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     MULTIDISCIPLINARY SCIENTIFIC RESEARCH 

 
        BJMSR VOL 6 NO 1 (2022)  P-ISSN 2687-850X  E-ISSN 2687-8518 

 
        Available online at https://www.cribfb.com 

    Journal homepage: https://www.cribfb.com/journal/index.php/BJMSR 

                                                                                                                                                                                                  Published by CRIBFB, USA 

                                                                                                                                            

THE ROLE OF MICROCREDIT AND MICRO SAVINGS FOR 

RAISING MICROFINANCE SUSTAINABILITY IN SOMALI  
 

 Abdikhaiq Dahir Ayanle  (a)1   Md Salim Chowdhury  (b)  Md Al-Imran (c)  Siddiqur Rahman (d) 
 

(a)Department of Business Administration, Daffodil International University, Dhaka-1341, Bangladesh; E-mail: abdikhaliq6355@gmail.com 
(b) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Michigan 48101-3636, United 

States of America; E-mail: mchowdhury23@my.trine.edu 
(c) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Michigan 48101-3636, United 

States of America; E-mail: malimran23@my.tine.edu 
(d) Department of Business Administration, Daffodil International University, Dhaka-1341, Bangladesh; E-mail: sr@daffodilvarsity.edu.bd 

 

 
A R T I C L E I N F O 

 
 

Article History: 
 

Received: 22nd November 2022  

Accepted: 26th December 2022 
Online Publication: 30th December 2022 

 
Keywords: 

 

Microcredit, Micro Savings,          

Microfinance, Sustainability 

 
JEL Classification Codes: 

 

B21, Q56 

 

 
 

 

 

  

 
A B S T R A C T 
 
The purpose of the study was to examine the impact of microcredit and micro saving on increasing the 

sustainability of microfinance in Somalia, using Amal bank as a case study. A sample of 120 participants, 

including bank employees, managers, and customers, were surveyed through questionnaires. The 
collected data were processed using SPSS and Excel and presented as tables showing frequencies and 

percentages. The study found a positive correlation between microcredit, micro saving, and 

microfinance sustainability. The results showed that microcredit is the most influential factor in 

maintaining the sustainability of microfinance. An increase in microcredit and micro saving for the low-

income population leads to an increase in microfinance sustainability and job opportunities. 

Additionally, the study suggests that micro-saving positively impacts job creation, which implies that 

micro-saving relies on microcredit and job creation. Hence, microfinance organizations provide small 

savings accounts to low-income families or individuals as an incentive to save for future needs. 
Furthermore, a positive relationship exists between microfinance and employment. This means 

microfinance is in conjunction with microcredit and micro saving in job creation; increasing microcredit 

and micro saving also increase microfinance in job creation. Finally, regarding the job creation of 

society, the researchers recommend that the government of Somalia make a plan to maintain the 

sustainability of microfinance to reduce unemployment in Somalia because this country has one of the 

highest rates of unemployment in the world.  

 
 

© 2022 by the authors. Licensee CRIBFB, USA. This article is an open-access article distributed 
under the terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0/).  

            

 

INTRODUCTION 

The Microcredit is a widely used form of microfinance where a tiny loan is granted to an individual to help them start a 

small business or become self-employed. The borrowers of microcredit typically have low income, especially in less 

developed countries. Micro lending and microloans are alternative terms for microcredit. Microcredit is a technique for 

giving people extremely tiny loans so they can launch or grow a small business. Low-income people who reside in 

developing nations are more likely to use microcredit; Bangladesh is where the practice first emerged in its current form. 

