Promoting the growth of micro, small, and medium-sized enterprises using alternative financing model: Evidence from the Kimbanguist Church

Abstract

MSMEs (micro, small, and medium-sized enterprises) are the lifeblood of emerging economies. Despite their importance, they have limited access to funding. Given the recurring funding issue that small SMEs confront, the Congo government has made several interventions through recent monetary policy and banking sector changes. These have significantly expanded bank lending to the private sector while restricting access to borrowing. In light of this reality, this study employs data from the Laboratory of Analysis and Research in Economic and Social Research (LARES) to investigate the potential of “Nsinsani” as a financial inclusion instrument in order to draw inspiration from this fundraising model, which not only assists households in escaping poverty, but also encourages entrepreneurship and stimulates economic growth. It demonstrates that the “fervour of the Kimbanguist religion,” as reflected in “Nsinsani,” may encourage the accumulation of wealth required for enterprise creation, and therefore is likely to lead to Africa’s and other regions of the world’s growth. “Nsinsani” can solve the problem of insufficiency between the operation of the financial system and the aspirations of the public.

Keywords:

MSMEs, Nsinsani, Kimbanguist Church, Entrepreneurship.