Microfinance Research
IAMFI posts articles and research to help investors be better informed about key issues and trends in microfinance. You may use the web page search function (in upper right corner of web page) to identify publications of interest by using key words. A web page search function will only capture items that reside on the web site, and items provided in the form of a link to a publication posted on another website will not appear in your search results. IAMFI requests publications in document or pdf form to aid site visitors in their search, but not all contributors provide materials in searchable format. Another search tip, especially for web links, is to type Ctrl+F while on the Research page and enter a publication title, author, publisher or date.
Microfinance Overview
Microfinance Investing
MIVs
MFIs
IAMFI Research
Charting the Course: Best Practices and Tools for Voluntary Debt Restructuring in Microfinance
February 2011
This paper summarizes findings by the IAMFI Microfinance Lenders Working Group (IMFLWG), which IAMFI spearheaded with financial sponsorship from Morgan Stanley. IAMFI convened the IMFLWG from among its members to develop processes that facilitate orderly workouts of troubled microfinance institution (MFI) debt. The paper presents research results, makes recommendations and offers four industry tools, with the objective to lessen future risks, allow MFIs to pursue sustainable growth and enhance the microfinance industry’s position as an attractive investment for investors seeking double bottom line returns.
Click below to access the four tools that the IMFLWG has developed to foster a stronger environment for microfinance investing.
Click here to view the slides and event summary of the IAMFI – Morgan Stanley Webinar Summary: Charting the Course: Best Practices and Tools for Voluntary Debt Restructurings in Microfinance.
IAMFI Microfinance Voluntary Debt Workout Principles
February 2011
These principles seek to guide struggling debtor Microfinance Institutions (MFIs), their creditors and other stakeholders as these parties participate in voluntary debt workouts rather than turning to litigation or court-administered insolvency or bankruptcy proceedings for the enforcement of claims against debtor MFIs. The principles are meant to inform the entire workout process; accordingly, they are most effective when consulted as soon as a debtor MFI’s weaknesses appear to be threatening its overall creditworthiness or ongoing viability. This document offers annotations in the shaded areas to clarify the principles’ purpose and application.
IAMFI Microfinance Intercreditor Agreement Template
February 2011
This document represents an annotated term sheet for Intercreditor Agreements (ICA) in voluntary microfinance institution (MFI) debt workouts. The main purpose of an ICA is to give a debtor MFI the opportunity to work with its creditors, shareholders and other relevant stakeholders to determine the feasibility of developing a cohesive and viable plan for restructuring outstanding debt obligations and/or resolving other issues that threaten the viability of the debtor’s business or operations. Annotations in the shaded areas clarify the clauses’ purpose and application.
IAMFI Menu of Debt Restructuring Options
February 2011
This set of options serves to guide the initial design of a restructuring proposal by lenders, shareholders and microfinance institution (MFI) management. There is a trade-off between the level of complexity, or execution risk, and the ability of the restructuring to meet the various needs of participating creditors.
IAMFI Microfinance Loan Covenant Review
February 2011
This document summarizes the confidential review of loan agreements used by microfinance investment vehicles (MIV) that the University of Michigan Law School’s International Transactions Clinic (ITC) conducted for the IAMFI Microfinance Lenders Working Group. It groups covenants into four general categories: reporting, financial, negative and affirmative covenants. The review describes standard covenants in microfinance institution (MFI) loan documentation and offers additional covenants that might be useful for advancing a voluntary debt workout with a stressed MFI. The annotations in the shaded areas clarify the covenants’ purpose and application.
IAMFI Microfinance Investment Intermediary Database
2009-2010
View two databases of microfinance investment options. The Microfinance Investment Intermediary (MII) Database lists all vehicles channeling funding to MFIs. The Microfinance Investment Vehicle (MIV) Database presents all 110 funds that are or were at one time open to Limited Partner investment.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
IAMFI Microfinance Country Dashboard
August 2010
Gather the local context of microfinance investing with country specific data. Data includes general country information such as total population and poverty rates from the World Bank and UNDP, number of borrowers and MFIs from the MIX and investment details from CGAP research.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
Microfinance Investment: Leveraging Capital for Financial and Social Returns
November 2010
IAMFI's presentation of the microfinance investment landscape describes investor types, discusses investment instruments and returns and examines the ways microfinance may meet portfolio goals.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
Response To The Financial Crisis: The Microfinance Enhancement Facility
January 8, 2010
This paper outlines the purpose, structure and investments to date of the Microfinance Enhancement
Facility (MEF) created by the International Finance Corporation and KfW in February 2009.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
IAMFI-Fitch Teleconference: Microfinance - Testing Its Resilience to the Global Economic Crisis
June 2009
This teleconference offered a summary of Fitch Ratings’ recent publication “Microfinance: Testing its Resilience to the Global Financial Crisis,” with a specific look at key trends in Central & Eastern Europe and Latin America. The presentations were made from the perspective of investors as well as the broader microfinance community.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
Private Equity Survey – IAMFI Presentation
May 21, 2009
In May 2009 IAMFI and Intellecap joined forces to assess current investor views on microfinance private equity investment. Their goals were to understand the risk and return perceptions of microfinance investors, gauge the impact of the global economic crisis on microfinance investing, and evaluate investors’ expectations for the investment class. In this collaboration, IAMFI and Intellecap conducted an online survey in early May, presented the findings at a Forum held on May 21, 2009 in New York, creating the venue for equity investors to share perspectives, provide feedback on the findings and network among peers.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
Debt Default Study – IAMFI Presentation
April 2009
Zero is not the Number: The Microfinance Debt Default Rate study assesses MFI to MIV debt defaults.
This research is available to IAMFI Members only. To learn about becoming a member, please click here.
Back to TopMicrofinance Overview
Opportunities and Obstacles to Financial Inclusion Survey Report
Published by: Center for Financial Inclusion, ACCION International
July 2011
This survey focuses on participants in the microfinance industry seeking to come to terms with potentially seismic
changes. Responses demonstrate the change and uncertainty in microfinance today, which arise largely from two
trends - client over-indebtedness and its fashionable status - that are unsettling conventional wisdom in the sector.
CGAP Focus Note: Regulating Banking Agents
Published by: CGAP
March 2011
This Focus Note reviews global regulation of the use of agents by banks (and where noted, nonbank service providers), exploring who can be an agent, the roles can agents play in the provision of financial services, the commercial terms can banks engage, and the extent of bank liability for agents.
Global Microscope on the Microfinance Business Environment 2011
Published by: Economist Intelligence Unit
October 2010
This new report includes assessments of the microfinance environment in 34 countries across Asia, Africa,Eastern Europe and the Middle East. This study— and the index that sits behind it— ranks 55 countries worldwide, based on evaluations of each nation’s regulatory, investment and institutional environment for microfinance. It is a pilot project— an attempt to evaluate countries across regions despite poor data and often incomplete information. Although it is impossible to capture every nuance of the microfinance environment, the report nonetheless highlights those countries that have made considerable gains
in expanding financing options for the poor, and challenges those that still have work to do.
Published by: Economist Intelligence Unit
October 2010
The index that underlies the report above, "Global Microscope on the Microfinance Business Environment 2011" allows countries and regions to be compared across three broad categories: regulatory framework, investment climate and institutional development. This study uses a methodology that has been employed for the last two years in a
microfinance report on Latin America and the Caribbean, and is being piloted for the first time on a global
basis.
Financial Access 2010: The State of Financial Inclusion Through the Crisis
Published by: CGAP
September 2010
Financial Access 2010 reviews survey responses from 142 economies, updates statistics on the use of financial services, and analyzes changes that took place in 2009—a turbulent year for the financial sector in most economies. In addition, Financial Access 2010 expands on last year’s work by reviewing three policy areas relevant to the current financial access debate: financial inclusion mandates, consumer protection in financial services, and access to finance by small and medium
enterprises (SMEs).
Latin American MFI Failures Study
IAMFI, Calmeadow, the Center for Financial Inclusion at ACCIÓN, Deutsche Bank Foundation and the MIF/IDB
August 2010
IAMFI, Calmeadow, the Center for Financial Inclusion at ACCIÓN, Deutsche Bank Foundation and the MIF/IDB co-funded this paper on MFI failures in Latin America to aid the industry in learning from unsuccessful microfinance ventures. The title translation is "The Good from the Bad in Microfinance: Lessons Learned from Failed Experiences in Latin America.” At this time, the report is only available in Spanish, but an English translation will be published shortly. A further study will expand the scope to additional regions. By examining the causes of MFI failures, the study brings to the forefront ‘best practices’ that MFIs can apply to ensure continued operations, which benefit the institution, its clients and investors.Microfinance Industry Reports: Lao People’s Democratic Republic; Thailand; Vietnam; Bangladesh; Indonesia; Sri Lanka and Nepal (Click Specific Country)
Published by: Banking with the Poor Network and the Foundation for Development Cooperation
July 2010
The Banking with the Poor Network and the Foundation for Development Cooperation offer several industry analyses for countries in South and East Asia. Each report gives an overview of the country’s financial industry while explaining specific details of the history and distribution of the microfinance sector. These reports also sum the strengths, weaknesses, opportunities and threats to the efficient functioning of microfinance in these Asian countries.
Microfinance Industry Report: Myanmar
Published by: Banking with the Poor Network, The Foundation for Development Cooperation and ACTED.
July 2010
The Banking with the Poor Network, the Foundation for Development Cooperation and ACTED provide a microfinance industry analysis specific to Myanmar. This report gives an overview of the country’s financial industry while explaining specific details of the history and distribution of the microfinance sector. This report also sums the strengths, weaknesses, opportunities and threats to the industry and suggests recommendations to the development of microfinance in Myanmar.
Industry Update: Microfinance in Timor-Leste (East Timor)
Published by: Banking with the Poor Network
June 2010
East Timor, one of the world’s newest countries, has experienced several changes after it gained independence in 2002. This report provides a summary of the governmental, institutional, and legal transformations that the country has experienced and how these changes have affected the growing microfinance sector. Specifically, this summary details East Timor’s largest MFIs and the challenges and successes they have faced alongside East Timor's new nationhood.
Overview of the Microcredit Sector in the European Union
Bárbara Jayo, Anabel González, Casey Conzett
Published by: European Microfinance Network
June 2010
This EMN microfinance sector survey will be the first of its kind to analyse the impact of the economic and financial crisis on the microfinance sector in Europe. In spite of the recent slowdown and contrary to the mainstream finance sector, the microfinance sector has continued to grow. The sector continues to be diverse; however, most lenders are using microcredit as a tool for microenterprise promotion, the creation of jobs, as well as for social and financial inclusion.
