MBB NÂ°19 - Dec 09 - Article CERISE - Is SP profitable?

The Premier Source of 

Industry Benchmarks 

THE 

MICROBANKING 

BULLETIN No. 19 

Published by 

Microfinance Information eXchange 

Issue No. 19 

December 2009 

A publication dedicated to the performance of organizations that 

provide banking services for the poor

The 

MicroBanking 

Bulletin 



A Publication Dedicated to the Performance of 

Organizations that Provide Banking Services for the Poor 

Copyright (c) 2009 

Microfinance Information Exchange, Inc. 

The MicroBanking Bulletin is published twice annually by the Microfinance Information Exchange, Inc. 

ISSN 1934–3884. Copyright 2009. All rights reserved. The data in this volume have been carefully compiled and are 

believed to be accurate. Such accuracy is not however guaranteed. Feature articles in MBB are the property of the authors 

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We would like to thank the following institutions for their participation in this issue: 

REGION COUNTRY # MFIS Name of Participant 

Africa 

(195 MFIs) 

Asia 


Angola 1 KixiCredito 

Benin 9 ACFB, Alidé, CBDIBA/RENACA, CMMB, FECECAM, FIDEVIE, PADME, PAPME, Vital Finance 

Burkina Faso 5 CVECA SOUM, GRAINE sarl, LSK, Micro Start, RCPB 

Burundi 3 COSPEC, Turame Community Finance, WISE 

Cameroon 10 A3C, ACEP Cameroon, CamCCUL, CCA, CDM, CDS, CECIC S.A., CEC-PROM Mature, MC², 

SOFINA 

Central African 1 CMCA 

Republic 

Chad 1 UCEC/MK 

Congo, Democratic 5 COOPEC/ACCO, FINCA - DRC, Hekima, PAIDEK, ProCredit Bank - DRC 

Republic of the 

Congo, Republic 2 CAPPED, FAM 

of the 

Cote d’Ivoire (Ivory 1 UNACOOPEC-CI 

Coast) 

Ethiopia 15 ACSI, ADCSI, BG, DECSI, Degaf, Eshet, Gasha, Harbu, Letta, Meklit, OCSSCO, PEACE, SFPI, 

Wasasa, Wisdom 

Gambia, The 2 GAWFA, Reliance 

Ghana 25 Akuapem RB, APED, ASA - GHA, Atwima Kwanwoma, Bessfa RB, Bonzali RB, CEDEF, CFF, 

CRAN, DQF, FASL, ID-Ghana, Juaben RB, Kakum RB, KSF, La Community Bank, Maata-N- 

Tudu, Nwabiagya RB, OISL, Otuasekan RB, ProCredit - GHA, SAT, South Akim RB, Union RB, 

Upper Manya RB 

Guinea 6 3A Entreprises, CAFODEC, CPECG Yete Mali, CRG, Pride Finance, RCCECG 

Kenya 15 BIMAS, Equity Bank, Faulu - KEN, Jamii Bora, KADET, KPOSB, K-Rep, KWFT, MCL, Micro 

Africa, Opportunity Kenya, PAWDEP, RAFODE, Riverbank, SMEP 

Madagascar 7 MicroCred - MDG, Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, SIPEM, TIAVO 

Malawi 5 CUMO, FINCA - MWI, MLF MWI, MUSCCO, OIBM 

Mali 10 CVECA Kita/Bafoulabé, CVECA Pays Dogon, Jigiyaso Ba, Kafo Jiginew, Kondo Jigima, 

Miselini, Nyesigiso, PASECA - Kayes, Soro Yiriwaso, UCCEC GY 

Mozambique 6 BOM, AfricaWorks, FDM, Hluvuku, NovoBanco - MOZ, Tchuma 

Niger 4 ASUSU CIIGABA, COOPEC Hinfani Dosso, Kokari, MECREF 

Nigeria 7 Alliance MFB, AMfB, DEC, ICMFB, IMFB, LAPO-NGR, SEAP 

Rwanda 7 ACB sa, CFE, COOPEDU-Kigali, Duterimbere, RML, UNION DES COOPECs UMUTANGUHA, 

UOB 

Senegal 12 ACEP Senegal, CAURIE Micro Finance, CMS, DJOMEC, MEC AFER, MEC FEPRODES, 

MECBAS, MicroCred - SEN, PAMECAS, SEM Fund, U-IMCEC, UMECDES 

Sierra Leone 4 ARD, GGEM Microfinance Services Ltd., LAPO-SLE, ProCredit Bank - SLE 

South Africa 4 Capitec Bank, Marang, Opportunity Finance, SEF-ZAF 

Swaziland 1 FINCORP 

Tanzania 9 Akiba, BRAC - TZA, FINCA - TZA, IDYDC, Mbinga CB, Faulu - TZA, PRIDE - TZA, SEDA, 

Tujijenge 

Togo 5 CECA, FUCEC Togo, MGPCC DEKAWOWO, Mutuelle Akwaba, WAGES 

Uganda 11 BRAC - UGA, Centenary Bank, Faulu - UGA, FINCA - UGA, Hofokam, Madfa SACCO, MED- 

Net, MAMIDECOT, MUL, REDFunds, Finance Trust 

Zambia 2 CETZAM, FINCA - ZMB 

Afghanistan 14 AMFI, ARMP, BRAC - AFG, CFA, FINCA - AFG, FMFB - AFG, Hope for Life, MADRAC, MoFAD, 

OXUS - AFG, Parwaz, WOCCU - AFG, WWI - AFG 

Bangladesh 11 ASA, BEES, BRAC, BURO Bangladesh, Grameen Bank, HEED, IDF, JCF, Sajida, Shakti, SSS 

Cambodia 15 ACLEDA, AMK, AMRET, CBIRD, Chamroeun, CHC-Limited, CREDIT, HKL, IPR, Maxima, 

PRASAC, Sathapana Limited, Seilanithih, TPC, VFC 

China 12 CFPA, CHWDA, CZWSDA, JXWDA, NYWDA, OI China, PATRA Hunchun, PATRA Yanbian, 

PCWDA, Rishenglong, XXWDA, YYWDA 

East Timor 1 Moris Rasik 

India 63 ABCRDM, Adhikar, AML, AMMACTS, Arohan, AWS, Bandhan, BASIX, BFL, BISWA, BJS, BSS, 

BWDC, Cashpor MC, CReSA, Equitas, ESAF, GFSPL, GOF, Grameen Sahara, GU, GV, HiH, 

Indur MACS, Janodaya, KBSLAB, KOPSA, KRUSHI, Mahasemam, Mahashakti, MFI, Mimo 

Finance, NBJK, NCS, NEED, Nidan, Pushtikar, PWMACS, RASS, RGVN, Saadhana, Samasta, 

Sanghamithra, Sarala, Sarvodaya Nano Finance, SCNL, SEWA Bank, SHARE, SKDRDP, SKS, 

SMILE, SMSS, Sonata, Spandana, SSK, SU, SFPL, SWAWS, Trident Microfinance, Ujjivan, VFS, 

VSSU, WSE 

Indonesia 36 BMT Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas 

Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR 

Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, 

BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya 

Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, CU Kosayu, CU Pantai 

Prigi, CU Sawiran, Dian Mandiri, DINARI, MBK Ventura, MMS, TLM, WKP 

Laos 2 ACLEDA Lao, IFDP


Nepal 25 BAYOCA, BMSCCSL, CBB, Chandeshwori, CSD, DD Bank, DEPROSC-Nepal, FORWARD, 

GBNB, JSCCS, JVS, Mahila, Mahuli, Manushi, MGBB, MPGBB, NeRuDO, NESDO, Nirdhan, 

NRDSC, PGBB, Sahara Mahila, SB Bank, SPGBB, VYCCU 

Pakistan 12 Asasah, CWCD, DAMEN, FMFB - Pakistan, Kashf Foundation, Kashf Bank, Khushhali Bank, 

NMFB, POMFB, RCDS, Sungi, TMFB 

Papua New Guinea 2 PNG Microfinance Ltd, Nationwide Microbank 

Philippines 63 1st Valley Bank, ABS-CBN, ARDCI, ASA Philippines, ASHI, ASKI, Banco Santiago de Libon, 

Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BCB, Cantilan Bank, CARD Bank, 

CARD NGO, CBMO, CEVI, CMEDFI, DSPI, ECLOF - PHL, FAIR Bank, FICO, First Macro Bank, 

GM Bank, Green Bank, HSPFI, Kasagana-Ka, Kazama Grameen, KBank, KCCDFI, KMBI, Life 

Bank, Mallig Plains RB, MEDF, New RB of Victorias, NWTF, OMB, PALFSI, PBC, PR Bank, 

Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Dipolog, RB 

Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, 

RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, RSPI, Serviamus, Siam Bank, 

TSKI, Valiant RB 

Samoa 1 SPBD 

Sri Lanka 8 Berendina Microfinance, BRAC - LKA, Lak Jaya, Sabaragamuwa, SDBL, SEEDS, SEWA 

Finance, WDB 

Thailand 2 Common Interest, SED 

Vietnam 16 Binhminh CDC, CEP, CEP BRVT, CEP Long An, Childfund Hoa Binh, Fund for Women 

Development - HCM, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai 

Son, M7 Ninh Phuoc, M7 Uong bi, Plan International, TYM, VBSP 

ECA 


LAC 


Albania 5 ASC Union, BESA, FAF-DC, Opportunity Albania, ProCredit Bank - ALB 

Armenia 9 ACBA, AREGAK UCO, ECLOF - ARM, Farm Credit Armenia, FINCA - ARM, Horizon, INECO, 

KAMURJ, SEF-ARM 

Azerbaijan 18 AccessBank, Aqrarkredit, Aqroinvest, Azercredit, Azerdemiryolbank, Azeri Star, Bank of 

Baku, CredAgro NBCO, DAYAQ-Credit, FINCA - AZE, FinDev, Invest Credit, Komak Credit, 

MikroMaliyye Credit, Normicro, Parabank, Umid-Credit, Viator 

Bosnia and 

Herzegovina 

12 EKI, LIDER, LOK Microcredit Foundation, MI-BOSPO, MIKRA, Mikro ALDI, Partner, PRIZMA, 

ProCredit Bank - BIH, SINERGIJA, Sunrise, Women for Women 

Bulgaria 24 Aetos, Agroimpuls, DSK Dobrich, Doveriye- Bulgaria, General Toshevo, Kajnardza 96, 

Kredo, KSK RPK, Maritsa Invest, Mikrofond, Miziya, Momina Voda, Nachala, Nadejda 96, 

Perelik, Pomoriiski stopanin, Popular Kasa-Kystendil, ProCredit Bank - BGR, Saglasie 96, 

Samokov 96, Smilyan, Solidarnost, Stopanin, USTOI 

Georgia 9 Alliance Group, CREDO, Crystal, FinAgro, FINCA - GEO, ImerCredit, JSC Bank Constanta, 

Lazika Capital, ProCredit Bank - GEO 

Kazakhstan 10 Abzal Kredit, ACF, A-invest, Arnur Credit, Bereke, FFSA, Kemek, KMF, MCO ‘Oral’, Moldir 

Kosovo 8 AFK, BZMF, FINCA - KOS, KEP, KGMAMF, KosInvest, KRK Ltd, ProCredit Bank – KOS 

Kyrgyzstan 14 1st MCC, Agrocredit Plus, Aiyl Bank, Bai Tushum, Bereke-credit, BTA Bank, Dirigible, Elet- 

Capital, FMCC, FNT Credit, Joldosh Group, Kompanion, Mol Bulak Finance, OXUS - KGS 

Macedonia, Former 4 FULM, Horizonti, Moznosti, ProCredit Bank – MKD 

Yugoslav Republic 

of 

Moldova 4 Invest-Credit Moldova, Microinvest, ProCredit - MDA, ProCredit Bank - MDA 

Mongolia 5 Credit Mongol, Khan Bank, TFS, VFM, XacBank 

Montenegro 1 OBM 

Poland 2 Fundusz Mikro, Inicjatywa Mikro 

Romania 6 CAPA, Express Finance, LAM, OMRO, ProCredit Bank - ROM, ROMCOM 

Russia 52 Alternativa, Alteya, Avantaj, BFSBS, Blago, BRCCC, CEF, Chita FSBS, CMFinance, Doveriye 

- Volgograd, Doveriye (Amursk), Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, 

EKPA, FFECC, FINCA - Russia, FORUS, Galaktika, Gorodskoy, Impuls, Intellekt, KMB, KVK, 

KVK-Altay, Nadejda, Narodniy Kredit_Kemerov, Neftegaz, Obereg (Vladivostok), Partner 

Russia, Povoljye, Raduga, Reserv-Altay, Rezerv, Rost, Rus, WMN (Russia), SBS, Sodeystviye, 

Sodeystviye-2005, Sodruzhestvo, Soglasiye, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, 

Stanichnik, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, USFSBS, Vostok Kapital, VRFSBS 

Serbia 4 AgroInvest, MDF, OBS, ProCredit Bank Serbia 

Tajikistan 23 Agroinvestbank, Amlok, ASTI, Bank Eskhata, Borshud, Ehyoi kuhiston, FINCA - TJK, FMFB 

- TJK, Imkoniyat, Imodi Hutal, IMON, JOVID, Maqsadi dasgiri, MLF Chiluchor chashma, MLF 

Kiropol, MLF Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat 

Invest’, Nov Credit, OXUS - TJK, Sugd Microfin 

Ukraine 2 HOPE, ProCredit Bank - UKR 

Uzbekistan 5 ASR, Garant-Invest, Mikrokredit Bank, SABR, Umid 

Argentina 7 Avanzar, Columbia Microcreditos, FIE Gran Poder, Emprenda, Grameen Mendoza, 

Progresar, Pro Mujer - ARG 

Bolivia 23 AgroCapital, ANED, BancoSol, CIDRE, Coop Fátima, Coop Jesús Nazareno, CRECER, 

Diaconia, EcoFuturo FFP, Emprender, Fassil FFP, FIE FFP, FONCRESOL, FONDECO, Fortaleza 

FFP, FUBODE, FUNBODEM, IDEPRO, IMPRO, ProCredit - BOL, PRODEM FFP, Pro Mujer - BOL, 

Sartawi 

Brazil 28 Agência do Crédito, ANDE, Banco da Familia, Banco do Empreendedor, Banco do 

Povo ACP, Rede Novo Sol, Banco do Vale, Banco Popular do Brasil, BANCRI, Casa do 

Microcrédito, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, Central Cresol Baser, 

CrediAmigo, Credisol, Cresol Central, Fácil SCM, ICC BluSol, ICC Conquista Solidária, ICC 

MAUCE, Instituto Estrela, Real Microcrédito, São Paulo Confia, SOCIALCRED, SOCRED


Chile 3 BancoEstado, Credicoop, Fondo Esperanza 

Colombia 18 Actuar Caldas, Actuar Tolima, AGAPE, Bancamía, BCSC, Comultrasan, Contactar, 

Crezcamos, FinAmérica, FMM Bucaramanga, FMM Popayán, FMSD, Fundación Amanecer, 

Interactuar, Coop MEDA, OLC, ProCredit - COL, WWB Cali 

Costa Rica 9 ACORDE, ADRI, ASOPROSANRAMON, CREDIMUJER, FIDERPAC, FOMIC, Fundación Mujer, 

FUNDEBASE, FUNDECOCA 

Dominican 

4 ADOPEM, ASPIRE, Banco ADEMI, Fundación Esperanza 

Republic 

Ecuador 47 Banco Solidario, CACMU, CCC, CEPESIU, CESOL ACJ, COAC 4 de Octubre, COAC Acción 

Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, 

COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC 

La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC 

La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, 

COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, 

COOPROGRESO, Credi Fé, D-Miro, ECLOF - ECU, FACES, FED, FINCA - ECU, FODEMI, 

Fundación Alternativa, Fundación Espoir, FUNDAMIC, INSOTEC, ProCredit - ECU, UCADE 

Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo 

El Salvador 13 ACCOVI, AMC de R.L., Apoyo Integral, ASEI, Asociación El Balsamo, CCAMETRO, ENLACE, 

FADEMYPE, FINCA - SLV, Fundación CAMPO, FUNSALDE, ProCredit - SLV, PADECOMSM 

Guatemala 16 AGUDESA, ASDIR, Asociación Raíz, AYNLA, CDRO, CRYSOL, FAFIDESS, FAPE, FIACG, FINCA 

- GTM, FONDESOL, Fundación MICROS, FUNDEA, FUNDESPE, Génesis Empresarial, MUDE 

Haiti 6 ACME, FINCA - HTI, Fonkoze, MCN, SFF, SOGESOL 

Honduras 14 ADICH, BanCovelo, CARE - CREEME, FAMA OPDF, FINCA - HND, FINSOL, FUNDAHMICRO, 

FUNED, HDH OPDF, IDH, Microfinanciera Prisma, ODEF Financiera, ProCredit - HND, World 

Relief - HND 

Mexico 51 ALSOL, Alternativa 19 del Sur, AMEXTRA, Apoyo Económico, APROS, ASP Financiera, 

ATEMEXPA, Banco Amigo, CAFASA, Caja Depac Poblana, Caja Popular Mexicana, CAME, 

COCDEP, CompartamosBanco, Conserva, Crece Safsa, CrediAvance, Credi-Capital, 

CrediClub, CrediComún, Créditos Pronegocio, CREDITUYO, Despacho Amador, Don 

Apoyo, Espacios Alternativos, Crezkamos Kapital, FinAmigo, Financiera Independencia, 

FINCA - MEX, FinComún, FINORTE, FISUR, Forjadores de Negocios, FRAC, FUNHAVI, FVP, 

GCM, Grupo Río La Venta, Invirtiendo, MicroCred - MEX, Oportunidad Microfinanzas, 

Progresemos, Pro Mujer - MEX, Red de Vanguardia, SemiSol, SolFi, Solución Asea, 

Soluciones Reales, Te Creemos, UNICREICH, Vivir Soluciones 

Nicaragua 23 ADIM, AFODENIC, ASODENIC, BANEX, Caritas Esteli, CEPRODEL, Coop 20 de Abril, Coop 

Avances, FDL, Financiera Fama, FINCA - NIC, FODEM, FUDEMI, Fundación 4i-2000, 

Fundación León 2000, Fundación Nieborowski, FUNDENUSE, FUNDEPYME, FUNDESER, 

PRESTANIC, ProCredit - NIC, PRODESA, Pro Mujer - NIC 

Panama 3 Coop Juan XXIII, Microserfin, ProCaja 

Paraguay 6 Banco Familiar, FIELCO, Fundación Paraguaya, Interfisa Financiera, Microsol, Visión Banco 

Peru 60 ADRA - PER, Alternativa Microfinanzas, AMA, ASIDME, Asociación Arariwa, Caritas, CMAC 

Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, 

CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, 

COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, 

COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, 

COOPAC Santo Domingo, COOPAC Tocache, CRAC Los Andes, CRAC Nuestra Gente, 

CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crediscotia, EDAPROSPO, EDPYME 

Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, 

EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, 

EDPYME Proempresa, EDPYME Raíz, Financiera Edyficar, FINCA - PER, FONDESURCO, 

FOVIDA, IDER CV, IDESI Lambayeque, IDESPA, Manuela Ramos, MiBanco, Micredito SAC, 

MIDE, Popular SAFI, PRISMA, Pro Mujer - PER, Mentors - PER 

Venezuela 2 BanGente, MiBanco Venezuela 

MENA 


Egypt 14 ABA, ABWA, Al Tadamun, ASBA, CEOSS, DBACD, ESED, FMF, IDDA, Lead Foundation, NSBA, 

RADE, SBACD, SCDA 

Iraq 3 Al-Thiqa, CHF Iraq, Izdiharona Microfinance 

Jordan 7 Alwatani, AMC, DEF, FINCA - JOR, MEMCO, MFW, Tamweelcom 

Lebanon 3 Al Majmoua, Ameen, Makhzoumi 

Morocco 9 Al Amana, Al Karama, AMOS, AMSSF/MC, ARDI, FBPMC, FONDEP, INMAA, Zakoura 

Palestine 8 ACAD, Al Rafah Bank, ASALA, FATEN, PARC, Reef, Ryada, UNRWA 

Sudan 3 BRAC - SS, PASED, SUMI 

Syria 2 FMFI-SYR, Jabal Al Hoss 

Tunisia 1 Enda 

Yemen 6 Abyan, Aden, Al Awael, Azal, NMF, SFSD 

Abbreviations: ECA = Eastern Europe & Central Asia; LAC = Latin America & the Caribbean; MENA = Middle East & North Africa.

The MicroBanking Bulletin (MBB) 

The MicroBanking Bulletin is one of the principal 

publications of MIX (Microfinance Information Exchange, 

Inc.). MIX is a non-profit company that works to support 

the growth and development of a healthy microfinance 

sector. MIX is supported by the Consultative Group to 

Assist the Poor (CGAP), Citi Foundation, Deutsche Bank 

Americas Foundation, Omidyar Network, Open Society 

Institute, Rockdale Foundation, and others. To learn more 

about MIX, please visit the website at www.themix.org. 

Purpose 

By collecting financial and portfolio data provided 

voluntarily by leading microfinance institutions (MFIs), 

organizing the database by peer groups, and reporting 

this information, MIX is building infrastructure that is 

critical to the development of the microfinance sector. The 

primary purpose of this database is to help MFI managers 

and board members understand their performance in 

comparison to other MFIs. Secondary objectives include 

establishing industry performance standards, enhancing 

the transparency of financial reporting, and improving 

the performance of microfinance institutions. 

Benchmarking Services 

To achieve these objectives, MIX provides the following 

benchmarking services: 1) the Bulletin’s Tables; 2) 

customized financial performance reports; and 3) 

network services. 

MFIs participate in the MicroBanking Bulletin benchmarks 

database on a quid pro quo basis. They provide MIX 

with information about their financial and portfolio 

performance, as well as details regarding accounting 

practices, subsidies, and the structure of their liabilities. 

Participating MFIs must submit substantiating 

documentation, such as audited financial statements, 

annual reports, ratings, institutional appraisals, and other 

materials that help us understand their operations. With 

this information, we apply adjustments for inflation, 

subsidies and loan loss provisioning in order to create 

comparable results. Data are presented in the Bulletin 

anonymously within peer groups. While MIX performs 

extensive checks on the consistency of data reported, 

we do not independently verify the information. 

In return, participating institutions receive a comparative 

performance report (CPR). These individualized 

benchmark reports, which are an important output of 

the benchmarks database, explain the adjustments 

we made to the data, and compare the institution’s 

performance to that of peer institutions. MFI managers 

and board members use these tools to understand their 

institution’s performance in a comparative context. 

The third core service is to work with networks of 

microfinance institutions (i.e., affiliate, national, regional), 

central banks, and researchers in general to enhance their 

ability to collect and manage performance indicators. 

MIX provides this service in a variety of ways, including 

1) training these organizations to collect, adjust and 

report data on retail MFIs at the local level and use 

MIX’s performance monitoring and benchmarking 

software, 2) collecting data on behalf of a network, 

and 3) providing customized data analysis to compare 

member institutions to peer groups. This service to 

networks, regulatory agencies, and researchers allows 

MIX to reach a wider range of MFIs in order to improve 

their financial reporting. 

New Participants 

Institutions that wish to participate in the Bulletin 

database should contact: info@themix.org, Tel +1 202 

659 9094, Fax +1 202 659 9095. Currently, the only 

criterion for participation is the ability to fulfill fairly 

onerous reporting requirements. MIX reserves the 

right to establish minimum performance criteria for 

participation in the Bulletin database. 

Submissions 

The Bulletin welcomes submissions of articles and 

commentaries, particularly regarding analytical 

work on the financial and/or social performance of 

microfinance institutions. Submissions may include 

reviews or summaries of more extensive work 

published elsewhere. Articles should not exceed 3000 

words. To submit an article, please contact Elizabeth 

Downs, Managing Editor, at edowns@themix.org. 

Disclaimer 

Neither MIX, MBB’s Editorial Board nor MIX’s funders 

accept responsibility for the validity of the information 

presented or consequences resulting from its use by 

third parties.

The MicroBanking Bulletin 



Dedicated to the performance of organizations that provide banking services to the poor. 

Editorial Staff 

Publisher: 

Marten Leijon, Executive Director, MIX 

Managing Editor: 

Elizabeth Downs, Director of Marketing Communications, MIX 

Editorial Board 

Craig F. Churchill 

Asad Mahmood 

J.D. Von Pischke 

Elisabeth Rhyne 

Gabriel Solorzano 

International Labour Organization 

Deutsche Bank 

Frontier Finance International 

ACCION International 

BANEX 

Chairman Emeritus: 

Robert Peck Christen 

The MicroBanking Bulletin is a publication of MIX (Microfinance Information Exchange, Inc.) 

To learn more about MIX, please visit the MIX website at www.themix.org

Table of Contents 

Feature Articles 

Scaling Up MicroSavings..................................................................................................................................... 1 

Christoph Kneiding, Ignacio Mas, Adrian Gonzalez, and Sheila Miller 

Saving Through the Mobile Phone.................................................................................................................. 7 

Olga Morawczynski, University of Edinburgh 

The Case for Pricing Transparency.................................................................................................................15 

Jessica A. Haeussler 

Is Social Performance Profitable...................................................................................................................22 

Florent Bédécarrats, Rémy William Angora, Cécile Lapenu 

New Financial Ratios for Microfinance Reporting....................................................................................30 

Drew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social Enterprise Associates, 

for the MFI Reporting Standards Initiative of the SEEP Network 

Bulletin Highlights 

MFI Benchmark Analysis: Operating Efficiency: Victim to the Crisis...............................................39 

Blaine Stephens, COO and Director of Analysis, MIX 

Bulletin Tables 

Introduction to the Peer Groups and Tables..............................................................................................45 

2008 MFI Benchmarks........................................................................................................................................47 

Institutional Characteristics.....................................................................................................................47 

Financing Structure....................................................................................................................................47 

Outreach Indicators....................................................................................................................................48 

Macroeconomic Indicators......................................................................................................................49 

Overall Financial Performance................................................................................................................49 

Revenues........................................................................................................................................................50 

Expenses.........................................................................................................................................................50 

Efficiency........................................................................................................................................................51 

Productivity...................................................................................................................................................51 

Risk and Liquidity........................................................................................................................................52 

Index of Indicator Definitions..........................................................................................................................53 

Guide to Peer Groups ........................................................................................................................................54 

Appendices 

Appendix I : Notes, Adjustments and Statistical Issues...........................................................................73 

Appendix II : Participating MFIs 2008.............................................................................................................76

Letter from the Publisher 

Dear Readers, 

We are excited to share with you the 19 th Edition of 

the MicroBanking Bulletin. We are delighted to be able 

to provide you with important findings from a global 

benchmark data set that covers 1,084 MFIs and a set 

of compelling articles that addresses some of the most 

pressing issues facing microfinance today. 

The benchmarking data set provides a first-of-its-kind 

look into the effects that the economic slowdown is 

having on MFIs across the globe. The analysis explores 

how the slowdown is tightening its squeeze on MFI 

performance through rising delinquency levels and 

declining operational efficiency. 

This edition of the Bulletin also features articles that 

address critical priorities for leaders in microfinance – 

savings mobilization, pricing transparency, the link 

of social and financial performance, and the evolving 

standardization of metrics: 

• Expanding savings through distribution: 

Kneiding et al explore MFIs’ ability to scale up 

microsavings, concluding that microfinance 

institutions in general tend to rely on distributionled 

growth rather than more effective use of 

their existing branches. Morawczynski details 

how mobile services enable savings, outlining 

opportunities to derive further benefits from 

mobile services. 

