Impact of fraud on the growth of Micro finance institution in Zimbabwe, a case study of Symdunes Financial Services (PVT) Limited (2014 to 2017)
- Author
- Rumbidzai Chipfuya
- Title
- Impact of fraud on the growth of Micro finance institution in Zimbabwe, a case study of Symdunes Financial Services (PVT) Limited (2014 to 2017)
- Abstract
-
The study sought to identify fraud in the Microfinance institutions and how to combat it using Symdunes Financial Services as a case study. The specific objectives of the study were to identify types of fraud that occur in Microfinance institutions, determine the impact of fraud on the operation the Micro finances, explore the effectiveness of fraud control, and recommend preventive measures to combat fraud. Theoretical, conceptual and empirical literature was presented to help the understanding of the issues understudy. The research approach that directed the research was pragmatism which involved positivism and constructivist research approaches. In line with the objectives the study used both qualitative and quantitative research approaches. The study adopted descriptive survey design that included the depth interview and questionnaire survey methods. The target population for depth interviews was Symdunes Financial Services employees whereas management was drawn for the questionnaire survey. A sample size of 40 employees was used for the questionnaire survey whilst the sample for the interviews was 7 managers. Judgemental sampling was used for the interviews and stratified random sampling was employed to select survey respondents. There is evidence of great impact of fraud and various types of frauds are experienced at Symdunes Financial Services. Employees pointed out bribery is the major type of fraud experienced. This is a sign of weak control measures and risk management. A huge number of employees professed that bankruptcy is the major impact of fraud. When fraud is committed it causes loss on the third party. Employees suggested that fraud places emotional and physiological burdens on the fraud victims. They feel the current fraud preventive measures in Micro finance are not effective. It is recommended that top management need to hold themselves and others accountable to see that measures implemented in order to combat fraud are efficient. Fraud controls are required to be effectively designed and implemented.
- Date
- December 2019
- Publisher
- BUSE
- Keywords
- Fraud
- Microfinance
- Supervisor
- N/A
- Media
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Rumbidzai Chipfuya.pdf