Evaluating Microfinance: Do Small Loans For Poor Entrepreneurs Help End Poverty?
Published by: CQ Global Researcher
April 2010
Supporters of microfinance claim microloans have lifted millions – especially women – out of poverty and spurred economic prosperity. But recent studies cast doubt on microcredit’s effectiveness. Borrowers have been saddled with multiple loans at exorbitant interest rates, often having to borrow from secondary lenders to make their microcredit payments. Economists fear overindebtedness could make borrowers even poorer and that a possible credit bubble could burst.
Microfinance in the ECA in 2009: Preliminary Results.
Published by: Microfinance Centre
March 2010
2009 was the second year of the global financial crisis during which the true effect on microfinance started to be seen. This report underscores the development of microfinance in the Europe and Central Asia (ECA) region and offers an outlook for the near future of this industry.
Addressing the Risks of Client Over-Indebtedness in Microfinance
Published by: KfW
March 2010
In some countries, over-indebtedness of microfinance borrowers is a growing concern. This is a critical issue not just since the global financial crisis but has also been a symptom of structural deficits of financial sectors in a number of countries. Possible consequences are increased cross-indebtedness of microfinance clients, over-indebtedness, and increased (and sometimes persistent) credit risks for microfinance institutions. A central challenge is that over indebtedness does not become visible at an early stage, and it has proved difficult, even now as PAR figures continue to rise, to provide a clearer picture about its magnitude and riskiness. In order to address this challenge, the following is a non-exhausting list of issues for discussion among funders/owners and financial institutions they support.
Growth and Vulnerabilities in Microfinance
Published by: CGAP
February 2010
This Focus Note begins by briefly telling the story of recent growth in the four countries leading into the credit delinquency crises. The second section describes the key contextual factors that affected the severity and spread of the crises. The third section breaks down the three internal industry vulnerabilities that lie at the heart of the problems. This is followed by a discussion on how market infrastructure and tools can help to mitigate some of the dangers. The note concludes by placing these experiences within the broader context of the global microfinance story and makes recommendations to strengthen the industry.
Does foreign ownership in microfinance interfere with local development?
Published by: ADA
December 2009
In recent years, the microfinance industry experienced a switch from more traditional to more advanced sources of funding and has notably attracted new foreign equity investors, including development agencies, non-governmental organizations and foundations, as well as varied types of commercial investors and development funds. This paper identifies a trend towards foreign ownership in a sample of MFIs over the last few years, and explores the possible consequences of such a trend. It examines the question of whether foreign ownership in microfinance interferes with the establishment of locally driven MFIs and thus with the overall local development.
Microfinance in ECA on the Eve of Financial Crisis. 2009 Edition.
J.Pytkowska, P.Koryński, A. Mach
Published by: Microfinance Centre
November 2009
As in much of the rest of the word, the economic situation in Eastern Europe and Central Asia worsened at the end of 2008. The economic crisis had an effect on microfinance clients’ households, resulting in lower business income, fewer income sources, a higher share of food expenditures in family budgets and lower remittances. The crisis has also brought the threat of overindebtedness as many MFIs have realized that up to a quarter of their clients might be overindebted. Thus many MFIs have introduced more rigid lending policies and moved towards a more careful selection of less risky clients and closer monitoring of loan performance. Client deposits remain the dominant source of funds for credit operations of credit unions and microfinance banks. However, despite the growth of the total volume of collected deposits both credit unions in the majority of countries and most of microfinance banks decreased the share ofsavings in funding structures.
Microfinance Through The Crisis
Published by: Fitch Ratings
November 2009
MFIs in countries where financial systems are constrained by funding imbalances, eg many eastern European and central Asian countries, will find recovery from the economic crisis relatively slow. Overall, MFIs have reported much slower or even negative growth of their loan book (their main asset) and weakening asset quality in 2009, both of which are putting pressure on their financial performance. However, not all regions and not all MFIs have been affected equally by the global financial crisis, and there are some mitigating factors: financial performance at well managed MFIs is often supported by wide net interest margin (NIMs); reported asset quality ratios often remain stronger than those in their respective banking sector; access to long‐term funding from international financial institutions (IFIs) helps to manage refinancing risk; and for some MFIs, their risk profile benefits from institutional and funding support from international microfinance networks.
Financial Access 2009: Measuring Access to Financial Services Around the World
Published by: CGAP
September 2009
Financial Access 2009 introduces new data from a survey of financial regulators in 139 countries. It presents indicators of access to savings, credit, and payment services in banks and in regulated nonbank financial institutions reviewing some policy initiatives that support financial inclusion. As the first in an annual series documenting access to financial services around the world, it is intended for a broad audience of policymakers, researchers, practitioners, and multilateral and bilateral investors.
Amenazas y Oportunidades en Tiempos de Crisis
Published by: MicroRate
August 2009
FinAccess National Survey 2009
Published by: FSD Kenya and Central Bank of Kenya
June 2009
This survey on credit access in Kenya comprises over 6500 interviews across the country and ascertains the market share of MFIs and Savings and Credit Cooperatives. It aims to provide policy makers with information about geographic or socioeconomic barriers to access, providing an impetus for reforms, as well as offer the private sector with information about market opportunities and insights into the types of products that will suit newly identified market segments. It also presents solid empirical basis to track progress and evaluate the effect of various government-led and donor-led initiatives, as well as data for use in academic research into the impact of access to financial services on growth and poverty reduction.
Microfinance in Asia: Trends, Challenges and Opportunities
Bedson, J. (Ed.)
Published by: Foundation for Development Cooperation
June 2009
Microfinance in Asia is a diverse industry reflecting the wide-ranging contexts - social, political and geographical - in which financial services for the poor are being provided. This report presents a snapshot of microfinance in Asian countries. It provides an overview of microfinance in selected Asian countries by drawing on recent microfinance industry country assessments prepared by the Banking With the Poor (BWTP) Network.
Will the Bottom of the Pyramid Hit Bottom? The Effects of the Global Credit Crisis on the Microfinance Sector
microNOTE #55
Barbara Magnoni and Jennifer Powers
Published by: USAID
March 2009
As many emerging national markets begin to suffer from the global downturn, it is important to assess the effects of the crisis on the microfinance (MF) sector, and to ensure that the crisis does not cut off access to financial services to the poor. To evaluate the impact of the crisis on the MF sector, this paper considers the effects of the crisis on both the liability side (availability and cost of funding) and the asset side (portfolio quality and growth) of MFI balance sheets. It concludes that these effects may squeeze MFI profitability in many countries in 2009-2010.
Islamic Microfinance Report
Allen & Overy LLP
Published by: IDLO - International Development Law Organisation
February 2009
This report has been prepared to aid the International Development Law Organization (IDLO) in understanding the basic Islamic law (Shari'a law) principles governing the provision of Islamic finance products and services. This report also presents and reviews the results of research into the state and potential of Islamic microfinance in certain Middle Eastern, South Asian and Southeast Asian countries.
BRIC By Name, BRIC By Nature?
Frank Gill, KimEng Tan, Lisa M Schineller, Joydeep Mukherji
Published by: Standard & Poor's
February 4, 2009
Brazil, Russia, India, and China, together have been known as BRI — an emerging market basket in deference to the four countries' size and economic potential. Against the rapidly worsening economic backdrop, it is worth asking whether the BRIC countries are positioned to weather the global financial crisis. Standard & Poor's Ratings Services are of the opinion that of all four BRICs, China is probably best positioned to find endogenous solutions - in particular fiscal stimulus - to withstand an externally driven crisis. Its strong public finances, relatively less exposed financial system, low levels of private sector leverage, and potential to raise consumption's share in GDP make it appear most promising.
The Global Financial Crisis and Its Impact on Microfinance
Focus Note No. 52
Elizabeth Littlefield and Christoph Kneiding
Published by: CGAP
February 2009
Although it has historically resilient roots, microfinance and MFIs now have many more links to domestic and international financial markets, and as a result today’s financial crisis is more likely to infect its institutions. Anecdotal evidence from different markets suggests that as the consequences of the crisis ricochet around the globe—credit crunch, currency dislocations, job losses, and falling demand—MFIs are being impacted in very different ways. How institutions are affected will depend on factors such as the structure of an institution’s liabilities, its financial state, and the economic health of its clients.
Access to Finance in Nigeria: Microfinance, Branchless Banking, and SME Finance
Isern, J., Agbakoba, A., Flaming, M., Mantilla, J., Pellegrini, G. and Tarazi
Published by: CGAP
January 2009
Given significant financial sector reforms and private sector innovations, there are promising signs that access to finance is poised for growth in Nigeria. This report provides a diagnostic of access to finance and identifies key issues for microfinance, branchless banking and SME finance. The over-arching issues across all three sectors include the need for greater transparency of financial performance and market information, stronger capacity at all levels, more promotion of financial infrastructure and consumer protection, as well as more coordinated efforts. This report addresses each of these cross-cutting issues in microfinance, branchless banking, and SME finance, with key findings and recommendations.
Making Insurance Markets Work for the Poor: Microinsurance Policy, Regulation and Supervision - Uganda Case Study
Smith, A., Hendrie, S., Bester, H. and Rukondo, M.,
Published by: CGAP Working Group on Microinsurance
January 2009
This document presents the findings from the Uganda component of a wider case study on the role of regulation in the development of microinsurance markets. The aim of this project was to map experiences in a sample of several developing countries (Colombia, India, the Philippines, South Africa and Uganda) where microinsurance products have evolved and to consider the influence that policy, regulation and supervision on the development of these markets. Cross-country lessons were extracted and offer guidance to policymakers, regulators and supervisors who are looking to support the development of microinsurance in their jurisdiction.
Government's Role in Microfinance: What is the Optimal Policy Mix?
Published by: CGAP
2009
Governments recently have demonstrated a growing interest in microfinance. An increasing number of countries are adopting national policies and strategies for microfinance, and government agencies are funding a variety of new projects at the retail level. This article explores the optimal roles government can play to foster sustained financial access for the poor and help alleviate poverty.
The Role of Information and Communication Technologies (ICT) in Improving Microcredit: The Case of Correspondent Banking in Brazil
Eduardo H. Diniz, Marlei Pozzebon, Martin Jayo, Ewandro Araujo
2009
Finding ways to efficiently downscale microfinance services is a major challenge for Brazilian commercial banks. This paper discusses how the use of correspondent banking (CB) arrangements can help Brazilian banks to face this challenge and increase their microcredit operations in an effective way. To address the discussion, this report focuses on one particular
case, involving a CB arrangement between Banco do Brasil, an important Brazilian banking institution, and Banco Palmas, an accredited microfinance institution. The case provides an elucidating example of how the Brazilian CB model can be used to help scale up microfinance services, especially microcredit.
