Examining the effectiveness of fraud detection and prevention in microfinance institutions from 2020 to 2022. A Case study of financial charter microfinance
- Author
- Mazheke, Nobuhle
- Title
- Examining the effectiveness of fraud detection and prevention in microfinance institutions from 2020 to 2022. A Case study of financial charter microfinance
- Abstract
-
The main theme of this research was to examine the effectiveness of fraud detection and prevention in microfinance institutions from 2020 to 2022. A case study of Financial Charter Microfinance. Questionnaires and interviews were used for as data collection instruments. The population of the study was eight and a sample of twenty individuals were used to solicit data. Purposive sampling was done targeting the finance department only and four participants from the management were interviewed. The study indicated that the participants used were qualified and had adequate knowledge and experience. The study exploited the demographic information of the participants, from the study it was found that the females were more than males which were 56% and 44% respectively because of gender imbalance which exist at the microfinance. The company indicated a number of fraud detection software's they utilize at their organization these include Excel and MS Access two participants indicated that this works out in a good way for basic reviews like money recuperation. Audit Command Language (ACL) and straight-through processing (STP) is also used at this organization as highlighted by the participants. The study also managed to exploit the fraud deterrence strategies that are implemented at the microfinance. The researcher found out that the organization very often employ staff supervision and also ensure controls when accessing systems. It was evidenced from the mean score of 4.54(std 0.532) and 4.32 (std 0.354) was obtained for clear division of duty and staff close supervision respectively. Therefore it is clear that the organization very often do clear division of duty and staff close supervision so as to prevent and control fraud. On ensuring safe controls when accessing system a mean score of 4.60 (std 0.212) was obtained reflecting that the organization very often do that. However the organization not often use whistle blower strategy, incentives and hotline, strict legal consequences, high fines and penalties and fraud risk registers.
- Date
- June 2023
- Publisher
- BUSE
- Keywords
- Fraud Detection,
- Financial Charter Microfinance,
- Supervisor
- Miss. Chitiyo,
- Media
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Nobuhle Mazheke.pdf