The majority of microcredit programs rely on a group borrowing model that was created by Muhammad Yunus, winner of 

the Nobel Prize, and his Grameen Bank (Hulme, 2009). Microcredit services foster economic growth and development by 

assisting in the development of resource allocation, market support, and the adoption of superior technology. Additionally, 

microcredit users' decision to dedicate funds to better housing, health, nutrition, and education will have a favorable impact 

on development. Low-income families or individuals are given a small bank account as an incentive to save money for 

future use as part of the microfinance component known as micro savings. Micro savings accounts function similarly to 

traditional savings accounts, but they are made to accommodate smaller sums of money. Many developing nations offer 

micro saving options to help low-income individuals save money without paying fees, by disregarding or setting low 

                                                      
1Corresponding author: ORCID ID: 0000-0002-5380-8025 

© 2022 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  

https://doi.org/10.46281/bjmsr.v6i1.1925 
 

To cite this article: Ayanle, A. D., Chowdhury, M. S., Imran, M. A.-, & Rahman, S. (2023). THE ROLE OF MICROCREDIT AND MICRO SAVINGS 

FOR RAISING MICROFINANCE SUSTAINABILITY IN SOMALI. Bangladesh Journal of Multidisciplinary Scientific Research, 6(1), 30-39. 
https://doi.org/10.46281/bjmsr.v6i1.1925 

http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/bjmsr.v6i1.1925
https://orcid.org/0000-0002-5380-8025
https://orcid.org/0000-0001-5499-677X
https://orcid.org/0000-0002-9340-5642
https://orcid.org/0000-0003-4613-9828


Ayanle et al., Bangladesh Journal of Multidisciplinary Scientific Research 6(1) (2022), 30-39 

 

31 

 

minimum balance requirements for opening a bank account. This enables users to save small amounts and prepare for future 

investments or emergencies. Households in poor nations, when overall savings are quite low, depend heavily on savings. 

Poor people who routinely save are better equipped to handle the everyday problems that frequently overwhelm them. 

Savings mobilization is typically viewed as being low in poor nations. Low access to safe, flexible, practical, and affordable 

savings solutions may be the cause of low savings (Babajide et al., 2015). 

The main objective of the study is to identify the role of microcredit and savings for promoting microfinance 

sustainability in Somalia. The specific objectives is to – 

 To assess the role of microcredit and micro saving in job creation in Somalia 

 To find out benefits of microcredit and micro savings in small business  

 To find out how microcredit helps reducing unemployment 

 To recognize how microcredit and micro savings contributes to microfinance sustainability 

 

LITERATURE REVIEW 

The 2009 State of the Microcredit Summit Campaign Report states that nearly half of the world's population, or 3 billion 

people, live on less than $2 per day, and around 1 billion people, or 1% of the world's population, live on less than $1 per 

day. As a result, the struggle against poverty has become a major global concern. Although 1.9 billion people lived below 

the international poverty level of 1.25 US dollars per day in 1981 (Chen & Ravallion, 2013; Kabir et al., 2021; Shahriar 

2021a; Shahriar 2021b; Zayed et al., 2021a; and Zayed et al., 2021b) note that this number fell to 1.4 billion persons in 

2005. This circumstance shows that poverty has been on the decline from the start of the 1980s.  

As a result of his 1976 interviews with peasant women near a university, Bangladeshi economist Muhammad 

Yunus gave 27 US dollars to 42 underprivileged women, laying the groundwork for the microcredit proposal that would 

transform the course of human history. The Grameen Bank was formed by the Bangladeshi government in 1983 to provide 

loans to the underprivileged, particularly women, in order to carry out this implementation through a formal process (Rouf, 

2020). Even if there are many dimensions to poverty, there are three related definitions that might be mentioned. The first 

category, known as absolute poverty, is characterized by an inability to meet even the most basic dietary demands, which 

are typically stated as minimal calorie needs. The second type of poverty is relative poverty, which is defined as the inability 

to meet basic non-food requirements like clothes, shelter, and electricity. A broader paradigm of human poverty that 

encompasses those two criteria has just come into existence. Human poverty is defined as the lack of necessities for life, 

including illiteracy, starvation, a short lifespan, poor mother-child health, and the occurrence of diseases that could have 

been prevented (Sivakumar & Sarvalingam 2010; Ali et al., 2020a; Ali et al., 2020b; Kader et al., 2019; Kader et al., 2021a; 

Kader et al., 2021b; Ahmed et al., 2022;; Mia et al., 2022; Bhuiyan et al., 2022;; Shayery et al., 2022). 