Published by: Pakistan Microfinance Network
2008
This analysis shows that the mainstreaming of microfinance in Pakistan is well underway as a number of important milestones have been achieved: the policies of the GoP and the SBP in favor of increasing linkages between microfinance and the financial mainstream; regulations such as the Branchless Banking guidelines in favor of increasing the outreach of financial services to a vast majority. However, a key area of concern that continues to plague the industry is the continued unsustainability of the sector. Thus, focus on setting sustainable interest rates and improving efficiency must occur as we build a microfinance sector that increases penetration of financial services and helps in spurring pro-poor growth.
The Triple Bottom Line for Microfinance
Geert Jan Schuite and Alberic Pater
Published by: Triodos Facet
December 2008
So far, it is widely assumed that providing microfinance services to the poor generates positive development impacts. However, few microfinance institutions (MFIs) really measure and report the social and environmental impact of their microfinance activities, particularly the impacts that go beyond the direct household level. This article desribes how MFIs can monitor and report the economic, social and environmental effects of their activity (triple bottom line). It also illustrates how MFIs can support their clients in enhancing their social and environmental impact.
Global Economic Meltdown
Microcredit Summit
Published by: Microfinance Gateway
December 2008
The MicroCredit Summit Campaign surveyed members to find out what microfinance institutions (MFIs) are actually experiencing in this economic climate. Leaders of nine MFIs in countries including those in Asia, Africa and Latin America responded during the week of October 13, 2008. Excerpts taken from the Microcredit Summit newsletter provide a snapshot of what the microfinance field is confronting.
CGAP Virtual Conference - The Financial Crisis and Microfinance: Experience, Insights, and Implications (Summary)
Published by:CGAP
November 18-20, 2008
Microfinance in Africa: Harnessing the Potential of a Continent
Sarita Gupta
Published by: Women's World Banking
November 1, 2008
In this paper, Sarita Gupta, Vice President of Communication of Women’s World Banking, describes the
current microfinance landscape on the African continent In the last fifteen year. As many African economies have begun to show higher growth rates and increased per capita income, alternative investment has become crucial to its potential development. High commodity prices, large-scale debt reductions, Asian investment, and economic expansion of some of the non-oil exporting countries has helped drive this growth in Africa. However, there is still an alarming number of people living below the poverty line. Bringing financial services to this part of the population could break the poverty cycle.
Putting the 'Social' Into Performance Management: A Practice-based Guide for Microfinance
Campion, A., Linder, C. & Knotts, K.
Published by: IDS - Institute of Development Studies at the University of Sussex
November 2008
This guide is written for microfinance institutions committed to managing and achieving their social mission, and the organizations which support them. In this guide are steps focused on integrating a social lens into performance management systems, which are drawn from experiences of over 45 MFIs and support organizations across the industry. These steps include different entry points into SPMs, case examples from the field, key issues at each step of the process, and further resources and support.
Microscope on the Microfinance Business Environment in Latin America and the Caribbean
Published by: Economist Intelligence Unit, and Inter-American Development Bank and Corporación Andina de Fomento (CAF)
October 2008
This paper describes a model of the microfinance business environment in Latin America and the Caribbean, developed by the Economist Intelligence Unit. charting the industry’s strengths and weaknesses using an index created for this purpose. The 15 countries from the first year of the study are again included, as are five additional countries. This gave the index a broader regional scope, as the five new countries from Central America and the Caribbean presented some new results. This wider lens, along with shifts in the microfinance environment in individual countries, yielded many changes in the rankings, ultimately providing a deeper and more complete assessment of the industry in the region.
Inclusive Finance - the State of Microfinance Sector in ECA: 2008 Edition
Justyna Pytkowska, A-S. Houyet, A. Mach, MFC
Published by: Microfinance Centre (MFC) for Central and Eastern Europe and the New Independent States
October 2008
Is it Fair to Do Business With the Poor?
Geneva Papers on Inclusiveness
Symposium Special Issue
Published by: World Microfinance Forum Geneva
October 2008
This is a report on the debate between Muhammad Yunus, Founder of Grameen Bank, and Michael Chu, one of the visionaries behind Banco Compartamos, which was facilitated by Rich Rosenberg, Senior Advisor to the Consultative Group to Assist the Poor. The debate was organized by the World Microfinance Forum Geneva on the occasion of its 1st International Symposium, 1-2 October 2008. The central questions of the debate focused on commercialization, the true ethics of microcredit, and the relationship between commercial lenders and the poor.
Microcredit, Microfinance, Inclusive Finance: Building on Success for Innovative Solutions for Poverty Eradication in Africa
Published by: United Nations Capital Development Fund (UNCDF)
September 2008
Meditations on the U.S. Sub-Prime Crisis
K. McKee
Published by: Microfinance Gateway
Fall 2008
This article explores the possible consequences of sub-prime crisis for microfinance in developing countries and what lessons the field can draw from its underlying causes. What began as a niche problem with unsustainable sub-prime loans has now spread in dramatic fashion - delinquencies and foreclosures have skyrocketed, with an estimated two million sub-prime loans likely to default, creating a precipitous decline in housing values in many markets. As the ripples move outward, the crisis is now threatening the U.S. with economic recession, and setting off worldwide concerns about how the resulting credit crunch and possible U.S. recession will affect growth in countries rich and poor.
Islamic Microfinance: An Emerging Market Niche
Focus Note #49
Nimrah Karim, Michael Tarazi, and Xavier Reille
Published by: CGAP
August 2008
This Focus Note provides an overview of the current state of the Islamic microfinance sector and identifies possible challenges to its growth. It is intended as an introduction to Islamic microfinance primarily for the donor community and other potential entrants into the market.
Money for Nothing: Charitable Deductions for Microfinance Lenders
Sarah B. Lawsky
Published by: George Washington University - Law School
July 2008
The two worlds of microfinance and internet social-networking have recently intersected with websites such as Kiva Microfunds, which permit a U.S. individual to loan small amounts of money to poor people around the world through the internet. Although loans through Kiva are truly loans, Kiva loans pay the individual lender no interest, however under current law, even though Kiva is a tax-exempt organization, lenders through Kiva receive no tax benefit for the interest they forego. This article argues that the law should allow taxpayers who lend money through a tax-exempt microfinance organization the option of taking a charitable deduction for that foregone interest.
Reaching Mexico's Unbanked
Economic Letter—Insights from the Federal Reserve Bank of Dallas
Vol. 3, No. 7
Edward C. Skelton
Published by: Federal Reserve Bank of Dallas
July 2008
Are Microcredit Interest Rates Exploitative?
Rich Rosenberg
Published by: CGAP
June 17, 2008
An interview with CGAP microfinance expert Rich Rosenberg. The last few years have seen increasing criticism of microcredit interest rates as many feel it is unfair to charge the poor interest rates that are higher than those that the wealthier pay on larger loans. In the context of some sensational headlines around the issue, CGAP microfinance expert Rich Rosenberg gives some more background on the issue.
Can the Poor Afford Microcredit?
Framing Note No. 4
Jonathan Morduch
Published by: Financial Access Initiative
June 2008
In light of common misconceptions of microfinance’s potential to alleviate poverty, this note describes what new research in Mexico, Sri Lanka, and Indonesia shows, identifies the limits of microcredit, and describes what we need to know to resolve ongoing debates. The evidence suggests that the poor are a diverse group, with diverse capacities at which they can advance with microloans. The common question for microfinance is whether or not the very poor can truly benefit from microcredit, but this report explores what its authors believe is a better one: how many communities can benefit, and to what degree.
Lessons for the Involvement of European Development Banks and Other IFIs in Microfinance Institutions: The Case Studies of Grameen Bank, BancoSol and ProCredit Bosnia & Herzegovina
Geert Jan Schuite and Alberic Pater
May 2008
This paper examines three prominent microfinance institutions, Grameen Bank from Bangladesh, BancoSol from Bolivia, and ProCredit Bank Bosnia and Herzegovina, to determine best practices for the role of European development banks and other international financial agencies in microfinance development. The paper reviews the origins and early growth of each MFI, current ownership structure, lending technology as well as development impact.
Social Performance Map - All 15 Chapters
Published by: SEEP Network
April 30, 2008
The SEEP Network Social Performance Working Group’s Social Performance Map is a guide to social transparency and accountability for the microfinance industry. The Map offers a summary of the landscape inside and outside of the microfinance sector, including existing knowledge, experience, initiatives, and tools. The content of the Map aims to equip industry stakeholders with valuable information that will allow them to sift through and understand the crucial issues and make educated decisions related to social performance.
Microfinance in Nigeria and the Prospects of Introducing its Islamic Version There in the Light of Selected Muslim Countries’ Experience
Mhammed, Aliyu Dahinu and Hasan, Zubair
International Islamic University Malaysia
Published by: Munich Personal RePEc Archive
April 16, 2008
Are We Overestimating Demand for Microloans?
Published by: CGAP
April 2008
This brief addresses demand for microcredit only, not demand for microfinance or other microfinance services, such as savings or funds transfers, which may be larger than the demand for microcredit. Most borrower estimates start from either the number of poor or low-income people or the number of micro-entrepreneurs. In both cases, the total number must be reduced when estimating demand; otherwise, one would be wrongly assuming that every person in the specified population would have an outstanding microloan at all times. This paper discusses the kinds of reductions that should be factored into a demand estimate and examines some dubious empirical evidence about the size of the reductions. Some of this evidence raises the concern that demand may often be overestimated by a considerable margin.
Stemming the Tide of Mission Drift: Microfinance Transformations and the Double Bottom Line
Christina Frank, Elizabeth Lynch and Louise Schneider-Moretto
Published by: Women's World Banking
April 17, 2008
Performance Indicators for Microinsurance – A Handbook for Microinsurance Practitioners (pdf)
Denis Garand and John Wipf
Published by: Appui au Développement Autonome (ADA), Belgian Raiffeisen Foundation (BRS) and CGAP Working Group on MicroInsurance
April 2008, Luxembourg
This guidebook describes a set of nine key principles and ten key financial performance indicators that are applicable to all types of microinsurance providers and products. With the Microinsurance Factsheet, the handbook offers a toolkit for efficiency assessment for microinsurance, which in turn is part of larger initiative around performance indicators in collaboration with the GTZ. The handbook is divided into four major chapters each of which addresses issues in measuring performance in microinsurance, how to analyze and compare results and, a brief look into social performance. It also includes a glossary and additional information about the Microinsurance Factsheet.
