Common Frauds in Micro Finance Institutions (MFIs)

Alok Kumar, Alimamy Conteh


This paper discusses most common fraud cases in Microfinance Institutions (MFIs), how these frauds were perpetrated and suggest preventive pre and post measures. Relevant theoretical framework and similar study pertaining to frauds were reviewed. A case study based approach is adopted discussing frauds and appropriate measures. The paper will largely benefit MFIs in addressing similar fraud issues by taking appropriate steps suggested in papers. The paper emphasizes on internal control, audit trail, client education, client visit and emphasis on integrating risk management and customer relationship management framework of the MFI.


Microfinance Institutions; Frauds; Risk Management; Internal Control


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