Evaluation of customer satisfaction with services of a micro-finance institution: Empirical evidence from Women Association for Social and Economic Gain customers in Togo

Abstract

Nowadays, Microfinance industry is affected by competition leading to customers’ switching across MFIs (Microfinance Institution). Thus, MFIs are concerned about customer satisfaction and have to pay attention to understand their customers’ preferences to survive in a competitive environment. Using data from 353 Women Association for Social and Economic Gain customers in Togo, this study aimed to: (1) determine the main dimensions of financial services of the microfinance institution (2) determine the customer satisfaction level and (3) assess to what extent customer satisfaction is influenced by customers’ characteristics. Using factorial analysis, customer satisfaction index and ANOVA, we found that responsiveness remains the most important dimension in microfinance sector. Results reveal that customer’s branch, customer’s revenue and number of services accessed by customers strongly influence customer’s satisfaction. Results also indicate that the current customer satisfaction index at WAGES is equals to 71.2%