Psychology and Economics: What it Means for Microfinance
Framing Note No. 3
Sendhil Mullainathan and Sudha Krishnan
Published by: Financial Access Initiative
April 2008
This report explicates four psychological findings that provide insight into the financial behaviors of the poor that are particularly relevant for microfinance practitioners. Behavioral perspectives on the individuals to which MFIs are committed could significantly aid product development and enhance outreach. A sketch of each fact, supported by psychological evidence and illustrated using examples of microfinance clients, is presented below.
Going to Scale with Housing Microfinance: The Role of Commercial Banks
Carlos Martin
Published by: USAID
March 2008
Commercial banks globally have yet to demonstrate a comprehensive interest in developing the capacity to grant housing microfinance loans. However, there has been sizable interest among global financial markets, international development organizations and agencies, and housing advocates in the developing world to involve and broaden banks’ activity in this sector. The hesitancy of commercial banks in many countries towards developing housing microfinance offerings leads us to analyze patterns among current commercial bank housing microfinance products to determine why, when, and how they decided to take the leap as well as what the outcomes have been. This paper considers various hypotheses and observations about entering the market and the institutions’ results.
A Billion to Gain? The Next Phase - A Study on Global Financial Institutions and Microfinance
Matthijs Boúúaert
Published by: ING
March 2008
From a series of reports that chart large global financial institutions’ activities in microfinance, this third volume provides an update of the latest report and serves three main objectives: to update global financial institutions’ activities and future plans regarding microfinance; to discover recent major developments and trends in institutions’ involvement; and to reveal the impact of global banks’ involvement in the development of the microfinance sector. Of the twenty large global financial institutions that are involved substantially in microfinance, this analysis incorporates microfinance-related data for seventeen. The second part of this report provides an update of each institution’s activities.
Implementing FATF Standards in Developing Countries and Financial Inclusion: Findings and Guidelines
Hennie Bester, Doubell Chamberlain, Louis de Koker, Christine Hougaard, Ryan Short, Anja Smith, Richard Walker
Published by: First Initiative
February 2008
This paper, derived from a project commissioned by the FIRST Initiative, considers the impact of the implementation of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) controls on financial inclusion in five countries (Indonesia, Kenya, Mexico, Pakistan and South Africa). Based on these findings, it generates a set of guidelines to assist authorities in developing countries to design effective AML/CFT regimes that are cooperative with Financial Action Task Force (FATF) standards and supports financial inclusion.
From Revolution to Evolution: Charting the Main Features of Microfinance 2.0
Ronald Mendoza and Brandon Vick
Published by: Department of Economics, Fordham University
February 2008
The past thirty years have seen microfinance expand from small group-based lending experiments to several thousand financial service providers serving a growing portion of the developing world today. Nevertheless, the challenge to improve wide access to financial services—going beyond credit and into other products like savings, insurance and money transfer services—persists. Where is the microfinance industry headed? This paper reviews the available evidence, and argues that both the public and private sectors are critical to the continued vitality and expansion of the microfinance industry—the private sphere as a continued source of product and process innovations; and the public sphere taking on a robust market enabling and developmental role.
Impact of Credit: How to Measure Impact and Improve Operations Too (pdf)
Framing Note No. 2
Dean Karlan and Nathanael Godlberg
Published by: Financial Access Initiative
January 2008
The Impacts of Savings (pdf)
Framing Note No. 1
Dean Karlan
Published by: Financial Access Initiative
January 2008
Regulating Transformational Branchless Banking: Mobile Phones and Other Technology to Increase Access to Finance (pdf)
Focus Note No. 43
Timothy R. Lyman, Mark Pickens, and David Porteous
Published by: CGAP
January 2008
Diagnostic to Action: Microfinance in Africa
Published by: WWB and Africa Microfinance Action Forum (AMAF)
2008
Making Microfinance Work Better in the Middle East and North Africa
Brandsma, J. and Hart, L.,
Published by: World Bank
2008
Savings for Poor People: Good for clients, good for business? (pdf)
Published by: CGAP
December 2007
2006: The State of Microfinance Industry in Eastern Europe and Central Asia
Justyna Pytkowska and Marcin Rataj
Published by: Microfinance Center for CEE and NIS
September 2007
This report evaluates the performance of the microfinance sector in Eastern Europe and Central Asia, following the regions’ transition to a market economy. The report professes that since the 1990s, MFI assets have shown an annual increase of over 40%, with main contributors being credit unions, downscaled banks, NGO/NBFIs and microfinance banks. It examines different institutions providing microfinance services finding that they each possess different funding structures and access to funding sources, different source of equity, as well as different sources of foreign exchange risk and a variety of risk mitigation techniques. It concludes that NGO/NBFIs have been the most profitable type of microfinance institution.
Financial Inclusiveness in Our Hemisphere (pdf)
Viewpoints Americas
Volume 7, Issue 8
Carl Cira and Francisco Prior
September 7, 2007
Americas Society/Council of the Americas
Targeting Poorer Clients (pdf)
Published by: CGAP
August 2007
Microscope on the Microfinance Business Environment in Latin America 2007
The Economist Intelligence Unit
Published by: The Inter-American Development Bank (IDB)
2007
In this inaugural Microscope on the Microfinance Business Environment in 15 Latin American and Caribbean (LAC) countries, the Economist Intelligence Unit examines the industry’s strengths and weaknesses across the region. The report explains the considerable variation in the microfinance business environment in the LAC region. Microscope reveals no association between countries’ size and wealth, and their positive or negative microfinance environments. Countries’ microfinance business environment scores are associated instead with their respective ratios of microfinance clients to total population, a crucial indicator of the relative spread of microfinance services by country. The report reviews the ample improvements in microfinance environments that have taken place in many countries in recent years, concluding that there is still substantial room for progress, both overall and in particular underperforming countries.
Pakistan Microfinance Review (pdf)
Published by: Pakistan Microfinance Network
2007
Insurance in Emerging Markets: Sound Development; Greenfield for Agricultural Insurance (pdf)
Sigma No.1
Maria Sol Baez and Simon Wong
Published by: Swiss Re
2007
This paper is concerned exclusively with the use of agricultural insurance by firms in the agribusiness value chain to manage their risks. The report defines what is referred to as agricultural insurance, gives an overview of the market and reviews the challenges of this type of insurance. Further, it discusses the range of agricultural insurance products and their practical utilization in the sector. It concludes with an explanation of the reinsurance market for agricultural insurance and a summary of public sector involvement.
Microfinance in Post-disaster and Post-conflict Situations: Turning Victims into Shareholders (pdf)
Marek Hudon and Hans Dieter Seibel
Published by: Université Libre de Bruxelles
2007
In recent years, large numbers of developing and transitional countries have been stricken with crises, following political, economic or natural disasters, or complete unrest, triggered by war or dictatorial oppression. This article studies the role of member-owned institutions (MOIs) in the provision of compensations for victims of human rights abuse, or reconstruction in post-conflict and post-disaster circumstances. It argues that grants usually conferred for reconstruction in post-conflict areas or for reparations payments in post-disaster areas could be best turned into equity and deposits to foster MOIs. MOIs are found to be a suitable institutional framework, to make the benefits of one-off payments more sustainable and also strengthen the financial sector.
Institutional Challenges in Micro Finance Sector (doc)
T.S. Anand Kumar, V. Praseeda Sanu and Jeyanth K. Newport
Published by: The Microfinance Gateway
2007
This paper reviews the benefits and difficulties of microfinance activities. It claims that MFIs that are onto microfinance delivery must effectively position themselves against competition within the industry. Hence the importance of developing a marketing strategy is to find ways of effectively do this in the mindset of the customers; to build a perceived edge against the competition. It states that even though Microfinance institutions are driven by social commitment to combat poverty, the scale and efficacy of the microfinance sector is slowly approaching the banking system. Thus MFIs should focus their credit approach from a more market-oriented standpoint.
Microfinance Investing
The State of Microfinance Investment 2011
Published by: MicroRate
August 2011
The State of Microfinance Investment 2011 surveys microfinance investment vehicles (MIVs) to highlight the trends and outlook for the industry. Based on interviews with executives of the major microfinance investment funds and a survey of the 101 active MIVs, this report examines the key factors that affected the microfinance fund market in 2010 and the trends that are likely to drive growth in 2011 and beyond.
Published by: Symbiotics Research & Advisory SA
August 2011
The Symbiotics 2011 MIV Survey includes key market data and benchmarks from 70 MIVs with combined assets under management of USD5.9 billion as of December 2010. These MIVs represent 87% of the MIV market asset base estimated at USD6.8 billion.
Discovering Limits: Global Microfinance Valuation Survey 2011
Published by: JP Morgan & CGAP
July 2011
This report is the result of a partnership between CGAP (Consultative Group to Assist the Poor) and J.P. Morgan with the support of the Council of Microfinance Equity Funds (CMEF). It combines CGAP and CMEF knowledge of microfinance with J.P. Morgan’s equity research skills in emerging markets. This is the third edition in a series begun in 2009. Its objective is to provide benchmarks for valuation of microfinance equity, both private and publicly listed, drawing on two data sets. One is a sample of 238 private equity transactions between 2005 and 2010 (compared to 200 transactions in last year’s edition of the report), which represents the largest such data set gathered to date, and the other is data on 11 publicly traded lower income financial institutions (LIFIs).
ImpactAssets-50 and the Metrics Challenge: Assessing "Impact Capacity" at the Firm Level
Jed Emerson and Tim Freundich
Published by: ImpactAssets
Defining and understanding “impact” is a crucial consideration for any impact investor. In addition to direct impact at the company/enterprise level, impact investors must also consider impact capacity at the firm level — specifically, how an investment manager approaches the creation of social/environmental impacts through the management of an investment group itself. This is an important component of the assessment of impact for the ImpactAssets 50 and is explored in this Brief, with an emphasis on firm intent, practices and investment impact. The Brief also discusses different tools used by impact investors, with a focus on support for the IRIS and GIIRS systems.
Foreign Capital Investment in Microfinance: Reassessing Financial and Social Returns
Xavier Reille, Sarah Forster, and Daniel Rozas
Published by: CGAP
May 2011
In the face of the financial crisis, in the past four years foreign investment in microfinance, including both debt and equity, has increased four-fold to reach US$13 billion. A new Focus Note from CGAP analyses foreign investment in microfinance at a critical juncture in the industry, examining the current investor landscape, including the role of development finance institutions, and the increasing interest of retail investors. This report calls for greater transparency on the operation of microfinance asset managers, as foreign investors should more carefully assess the capacity of fund managers, their commitment to social performance, and the quality of their investment practices.
