Where is the ‘Plus’ in ‘Credit-Plus’? The Case of Chiapas, Mexico

Olga Biosca Artinano, Pamela Lenton, Paul Mosley

Research output: Contribution to journalArticlepeer-review


It has become common to try and increase the effectiveness of microfinance programmes by adding supplementary services to the financial product. However, the added value accruing from this ‘credit-plus’ approach has been little analysed. We hypothesise that the extent of added value from credit-plus depends on the ability of the credit supplier to cultivate trust, or social capital, amongst clients. Applying difference-in-difference estimation, we exploit a natural experiment of two ‘credit-plus’ programmes in Mexico. The findings suggest that credit-plus is not universally effective, but that it is at its most effective, especially with low-income groups, where ‘bonding’ (within-group) social capital exists.
Original languageEnglish
Pages (from-to)1700-1716
Number of pages16
JournalJournal of Development Studies
Issue number12
Early online date21 Nov 2014
Publication statusPublished - 2014


  • Mexico
  • microfinance
  • credit-plus
  • social capital


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