• Pricing transparency: Jessica Haeussler 

investigates evidence as to the impact that 

insufficient pricing transparency has on market 

efficiency and consumer choice, showing that 

an opaque pricing environment does appear to 

come at a cost. 

• Linking social and financial performance: 

Bédécarrats, Angora and Lapenu test the link 

between Social Performance Indicators (SPI) 

and financial performance. Their findings point 

to a positive correlation between several SPI 

and financial outcomes, but also key differences 

between variables. 

• Evolving standardization of metrics: Tulchin, 

Sassman and Wolkomir present eight new ratios 

from the MFI Reporting Standards Initiative of 

the SEEP Network. The new ratios aim to better 

describe financial position and performance 

with a particular focus on savings and risk 

exposures. 

Finally, I want to thank you for your continued interest 

in and support for the MBB. As we move forward, we 

will evaluate how we can improve the contents of the 

Bulletin and our delivery of it to you. We welcome your 

feedback and comments as we begin the evaluation 

process early in 2010. 

Sincerely yours, 

Marten Leijon 

Publisher, MBB 

Executive Director, MIX

FEATURE ARTICLES 

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009 

Scaling Up Micro Savings: A Matter of 

More Branches or Busier Branches 

Christoph Kneiding, Ignacio Mas, Adrian Gonzalez, and Sheila Miller 1 

The microfinance industry is increasingly focused on 

deposit mobilization. On the demand side, there is a 

growing sense that poor people should have a broader 

range of financial instruments available to them rather 

than only credit. On the supply side, institutions are 

increasingly keen to build a more stable, low-cost 

funding base from local deposits, especially in the 

aftermath of the global financial crisis. This renewed 

interest in deposit mobilization by microfinance 

institutions (MFIs) is also fuelled by the high-profile 

successes of certain deposit mobilizing institutions, 

including Bank Rakyat Indonesia (21 million savers), 

Grameen Bank and ASA in Bangladesh (together, 

14 million savers), Equity Bank in Kenya (3.9 million 

savers) and Banco Azteca in Mexico (4.5 million savers). 

Yet despite these notorious successes, the bulk of 

MFIs remain relatively small scale in terms of deposit 

mobilization. This prompts us to look into the growth 

strategies pursued by MFIs, large and small. Do the 

larger deposit-taking MFIs exhibit a more intensive 

utilization of their distribution network in terms of 

savers per branch (giving rise to what we term intensive 

growth), or do they simply have many more branches 

(which we term extensive or distribution-driven 

growth) In this respect, we compare the behavior of 

MFIs against commercial banks, to see whether their 

growth dynamics are different. We also compare the 

relationship between intensity of use of branches and 

the total number of customers served by the institution 

between the savings and lending sides. 

Data sources and methodology 

Our primary dataset is based on MIX Market, an online 

database of financial and operational data from MFIs 

1 Christoph Kneiding is a Microfinance Analyst at CGAP; Ignacio Mas 

is Deputy Director at the Financial Services for the Poor team at the 

Bill & Melinda Gates Foundation; Adrian Gonzalez is Lead Researcher 

at Microfinance Information Exchange, Inc. (MIX); and Sheila Miller 

is Program Coordinator at the Bill & Melinda Gates Foundation. The 

authors wish to thank Blaine Stephens from MIX for very helpful 

comments and suggestions. 

2 “Banking the Poor: Measuring banking access in 54 Economies”, 

World Bank, Washington DC. 

around the globe. From this database we selected 

all the MFIs with more than 10,000 savers reported 

for 2007. This gave us information on the number of 

savers and borrowers, the value of the corresponding 

deposit and loan portfolios, as well as the number of 

branches, for 165 MFIs. MIX Market defines savers as 

individuals who currently have funds on deposit with 

an MFI, which the MFI is liable to repay. This excludes 

involuntary savings linked to loans. 

We compare this sample with another one based on 

a multi-country survey of the largest five commercial 

banks by assets compiled by the World Bank and 

reported in Banking the Poor (BTP). 2 This database 

contains, for each institution, the number and value 

of savings and loan accounts, as well as the number of 

branches. The sample covers 235 banks in 54 countries 

for the year 2007. Some banks did not participate in 

the survey, and in some countries there were fewer 

than five commercial banks. We took the number 

of savers to be the larger of the reported number 

of checking and savings accounts, in order to avoid 

double-counting. We excluded institutions with fewer 

than 10,000 savers, or those with obviously deficient 

information. The resulting sample consists of 149 

commercial banks from 53 countries. 

This data has certain limitations. The mapping 

between number of savings (loan) accounts and the 

number or savers (borrowers) is imperfect. On the MFI 

data set, we are relying on the institutions´ reporting 

of customer numbers. On the commercial bank data 

set, if for a particular institution some customers 

had only a checking account and others had only a 

savings account, the inferred number of savers would 

be underestimated given that we take the maximum 

of the two. Also, there is self-selection in the MFIs and 

banks that are part of the sample. MFIs that are very 

successful at deposit mobilization have less incentive 

to report to MIX Market, since it is seen primarily as a 

vehicle for demonstrating transparency for MFIs who 

are reliant on external sources of funding. Equally, 

commercial banks’ responses to and participation in 

the World Bank survey may have depended on various 

Microfinance Information eXchange, Inc


incentives, such as whether they participate in World 

Bank-funded lines of credit. 

Throughout this paper we refer to the institutions in 

the two data sets as being MFIs and commercial banks. 

This is purely short-hand to distinguish the data sets 

(MIX Market and BTP, respectively), and may not truly 

reflect the legal status of the specific institutions in 

each data set. Some institutions in MIX Market are 

indeed licensed as commercial banks, and a couple in 

fact appear in both data sets. 3 

Figures 1 and 2 show the distribution of institutions in 

the two samples by size, as measured by the number of 

savers per institution. Both figures are shown on a log 

scale, which underscores the very large variation in size 

of institutions as measured by the number of savers. 

Figure 1, which depicts the size ranking of institutions 

separately for the two data sets, shows that MFIs decay 

in size faster than commercial banks. This reinforces the 

earlier point that while there are some spectacularly 

successful MFIs, these are relatively few: only 12 MFIs 

in our sample have more than half a million depositors 

versus 50 in the sample of commercial banks. 

Figure 2, which shows the combined size rankings 

across both data sets, suggests that commercial banks 

and MFIs as a whole are roughly of comparable sizes. 

This is because the MFI data set selects the bigger 

MFIs globally, while the commercial bank data set is 

based on the largest ones per country. Thus, while in 

our sample commercial banks are typically larger than 

MFIs, there is a proportionately higher representation 

of institutions from small countries in the commercial 

bank data set. 

Figure 1: Ranking of Institutions by Number 

of Savers 

Number of savers 

3 

100,000,000 

10,000,000 

1,000,000 

100,000 

10,000 

1,000 

100 

10 

MFIs 

Commercial banks 

1 

1 51 101 151 201 

Ranking of institutions by decreasing number of savers 

The reason is that an institution can be an MFI according to the MIX 

Market classification and at the same time happens to be one of the 

largest financial institutions in a country, which makes it eligible for 

the BTP dataset. 


Scale in deposit mobilization 

Figures 3 and 4 depict the relationship between 

the overall number of savers per institution and the 

number of savers per branch, separately for each 

of the two samples. Note that the horizontal axis is 

mapped on a logarithmic scale in order to show a 

tighter distribution of the points. 

The median number of savers per branch is more than 

double for commercial banks than for MFIs: 5,400 

versus 2,300, respectively. Of course, the relative size of 

the median institution is different in both cases, with 

44,600 savers for MFIs and 116,000 for commercial 

banks. For an institution of half a million depositors, 

the trend lines on Figures 3 and 4 would suggest that 

an average MFI would have 5,300 savers per branch 

while an average commercial bank would have 6,400 

savers per branch. Thus, at that scale (as measured by 

number of savers), MFIs typically operate 20 percent 

smaller branches on average than the equivalentsized 

commercial bank. 

We can also observe that the number of savers per 

branch is higher the larger the number of savers, 

suggesting that larger deposit mobilizing institutions 

–whether MFIs or banks— are able to make more 

effective use of their branches. But there is a much 

stronger correlation between the number of savers 

and the number of savers per branch for banks than for 

MFIs (0.26 vs. 0.09, and only significant for commercial 

banks). Conversely, the total number of savers shows 

a higher correlation with the number of branches for 

MFIs than for banks (0.86 vs. 0.76, respectively). 

One hypothesis for this difference is that MFIs 

are less able to realize inter-branch economies of 

scale (extensive growth). This might be because 

commercial banks incur larger bank-wide fixed 

Figure 2: Joint Ranking of Institutions by 

Number of Savers 


100,000,000 

10,000,000 

1,000,000 

100,000 

10,000 

1,000 

100 

10 

1 

Banks 


0 50 100 150 200 250 300 350 400 450 

Ranking of institutions by decreasing number of savers 

 




Figure 3: Savers per Branch (MFIs) 

30,000 

Number of savers per branch 

25,000 

20,000 

15,000 

10,000 

5,000 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 


Figure 4: Savers per Branch (Commercial Banks) 

30,000 

25,000 

Number of savers per branch 

20,000 

15,000 

10,000 

5,000 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 


costs in the form of centralized investments in brand 

building, product development and information 

technology, to the benefit of all branches. Amortizing 

these costs over more customers and branches allows 

individual branches of commercial banks to be more 

competitive and hence acquire more customers per 

branch (intensive growth). On the other hand, branchlevel 

growth at MFIs may be more constrained due to 

underinvestment in IT or less streamlined processes. 

It is also possible that MFIs operate in smaller towns, 

and hence have less room for intensive growth 

at the branch level. This might be true for BRI and 

Grameen Bank, for example. However, most MFIs in 

the sample operate largely in urban environments 

and hence should face similar market size limitations 

as commercial banks. 

Next we look at how the customer mix varies with size 

of institution, focusing specifically on the MFI data 

set, for possible explanations for the different growth 

dynamics of large versus small MFIs. Size of MFI does 

not seem to have a significant bearing on the size of 



accounts and the mix between savers and borrowers. 

Figure 5 shows that the average savings balance per 

depositor (expressed as a percent of gross national 

income per capita) is not at all correlated with the size 

of the MFI. It seems like MFIs do not move upmarket as 

they expand their base of savers, which runs counter 

to the often lamented “mission drift” view. It is likely 

that as MFIs grow they simply need to cater to broader 

market segments, both richer and poorer, without a 

noticeable effect in the average customer size. 


Figure 6 shows that larger MFIs have a slight proclivity 

to grow the number of savers faster than the number 

of borrowers (correlation is 0.03 and not statistically 

significant). This may be because, for a given location, 

the addressable market of savers is larger than the 

addressable market of creditworthy borrowers. Thus, 

as an institution grows its penetration in a market, 

it reaches saturation faster in its lending than in its 

deposit-taking activities. This effect may also be 

driven by the fact that larger institutions have a bigger 

Figure 5: Average Savings Account Balance as % of Gross National Income per Capita (MFIs) 

250 

200 

Saving balance (% of GNIpc) 

150 

100 

50 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 


Figure 6: Ratio of Savers to Borrowers (MFIs) 

30 

25 

Savers/borrowers 

20 

15 

10 

5 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 


 



need to self-fund their lending activities in order to 

drive growth, and hence they may put more effort in 

building a healthy deposit base. 

Scale in lending operations 

Figures 7 and 8 show the relation between the number 

of borrowers per branch and the overall number of savers 

per institution, separately for each of the two samples. 

It is again apparent that MFIs used their branches less 


intensively than commercial banks in terms of lending 

operations as well. In other words, as banks grow larger 

in the overall number of savers, their branches cater to 

more borrowers per branch than MFIs. In the case of 

MFIs, growth in total number of borrowers is largely 

driven by growth in number of branches rather than in 

the number of borrowers per branch. 

It is also interesting to compare between the savers 

and borrowers graphs. For both MFIs and commercial 

Figure 7: Borrowers per Branch (MFIs) 

8,000 

7,000 

Number of borrowers per branch 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 


Figure 8: Borrowers per Branch (Commercial Banks) 

8,000 

7,000 

Number of borrowers per branch 

6,000 

5,000 

4,000 

3,000 

2,000 

1,000 

0 

10,000 100,000 1,000,000 10,000,000 100,000,000 1,000,000,000 




banks, the slope and correlation coefficients between 

per branch intensity (both for savers and borrowers) 

and total savers numbers are significantly weaker 

for borrowers than for savers. This suggests that less 

intensity of branch use exist on the lending side 

than on the deposit-taking side. This makes sense: 

corporate-level branding and centralized treasury and 

risk management operations are more important for 

savings (since the institution needs to build the trust 

of depositors), while lending requires more local staff 

to screen, monitor and collect from borrowers. 

Conclusions 

The evidence presented in this paper points to the fact 

that MFIs are on average less able to grow intensively 

than commercial banks. MFIs’ growth is largely 

dependent on greater distribution (more branches) 


rather than at leveraging the use of branches. The 

evidence also supports the well established notion 

that the potential for intensive use is larger on the 

deposit mobilization than the lending side. On the 

other hand, we do not see a significant relationship 

between the size of an MFI (as measured by number 

of clients) and either the average savings balance or 

the ratio of savers to borrowers. It seems that MFIs 

do not move upmarket as they expand their base of 

savers, which runs counter to the argument that those 

institutions experience a “mission drift” over time. 

If distribution (extensive growth) is the key growth 

driver for MFIs, it is important to find lower-cost ways 

for MFIs to deploy their physical presence. Lower-cost 

branches and branchless banking channels would 

seem to offer large opportunities for MFIs to grow 

scalably. 

 




Saving Through the Mobile Phone— 

The Case of M-PESA 

Olga Morawczynski, University of Edinburgh 1 

In the past few years there have been attempts to 

mobilize savings via branchless banking models in 

general and the mobile phone in particular. There is a 

recognition that savings, probably more than any other 

financial service, requires proximity and immediacy 

for the customer. There is also the recognition that 

savings could radically improve livelihoods. Access 

to appropriate savings mechanisms could help 

the resource poor to recover from shocks, smooth 

consumption and broaden investment opportunities. 

Much of this recent interest towards savings via the 

mobile phone has been sparked by the stunning 

success of a Kenyan mobile money service called M- 

PESA. M-PESA is a mobile phone based service for 

sending and storing money, offered by Safaricom, 

Kenya’s largest mobile service provider. Safaricom 

customers can register for M-PESA by visiting a 

merchant who acts as an “agent” for account opening, 

handling of deposits and withdrawals into the 

Figure 1: Use of savings instruments in Kenya 

100% 

80% 

60% 

40% 

20% 

0% 

Bank account Mattress M-PESA 

Source: FSD-Kenya. 

How Do People Save 

Savings instrument by M-PESA user 

M-PESA users 

Non-users 

Total 

Other 

1 I would like to thank Ignacio Mas for his substantial contribution 

to this paper. Also, many thanks to Microsoft Research and 

the University of Edinburgh for funding this research. 

customer’s virtual “wallet,” and customer support. 

Customers can then use an application on their 

mobile phone to check their balance, send money to 

other people, pay bills and purchase mobile phone 

airtime. Customer funds are held in a special trust 

account at the Commercial Bank of Africa. This service 

has acquired over 7 million users and extended its 

agent base to over 10,000 since it was introduced in 

March of 2007. 

Although M-PESA was designed as a money transfer 

service, there is evidence that it is also being used for 

savings. For example, a study funded by FSD-Kenya of 

over 3000 households in Kenya revealed that users 

were storing money in M-PESA. The research also 

revealed that M-PESA was one of the most popular 

mechanisms for savings amongst the sample, even 

beating out the mattress for M-PESA users. These 

results raise some interesting questions. In particular, 

why did M-PESA beat out the mattress and other 

popular savings mechanisms Is M-PESA becoming a 

substitute for these other mechanisms How are the 

savings patterns of the poor changing as they begin 

to store money with M-PESA 

This paper will address these questions. It uses data from 

a collection of financial diaries to make its arguments. 

These diaries captured the savings practices of 14 

M-PESA users for a period of one month. They were 

part of a 14 month ethnographic study that examined 

the adoption, usage and impact of M-PESA in two 

locations: an urban slum and a rural village. The paper 

will also use the empirical data to suggest how mobile 

money applications can be designed to better suit the 

needs and interests of poor savers. 

Evidence from the Financial 

Diaries of M-PESA Users in 

Kenya 

The financial diaries participants were asked to make 

daily entries detailing their financial practices for the 



period of one month. These entries were made in 

two columns—money in and money out. They were 

also asked to maintain a balance in the two columns. 

This facilitated the analysis of not only expenditure 

but also savings patterns. It must be noted that the 

majority of the financial diaries participants were 

frequent users. These users made several transactions 

per week. Some even conducted transactions on a 

daily basis. The results presented here thus represent 

more intensive usage patterns than usual. The 

data from the financial diaries will be used to 

substantiate many of the arguments presented here. 

Table 1 provides more information about the 

participants. 

The Findings 

A variety of savings mechanisms 

were integrated into the savings 

portfolios of the participants 

The diaries revealed that the poor use a combination 

of savings mechanisms to manage their limited 

income and to meet their unique savings needs. The 

average amount of savings mechanisms used by the 

participants for the storage of cash was just over two. 

The findings further illustrated that the poor were very 

strategic when cultivating their savings portfolios. The 


mechanisms included usually acted as complements 

to the others. As will be shown below, most of the 

participants who were banked continued to store 

money at home. These home savings were more 

accessible, and were often used for daily consumption. 

The bank was appropriate for the accumulation of 

savings over time. This facilitated the purchase of 

future items, usually of greater value. It also provided 

the participants with an accumulated amount, 

which could be accessed during an emergency. 

Table 2 presents the advantages and disadvantages 

of the savings mechanisms that were available to 

Kenyans. 

Many appropriated these various mechanisms to keep 

track of their finances. For example, John used four 

mechanisms to store his cash. This includes an MFI 

account, a bank account, M-PESA and the home bank. 

For John, each of these accounts served a different 

function and provided him with some type of benefit. 

For example, the home bank allowed John to have 

immediate access to his cash. The bank gave him a 

place where he could save cash for larger purchases. 

M-PESA facilitated the separation of John’s business 

and personal finances. He explained that this made 

it easier for him to organize and “keep track” of his 

finances. 

Some of the informants also appropriated more than 

one mechanism to “spread out” their finances and 

Table 1 

Financial diaries participants 

Name Location Job M-PESA User/ 

Non user 

Relation to Diary 

Participant 

Wyclif Urban- Kibera Barber Non User-sender Married to Eunice 

Eunice Rural- Chamarmar Farm work, fetch water Non user Married to Wyclif 

Lawrence Urban-Kibera Painter User-sender 

Brown Urban-Kibera Security guard User-sender Married to Betty 

Betty Rural-Bukura Sold goods from farm User-recipient Married to Brown 

Violet Rural-Bukura Not working User-recipient Betty’s friend 

Gaudezina 

Rural-Shangalangwi 

(near Bukura) 

Sold goods from farm User-recipient Betty’s Mother 

John Urban-Kibera Security guard and shop owner User-sender 

Sylvester Urban-Kibera Security guard and shop owner User-sender Married to Elizabeth 

Elizabeth Rural-Sikarira Sold goods on market-table 

cloth etc. 

User-recipient 

Married to Sylvester 

Martin Urban-Kibera Shoe repair User-sender Married to Margaret 

Margaret Rural-Masiro Sold goods from farm User-recipient Married to Martin 

Joyce Urban-Kibera Shop owner User-recipient 

Patrik Urban-Kibera Pastor User-sender and 

recipient 

 




Table 2 The savings portfolio of low-income Kenyans 

Savings mechanism Advantages Disadvantages 

Home bank - Free to transact and highly 

accessible 

ROSCA - Allows for the rapid accumulation 

of funds 

- Support to save is provided from 

other community members 

Bank - Secure method of savings 

- Interest provided on savings 

- Potential for credit 

M-PESA - Free to deposit and store money 

- Highly accessible 

- Secure-customer ID and PIN is 

needed to access money 

In-kind - Material interest gained on some 

forms of material savings (i.e. Egg, 

milk) 

- Risky-money stored in the home can be stolen by 

household members or outsiders 

- No interest is gained on the money stored at home 

- Risky-money can be lost if group dissolves 

- Time consuming-regular meetings are often required 

by group members 

- High transaction and maintenance fees 

- Difficult to access, especially in rural areas 

- No interest on money stored 

- Cash shortages in rural areas can sometimes make it 

difficult to withdraw money 

- Not regulated as a savings mechanism, thus funds of 

customer are not protected 

- Maintenance fees sometimes required (i.e. animal feed) 

- Low liquidity on some material savings 

- Potential loss of value over time 

to avoid the risk of money being lost. For example, 

Sylvester kept money in both M-PESA and the bank. 

After he was paid his salary, he would withdraw 

a substantial amount from the bank and would 

deposit the money into his M-PESA account. Sylvester 

explained that he did not fully trust the banks in Kenya 

with his money. He had heard “stories” that his savings 

would be lost if the bank crashed. Sylvester was not 

alone in his distrust of banks. Many other informants 

confirmed this finding during the fieldwork. 

This distrust was especially common prior to the 

presidential elections of December 2007. This period 

was characterized by heightened tensions between 

ethnic communities within the informal settlement. 

Informants took a variety of measures to protect their 

cash during the period. Some claimed that they took 

most, and sometimes all, of their savings from the 

banks and deposited the money into M-PESA and 

their home bank. They explained that they reduced 

the risk of money being lost by spreading out their 

savings. 

In urban areas, M-PESA and the 

home bank were the most popular 

savings mechanisms 

There were some substantial differences between 

financial portfolios in urban centres and rural areas. In 

Kibera, the most widely used mechanism for savings 

was M-PESA as well as the home bank. Many of those 

informants who had a steady flow of income also 

had an account with a formal bank or MFI. However, 

because there were no formal financial institutions 

within Kibera, the residents had to leave the 

informal settlement to transact. Many noted that this 

was a significant disadvantage of having such an 

account. 

In regards to frequency of transactions, the home bank 

was the most popular. All of the urban participants 

kept some money in their home savings and many 

would make daily deposits and withdrawals. Most 

often, the money was used to purchase items for 

household consumption around Kibera. Lawrence 

kept nearly half of his income at home because it was 

easily accessible. He did not need to leave Kibera to 

transact. When asked whether he was afraid of losing 

money stored in the home, he said no. He explained 

that he had “hidden the money well” and did not “fear” 

theft by intruders. 

Although the number of transactions was higher 

for the home bank, the value stored was lower than 

M-PESA. The diaries revealed that an average of 4 

percent of total income was deposited into home 

savings. This compares to nearly 18 percent that 

was put into M-PESA. Two of the financial diaries 

participants, Martin and Sylvester, stored nearly 

half of their income inflows with M-PESA. Both men 

asserted that they preferred this method because it 

was “safer” than the other savings mechanisms. 

John and Joyce also saved with M-PESA. However, they 

deposited a much smaller percentage of their income 

into their M-PESA accounts. Joyce explained that she 




Figure 2: Savings portfolio of urban diarists 

60% 

% of income deposited into savings mechanism 

50% 

40% 

30% 

20% 

10% 

0% 

John 

Sylvesta 

Martin 

Joyce 

Wyclif 

Lawrence 

Brown 

Patrik 

Bank 

Home savings 

ROSCA 

M-PESA 

preferred to invest her cash in her small business. She 

would often maintain low balances in all of her savings 

mechanisms. She explained that money stored at 

home was at risk of being stolen by her husband who 

was often thirsty for changa [local brew]. She did not 

keep too much in her bank account because interest 

rates were low. The balance in her M-PESA account was 

the highest. She explained that she used this money 

for daily consumption and the “upkeep” of her rural 

relatives. Because an M-PESA agent was located close 

to her home, Joyce was able to accumulate money 

through weekly deposits. She would remit the money 

when she met her savings target for the month. The 

cash that was left over at month end would be used 

for home consumption. For John the balance was kept 

low because, as mentioned above, M-PESA was just 

one of several mechanisms he used for savings. 

Four of the urban participants did not use M-PESA for 

savings. Wyclif and Lawrence did not know that M- 

PESA could be used for this purpose. As was mentioned 

above, M-PESA was not designed or regulated as a 

savings mechanism. This is why Safaricom, the mobile 

service provider, never advertised this option. Those 

who used M-PESA for savings discovered this function 

on their own, or heard about it from friends. Brown 

and Patrik said that they knew M-PESA could be used 

for savings, but had no use for this mechanism. Their 

existing portfolio of savings mechanisms was enough 

to meet their needs. 

Some of the urban informants kept a bank account. 

Usually, they used the bank to accumulate money 

for future expenses. Many also wanted to build a 

relationship with the financial institution to access 

credit in the future. There were informants who 

explained that they did not keep an account by choice; 

rather, they had their salaries deposited directly. They 

explained that banks were too expensive and that fees 

were “eating up” their savings. Numerous informants 

wanted their salaries deposited directly into M-PESA. 

They explained that they took a risk each time they 

carried money from the bank, which was located 

outside of Kibera, to their homes. 

In rural areas, many preferred to 

keep their money in circulation 

rather than saving their cash 

In the villages, the home bank was the most popular 

mechanism for savings. On average, 32 percent of rural 

household income was deposited into the home bank. 

Many preferred this method because it was accessible. 

The majority of banks and MFIs were located in the 

closest town, which was more than 20 km away. Many 

of the rural dwellers noted that this was too far to travel. 

They also explained that the banks only catered to the 

“rich”. The monthly fees and transaction costs were too 

high and would quickly wipe out their “small money”. 

ROSCAs (rotating savings and credit associations), also 

known as merry-go-rounds, were also popular in the 

villages. Four out of the six rural women were involved 

in a merry-go-round. However, only 2 percent of rural 

inflows were stored in this mechanism. When asked 

why so little was stored, some of the rural respondents 

said that they were part of the merry go round for 

social, rather than, financial reasons. They enjoyed the 

weekly meetings with the group during which they 

10 



would catch up on the village happenings. Others also 

made clear that these groups “forced” them to save. 

They were less likely to accumulate cash if they “saved 

alone”. Group savings, however, were also somewhat 

risky. Both Betty and Elizabeth had lost money when 

previous groups disbanded without warning. Betty 

explained that because of such risk, it is best to keep 

smaller amounts in the merry go round. It is also better 

to have “back-up” savings in other mechanisms such 

as the home bank. 

None of the rural participants used M-PESA for savings. 

Again, most did not know that M-PESA could be used 

for this purpose. Those who did know claimed that 

the application was not suitable for savings. They 

noted frequent cash shortages in rural areas, and were 

concerned that money saved with M-PESA would be 

difficult to access. Because the majority of the M-PESA 

transactions in rural areas were withdrawals, agents 

often ran out of cash float. Some would maintain this 

float by making regular trips to the bank to “top up”. 

Others, however, found such maintenance too costly 

and time consuming. They instead chose to top up their 

float sporadically. This resulted in cash shortages. 

Because accessibility to cash was vitally important for 

the rural dwellers, the home bank was one of the most 

popular savings mechanisms. As is shown in Figure 3, 

all of the rural participants stored their money at home. 

These rural respondents further expressed a need for 

an affordable and accessible savings mechanism. As 

in the urban areas, they wanted to remove their cash 

from the household economy where it was prone to 

demands of relatives and neighbours. 