Sub-Saharan Africa Microfinance Analysis and Benchmarking Report 2010
Published by: CGAP and Microfinance Information Exchange (MIX)
April 2011
As large commercial institutions drive the expansion of financial services throughout Sub-Saharan Africa, more people across the region are gaining access to formal financial services. Written by CGAP and MIX, the latest Sub-Saharan Africa Microfinance Analysis and Benchmarking Report shows, however, that microfinance institutions are experiencing high risk and decreasing returns, as penetration rates remain low. Based on a sample of 181 microfinance institutions across 41 countries, this report provides the latest regional trends and developments. It presents an overview of the market with an analysis of supply, the policy environment, and cross-border funding flows. In addition, the report provides information on social performance indicators, highlighting the increased focus among microfinance institutions and African policymakers on consumer protection and social performance issues.
Cross-border Funding of Microfinance
Mayada El-Zoghbi, Barbara Gahwiler, and Kate Lauer
Published by: CGAP
April 2011
As of December 2009 cross-border funding of microfinance reached USD$21.3 billion. This Focus Note provides an overview of the microfinance funding landscape and trends in cross-border funding, drawing on data from CGAP’s annual surveys with a broad range of funders and microfinance investment intermediaries. Public funders, including bilateral and multilateral agencies and development finance institutions (DFIs), provide 69% of total commitments to microfinance. Private funders (foundations, institutional investors and individual investors) account for the remaining 31%. Additional data on cross-border funding is available at
www.cgap.org/funders.
Eastern Europe and Central Asia Microfinance Analysis and Benchmarking Report 2010
Published by: Microfinance Information Exchange and CGAP
March 2011
This report presents the latest regional trends in Eastern Europe and Central Asia, highlighting how the microfinance sector in this region was effected by the global financial crisis.
2010 Arab Microfinance Analysis & Benchmarking Report
Published by: Microfinance Information Exchange (MIX)
March 2011
This report presents the latest regional trends based on a sample of 37 MFIs from 7 countries (Egypt, Jordan, Lebanon, Morocco, Palestine, Tunisia, and Yemen) as well as the most recent developments based on 55 Arab MFIs from 9 countries (Egypt, Jordan, Lebanon, Morocco, Palestine, Sudan, Syria, Tunisia, and Yemen).
Microfinance Banana Skins 2011
Published by: Centre for the Study of Financial Innovation
February 2011
Microfinance Investors Adjust Strategy in Tougher Market Conditions
Jasmina Glisovic and Xavier Reille
Published by: CGAP
October 2010
Microfinance Investment Vehicles (MIVs) in 2010 are confronting the most challenging investment environment since the 1990s. Over the past two years, microfinance investors witnessed a handful of debt defaults and a major slowdown in demand for capital from microfinance institutions (MFIs)—a sharp contrast after the heady market growth experienced in previous years. However, MIVs continue to grow and earn positive returns.
Negotiating an Equity Capital Infusion from Outside Investors
David A. Carpenter
Published by: CGAP
October 2010
This paper reviews the benefits and difficulties of microfinance activities. It claims that MFIs that are onto microfinance delivery must effectively position themselves against competition within the industry. Hence the importance of developing a marketing strategy is to find ways of effectively do this in the mindset of the customers; to build a perceived edge against the competition. It states that even though Microfinance institutions are driven by social commitment to combat poverty, the scale and efficacy of the microfinance sector is slowly approaching the banking system. Thus MFIs should focus their credit approach from a more market-oriented standpoint.
The Impact of the Dodd-Frank Act on Private Fund Managers and Other Investment Advisers
Published by: Kaye Scholer LLP
October 2010
Indian Microfinance Crisis of 2010: Turf War or a Battle of Intentions?
Published by: Intellecap
October 2010
Microfinance: A New Type of Investment for Socially Oriented Clients
Oliver Oehri, Christoph Dreher and Henry Schafer
Published by: Center for Social and Sustainable Products
September 2010
Ever since the 2005 Year of microcredit, sustainable investment strategies have become more commonplace, with microfinance at the helm. Over time, what began as microcredit evolved to a volume and scale where micro-enterprises could have access to financial services. As a result, the market and its participants have both experienced structural shifts. This e-book contributes to this ongoing discussion by examining the market with an economic perspective and providing insight on its participants and risks associated with the sector.
Note: This e-book is supported by Flash, and requires the reader to mouse over the right corner of the image to turn the book's pages.
Indian Microfinance Goes Public: The SKS Initial Public Offering
Greg Chen,Stephen Rasmussen, Xavier Reille, and Daniel Rozas
Published by: CGAP
September 2010
Microfinance Networks: Ratings Uplift Potential for Member Institutions
Published by: Fitch Ratings
September 2010
2010 MIV Survey: Market Data and Peer Group Analysis
Published by: CGAP
August 2010
Published by: CGAP
August 2010
Capitalizing on Microfinance: Pursuing Financial Returns with Social Impact
Joan Trant
August 2010
In this era of multiple bottom line goals and the emergence of the four billion people living at the base of the socioeconomic pyramid as a target market for products and services, many investors are attracted to the concept of doing well by doing good. Microfinance investment offers them the opportunity to leverage capital effectively to achieve financial and social returns. This article offers a microfinance industry overview, presents the business and social case for microfinance investing, describes sample investments, and discusses future trends for the industry.
State of Microfinance Investment: 2010 MIV Survey
Published by: MicroRate Incorporated
July 2010
A Primer on Currency Risk Management for Microfinance Institutions
Published by: J.P. Morgan
July 2010
This report investigates currency management as a funding mechanism for microfinance institutions. Currency trading policy, J.P. Morgan states, should be carried out with the goal of minimizing risk instead of maximizing profits. J.P Morgan examines the best method for formulating a practical strategy of currency management that is in the best interest of the MFI's goals.
Microfinance Investing: Doing Well by Doing Good
Joan Trant
June 2010
Alexia Latortue, Jasmina Glisovic-Mezieres, and Mayada El-Zoghi
Published by: CGAP
May 2010
This Technical Guide presents the rationale for the use of performance-based agreements (PBAs) and suggests ways to incorporate performance-based targets and incentives into existing loan and grant agreements. The focus of this guide is PBAs for retail financial service providers, but some of the advice can be applied to other nonretail projects as well.
Microfinance Foreign Exchange Facilities: Performance and Prospects
David Apgar and Xavier Reille
Published by: CGAP
May 2010
In the past two years, three projects (TCX, Cygma, and MFX) underwritten by development finance institutions (DFIs), public donors, and social investors have emerged. Their objective is to offer MFIs and microfinance investors a method to hedge foreign exchange risk, even for currencies for which hedges are not commercially obtainable. These hedging facilities represent a groundbreaking, though not guaranteed, answer to the challenges posed by foreign exchange volatility to MFIs. This paper describes the objectives and risk management plans of these foreign exchange hedge alternate projects, and follows the unusual conditions under which the new facilities are developing. It also analyses MFI and investor demand and experience with the facilities through various interviews, and then looks ahead to future risk management challenges. Finally, the fourth section considers whether deeper local currency markets can address any of the problems the facilities are trying to solve.
The Third World's Second Chance (Hebrew and English)
Anat Vovnoboy
Published by: Dyokan Magazine, Makor Rishon
April 2010
Microfinance Goes Public
Michael Chu
Published by: Forbes
April 2010
A Guide to Selected Emerging Markets for Microfinance Issuers and International Investors: Colombia
Published by: Women's World Banking
March 2010
A Guide to Selected Emerging Markets for Microfinance Issuers and International Investors: Brazil
Published by: Women's World Banking
March 2010
A Guide to Selected Emerging Markets for Microfinance Issuers and International Investors: Mexico
Published by: Women's World Banking
March 2010
2010 Directory of Funders Active in Eastern Europe and Central Asia (ECA)
Published by: Microfinance Centre
March 2010
All Eyes on Asset Quality: Microfinance Global Valuation Survey 2010
Published by: CGAP and J.P. Morgan
March 2010
The global economic downturn has negated the notion that microfinance is insulated from economic shocks, but despite the challenges, the still developing equity market in microfinance remained active with many transactions taking place in the months following the crisis.
This analysis comes this joint research report issued by J.P. Morgan and CGAP (Consultative Group to Assist the Poor), a World Bank group. Even with the recent market qualms, and with the current deterioration in asset quality at microfinance institutions, this paper argues that the long-term attitude for equity investment in microfinance will remain affirmative.
Global Microscope On The Microfinance Business Environment
Published by: Inter-American Development Bank
2009
This report frameworks the findings of the Economist Intelligence Unit’s extensive assessment of the microfinance business atmosphere in 55 countries. The index that underlies this report compares countries and regions across three broad categories: regulatory framework, investment climate, and institutional development. This study uses a method that has been employed for the last two years in a microfinance report on Latin America and the Caribbean, and is being piloted for the first time on a global basis. Subsequent studies will expand on this pilot project by increasing the number of countries covered, operating with new data, and improving the procedure.
Deleveraging Microfinance: Principles For Managing Voluntary Debt Workouts Of
Published by: Journal of Law and Commerce, Volume 27 Issue 2
2009
This paper concentrates on the obstacles of responding to a deleveraging of the microfinance sector and offers guidelines for stakeholders in microfinance—regulators, policymakers, investors (debt and equity), donors, and microfinance providers. It outlines possible methods for how to address these challenges in the framework of a microfinance institution debt run so as to reduce unnecessary disruption and harm to the microfinance sector as a whole.
Solutions for Impact Investors: From Strategy to Implementation
Steven Godeke and Raúl Pomares, with Albert V. Bruno, Pat Guerra, Charly Kleissner, and Hersh Shefrin
Published by: Rockefeller Philanthropy Advisors
November 2009
Implementing the Client Protection Principles, A Technical Guide for Investors
Published by: CGAP
September 2009
This Guide offers basic guidance, tools and resources for investors seeking to incorporate and implement the Client Protection Principles—a set of global principles aimed at certifying microfinance clients are treated justly and responsibly and do not become over-indebted into their investment procedures. Compiled by CGAP, it draws on contributions from across the microfinance investor community. It proposes seven recommended action steps, suggested approaches, and sample templates currently being used and developed by investors and fund managers in the industry.
