THE IMPACT OF FINANCIAL EDUCATION ON OUTREACH MAXIMIZATION OF MFI IN UGANDA

CHAPTER ONE

1.0 INTRODUCTION

The microfinance industry worldwide has been recognized as instrumental tool for poverty alleviation and economic growth. Therefore, socio-economic transformation efforts of low-income and poor community have been possible through accessing semi-formal and informal financial products/ services. The pivotal role of the microfinance has helped foster the growth and development of small and medium enterprise in the world by providing start-up and business expansion capital among other financial services. Microfinance institutions target the poor who are considered risky but the repayment rate turns to be positive as compared with the regular commercial banks (Zeller and Sharma, 1998).

Hanohan (2004) alludes that a well-functioning financial system is linked to faster and equitable growth. He argues that access to finance by the poor and small enterprises from formal and informal sources is a prerequisite for poverty reduction and social cohesion. Hence, access to finance has become an integral part of efforts to promote inclusive growth and empowerment of the vulnerable groups. Therefore, financial inclusion in any development sector leads to high levels of socio-economic development and ultimately reduces the poverty levels in an economy. Atiur (2009), however, states that financial inclusion is a tool for combating poverty and a key element of social inclusion making people to contribute to, and to benefit from the process of social and economic advancement. Through increased access to savings accounts and other financial services, the poor can build financial security, manage risks against adverse shocks and even invest in new business opportunities.

In addition, Microfinance gives people new opportunities by helping them to get and secure finances so as to equalize the chances and make them responsible for their own future. It broadens the horizons and thus plays both economic and social roles by improving the living conditions of the people (Mwaniki, 2006). These improvements are in a nutshell to alleviate poverty, boost production and according to this project, it will be seen from the point of the development of small and medium size enterprises (SMEs) and focusing mostly in the rural areas of Uganda. The UN millennium goal to alleviate poverty by the year 2015 is far-fetched despite the enormous works that microfinance institutions are doing to contribute in this domain (Hiderink and Kok, 2009). The main challenge facing the poor is to gain financial power to enable them boost their income generating activities (Yunus, 2003). Basing on the above background this study therefore intends to investigate into The impact of financial education on outreach maximization of MFI in Uganda, with specific reference to centenary bank mapeera hous Kampala Uganda.

1.2 Statement of the Problem

Saving is important to different financial institutions across the globe as result organizations with good saving habits tend to perform better in the financial market and are also in a better position to meet their daily financial needs like paying suppliers in time, paying workers and also meeting their financial obligations in time, (Orebiyi, 2002).

Microfinance institutions are essential in the development of a country as they tend to provide credit to the poor to start up their business,despite numerous efforts to mobilize saving, microfinance institutions have failed to meet their targetsthis study therefore intends to investigate into the The impact of financial education on outreach maximization of MFI in Uganda, with specific reference to centenary bank,Mapeerahouse

Objectives of the study

1.3.1 General objectives

The study seeks to assess the The impact of financial education on outreach maximization of MFI in Uganda

1.3.2 Specific objectives

To identify the benefits of financial institutions in savings mobilization.
To assess the ways of improving micro finance institution performance.

To examine different strategies to mobilize saving in rural areas.

1.4 Research Questions

What are the benefits of financial institutions in savings mobilization?
What are the ways of improving micro finance institution development?

What arethe different strategies to mobilize saving in rural areas.

1.5 Scope of the Study

1.5.1 Study Scope

The study will cover the, the benefits of financial institutions in savings mobilization, the ways of improving micro finance institution performance, different strategies to mobilize saving in rural areas.

1.5.2 Geographical Scope

The study will be carried out at centenary bank Mapeera house located at plot 44-46 Kampala road, The reason for Choosing Centenary Rural Development Bank is due to the fact that it is the largest Microﬁnance bank with a customer base of over 420,000 customers and borrowers numbering about 50,000 (centenary bank, 2004).

1.6.3 Time scope

The period of data to be considered in the organization will be from 2011-2013 and period of body of knowledge in reviewing literature will be from 2000-2016, while the study will be carried out from January to September 31^st 2016.

1.7 Significance of the Study

The study is expected to provide guidance to the Central Bank and other regulators in designing the saving and microfinance institutional development policies.
The study will add to the already existing literature on saving

The study is expected to stimulate further research into the area of saving and micro finance development.