 As a result, the idea that a decent standard of living includes a range of economic, social, and cultural chances in 

addition to financial opportunities serves as the foundation for the definition of human poverty (Hajian & Kashani, 2021). 

Muhammad Yunus asserts that credit is a human right and that by gaining it, one can acquire other rights required for leading 

an honorable life. He makes this claim in reference to microcredit, which is crucial in decreasing poverty (Latifee, 2003). 

Non-profit organizations known as micro credit extending institutions work to give credit to the underprivileged who have 

struggled to get a loan from traditional banks (Gutierrez-Nieto et al., 2007; Chowdhury et al., 2020; Chowdhury et al., 2021; 

S. Chowdhury et al., 2021; Iqbal et al., 2021). Credits with manageable interest rates allow low-income persons the chance 

to launch small businesses (Bakhtiari, 2006). By starting their own businesses, low-income individuals can break the cycle 

of poverty and earn an income (Latifee, 2003; Nader, 2008). While Latifee (2003) asserts that micro-finance initiatives 

promote human capital expenditures like education, (Nader, 2008) emphasizes that raising the income and assets of women 

who utilize microcredit also boosts their level of economic independence and self-assurance. Additionally, because 

microcredit helps to redistribute money and increase local income, it has a favorable impact on the welfare of the entire 

household (Khandker, 2003).  

Ashta et al. (2014) define savings as the sum of money that a person keeps with a financial institution. Therefore, 

a little portion of the poor's income that is safely held by financial institutions, mostly MFIs, is represented by micro savings. 

Savings in the context of microfinance refers to funds retained with a microfinance organization, in this example a 

microfinance bank, typically by the poor, in order to meet basic necessities and accumulate funds for starting or growing an 

income-generating activity (Olu, 2009; Nayeen et al., 2020; Nahar et al., 2021; Rahman et al., 2021a; Rahman  et al., 2021b). 

This demonstrates how micro savings are advantageous to both micro borrowers and microfinance organizations. While the 

former encourages disadvantaged households to develop a saving habit and acts as an interest-free source of finance for 

consumption and business expenses, the latter benefits from mandatory group savings programs that guarantee loan payback 

(Onunugbo & Nwosu, 2006; Al-Quraan et al., 2022; Faisal-E-Alam et al., 2022; Khan et al., 2022a; Khan et al., 2022b).   

Any country's development process requires savings to a significant extent. There are two basic vantage points 

from which to examine the significance of savings in developing countries. The first has to do with the resource deficit that 

needs to be closed by encouraging a culture of saving among the populace. Most developing nations have lower savings 

rates than nations with advanced economies as a result of their low per capita incomes, which have an impact on the degree 

of capital formation in those nations. Achieving financial inclusion for everyone in the economy is the second goal. The 

reason is that offering financial services is a crucial strategy for directing resources toward more beneficial uses (Watson & 

Everett, 1999).  

 

 



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32 

 

Microcredit, Micro savings & Microfinance Sustainability 

Microcredit refers to the provision of tiny loans to low-income individuals for self-employment ventures that generate 

income, enabling them to support themselves and their families. It is a loan of a small amount that does not require adequate 

collateral. Microcredit is provided by various types of financial intermediaries without collateral. It is intended for 

individuals or groups who do not meet the standard requirements to access traditional loans, either to start a formal or 

informal business or for social support initiatives (Pareek et al., 2022; Rubi et al., 2022; Zayed et al., 2022a; Zayed et al., 

2022b; Zayed et al., 2022c). 