A Guide to Selected Emerging Markets for Microfinance Issuers and International Investors: Colombia
Published by: Women's World Banking
July 2009
Microfinance Private Equity: Taking the Pulse of an Emerging Investment
Microfinance Insights Vol. 13
Lindsay Clinton and Joan Trant
Published by: Intellecap
July 2009
Microfinance institutions (MFIs) have typically been endorsed by loans and grants mainly from Development Financial Institutions (DFIs) or foundations. However, the sector has been increasingly recognized as a profitable asset class by global private players. Amidst the global financial meltdown and the resultant liquidity crisis, the microfinance sector has been relatively isolated from the severe consequences of it, which further facilitated private equity investment stepping into the sector. Intellecap, and International Association of Microfinance Investors (IAMFI) have conducted this survey on private equity investment, which explores private investors’ risk and return sensitivities in microfinance investment.
Microfinance Banana Skins 2009: Confronting crisis and change
David Lascelles and Sam Mendelson
Published by: Centre for the Study of Financial Innovation (CSFI)
July 2009
This is the second volume of a series of Banana Skins surveys looking at the global microfinance industry. This volume reflects the truth that the financial crisis has become an economic recession, and that no sector is immune to its impact. It argues that even the microfinance industry, which was believed only a year ago to be more or less protected from the fluctuations of mainstream finance, has suffered various implications.
Eastern Europe and Central Asia Microfinance Analysis Benchmarking Report 2008
Published by: Microfinance Information Exchange (MIX) and CGAP
March 2009
In 2007, Eastern Europe and Central Asia experienced an influx of foreign capital into its Microfinance sector. As such, governments and MFIs had to adapt to this changing environment. This report addresses the level of development, policy environment, funding sources, external investments and microfinance institution performance in the following regions: the Balkans, Caucasus, Central and Eastern Europe, Central Asia, and Russia.
Microfinance in Asia: Trends, Challenges and Opportunities
Jamie Bedson (Ed.)
Published by: The Foundation for Development Cooperation
March 2009
This report summarizes the Microfinance Industry Assessments produced by Asian networks participating in the Citi Network Strengthening Program (CNSP). These include the Philippines, Pakistan, China, which each produced industry assessments in 2008/09 under the aegis of the CNSP. In addition, assessments for Vietnam, Indonesia, Nepal, Bangladesh, India and Sri Lanka were done, and are included in the report. This provides a concise synopsis of the various assessments, which focus on crucial issues such as the structure of microfinance providers, regulations and government initiatives, products and services, midlevel organizations, funding sources and microfinance effects.
Emerging Opportunities for Microfinance in West Africa
Research Consultant: Intellecap
Published by: Goodwell Investments
March 2009
DARC Foundation and Goodwell West Africa, in partnership with Alitheia Capital, JCS Investment, and First Bank initiated a study to assess of the Anglophone West Africa microfinance sector and learn about its growth and investment potential, in order to address the large information gap faced by investors and industry observers. The study was conducted by Intellecap, and is based on interviews with over 50 microfinance practitioners, bankers, investors and others involved in the sector, as well as on quantitative data from 34 microfinance organizations.
Microfinance: Main Luxembourg Microfinance Investment Vehicles
Published by: Arendt & Medernach
March 2009
Microfinance: Investing with an Impact
International Investment & Securities Review 2009
Joan Trant
Published by: Euromoney Institutional Investor
February 2009
Implementing FATF Standards in Developing Countries and Financial Inclusion: Findings and Guidelines
Hennie Bester, Doubell Chamberlain, Louis de Koker, Christine Hougaard, Ryan Short, Anja Smith, Richard Walker
Published by: FIRST Initiative
February 2009
This report analyses the impact of the operation of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) controls on financial inclusion in five countries (Indonesia, Kenya, Mexico, Pakistan and South Africa). It reviews a set of guidelines to aid the authorities in developing countries to plan effective AML/CFT regimes that are compliant with Financial Action Task Force (FATF) standards and sustains financial inclusion. The report will benefit countries striving towards protecting their institutions against money laundering and the financing of terrorism as well as expanding financial inclusion.
Shedding Light on Microfinance Equity Valuation: Past and Present (pdf)
Occasional Paper No. 14
Nicholas P. O'Donohoe, Frederic Rozeira de Mariz, Elizabeth Littlefield, Xavier Reille, and Christoph Kneiding
Published by: CGAP and JP Morgan
February 2009
This report is the result of a collaborative effort between CGAP (Consultative Group to Assist the Poor) and J.P. Morgan. The objective is to provide standards for evaluation of microfinance equity, both private and publicly listed. Its analysis is based on two datasets: a sample of 144 private equity transactions, which represents the largest dataset of its kind gathered to date, as well as data on 10 publicly traded microfinance institutions (MFIs) and low income consumer lenders.
Microfinance - Testing its Resilience to the Global Financial Crisis
Financial Services Special Report
Sandra Hamilton,
Mark Young, Peter V. Shaw, Sergio Castro, Cecilia Perez, Rene Medrano
Published by: Fitch Ratings
January 22, 2009
The microfinance sector has until now been known for its successful management of high double‐digit growth figures, good asset quality, for its particular funding profile, which includes a combination of public and private, commercial and socially motivated funders, and its claim of relative protection from global macroeconomic shocks. However, as with the wider global financial system, the effect is going to be twofold: a funding or liquidity impact and an economic impact. This report explains the result of this, which will place new burdens on MFIs and may bring about a significant shift in the operating framework for many MFIs and their clients. Some early and preliminary conclusions are drawn, although the full magnitude of the impact has still yet to ensue.
Microfinance Industry Update Excerpt (pdf)
Published by: Grassroots Capital Partners
December 2008
Microfinance on the Rise: A Socially Inspired Business Model About to Emerge into an Asset Class
Financial Services INSIGHT
Published by: Arthur D. Little
November 26, 2008
Who is Funding Microfinance: Results of the First Global Survey of Microfinance Funders' Portfolios (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: East Asia and the Pacific (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: Eastern Europe and Central Asia (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: Latin America and the Caribbean (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: Middle East and North Africa (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: South Asia (pdf)
Published by: CGAP
November 2008
2008 Microfinance Funder Survey: Sub-Saharan Africa (pdf)
Published by: CGAP
November 2008
A Brief Guide to the Law of Mission Investing for U.S. Foundations (pdf)
Mark Kramer and Anne Stetson
Published by: FSG Social Impact Advisors
October 2008
Microfinance Banana Skins 2008: Taking Stock (pdf)
David Lascelles
Published by: Center for the Study of Financial Innovation (CSFI)
October 2008
Microfinance Investment Funds - Analysis of Portfolio Impact
O. Oehri and J. Fausch
Geneva Papers on Inclusiveness, No. 6
Published by: World Microfinance Forum Geneva
October 2008
In this study conducted at the University of Liechtenstein, Oliver Oehri and colleagues tested portfolio optimization scenarios by constructing model investment portfolios, and substituting 5% of a selected asset class with a microfinance debt proxy (the Dexia Micro-Credit Fund) for the period January 1996 through June 2008. They concluded that adding the microfinance debt fund reduced risk for defensive and balanced portfolios, regardless of the asset class being replaced. The Sharpe ratio improved for all portfolios except when substituting microfinance debt for the hedge fund allocation.
Recent Developments in Microfinance Foreign Exchange Risk Management
Julie Abrams
Geneva Papers on Inclusiveness, No. 7
Published by: World Microfinance Forum Geneva
October 2008
Islamic Microfinance: An Emerging Market Niche
Nimrah Karim, Michael Tarazi, and Xavier Reille
Published by: Consultative Group to Assist the Poor - CGAP
August 2008
The Microfinance Sector: Its Success Could be its Biggest Risk (pdf)
Sandra Hamilton, Lindsey Liddell, Mark Young, Peter Shaw, Alejandro Garcia, Arshad Khan, and Ambreesh Srivastava
Published by: Fitch Ratings
June 16, 2008
Compartamos Banco- Letter to our peers (pdf)
Carlos Danel & Carlos Labarthe
Published by: Compartamos
June 1, 2008
Financial Inclusion in Latin America and the Caribbean: Review and Lessons
Ricardo N. Bebczuk
Published by: Universidad Nacional de La Plata
May 2008
Linking Financial Service Providers to Commercial Capital: How Do Guarantees Add Value? (pdf)
CGAP Brief
Alexia Latortue and Jasmina Glisovic-Mezieres
Published by: CGAP
May 2008
Microfinance and Capital Markets: The Initial Listing/Public Offering of Four Leading Institutions
Ira W. Lieberman, Anna Anderson, Zach Grafe, Bruce Campbell and Daniel Kopf
Published by: CMEF
May 2008
Microfinance Meets the Market (pdf)
Published by: Financial Access Initiative
May 2008
Responsible Investment Landscape 2008: Asset Owners (pdf)
Published by: IPE International Publishers Ltd and Response Global Media Ltd
May 2008
Banco Compartamos: Market Leadership Sustained by Superior Efficiency
Partida, J. and de Mariz, F.
Published by: J P Morgan
April 2008
Microfinance Grows Up: Success Brings New Challenges for Investors, Practitioners, in Emerging Economies
Published by: Wharton School of the University of Pennsylvania
April 16, 2008
Subprime Lending: Lessons for the Microfinance Industry
Cecelia Beirne
Published by: MicroCapital
April 2008
Developing a Global Ratings Framework for Microfinance Institutions
Jane Eddy and Gary Kochubka
Published by: Standard & Poor's
March 11, 2008
Can Microfinance Reduce Portfolio Volatility?