The study is expected to enable commercial banks identify the saving policies that are critical in the development of micro finance policies.
The study will help the government in formulation of policies regarding microfinance institutions in the country.

CHAPTER TWO

2.0 Literature review

2.1 Introduction

This section discusses what various scholars have written about, challenges of cash management, ways of improving microfinance institutional performance and different strategies, to mobilize saving in rural areas.

2.1.2 Over view of financial institution

An organization, which may be either for-profit or non-profit, that takes money from clients and places it in any of a variety of investment vehicles for the benefit of both the client and the organization. Common examples of financial institutions are retail banks, which take deposits into safekeeping and use them to make loans to other customers, and insurance companies, which do not take deposits, but provide guarantees of payment if a certain situation occurs in exchange for a premium and micro finance institutions that are known for credit advancement and savings mobilizations (Dmitri et al, 1991).

Savings are cash or physical products set aside for future use. Therefore savings mobilization is a way to keep cash or physical purposes n amounts suitable for investment purposes (Mpuga, 1999).

People in rural and other low-income communities, although poor, can save when they are guided and encouraged. In rural communities, savings are made through traditional credit rotation groups, or purchase of domestic animals (goats, pigs, chickens or cows).

Every micro-enterprise needs injection of capital or funds which may be owner’s money or a loan. When a loan is used, it is someone else who has done the saving. Micro enterprises, like other businesses, convert savings (of the owners and of others) into investment, in the generation of wealth.

2.2benefits of financial institutions in savings mobilization

In financial institutions savings are transformed into deposits, which may either be normal savings or time fixed deposits. These constitute the bulk of their working capital, if on lent. In other words the core resources used in financial institutions are comprised of deposits from the public, which is one of their primary resources of funds. For this reason financial institutions have a task of attracting customers to keep deposits with them. This is known as savings mobilization. It involves tapping the savings the public may hold by provision of several assets in which people can save, (Mpuga, 1999).

Financial institutions provide a system where savers deposit their amounts and borrowers can access such amounts. This ensures an efficient transformation of mobilized funds into real productive capital. Financial institutions comprise of both the formal and informal sector.

The mobilization of savings and channeling credit to the lower income group in both the rural and urban areas is done by the informal sector, (Dmitri et al, 2006). They play a significant role in savings mobilization for example microfinance institutions though they are not allowed to mobilize deposits; they fill the gap left by formal institutions (Kasekende, 2007). The formal sector includes central bank, commercial banks, credit institutions, development banks and so on.

For financial intermediaries, savings mobilization increases the supply of internally generated funds that can be invested in housing, microenterprise and small business loans, (www.woccu.org/education/savimgs).

Savings is a foundational pillar in inclusive financial system. Savings contributes to financial inclusion at the client, microfinance institutions and industry levels. Savings services strengthen the finances of low- income households, savings deposits strengthen the funding base or microfinance and are the basis for a competitive, efficient and sound microfinance industry,(Alliance for financial inclusion policy/ formalizing microsavings,2010).

On a micro level, there’s of course an extensive body of academic research to explain how a well developed (deep) financial market contributes to economic growth in a country, an industry and in individual firms,( Levine,2005). Further it shows that financial development reduces income inequality in general, has a disproportionately positive impact on the income of the poor, and that it contributes to poverty alleviation, (Beck,et.al,2007).

MFIs that intermediate deposits are the best positioned to sustain growth and innovation. MFIs that are funding growth by mobilizing local savings as regulated financial intermediaries have derived benefits from deposit-based funding in at least three ways. First, deposits tend to be more stable and scalable funding source relative to other options. Microcredit organizations typically face challenges with wholesale funding related to finance costs, term structure, currency risk, administrative effort and ultimately getting enough capital to fund growth that keeps up with demand. Also the recent international financial crisis has demonstrated the liquidity risks associated with over dependence on foreign debt funding. In addition to the stability of savings in most markets, it’s also a less expensive funding source.

The second benefit manifests in incentives that drive a MFIs approach to growth and expansion. Deposit based institutions link their asset growth to deposits and therefore growth is based on service to savers and the perception of savers of the integrity to MFI. These MFIs tend to be disciplined, service-oriented and cautions about their reputation. Deposit funding also links the MFI evolution to economic realities since MFIs can only grow if they are successful in intermediating effective market demand for savings and credit.

