Integrating Sustainability into Microfinance Marketing: A Comprehensive Framework
DOI:
https://doi.org/10.61978/commercium.v3i3.685Keywords:
Microfinance Marketing, Sustainability, Green Marketing, Social Responsibility, Digital InclusionAbstract
Microfinance institutions (MFIs) play a highly strategic role in empowering micro, small, and medium enterprises (MSMEs) and promoting inclusive economic growth in developing countries. With increasing global emphasis on sustainability, MFIs are now expected to integrate environmental and social responsibility into their core marketing strategies alongside economic goals. However, existing studies often address green marketing, social responsibility, and digital inclusion separately, resulting in fragmented insights. This study seeks to fill that gap by developing an integrated conceptual model for sustainability-oriented microfinance marketing. Employing a Systematic Literature Review (SLR) guided by the PRISMA protocol, this study systematically analyzes 56 peer-reviewed articles published between 2018 and 2024 using thematic synthesis and bibliometric mapping. The findings reveal that combining green marketing, socially responsible marketing, and digital inclusion enables MFIs to enhance brand differentiation, client trust, and outreach while aligning with global sustainability agendas. The proposed model offers both theoretical contributions and practical relevance for MFIs aiming to create long-term social, environmental, and financial impact. Challenges such as limited digital and environmental literacy, resource constraints, and infrastructural barriers are acknowledged, with strategic responses including education, partnerships, and incentive-based solutions. This study lays a foundation for future empirical research and policymaking to support the transformation of MFIs into agents of sustainable development.
References
Adomako, S., Danso, A., & Ofori Damoah, J. (2016). The moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43–61. https://doi.org/10.1080/13691066.2015.1079952 DOI: https://doi.org/10.1080/13691066.2015.1079952
Aria Auliandri, T., & Chofiya Alfiani, N. (2018). Lean Manufacturing Approach to Reduce Wastefulness During Production of Train Car-Body Using VALSAT Method. KnE Social Sciences, 3(10). https://doi.org/10.18502/kss.v3i10.3467 DOI: https://doi.org/10.18502/kss.v3i10.3467
Armendáriz, B., & Morduch, J. (2010). The Economics of Microfinance (2nd ed.). The MIT Press. https://mitpress.mit.edu/9780262513982/the-economics-of-microfinance/
Beaton, M. C., Thomson, S., Cornelius, S., Lofthouse, R., Kools, Q., & Huber, S. (2021). Conceptualising Teacher Education for Inclusion: Lessons for the Professional Learning of Educators from Transnational and Cross-Sector Perspectives. Sustainability, 13(4), 2167. https://doi.org/10.3390/su13042167 DOI: https://doi.org/10.3390/su13042167
Braun, V., & Clarke, V. (2021). Thematic Analysis: A Practical Guide (1st ed.). SAGE Publications. DOI: https://doi.org/10.53841/bpsqmip.2022.1.33.46
Brew, Y., Chai, J., Addae-Boateng, S., & Sarpong, S. (2015). Social Responsibility Practices in the Marketing of Loans by Microfinance Companies in Ghana, the Views of the Customer. Open Journal of Business and Management, 03(04), 349–363. https://doi.org/10.4236/ojbm.2015.34034 DOI: https://doi.org/10.4236/ojbm.2015.34034
Chen, Y., Liu, L., & Zheng, S. (2025). A Study of the Impact of Digital Financial Inclusion on Rural Revitalization. https://doi.org/10.2139/ssrn.5204439 DOI: https://doi.org/10.2139/ssrn.5204439
Chen, Y., Yang, S., & Li, Q. (2022). How does the development of digital financial inclusion affect the total factor productivity of listed companies? Evidence from China. Finance Research Letters, 47, 102956. https://doi.org/10.1016/j.frl.2022.102956 DOI: https://doi.org/10.1016/j.frl.2022.102956
Demirguc-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2018). The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution. World Bank. https://doi.org/10.1596/978-1-4648-1259-0 DOI: https://doi.org/10.1596/978-1-4648-1259-0
Deng, T., Fan, W., & Geerts, F. (2015). On recommendation problems beyond points of interest. Information Systems, 48, 64–88. https://doi.org/10.1016/j.is.2014.08.002 DOI: https://doi.org/10.1016/j.is.2014.08.002
Elkington, J. (n.d.). Cannibals with forks: The triple bottom line of 21st century business. Capstone Publishing.
