The fledgling microfinance industry in Nigeria will find the World Bank’s cross-cultural book on experiences in the Indonesia and other emerging economies a repertoire of valuable knowledge and skills that could enhance the development of the Nigerian industry.

The book: The Microfinance Revolution, Sustainable Finance for the Poor, written by Marguerite Robinson, an internationally recognised expert on microfinance, relates the development of the highly successful microfinance industry in the Indonesia and experiences from other countries including China, India, Kenya, Tanzania, Vietnam and Bolivia among others.

Marguerite Robinson brings her deep educational background and field experience to bear on “The Microfinance Revolution, Sustainable Finance for the Poor” regarded by the World Bank as “a seminal work on microfinance that offers readers a richness and depth.”

With her Bachelor of Art (BA) and Doctorate (Ph.D.) degrees from the Harvard University, Marguerite Robinson served as professor of anthropology and dean of the College of Arts and Sciences at Brandeis University and later joined the Harvard Institute for International Development. She has worked extensively in rural areas and among the urban poor in India, Sri Lanka, and Indonesia- where she served for many years as an adviser to the ministry of finance and to Bank Rakyat Indonesia, one of the world’s most successful microfinance institutions.

In “The Microfinance Revolution, Sustainable Finance to the Poor”, the first volume of a three-volume series on microfinance, Marguerite Robinson focuses on the shift from government-and donor-subsidised credit systems to self-sufficient microfinance institutions providing viable voluntary savings and credit services.

Part one of the book, “The paradigm shift in microfinance”, traces the development of commercial microfinance and how it has helped to bring finance to the poor. Part two, “Theories of local finance: a critique”, examines theories about microfinance that have created problems for the development of the industry. The four main areas considered include the supply-leading finance theory, the imperfect information paradigm, informal credit markets, and the savings of the poor. Dr Robinson contrasted the theories and real field experiences to provide workable solutions to microfinance issues.

Mr Uche Onwudinjo, managing director, Tessy-Biz Ventures, Lagos-based accredited World Bank publications distributor, said the Marguerite Robinson’s work on microfinance would assist the Nigerian microfinance industry in development, administration and policy issues.

He said the emerging microfinance industry has a wide impact for the social and economic development of the country and as such requires proper conceptualization, implementation and evaluation by both the policymakers and practitioners.

According to him, the success of the microfinance industry is predicated on knowledge and experience-sharing, which provide tested options and avoidable pitfalls.