Micro saving is a type of microfinance that involves providing small deposit accounts to low-income families or 

individuals as a way to encourage them to save for future use. It operates similarly to a regular savings account, but 

accommodates smaller amounts of money. Minimum balance requirements are often waived or kept low to allow users to 

save modest sums without incurring fees (Abdullah et al., 2021). 

For providing financial service to the poor, microfinance is a key concept. The term microfinance generally consist 

of different micro amount of credit and savings. Microcredit and microfinance contribute to maintain microfinance 

sustainability to reduce unemployment by delivering microfinance services. 

 

MATERIALS AND METHODS 
The study took place in Somalia. The study was conducted through a qualitative survey design. The population of this study 

was derived from some selected populations of Somalia those are participated the survey questions and submitted their 

feedbacks and the target population was unknown for the reason that the research design was an online survey through some 

selected tools to reach the target and some selected people which are an expert of the field, in addition the pandemic situation 

was exacerbated the situation and the researcher couldn’t be able to conduct for field research but the required population 

to participate the survey would be assumed 200 individuals.  

 

Sample size formula   

To calculate the sample size of wanted during this research the researcher selects to get at the very beginning the sample 

size of unknown population which is also called infinite population and then adjusted the required selected participants of 

the research questions, so that the researcher uses the below formula by considering the confidence level of 95% and the 

confidence interval of 5%which is 0.005 numerically.so that the formula used as indicated below.  

Sample size formula of unknown population S= (z^) *p*(1-p)/m^  

 

Where S= sample size  

 

Z= score value based on confidence level and it’s given  

 

P= population proportion which the researcher assumed as 50% which 0.5 numerically  

 

M= margin of error  

 

So that if the researcher considers that the level of confidence of 95% then the z value will be 1.96 and the 

 

S= (1.96^) *0.5*(1-0.5)/ (0.005^) S=3.8416*0.25/0.0025 ………………… Equation 1 

 

S=384 so that the sample for unknown population is 384.16  

 

So that the let’s take the required population 387 to get the required sample size.  

 

To adjust the required sample size, the researcher must consider this below formula which is:  

 

Adjust sample size=(s)/1+ {(s-1)/required participants}  

 

So that s=384.16/1+ {(384.16-1)/120} of required population 384.16/7.5325490 = 51.000  

 

So finally, it is determined that the sample size of 120 for the required population of 387 was conducted and only 

120 individuals was participated the survey and received their feedback ideas.  

 

Data Collection Procedure  

Primary Data 
During this study, the data was collected by online as the researcher prepared his survey as a Google form and then copied 

the link to send to different social Medias like email, Facebook, and also oral communications to some people particular in 

Somalia because of the language. Then, the researcher tried to cooperate with the respondents to fill the questionnaires 

appropriately.  

 



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33 

 

Secondary Data 
Secondary data on microfinance was gathered via a documentary assessment of published and unpublished reports, books, 

journals, and other pertinent materials. 

 

Data Analysis Procedure  

Data was analyzed by using statistical package of social science (SPSS.Version 23. 0) and the excel form to break the data 

and create the graphs and that was measured the degree of respondents that was participated the survey that the researched 

spread out to different areas including some major cities of Somalia by using an online platform. More importantly we also 

used a reliability analysis to validate and improve the consistence between our survey questions and the descriptive analysis 

to know the frequencies and percentages of the participants that was responded the survey, their characteristics, education 

levels and their degree of perception about the matter.  

 

RESULTS & DISCUSSIONS 

Empowering the Poor through Microcredit: Income-Generating Employment Opportunities 

 

Table 1. Microcredit enables the poor to participate in income-generating employment projects 

 
Indicator Frequency Percent 

Strongly Agree 50 41.7% 

Agree 31 25.8% 

Neutral 23 19.2% 

Disagree 8 6.7% 

Strongly Disagree 8 6.7% 

Total 120 100 

Source: Primary Data 

 

According to the above table 1 and the figure 1 below the majority of the respondents, (41.7%), strongly agreed 

that microcredit enables the poor to participate in income-generating employment ventures. (25.8%) agreed, (19.2%) were 

neutral, (6.7%) disagreed, and (6.7%) strongly disagreed. These results suggest that the majority of the respondents had a 

strong favorable view of the impact of microcredit on poverty and employment.  

