4A) Secretariat. Again the author appreciates his thesis examiner at Universite Cheikh Anta Diop, de Dakar, Dr. William M. Fonta, for the mentorship provided since the earlier draft that has led to the completion of this paper.
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