Graham, D. J., & Graham, J. F. (2008). Improving media campaigns promoting physical activity: the underutilized role of gender. International Journal of Nonprofit and Voluntary Sector Marketing, 13(3), 205–213. https://doi.org/10.1002/nvsm.323 DOI: https://doi.org/10.1002/nvsm.323
Halouani, N. (2025). Microfinance as a Catalyst for Sustainable Development: A Cross-National Comparative Study of the Environmental and Social Impacts. Sustainability, 17(10), 4286. https://doi.org/10.3390/su17104286 DOI: https://doi.org/10.3390/su17104286
Islam, M., Khan, A., Nasreen, S., Rabbi, F., & Islam, M. (2012). Renewable Energy: The Key to Achieving Sustainable Development of Rural Bangladesh. Journal of Chemical Engineering, 26, 9–15. https://doi.org/10.3329/jce.v26i1.10175 DOI: https://doi.org/10.3329/jce.v26i1.10175
Khan, T. (2018). The Nexus between Green Microfinance and Triple Bottom Line Concept from the Context of a Developing Nation: A Literature Review. AIUB Journal of Business and Economics, 15(1).
Khavul, S. (2010). Microfinance: Creating Opportunities for the Poor? Academy of Management Perspectives, 24(3), 58–72. https://doi.org/10.5465/AMP.2010.52842951 DOI: https://doi.org/10.5465/amp.24.3.58
Lo, F.-Y., Rey-Martí, A., & Botella-Carrubi, D. (2020). Research methods in business: Quantitative and qualitative comparative analysis. Journal of Business Research, 115, 221–224. https://doi.org/10.1016/j.jbusres.2020.05.003 DOI: https://doi.org/10.1016/j.jbusres.2020.05.003
Memon, M. A. (2024). Control Variables: A Review and Proposed Guidelines. Journal of Applied Structural Equation Modeling, 8(2), 1–14. https://doi.org/10.47263/JASEM.8(2)01 DOI: https://doi.org/10.47263/JASEM.8(2)01
Mogaji, E., & Nguyen, N. P. (2024). Evaluating the emergence of contactless digital payment technology for transportation. Technological Forecasting and Social Change, 203, 123378. https://doi.org/10.1016/j.techfore.2024.123378 DOI: https://doi.org/10.1016/j.techfore.2024.123378
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred Reporting Items for Systematic Reviews and Meta-Analyses: The PRISMA Statement. PLoS Medicine, 6(7), 1000097. https://doi.org/10.1371/journal.pmed.1000097 DOI: https://doi.org/10.1371/journal.pmed.1000097
Muthuri, J. N., Moon, J., & Idemudia, U. (2012). Corporate Innovation and Sustainable Community Development in Developing Countries. Business & Society, 51(3), 355–381. https://doi.org/10.1177/0007650312446441 DOI: https://doi.org/10.1177/0007650312446441
Nations, U. (2015). Transforming our world: The 2030 agenda for sustainable development. https://sdgs.un.org/2030agenda
Ngo, M. V, & Nguyen, H. H. (2016). The Relationship between Service Quality, Customer Satisfaction and Customer Loyalty: An Investigation in Vietnamese Retail Banking Sector. Journal of Competitiveness, 8(2), 103–116. https://doi.org/10.7441/joc.2016.02.08 DOI: https://doi.org/10.7441/joc.2016.02.08
Nowell, L. S., Norris, J. M., White, D. E., & Moules, N. J. (2017). Thematic Analysis. International Journal of Qualitative Methods, 16(1). https://doi.org/10.1177/1609406917733847 DOI: https://doi.org/10.1177/1609406917733847
O.J.K. (2023). Laporan perkembangan sektor jasa keuangan Triwulan III 2023. Otoritas Jasa Keuangan. https://doi.org/https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Pages/Laporan-Perkembangan-Sektor-Jasa-Keuangan-Triwulan-III-2023.aspx
