DO FIELD PARTNERS ADD VALUE TO CROWDFUNDED MICROFINANCE? AN INDUSTRY APPROACH

The framework of this study is the ¯eld of crowdfunded micro¯nance that represents a way to scale up ¯nancial access, leveraging digital technology applications. A key element of this value chain is the ¯eld partner, represented by a local Micro¯nance Institution (MFI) that intermediates between the crowdfunding platform and the individual borrowers or group of borrowers. In this context, the main objective of this paper is to measure the ¯nancial and prosocial contributions of ¯eld partners through crowdfunded microloans. Methodologically, this prosocial impact is measured with an innovative approach, by using network theory to describe the supply and value chains that link crowdfunding investors to ¯eld partners and, consequently, to micro-borrowers. The main contribution of this study is the introduction of a global indicator able to quantify the increase of the social impact and the ¯nancial system of a country, coming from the presence of ESG-compliant crowdfunded microloans.