The determinants of financial performance of microfinance institutions in Morocco: a panel data analysis

This paper studies the determinants of financial performance of microfinance institutions (MFIs) in Morocco. Results show that the Portfolio at Risk (PAR30) and the age of the MFIs are the main determinants of financial performance of these institutions. Results also indicate that the outreach of MFIs’ microfinance programs positively affects their financial performance. Moreover, there is a significant impact of the share of equity in total assets, staff productivity and the percentage of female clients on MFIs’ financial performance.