Table 3 


Number of transactions per 

savings mechanism for M-PESA 

users 

M-PESA Bank Home ROSCA 

John 18 13 15 6 

Sylvester 25 17 0 31 

Martin 6 0 24 9 

Joyce 4 3 32 4 

Total 53 33 71 50 

Mean 13 8 18 13 

Median 16 8 20 8 

M-PESA acted as a complement, 

rather than substitute, for many of 

the other mechanisms in the savings 

portfolio 

For the participants who used M-PESA for savings, 

an interesting trend was noted. The application 

acted as a complement, rather than a substitute, to 

these other mechanisms. It was used in conjunction 

with the bank, home bank and ROSCA. M-PESA had 

a vital place in the savings portfolio of the poor 

informants—somewhere between the bank and the 

home bank. Unlike the bank, M-PESA was appropriate 

for the accumulation of small savings. There were no 

fees to deposit money or to maintain the account. 

The application was also more accessible than the 

bank. Those living in Kibera did not need to leave 

the informal settlement to make deposits or access 

Figure 3: Savings portfolio of rural diarists 

80% 

% of income deposited into savings mechanism 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

Bank 

Home savings 

ROSCA 

M-PESA 

0% 

Betty 

Elizabeth 

Violet 

Gaudezina 

Margaret 

Eunice 

Microfinance Information eXchange, Inc 

11


their cash. They could also check their balance, at any 

time, using their mobile phone. Because M-PESA was 

accessible, it was used more often than the bank and 

ROSCA as is shown in Table 3. In some cases, deposits 

and withdrawals were made nearly every day. 

Many also noted that M-PESA was safer than the 

other mechanisms. Safaricom was less likely than 

the bank to crash. Money stored with M-PESA could 

also not be stolen by a husband who was thirsty 

for changa [local brew]. The application was further 

used to organize cash. For example, John used 

M-PESA to separate his business from his personal 

savings. Joyce used the application to accumulate 

money that would be sent to her rural relatives. Once 

M-PESA became integrated into the savings portfolio 

of the poor, there was a re-balancing of amounts 

in each of the savings mechanisms. For example, 

Martin began to store more in M-PESA and less in his 

home bank. Sylvester took a balance from his bank 

account and kept it with M-PESA. As mentioned above, 

many wanted to spread out their cash to decrease 

the risk of it being lost if one of the mechanisms 

failed. 

It must be noted that M-PESA had some disadvantages 

as a savings mechanism. As was explained by John, it 

was not appropriate for “big savings”. Interest was not 

paid on the money stored. Loans could also be acquired 

from Safaricom. M-PESA was also dependent on the 

Safaricom network. Thus, when there were network 

issues money could not be accessed. This happened 

several times throughout the course of the fieldwork. 

Many informants explained that this dissuaded them 

from keeping larger amounts in M-PESA. Also, as 

mentioned above, many did not use M-PESA for savings 

in the rural areas because of frequent cash shortages. 

They instead chose to keep cash at home where it 

was accessible. John explained that unlike M-PESA, his 

home bank “never closed”. Furthermore, money stored 

in M-PESA was not adequately protected. The service 

was not regulated by the Central Bank of Kenya. This 

was mainly because M-PESA was never designed to 

be a savings mechanism. 

Safaricom can take various measures to improve 

the current M-PESA savings value proposition. In 

particular, there is the opportunity for M-PESA to be 

more than just a mechanism in the savings portfolio. 

The application can become the platform from which 

the entire portfolio of mechanisms can be accessed. 

This would provide poor savers with a centralized 

savings base on which they could accumulate, track, 

and manage, their small savings. It would also allow 

them to work with two forms of currency when 


organizing their finances—cash and electronic 

value. The latter would be advantageous because it 

would facilitate the movement of value across the 

numerous accounts. As was shown in the empirical 

findings, such movement has significant costs (time 

and money). The electronic value would also render 

wealth invisible, which would make it less prone to 

demands from friends and family. However, before 

M-PESA becomes a platform for savings, the system 

design needs to be altered and new partnerships 

must be cultivated. 

Issuance of M-PESA accounts by 

banks or third parties 

For M-PESA to become a centralized base for savings 

services, the opening and maintenance of accounts 

would have to be outsourced. This would allow banks 

and MFIs to tap into the M-PESA platform and offer 

services at scale. It would also provide customers 

with new opportunities to generate interest on their 

savings. Currently, M-PESA accounts are issued by 

Safaricom and thus not subject to full prudential 

scrutiny by bank supervisory authorities. It puts 

M-PESA in an unstable regulatory position, which 

prevents Safaricom from benefiting financially from 

the interest on float held. It further precludes Safaricom 

from paying interest on balances held, or promoting 

M-PESA as a savings service for fear of incurring 

more regulation. If accounts were formally issued in 

the name of a bank, or other financial institution, the 

arrangement would be regulatorily more sustainable 

as funds held in M-PESA would have the necessary 

prudential protections. 

No change to the design, operation or branding of the 

service would be required. Customer contracts would 

be issued by the bank but processed by Safaricom, 

in the same way as it processes contracts today. 

Safaricom would continue transferring all stored 

funds through M-PESA with the chosen bank, but now 

they would be stored on behalf of the M-PESA clients, 

not on behalf of M-PESA itself. Safaricom would still 

operate all individual accounts, and their collective 

value would be registered as a single line (pooled 

deposit account or account payable) in its ledger. 

This would be following the Smart Money model in 

the Philippines, where the service is operated and 

branded by mobile operator Smart Communications 

but the mobile wallet accounts are issued in the name 

of bank partner Banco de Oro. To make this possible, 

the Central Bank of Kenya would need to permit a 

high degree of outsourcing of bank operations to a 

non-bank. 

12 



The customers would benefit from this arrangement. 

They would be able to access a multitude of savings 

accounts, from different institutions, via their mobile 

phone. The value of M-PESA as a savings platform 

would also grow exponentially as more institutions 

use it to offer their savings products. 

Creating savings sub-accounts 

Once M-PESA becomes a centralized savings base it 

could provide a link between people’s goals and their 

savings by compartmentalizing these savings into a 

system of sub-accounts. Each of these would have a 

pre-defined purpose. When making a deposit, the agent 

would ask customers if they had a special purpose for 

the funds. If so, the agent would select the appropriate 

item from a limited set of pre-defined options on 

the M-PESA menu (home savings, school fees, house 

repairs, funeral, remittances, etc.) when requesting 

authorization for the deposit. These options could 

be based on the most common savings objectives 

according to local research. It would also be possible 

for customers to pre-define their own objectives. When 

customers check balances through their mobile, their 

balance would be itemized by saving purpose (i.e. by 

sub-account). When making withdrawals or payments, 

customers would be able to select which sub-account 

to withdraw from. A ROSCA account could also be 

integrated. This could eliminate the need for cash 

exchanges at the meetings. The pay-out could also be 

provided in electronic value, rather than cash. 

M-PESA could also facilitate the movement of funds 

between these various accounts. For example, the payout 

from the ROSCA could be immediately deposited 

into the school fees account. A remittance transfer 

made into the M-PESA wallet could also be moved into 

the account that is allocated to daily consumption. 

This could eliminate the need to physically move the 

money between the different mechanisms. It would 

also allow the poor to more easily diversify their savings 

base by the appropriation of various mechanisms and, 

in effect, spread out their risk. Disciplinary techniques 

could also be integrated into the system. For example, 

a text message could be sent to remind a saver who is 

accumulating cash that a deposit is due. Mechanisms 

that deter withdrawals on some accounts can also be 

incorporated. These could be in the form of higher 

withdrawal fees. They could also be in the form of time 

restrictions on withdrawals. 

Enabling micro-transactions 

The lowest amount that can currently be deposited 

into M-PESA is 100 KES (equal to less than 1 euro). 


This makes it more difficult for M-PESA to be 

used for the accumulation of “small savings”. This 

is where the home bank, without any minimum 

deposit stipulations, has a significant advantage. By 

lowering this minimum deposit amount to around 

10 KES, M-PESA could encourage poor savers to 

make more frequent deposits into the system. This 

would remove money from the household economy, 

where it is vulnerable to theft and demands from 

relatives. 

Managing liquidity 

If M-PESA is be used as a tool for the mobilization 

of savings, one of the greatest challenges for 

Safaricom would be to ensure the liquidity of M- 

PESA accounts. As was mentioned in the empirical 

findings, many rural dwellers did not use M-PESA 

for savings because of the frequent cash shortages. 

One strategy that could be taken to manage cash 

float is to increase the number of rural deposits. 

This could only be done by finding ways in which 

M-PESA could beat out the home bank as a savings 

mechanism. Facilitating access to accounts offering 

interest, and future loans, would be a good start. 

Banks could also work with Safaricom to help with 

liquidity management in rural areas. It is in their 

interest to ensure cash is readily available not only 

to keep customers happy but also to increase the 

number of transactions going through the system. 

As was made clear above, banks had the lowest 

number of transactions amongst the numerous 

savings mechanisms. 

Conclusion 

The empirical findings showed that the poor use a 

variety of mechanisms to meet their unique savings 

needs. These are combined into a savings portfolio, in 

which each of the mechanisms acts as complement to 

the others. M-PESA has a vital role in this portfolio— 

somewhere between the bank and home bank. It is 

more accessible and cheaper than the bank. It also 

provides additional security to savers by removing 

the money from the home and rendering wealth 

invisible. 

The paper further suggested that M-PESA can have 

a much greater role in the mobilization of savings. 

Rather than just being a mechanism in the financial 

portfolio, it can provide a platform on which various 

savings mechanisms can be accessed. This is especially 

the case because it utilizes a new form of value— 

mobile money (or electronic money, more broadly). 

This new form of value would make it easier for savers 


13


to organize, and keep track of, their various accounts. 

Rather than going from one mechanism to the next to 

check balances and make deposits and withdrawals, 

all the accounts would be centralized and made 

accessible via the mobile. It would also make it easier 

to move money between accounts. Accumulated 

amounts could be moved to a bank account to 

accrue interest; money in the bank could be moved 

to M-PESA for daily consumption. Mechanisms could 

also be built in to instil discipline. For example, a user 

accumulating cash could be sent a text message each 

time a payment is due. The user could immediately 

move value from one account to the next in reaction 

to this electronic reminder. 


There are thus endless possibilities for the formalization 

and mobilization of savings with the mobile phone as 

a platform. Savings services can further replicate the 

experience of mobile payments. The frequency of 

savings transactions will most likely increase whilst 

the value per transaction will fall. However, before 

such mobilization occurs several measures must be 

taken. In particular, Safaricom should strengthen the 

reliability of the technical platform and the liquidity 

options of users. They should further increase the 

flexibility of the system. This will provide the resource 

poor with more opportunities to save. It will also 

make it easier for this segment to constitute savings 

portfolios that meet their unique needs. 

14 






The Case for Pricing Transparency 

Jessica A. Haeussler 

Introduction 

After decades of innovation and experimentation, 

microfinance sectors worldwide have achieved 

impressive successes. The microfinance community 

has joined efforts to achieve worldwide public 

recognition of microfinance as an effective and 

sustainable bottom-up approach to economic 

empowerment and consumption smoothing. 

The past years have seen equally strong efforts to 

provide a business case for microfinance, attract 

investors and access the global capital markets. 

As a result, the global microfinance industry has 

achieved a considerable record of transparency on 

financial performance. The true price of microcredit 

products, however, has never been accurately 

reported. As a double-bottom line industry that 

emerged to provide a low-cost alternative to the 

moneylenders, microfinance today is an industry 

where non-transparent pricing is common. Yet 

pricing transparency is critical in the marketbased 

economy, as it promotes efficiency, healthy 

competition, innovation and affordable prices 

for millions of clients. For financial markets to 

develop sustainably and prosper, transparency is 

indispensable. 

The financial crisis that has caused the collapse of 

the global financial system is a prime example for 

market failure and dramatically illustrates that nontransparency 

is a major market imperfection. The 

current crisis is the result of a lack of transparency, 

adverse incentive structures and inadequate 

competition. It underscores that bad practices can 

harm clients, responsible lenders, the entire financial 

system and the overall economy. While at the core of 

microfinance have been principles that could serve as 

an example for Wall Street, the rapid mainstreaming 

of microfinance makes the lessons learnt from the 

credit crunch ever more relevant. The collapse of 

the global financial system underscores the farreaching 

risks associated with non-transparency and 

offers an opportunity to reflect upon the principles 

of responsible finance and build a solid foundation 

for the sustainable and healthy development of 

microfinance sectors worldwide. 

The controversial debate on interest rates in 

microfinance has attracted the attention of the 

global community, governments, donors and 

investors in recent years, while the public media has 

often misreported on the interest rates charged in 

microfinance, without providing an explanation of why 

interest rates vary significantly among MFIs. In some 

markets, this has led to a political backlash resulting 

in counterproductive government intervention with 

lasting ramifications for the development of local 

microfinance sectors. This is particularly disturbing 

where governments react on negative public 

sentiment and intervene without understanding the 

implications for sustainable market developments, 

which is reinforced by an opaque pricing environment 

making it impossible to draw a line between 

responsible and irresponsible lending. 

This article highlights the importance of pricing 

transparency for the market-based economy, 

examines the consequences of non-transparent 

pricing based on an analysis of industry data and 

evaluates approaches to pricing transparency at 

the government and industry level. The author 

would like to gratefully acknowledge the support of 

MFTransparency. 

Pricing in Microfinance 

As the goal of MFIs is to provide financial services to 

micro-entrepreneurs and low-income households 

on a sustainable basis, the interest rates charged 

on microloan products have to cover operating 

expenses, the cost of capital, loan loss provisions and 

a provision for growth. While the financial cost and 

loan loss provision tend to be relatively flat or the 

same percentage irrespective of loan size, operating 

expenses expressed as a percentage of the average 

outstanding loan balance increase significantly as 

15 Microfinance Information eXchange, Inc 


15


the loan amount decreases. Given this reality, pricing 

differentiation according to loan size is essential in 

microfinance. Because there is not one interest rate 

for every microfinance loan due to varying loan 

amounts, pricing transparency has been difficult to 

achieve. 

The correlation between operating expenses and 

loan size based on the most recent industry data 

from MIX Market for MFIs in Peru is displayed in 

Figure 1. It clearly shows that operating expenses 

vary significantly according to loan size. The precise 

operating cost curve differs across regions and 

countries due to the unique economic conditions of 

each country, but the shape of the curve is essentially 

the same for microfinance sectors worldwide. 

Figure 2 shows portfolio yield relative to loan size and 

as would be expected, the shape of the yield curve 

closely follows that of the operating expense ratio. 

The majority of MFIs included in this analysis appears 

to be generating yields within the average range of 

the Peruvian market, as displayed by the curve. It is 

interesting to note that disclosure of effective interest 

rates is required for regulated MFIs in Peru. 

A major reason for non-transparent pricing in 

microfinance has been the difficulty of making 

the public understand why MFIs charge a range 

of interest rates on seemingly similar microloan 

products. Inaccurate and inconsistent reporting of 

loan prices has been a significant factor undermining 

transparency in the microfinance industry. It is 

important to recognize that there is no single market 

interest rate for microloan products. MFIs often offer 

different types of loan products which – depending on 

factors such as product use, loan size and geographic 

locations – have to be priced differently. 

Figure 1: Loan Size and Operating Expense 

Ratio 

Operating Expense Ratio (%) 

50% 

40% 

30% 

20% 

10% 

0% 

(57) MFIs in Peru 

0 500 1000 1500 2000 2500 3000 

Average Loan Balance per Borrower (USD) 


Figure 2: Loan Size and Real Portfolio Yield 

Real Yield on Gross Portfolio (%) 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

0 500 1000 1500 2000 2500 3000 

The Consequences of 

Non-Transparent Pricing 

The following analysis of industry data for the Mexican 

microfinance sector aims to examine the ramifications 

of non-transparent pricing. 

Hypothesis 1: 

When product pricing is non-transparent, 

institutions survive in the market despite 

inefficiencies, as they can pass on the higher 

costs to their clients. 

Figure 3 shows the correlation of loan size and 

operating expenses based on the most recent MIX 

industry data for the Mexican sector. An analysis of 

efficiency for Mexican MFIs suggests that several MFIs 

are less efficient than the market average in a given 

loan-size category. As the size of the bubbles indicates, 

some of these inefficient institutions have a relatively 

large number of clients. They seem to attract clients 

and grow despite inefficiencies, while a number of 

efficient institutions are small in scale. 

The high yields, as represented by the size of the 

bubbles in Figure 4, of those MFIs with an operating 

expense ratio above the country-specific average 

curve suggest that inefficient institutions may 

compensate for the higher costs associated with 

inefficiencies by raising prices and passing these costs 

on to the clients. 

Hypothesis 2: 

(57) MFIs in Peru 


When pricing is non-transparent, some 

institutions can generate exceptionally high 

profits by charging prices above market rates. 

16 




Figure 3: Scale and Efficiency 

180% 

160% 

852 

30 MFIs in Mexico with Microenterprise Loans > 80% of Loan Product 

140% 


120% 

100% 

80% 

60% 

40% 

12,311 

38,981 

148,733 

58,509 

20% 

0% 

0 200 400 600 800 1000 1200 1400 


Bubble size - Number of Active Borrowers 

Figure 4: Loan Size, Operating Expense Ratio and Real Portfolio Yield 



200% 

180% 

160% 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

87% 

82% 86% 

95% 110% 

99% 

78% 

81% 

86% 

0 200 400 600 800 1000 1200 1400 


Bubble size - Real Portfolio Yield 

The correlation between loan size and portfolio yield 

for the Mexican market is displayed in Figure 5. The 

yields on gross portfolio of all MFIs reporting to the 

Microfinance Information Exchange, Inc. (MIX) are 

now available on MIX Market, which is an excellent 

advance. Portfolio yield offers a proxy for interest 

rates, although it does not consider differentiated 

pricing and only provides an average for the gross 

loan portfolio. For this reason, the present analysis 

only includes those MFIs whose microenterprise 

loans make up more than 80 percent of all products 

offered. As there is still little product differentiation in 

Mexico as compared to other microfinance sectors in 

Latin America and the Caribbean, the portfolio yield 

provided in Figure 5 offers a reasonable proxy for 

interest rates charged. 

Figure 5 reveals a wide range of yields on similarlysized 

loan products. Several MFIs generate yields 

above the market average in a given loan-size 


17



Figure 5: Loan Size, Portfolio Yield, Number of Active Borrowers 

120% 

38,981 



100% 

80% 

60% 

40% 

20% 

148,733 

1,155,850 

58,509 

0% 

0 200 400 600 800 1000 1200 1400 


Bubble size - Number of Active Borrowers 

category. As the analysis shows, these high yields 

are generated by both institutions that are relatively 

small in scale and MFIs with a relatively large number 

of clients. These findings suggest that institutions 

are rewarded by the market and successfully attract 

clients even where their prices are above market rates. 

This analysis supports the findings of the 2008 MIX 

and ProDesarrollo Benchmarking report for Mexico, 

as it provides additional evidence for the hypothesis 

that intensifying competition does not put significant 

pressure on prices and profit margins, as new MFIs 

take advantage of the established growth and pricing 

strategies of larger MFIs. 

As Figure 6 shows, the high yields of some 

institutions are not necessarily due to higher 

operating expenses. Several MFIs have considerable 

spreads 1 as represented by the size of the bubbles 2 , 

which suggest that they charge prices above market 

rates. This strategy allows them to make exceptionally 

high profits. 

Hypothesis 3: Non-transparent pricing 

may result in adverse selection 

As Figures 3 and 5 suggest, the most inefficient 

MFIs in the analysis as well as those that appear 

1 

Defined as (Real Portfolio Yield – Operating Expense Ratio) 

2 Note: the white bubbles represent negative spreads 

to be generating exceptionally high profits by 

charging prices above market rates include several 

institutions serving a relatively large number of 

clients. Asymmetric information is a serious market 

imperfection, as it overrides the logics of the market. 

A lack of transparency undermines healthy consumer 

choice and the informed decision-making of a range 

of stakeholders, which can lead to adverse selection 

as the allocation of resources is distorted. 

Stakeholders of the Mexican microfinance sector as 

well as other sectors worldwide expect the coming 

years will see consolidation of institutions. While this 

may generally be desirable in terms of efficiency, 

growth and value to the client, in non-transparent 

markets this consolidation process may result in 

adverse selection whereby the responsible and 

efficient players lose out and inefficient and high 

profit players survive. Pricing transparency is thus 

indispensable in the market-based economy. 

Alternative Approaches to 

Transparency 

Government Level 

Truth-in-Lending Legislation 

While interest rates can be legitimately high in light 

of financial sustainability, there are various techniques 

18 




Figure 6: Loan Size, Yield and Spread 


Real Portfolio Yield (%) 

120% 

100% 

80% 

60% 

40% 

20% 

47% 

22% 

23% 

53% 

28% 

15% 

0% 

0 200 400 600 800 1000 1200 1400 


Bubble size - Spread 

financial institutions can use to hide the true loan 

prices. As a response, governments in many countries 

have passed truth-in-lending legislation, requiring 

financial institutions to disclose the full costs to the 

borrower in a basic and consistent fashion, so as to 

allow for comparability among competing credit 

offers. The core approach of the Annual Percentage 

Rate (APR) and Effective Interest Rate (EIR) is to 

convert all the costs the client pays into an annualized 

declining balance interest rate 3 . In many countries 

where microfinance plays an important role, however, 

such legislation is either not in place or does not cover 

MFIs, as they operate under various and often special 

legal structures. In the medium-long term effective 

truth-in-lending legislation on a national level will 

be critical to ensure transparent pricing and healthy 

consumer choice. 

The Impact of Interest Rate Ceilings 

Interest rate ceilings have been proposed and 

discussed as a means of consumer protection in many 

countries in recent years. Despite good intentions, 

interest ceilings produce serious impediments to 

the development of a sustainable pro-poor financial 

sector. 

When the government intervenes in the market, 

demand and supply cannot freely determine the 

equilibrium price and quantity. In the case where 

artificial ceilings are below the equilibrium price, the 

3 MFTransparency provides more detailed explanation, as 

well as software to calculate both the APR and EIR: www. 

mftransparency.org 

allocation of resources is distorted. As a consequence, 

people who demand small loans remain without 

access to finance, as the interest ceiling makes it 

uneconomical to serve them, and they are forced to 

turn to the informal economy. Interest ceilings ignore 

the fact that the main reason for high interest rates in 

microfinance is that it is uneconomical and therefore 

unsustainable to make small loans at lower interest 

rates. MFIs may leave the market, be hindered in 

their growth and market outreach, and adapt their 

products in a way that results in limited access, such as 

increasing the average loan size. Interest ceilings also 

lead to a concentration in geographic areas where 

costs are lowest. This policy may even exacerbate 

the lack of pricing transparency, as MFIs may be 

incentivized to hide the true costs to the borrower 

by adding hidden and confusing charges. As a result, 

this kind of government intervention will not only 

limit access to finance, but also undermine efforts to 

enhance transparency. 

An analysis of the Mexican market including all MFIs 

reporting to the MIX shows that interest rate ceilings 

do not effectively prevent high profits made by unfair 

competition and have the adverse effect of limiting 

access to credit for the poor (Figure 7). The interest 

rate ceiling would make small loans uneconomical 

and force MFIs providing these loans to increase the 

average loan size in order to be sustainable, even 

where the interest rates charged on these small loan 

products are legitimately high in light of institutional 

sustainability. At the same time, the ceiling does not 

prevent institutions from making exceptionally high 

profits, as high spreads can still be generated on larger 

loans. 


19



Figure 7: The Impact of Interest Rate Ceilings 

120% 

Loan Size and Real Portfolio Yield 

( 42 MFIs in Mexico) 


100% 

80% 

60% 

40% 

20% 

0% 

0 200 400 600 800 1000 1200 1400 1600 1800 


Competition determines the price of loan products, 

not legislation. Rather than regulating interest rates, 

governments should implement appropriate truth-inlending 

legislation, stimulate competition, promote 

transparency and provide adequate consumer 

protection. 

Industry Level 

To ensure the integrity and credibility of the 

microfinance industry, industry-based truth-inlending 

is indispensable while appropriate legislation 

is absent. 

MFTransparency’s Global Transparent 

Pricing Initiative 

MFTransparency provides a venue for the microfinance 

industry to implement self-imposed global truthin-lending 

standards and publicly demonstrate 

its commitment to pricing transparency, integrity 

and poverty alleviation. MFTransparency addresses 

pricing transparency through three joint initiatives. 

It facilitates transparent communication about 

loan products and pricing for all microfinance 

stakeholders by publishing the true prices for each 

microloan product in a given market in a transparent 

and consistent fashion. As an equally important 

initiative, MFTransparency develops and disseminates 

educational material to provide an advanced 

understanding of product pricing in the microfinance 

industry. MFTransparency also consults governments, 

regulators, donors, investors and other stakeholders 

on appropriate consumer protection and pricing 

transparency practices. 

Market-driven Incentives 

In an industry where non-transparent pricing has 

been practiced for decades, there is no incentive 

for any one MFI to take the first step in changing 

its behavior, even if the majority of MFIs would like 

to adopt pricing transparency. As a response to this 

first-mover problem, MFTransparency provides an 

opportunity for all MFIs to publish the details of 

their pricing all-at-once and country-by-country. As 

donors and investors choose to allocate their funds 

to those MFIs committed to transparency, there is 

a real incentive for MFIs worldwide to make their 

pricing practices transparent. Once transparent 

MFIs are rewarded by the industry’s stakeholders, 

pricing transparency can become a real competitive 

advantage. At the same time, adverse behavior – such 

as introducing hidden costs, increasing the average 

loan size or focusing on areas cheaper to serve – will 

be prevented, as the public becomes more educated 

on how a variety of factors impact on loan prices 

in microfinance and why it is necessary to charge 

different prices for different microloan products. 

Historic Data Launch 

In October 2009, MFTransparency launched the 

world’s first extensive and accurate publicly available 

pricing data for microfinance products in each market, 

beginning with Bosnia and Herzogovina, Cambodia 

and Peru. The pricing data for the pilot countries 

confirms that smaller loans have higher prices. The 

data analysis for these countries also clearly shows 

the broad range in quoted prices. Prior to the data 

launch, the microfinance community was unaware of 

20 



the market prices of the range of microloan products, 

as the actual APRs differ significantly from the quoted 

prices. Before product-specific pricing became 

publicly available with the MFTransparency data 

launch, the global industry relied on total portfolio 

yield as a proxy for interest rates. As portfolio yield 

provides an average of the different prices charged on 

all of the lender’s products, it is not a useful indicator 

where MFIs offer a range of different products. 

Conclusion 

According to classic economic theory, the price of 

a good or service is determined by the basic law of 

demand and supply, where the lender’s willingness to 

sell converges with the borrowers’ willingness to pay. 

A situation of information asymmetry, however, where 

the buyer has no chance to access and understand 

the information necessary to make a sound decision, 

constitutes a serious market imperfection. Competition 

is generally beneficial for clients, but this is where a 

market price is determined by the dynamics of demand 

and supply. Markets in which non-transparent pricing 

is common, clearly lack this market price. An opaque 

pricing environment allows institutions to survive 

in the market despite inefficiencies or to generate 

exceptionally high profits. 

A lack of pricing transparency may adversely affect the 

decision making of all industry stakeholders: clients 

cannot compare competing loan offers and make an 


informed decision. The price of a given product may 

not match the client’s perception of the product’s 

value, as she is not aware of the actual price she 

pays for the benefits of the respective product and 

the service with which it is provided. Given the lack 

of information as a result of non-transparent pricing 

that may disguise inefficiencies and exceptional 

profits, donors and investors are unable to allocate 

resources optimally. Policymakers may intervene 

in ways that harm responsible lenders, as they are 

unable to differentiate between responsible and less 

responsible market players. This may consequently 

lead to adverse selection: Responsible and efficient 

lenders are threatened to fall out of business, while 

inefficient and high-profit institutions may stay in the 

market. 