Nicolas Krauss and Ingo Walter
Published by: New York University
March 10, 2008
Microfinance Banana Skins 2008 (pdf)
Deborah Drake, Philip Brown and Xavier Reille
Published by: Centre for the Study of Financial Innovation
March 2008
Foreign Capital Investment in Microfinance (pdf)
CGAP Focus #44
Xavier Reille and Sarah Forster
Published by: CGAP
February 2008
Globalization of Microfinance Markets: An Overview and Some Conditions for Success (pdf)
Jairo Morales - Nieto
Published by: InterAfrica
January 2008
The Market Led Revolution of Equity Bank (pdf)
MicroSave Briefing Note #63
Graham A.N. Wright and David Cracknell
Published by: MicroSave
2008
2007 CGAP Regional Funder Survey: Sub-Saharan Africa
Published by: Consultative Group to Assist the Poor - CGAP
2008
Morgan Stanley’s Approach to Assessing Credit Risks in the Microfinance Industry (pdf)
Miguel Arvelo, Ju-Lie Bell, Christian Novak, Juliette Rose and Shally Venugopal
Published by: Morgan Stanley
2008
Private Sector Involvement/Mainstreaming - How Can the Private Sector Become More Engaged in Housing Finance Solutions for the Poor? (pdf)
Lauren Moser
Published by: Shore Bank International
2008
Microfinance: An Emerging Investment Opportunity (pdf)
Raimar Dieckmann
Published by: Deutsche Bank
December 19, 2007
Mission Investing in Microfinance: A Program Related Investment (PRI) Primer and Toolkit (pdf)
Jonathan C. Lewis and Robert A. Wexler
Published by: MicroCredit Enterprises
July 2007
Bringing Microfinance to Scale: Lessons from the Compartamos IPO
María Otero, Elisabeth Rhyne, Lauren Burnhill and Álvaro Rodríguez Arregui
Published by: ACCION International
June 27, 2007
Report of The Microfinance Rating Meth
http://www2.standardandpoors.com/portal/site/sp/en/us/page.article/3,1,1,0,1148445218456.html
odology Working Group
Published by: Standard & Poor's
June 19, 2007
Microfinance: Taking Root in the Global Capital Markets (pdf)
Cynthia Stone
Published by: Standard & Poor's
June 7, 2007
New Horizons- Opportunities in Microfinance for the UK Financial Services Sector (pdf)
Alice Chapple, Vedant Walia and Steve Remer
Published by: Forum for the Future
June 1, 2007
The Banco Compartamos Initial Public Offering
Insight # 23
Elisabeth Rhyne and Andres Guimon
Published by: ACCION International
June 2007
CGAP Reflections on the Compartamos Initial Public Offering: A case study on Microfinance interest Rates and Profits (pdf)
Focus Note #42
Rich Rosenberg
Published by: CGAP
June 2007
Economic Information and Finance: More Information Means More Credit, Fewer Bad Loans and Less Corruption (pdf)
Roumeen Islam
Published by: World Bank
June 2007
Growing Investment in Microfinance (pdf)
Published by: CGAP
June 2007
The Investment Opportunity in Microfinance (pdf)
Published by: Grassroots Capital
June 2007
Microfinance by a Commercial Bank (pdf)
Barry P. Maddams
Published by: Khan Bank
May 10, 2007
Microfinance Cracking the Capital Markets II
InSight #22
Rekha Reddy
Published by: ACCION International
May 2007
Reversing the Coin (pdf)
Published by: Kreditanstalt für Wiederaufbau (KfW) and Financieringsmaatschappij voor Ontwikkelingslanden N.V. (FMO)
May 2007
The Role of International Capital Markets in Microfinance (pdf)
Brad Swanson
Published by: Developing World Markets
April 20, 2007
From Dollar to Dinar: The Rise of Local Currency Lending and Hedging in Microfinance
Julie Abrams and Louise Schneider-Moretto
Published by: Women's World Banking
2007
Structured Microfinance in China
Hans Bystrom
Published by: Lund University
2007
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MIVs
2010 MIV Survey: Market Data and Peer Group Analysis
Published by: CGAP
August 2010
Published by: CGAP
August 2010
MIV Performance and Prospects: Highlights from the CGAP 2009 MIV Benchmark Survey
Published by: CGAP
September 2009
Ends Meet: Current State and Future Prospects of European Pension Funds’ Investments in Microfinance
Published by: World Microfinance Forum
August 2009
MIV Disclosure Guidelines for Reporting on Performance Indicators (pdf)
Xavier Reille and Hannah Siedek
Published by: CGAP
September 3, 2008
The 2007 Microfinance Investment Vehicles Survey (pdf)
Published by: MicroRate
August 2008
MIV Roundtable (pdf)
Xavier Reille
Published by: CGAP
June 19, 2008
Microfinance Investment Vehicles (CGAP Brief) (pdf)
Xavier Reille and Ousa Sananikone
Published by: CGAP
April 2007
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MFIs
The Microfinance Promise in Financial Inclusion: Evidence from Pacific Region
Author: Baljeet Singh
Published by: Global Development Network
April 2011
Beyond Codes: The Foundation for Client, Protection in Microfinance
Published by: the Center for Financial Inclusion at ACCIÓN
October 2010
Branchless Banking 2010: Who’s Served? At What Price? What’s Next?
Published by: CGAP
September 2010
Microfinance Networks: Ratings Uplift Potential for Member Institutions
Published by: Fitch Ratings
September 2010
Latin American MFI Failures Study
Published by: IAMFI, Calmeadow, the Center for Financial Inclusion at ACCIÓN, Deutsche Bank Foundation and the MIF/IDB
August 2010
IAMFI, Calmeadow, the Center for Financial Inclusion at ACCIÓN, Deutsche Bank Foundation and the MIF/IDB co-funded this paper on MFI failures in Latin America to aid the industry in learning from unsuccessful microfinance ventures. The title translation is "The Good from the Bad in Microfinance: Lessons Learned from Failed Experiences in Latin America.” At this time, the report is only available in Spanish, but an English translation will be published shortly. A further study will expand the scope to additional regions. By examining the causes of MFI failures, the study brings to the forefront ‘best practices’ that MFIs can apply to ensure continued operations, which benefit the institution, its clients and investors.Findings from Social Ratings: Poverty Outreach and Financial Exclusion
Published by: MicroFinanza Rating
June 2010
Findings from Social Ratings: Consumer Protection and Social Responsibility
Published by: MicroFinanza Rating
June 2010
Findings from Social Ratings: Social and Financial Performance
Published by: MicroFinanza Rating
June 2010
Policy Advocacy: A Toolkit for Microfinance Associations
Published by: Microfinance Gateway
2010
Morocco MFIs Confront Crisis and Strive for a Brighter 2010
Published by: CGAP
January 2010
Microfinance: Taking Root In The Global Capital Markets, Part 2
Published by: Standard & Poor's
September 2009
Loan Clauses That Bite - A guide to potentially dangerous covenants in common MFI loan agreements
Microfinance Voices
Marcus Fedder
Published by: Microfinance Gateway
June 5, 2009
Before The Crisis: A Look At MFI Trends in 2005-2007
Published by: Microfinance Information Exchange, Inc
2009The Social Performance Reports
Social Performance Task Force
Published by: Microfinance Information Exchange, Inc
May 2009
Trend Lines 2005 - 2007 MFI Benchmarks
MFI Trends Benchmark Series
Published by: Microfinance Information
Exchange, Inc
May 2009
Cautious Resilience: The Impact of the Global Financial Crisis on Latin American and Caribbean Microfinance Institutions
Stauffenberg, S., Stauffenberg, D., Brown, S. & Effio, M.
Published by: MicroRate
March 2009
Asia Microfinance Analysis and Benchmarking Report 2008
Published by: Microfinance Information Exchange (The MIX)
March 2009
Asian MFIs drew largely upon commercial funding for the the 2007 fiscal year. In this region, where 75% of new loans were backed by commerical capital, MFIs were able to service micro-borrowers at the lowest cost of any region in the world. The data in this report covers South Asia, East Asia, and the Pacific Islands.
Arab Microfinance Analysis and Benchmarking Report, 2008
Published by: Microfinance Information Exchange – MIX and Arab Microfinance Network - Sanabel
February 2009
Microfinance activities in the Middle East and North Africa intensified in 2007. Arab MFIs increased their menu of products and diversified into making agricultural, consumer, education, housing, and seasonal loans to couple with the their standard working capital loans and microinsurance. Due to lack of market penetration in a few countries, complete data for the region is currently unavailable.
A Study Analyzing the Effects of Food and Fuel Inflation on Microfinance Institutions and Borrowers
Rahman, R.
Published by: U.S. Agency for International Development
January 2009
Setting Standards and Sticking to Them: When Microfinance Network NGOs Decide to Exit
Financial Services Working Group: Focus Note
Elissa McCarter and Andree Simon
Published by: SEEP Network
December 30, 2008
Financial Crisis in Asia and the Pacific Region: Its Genesis, Severity and Impact on Poverty and Hunger
Imai Katsushi, Gaiha Raghav. and Thapa Ganesh
Published by: The University of Manchester
November 2008
CreditWeek: The Global Authority on Credit Quality (pdf)
Published by: Standard & Poor’s
November 19, 2008
Microfinance Institutions: Changing Strategies for Changing Times
Andrea M Esposito, Gary Kochubka, Nelun Wijeyeratne
Published by: Standard & Poor's
November 6, 2008
Transversal Analysis of MFI Performance in Africa
Published by: African Microfinance Transparency (AMT)
September 2008
Championship League 2008: MIX Latin America & Caribbean 100 (pdf)
Microenterprise Americas
Published by: Microfinance Information Exchange, Inc
Fall 2008
Strong demand by microentreprenuers for financial services sent the microfinance sector in the Latin American and Caribbean region to expand at a record pace with 37% growth in 2007. This Champion's League report ranks the region's top MFIs in eight categories. However, this analysis does not include all data available on MFIs in the LAC region.
Microfinance Institutions ─ Factors in Risk Assessment (pdf)
Sandra Hamilton, Lindsey Liddell and Mark Young
Published by: Fitch Ratings
June 12, 2008
Transforming NGO MFIs: Critical Ownership Issues to Consider (pdf)
Occasional Paper #13
Kate Lauer
Published by: CGAP
June 2008
2007 MIX Asia 100: Ranking of Microfinance Institutions
Published by: Microfinance Information Exchange, Inc and the Asian Development Bank
Reprinted with Permission
April 2008
This report ranks the top 100 MFIs in the Asain continent, divided into the sub-regions of Central Asia and the Caucasus, South Asia, and East Asia and the Pacific. Each of the respective sub-regions have a particular microfinance landscape with respect to scale and competition. Taken together, this report shows the robustness of the microfinance industry in Asia.
Attracting Microfinance Investment Funds: Promoting Microfinance Growth through Increased Investments in Kenya
Jeffrey Ben Matu
Published by: Duke University
April 2008
The Role of Staff Incentive Schemes in Balancing Social and Financial Goals: Evidence From Four MFIs (pdf)
Carlos Martin
Published by: MicroFinance Network and CGAP
March 2008
Microfinance in Russia: Benchmarks and Analysis 2006 (pdf)
Published by: Russian Microfinance Center & Microfinance Information Exchange, Inc
Reprinted with Permission
February 2008
Russia, an expansive country in size and the number of MFIs that call the country home, has experienced rapid growth in its microfinance industry. This report attempts to indetifu the determinants of this growth and financial access in totality. The data that is relied on is made available from the Russian Microfinance Center and the Microfinance Information Exchange.