Finally deposit-based MFIs enjoy customer loyalty since customers that save in an institution have a sense of trust and ownership that credit clients don’t necessary have. For some customer’s savings may be the first step to accessing credit and other services later on, (AFI policy/formalizing microsavings, 2010).

To increase savings, policies should be focused on the major determinates of savings in the economy,(Mukwanason, 1994). The mobilization of small and micro savings respond to demand if the poor and is commercially viable source of funds. It should be noted that successful savings mobilization requires a macroeconomic environment that is conducive. Financial institutions need to put in place strategies that are dynamic and aggressive to encourage savings by enhancing public confidence, provide cost effective schemes, and most importantly they must be seen by the public especially to the concerned not only with balancing sheets but promoting peoples welfare and prosperity, (Bagonza, 2001).It’s important to understand why people save, in doing so financial institutions will create products that are suitable and complement with the needs of those who save,(Fin scope Ug, 2009)

Communities in Uganda have always raised capital for farming, petty trading and other income generating activities through savings mobilization. It is this traditional arrangement that modern micro finance institutions are trying to modify in the mobilization of savings. Over the last decade, micro finance institutions have found those poor households are interested in a variety of savings services and products. Deposit services allow low income household to save for large expenses like dowries, or school fees, accumulate funds for future investment as purchasing a cow, or prepare for periods such as rainy periods when they may have little or no income; this is according to the microfinance experience with savings mobilizations and that they are basically two reasons why microfinance should mobilize savings. Locally mobilized savings are potentially the largest and the most immediate available source of finance for some microfinance institutions, and there is a vast demand for institutions savings services at the local levels.

Provide information on financial management, Burki and Perry, (2006) [10] assert that the bank owners are directly or indirectly involved in the weakening of the loan assessment systems in that they often turn banks’ credits to ﬁnance their own activities which they in most cases did not pay in time and thus affecting bank operations. However they did not explain the procedure that can be undertaken to avoid such loopholes

Assist in determining credit worthiness, , ﬁnancial institutions have failed to determine credit worth borrowers simply because they have inadequate credit policies, failure of bank officers to comply with lending policies, inadequate customer relations, low staff morale, and bank officers’ exposure to fraud. Nguyen (2007) on the other hand believes that, the inefficient mechanisms used in assessing loans are attributed by the banks’ pessimism about the ability of technology to come up with decisions on who qualiﬁes and who doesn’t. He went ahead to suggest that the failures need to be closely examined because they reveal deep-rooted weaknesses and limitations about banks.

Financial institutions hold and lend out cash, lending embraces a wide range of risks. In an economy where survival almost depends on loans, loan officers have to be careful while assessing borrowers. Where interest rate is considered as an important factor, a lending officer should not use a single rate of interest for all loans because it would lead to inappropriate investment decisions. Other things being constant, a loan should be required to earn a rate that is at least equal to the risk free rate plus a premium. The premium would compensate for the risk attached to the loan. Nguyen (2007) considers a model of repeated moral hazard, without learning and risk neutrality. In the optimal loan contract, the loan interest rate and collateral requirements decrease with the duration of the bank-borrower relationship, after the firm has demonstrated some project success. In a recent contribution, Freixas (2005) presents a model where relationships arise because there is an initial fixed cost of monitoring, that is, repeated lending from the same bank avoids duplication of monitoring costs

Balancing Macroeconomics in an economy, Saudi Arabian monetary agency, (2003) [31] argues that the main causes of the problems faced by Saudi banks arises from the macroeconomics imbalances which are mainly created by lacked adequate credit assessment and monitoring procedures in relation to lack of required technical expertise and that all this therefore made banks so difficult to recover their cash from the borrowers. However no remedies were advanced to counteract the situation of poor credit assessment in banks.

Accepting deposits in banks, many deposits, According to the International Monetary Fund, (2003) a key feature of the Ugandan banking sector is the high degree of concentration on both the loan and deposit sides. When loans to the top ﬁve borrowers for each bank are aggregated, they represent about 40 percent of all loans with deposit concentration having a smaller percentage. Banking sector’s exposure to a small number of borrowers and depositors means that a cyclical downtown or terms of trade shock affecting these borrowers could translate quickly into asset quality problems for banks. I agree with IMF simply because a loan is a major asset of a ﬁnancial institution so if it is not properly managed, there are few chances of survival..