The last decade has seen impressive achievements 

of transparency in the financial performance of MFIs 

worldwide. Microfinance is increasingly recognized as 

an asset class in the global capital markets, achieving 

both social and financial returns. Yet despite the 

industry’s commitment to a strong social mission and 

double-bottom line aspirations, pricing transparency 

has not been widely practiced. Microfinance is a fastexpanding 

industry and as commercial approaches to 

microfinance continue to emerge, it is important that 

both parties gain. An opaque pricing environment, 

however, undermines equal transactions and consumer 

choice. Transparent pricing will harness the power of 

the market to facilitate an equitable exchange. 


21



Is Social Performance Profitable 

The relationship between social and financial 

performance in microfinance 

Florent Bédécarrats, Rémy William Angora, Cécile Lapenu 

www.cerise-microfinance.org cerise@globenet.org 

Overview 

Is social performance profitable The question may 

be cynical, but nevertheless relevant for microfinance 

to keep its “promise” of being an economically 

viable development tool (Morduch, 1999). For years, 

the sector focused on sustainability and growth, 

measured in terms of financial performance. For the 

most part, social performance was taken for granted, 

which led many microfinance institutions (MFIs) to 

neglect its measure and management. Concerned by 

this trend, pioneer practitioners, investors and donors 

have taken steps to address social performance by 

developing tools, methodologies and assessment 

frameworks. As criticism of the sector has increased, 

social performance has been mainstreamed 

(Copestake, 2007). But has it been at the expense of 

financial performance 

There are contradicting viewpoints regarding the 

pairing of financial sustainability and social objectives. 

Some observers suggest an incompatibility, pointing 

to problems of mission drift experienced by MFIs that 

pursue profitability by insisting on physical guarantees, 

increasing loan amounts and targeting the better-off 

(Christen, 2001). Others emphasize synergy, arguing 

that social performance improves mutual trust, client 

participation and satisfaction, which translates into 

higher repayment rates and lower transaction costs 

(Lapenu, 2007). While these assertions draw on case 

studies, the research has not been extensive enough 

to draw sector-wide conclusions. 

Insufficient data has long been the main obstacle to 

answering this question. Reliable results are simply 

not easy to come by. Impact studies are limited, costly 

to replicate and difficult to compare (Copestake, 

2003). Recent works using sophisticated techniques 

(Cornée, 2006; Gurtierrez-Nieto & al., 2007; Cull et al., 

2009; Mersland & Strøm, 2009; Lensink & Niels, 2009) 

have mainly used financial data and inadequate 

social performance indicators such as portfolio 

size, average loan size or number of women clients 

(Armendariz & Szafarz, 2009; Dunford, 2002). These 

proxies offer little more than a vague idea of depth 

of outreach – only one of the many dimensions of 

social performance. Moreover, they only account for 

credit operations, effectively ignoring other aspects 

of microfinance. 

Methodology 

CERISE, a microfinance knowledge exchange network, 

has been developing the SPI (Social Performance 

Indicators) tool to assess social performance since 

2002. CERISE has worked with the Social Performance 

Task Force to define Social Performance Standards 

(SPS) for reporting to the MIX Market . Thanks 

to contributions of practitioners, investors and 

donors, CERISE has collected the results of 230 SPI 

assessments . 

The Social Performance Task Force defines social 

performance as “the effective implementation of 

an institution’s social mission into practice. This 

mission may include serving larger numbers of poor 

and excluded people; delivering high-quality and 

appropriate financial services; creating benefits for 

clients; and improving the social responsibility of an 

MFI” (Hashemi 2007). This notion, at the very heart 

of microfinance’s mandate (“do good”), goes beyond 

the concept of social responsability (“do no harm”). 

Social responsibility applies to all economic sectors 

and refers to an organization’s responsibility for the 

impact of its decisions and activities on society and 

the environment through transparent and ethical 

behavior (Gendron, 2009). 

CERISE analyzed the results of 126 social performance 

assessments conducted between 2005 and 2008. 

 

 

www.themix.org 

CERISE acknowledges the Fondation FPH and Swiss Cooperation 

Agency for their financial support, as well as Foro Lac FR, 

Oikocredit and the other members of ProsperA for their active 

participation in gathering SPI data.



Figure 1: Sample Distribution 

MFI region 

MENA=7 

Africa=21 

MFI governance type 

Bank=4 

Asia=11 

Credit Union=29 

ECA=3 

LAC=84 

61 

86 

NGO=68 

NBFI=15 

19 

27 

18 

13 

49 

41 

36 

Large Medium Small Mature Young New Rural Mixed Urban 

Size Age Type 

Data sets were selected for their reliability and 

comparability . They are representative of the sector 

as a whole, as the table below shows. 

Thirty-nine countries are represented by a wellbalanced 

mix of rural, urban and mixed MFIs. Latin 

American institutions and NGOs are nonetheless over 

represented compared to other regions and charter 

types (Figure 1). 

The SPI collects data on 70 indicators that measure 

the objectives, processes and immediate outputs 

of four key dimensions of social performance. Each 

dimension is broken down into twelve criteria . 

• Targeting and outreach (D1) refer to the MFI’s 

strategies to reach the poor and excluded. 

Targeting can be geographic (1.1), such as 

when an institution decides to operate in an 

area where no other financial services are 

available. It can be individual (1.2), when it 

purposely selects clients based on poverty 

levels or exclusion. It can be methodological 

(1.3), when services are designed specifically 

to reach the poor or excluded. 

• Appropriate services (D2) assess an 

institution’s ability to provide products 

tailored to clients’ needs. This entails offering 

Table 1 

CERISE sample 

(Median) 

Borrowers 

per Staff 

Member 

PaR-30 (%) 

Operating 

Expenses 

Ratio (%) 

OSS (%) ROA (%) 

Number 

of Active 

Borrowers 

Total 

Portfolio 

127 2.6 15.82 111.10 2.55 7,165 4,249,112 

MBB (Median) 112 2.7 19.20 113.60 0.60 11,041 4,800,765 

The assessments used the SPI 2.0. The current version (3.0), 

released in 2009, was revised to include the Social Performance 

Standards (except for the outcome indicators which are outside 

of the SPI’s purview). 

 

See details for the indicators at www.cerise-microfinance.org 


23



4. Social 

responsibility 

1. Targeting poor 

excluded 

100% 

80% 

60% 

40% 

20% 

0% 

2. Products 

& services 

Figure 2: Means of social performance by region 6 0% 

4.3 SR/ community 

environment 

4.2 SR/ 

clients 

4.1 SR/ 

employees 

1.1 Geographic 

targeting 

100% 

80% 

60% 

40% 

20% 

1.2 individual 

targeting 

1.3 pro-poor 

methodology 

2.1 service 

diversification 

3. Social capital 

Africa (N=21) 

Asia (N=11) 

LAC (N=84) 

MENA (N=7) 

3.3 

empowerment 

3.2 participation 

3.1 transparency-trust 

2.2 quality 

services 

2.3 innovative & 

non-financial 

a range of financial services (2.1) of high 

quality (2.2) as well as innovative and nonfinancial 

services (2.3). 

• Some MFIs strive to build social capital (D3) , 

by fostering trust and transparency (3.1), 

encouraging participation (3.2) and developing 

activities that promote empowerment (3.3). 

• Social responsibility (D4) extends to employees 

through appropriate human resource policies 

(4.1), to clients by guaranteeing respect of 

consumer protection principles (4.2), to the 

community and the environment by respecting 

the context where the MFI operates (4.3). 

Financial data from MIX Market and MFIs weve used 

to complete social performance data. The following 

ratios were selected for analysis: Borrowers per staff 

members, Operating expenses ratio (OER), Portfolio 

at Risk (PAR) Operational Self-Sufficiency (OSS) and 

Return on Assets (ROA). 

This data was only available for roughly 100 MFIs 

in the sample (see Table 3). Analysis involved 

calculating means for peer groups defined by MBB 

criteria, conducting Spearman tests and generating a 

classification tree. 

Social Performance Profiles 

Rather than focus on the aggregated score for each 

institution, it is more telling to look at results per 

dimension. Indeed, it is unrealistic to expect a maximum 

score for each criteria. Different institutions prioritize 

different facets of social performance, depending on 

their objectives and context. For example, analysis 

shows MFIs operating in remote regions where they 

are often the only financial institution, do not target 

the poorest of the poor but are frequently based on 

participatory models. Similarly, institutions targeting 

the very poor tend to have a less diversified product 

mix than those serving higher income populations. In 

the graphs shown here (Figure 2), the total surface 

area represents the MFIs’ efforts to achieve their social 

mission, while the diagram shape reveals the nature 

of their social strategy. 

Peer group analysis reveals several interesting 

trends in terms of region and charter type. Latin 

American institutions are relatively balanced in 

their social performance, while sub-Saharan African 

institutions are distinguished by their focus on 

geographic targeting and strong participation, 

and a lack of non-financial/innovative services and 

weak social responsibility to users. In Asia, targeting 

is methodological (e.g., small loan amounts, social 

collateral); non-financial and innovative services 

(insurance, transfers) are well developed. 

Cooperatives stand out in their efforts to build social 

capital. However, they are less likely to target the 

very poor and excluded. Commercial banks score 

well on product diversity and social responsibility 

to clients and employees, but do not serve the poor 

or encourage client participation. NGOs and NBFIs 

have relatively balanced profiles. The former stand 

out in terms of individual targeting, while the latter 

distinguish themselves with high-quality services. 

 

This dimension was considerably revised in the SPI’s new version, 

where it appears as Benefits to Clients. The three criteria are 

economic benefits, client participation and empowerment. 

 

Europe and Central Asia were not included in analysis because it 

was too small to be significant (3 MFIs). 

24 




Figure 3: Means of social performance by charter type 

1. Targeting poor 

excluded 

1.1 Geographic 

targeting 

4. Social 

responsibility 

80% 

60% 

40% 

20% 

0% 

2. Products 

& services 

4.3 SR/ community 

environment 

4.2 SR/ 

clients 

4.1 SR/ 

employees 

100% 

80% 

60% 

40% 

20% 

0% 

1.2 individual 

targeting 

1.3 pro-poor 

methodology 

2.1 service 

diversification 

3. Social capital 

Banks (N=4) 

Credit unions (N=29) 

NBFIs (N=15) 

NGOs (N=68) 

3.3 

empowerment 

3.2 participation 

3.1 transparency-trust 

2.2 quality 

services 

2.3 innovative & 

non-financial 

With regard to interactions between the different 

dimensions, analysis of the correlation coefficients 

confirms what some have long predicted (Gonzalez- 

Vega, 1998). The four dimensions mutually reinforce 

each other, just as high productivity and low 

PAR often translate into lower costs and higher 

profitability. Nonetheless, there are some distinct 

trends. 

As Table 2 shows, there is often a trade-off between 

geographic (1.1) and individual targeting (1.2). 

As some studies suggest (Hirschland et al., 2008), 

MFIs that target geographically are more likely to 

emphasize client participation (3.2) to reduce costs 

and diversify their product mix (2.1) to manage 

risk . Those that target individually tend to have 

less diverse products, but are more likely to offer 

Table 2 

Correlation between social and financial performance (results of Spearman tests 

on data from 126 MFIs) 

1.1 1.2 1.3 D2 2.1 2.2 2.3 D3 3.1 3.2 3.3 D4 4.1 4.2 4.3 

D1 ++ ++ ++ ++ ++ ++ ++ 

1.1 ++ + ++ ++ ++ + ++ 

1.2 ++ + + + 

1.3 + -- + - 

 

Total 

portfolio 

D2 ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ 

2.1 + ++ ++ ++ ++ + ++ ++ ++ 

2.2 ++ ++ ++ ++ 

2.3 ++ ++ ++ 

D3 ++ ++ ++ ++ 

3.1 ++ ++ ++ 

3.2 ++ ++ 

3.3 ++ ++ ++ 

D4 ++ ++ ++ ++ 

4.1 + ++ 

4.2 + ++ 

4.3 ++ 

++ Convergence significant at 0.01, 2-tailled -- Divergence significant at 0.01, 2-tailled 

+ Convergence significant at 0.05, 2-tailled - Divergence significant at 0.05, 2-tailled 

See Morduch (2000) and Hashemi and Rosenberg (2006) for 

discussion on the challenges of "pro poor" approaches. 


25



Table 3 

Correlation between social and financial performance 

Borrowers/ 

staff N=95 

PaR 30 

N=100 

OER 

N=96 

OSS 

N=83 

RoA 

N=99 

Total 

portfolio 

N=101 

1. Targeting 0.302 0.259 ++ 

1.1 Geographic 0.381 

1.2 Individual 0.422 

1.3 Methodological 0.275 0.243 

2. Services -0.253 0.426 

2.1 Diversity -0.237 -0.290 0.204 

2.2 Quality 0.391 

2.3 Innov. Non. fin. 

3. Benefits 0.216 -0.245 

3.1 Transparency-trust -0.326 -0.220 -0.206 

3.2 Participation -0.255 

3.3 Empowerment 

4. CSR -0.275 0.566 

4.1 SR/staff -0,.200 0.404 

4.2 SR/clients 0.353 

4.3 SR/community -0.197 0.376 

Total Social 0.210 ++ 

++ Convergence signif. at 0.01, 2 - tailled -- Divergence signif. at 0.01, 2 - tailled 

+ Convergence signif. at 0.05, 2 - tailled - Divergence signif. at 0.05, 2 - tailled 

non-financial services (2.3) and actively promote 

empowerment (3.3). 

Some institutions choose to emphasize pro-poor 

methodologies, although methodological targeting 

(1.3) does not preclude the other two. MFIs that allow 

clients to borrow and save very small sums without 

physical guarantees often using solidarity groups 

tend to be highly transparent (3.1) and committed 

to client protection (4.2). Unfortunately, they appear 

to do so at the expense of social responsibility to 

employees (4.1). Nevertheless, institutions tend to 

drop this approach as their portfolios grow.Analysis 

of appropriate services (2.2) and social responsibility 

(D4) confirms the importance of economies of 

scale in social performance (Copestake, 2007): large 

institutions clearly score higher in these areas. 

Individual targeting is costly, 

but other aspects of social 

performance are “profitable” 

By crossing data from SPI audits with financial 

indicators, it is possible to determine the relationship 

between social and financial performance. 

Table 3 confirms what some studies on outreach 

have suggested (Cull et al., 2009; Lensink et al., 2009): 

institutions that actively target the poor tend to have 

higher operational costs. Hashemi and Rosenberg 

(2006) explain this phenomenon by the higher risks 

and lack of guarantees inherent to this clientele, 

reticence to join microfinance programs and the 

challenges of providing the non-financial support this 

population requires. 

The divergence is limited to individual targeting, 

however. Geographical and methodological targeting 

approaches are correlated with higher staff productivity. 

This is likely because they are often associated with 

greater client participation (see Table 2), and they 

allow MFIs to operate in less competitive markets. 

Clearly, when social performance is understood as 

simply targeting the poor, its value-added is limited 

(Lapenu, 2007, Armendariz and Szafarz, 2009). 

Participatory institutions tend to have lower rates of 

operational self-sufficiency, perhaps due to member 

pressure to keep interest rates low (Ouatara et al., 

1998, p. 3). This finding requires more in-depth analysis. 

Our analysis confirms Copestake’s (2007) hypothesis 

regarding the importance of economies of scale for 

26 




Figure 4: Factors Determining Borrowers Per Staff Ratio (B/S), organized by classification tree 

Low: SPI score < 50% 

Medium: score > 50%; 75% 

Mean B/S = 140.2 

MFIs = 91 

Std. deviation = 92.012 

Geographic targeting 

Low and medium 

High 

Mean B/S = 118.2 


Mean B/S = 189.6 


Outreach 

Service diversification 

Medium and large 

Small 


High 

Mean B/S = 160.3 


Mean B/S = 88.6 


Mean B/S = 225 




Service diversification 

Social responsibility. towards. staff 

Low 

Medium and high 


High 



Mean B/S = 143.3 


Mean B/S = 95.3 


Mean B/S = 158.1 


improved social performance. MFIs with the largest 

loan portfolios score highest in range and quality of 

services (2.1 and 2.2) and social responsibility (D4). 

These same institutions have the best repayment rates 

and lowest operational costs. Finally, high scores in 

social responsibility, especially to employees and the 

community, are correlated with lower PAR. It would 

appear that when employees and the community feel 

respected by the MFI, they are willing to respect the 

MFI in return. 

Crossing variables 

Simple correlation analysis of each social and financial 

variable is limited. Microfinance institutions must 

make choices based on a multitude of factors that 

are intertwined and not necessarily independent of 

each other. Classification trees help make sense of this 

complexity by selecting variables, taking into account 

their interactions and combining them to classify 

institutions into groups. 

In a classification tree analysis, a dependent variable is 

identified along with all the factors likely to influence it. 

Statistical analysis then ranks the factors with the most 

influence on the variable. In this example (Figure 4) 

selected for its performance prediction (84 percent 

of MFIs in our sample), staff productivity is analyzed 

based on institutional characteristics and social 

performance results (by dimension and criteria). 

Geographic targeting emerges as the main predictor 

variable. Institutions in very poor or excluded areas 

generally make efficient use of their workforce: almost 

189 borrowers per staff member. This ratio rises to 255 

for MFIs with little diversity and generally no savings 

products. For institutions with a wider product 

range, social responsibility to employees becomes a 

decisive criteria of effectiveness. Employees of MFIs 

with an advantageous human resources policy serve 

 

Age categories, region, zone of intervention, outreach, charter 

type. 


27


an average of 158 borrowers compared to 95 for the 

others. 

For institutions that do not work in marginalized areas, 

size is crucial. Staff productivity at smaller institutions 

reaches only 89 borrowers per staff member. 

Conversely, MFIs with over 10,000 borrowers, limited 

product mix and no savings manage to reach 217 per 

employee while large MFIs with a more diversified 

offer reach 143 borrowers per staff member. 

Looking ahead 

Thanks to recently developed simple and reliable 

methods to assess social performance, we can now 

evaluate microfinance's ability to achieve the double 

bottom line. 

This analysis confirms what many studies have 

suggested based on incomplete data: social 

performance and financial performance are 

compatible. Targeting the poor clearly implies higher 

costs for MFIs. However other aspects of social 

performance—namely geographical targeting when 

associated with participatory models, well-adapted 

loan technologies and social responsibility—are 

positively correlated with good operational and 

financial performance. The correlation is even stronger 

for large MFIs, which benefit from economies of scale. 

Further analysis is needed to clarify the relationship 

between social performance and more complex 

financial performance indicators like OSS, ROE and 

ROA. Nonetheless, our analysis echoes the call to go 

“back to the basics”: the pillars of microfinance’s social 

utility (include the excluded, offer appropriate services, 

benefit clients) clearly impact the fundamentals of 

financial sustainability: productivity, efficiency and 

portfolio quality. 

CERISE will continue to refine this research agenda, 

as our database of social performance assessements 

grows and the new social performance reporting 

format on MIX Market gets underway . The 

microfinance industry must now rise to the challenge 

of finding ways to exploit synergies between social 

and financial performance in order to truly achieve 

the “revolution” (Robinson, 2001). 

Bibliography 

Armendáriz Beatriz, Szafarz Ariane, On Mission Drift in 

Microfinance Institutions, Bruxelles, EMP, 2009. 

 

Because the CERISE SPI is fully compatible with the MIX SPS format, 

MFIs conducting an SPI audit can easily report to the MIX Market. 


Christen Robert, Commercialization and Mission 

Drift: The Transformation of Microfinance in Latin 

America, Washington DC, CGAP, Occasional paper, 

2001. 

Copestake James, Simple standards or burgeoning 

benchmarks Institutionalising social performance 

monitoring, assessment and auditing of microfinance, 

Bath, University of Bath, 2003. 

Copestake James, “Mainstreaming Microfinance: 

Social Performance Management or Mission Drift”, 

World Development, 35, 10 2007, pp. 1721–1738. 

Dunford Chris, What wrong with loan size Freedom 

From Hunger, 2002Gendron C., ISO 26000: Towards a 

Social Definition of Corporate Social Responsibility, 

Chair of Social Responsibility and Sustainable 

Development, UQAM, 2009. 

Gonzalez-Vega Claudio, Microfinance: Broader 

achievements and new challenges, Columbus, Ohio 

State University, Economics and Sociology Occasional 

Paper, 1998. 

Gutiérrez-Nieto Begoña, Serrano-Cinca Carlos, Mar 

Molinero Cecílio, “Microfinance Institutions and 

Efficiency”, Omega, 35, 04 2007, pp. 131-142. 

Hashemi Syed, Beyond Good Intentions: Measuring 

the Social Performance of Microfinance Institutions, 

Washington DC, CGAP, May 2007. 

Hashemi Syed, Rosenberg Richard, Graduating the 

Poorest into Microfinance: Linking Safety Nets and 

Financial Services, Washington DC, CGAP, Focus Note, 

2006. 

Hirschland M., R. Chao-Béroff Renée, M. Harper, N. Lee, 

2008. Reaching the Hard to Reach: Comparative Study 

of Member-Owned Financial Institutions in Remote 

Rural Areas, Coady International Institute. 

Lapenu Cécile, “Performances sociales 

versus performances financières : peut-on 

être rentable en s'adressant à des populations 

pauvres”, Horizons Bancaires, 334, December 2007, 

pp. 55–66. 

Lensink Robert, Hermes Niels, Outreach, Financial 

Development, and Efficiency of Microfinance 

Institutions, University of Groningen, 2007. 

Mersland R., Strøm R. Ø. , “Microfinance mission drift”, 

World Development, 2009. 

28 



Morduch, J. (1999), “The Microfinance Promise” Journal 

of Economy Literature, pp. 1569–1614 

Morduch Jonathan, “The Microfinance Schism”, World 

Development, 28(4), April l 2000, pp. 617–629. 

Navajas, S., J. Conning and C. Gonzalez-Vega 

(2003) “Lending Technologies, Competition and 


Consolidation in the Market for Microfinance in 

Bolivia”, Journal of International Development, 15, pp. 

747–770. 

Robinson Marguerite S., The Microfinance Revolution, 

Washington DC, World Bank-Open Society Institute, 

2001. 


29



New Financial Ratios for Microfinance 

Reporting 

Drew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social Enterprise 

Associates, for the MFI Reporting Standards Initiative of the SEEP 

Network 

Contributions from: Ruth Dueck Mbeba (MEDA), Blaine Stephens 

(Mix), and Maria Stephens (USAID) 

Overview 

Over the past decade, there has been an industrywide 

effort to identify and implement financial 

reporting standards for microfinance institutions. The 

objective is to provide uniform financial information 

for all MFIs, regardless of size, maturity or geographic 

location to managers and stakeholders including 

investors, donors, raters, MIS software developers, and 

associations. This promotes transparency, facilitates 

comparability, improves decision-making, and 

increases investment by making it easier to observe 

and understand an MFI’s financial health. 

After extensive industry collaboration, the SEEP 

Network released a milestone document in 

2005: Measuring Performance of Microfinance 

Institutions, a Framework for Reporting, Analysis, 

and Monitoring (the Framework). The Framework 

includes foundational information for uniform 

financial statements and 18 ratios designed to 

measure MFI performance in four areas: 1) 

sustainability/profitability; 2) asset and liability 

management; 3) portfolio quality; and 4) efficiency/ 

productivity. Such information is used on MIX Market, 

the FRAME tool, investors/donors, MIS software 

vendors, raters, regulators, auditors, etc. The original 

Framework was tailored to credit-only institutions. 

The MFI Reporting Standards Initiative (the Initiative) 

seeks to keep the Framework up to date with the 

evolving microfinance landscape. Its ‘Secretariat’ 

is hosted by the SEEP Network. Practitioner 

involvement is facilitated by the Financial Services 

Working Group (FSWG), with input provided by 

representatives from a range of microfinance 

industry stakeholders. The reporting standards 

adoption process follows a multi-stage model, 

based upon that of the International Accounting 

Standards Board (IASB), which allows for public 

 

Website: http://seepnetwork.org/Pages/Initiatives/Financial 

ReportingStandardInitiative.aspx. 

input and transparency. The goal is to provide a 

formal mechanism for all MFI industry efforts to be 

guided by uniform standards. Financial reporting is 

the first effort, but the process also lends itself to 

social performance, donor reporting, and uniform 

general ledgers, among others. 

For the first time in nearly five years, the Initiative is 

leading an organized process to make enhancements 

to the Framework. In addition to correcting minor 

errata, eight new ratios are presented to better convey 

financial position and performance. Four ratios focus 

on savings, addressing the gap for savings groups, 

credit unions, and the trend of MFIs transforming into 

deposit-taking institutions. Further, increased private 

investment and the global economic downturn 

highlight the need for better information on capital 

adequacy, capital quality, and foreign exchange, risks 

particularly associated with increased integration 

in the global capital markets. The ratios incorporate 

recent developments in international accounting 

and financial reporting, including new standards and 

guidelines from IASB, Basel II, and IFRS. In the short 

run, this will likely add obligations to MFIs, particularly 

for disclosure, financial statement preparation, and 

reporting. It is a necessary step that ultimately will 

make reporting easier for MFIs. The MFI Reporting 

Standards Initiative seeks to ensure microfinance 

reporting is in line with other standards, complies 

with international best practices and keeps pace with 

progress in the field. 

This article describes each of the eight new ratios. In 

a uniform format, the ratio name, framework number, 

and mathematical equations are provided. Narrative 

 

 

For more details of the adoption process, see “MFI Reporting 

Standards and Adoption Process” available in English, Spanish, 

French or Arabic from the website cited in footnote #1 

Please refer to each of these entities for their specific standards 

and requirements: International Accounting Standards Board 

(www.iasb.org), International Financial Reporting Standards 

(www.ifrs.com), and eXtensible Business Reporting Language 

(www.xbrl.org)


follows detailing why the ratio is important, and how 

it is interpreted. 

To more fully understand the implications of the ratios, 

specific examples are provided with calculations using 

data from Banco ProCredit Nicaragua (ProCredit Nic). 

ProCredit Nic was chosen as an illustrative example 

because it is a well-established, deposit-taking MFI 

with a gross portfolio of more than USD132 million 

and 80,000 active borrowers. Nicaragua has a 

competitive market with active foreign investment 

and multiple years of data, enabling comparisons to 

other MFIs. 

The new ratios presented here are proposed as drafts 

per the industry adoption process for public input. 

Proposed revisions are intended to address current 

industry evolution, address the gaps of the 2005 

Framework, and anticipate advances in microfinance 

in the coming years. Input and feedback from industry 

stakeholders is encouraged to the MFI Reporting 

Standards Initiative (email: reportingstandards@ 

seepnetwork.org). 

New Ratios for MFI Reporting 

1) Capital Adequacy Ratio: Institutional 

Solvency 

Term 

Capital Adequacy Ratio (CAR) 

Calculation 

Total Capital 

Risk Weighted Assets 

Why this ratio is important 

Capital Adequacy Ratio (CAR) measures an institution’s 

solvency. The indicator provides information about 

ability to meet long-term expenses and obligations 

as well as absorb unanticipated future commitments. 

It provides better information than the existing R8: 

Liquid Ratio. CAR measures an institution’s resiliency 

against both expected and unexpected losses, which 

may result from endogenous and exogenous causes. 

It is in line with Basel II calculations. 

