The study by Thrikawala, Locke and Reddy (2013) specifically identified and prescribed best corporate governance practices for MFIs. The practices were developed by using multiple MFI outcomes for many years and with special reference to the social performance for the poor. These practices were also designed with the understanding of the nature of the relationship that exists between corporate governance and institutional success that mainly focus on MFIs in developing countries. More specifically, the practices identified in the study include; board diversity, board size, independent directors, CEO/chairman duality, ownership type, corporate mission, internal and external auditors, type of donors and regulatory and commercial environment. Despite the importance of corporate governance practices to organizations such as MFIs, these practices have not attracted much research and interest. In particular, research on corporate governance practices in MFIs from the Nigerian perspective has been neglected. The review of the past studies indicates previous research primarily concentrated on examining corporate governance practices as adopted in other types of organizations as well as in other developed and developing countries. v. ICT Practices Information, communication and technology (ICT) practices are considered not only important to MFIs but also their organizational performance. As the microfinance industry grows, ICT is being endorsed as an important tool to facilitate it expansion and reach (Kauffman & Riggins, 2012). According to Serrano-Cinca and Gutiérrez-Nieto (2014), as an important business practice, ICT adoption reduce the operating costs related to the process of providing microcredit. The ICT practices are needed for managing a
large number of clients as well as to enable the organization reduce operating costs and improving efficiency.
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- Summer '17