Pawar, D. S., & Munuswamy, J. (2022). The linkage between green banking practices and green loyalty: A customer perspective. Banks and Bank Systems, 17(3), 201–212. https://doi.org/10.21511/bbs.17(3).2022.17 DOI: https://doi.org/10.21511/bbs.17(3).2022.17
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467–489. https://doi.org/10.1007/s11747-017-0523-z DOI: https://doi.org/10.1007/s11747-017-0523-z
Peattie, K., & Belz, F.-M. (2010). Sustainability marketing — An innovative conception of marketing. Marketing Review St. Gallen, 27(5), 8–15. https://doi.org/10.1007/s11621-010-0085-7 DOI: https://doi.org/10.1007/s11621-010-0085-7
Sarker, D. K., Shaha, S. R., Saha, D., Saha, D. M. K., Saha, S. M. K., Sarker, B. K., & Sarker, S. (2024). Scenario of Green Banking and Green Finance in the Economy of Bangladesh. International Journal of Research and Scientific Innovation, XI(XI), 751–766. https://doi.org/10.51244/IJRSI.2024.11110060 DOI: https://doi.org/10.51244/IJRSI.2024.11110060
Schicks, J. (2013). The Definition and Causes of Microfinance Over-Indebtedness: A Customer Protection Point of View. Oxford Development Studies, 41(sup1), 95– 116. https://doi.org/10.1080/13600818.2013.778237 DOI: https://doi.org/10.1080/13600818.2013.778237
Shinyekwa, I. M. B., Bulime, E. N. W., & Nattabi, A. K. (2021). Trade, revenue, and welfare effects of the AfCFTAon the EAC: An application of WITS‐SMART simulation model. Business Strategy & Development, 4(1), 59–74. https://doi.org/10.1002/bsd2.157 DOI: https://doi.org/10.1002/bsd2.157
Siddaway, A. P., Wood, A. M., & Hedges, L. V. (2019). How to Do a Systematic Review: A Best Practice Guide for Conducting and Reporting Narrative Reviews, Meta-Analyses, and Meta-Syntheses. Annual Review of Psychology, 70(1), 747–770. https://doi.org/10.1146/annurev-psych-010418-102803 DOI: https://doi.org/10.1146/annurev-psych-010418-102803
UNEP, F. I. (2021). 2021: a year of private finance stepping up sustainability action. UNEP FI. https://www.unepfi.org/news/2021-a-year-of-private-finance-stepping-up-sustainability-action/
Veile, J. W., Schmidt, M.-C., & Voigt, K.-I. (2022). Toward a new era of cooperation: How industrial digital platforms transform business models in Industry 4.0. Journal of Business Research, 143, 387–405. https://doi.org/10.1016/j.jbusres.2021.11.062 DOI: https://doi.org/10.1016/j.jbusres.2021.11.062
Wan Mustapa, W. N. binti, Hayat, N., Fazal, S. A., Al Mamun, A., Salameh, A. A., & Zainol, N. R. (2022). Modeling the Significance of Sustainability Orientation on the Sustainability Performance of Micro-Enterprises in an Emerging Economy. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.881086 DOI: https://doi.org/10.3389/fpsyg.2022.881086
Xiao, L., Yang, M., Yang, Y., Huang, S.-M., Han, Z., & Wu, D. (2022). Performance study of transport membrane condenser using condensate water to recover water and heat from flue gas. Journal of Cleaner Production, 371, 133573. https://doi.org/10.1016/j.jclepro.2022.133573 DOI: https://doi.org/10.1016/j.jclepro.2022.133573
Zhu, L., & Li, F. (2021). Agricultural data sharing and sustainable development of ecosystem based on block chain. Journal of Cleaner Production, 315, 127869. https://doi.org/10.1016/j.jclepro.2021.127869 DOI: https://doi.org/10.1016/j.jclepro.2021.127869