Central Asia Benchmarking Report 2006 (pdf)
Published by: Central Asia Microfinance Center, CGAP & Microfinance Information Exchange, Inc
Reprinted with Permission
February 2008
The Top 50 MFIs
Matthew Swibel
Published by: Forbes
January 7, 2008
Africa Microfinance Analysis and Benchmarking Report 2008
Published by: CGAP and Microfinance Information Exchange - the MIX
2008
Sub-Saharan Africa experience moderate growth in 2007, expanding by 6.7%. Microfinance was able to grow due to improvements in infrastructure, governance, and human development. This analysis covers the following regions: Central Africa, East Africa, West Africa, and Southern Africa.
Benchmarking Azerbaijan Microfinance 2006 (pdf)
Published by: Azerbaijan Microfinance Association and the Microfinance Information Exchange, Inc
Reprinted with Permission
2008
Reflecting on Kenya’s Post-Election Crisis (pdf)
F. Jena
Published by: Microfinance Gateway
2008
2007 Mix Global 100: Ranking of Microfinance Institutions (pdf)
Blaine Stephens
Published by: Microfinance Information Exchange, Inc
Reprinted with Permission
December 2007
Cambodia Microfinance Performance Trends 2003-2007 (pdf)
Published by: Microfinance Information Exchange, Inc
Reprinted with Permission
November 2007
MFI Capital Structure Decision Making (pdf)
CGAP Brief
Rani Deshpande, Camilla Nestor and Julie Abrams
Published by: CGAP
August 2007
Benchmarking Latin American Microfinance 2006
Gehrke, M. & Martínez, R.
Published by: Microfinance Information Exchange (MIX)
November 2007
From Dollar to Dinar: The Rise of Local Currency Lending and Hedging in Microfinance
Julie Abrams and Louise Schneider-Moretto
Published by: Women's World Banking
2007
MicroBanking Bulletin: 2007 Benchmarks
Published by: Microfinance Information Exchange, Inc.
2007
Microfinance and Public Policy-Outreach, Performance and Efficiency
Edited by: Bernd Balkenhol
Published by: Palgrave Macmillan
2007
The following articles were published more than two years ago.
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Microfinance Overview
Microfinance Investing
MIVs
MFIs
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Microfinance Overview
A Second Look at Microfinance: The Sequence of Growth and Credit in Economic History (pdf)
Thomas Dichter
Published by: The Cato Institute
This electronic report is copyrighted by and courtesy of the Cato Institute.
February 15, 2007
Employment, Not Microcredit, is the Solution (pdf)
Aneel Karnani
Published by: University of Michigan
November 12, 2006
Millions for Millions
Connie Bruck
Published by: The New Yorker
October 30, 2006
New Opportunities in Pro-Poor Finance (pdf)
Roger Frank
Published by: Developing World Markets
October 24, 2006
Microfinance: The Role of a Commercial Bank (ppt)
Onno Mulder
Published by: ABN AMRO
February 2006
The Growth of Commercial Microfinance 2004–2006
Published by: CMEF
2006
Understanding and Assessing the Demand for Microfinance (pdf)
Graham A.N. Wright
Published by: MicroSave
June 20, 2005
Basel II and Microfinance: Exercising National Prerogatives
Kathryn Imboden
Published by: Women’s World Banking
April 2005
Currency Risk in Microfinance (pdf)
Published by: MicroCapital Institute
2005
Public Investor Microfinance Portfolio (pdf)
Xavier Reille, Hannah Siedek and Nicole Pasricha
Published by: CGAP
2005
Microfinance Consensus Guidelines: Guiding Principles on Regulation and Supervision of Microfinance
Robert Peck Christen, Timothy R. Lyman, Richard Rosenberg
Published by: CGAP
2003
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Microfinance Investing
FIs: Crowding Out or Crowding In? An Online Debate - Summary (pdf)Published by: The Microfinance Gateway
March 30, 2007
MIVs and DFI Investment Examined
Elizabeth Littlefield
Published by: CGAP
March 2007
Are Public Development Institutions Crowding Out Private Investment in Microfinance? (pdf)
MF Insights
Julie Abrams and Damian von Stauffenberg
Published by: MicroRate
February 2007
Guaranteed Loans to Microfinance Institutions: How Do They Add Value? (pdf)
Focus Note #40
Mark Flaming
Published by: CGAP
January 2007
Threefold increase in microfinance investment funds signals boom in foreign capital investments
Published by: CGAP
January 2007
Microfinance Investor Roundtable: Major Themes & Next Steps (pdf)
Patricia Lee Devaney
Published by: Omidyar Network and SEEP Network Microfinance Investor Roundtable
December 2006
Making the Transition to Private Capital (pdf)
Marc de Sousa Shields and Brad King
Published by: USAID
November 2006
Microfinance Investment Vehicles: An Emerging Asset Class (pdf)
MF Insights
Published by: MicroRate
November 2006
Five Strategies to Minimize Foreign Exchange Risk for Microfinance Institutions
Tillman Bruett
Published by: Omidyar Network and SEEP Network Microfinance Investor Roundtable
October 25, 2006
Secondary Market Transactions: Issues and Lessons (pdf)
Published by: Gray Matters Capital for the Omidyar Network and SEEP Network Microfinance Investor Roundtable
October 25, 2006
Foreign Exchange Risk in Microfinance (pdf)
Ann Miles
Published by: Blue Orchard Finance S.A. for the Omidyar Network and SEEP Network Microfinance Investor Roundtable
October 24-25, 2006
Optimizing Capital Supply in Support of Microfinance Industry Growth (pdf)
Dr. Tilman Ehrbeck
Published by: Omidyar Network and SEEP Network Microfinance Investor Roundtable
October 24-25, 2006
Good Practice Guidelines for Funders of Microfinance (pdf)
Published by: CGAP
October 1, 2006
Blended Value Investing: Capital Opportunities for Social and Environmental Impact (pdf)
Published by: World Economic Forum
March 2006
Foreign Exchange Risk Mitigation Techniques - Structure and Documentation: A Technical Guide for Microfinance Institutions (pdf)
Published by: CGAP
2006
Foreign Exchange Rate Risk in Microfinance: What is it and How Can it be Managed? (pdf)
Focus Note #31
Scott Featherston, Elizabeth Littlefield and Patricia Mwangi
Published by: CGAP
2006
Who Will Buy Our Paper: Microfinance Cracking the Capital Markets? The Realities of Linking Microfinance to Local and International Capital Markets
InSight #18
Rekha Reddy and Elisabeth Rhyne
Published by: ACCION International
2006
Due Diligence Guidelines for the Review of Microcredit Loan Portfolios: A Tiered Approach
Robert Peck Christen
Published by: CGAP
June 2005
Microbanking Bulletin-Special Edition on Financing: The Scope of Funding Mechanisms (pdf)
Issue No. 11
Published by: The Microfinance Information Exchange, Inc.
May 2005
Up from Sin: A Portfolio Approach to Financial Salvation (pdf)
Dodd, Randall and Shari Spiegel
Published by: United Nations Conference on Trade and Development
January 2005
Tapping Financial Markets for Microfinance
Published by: Grameen Foundation
2005
Foreign Exchange Risk Management in Microfinance
Rocio Cavazos
Published by: Women's World Banking
2004
Foreign Investment in Microfinance: Debt and Equity from Quasi-Commercial Investors (pdf)
Focus Note No. 25
Gautam Ivatury, Xavier Reille
Published by: CGAP
January 2004
Foreign Exchange Risk Management Practices of Microfinance Institutions. (pdf)
Peter R. Crabb
Published by: BYU Journal of Microfinance
2004
Foreign Exchange Risk and Microfinance Institutions
Paul Holden and Sarah Holden
Published by: MicroRate and Enterprise Research Institute
2004
Characteristics of Equity Investment in Microfinance
Jim Kaddaras and Elisabeth Rhyne
Published by: CMEF
2004
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MIVs
MIVs and DFI Investment ExaminedElizabeth Littlefield
Published by: CGAP
March 2007
Microfinance Investment Vehicles: An Emerging Asset Class (pdf)
MF Insights
Published by: MicroRate
November 2006
Review of Microfinance Investment Vehicle Market (ppt)
Sebastian von Stauffenberg
Published by: MicroRate
October 23, 2006
Commercial Microfinance Investments - The Experience of BlueOrchard Finance (pdf)
Jean-Philippe de Schrevel
Published by: BlueOrchard
March 2006
MFIs
Guaranteed Loans to Microfinance Institutions: How Do They Add Value? (pdf)
Focus Note #40
Mark Flaming
Published by: CGAP
January 2007
Five Strategies to Minimize Foreign Exchange Risk for Microfinance Institutions
Tillman Bruett
Published by: Omidyar Network and SEEP Network Microfinance Investor Roundtable
October 25, 2006
Where are They Now? Learning from the Progress of Seven Microfinance Deposit–taking Institutions from 1996–2003 (pdf)
Ruth Goodwin-Groen
Published by: CGAP
2006
How Should Microfinance Institutions Best Fund Themselves?
Felipe Portocarrero Maisch, Alvaro Tarazona Soria, Glenn D. Westley
Published by: Inter-American Development Bank
November 2006
Microfinance in Brazil - A Commercial Bank View (ppt)
Flavio J. Weizenmann
Published by: ABN AMRO
February 2006
Commercial Loan Agreements: A Technical Guide for Microfinance Institutions
Published by: CGAP
2006
Foreign Exchange Rate Risk in Microfinance: What is it and How Can it be Managed? (pdf)
Focus Note #31
Scott Featherston, Elizabeth Littlefield and Patricia Mwangi
Published by: CGAP
2006
Foreign Exchange Risk Mitigation Techniques - Structure and Documentation: A Technical Guide for Microfinance Institutions (pdf)
Published by: CGAP
2006
Microfinance Institutions and Foreign Exchange Risk: The Experience of ACCION’s Latin American Affiliates
InSight #16
Catalina Sicard
Published by: ACCION International
2006
The Practice of Corporate Governance in Shareholder-Owned Microfinance Institutions
Published by: CMEF
May 2005
Strategies for Financial Integration: Access to Commercial Debt
Louise Schneider-Moretto and Greta Greathouse
Published by: Women's World Banking
July 2004
Foreign Exchange Risk Management in Microfinance
Rocio Cavazos
Published by: Women's World Banking
2004
Foreign Exchange Risk and Microfinance Institutions
Paul Holden and Sarah Holden
Published by: MicroRate and Enterprise Research Institute
2004
Foreign Exchange Risk Management Practices of Microfinance Institutions. (pdf)
Peter R. Crabb
Published by: BYU Journal of Microfinance
2004
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