How it is interpreted 

Many institutions have approximated capital 

adequacy by calculating total equity relative to total 

assets. CAR takes one more step, adjusting for risk 

level of asset holdings. In accordance with Basel II 

guidelines, CAR uses Total Capital in the numerator as 

 

MIX Market, www.mixmarket.org/mfi/procredit-nic. 


a more complete picture of the MFI’s resources. This 

includes supplementary capital sources, such as loan 

loss reserves, asset reserves and subordinated debt. 

It subtracts goodwill to gauge tangible capital. The 

denominator is a risk-weighted aggregate of assets. 

Riskier assets require the institution to hold higher 

capital reserves, including those as a factor to provide 

more precise solvency than a simple liquid ratio, 

in which current assets are compared with current 

liabilities. Calculating Total Capital will be new to 

some MFIs and require more detailed evaluation of 

their financial statements, as well as more accurate 

tracking of adjustments. 

Higher CARs generally signify more capital, meaning 

an institution is better positioned to meet financial 

obligations and address unexpected losses. For 

regulated institutions, regulators often establish CAR 

floors that MFIs must maintain. 

CAR is particularly informative when compared to 

regional benchmarks. An appropriate level often 

depends upon the size and maturity of an MFI, as 

well as differing socio-political or economic contexts. 

For example, Nigerian MFIs are more at risk from 

the country’s tenuous socio-political climate than 

an MFI located in Costa Rica, where political unrest 

is less likely. Nigerian MFIs are therefore encouraged 

to target a higher CAR. National authorities in each 

country set minimum levels of capital for regulated 

institutions. In most jurisdictions, it is around 8 – 9 

percent. This is a particular improvement for investors/ 

donors, but also valuable for national associations 

and managers. 

Specific calculation 

In 2004, ProCredit Nic’s CAR was 14.08 percent. The 

ratio has consistently declined between 2005 and 

2008, at which time it reported a CAR of 9.82 percent. 

The mathematical calculations for these years are on 

the following page. 

This is consistent with similarly sized Nicaraguan 

MFIs. BANEX, with a comparably sized loan portfolio, 

had 9.35 percent CAR. Nicaraguan MFIs with smaller 

portfolios but similar numbers of borrowers posted 

higher CARs. FDL and ACODEP had ratios above 

 

 

An extensive dissemination campaign will be needed to educate 

the MFI industry and help MFI managers make appropriate 

advancements. 

Most MFIs, including ProCredit Nic, currently report unadjusted 

solvency, measured by total equity to total assets. The example 

calculates unadjusted rates, based upon available data. 


31



Table 1 Calculations - Capital Adequacy Ratio 

Ratio 2004 2005 2006 2007 2008 

Capital Adequacy Ratio (%) (Calculated using Total Equity/Total Assets) 

Total Equity 7,424,151 13,416,553 13,629,654 18,640,607 16,790,418 

÷ Total Assets 52,736,154 81,200,105 112,702,315 149,823,237 170,953,075 

= Capital Adequacy Ratio 14.08% 16.52% 12.09% 12.44% 9.82% 

17 percent. Given all of these institutions operate 

in Nicaragua, the exogenous variables provide less 

contrast than internal factors to assess performance 

given these ratios. 

2) Uncovered Capital Ratio: Portfolio 

Quality and Vulnerability 

Term 

Uncovered Capital 

Ratio (UCR) 

Calculation 

PAR>30 days – Impairment Loss 

Allowance 

Total Capital 


Uncovered Capital Ratio (UCR) provides a more 

detailed indication of an MFI’s portfolio quality. It is 

recommended as an enhancement to the existing 

R9, (Adjusted) Portfolio at Risk Ratio. UCR is a more 

revealing ratio to assess vulnerability and potential 

loss whereas the previous ratio considered loans in 

arrears compared with the gross portfolio. 


Uncovered Capital Ratio is calculated by 

obtaining the Portfolio at Risk (PAR) greater than 

thirty days minus impairment loss allowance 

divided by total capital. When considered in 

conjunction with the capital adequacy ratio, UCR 

allows an additional dimension for understanding 

capital sufficiency. 

A low ratio suggests better risk management, 

indicating the MFI is less susceptible to losses above 

what it has already provisioned. MFIs should aim to 

maintain UCR as low as possible, certainly less than 

25 percent. As more extensive comparative data is 

analyzed, more revealing benchmarks will be available. 

This ratio is a more detailed assessment of the risks 

faced by a portfolio than the previous PAR>30 days, 

which will interest managers and investors. 


In 2008, ProCredit Nic’s UCR was -5.86 percent. 

Mathematical calculations for ProCredit Nic’s UCR 

between 2004 and 2008 are as follows. 

Between 2004 and 2008, ProCredit Nic maintained 

UCR ranging from -18.31 percent to -5.86 percent, 

showing ‘improvements’ from 2004-07 as the 

organization had more than adequate impairment 

allowances compared with the PAR>30 day. Portfolio 

quality decreased heavily in 2008, the allowance 

was still more than sufficient. The ratio also implies 

its CAR may reflect understated solvency. The 

institution likely has sufficient capital to insulate it 

from high, unexpected losses given current portfolio 

quality. 

Table 2 Calculations - Uncovered Capital Ratio 

Ratio 2004 2005 2006 2007 2008 

Uncovered Capital Ratio (%) (Calculated using Total Equity) 

PAR> 30 Days 589,690 1,243,369 1,599,649 1,816,406 6,415,863 

- Impairment Allowances 1,437,806 2,860,024 3,705,435 5,229,575 7,399,503 

Total Amount at Risk -848,116 -1,616,655 -2,105,786 -3,413,169 -983,640 

÷ Total Equity 7,424,151 13,416,553 13,629,654 18,640,607 16,790,418 

Uncovered Capital Ratio -11.42% -12.05% -15.45% -18.31% -5.86% 

 

These percentages result from unadjusted Uncovered Capital 

Ratio computations. Total Equity was used in place of Total 

Capital in the equation’s denominator based on the data 

available. A more accurate measure would be to conduct the 

adjustments to arrive at Total Capital. 

32 




3) Foreign Currency Risk Ratio: 

Susceptibility to Shocks for Foreign 

Exchange 

Term 

Foreign Currency 

Risk Ratio 

Calculation 


(Total Foreign Currency A Assets – 

Total Foreign Currency A 

Liabilities)/ Total Equity 

The Foreign Currency Risk Ratio measures the 

relationship between an MFI’s net foreign currency 

assets and its equity for each foreign currency on the 

balance sheet. By documenting foreign exchange (f/x) 

exposure, an MFI more transparently reveals its risk to 

such shocks. 

Calculating this ratio will require MFIs to compute 

and report net foreign currency assets for each 

foreign currency in which it holds assets or 

liabilities. This may result in additional administrative 

effort, at least initially, but it is an essential part of 

managing foreign currency risk. Reporting this 

additional data is critical in helping the institution 

mange its f/x exposure and helping investors 

understand the type of capital, which could react 

to liquidity or other crises in the wake of sudden 

rate shifts. 


The lower foreign currency risk ratio a MFI 

maintains, the more limited its vulnerability to 

changes in foreign currency values. The higher its 

f/x ratio is, the more risk the MFI faces, which may 

or may not lead to negative performance. Formal 

industry benchmarks have yet to be established; 

however, a rule of thumb of no more than 20 percent 

ceiling has been cited, although the amount will 

vary depending on currency stability and may be 

lower. Local regulatory bodies may have specific 

requirements. 


The majority of MFIs, including ProCredit Nic, do not 

currently report foreign currency risk measures. This 

highlights a troubling gap in transparency, which this 

ratio seeks to fill. Because many MFIs have international 

cash flows, they may hold assets and liabilities in other 

currencies. An MFI with robust measures of Capital 

Adequacy and Uncovered Capital may still face 

insolvency risk due to f/x exposure. Stakeholders and 

investors have a particular interest in this new ratio. 

To provide an illustrative mathematical example, 

we performed calculations assuming ProCredit Nic 

maintains a 12 percent f/x exposure in each year. 

4) Average Deposits Balance per Account: 

Client Profile & Savings Program 

Take-up 

Term 

Average Deposits Balance 

per Deposit Account 

Average Deposits Balance 

per Deposit Account 

Holder 

Calculation 

Total Deposits 

Number of Deposit Accounts 

Total Deposits 

Number of Deposit Account 

Holders 


This new ratio, Average Deposits Balance per Deposit 

Account (Holder), helps an institution gauge its client 

base in terms of the amount of savings placed in the 

institution. It also reflects the degree to which savings 

products address client needs. Evaluation of this 

ratio provides insights into average deposit account 

size, a proxy for client wealth. Considering a client’s 

economic profile contributes to an MFI assessing 

mission adherence. 


Average Deposits Balance can be expressed per 

deposit account or deposit account holder. It is 

Table 3 Calculations - Ratio on Foreign Currency Risk 

Ratio 2004 2005 2006 2007 2008 

Ratio on Foreign Currency Risk (%) 

Absolute Value of Net Foreign Assets 9 890,898 1,609,986 1,635,558 2,236,873 2,014,850 

÷ Total Equity 7,424,151 13,416,553 13,629,654 18,640,607 16,790,418 

Ratio on Foreign Currency Risk 12.00% 12.00% 12.00% 12.00% 12.00% 

 

See Women’s World Banking Financial Management, discussion 

with investors, due diligence standards of investors, etc. 


33


calculated by dividing the total amount of deposits 

held by the institution by the number of accounts 

it manages, or alternatively, the number of account 

holders it serves. 

An appropriate average deposits balance target will 

depend on an institution’s mission and objectives. 

Trends over time will provide insightful information 

for managers, particularly as they test different savings 

products and move into different regions. Ratio results 

can also be cross-indexed with non-financial data, 

such as GNI per capita to allow for comparison across 

countries. 

Multiple possible explanations for ratio changes over 

time require managers to apply qualitative analytics 

to the interpretation of ratio outcomes to understand 

why a trend is up or down. In most cases, an institution 

would hope to see a positive trend, implying clients 

are increasingly using savings products and have more 

disposable capital to save. A decreasing trend could 

indicate savers pulling money out or a bad economy. 

But there could be explanations for a desirable 

decreasing trend in average deposits balance, such 

as high numbers of new account holders or an 

institution going ‘down market’. This contributes to 

risk management, as a smaller average loan amount 

indicates a more disperse deposit base which implies 

more widespread savers/less concentration, and 

therefore lower risk of deposit flight. 


ProCredit Nic’s average deposit account balance 

declined over 2004-08, as indicated in the 

calculations. 

The decrease is consistent when calculating average 

balance per depositor and per deposit account, 

suggesting most depositors hold a single account. 

Managers may initially be concerned over this 


decrease as a potential sign the MFI is failing to offer 

desirable products. However, the total number of 

deposit accounts grew exponentially, from 5,329 in 

2004 to 276,088 in 2008. 

We could see this as a highly positive trend if we 

assume that ProCredit is seeking to provide relevant 

savings products to a large, low-income client-base. 

As the savings program matured, and likely cultivated 

consumer confidence, it was able to attract a larger, 

relatively less wealthy client-base. These individuals 

are more inclined to hold smaller deposit balances. 

5) Yield on Liquidity and 

Investments: Efficiency in Managing 

Cash and Investments 

Term 

Yield on Liquidity 

and Investments 


Calculation 

Financial Revenue from Investments 

Average Cash + Average Trade 

Investments + Average Other 

Investments 

Yield on Liquidity and Investment Ratio indicates the 

level of returns an institution is generating from its 

cash holdings and investments averaged over a given 

period. It provides a meaningful measure of efficiency 

in managing cash flows and investments. 


The yield on liquidity and investments is particularly 

insightful when compared to prevailing local market 

rates. It reveals how well the MFI generates revenue 

from its resources outside of its loan portfolio. A 

higher ratio indicates comparatively higher returns. 

Benchmarks are best taken at the national level and 

vary by country and region. 

Table 4 Calculations - Average Deposit Balance per Depositor and Deposit account 

Ratio 2004 2005 2006 2007 2008 

Average Deposits Balance per Depositor 

Total Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671 

÷ Number of Depositors 5,392 35,471 84,925 121,783 276,088 

= Average Deposits Balance per Depositor 3,026 700 507 473 272 

Average Deposit Balance per Deposit Account 

Total Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671 

÷ Number of deposit accounts 5,392 43,175 112,335 158,318 276,088 

= Average Deposits Balance per Deposit 

Account 

3,026 575 383 364 272 

34 





ProCredit Nic, on average, earned less than 1 percent 

on its capital and investments over the period 

2004-08. Its highest yield was in 2004, at 0.5 percent. 

According to the data, the MFI is holding increasing 

amounts of cash over the period and decreasing 

financial revenue from investments. As the 

organization grows, it is logical it requires more cash 

on hand. However, that money does not appear to 

generate income for the organization. 

The yield on liquidity and investments ratio was 

computed for two other Nicaraguan MFIs. Banex 

earned at least one percent from 2005 through 

2008. 2006 was its best year, with a 1.55 percent 

yield. FDL earned as high as 9.9 percent in one 

year. This suggests that ProCredit is less efficient in 

leveraging its liquidity and investments to produce 

revenue. Ninety day Nicaraguan interest rates were 

often above 8 percent over that time, providing a 

theoretical alternative. Even overnight bank rates 

were generating 2 percent in local currency. The MFI 

did not appear to be putting its money to work for 

itself. More investigation into the reason for that may 

be warranted, particularly into its treasury policies. 

6) Savings Liquidity: Institutional Ability 

to Cover Withdrawals 


Savings Liquidity ratio measures an institution’s ability 

to accommodate withdrawals from deposits. If an 

MFI does not hold an adequate level of cash to cover 

large or unanticipated withdrawals from its deposit 

accounts, it risks a liquidity crunch or even insolvency. 

The ability to cover sudden, substantive withdrawals 

is particularly important for MFIs serving clients with 

lumpy consumption patterns, regular loan cycles, 

seasonal impacts and/or economic crises. 


This ratio documents the amount of liquid assets 

held per unit of deposits. Regulated institutions 

are generally required to hold a specified minimum 

of total demand deposits in reserves by their local 

regulators. MFIs not required to hold reserves 

against demand deposits should maintain cash in an 

appropriate amount given deposit levels. Appropriate 

targets are derived through historical experience 

of the institution, local operating conditions, and 

national environmental factors. This ratio supports 

compliance with international banking standards. The 

reserve requirement on deposits varies widely across 

countries – from 2 percent in the Euro zone to 19 

percent in Croatia to 80 percent in Jordan. MFIs have 

tended to maintain levels higher than local banks, to 

guard against a weaker reputation and provide client 

confidence. 

Term 

Ratio on Savings 

Liquidity 

Calculation 

Reserves against deposits as 

required by regulator plus 

unrestricted cash + undrawn portion 

Total Demand Deposits 


The Framework, given its focus on credit, did not 

account for any savings ratios. The data is not 

currently presented by MIX Market, but it can 

Table 5 Calculations - Yield on Liquidity and Investments 

Ratio 2004 2005 2006 2007 2008 

Yield on Liquidity and Investments (%) 

Financial revenue from 

44,858 46,477 38,621 67,089 15,823 

investments 

Cash and cash equivalents 7,002,690 10,405,297 15,139,023 18,233,458 24,898,459 

Total trade and receivables 1,893,110 3,497,496 6,060,768 7,751,731 7,387,874 

Other investments 0 0 0 0 0 

÷ Sum of Cash, Trade and Other 8,895,800 13,902,793 21,199,791 25,985,189 32,286,333 

Investments 

= Yield on Liquidity and 

Investments 

0.5043% 0.3343% 0.1822% 0.2582% 0.0490% 

 

Central Bank data. 


35



Table 6 Calculations - Ratio on Saving Liquidity 

Ratio 2004 2005 2006 2007 2008 

Ratio on Savings Liquidity 

Cash and cash equivalents 7,002,690 10,405,297 15,139,023 18,233,458 24,898,459 

÷ Total Demand Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671 

= Ratio on Savings Liquidity 0.429158476 0.419335105 0.351502479 0.316519883 0.33198091 

readily be added. For the purposes of this analysis, 

an approximated measure of savings liquidity was 

derived by determining the institution’s cash and cash 

equivalents holdings per demand deposit. By this 

gauge, ProCredit Nic savings liquidity ratio fell from 

USD$0.43 to USD$0.33 over 2004-08. 

At any given time, the institution can accommodate 

withdrawals between 31 percent and 43 percent of 

its total demand deposits. As a point of comparison, 

BANEX’s approximated ratio on savings liquidity 

for the same period using the same analysis ranges 

between USD 0.61 and USD 1.09. Ratios over USD 1.00 

demonstrate enough liquidity to cover all deposits, 

which may indicate excessive cash. BANEX would 

be able to accommodate a higher percentage of 

withdrawals than ProCredit Nic. Economic instability, 

reputation risk, and other factors influence what 

appropriate levels are. The comparative analysis is 

interesting, as is the trend over time. They require 

local knowledge to consider this performance versus 

normal or healthy. 10 

7) Effective Financial Expense of Savings: 

Cost of Interest Payments on Deposits 

Term 

Effective Financial 

Expense of Savings 


Calculation 

Total Interest Expense of Savings 

Average Savings Balance 

The Effective Financial Expense of Savings ratio 

measures how much interest an MFI pays out for 

savings. It is computed based on the total savings 

interest expense and the average savings balance 

between beginning and end of period. This considers 

the effective interest rate the savings pays. It allows 

comparison between institutions within a given 

market and comparison to a market benchmark. 

It is also an important check between the stated 

interest rate paid to depositors and the actual interest 

expense. 


The numerical value of this ratio has little meaning in 

and of itself. When weighed against interest expense 

presented by other options, it allows an institution to 

evaluate the opportunity cost of its current savings 

program. If the savings program incurs higher 

expense than other market opportunities, managers 

may consider lowering interest rates they offer on 

deposits or restructuring their program. In assessing 

appropriate savings offerings, managers must 

consider product financial viability. 


In 2008, ProCredit Nic reported Effective Financial 

Expense on Savings Ratio of .05. This is based upon 

the following calculation. 

This implies the MFI paid USD .05 in interest to 

depositors for each dollar held. To evaluate market 

appropriateness, management could compare this 

ratio to interest expense they would incur from 

alternate activities. Management could track this 

rate to local prevailing interest rates, to see how well 

Table 7 Calculations - Effective Financial Expense of Saving 

Ratio 2008 

Effective Financial Expense of Savings 

Interest expense on deposits 3,844,198 

÷ Average Total Deposits Balance 75,095,936 

= Effective Financial Expense on Savings 0.05 

10 These computations are rough proxies only and underscore the 

need for more accurate, standardized calculation. 

36 



their institution does in the marketplace in terms of 

competition (and also in terms of the next alternative 

investment choice). 

8) Effective Operating Expense of Savings: 

Cost of Running Savings Program 

Term 

Effective Operating 

Expense of Savings 

Calculation 


Direct and Indirect Operating 

Expenses Allocated to Savings 

Average Savings Balance 

The Effective Operating Expense of Savings Ratio tells 

an MFI how expensive it is to run its savings program 

in terms of all non-interest expenditures, including 

administrative fees and personnel wages. This ratio 

indicates if an MFI accrues gains or losses from 

deposit mobilization for costs incurred administering 

savings. 


The total cost of the institution’s savings program 

per deposit, or the combined financial and operating 

expenses, should be compared to other liability 

and equity options to evaluate the opportunity 

cost of savings. If the cost relative to other options 

is too high, the MFI can adjust the interest it pays 

on deposit accounts to lower its total expenditure 

on savings, seek to conduct its operations more 

efficiently, or cut programmatic costs. A high ratio 

may indicate prohibitively high staff time required 

for savings. Tracking the ratio over time could 

measure if adopted operational and process flow 

changes have shown results. There is not one specific 

‘right’ amount, as savings may be worth offering at 

a avariety of expense levels. However, it is valuable 

to differentiate costs by product and track trends to 

assess performance. 



Currently, most MFIs do not report differentiated 

operating expenses but rather an aggregate measure 

of operating expense. Given ProCredit Nic’s current 

reporting on MIX Market, it is not possible to make an 

exact calculation for this ratio. This ratio will require 

either some form of activity based costing or fairly 

reliable allocation of operating expenses. MFIs entering 

deposit mobilization will need this information for 

both planning and monitoring purposes. 

To provide a mathematical example, an approximation 

is offered here based on data ProCredit Nic does 

provide. 

An approximation is provided using total 

operating expenses allocated per unit of savings 

held, which fell from USD 0.44 to 0.26 over 2004- 

08. Assuming the savings expense is 40 percent 

of the total operating budget, ProCredit Nic ratio 

fell from USD 0.18 to 0.10 over that period. Given 

2008 financial expenditure on savings (USD .05) 

and the estimated operating expenditure on 

savings (.11), the institution’s approximated total 

expenditure on savings per unit of deposits was 

0.16. Such tracking of the performance of savings 

programs is a new opportunity for managers with 

these new ratios. As the number of deposit holding 

institutions increases, understanding their efficiency 

and effectiveness at that part of the business is 

increasingly important. 

Summary and Road Forward 

For the first time since initial publication of the 

Framework, industry stakeholders are proposing 

amendments to microfinance financial reporting 

standards. The drafted eight new ratios and related 

disclosures presented in this paper seek to increase 

informative measures of capital adequacy positions 

and savings. Developing these new ratios relies on 

Table 8 Calculations - Effective Operating Expense of Saving 

Ratio 2004 2005 2006 2007 2008 

Effective Operating Expense of Saving (Assuming 40% of Total Operating Expense) 

Operating expense 7,176,474 9,423,456 14,828,347 18,024,910 19,822,929 

÷ Total Demand Deposits 16,317,259 24,825,625 43,024,305 57,627,752 75,095,936 

= Effective Total Operating Expense 

0.44 0.38 0.34 0.31 0.26 

per Deposit 

x 0.40 0.40 0.40 0.40 0.40 

= Effective Total Operating Expense 

of Savings 

0.18 0.15 0.14 0.13 0.11 


37


additional disclosures around currency exposures 

and funding costs tracked by product. The ratios 

were selected based upon input from dozens of 

practitioners and other industry stakeholders. 

Establishing an on-going method for addressing 

standards in microfinance facilitates regular 

improvements to reporting. A standards process 

reduces transaction costs and more efficiently adopts 

innovations. The SEEP Network, as the Secretariat for 

the MFI Reporting Standards Initiative, provides these 

drafts and models to encourage dialogue among 

industry stakeholders towards a common goal of 

more accurate and transparent financial reporting 

standards. 

The eight new ratios add significant depth of analysis 

and new dimensions. The capital adequacy and foreign 

exchange ratios help better define the well being of 

the institution and require additional information to 

do so. As microfinance savings programs are often still 


in their infancy, it is critical institutions adopt more 

precise measures of their expenditure on savings 

to evaluate the opportunity costs of running these 

programs. This will be critical to adapting, scaling 

and creating sustainability. Additionally, tracking 

savings ratios will help enable an MFI to determine 

an appropriate and optimal spread between the rate 

paid out on savings, and the rate charged on loan 

products. 

These changes to the Framework move MFIs to more 

accepted global accounting guidelines, including 

Basel II and IFRS, and serve as a ready platform to better 

align national reporting standards. The proposed 

revisions are intended not only to accommodate 

current changes in the microfinance industry but also 

anticipate evolutions the industry will undergo into the 

future, thus enabling faster growth and better access 

to affordable capital for people worldwide. Input and 

feedback from industry stakeholders is encouraged to 

the MFI Reporting Standards Initiative. 

38 


BULLETIN HIGHLIGHTS 

MICROBANKING BULLETIN, Issue 19, December 2009 

Operating Efficiency: Victim to 

the Crisis 

Blaine Stephens, Chief Operating Officer and 

Director of Analysis, MIX 

As the world watched the financial crisis and 

ensuing economic slowdown unfold in 

developed economies in late 2008, observers 

of microfinance braced themselves for the fallout 

on microfinance institutions, some of which began 

to appear by the end of 2008. The exact causes and 

their contributory impacts will still take time to 

work out. How did rising food and fuel prices affect 

credit needs of poor households and their 

businesses To what extent did changes in the 

financial markets impact MFI growth through 

greater pressure on MFI capital raising and 

refinancing needs Would diminished household 

revenues from slower remittance flows and local 

economic slowdown put significant pressure on 

portfolio quality and lead to slowdown in credit 

growth Whatever the combination of causes, 

stress signs appeared in microfinance institutional 

performance by the end of 2008, as growth rates 

slowed, profit margins tightened and, in some 

countries, portfolio quality deteriorated. These 

Highlights look at the major trends in institutional 

performance and explore the impact of slowed 

growth on operating costs. 

The 2008 Microfinance Benchmarks capture the 

operational and financial performance of nearly 

1,100 MFIs from just under 100 countries. These 

reference points mark the first global data set of 

this magnitude to capture the impact of the crisis 

and economic slowdown on the operational and 

financial performance of MFIs. Together, 2008 

benchmarked MFIs served 74 million borrowers 

with 38 billion USD in loans, and collected 23 

billion USD in deposits from 67 million depositors. 

The subsequent analysis also makes use of a 

trend lines data set of 600 MFIs from 84 countries 

and representing 89 percent of the borrowers 

served in the full 2008 benchmarks data set. Taken 

together, the 2008 benchmarks and 2006-08 historical 

data offers a robust prism through which to analyze 

the changes in MFI performance at the onset of the 

financial crisis and economic downturn. 

2008 Performance At-a-Glance 

As global economic growth slowed in 2008, 

microfinance institutions around the globe began to 

feel the impact in their own portfolios and performance. 

The sustained expansion in borrowers served in the 

first part of the decade ceded to slower growth and 

rising operating costs by 2008. The following graphics 

highlight some of the more important trends: 

• While banks in developed markets severely 

restrained lending by the end of 2008, 

microfinance institutions continued to 

expand access to credit, albeit at lower 

growth rates than in previous periods. For 

the typical institution, borrower growth rates 

(approximately 25 percent per annum up 

through 2007) slowed to nearly 15 percent 

in 2008. Loan portfolio growth in USD terms 

(20 percent) fell to similar levels. Leading 

markets, however, did not always follow 

regional trends. In Asia, while borrower growth 

fell for MFIs in the Philippines and Bangladesh, 

India’s total outreach actually increased by 

nearly 65 percent in 2008, up from 50 percent 

a year earlier. At the other end of the spectrum, 

the Moroccan market contracted its total 

credit outreach by just under 10 percent in 

2008, faced with overlending and worsening 

portfolio quality throughout the portfolio, 

whereas Egypt, Jordan and other countries in 

the Middle East/North Africa region expanded 

access, but at slower rates. (Figure 1). 

• Evidence from past crises has shown that 

microcredit arrears do rise in periods 

of economic slowdown, but that these 

delayed payments do not translate into 

significant portfolio loss. 2008 MFI repayment 

performance confirms these findings, as 

portfolio delinquency increased in several 

regions during the year; however, a handful 

of markets represented much of this change. 


39



Figure 1: Growth in borrowers slows, 2006–08 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

Africa Asia ECA LAC MENA 

Figure 2: Arrears rise, but risk coverage 

remains high, 2006–08 

6% 

5% 

4% 

3% 

2% 

1% 

0% 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

Middle 50% 

Growth, borrowers (median) 

Growth, borrowers (total) 

Source: MIX data 2006-08. Data are for a balanced panel of MFIs and 

represent medians, unless otherwise indicated. 


