Purpose: The purpose of this paper is to examine the effect of board characteristics on MFIs performance in Nigeria. A specific country study is warranted given the results from pooled cross-country studies may be biased owing to a failure to control for country differences. It is also particularly challenging to generalize the outcome of these results into a specific country given that many factors about MFIs, ranging from the nature of governance, legal status, size and prudential regulations, are not similar across countries.Design/methodology/approach: The relationship between board characteristics and microfinance banks performance in Nigeria is tested using a sample of 120 firm-year observations covering 30 MFIs in the periods from 2010 to 2013. The study extracted all microfinance-level data from the Microfinance Information Exchange database.Findings: The authors document a positive and significant relationship between board size and MFIs performance. The authors also find negative relation between female directors and MFIs performance, but not significant. The results suggest that larger board size indicates good corporate governance practice, which leads to reduced agency cost.Research limitations/implications: This study sheds new lights on the Nigerian MFIs’ board room dynamic. As the government is increasingly contemplating on the board structure and corporate governance policies, the study offers useful and timely empirical guidance to the Nigerian regulators.Originality/value: Given the important role of microfinance industry in Nigeria, this is the first study of its kind analyzing the impact of board characteristics on microfinance performance among Nigerian MFIs.

Drawing from 645 microfinance institutions across 56 countries, this paper examines the deposit‐borrowing dynamic of microfinance institutions' source of capital. We find that deposits and borrowings are substitutes rather than complements. We further find that the degree of substitutability is more pronounced among microfinance institutions operating in a developed financial sector where the level of information asymmetry is lower. Our findings represent novel contribution in understanding microfinance institutions' funding behaviour that supports its quest for further growth and long‐term sustainability.

This research investigates the role of artificial intelligence, specifically Robo advisors, in society's financial knowledge. Previous studies have mainly focused on the role of Robo advisors in investment decision-making aspects. However, this study focuses on how Robo advisors can facilitate learning in six critical areas of financial planning, both Islamic and conventional. These areas include retirement planning, investment planning, tax and zakat planning, risk management planning, retirement planning, and estate planning. The study interviewed various stakeholders, including bankers, financial education trainers, financial advisors, and members of society. The goal was to gain a comprehensive understanding of the digitization of financial knowledge and the implementation of robo-advisors. The findings reveal that Robo-advisors have the potential to stimulate interest in financial knowledge, particularly if they serve as gateways to a range of financial advisory services and act as tools for providing basic-level financial advice and information sharing. The convenience factor allows individuals to access initial insights into financial knowledge at their preferred time and location. Overall, this study significantly contributes to the advancement of financial education.

This book provides an interdisciplinary critical perspective regarding risk, uncertainty and governance challenges of cryptocurrencies. It considers the perspectives of several disciplines including accounting, cybersecurity, cyberlaw, economics, ethics, finance, financial regulation, Shariah (Islamic) law and technology. Different from other books on a similar topic, this book's in-depth analysis and critical discourse on cryptocurrency risk categories are supplemented by research evidence gathered from surveys and interviews with stakeholders. The inclusion of an Islamic insight matters given mixed views at present regarding the permissibility of cryptocurrencies and some countries have indeed imposed somewhat restricted functions of cryptocurrencies for non-religious reasons. It is envisaged that this book will help enlighten stakeholders on this aspect of uncertainty and inspire fit and proper governance strategies for the public interest.

This chapter provides the definition of money from a generally accepted economic perspective. It discusses the characteristics of money in the context of a fiat currency system that is regulated by way of trust built on the national central banking infrastructure to protect public interest. The chapter critically discusses the characteristics of cryptocurrencies and various terminologies describing them from the perspectives of nation-state regulators and accounting standard setters. By referring to regulatory instruments, a comparison between cryptocurrency and electronic money is discussed to reconcile an aspect of confusion to many. The discussion also includes the legal status, functions and plausible accounting treatments for cryptocurrencies that are not necessarily consistent with the market’s intended use of these digital assets.

Building on cyberlaw literature, this chapter introduces cyberspace as distinct from the real world. The latter is governed by nation-state regulators who are being challenged by legitimacy issues in regulating cryptocurrency activities undertaken in cyberspace due to factors such as knowledge gaps and resource limitations. Cyberspace is ruled mainly by non-state actors whose identities can be concealed or simply machines, albeit capable of imposing rules via computer codes, with risk consequences, particularly for less sophisticated consumers. This chapter questions to what extent the disruptive governance infrastructure is trustworthy to protect consumers and the wider public interest.