Extending credit to low income earners, People living in poverty, like in Ethiopia, need a wide range of financial services for consumption smoothing, running their business and building assets. But due to collateral problems, poor people in most cases have no credit access from Banks. Microfinance offers financial services such as loans, savings and micro insurance to the poor people either in individual or in a group basis. Lending to the poor usually means that a lender will not be able to get any collateral to secure the loan (Njoroge, et al, 2009). Moreover, Kimentyi et al. (1998) argues that the most difficult aspects of lending to poor clients are borrower selection and repayment enforcement.

High level of risk in lending, Dejene, (2003) argues in his study on the economic importance of the informal institutions in Ethiopia that the poor are often marginalized in the formal credit markets. This can be explained partly in terms of: 1) a lack of collateral, which makes lending to the poor a risky venture; 2) transaction cost of lending to and borrowing by the poor is often high; and 3) utility loss from repayment is higher for the poor as compared to the rich. So the poor don’t have access to the formal financial sources. Lack of access to institutional credit is one of the crucial factors impeding the poor from involving in operating small business and in particular and economic development in general.

Speculation in the financial market is one of the , another publication (kalyan-city.blogspot.com) identifies speculation: i.e. investing in high risk assets to earn high income and also fraudulent practices such advancing loans to ineligible persons or advances without security or reference as some of the causes of failures in loan management. It also cites internal reasons such as labor agitation/shortage and market failure as some of the causes of the incidence of NPLs. External factors such as recession in the economy and natural calamities/disasters were also cited by the same publication as some of the factors accounting for loan default. (Barth et al., 2004).

Paying of clients deposits in future (Kay Associate Ltd), 2005). Because of this risk of default in loan repayment, lenders needs to project into the future and make sound judgment that will ensure that repayment is effected at the agreed date. Available literature places so much importance on the lender‟s role in ensuring good decisions relating to the granting of loans in order to minimize credit risk. The lender must always aim at assessing the extent of the risk associated with the lending and try to reduce factors that can undermine repayment. The lender should therefore assemble all the relevant information that will assist him/her in arriving at a sound credit decision. In view of the possibility of non payment which leads to NPLs, MFIs have adopted a standard loan request procedures and requirements usually contained in credit policy manual to guide loan officers and customers. Some of the factors that the MFIs consider before granting loans include the following which are often referred to as the canons of good lending:

2.3 WAYS OF IMPROVING THE MICROFINANCE INSTITUTION PERFORMANCE

Developing cheap ways of gathering information, Armendariz et al, (2010) stated that the information asymmetry problems could potentially be eliminated if lenders had cheap ways to gather and evaluate information on their clients and to enforce contracts. However, lenders typically face relatively high transactions costs when working in poor communities since handling many small transactions is far more expensive than servicing one large transaction for a richer borrower. Another potential solution would be available if borrowers had marketable assets to offer as collateral. In this sense, any problem on the loan was covered by the borrower’s asset. Thus, the lender could lend without risk. But the starting point for microfinance is that new ways of delivering loans are needed precisely because borrowers are too poor to have much in the way of marketable assets. However, Behrman and Srinivasan (1995) stated that one way for the government to improve enforcement conditions for credit markets is to improve the possibilities for usable sources of collateral like implementation of land registration.

Capacity Building, The growing competition, poaching of staff and lack of training and increasing demand for higher pay levels make human resources one of the most intractable problems in the sector. Capacity building in the form of a skilled and professional human capital base and adequate access to funding is essential for the building of a sustainable and efficient microfinance sector. Vento (2004)

Improvement of infrastructure, Inadequate and expensive Infrastructure base, Inadequate and expensive infrastructure such as communication, information technology, roads and electricity results in high operational cost within the microfinance sector. The current limited supply of these resources limits operations and drives up cost. In respect of infrastructure development, there is the need to establish a solid base and provide adequate logistics such as telecommunications and information technology to support the operations of microfinance institutions to make them more efficient Murray and Boros (2002)

Improving on the level of funding, The key challenges confronting the microfinance institutions in developing countries such as Ghana include Inadequate funding for capacity building, inadequate and expensive infrastructure base, Inadequate credit delivery and management, the inability to target the vulnerable and the marginalized, information gathering and dissemination, regulation and supervision, consumer protection and research, monitoring and evaluation. Norell, (2001)

Improvement in credit management systems, Inadequate Credit delivery and management,the mechanism for credit delivery within the microfinance sector is inadequate and the microfinance institutions do not have the expertise to categorize their client into the various poverty categories so as to meet their specific needs. (NBE, 2010).