PAR>30 Write-off Risk coverage 



In some high growth markets, like Morocco 

and Bosnia, delinquency rose in 2008, 

doubling in both cases, but to levels lower 

than 5 percent. Other high growth markets, 

like India, however saw no significant change 

in delinquency. 

• Even as delinquency rose in 2008, MFIs 

carried very low levels of uncovered credit 

risk exposure. Many regions provisioned 

at over 100 percent of portfolio at risk over 

30 days. This provisioning provided a cushion 

against immediate loss, with MFIs in markets 

like Morocco and Bosnia drawing down on 

the cushion as arrears rose early in 2009. 

Small scale MFIs proved an exception to this 

rule and carried the most uncovered credit 

risk, with risk coverage levels dropping to 

80 percent of portfolio at risk over 30 days in 

2008, even as these institutions faced higher 

delinquency levels than their larger peers. 

(Figure 2) 

• Profits margins narrowed further in 2008. 

Changes in MFI funding structures raised 

financing costs in at least two regions. MFIs 

in both Eastern Europe and Central Asia 

(ECA) and in the Middle East and North Africa 

(MENA) witnessed a one percentage point 

increase in funding outlays relative to total 

assets, a trend that continued throughout 

the period. Other regions, by comparison, 

experienced increases of less than half that 

rate. This shift continued to underscore 

the cross-border debt and local market 

refinancing activity that has expanded 

rapidly in both regions in the last few years, 

replacing subsidized funding from prior 

periods. (Figure 3, Figure 4) 

• The persistent decline in microcredit 

delivery costs slowed by 2007 and actually 

reversed for most regions in 2008, putting 

further pressure on profit margins in 2008. 

Figure 3: MFIs continue to leverage capital, 

2006–08 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 


Capital/Assets 

Debt-to-equity (x) 

2008 

Deposits-to-loans 



6 

5 

4 

3 

2 

1 

0 

40 



Figure 4: Returns narrow, 2006-08 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 


Figure 5: Declining costs reverse course, 

2006–08 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 

2006 

2007 

2008 



Operating Expense 

Financial Expense 

Impairment Loss 

Financial Revenue 

Cost per borrower/GNI per capita 

Operating Expense/GLP 





The typical African MFI witnessed the 

largest increase in operating costs, with 

costs per borrower rising 15 percent relative 

to local income levels from 2006 to 2008. 

Only Asian MFIs held costs steady over the 

period, but even this flat line masks diverse 

operating costs across the region. Efficiency 

gains in Indian and Afghan MFI costs 

counterbalanced increases in markets like 

Cambodia. (Figure 5) 

Slower Growth Puts Pressure 

on MFI Operating Models 

The strong growth in microfinance borrower 

outreach over the last decade underlines the mission 

of MFIs focused on expanding access to financial 

services, particularly credit, by poor households 

lacking reliable access to such services. These growth 

rates inform all aspects of an MFI’s business planning, 

from projections for growth trends in start-up 

institutions, to operational planning for new points 

or services, from planning needs for new financing 

to the design of incentive systems used to keep 

staff focused on sustainably expanding the reach 

of credit services. Raised in a global climate of 25 

percent annual expansion in borrowers for most of 

this decade, MFIs, one can imagine, may have based 

their planning on similar levels of future growth. But 

what happens when actual growth slows down, not 

for a few MFIs, but across the board Indeed, what 

does the microfinance business look like when the 

majority of markets – 60 out of 85 countries tracked 

(Figure 6) over the 2006 - 2008 period – experience 

slower growth rates 

Improved efficiency would appear to be among the 

first victims of slower growth. Over the last several 

years, these Highlights and other reviews of global 

MFI performance data have underscored the gradual 

improvements in operating costs, which, at nearly 

two-thirds of total costs, represent the biggest 

barrier to more affordable access to credit services 

by microfinance clients. In the 2002–2005 period, for 

example, global yields on microcredit portfolio rates 

dropped nearly three percentage points, without loss 

in profitability, backed by declines in operating costs. 

Productivity gains played an important part in these 

gains in efficiency. 

In the beginning of the 2006–08 period, operating 

costs leveled off at a global and regional level. Almost 

all regions experienced flat cost trends between 

2006 and 2007, with the global weighted average 

staying at 4.5 percent of GNI per capita for both years. 

By the end of the period, this trend towards greater 

efficiency may have hit its first peak in this global 

slowdown of microfinance outreach. For all but a 

handful of markets that experienced slower growth 

in borrower outreach in 2008, costs associated with 

serving a single borrower increased when normalized 

for differences in local income levels (Figure 6). Is 

there a link between slowing growth rates and rising 

operating costs 

Trends in staffing point to one explanation for 

this reversal of efficiency gains. Microfinance, a 


41



Figure 6: Costs start to rise as growth slows 

Growth in borrowers 

Cost per borrower/GNI per capita 

Country 2006–07 2007–08 Trend 2007 2008 Trend 

Africa 22% 14% Down 16.0% 18.4% Up 

Benin -5% 28% Up 34.8% 30.2% Down 

Ethiopia 12% 14% Up 4.1% 5.2% Up 

Ghana 15% 18% Up 22.6% 25.6% Up 

Kenya 57% 14% Down 19.2% 23.1% Up 

Mali -2% -1% Up 12.3% 14.8% Up 

Mozambique 25% 9% Down 76.5% 98.3% Up 

Senegal 7% -4% Down 18.0% 26.7% Up 

Tanzania -3% 13% Up 29.7% 33.8% Up 

Uganda 13% 9% Down 76.5% 83.5% Up 

Asia 23% 22% Down 2.4% 2.9% Up 

Afghanistan 23% -1% Down 22.7% 30.8% Up 

Bangladesh 14% 4% Down 2.1% 2.4% Up 

Cambodia 32% 31% Down 13.6% 16.6% Up 

India 48% 65% Up 1.4% 1.5% Up 

Indonesia 67% 42% Down 1.5% 1.2% Down 

Nepal 2% 5% Up 4.4% 6.0% Up 

Pakistan 29% 24% Down 5.8% 4.7% Down 

Philippines 37% 19% Down 3.2% 3.5% Up 

ECA 34% 18% Down 14.8% 17.4% Up 

Albania 16% 21% Up 13.4% 15.6% Up 

Armenia 34% 32% Down 5.6% 6.5% Up 

Azerbaijan 70% 29% Down 8.0% 10.0% Up 

Bosnia and Herzegovina 53% 22% Down 6.4% 6.4% Down 

Bulgaria 25% 4% Down 15.0% 18.6% Up 

Georgia 15% 6% Down 15.2% 20.2% Up 

Kosovo 38% 26% Down 31.1% 30.4% Down 

Kyrgyzstan 48% 35% Down 23.0% 27.1% Up 

Russia 25% 11% Down 14.2% 17.1% Up 

Tajikistan 94% 24% Down 78.0% 87.8% Up 

LAC 19% 11% Down 5.7% 6.6% Up 

Bolivia 19% 12% Down 13.9% 17.9% Up 

Brazil -27% -2% Up 1.8% 2.4% Up 

Colombia 30% 12% Down 5.6% 6.0% Up 

Costa Rica 10% 8% Down 6.4% 7.3% Up 

Ecuador 14% 14% Up 6.2% 6.3% Up 

El Salvador 23% 8% Down 7.0% 7.5% Up 

Guatemala 29% 12% Down 4.6% 5.0% Up 

Honduras 22% -8% Down 9.1% 10.6% Up 

Mexico 30% 26% Down 1.7% 1.9% Up 

Nicaragua 15% 6% Down 16.7% 17.9% Up 

Paraguay 7% 23% Up 9.3% 12.7% Up 

Peru 28% 4% Down 4.8% 5.9% Up 

MENA 34% 6% Down 2.7% 3.1% Up 

Egypt 34% 31% Down 2.0% 2.1% Up 

Jordan 45% 19% Down 3.4% 3.7% Up 

Morocco 34% -6% Down 2.5% 3.1% Up 

Source: MIX data 2006–2008. Data are for a balance panel of MFIs and represent weighted averages by region and country for all countries with more 

five or more MFIs reporting over the period. 

42 



high touch business, currently relies on significant 

human resources to deliver credit to clients. 

Many MFIs make significant investments in training 

new staff on the systems and processes that help 

identify clients, minimize credit risk, and manage 

service delivery of microloans. This combination 

of intensive personnel use and extensive training 

increases the lead time necessary for an MFI to gear 

up to serve more clients. When slowdowns have 

a rapid onset, MFIs will likely have already fielded 

new staff based on earlier projections, leaving 

the providers overstaffed compared to optimal 

productivity rates. Staffing and borrower growth 

trends bear out this analysis: MFI staffing increased 

faster than growth in borrowers in over twothirds 

of all markets where growth rates slowed 

in 2008. Figure 7 summarizes the impact of this 

phenomenon on productivity. As business slowed, 

productivity declined. 

Rising arrears offer another explanation for increased 

operating costs. As delayed repayments rise within 

a portfolio, staff must shift time from building and 

maintaining microcredit portfolios to recovering 

delinquent loans. This resource shift accentuates the 

trend already highlighted. At a global level, portfolio 

quality deteriorated by more than 50 percent in 

25 markets. Few arrears rates moved into double 

digits, but such increases represented a departure 

from historical performance. In all but one of these 

countries, the cost of serving borrowers also made a 

marked increase. As Figure 8 shows, countries with 

pronounced changes in delinquency rates, such 

as Afghanistan, Bangladesh, Honduras, Kenya, and 

Tajikistan, all experienced reversals in efficiency gains 

as portfolio quality deteriorated. 


Figure 7: Productivity declines as growth 

rates slow 

Change in growth in borrowers 

100% 

80% 

60% 

40% 

20% 

0% 

-100% -50% -20% 0% 50% 100% 

-40% 

-60% 

-80% 

-100% 

Change in productivity 

Source: MIX data 2006–2008. Data are for a balance panel of MFIs and 

represent weighted averages by country. 

Whatever the cause of slower growth rates – whether 

refinancing constraints from outside the MFI or 

MFI management reining in growth faced with 

rising credit risk – the impact on the microfinance 

business is tangible: an increased cost of delivering 

loans. To MFI managers, this poses an extra 

challenge of maintaining their business in difficult 

times while positioning themselves for growth 

and recovery as the economy improves. Laying off 

excess staff would cut costs, but the investment 

in training and relationships would be difficult 

to recover when lending opportunities rebound. 

Likewise, running an overstaffed MFI for more 

than a year would maintain a springboard for 

relaunching its growth trajectory, but the increased 

cost load will either eat into equity or increase costs 

Figure 8: Slowed growth with rising PAR push up operating costs 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

10.0% 

8.0% 

6.0% 

4.0% 

2.0% 

0.0% 

-2.0% 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

2007 

2008 

Afghanistan Bangladesh El Salvador Guatemala Honduras Kenya Morocco Russia Tajikistan 

Growth in Borrowers Cost per Borrower/GNI per capita PAR > 30 days 

Source: MIX data 2006–2008. Data are for a balance panel of MFIs and represent weighted averages by country. 


43


to clients in the long term. Microfinance analysts 

should monitor these cost trends in 2009 and 

2010 to see whether MFIs manage to resume their 


relentless pursuit of lower cost service or if this 

slowdown in the growth model marks an inflection 

point for microfinance. 

44 


BULLETIN TABLES 

Introduction to the Peer Groups 

and Tables 


Setting up Peer Groups 

The Bulletin Tables are designed to present 

performance benchmarks against which managers 

and directors of microfinance institutions can compare 

their institution’s performance with that of similar 

institution. Since the microfinance industry consists 

of a range of institutions and operating environments, 

some with very different characteristics, an MFI should 

be compared to similar institutions for the reference 

points to be useful. 

The Bulletin Tables address this issue with a peer 

group framework. Peer groups are sets of programs 

that have similar characteristics—similar enough that 

their managers find utility in comparing their results 

with those of other organizations in their peer group. 

The Bulletin Tables present peer groups on two bases: 

simple and compound peer groups. 

Simple Peer Groups look at MFIs based on a 

single characteristic. This allows users to analyze 

performance based on a common factor, such as 

age, location or scale of operations. MFIs have been 

grouped according to the following ten characteristics 

for this edition of the Bulletin: 

1) Age: The Bulletin Tables classify MFIs into three 

categories (new, young, and mature) based on 

the maturity of their microfinance operations. 

This is calculated as the difference between 

the year they started their microfinance 

operations and the year of data submitted by 

the institutions. 

2) Charter Type: The charter under which the 

MFIs are registered is used to classify the MFIs 

as banks, credit unions/cooperatives, NGOs, 

and non bank financial institutions. 

3) Financial Intermediation: This classification 

measures the extent to which an MFI 

intermediates between savers and borrowers, 

funding its assets through mobilized deposits. 

It is calculated as a percentage of total assets 

funded by voluntary savings. 

4) Lending Methodology: Performance may vary 

by the way the institution delivers its loan 

products and serves borrowers. The Bulletin 

Tables present MFIs based on the primary 

methodology used, determined by the number 

and volume of loans outstanding. 

5) Outreach: Scale of outreach is measured as 

the total number of borrowers served. 

6) Profit Status: According to their registration, 

MFIs are classified as ‘not for profit’ and ‘for 

profit’ institutions. 

7) Region: MFIs are divided into five main 

geographic region: Africa, Asia, Eastern Europe 

and Central Asia (ECA), Latin America and the 

Caribbean (LAC) and Middle East and North 

Africa (MENA). 

8) Scale: Institutional scale is measured by the 

size of an institution’s loan portfolio in USD. 

The measure of scale is regionalized to reflect 

differences in income levels across regions. 

9) Sustainability: MFIs are grouped according 

to their level of financial self-sufficiency, 

representing their ability to cover all costs on 

an adjusted basis. 

10) Target Market: The Bulletin Tables classify 

MFIs into three categories—low-end, broad, 

and high-end—according to the average 

balance of loans served. For international 

comparison, this balance is stated as a 

percentage of local income levels (GNI per 

capita). 

Compound Peer Groups use a more complex set of 

variables to analyze MFI performance. This creates 

benchmarks where institutions have a greater number 

of similar factors affecting performance. 


45


The Bulletin Tables present compound peer groups 

based on three main factors: (1) Region; (2) Scale; (3) 

Sustainability. 

Peer Group Composition 

The quantitative criteria used to categorize these 

groups are summarized in Table 1. The entire sample of 

institutions that fall into these categories is located in the 

guide to the peer groups (pages 48–68). Confidentiality 

limits the publication of names of financially selfsufficient 

MFIs included in the database. 

More detailed information about each institution can 

be found in Appendix II. 


Data Quality and Statistical 

Issues 

Because the Bulletin tables rely primarily on selfreported 

data, we grade the quality of the information 

based on the degree to which we have independent 

verification of its reliability. The data quality grade 

is not a rating of the institution’s performance. 

Additionally, in the statistical tables that follow, the 

median values are displayed for each indicator. For 

more details on both Data Quality and Statistical 

Issues, see Appendix I. 

Table 1 

Peer Group Criteria 

Group Categories Criteria 

Age 

Charter Type 

Financial Intermediation 

Lending Methodology 

Outreach 

Profit Status 

Region 

Scale 

(Gross Loan Portfolio, in USD) 

Sustainability 

Target Market 

(Depth = Average Loan Balance 

per Borrower/GNI per Capita) 

New 

Young 

Mature 

Bank 

Credit Union 

NBFI 

NGO 

Rural Bank 

Non FI 

Low FI 

High FI 

Individual 

Solidarity Group 

Individual/Solidarity 

Village Banking 

Large 

Medium 

Small 

For Profit 

Not for Profit 

Africa 

Asia 

ECA 

LAC 

MENA 

Large 

Medium 

Small 

Non FSS 

FSS 

Low end 

Broad 

High end 

Small Business 

1 to 4 years 

5 to 8 years 

over 8 years 

No voluntary savings 

Voluntary savings < 20% of total assets 

Voluntary savings > 20 % of total assets 

Number of Borrowers > 30,000 

Number of Borrowers > 10,000 and < 30,000 

Number of Borrowers < 10,000 

Registered as a for profit institution 

Registered in a non profit status 

Sub-Saharan Africa 

South & East Asia 

Eastern Europe & Central Asia 

Latin America & the Caribbean 

Middle East & North Africa 

Africa, Asia, ECA, MENA 

Latin America 


Latin America 


Latin America 

Financial Self-Sufficiency < 100% 

Financial Self-Sufficiency > 100% 

> 8 million 

> 15 million 

2 million to 8 million 

4 million to 15 million 

< 2 million 

< 4 million 

depth < 20% OR average loan size < USD150 

depth between 20% and 149% 

depth between 150% and 250% 

depth over 250% 

Abbreviations: ECA = Eastern Europe and Central Asia; FI = Financial Intermediary; FSS = Financially Self-Sufficient; LAC = Latin America and the Caribbean; 

MENA = Middle East and North Africa; NBFI = Non Bank Financial Institution; NGO = Non Governmental Organization 

46 




2008 MFI Benchmarks - Median Values 

Number of 


INSTITUTIONAL CHARACTERISTICS 

Age Total Assets Offices Personnel Capital/ 

Asset Ratio 

Debt to 

Equity 

FINANCING STRUCTURE 

Deposits to Deposits 

Loans to Total 

Assets 

Portfolio to 

Assets 

Number 

of Active 

Borrowers 

PEER GROUP 

Units nb USD nb nb % x % % % nb 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 1,084 11 6,434,037 9 87 22.3 3.1 16.7 9.1 78.0 9,013 

SIMPLE PEER GROUPS 

Age 

New 191 3 2,946,309 5 53 31.9 1.6 6.7 0.7 76.5 3,781 

Young 203 7 4,383,587 7 64 23.8 2.7 15.4 6.2 76.7 7,026 

Mature 657 14 9,375,210 11 111 21.5 3.5 23.8 12.5 78.5 12,689 

Charter Type: 

Bank 82 11 162,784,104 31 691 15.2 5.3 74.2 48.0 68.8 45,858 

Credit Union 182 11 3,581,221 4 24 18.6 3.7 78.0 61.2 80.1 1,850 

NBFI 338 8 8,930,595 11 128 24.2 2.9 0.0 0.0 79.9 12,162 

NGO 389 12 4,334,131 9 75 33.6 1.7 0.0 0.0 78.2 9,703 

Rural Bank 84 21 6,877,332 5 81 13.8 6.2 83.3 61.4 72.1 6,406 


Non FI 398 10 4,632,395 7 56 33.9 1.8 0.0 0.0 82.3 5,990 

Low FI 159 9 6,063,409 11 119 28.0 1.9 12.6 9.4 73.2 13,511 

High FI 393 12 8,655,520 10 116 15.7 4.8 77.8 58.7 74.3 12,214 

Methodology: 

Individual 281 10 6,302,049 6 51 20.7 3.6 40.4 27.9 82.8 4,353 

Individual/Solidarity 272 11 6,430,106 10 97 23.4 2.8 5.1 2.6 76.1 10,525 

Solidarity 67 9 4,360,894 8 80 17.1 3.4 30.4 15.0 73.7 13,161 

Village Banking 59 13 6,113,161 14 145 24.0 3.2 0.0 0.0 79.8 17,916 

Outreach 

Small (Outreach) 553 9 2,226,456 4 30 27.7 2.1 8.1 0.7 78.9 2,417 

Medium (Outreach) 241 11 9,524,429 13 142 25.8 2.6 11.6 7.8 77.1 16,077 

Large (Outreach) 273 12 47,378,443 41 551 16.4 4.8 30.5 20.5 77.0 70,565 

Profit Status 

Profit 414 9 11,863,846 12 151 19.0 4.1 35.4 20.8 74.2 12,740 

Not for Profit 665 11 4,632,395 7 58 25.6 2.3 6.8 1.4 80.2 6,804 

Region: 

Africa 195 10 4,994,906 8 88 26.1 2.3 53.3 35.0 65.8 9,143 

Asia 283 12 7,189,772 12 134 14.9 5.0 30.8 15.9 74.3 17,239 

ECA 217 9 4,721,984 6 34 22.9 2.9 0.0 0.0 88.0 2,156 

LAC 333 12 8,196,305 9 86 24.9 2.9 0.0 0.0 80.3 9,768 

MENA 56 10 9,686,430 10 107 48.5 0.9 0.0 0.0 72.1 11,785 

Scale 

Small (Scale) 428 8 1,390,311 3 24 32.7 1.7 2.9 0.0 76.6 2,130 

Medium (Scale) 304 10 6,571,742 9 96 23.3 2.7 19.7 12.6 77.3 10,502 

Large (Scale) 351 12 46,119,113 28 393 18.7 4.3 33.0 22.2 79.2 44,257 

Sustainability: 

FSS 557 12 9,417,989 11 112 21.5 3.6 17.1 12.4 80.2 13,370 

Non-FSS 354 9 4,491,402 9 88 22.9 2.2 3.7 2.1 74.3 8,852 

Target Market: 

Low end 425 9 4,214,670 8 88 28.2 2.0 3.0 0.1 76.3 12,628 

Broad 498 11 8,166,527 9 81 20.8 3.6 24.5 11.6 81.1 7,482 

High end 78 10 17,156,666 12 113 21.9 3.4 40.4 31.0 76.7 8,735 

Small Business 64 8 18,012,390 6 90 17.5 4.4 81.3 48.5 68.2 2,254 

COMPOUND PEER GROUPS 

Africa Small FSS 16 9 1,362,709 3 24 27.9 2.6 35.8 26.0 74.4 2,570 

Africa Small Non FSS 34 9 1,226,420 7 39 33.4 1.4 47.0 27.7 60.2 3,453 

Africa Medium FSS 20 10 5,863,743 7 105 35.0 1.9 28.2 20.6 71.0 10,049 

Africa Medium Non FSS 29 8 6,063,409 10 134 25.6 1.9 46.5 31.5 58.6 14,259 

Africa Large FSS 26 14 39,968,345 35 410 19.2 4.0 72.2 53.5 65.4 34,385 

Africa Large Non FSS 19 15 46,551,910 37 428 17.5 3.7 70.2 46.5 73.5 51,580 

Asia Small FSS 22 13 1,365,225 5 48 18.7 4.2 44.9 34.8 74.0 3,770 

Asia Small Non FSS 21 12 1,175,790 7 55 17.9 3.4 14.2 9.6 69.8 9,046 

Asia Medium FSS 45 14 5,573,514 13 126 12.9 6.8 39.6 29.0 76.0 23,134 

Asia Medium Non FSS 25 5 6,050,969 23 191 8.3 4.0 13.7 12.0 74.6 36,629 

Asia Large FSS 58 15 26,322,242 31 565 15.4 5.5 26.0 18.9 75.5 97,239 

Asia Large Non FSS 20 13 29,476,397 73 949 18.4 4.5 6.5 5.3 76.8 160,829 

ECA Small FSS 40 5 704,005 2 8 27.7 2.3 0.0 0.0 88.6 367 

ECA Small Non FSS 35 5 649,797 1 8 25.7 1.5 0.0 0.0 89.9 328 

ECA Medium FSS 23 8 5,253,748 5 40 33.0 2.0 6.4 5.7 90.1 3,143 

ECA Medium Non FSS 24 9 4,141,396 7 33 35.3 1.4 0.0 0.0 83.8 1,577 

ECA Large FSS 52 10 58,996,434 27 289 18.9 4.3 20.3 16.8 85.9 28,899 

ECA Large Non FSS 25 9 42,463,253 17 288 20.7 3.8 0.0 0.0 85.8 12,215 

LAC Small FSS 73 12 2,250,396 3 23 43.8 1.3 0.0 0.0 81.2 2,854 

LAC Small Non FSS 56 9 1,688,343 3 32 37.0 1.3 0.0 0.0 73.0 2,854 

LAC Medium FSS 64 12 8,968,032 8 78 28.5 2.5 0.0 0.0 85.1 9,391 

LAC Medium Non FSS 26 13 8,752,111 16 144 18.9 4.3 11.9 9.0 75.8 13,026 

LAC Large FSS 88 16 79,476,965 28 439 16.1 5.2 57.5 46.4 82.4 51,902 

LAC Large Non FSS 20 12 46,810,343 18 293 21.0 3.2 5.0 3.1 75.3 28,532 

MENA Small FSS 7 8 1,088,494 4 54 37.3 1.7 17.8 11.6 63.7 3,133 

MENA Small Non-FSS 9 6 1,792,223 4 36 37.8 0.9 3.7 2.1 54.4 2,350 

MENA Medium FSS 6 11 5,628,609 10 111 57.6 0.7 0.0 0.0 79.0 15,784 

MENA Medium Non-FSS 5 11 4,500,308 9 168 52.5 0.9 0.0 0.0 65.2 17,818 

MENA Large FSS 17 12 30,641,608 17 288 47.4 1.1 0.0 0.0 82.9 37,704 

MENA Large Non-FSS 6 9 24,671,556 10 325 40.5 1.8 0.1 0.1 73.2 47,744 

For definitions of Peer Groups, refer to the Peer Group Classification section on pp45–46. For details on indicator definitions, refer to the Indicator Definitions section on pp 

53. “n/a” denotes results for Peer Groups with less than three observations 


47




Percent of 

Women 

Borrowers 

Number Gross Loan 

of Loans Portfolio 

Outstanding 

Average 

Loan 

Balance per 

Borrower 

OUTREACH INDICATORS 

Average 

Outstanding 

Balance 

Average 

Loan 

Balance per 

Borrower/ 

GNI per 

Capita 

Average 

Outstanding 

Balance/GNI 

per Capita 

Number of 

Depositors 

Number 

of Deposit 

Accounts 

Deposits 

Average 

Deposit 

Balance 

per 

Depositor 

PEER GROUP 

Units % nb USD USD % US$ % nb nb US$ US$ 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 60.0 9,234 4,128,377 525 36.5 527 35.4 2,547 5,262 263,063 145 


Age 

New 66.5 4,220 1,845,751 380 29.4 381 28.9 13 130 39,851 114 

Young 57.2 7,074 2,892,796 467 33.5 475 31.2 2,438 3,451 162,514 90 

Mature 59.4 12,997 6,577,342 676 40.8 648 38.8 5,169 8,931 445,550 178 

Charter Type: 

Bank 43.5 51,202 103,990,796 2,003 113.0 1,744 109.4 80,741 83,566 59,762,401 733 

Credit Union 45.1 1,919 2,273,336 1,509 59.8 1,329 55.3 3,340 3,695 1,418,227 412 

NBFI 54.2 12,279 6,299,762 631 48.2 631 47.6 0 72 0 111 

NGO 79.1 10,341 2,753,772 251 16.0 242 15.7 0 1,193 0 33 

Rural Bank 45.3 7,086 2,936,410 545 41.5 527 41.5 13,865 13,474 2,278,974 175 


Non FI 62.8 6,035 3,323,830 522 24.5 517 22.8 0 0 0 n/a 

Low FI 81.6 13,611 4,543,920 233 25.7 227 25.6 10,944 10,646 348,104 35 

High FI 52.4 12,336 6,147,891 905 53.1 853 49.5 22,289 23,575 4,690,311 270 

Methodology: 

Individual 46.2 4,429 4,688,212 1,404 51.3 1,292 46.5 1,108 2,445 450,226 561 

Individual/Solidarity 64.9 10,336 4,614,081 435 33.6 430 32.7 2,920 5,009 72,516 108 

Solidarity 98.7 13,205 2,592,286 111 14.6 110 14.6 9,439 12,380 347,681 29 

Village Banking 86.3 18,397 4,892,976 152 14.7 158 15.5 0 0 0 46 

Outreach 

Small (Outreach) 53.0 2,466 1,388,657 722 42.1 698 40.3 391 1,193 41,128 183 

Medium (Outreach) 65.7 16,338 6,998,218 450 35.1 438 35.3 13,039 14,526 338,451 92 