 
          Figure 1. Microcredit enables the poor to participate in income-generating employment projects 

Source: Primary Data 

 

Small Business Growth through Microcredit 

Table 2. Microcredit is an important factor in further small business development 

 
Indicator Frequency Percent 

Strongly Agree 39 32.5% 

Agree 41 34.2% 

Neutral 23 19.2% 

Disagree 11 9.2% 

Strongly Disagree 6 5.0% 

Total 120 100 

Source: Primary Data 

 

According to the above table 2 and the figure 2 below (32.5%) of the respondents responded strongly agree and 

(34.2%) of the respondents responded agree and the (19.2%) of the respondents responded neutral and (9.2%) five present 

of the respondents responded disagree and (5%)   strongly disagree this implies that the majority respondents responded 

agree of the Microcredit is an important factor in further small business development.  

  



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34 

 

 
Figure 2. Microcredit is an important factor in further small business development 

Source: Primary Data 
 

Improving the Well-being of the Poor: The Impact of Microcredit Access  

 

Table 3. Microcredit improves the well-being of the poor as a result of improved access to microcredit 

 
Indicator Frequency Percent 

Strongly Agree 30 25.0% 

Agree 39 32.5% 

Neutral 25 20.8% 

Disagree 10 8.3% 

Strongly Disagree 16 13.3% 

Total 120 100 

Source: Primary Data 

 

According to the above table 3 and the figure 3 below (25%) of the respondents responded strongly agree and 

(32.5%) of the respondents responded agree and the (20.8%) of the respondents responded neutral and (8.3%) five present 

of the respondents responded disagree and (13.3%) strongly disagree this implies that the majority respondents responded 

agree of the Microcredit improves the well-being of the poor as a result of improved access to microcredit.  

 

 
Figure 3. Microcredit improves the well-being of the poor as a result of improved access to microcredit 

Source: Primary Data 

 

Microcredit for Entrepreneurial Growth: Starting and Expanding Small Businesses 

 

Table 4. Microcredit allows entrepreneurs to start new businesses or expand their small businesses 

 
Indicator Frequency Percent 

Strongly Agree 26 21.7% 

Agree 30 25.0% 

Neutral 29 24.2% 

Disagree 20 16.7% 

Strongly Disagree 15 12.5% 

Total 120 100 

Source: Primary Data 

 

According to the above table 4 and the figure 4 below (21.7%) of the respondents responded strongly agree and 

(25%) of the respondents responded agree and the (24.2%) of the respondents responded neutral and (16.7%) five present 

of the respondents responded disagree and (12.5%) strongly disagree this implies that the majority respondents responded 

agree of the Microcredit allows entrepreneurs to start new businesses or expand their small businesses.  

 



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35 

 

 
           Figure 4. Microcredit allows entrepreneurs to start new businesses or expand their small businesses 

Source: Primary Data 

 

Microfinance for Small Businesses: Provision of Saving Facilities 

 

Table 5. Microfinance contributed Provision of Saving facilities to small enterprises 

 
Indicator Frequency Percent 

Strongly Agree 30 25.0% 

Agree 26 21.7% 

Neutral 29 24.2% 

Disagree 15 12.5% 

Strongly Disagree 20 16.7% 

Total 120 100 

Source: Primary Data 

  

According to the above table 5 and the figure 5 below (25%) of the respondents responded strongly agree and 

(21.7%) of the respondents responded agree and the (24.2%) of the respondents responded neutral and (12.5%) five present 

of the respondents responded disagree and (16.7%) strongly disagree this implies that the majority respondents agree that 

Microfinance contributed Provision of Saving facilities to small enterprises.  