Regulation and Supervision Microfinance institutions in the formal sector operates within a rigid regulatory and supervisory environment which presents some challenges for innovation, outreach and overall performance of the institutions. There is also an absence of specific BoG regulatory guidelines for the apex bodies in the semi-formal and informal sectors for the supervision of their members, (Najoragan, 2000).

Better information gathering and Dissemination, Lack of adequate and reliable information remains a challenge to the microfinance industry. These problems adversely affect the ability to properly target the right clients in order to meet the specific needs of such clients. There is also a paucity of information on microfinance institutions and their operations. (MFRC, 2002)

Creation of better ways of generation of information from lenders, Karlan and Zinman (2006) stated that better understandings of information asymmetries are critical for both lenders and policymakers. For instance, adverse selection problems should motivate policymakers and lenders to consider subsidies, loan guarantees, information coordination, and enhanced screening strategies. On the other hand, moral hazard problems should also motivate policymakers and lenders to consider legal reforms in the areas of liability and enhanced dynamic contracting schemes.

2.4 STRATEGIES FINANCIAL INSTITUTIONS TO MOBILIZE SAVINGS IN RURAL AREAS

According to savings mobilization as a financial instrument and its relevance to the poor by Marguerite Robinson, 2010, the following preconditions are needed by M.F.I is for savings mobilization. They are grouped into outside M.F.Is and within the M.I.Fs control.

Outside MFI Controls are controls that are found outside MFI regulation and they include enabling macro economy and some degree of political stability (no hyper inflation or continuing serve warfare), appropriate regulatory environment, public supervision. Within M.F.I control; these are controls that operate within the microfinance institutions and they include good track record of accountable ownership, effective governance, consistently good management of funds and allocation of full time high level committed management plus a financially sound with a high rate of loan recovery and consistently good returns.

The system of financial intermediation can affect economic performance and growth directly through the role it plays in savings mobilization. Pride microfinance has played this vital role of savings mobilization especially in the rural areas. It offers various savings accounts and it is a deposit taking institutions. It has facilitated the growth and empowerment of women who have been beneficiaries because it offers a wide range of appropriate instruments. According to Winiwiski, (2009) financial instruments play a vital role in facilitating savings because of appropriate instruments.

Savings play a crucial role in financial management strategies of the poor. Deposit facilities make it easier for poor clients to turn small amounts of money into ‘useful lump sums’, enabling them to smooth consumption and mitigate the effects of economic shocks,( Rutherford, 2008). Secure savings also can provide a measure of independence to socially and economically vulnerable individuals, notably women and children and unlike credit; the benefits of savings are not limited to the economically active. Although significant research has document the benefits of savings to the poor, the microfinance sector remains focused largely on credit delivery. Funders and government often don’t realize how vital asset- building policies and that savings mobilization can bring many benefits to the poor clients and microfinance providers (e.g. stable funding and protection from the foreign exchange risk.

Savings are fundamental to sustainable economic development. Savings are by far the most frequent source of funding to microfinance startup and expansion. They also enable households to build for the future and better prepare for unexpected emergencies. Woccu credit union savings mobilization profit in Latin America have demonstrated that lower income people will substantially increase their savings deposit if provided with convenient service, market returns and security for their savings. Yet millions of people throughout the region lack access to safe, reliable and convenient savings services,(www.woccu.org/education/savings).

According to www.woccu.org/education/savings the following key principles and is developing operational guidelines and tools to be utilized by all microfinance institutions for mobilizing savings. Preconditions for savings mobilization include legal deposits: is there an appropriate legal framework in place to identify which institutions are able to receive deposits and what recourse savers have to recover their deposits? Are you authorized to capture savings? Do you have a charter and by laws established? Is an effective system of supervision in place?

External analysis; under this one has to consider the following, is there a market for saving products in your geographic location? Which institutions are capturing savings now? Also one has to look at prudential a discipline that’s to say do you understand the minimum standards? Have you established the core financial disciples of delinquency control, loan loss provisions, liquidity reserves and capital reserving to protect client savings? To mention a few.