Large (Outreach) 70.4 73,508 33,223,939 290 27.6 298 26.8 49,167 72,085 3,179,734 145 

Profit Status 

Profit 54.2 12,895 7,007,552 680 50.3 684 47.8 8,265 11,512 1,137,548 179 

Not for Profit 63.7 7,018 3,068,469 451 30.1 451 28.9 562 2,264 49,980 111 

Region: 

Africa 57.2 9,620 2,708,387 308 67.8 311 64.0 18,336 18,434 1,366,283 98 

Asia 93.8 16,483 3,677,827 166 17.8 164 16.7 6,700 7,453 529,766 56 

ECA 43.1 2,250 3,949,277 2,174 68.3 2,115 65.1 0 0 0 1,855 

LAC 59.6 9,844 6,715,949 780 25.5 739 24.9 950 3,716 0 466 

MENA 65.4 12,589 5,153,360 317 15.8 314 15.5 0 2,594 0 26 

Scale 

Small (Scale) 63.3 2,183 916,600 348 22.5 349 22.0 147 521 19,063 96 

Medium (Scale) 64.1 10,854 4,813,109 485 38.2 472 37.2 10,329 12,311 903,559 93 

Large (Scale) 52.5 45,536 32,973,000 1,012 56.0 992 51.5 18,802 37,479 7,614,672 410 


FSS 59.2 13,450 7,359,172 764 39.8 738 37.9 3,238 6,959 357,197 261 

Non-FSS 62.6 8,712 3,203,964 417 34.5 414 33.4 425 1,844 68,937 105 


Low end 84.9 12,628 2,575,585 159 11.4 163 11.1 598 3,331 32,561 36 

Broad 49.4 7,659 5,476,159 949 54.6 924 51.1 2,875 5,009 463,306 243 

High end 40.0 8,746 10,992,551 2,388 190.0 2,148 182.2 13,236 22,167 3,037,117 381 

Small Business 35.3 2,302 9,986,706 2,841 402.1 2,638 344.6 6,161 8,154 3,882,179 563 


Africa Small FSS 56.3 2,570 1,037,793 235 40.9 267 41.9 3,503 3,503 251,132 51 

Africa Small Non FSS 68.7 3,537 658,150 145 35.7 131 34.8 5,009 7,472 214,983 76 

Africa Medium FSS 63.7 10,067 3,809,139 446 79.7 446 79.7 24,930 24,930 1,536,943 80 

Africa Medium Non FSS 59.6 14,259 3,503,663 246 51.8 244 49.3 20,359 20,412 1,468,928 69 

Africa Large FSS 52.3 35,125 25,219,140 930 170.4 930 166.7 148,219 160,278 23,556,784 145 

Africa Large Non FSS 43.4 54,425 28,705,034 591 118.2 570 118.2 94,895 98,822 18,253,841 207 

Asia Small FSS 77.9 4,162 1,015,750 197 11.9 197 11.9 5,342 6,118 450,226 77 

Asia Small Non FSS 86.2 9,046 962,207 131 13.4 131 13.2 4,900 5,156 163,312 44 

Asia Medium FSS 100.0 23,134 4,674,894 207 18.1 207 17.6 18,250 18,271 1,556,001 77 

Asia Medium Non FSS 98.0 36,629 5,001,148 117 13.7 113 14.4 24,895 24,518 464,930 19 

Asia Large FSS 95.5 87,045 20,095,021 150 17.4 150 15.5 19,779 22,147 2,814,977 117 

Asia Large Non FSS 96.0 141,435 24,407,361 140 18.9 130 19.2 54,236 27,125 1,486,363 36 

ECA Small FSS 54.6 367 588,397 1,526 55.7 1,480 54.4 0 0 0 3,188 

ECA Small Non FSS 40.1 328 515,324 1,786 62.9 1,608 55.2 0 0 0 4,134 

ECA Medium FSS 47.5 3,143 4,688,212 1,145 57.5 1,132 53.2 0 896 275,060 1,237 

ECA Medium Non FSS 43.8 1,740 3,746,608 3,005 66.8 3,005 65.3 0 0 0 3,582 

ECA Large FSS 41.6 29,924 51,557,800 2,389 91.9 2,238 88.2 0 6,932 15,195,678 1,558 

ECA Large Non FSS 33.7 12,217 34,301,807 3,223 120.0 3,194 104.2 0 0 0 1,576 

LAC Small FSS 63.1 2,930 1,724,647 446 14.3 441 13.4 0 0 0 162 

LAC Small Non FSS 70.9 2,854 1,218,715 401 8.3 401 7.6 0 0 0 281 

LAC Medium FSS 58.1 9,515 7,550,565 841 27.7 810 27.6 100 1,270 0 400 

LAC Medium Non FSS 79.4 13,026 6,654,772 449 16.2 432 15.5 12,441 12,835 757,351 78 

LAC Large FSS 49.6 57,341 64,934,089 1,611 56.5 1,480 50.1 40,538 52,794 25,510,046 907 

LAC Large Non FSS 61.4 28,532 31,759,893 1,146 33.9 1,146 27.4 12,388 20,485 882,311 817 

MENA Small FSS 100.0 3,141 662,086 133 12.7 133 12.7 3,314 13,579 59,934 22 

MENA Small Non-FSS 82.2 2,350 1,118,154 211 17.7 211 17.7 1,534 1,534 34,318 36 

MENA Medium FSS 72.7 15,784 4,404,334 239 12.5 239 12.5 0 0 0 n/a 

MENA Medium Non-FSS 71.9 17,818 3,703,118 264 12.4 264 12.4 0 n/a 0 n/a 

MENA Large FSS 58.3 66,182 16,565,033 706 18.4 606 20.6 0 n/a 0 n/a 

MENA Large Non-FSS 45.0 47,744 18,398,215 667 35.0 651 34.3 187 822 13,077 199 



48 





OUTREACH INDICATORS MACROECONOMIC INDICATORS OVERALL FINANCIAL PERFORMANCE 

Average 

GNI per GDP Deposit Inflation Financial Return on Return on Operational 

Deposit 

Capita Growth Rate Rate Depth Assets Equity Self- 

Account 

Rate 

Sufficiency 

Balance 

Average 

Deposit 

Balance per 

Depositor/ 

GNI per 

capita 

Average 

Deposit 

Account 

Balance/ 

GNI per 

capita 

PEER GROUP 

Units % USD % US$ % % % % % % % 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 14.0 138 13.0 1,600 6.8 5.1 6.4 38.5 1.0 5.4 113.1 


Age 

New 14.0 117 13.5 950 7.5 5.9 7.7 30.9 (1.2) (1.7) 104 

Young 10.0 81 9.0 1,600 7.1 5.9 7.0 35.2 0.3 2.5 112 

Mature 17.0 176 16.0 1,600 6.4 5.0 6.3 41.7 1.4 7.0 116 

Charter Type: 

Bank 32.0 667 32.0 1,655 7.1 6.8 7.8 31.2 0.6 4.6 109 

Credit Union 18.0 390 18.0 3,150 6.2 5.0 6.1 36.6 0.3 2.0 116 

NBFI 16.0 109 16.0 1,474 7.8 5.4 7.3 30.9 1.5 7.1 115 

NGO 3.0 31 3.0 1,515 6.4 6.0 6.4 43.6 0.9 4.1 110 

Rural Bank 15.0 163 14.5 1,600 6.3 3.7 6.1 59.5 1.9 14.5 119 


Non FI n/a n/a n/a 2,710 7.1 5.9 6.4 40.6 1.4 4.5 113 

Low FI 4.0 32 4.0 950 6.3 5.2 6.4 34.3 0.4 4.5 112 

High FI 19.0 252 19.0 1,600 6.4 5.0 6.1 36.4 0.9 6.3 112 

Methodology: 

Individual 22.0 518 20.5 3,200 7.1 5.1 6.1 41.7 1.5 7.5 116 

Individual/Solidarity 12.5 102 11.0 1,590 6.4 5.4 6.5 35.2 1.2 5.8 113 

Solidarity 5.0 21 3.0 770 7.1 6.0 7.0 59.5 (1.1) 2.7 109 

Village Banking 7.0 46 7.0 950 8.6 6.0 6.4 36.5 1.3 3.4 116 

Outreach 

Small (Outreach) 15.0 178 13.0 2,090 6.3 5.1 6.4 36.4 0.4 3.1 113 

Medium (Outreach) 11.0 93 10.5 1,595 6.7 5.0 6.1 34.3 0.9 5.8 112 

Large (Outreach) 18.5 143 16.0 1,050 7.1 5.3 6.4 43.6 1.4 9.3 116 

Profit Status 

Profit 20.0 178 20.0 1,600 7.1 5.4 6.3 34.3 1.2 7.3 114 

Not for Profit 11.5 106 10.0 1,600 6.6 5.1 6.4 40.6 0.9 4.1 113 

Region: 

Africa 19.0 96 19.0 560 6.1 6.0 8.0 28.1 (0.7) (2.3) 108 

Asia 7.0 55 6.0 950 7.1 6.0 6.3 59.5 1.3 9.6 113 

ECA 44.0 1,620 41.5 3,780 8.1 5.4 9.0 42.9 0.3 2.8 117 

LAC 15.0 439 13.0 3,340 5.7 5.0 4.0 30.9 1.8 7.3 112 

MENA 2.0 26 2.0 1,500 5.3 5.8 5.4 96.2 2.4 3.5 119 

Scale 

Small (Scale) 10.0 91 9.0 1,650 6.3 5.1 6.4 36.4 0.1 1.1 112 

Medium (Scale) 11.0 98 10.0 1,590 6.7 5.2 6.4 40.6 0.9 4.5 113 

Large (Scale) 29.5 402 26.0 1,600 7.1 5.1 6.1 38.5 1.4 8.5 115 


FSS 16.0 251 15.0 2,090 7.1 5.0 6.1 38.5 2.8 12.2 122 

Non-FSS 13.0 100 13.0 1,505 6.3 5.6 7.0 36.0 (4.2) (11.6) 96 


Low end 4.0 35 3.0 1,600 7.1 5.3 6.3 42.9 1.0 4.1 110 

Broad 18.0 231 17.0 1,650 6.8 5.1 6.3 36.0 1.3 6.5 115 

High end 36.5 327 34.5 1,175 6.2 4.9 8.6 33.5 0.8 4.2 113 

Small Business 82.0 457 73.5 610 7.5 6.0 9.1 29.5 0.3 3.5 117 


Africa Small FSS 10.0 51 10.0 495 4.6 4.7 6.0 31.1 2.5 6.2 124 

Africa Small Non FSS 16.0 61 15.0 495 6.1 6.3 10.7 29.5 (8.5) (14.5) 95 

Africa Medium FSS 12.0 80 12.0 535 6.2 6.0 10.0 22.7 2.9 8.7 132 

Africa Medium Non FSS 17.0 85 17.5 400 6.8 6.8 7.0 28.1 (6.4) (19.2) 93 

Africa Large FSS 34.0 145 33.5 600 6.1 6.5 6.1 28.1 1.1 7.8 123 

Africa Large Non FSS 35.0 191 35.0 610 4.7 4.1 5.9 31.4 (1.8) (10.2) 98 

Asia Small FSS 5.5 77 5.5 1,600 7.1 3.7 6.2 59.5 2.5 12.3 119 

Asia Small Non FSS 6.5 44 4.0 1,540 6.8 6.0 6.3 59.5 (8.2) (21.0) 86 

Asia Medium FSS 10.0 80 7.0 1,600 7.1 3.7 6.3 59.5 2.1 16.1 119 

Asia Medium Non FSS 3.0 21 3.0 950 9.1 6.0 7.6 59.2 (9.7) (12.4) 84 

Asia Large FSS 10.5 112 8.0 950 9.1 4.8 6.4 59.5 2.9 14.9 124 

Asia Large Non FSS 7.0 35 6.5 860 7.9 6.0 7.6 59.2 (2.7) (16.9) 100 

ECA Small FSS 42.5 3,134 41.5 4,970 8.1 5.1 9.0 42.9 2.7 6.8 133 

ECA Small Non FSS 55.0 3,676 48.5 4,460 8.1 5.1 9.0 42.9 (5.9) (10.6) 104 

ECA Medium FSS 23.0 1,226 18.0 2,710 8.2 6.7 9.0 36.0 5.3 15.8 143 

ECA Medium Non FSS 48.0 2,826 38.0 4,460 8.1 5.1 9.0 42.9 (4.8) (7.4) 102 

ECA Large FSS 45.0 1,466 38.5 2,710 8.2 5.4 6.4 33.4 2.7 13.0 124 

ECA Large Non FSS 51.0 1,576 51.0 3,360 7.9 5.7 9.0 36.6 (2.0) (8.2) 100 

LAC Small FSS 5.0 162 5.0 3,340 4.7 5.0 3.6 27.1 3.5 9.5 119 

LAC Small Non FSS 9.0 281 9.0 4,100 5.2 5.0 4.0 30.8 (7.4) (15.8) 81 

LAC Medium FSS 15.0 299 11.0 3,150 5.7 4.9 4.0 30.9 3.8 10.2 118 

LAC Medium Non FSS 3.0 78 3.0 3,175 3.4 5.3 4.5 35.1 (3.3) (15.2) 98 

LAC Large FSS 31.0 835 28.0 3,340 6.3 4.7 4.0 30.9 2.4 14.9 118 

LAC Large Non FSS 18.0 719 18.0 4,100 6.0 6.3 5.5 30.9 (1.5) (8.9) 98 

MENA Small FSS 2.0 22 2.0 1,500 7.1 8.0 7.9 96.2 5.1 5.7 139 

MENA Small Non-FSS 2.0 36 2.0 950 3.3 5.0 7.9 35.2 (14.1) (21.0) 85 

MENA Medium FSS n/a n/a n/a 1,500 6.8 5.8 7.4 96.2 3.7 6.9 136 

MENA Medium Non-FSS n/a n/a n/a 1,500 6.6 5.4 5.4 96.2 (2.3) (10.9) 96 

MENA Large FSS n/a n/a n/a 2,625 6.6 5.4 5.4 104.8 3.7 8.9 132 

MENA Large Non-FSS 11.0 199 11.0 1,620 2.7 3.7 2.7 80.8 (2.3) (8.9) 80 




49




Financial 

Self- 

Sufficiency 

Financial 

Revenue/ 

Assets 

REVENUES 

Profit 

Margin 

Yield on 

Gross 

Portfolio 

(nominal) 

Yield on 

Gross 

Portfolio 

(real) 

Total 

Expense/ 

Assets 

Financial 

Expense/ 

Assets 

Provision 

for Loan 

Impairment/ 

Assets 

EXPENSES 

Operating 

Expense/ 

Assets 

Personnel 

Expense/ 

Assets 

Administrative 

Expense/ 

Assets 

PEER GROUP 

Units % % % % % % % % % % % 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 105.6 25.8 5.4 31.1 22.8 24.6 6.8 1.4 14.5 8.2 6.1 


Age 

New 95 28.0 (4.7) 35.5 26.3 32.5 8.0 1.7 21.7 11.7 8.5 

Young 103 25.5 2.9 35.0 24.5 26.4 7.8 1.2 15.3 8.8 6.8 

Mature 108 25.5 7.3 28.9 21.6 23.0 6.5 1.4 13.3 7.5 5.6 

Charter Type: 

Bank 105 20.5 4.3 27.1 16.3 20.1 7.3 1.4 10.0 5.5 4.7 

Credit Union 103 18.1 3.1 21.9 17.5 18.8 5.7 1.3 10.8 5.1 4.8 

NBFI 108 27.6 7.6 32.9 24.3 26.0 7.9 1.5 15.7 9.0 6.5 

NGO 102 27.3 2.3 33.8 25.5 27.8 6.3 1.6 18.2 10.6 7.3 

Rural Bank 115 24.7 13.0 33.0 26.7 22.4 5.3 1.1 12.7 6.5 6.7 


Non FI 104 27.9 4.1 33.3 24.7 27.0 7.3 1.5 16.4 9.2 6.5 

Low FI 105 26.2 4.2 34.0 24.3 27.2 7.6 1.0 17.0 9.7 7.1 

High FI 106 21.9 5.9 28.3 21.1 21.8 5.9 1.4 12.1 6.3 5.6 

Methodology: 

Individual 107 23.8 7.3 30.1 21.8 21.9 7.2 1.4 11.6 6.5 5.2 

Individual/Solidarity 106 27.6 5.7 34.7 25.9 26.5 6.8 1.5 17.1 9.4 7.1 

Solidarity 99 25.0 (0.7) 30.9 20.8 27.8 6.7 0.9 19.2 10.1 7.0 

Village Banking 107 27.1 6.4 30.8 24.2 24.8 6.6 0.9 17.8 10.3 6.6 

Outreach 

Small (Outreach) 103 25.8 3.0 32.5 24.2 26.5 6.6 1.3 14.6 8.4 6.7 

Medium (Outreach) 105 27.2 4.4 33.7 24.4 26.8 6.5 1.9 16.6 9.4 7.2 

Large (Outreach) 109 24.2 8.4 28.6 21.3 22.2 7.3 1.3 12.5 6.7 5.1 

Profit Status 

Profit 108 25.8 7.3 31.9 23.8 23.9 7.7 1.3 14.1 7.4 6.1 

Not for Profit 103 25.8 3.3 30.6 22.5 25.6 6.5 1.6 14.6 8.5 6.2 

Region: 

Africa 96 25.4 (3.7) 32.6 23.1 27.6 4.8 1.6 18.5 9.2 9.3 

Asia 108 24.3 8.0 29.1 20.3 23.5 7.4 0.8 13.9 7.9 5.4 

ECA 104 24.4 4.0 29.5 19.3 24.4 8.9 1.3 12.8 7.2 5.1 

LAC 107 27.9 6.9 34.0 26.8 26.1 6.6 2.0 15.8 8.7 6.5 

MENA 107 22.8 6.8 33.2 22.7 21.6 4.5 0.7 14.6 10.0 4.8 

Scale 

Small (Scale) 100 28.0 0.4 35.7 27.3 30.5 5.9 1.3 20.4 10.6 8.3 

Medium (Scale) 104 27.0 4.1 33.5 24.0 27.1 7.0 1.6 16.6 9.3 6.8 

Large (Scale) 109 23.7 8.4 27.6 20.2 21.6 7.1 1.4 12.1 6.5 5.0 


FSS 116 27.2 13.8 31.7 24.2 22.7 6.7 1.2 13.1 7.4 5.6 

Non-FSS 81 22.7 (22.0) 30.6 21.1 29.0 7.0 2.3 16.7 9.8 7.3 


Low end 103 29.7 2.8 37.9 29.2 30.4 7.0 1.2 21.1 12.0 7.8 

Broad 107 25.1 6.8 29.3 21.7 23.3 6.8 1.6 13.1 7.2 5.7 

High end 106 20.0 6.1 23.2 15.6 19.8 6.5 1.4 11.7 5.5 5.3 

Small Business 101 19.1 0.9 23.3 16.6 19.9 7.9 1.4 10.2 5.0 4.5 


Africa Small FSS 115 30.8 13.1 36.5 27.8 28.5 3.0 1.7 24.3 10.1 14.3 

Africa Small Non FSS 73 26.7 (37.2) 36.0 27.0 32.5 7.0 2.2 25.3 10.0 8.9 

Africa Medium FSS 116 25.0 15.9 27.1 22.7 21.6 5.0 0.9 15.2 7.5 7.2 

Africa Medium Non FSS 81 24.4 (23.5) 37.5 28.1 32.1 4.7 2.9 26.7 12.1 10.0 

Africa Large FSS 109 26.6 7.8 33.1 23.4 23.6 4.7 1.6 17.3 7.6 10.2 

Africa Large Non FSS 88 19.0 (13.9) 21.6 16.7 24.4 5.1 1.6 15.6 8.0 7.7 

Asia Small FSS 115 36.5 12.9 41.2 35.7 34.4 5.6 1.2 21.1 11.5 11.4 

Asia Small Non FSS 76 25.8 (32.0) 32.1 19.1 35.2 6.6 3.1 20.4 12.7 8.2 

Asia Medium FSS 116 24.9 14.0 30.6 24.2 20.9 6.6 0.5 11.4 5.8 5.9 

Asia Medium Non FSS 77 22.1 (30.1) 28.7 16.6 34.2 7.3 4.2 21.4 12.0 6.6 

Asia Large FSS 119 25.4 15.6 29.8 21.8 20.6 8.4 0.5 10.5 6.2 4.5 

Asia Large Non FSS 86 17.8 (11.5) 23.9 14.3 22.2 7.3 1.2 12.1 7.0 4.2 

ECA Small FSS 118 37.7 14.9 37.8 25.8 31.4 10.4 0.9 17.2 9.1 5.5 

ECA Small Non FSS 77 18.7 (29.4) 27.0 14.0 29.4 9.3 1.3 11.4 7.1 5.1 

ECA Medium FSS 123 37.9 18.5 40.3 28.5 28.2 11.4 1.3 13.7 9.1 5.7 

ECA Medium Non FSS 91 22.0 (10.1) 29.0 21.2 25.1 8.4 1.5 16.3 9.2 5.6 

ECA Large FSS 117 23.3 14.6 26.2 17.9 18.7 7.7 1.1 9.6 5.0 4.4 

ECA Large Non FSS 93 21.6 (7.6) 26.9 18.3 25.8 8.8 2.5 12.8 7.3 6.1 

LAC Small FSS 116 30.4 13.6 44.1 35.2 26.1 4.8 0.9 17.4 9.6 7.1 

LAC Small Non FSS 78 28.0 (27.6) 48.9 39.3 34.3 5.0 2.6 26.2 16.4 11.0 

LAC Medium FSS 114 32.7 12.5 35.5 29.9 28.6 6.7 1.8 17.7 9.9 7.2 

LAC Medium Non FSS 85 36.7 (13.3) 41.1 34.2 46.7 6.8 4.4 31.4 15.3 10.9 

LAC Large FSS 115 26.3 12.8 28.9 23.5 22.0 6.9 2.2 12.1 6.2 5.2 

LAC Large Non FSS 90 18.1 (11.3) 22.2 15.8 22.0 7.6 2.9 12.8 6.0 5.4 

MENA Small FSS 123 22.0 18.9 35.2 23.1 13.6 4.9 0.4 8.0 5.2 6.7 

MENA Small Non-FSS 55 22.8 (80.2) 33.2 23.4 41.1 0.7 (0.2) 35.8 17.5 9.8 

MENA Medium FSS 113 30.4 11.9 34.8 25.6 25.4 5.8 2.1 20.1 13.3 6.3 

MENA Medium Non-FSS 89 21.6 (12.6) 35.4 23.9 24.1 2.1 0.4 17.2 10.8 5.6 

MENA Large FSS 121 21.6 17.3 33.2 22.7 17.2 4.3 0.5 14.3 9.2 3.9 

MENA Large Non-FSS 80 21.5 (25.4) 21.5 16.5 23.7 5.1 3.7 12.1 6.9 3.4 



50 





Adjustment 

Expense/ 

Assets 

Operating 

Expense/ 

Loan 

Portfolio 

Personnel 

Expense/ 

Loan 

Portfolio 

EFFICIENCY 

Average 

Salary/GNI 

per Capita 

Cost per 

Borrower 

Cost per 

Loan 

Borrowers 

per Staff 

Member 

Loans 

per Staff 

Member 

PRODUCTIVITY 

Borrowers 

per Loan 

Officer 

Loans 

per Loan 

Officer 

Depositors 

per Staff 

Member 

PEER GROUP 

Units % % % x USD USD nb nb nb nb nb 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 1.1 20.0 10.9 3.7 139 139 100 103 245 252 104 


Age 

New 2.1 31.2 16.5 3.1 157 141 70 72 179 176 47 

Young 1.5 22.4 12.0 3.5 148 150 103 104 231 245 81 

Mature 0.9 17.9 9.6 3.8 136 135 110 113 262 272 124 

Charter Type: 

Bank 0.8 16.3 8.2 5.7 305 288 67 73 238 257 135 

Credit Union 1.3 13.6 6.9 3.3 191 186 81 82 258 265 226 

NBFI 1.3 20.6 11.1 4.4 169 164 92 92 226 239 36 

NGO 1.1 25.1 13.8 3.2 83 82 128 130 258 262 67 

Rural Bank 0.4 19.0 9.9 3.2 105 111 82 79 251 253 175 


Non FI 1.1 22.8 12.6 3.1 153 145 103 105 233 243 0 

Low FI 1.6 24.0 13.4 4.4 82 82 115 115 252 256 109 

High FI 0.7 17.9 9.0 4.5 166 158 91 93 257 267 187 

Methodology: 

Individual 0.7 15.8 8.6 3.4 233 227 75 79 222 235 63 

Individual/Solidarity 1.3 24.5 12.6 4.4 118 118 103 107 245 251 88 

Solidarity 1.4 19.7 10.7 3.2 23 26 156 171 274 278 200 

Village Banking 0.7 22.3 12.9 3.2 78 69 144 146 336 343 88 

Outreach 

Small (Outreach) 1.5 21.2 11.5 3.1 181 185 72 76 196 197 79 

Medium (Outreach) 1.0 21.9 12.0 4.4 135 135 114 115 258 258 108 

Large (Outreach) 0.8 16.1 9.3 4.3 83 84 156 171 321 343 142 

Profit Status 

Profit 1.0 20.2 10.4 4.3 172 169 84 84 241 249 104 

Not for Profit 1.3 20.0 11.3 3.4 123 123 109 114 251 257 102 

Region: 

