Keywords: indigenous structures, informal microfinance clubs, experiential learning, training culture, innovation, corporate governance, sustainability, sustainable development, Cameroon
Reinforcing experiential learning with training culture as an innovative governance strategy in informal microfinance institutions
The emergence of informal microfinance clubs, the mainstay of grassroots economy from socio-cultural security structures has been fraught with management problems, owing to high preference for experiential learning, and peripheral consideration for training culture. Although day-to-day work experience is instrumental in developing expertise in indigenous institutions, training equally has a competitive edge. This study was designed to examine perceptions of training as an innovative strategy in fostering growth and sustainability of informal institutions. Thirty institutions were selected from the West Province of Cameroon; 138 officials were enrolled in the study and surveyed. More than three-quarters of the officials, 91.30%, reported a favourable perception of training as a mechanism for human development and effective governance. Only 16% had received some training and skill deficits had been indicators of recurrent management difficulties. The work evoked a need for the institutionalisation of training culture in traditional institutions, as a strategy for competence building, institutional development and sustainability.