The following procedures for efficient savings mobilization would benefit every financial institution especially M.F.Is in collecting savings and they are completion of savings registration form with passport size photographs and payment of fees, maintaining savings accounts for individual and group, issuances of savings pass books and opening of ledger records, issuances of receipts for every deposit within their means and lastly flexibility of deposits time and withdrawal rates.

CHAPTER THREE

METHODOLOGY

3.1 Introduction

This section presents the methodology which consists of the research design, area of study, study population, sample population and selection, sampling technique, data collection method, data quality control, data collection procedures and limitations of the study.

3.2 Research design

Qualitative and quantitative research designs will be used. The researcher will use the above methods because many aspects will be covered in the study concerning the role of saving mobilization on the development of microfinance institutions, Qualitative research method will be used because it collects information within a short time while quantitative will be through interview to cross check what has been given.

3.3 Area and population of study

The study will be carried out in centenary bank Mapeera house located plot 44-46 Kampala road

The study will target centenary bank officials, such as , the procurement staffs of centenary bank, accounting officers of the bank, loans officers and clients.

3.4 sample size and selection

The sample will comprise of 30 respondents that will be selected in a way that 3 respondents will be from the procurement department, 5 loans officer and 5 clients, 10 from finance and 7 respondents who are from marketing. While carrying out research, purposive sampling will be applied to the above different categories of respondents.

The researcher will also use random sampling techniques this is because random sampling gives equal chances to the respondents to be selected in the study

Table 1 below shows the summary of the sample size of the respondents and the sampling techniques that will be used in the study.

Table. 1: Sample size of the respondents

Population Category	Total population	Sample size
Finance	15	10
Procurement	5	3
Loans officers	3	5
Clients	10	5
Marketing	10	7
Total	43	30

3.5Data type and source

The type of data will be both primary and secondary, Primary data will be obtained from the questionnaires administered on the target respondents to gain opinions and practices on The impact of financial education on outreach maximization of MFI in Uganda,Mapeera house and Secondary data is data which has been collected by individuals or agencies for purposes other than those of a particular research study. It is data developed for some purpose other than for helping to solve the research problem at hand (Bell, 1997). This will comprise of literature related to role of saving on microfinance development in relation to the case study. Secondary data will be sourced because it yields more accurate information than obtained through primary data, and it is also cheaper

3.6 Data Collection Instruments

The major instruments for data collection will be questionnaires and interview guide. Surveys will be just one part of a complete data collection and evaluation strategy. The major method of data collection for the study will be the survey, which will be done using selected instruments like questionnaires. The questionnaire will provide respondents with ample time to comprehend the questions raised and hence, they will be able to answer factually.

3.6.1 Questionnaires

The questionnaire will be used to collect quantitative data. The researcher will administer the questionnaires to respondents in different departments including, finance, information technology department, administration, which will be designed basing on study objectives and questions. Respondents will read and write the questionnaires themselves. The questionnaires will be close ended and will be considered convenient because they will be administered to the literate and its anonymous nature will fetch unhindered responses.

3.6.2 Interviews guide

Qualitative data will be collected from the informants using interviews. The interview guide will be structured. The interviews will be held with administration and finance staffs, and will take approximately thirty to sixty minutes. This will be used since it’s the best tool for getting first-hand information /views, perceptions, feelings and attitudes of respondents. Both formal and informal interviews will be used to get maximum information from the different respondents to participate in the research.

3.7Data collection procedures

Upon receiving the University permission to carry out research, the area of study will be visited for purposes of familiarization. The researcher will seek permission from staff and once allowed to proceed with research, questionnaires will be issued and interviews will be carried out with the selected staff.

3.8 Quality control of data instruments

The instrument will be taken to the supervisor to check its correctness there after pilot study will be carried out to find out if it measures what it is meant to for.

3.9 Data processing, presentation and analysis

The raw data will be coded, edited, and arranged ready for analyzing only completed raw data will be analyzed using statistical packages like excel and SPSS.

3.10Anticipated Limitations of the study

The researcher may face the following challenges in the course of the study;

The researcher may also face challenges in language as other respondents may feel comfortable expressing themselves in local languages like luganda, so the researcher may use strictly English.
Other researchers may ask for money from the researcher, this will not affect the study as the respondents will be persuaded that the research is meant for academic purposes.

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7 pages also coursework

Research consultancy