 

 
Figure 5. Microfinance contributed Provision of Saving facilities to small enterprises 

Source: Primary Data 
 

Efficient Liquidity Management through Microfinance: Credit and Saving Facilities 

Table 6. Microfinance provide individual savings such as credit facilities that are important tools for efficient liquidity 

management 

 
Indicator Frequency Percent 

Strongly Agree 40 33% 

Agree 37 31% 

Neutral 20 17% 

Disagree 15 13% 

Strongly Disagree 8 7% 

Total 120 100 

Source: Primary Data 

  

According to the data in Table 6 and Figure 6, the majority of the respondents, (33% strongly agree, 31% agree), 

agreed that microfinance offers important liquidity management tools through individual savings and credit facilities. 17% 

of the respondents were neutral, 13% disagreed, and 7% strongly disagreed. These results indicate that the majority of the 

respondents believed that microfinance plays a role in efficient management of funds through savings and credit options. 



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36 

 

 
Figure 6. Microfinance provide individual savings such as credit facilities that are important tools for efficient liquidity 

management 
Source: Primary Data 

 

CONCLUSIONS 

The research indicates that microcredit is a major variable in Somalia’s struggle against poverty. By ensuring that perhaps 

the money acquired in the form of financing is used for its intended purpose, the services may help to alleviate poverty. If 

this loan is used wisely, then people’s living standards will rise, thereby poverty alleviation. If consumers who get loans 

from MFIs create income-generating businesses, total income will rise.  The Study recommends that- 

 It is necessary for microfinance borrowers to receive financial education to make sure the loan is used for its 

intended purpose. Policymakers may take action to implement strategies to address persistent poverty. 

 The report suggests that MFIs functioning within states be given more funding that can be provided to the 

locals as a loan in order to enable quick economic growth.  

 MFIs should regularly enroll in financial training courses in order to gain the finest financial management 

skills and to advance their operations. By reducing poverty, this could result in increased income.  

 The Somalian government may create new policies for MFIs and evaluate existing ones in order to take into 

account new problems brought on by developments in the banking sector. To best satisfy the needs of the low-

income clients they seek to serve, microfinance programs must be carefully planned.  

The study comes to the conclusion that microcredit aids in the alleviation of poverty by granting financial access 

to individuals who are low income, less educated, and employed in the unorganized sector. Moreover, it contributes in 

business growth, the acquisition of better housing, affordable healthcare, education, and better welfare. The study led to the 

conclusion that bigger loan amounts result in increased savings. The sum can be applied to raising people’s living standards. 

Additionally, the funds could grow annually and support bigger credit limits. 

 

 

 
Author Contributions: Conceptualization, A.D.A., M.S.C., M.A.I. and S.R.; Methodology, A.D.A.; Software, A.D.A.; Validation, A.D.A.; Formal 

Analysis, A.D.A., M.S.C., M.A.I. and  S.R.; Investigation, A.D.A.; Resources, A.D.A.; Data Curation, A.D.A.; Writing – Original Draft Preparation, 
A.D.A.; Writing – Review & Editing, A.D.A., M.S.C., M.A.I. and  S.R.; Visualization, A.D.A., M.S.C., M.A.I. and  S.R.; Supervision, A.D.A.; Project 

Administration, A.D.A.; Funding Acquisition, A.D.A., M.S.C., M.A.I. and  S.R. Authors have read and agreed to the published version of the manuscript. 

Institutional Review Board Statement: Ethical review and approval were waived for this study because the research does not deal with vulnerable groups 
or sensitive issues. 

Funding: The authors received no direct funding for this research. 

Acknowledgments: The authors want to thank all the respondents for the study. 

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 
Data Availability Statement: The data are not publicly available due to restrictions. 

Conflicts of Interest: The authors declare no conflict of interest.                                                                                                                                                                                                                                   
 

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