Africa 2.0 32.7 13.3 10.8 134 132 108 109 288 286 228 

Asia 0.8 17.2 9.6 2.8 30 31 132 133 272 279 156 

ECA 2.0 15.0 8.2 3.9 312 293 57 59 167 167 10 

LAC 0.6 22.3 12.6 3.4 180 167 107 112 262 278 33 

MENA 0.4 21.4 14.4 3.4 74 71 118 116 211 215 0 

Scale 

Small (Scale) 1.7 26.3 14.5 2.5 118 121 87 88 212 213 81 

Medium (Scale) 1.4 21.9 12.3 3.9 136 135 107 111 253 263 134 

Large (Scale) 0.8 15.1 8.2 4.5 168 161 112 119 269 281 106 


FSS 0.7 17.3 9.6 3.8 146 142 113 115 269 282 94 

Non-FSS 2.7 26.0 14.6 3.8 151 135 84 86 191 195 81 


Low end 1.0 27.5 15.9 2.4 64 65 142 143 276 281 98 

Broad 1.2 17.2 9.2 4.4 169 164 88 90 242 250 108 

High end 1.3 15.0 7.7 9.2 290 283 58 62 184 185 112 

Small Business 1.3 15.5 7.3 10.6 406 405 33 35 127 129 88 


Africa Small FSS 1.7 27.1 11.9 7.6 68 136 143 132 336 272 216 

Africa Small Non FSS 6.0 52.0 24.3 8.8 75 65 81 83 209 209 136 

Africa Medium FSS 1.1 24.9 10.3 9.6 138 138 112 112 335 335 285 

Africa Medium Non FSS 3.8 42.9 23.9 14.4 133 115 108 108 259 282 204 

Africa Large FSS 1.4 29.0 12.5 13.5 220 184 83 83 269 304 330 

Africa Large Non FSS 2.2 23.6 10.7 12.2 134 130 123 127 324 415 204 

Asia Small FSS 0.6 27.6 13.4 2.3 51 51 85 85 231 236 124 

Asia Small Non FSS 2.6 24.4 14.6 2.3 41 53 115 115 218 218 115 

Asia Medium FSS 0.5 16.1 8.9 2.6 35 39 146 153 321 331 244 

Asia Medium Non FSS 2.8 23.7 15.2 3.4 31 31 141 141 254 254 147 

Asia Large FSS 0.6 14.6 7.7 3.1 27 29 163 181 334 349 106 

Asia Large Non FSS 2.1 15.7 10.6 3.1 25 25 155 157 314 316 155 

ECA Small FSS 3.1 15.3 9.6 2.2 293 329 47 47 135 141 16 

ECA Small Non FSS 6.2 16.6 11.2 2.5 284 283 39 41 139 139 16 

ECA Medium FSS 3.1 15.2 9.7 4.1 147 147 94 96 213 245 4 

ECA Medium Non FSS 3.0 18.0 11.4 3.6 449 445 48 54 146 146 0 

ECA Large FSS 0.9 12.2 6.6 5.5 249 245 88 90 236 238 7 

ECA Large Non FSS 1.8 15.7 8.3 4.1 571 518 45 54 119 121 10 

LAC Small FSS 0.9 26.1 15.0 2.3 136 134 106 114 291 302 0 

LAC Small Non FSS 1.1 50.8 30.1 2.4 193 188 95 95 178 178 0 

LAC Medium FSS 0.5 21.7 12.3 3.8 159 152 122 129 295 298 3 

LAC Medium Non FSS 2.1 46.1 24.9 4.9 167 166 86 87 203 203 64 

LAC Large FSS 0.2 14.8 7.7 4.5 218 192 120 131 282 309 114 

LAC Large Non FSS 2.1 16.3 10.9 3.6 286 234 81 84 197 197 49 

MENA Small FSS 0.3 21.5 15.1 1.4 37 37 108 108 209 209 37 

MENA Small Non-FSS 9.3 65.9 30.3 4.2 85 85 71 71 147 147 42 

MENA Medium FSS 2.5 25.0 16.4 3.3 52 28 142 142 253 253 n/a 

MENA Medium Non-FSS 2.2 32.0 20.7 2.8 69 54 105 105 169 169 0 

MENA Large FSS 0.1 15.9 12.4 4.0 76 74 154 165 281 292 0 

MENA Large Non-FSS 0.2 14.4 8.5 3.9 62 60 119 119 264 264 3 




51




Deposit 

Accounts per 

Staff Member 

PRODUCTIVITY 

Personnel 

Allocation 

Ratio 

Portfolio at 

Risk > 30 Days 

Portfolio at 

Risk > 90 Days 

RISK AND LIQUIDITY 

Write-off Ratio Loan Loss Rate Risk Coverage 

Ratio 

Non-earning 

Liquid Assets 

as a % of Total 

Assets 

PEER GROUP 

Units nb % % % % % % % 

Year: 2008 2008 2008 2008 2008 2008 2008 2008 

All MFIs 136 44.5 3.1 1.6 1.0 0.8 81.0 12.2 


Age 

New 80 45.5 2.8 1.2 0.3 0.2 68.6 10.7 

Young 123 46.3 2.9 1.3 0.9 0.8 84.0 14.7 

Mature 163 43.3 3.2 1.7 1.3 0.9 84.3 12.2 

Charter Type: 

Bank 141 34.2 2.8 1.3 1.2 0.9 100.8 18.6 

Credit Union 267 31.8 3.6 2.0 1.0 0.8 54.0 8.9 

NBFI 107 45.5 3.2 1.5 0.8 0.7 84.0 10.9 

NGO 101 50.9 3.2 1.8 1.3 0.9 83.7 11.8 

Rural Bank 184 33.3 1.7 1.1 0.9 0.8 159.9 18.4 


Non FI 0 46.7 3.2 1.7 1.0 0.8 82.0 9.4 

Low FI 109 50.0 3.0 1.4 0.6 0.4 77.8 14.5 

High FI 198 36.2 3.2 1.7 1.3 1.1 80.8 15.1 

Methodology: 

Individual 95 36.9 3.4 1.6 1.2 0.9 81.4 9.8 

Individual/Solidarity 113 44.9 3.4 1.7 1.3 1.0 69.6 13.3 

Solidarity 208 56.2 1.5 0.6 0.2 0.2 112.3 14.4 

Village Banking 88 55.9 1.0 0.4 0.5 0.3 147.0 10.3 

Outreach 

Small (Outreach) 104 40.0 3.7 1.8 0.9 0.7 62.1 10.1 

Medium (Outreach) 136 45.5 3.4 1.9 1.8 1.5 90.1 13.5 

Large (Outreach) 180 52.8 2.2 1.2 0.9 0.8 108.4 14.4 

Profit Status 

Profit 127 41.0 2.7 1.3 1.0 0.8 89.9 15.0 

Not for Profit 146 46.0 3.3 1.8 1.0 0.9 77.0 10.5 

Region: 

Africa 243 41.4 4.7 2.3 1.6 1.1 57.1 16.1 

Asia 169 51.9 1.5 0.6 0.4 0.4 97.9 17.3 

ECA 49 36.9 2.0 1.0 0.4 0.3 79.2 5.5 

LAC 53 43.8 4.2 2.4 2.3 1.8 93.4 11.0 

MENA 67 54.4 2.4 0.8 0.9 0.4 72.5 19.6 

Scale 

Small (Scale) 108 44.4 3.7 1.9 0.9 0.7 60.8 11.8 

Medium (Scale) 162 45.5 3.1 1.7 1.0 0.9 79.2 11.4 

Large (Scale) 150 44.0 2.5 1.3 1.1 0.8 105.0 13.4 


FSS 133 43.7 2.4 1.3 0.8 0.7 95.5 11.8 

Non-FSS 106 46.3 4.7 2.4 1.9 1.5 66.4 12.3 


Low end 133 53.8 2.9 1.4 0.8 0.6 79.9 13.3 

Broad 140 39.9 3.2 1.8 1.4 1.1 84.8 10.8 

High end 171 33.2 4.4 2.6 0.9 0.7 67.8 12.4 

Small Business 154 25.0 2.3 1.0 0.7 0.6 71.8 16.3 


Africa Small FSS 221 48.6 4.0 1.6 1.0 1.0 53.3 13.5 

Africa Small Non FSS 155 45.6 5.9 2.9 2.1 2.1 48.2 16.6 

Africa Medium FSS 285 43.8 3.8 2.5 2.8 2.4 64.9 11.3 

Africa Medium Non FSS 201 45.1 5.3 2.7 2.3 2.1 74.3 16.6 

Africa Large FSS 331 33.5 4.4 1.8 1.2 0.9 50.9 17.9 

Africa Large Non FSS 242 31.5 5.5 4.5 2.7 2.7 65.3 13.7 

Asia Small FSS 124 47.5 2.2 1.4 0.7 0.7 85.6 18.5 

Asia Small Non FSS 124 51.7 4.7 3.3 1.9 2.2 57.7 18.8 

Asia Medium FSS 246 54.0 0.6 0.3 0.3 0.3 165.1 16.8 

Asia Medium Non FSS 168 58.3 4.0 3.3 0.7 0.7 90.7 17.1 

Asia Large FSS 109 53.6 0.4 0.2 0.2 0.1 183.1 17.1 

Asia Large Non FSS 159 56.9 2.4 0.7 0.6 0.5 99.6 16.5 

ECA Small FSS 21 32.5 1.9 0.9 0.0 0.0 50.0 2.8 

ECA Small Non FSS 45 33.3 2.9 1.1 0.4 0.1 50.0 4.4 

ECA Medium FSS 91 37.0 1.9 0.5 0.2 0.2 79.7 5.5 

ECA Medium Non FSS 47 42.9 3.1 1.0 0.8 0.5 55.5 4.6 

ECA Large FSS 164 41.4 1.6 0.8 0.5 0.5 103.1 9.2 

ECA Large Non FSS 43 41.0 3.2 1.6 1.4 1.1 96.5 11.6 

LAC Small FSS 0 43.0 3.7 2.1 0.9 0.9 100.0 10.7 

LAC Small Non FSS 0 48.4 6.1 3.1 4.2 3.7 62.3 12.1 

LAC Medium FSS 22 45.2 4.3 2.2 2.3 1.9 95.1 9.5 

LAC Medium Non FSS 67 45.7 7.9 4.2 4.6 4.1 63.1 9.3 

LAC Large FSS 140 40.4 3.2 1.9 2.0 1.8 116.6 12.6 

LAC Large Non FSS 84 43.4 6.9 4.4 2.2 1.8 91.4 10.8 

MENA Small FSS 143 43.9 1.6 0.7 0.0 0.0 58.6 29.2 

MENA Small Non-FSS 42 55.0 5.7 0.6 5.6 5.6 58.0 23.5 

MENA Medium FSS n/a 67.4 3.0 2.6 0.0 0.0 92.1 19.8 

MENA Medium Non-FSS n/a 54.4 1.9 0.6 1.8 0.7 63.9 21.9 

MENA Large FSS n/a 54.2 1.9 1.2 0.4 0.2 74.9 14.5 

MENA Large Non-FSS 22 58.6 1.7 1.0 0.6 0.4 532.1 19.0 



52 




Indicator Definitions 

Changes to MIX data standards and indicators 

Starting with the 2008 MFI Benchmarks, MIX has made a number of changes to the way MFI data is presented and the processes for recording and transforming that data. 

Readers will find differences in data due to improved account structuring, consistent with international standards (IFRS), methods for calculating and converting data into 

USD, and ways in which aggregate data is displayed. Users will find more details about changes to currency translation, averages, financial statement and product data by 

going to www.mixmarket.org > About MIX Market > About the Data. 

INSTITUTIONAL CHARACTERISTICS 

Number of MFIs 

Age 

Total Assets 

Offices 

Personnel 

FINANCING STRUCTURE 

Capital/Asset Ratio 

Debt to Equity 

Deposits to Loans 

Deposits to Total Assets 

Portfolio to Assets 

OUTREACH INDICATORS 

Number of Active Borrowers 

Percent of Women Borrowers 

Number of Loans Outstanding 

Gross Loan Portfolio 

Average Loan Balance per Borrower 

Average Loan Balance per Borrower/GNI per Capita 

Average Outstanding Balance 

Average Outstanding Balance/GNI per Capita 

Number of Depositors 

Number of Deposit Accounts 

Deposits 

Average Deposit Balance per Depositor 

Average Deposit Balance per Depositor/GNI per capita 

Average Deposit Account Balance 

Average Deposit Account Balance/GNI per capita 

MACROECONOMIC INDICATORS 

GNI per Capita 

GDP Growth Rate 

Deposit Rate 

Inflation Rate 

Financial Depth 

OVERALL FINANCIAL PERFORMANCE 

Return on Assets 

Return on Equity 

Operational Self-Sufficiency 

Financial Self-Sufficiency 

REVENUES 

Financial Revenue/Assets 

Profit Margin 

Yield on Gross Portfolio (nominal) 

Yield on Gross Portfolio (real) 

EXPENSES 

Total Expense/Assets 

Financial Expense/Assets 

Provision for Loan Impairment/Assets 

Operating Expense/Assets 

Personnel Expense/Assets 

Administrative Expense/Assets 

Adjustment Expense/Assets 

EFFICIENCY 

Operating Expense/Loan Portfolio 

Personnel Expense/Loan Portfolio 

Average Salary/GNI per Capita 

Cost per Borrower 

Cost per Loan 

PRODUCTIVITY 

Borrowers per Staff Member 

Loans per Staff Member 

Borrowers per Loan Officer 

Loans per Loan Officer 

Depositors per Staff Member 

Deposit Accounts per Staff Member 

Personnel Allocation Ratio 

RISK AND LIQUIDITY 

Portfolio at Risk > 30 Days 

Portfolio at Risk > 90 Days 

Write-off Ratio 

Loan Loss Rate 

Risk Coverage Ratio 

Non-earning Liquid Assets as a % of Total Assets 

Sample Size of Group 

Years Functioning as an MFI 

Total Assets, adjusted for Inflation and standardized provisioning for loan impairment and write-offs 

Number, including head office 

Total number of staff members 

Adjusted Total Equity/Adjusted Total Assets 

Adjusted Total Liabilities/Adjusted Total Equity 

Voluntary Deposits/Adjusted Gross Loan Portfolio 

Voluntary Deposits/Adjusted Total Assets 

Adjusted Gross Loan Portfolio/Adjusted Total Assets 

Number of borrowers with loans outstanding, adjusted for standardized write-offs 

Number of active women borrowers/Adjusted Number of Active Borrowers 

Number of loans outstanding, adjusted for standardized write-offs 

Gross Loan Portfolio, adjusted for standardized write-offs 

Adjusted Gross Loan Portfolio/Adjusted Number of Active Borrowers 

Adjusted Average Loan Balance per Borrower/GNI per Capita 

Adjusted Gross Loan Portfolio/Adjusted Number of Loans Outstanding 

Adjusted Average Outstanding Balance/GNI per Capita 

Number of depositors with any type of deposit account 

Number of all deposit accounts 

Total value of all deposit accounts 

Deposits/Number of Depositors 

Average Deposit Balance per Depositor/GNI per capita 

Depositors/Number of Deposit Accounts 

Average Deposit Account Balance/GNI per capita 

Total income generated by a country's residents, irrespective of location/Total number of residents 

(World Development Indicators) 

Annual growth in the total output of goods and services occurring within the territory of a given 

country (World Development Indicators) 

Interest rate offered to resident customers for demand, time, or savings deposits (IMF/International 

Financial Statistics) 

Annual change in average consumer prices (IMF/International Financial Statistics) 

Money aggregate including currency, deposits and electronic currency (M3)/GDP, measuring the 

monetization of the economy (IMF/International Financial Statistics) 

(Adjusted Net Operating Income - Taxes)/Adjusted Average Total Assets 

(Adjusted Net Operating Income - Taxes)/Adjusted Average Total Equity 

Financial Revenue/(Financial Expense + Impairment Losses on Loans + Operating Expense) 

Adjusted Financial Revenue/Adjusted (Financial Expense + Impairment Losses on Loans + Operating 

Expense) 

Adjusted Financial Revenue/Adjusted Average Total Assets 

Adjusted Net Operating Income/Adjusted Financial Revenue 

Adjusted Financial Revenue from Loan Portfolio/Adjusted Average Gross Loan Portfolio 

(Adjusted Yield on Gross Portfolio (nominal) - Inflation Rate)/(1 + Inflation Rate) 

Adjusted (Financial Expense + Net Impairment Loss + Operating Expense)/Adjusted Average Total Assets 

Adjusted Financial Expense/Adjusted Average Total Assets 

Adjusted Impairment Losses on Loans/Adjusted Average Total Assets 

Adjusted Operating Expense/Adjusted Average Total Assets 

Adjusted Personnel Expense/Adjusted Average Total Assets 

Adjusted Administrative Expense/Adjusted Average Total Assets 

(Unadjusted Net Operating Income - Adjusted Net Operating Income)/Adjusted Average Total Assets 

Adjusted Operating Expense/Adjusted Average Gross Loan Portfolio 

Adjusted Personnel Expense/Adjusted Average Gross Loan Portfolio 

Adjusted Average Personnel Expense/GNI per capita 

Adjusted Operating Expense/Adjusted Average Number of Active Borrowers 

Adjusted Operating Expense/Adjusted Average Number of Loans 

Adjusted Number of Active Borrowers/Number of Personnel 

Adjusted Number of Loans Outstanding/Number of Personnel 

Adjusted Number of Active Borrowers/Number of Loan Officers 

Adjusted Number of Loans Outstanding/Number of Loan Officers 

Number of Depositors/Number of Personnel 

Number of Deposit Accounts/Number of Personnel 

Number of Loan Officers/Number of Personnel 

Outstanding balance, portfolio overdue> 30 Days + renegotiated portfolio/Adjusted Gross Loan Portfolio 

Outstanding balance, portfolio overdue> 90 Days + renegotiated portfolio/Adjusted Gross Loan Portfolio 

Adjusted Value of loans written-off/Adjusted Average Gross Loan Portfolio 

(Adjusted Write-offs - Value of Loans Recovered)/Adjusted Average Gross Loan Portfolio 

Adjusted Impairment Loss Allowance/PAR > 30 Days 

Adjusted Cash and banks/Adjusted Total Assets 


53



Peer Group - 2008 DATA QUALITY † 


Age: New 

(0 to 4 Years) 

Age: Young 

(5 to 8 Years) 

Age: Mature 

(> 8 Years) 

PEER GROUP–2008 

N * ** *** PARTICIPATING INSTITUTIONS 

191 84 95 12 1st MCC, ACB sa, ACFB, ACLEDA Lao, Aden, Agrocredit Plus, Al Rafah Bank, Alliance Group, 

Alliance MFB, Alternativa 19 del Sur, Al-Thiqa, Alwatani, AMfB, AMFI, Amlok, ANDE, Apoyo 

Económico, AREGAK UCO, Arnur Credit, Arohan, ASA - GHA, ASA Philippines, ASUSU CIIGABA, 

Avantaj, Bancamía, Banco Amigo, Rede Novo Sol, Banco Popular do Brasil, Bereke-credit, 

Berendina Microfinance, BJS, Blago, BMT Kayu Manis, BOM, Borshud, BPR BKK Cilacap, BRAC 

- LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BRCCC, CAFODEC, CAURIE Micro Finance, CEDEF, 

Chamroeun, COAC Chone, COAC Fernando Daquilema, COAC Padre Vicente, Columbia 

Microcreditos, Common Interest, COOPAC Norandino, COOPEC Hinfani Dosso, CRAC Nuestra 

Gente, Crece Safsa, CrediClub, CrediComún, Créditos Pronegocio, CREDITUYO, Cresol Central, 

Crezcamos, DAYAQ-Credit, Dirigible, Don Apoyo, DQF, Duterimbere, Ehyoi kuhiston, Elet-Capital, 

Equitas, Farm Credit Armenia, FinAgro, FINCA - JOR, FINORTE, FMF, FNT Credit, FONDESOL, 

Forjadores de Negocios, Galaktika, Garant-Invest, GCM, GGEM Microfinance Services Ltd., 

GOF, Grupo Río La Venta, Harbu, HiH, IMFB, Imodi Hutal, Impuls, Instituto Estrela, Invest Credit, 

Invest-Credit Moldova, Invirtiendo, IPR, Izdiharona Microfinance, Kashf Bank, KBank, Kemek, 

Kompanion, KVK-Altay, LAPO-SLE, Letta, LSK, MADRAC, Mahashakti, Maqsadi dasgiri, MCL, MCO 

‘Oral’, MiBanco Venezuela, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, Micredito 

SAC, Microfinanciera Prisma, Mikrokredit Bank, MikroMaliyye Credit, Mimo Finance, MLF 

Kiropol, MLF Madina, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MoFAD, Mol Bulak 

Finance, Nadejda, NCS, NEED, Neftegaz, NMFB, Nov Credit, Obereg (Vladivostok), OI China, OISL, 

Opportunity Finance, Opportunity Kenya, OXUS - AFG, OXUS - KGS, Partner Russia, PAWDEP, PNG 

Microfinance Ltd, POMFB, Popular SAFI, Povoljye, ProCredit - COL, ProCredit - HND, ProCredit 

Bank - MDA, ProCredit Bank - SLE, ProCredit Bank- DRC, Progresemos, Pro Mujer - ARG, RAFODE, 

RCCECG, Red de Vanguardia, REDFunds, Reef, Reliance, Rezerv, Rishenglong, Riverbank, RML, 

Rus, WMN (Russia), Samasta, Sarala, SEM Fund, SemiSol, SEWA Finance, SFF, SFSD, SOCRED, 

Sodeystviye-2005, Soluciones Reales, Sonata, SoyuzKredit, Sugd Microfin, Mentors - PER, SFPL, Te 

Creemos, TMFB, Trident Microfinance, Tsimlyansk, Tujijenge, Turame Community Finance, UCCEC 

GY, Ujjivan, UMECDES, UNION DES COOPECs UMUTANGUHA, VFM, Vivir Soluciones, Vostok 

Kapital, WISE, WOCCU - AFG, WWI - AFG 

203 62 127 14 ABCRDM, ABWA, Abyan, Abzal Kredit, AccessBank, ADCSI, Adhikar, AFS, Agência do Crédito, 

Aqrarkredit, Agroinvestbank, A-invest, Akuapem RB, Al Awael, Alternativa Microfinanzas, AMC 

de R.L., AMEXTRA, AML, AMOS, APED, APROS, Aqroinvest, ARDI, ARMP, Asasah, Asociación El 

Balsamo, ASP Financiera, ASR, ASTI, ATEMEXPA, Atwima Kwanwoma, Azal, Azeri Star, Bai Tushum, 

Banco do Vale, BANCRI, Bandhan, BAYOCA, Bereke, BFSBS, Binhminh CDC, BMT Pringsewu, BRAC 

- AFG, BZMF, CACMU, Capitec Bank, Casa do Microcrédito, CBB, CBIRD, CDM, CEP Long An, CEVI, 

CFA, CFE, CHF Iraq, Childfund Hoa Binh, CMFinance, COAC Acción Rural, COAC Ambato, COAC 

Fondvida, COAC Kullki Wasi, COAC Luz del Valle, COAC Santa Anita, COCDEP, Comultrasan, 

COOPAC Los Andes, COSPEC, CredAgro NBCO, CREDIT, Credit Mongol, CRYSOL, CU Pantai Prigi, 

CUMO, CZWSDA, DD Bank, Doveriye - Volgograd, ECLOF - ARM, ECLOF - PHL, Edinstvo-Volgograd, 

EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Credivisión, EDPYME Efectiva, EDPYME 

Pro Negocios, Eshet, Crezkamos Kapital, Fácil SCM, FIDEVIE, FIE Gran Poder, FinAmigo, FINCA 

- AFG, FINCA - DRC, FINCA - KOS, FINCA - TJK, FINCA - ZMB, FinDev, FISUR, FMFB - AFG, FMFB 

- Pakistan, FMFB - TJK, FMFI-SYR, FODEM, FORWARD, Fundación Alternativa, FUNDAHMICRO, 

FUNDESER, FVP, Grameen Mendoza, Hekima, Hluvuku, Hofokam, Hope for Life, Horizon, 

Horizonti, ICC Conquista Solidária, ICC MAUCE, IDDA, Indur MACS, Jabal Al Hoss, Joldosh Group, 

JOVID, KADET, Kakum RB, Kasagana-Ka, Kazama Grameen, KCCDFI, Khushhali Bank, Komak 

Credit, KosInvest, Kredo, KRK Ltd, Lak Jaya, Lazika Capital, Lead Foundation, LIDER, Life Bank, M7 

Ninh Phuoc, Manushi, Marang, Maxima, Mbinga CB, MBK Ventura, MDF, MECBAS, Meklit, MFI, 

MGPCC DEKAWOWO, Micro Africa, Micro Start, Microinvest, MLF MicroInvest, MLF MWI, Moldir, 

Moris Rasik, MUL, Narodniy Kredit_Kemerov, NMF, NovoBanco - MOZ, OBS, Faulu - TZA, OIBM, 

OMB, OMRO, Oportunidad Microfinanzas, Otiv Diana, Parwaz, PASED, PATRA Hunchun, PATRA 

Yanbian, Plan International, ProCredit - ECU, ProCredit - GHA, ProCredit - NIC, ProCredit Bank 

- BGR, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, 

Progresar, Pro Mujer - MEX, Real Microcrédito, Reserv-Altay, São Paulo Confia, Saadhana, SB Bank, 

SOCIALCRED, Sodruzhestvo, SOGESOL, SolFi, Solución Asea, Soyuz-Khimik, Soyuz-Primoroye, 

SPBD, SU, SUMI, TFS, Tsaritsinskiy passaj, U-IMCEC, Umid, Umid-Credit, VFC, VRFSBS, Wasasa 

657 191 391 75 1st Valley Bank, 3A Entreprises, A3C, ABA, ABS-CBN, ACAD, ACBA, ACCOVI, ACEP Cameroon, 

ACEP Senegal, ACF, ACLEDA, ACME, ACORDE, ACSI, Actuar Caldas, Actuar Tolima, ADICH, ADIM, 

ADOPEM, ADRA - PER, ADRI, Aetos, AFK, AFODENIC, AGAPE, AgroCapital, Agroimpuls, AgroInvest, 

AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alidé, ALSOL, 

Alternativa, Alteya, AMA, AMC, Ameen, AMK, AMMACTS, AMRET, AMSSF/MC, ANED, Apoyo 

Integral, ARD, ARDCI, ASA, ASALA, ASBA, ASC Union, ASDIR, ASEI, ASHI, ASIDME, ASKI, Asociación 

Arariwa, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, Avanzar, AWS, AYNLA, 

Azercredit, Azerdemiryolbank, Banco ADEMI, Banco da Familia, Banco do Empreendedor, Banco 

do Povo ACP, Banco Familiar, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, 

BanCovelo, BANEX, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, Bank of Baku, 

BASIX, BCB, BCSC, BEES, BESA, Bessfa RB, BFL, BG, BIMAS, BISWA, BMSCCSL, Bonzali RB, BPR AN, 

BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, 

BPR NSI, BPR Pinang Artha, BPR PKT, BPR Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR 

Taman Dhana, BRAC, BSS, BTA Bank, BURO Bangladesh, BWDC, CAFASA, Caja Depac Poblana, 

Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, CAPPED, CARD Bank, 

54 






Charter Type: Bank 

(Bank) 


CARD NGO, CARE - CREEME, Caritas, Caritas Esteli, Cashpor MC, CBDIBA/RENACA, CBMO, CCA, 

CCC, CDRO, CDS, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CECA, CECIC S.A., CEC-PROM 

Mature, CEF, Centenary Bank, Central Cresol Baser, CEOSS, CEP, CEP BRVT, CEPESIU, CEPRODEL, 

CESOL ACJ, CETZAM, CFF, CFPA, Chandeshwori, CHC-Limited, Chita FSBS, CIDRE, CMAC Arequipa, 

CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC 

Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 

4 de Octubre, COAC Artesanos, COAC Huaycopungo, COAC Jardín Azuayo, COAC La Benéfica, 

COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Pallatanga, COAC Sac 

Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, CODESARROLLO, 

CompartamosBanco, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, 

Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC San 

Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo 

Domingo, COOPAC Tocache, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, CPECG Yete 

Mali, CRAC Los Andes, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, CRAN, CRECER, 

Credi Fé, CrediAmigo, CrediAvance, Credi-Capital, Credicoop, CREDIMUJER, Crediscotia, Credisol, 

CREDO, CReSA, CRG, Crystal, CSD, CU Kosayu, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays 

Dogon, CVECA SOUM, CWCD, DAMEN, DBACD, DEC, DECSI, DEF, DEPROSC-Nepal, Despacho 

Amador, Diaconia, Dian Mandiri, DINARI, DJOMEC, DSK Dobrich, D-Miro, Doveriye (Amursk), 

Doveriye- Bulgaria, Doveriye-Altay, DSPI, ECLOF - ECU, EcoFuturo FFP, EDAPROSPO, Edinstvo 

Yurga, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Proempresa, 

EDPYME Raíz, EKI, EKPA, Emprender, Enda, ENLACE, Equity Bank, ESAF, ESED, Espacios 

Alternativos, Express Finance, FACES, FADEMYPE, 

FAFIDESS, FAIR Bank, FAM, FAMA OPDF, FAPE, FASL, Fassil FFP, FATEN, Faulu - KEN, Faulu - UGA, 

FBPMC, AfricaWorks, FDL, FDM, FECECAM, FED, FFECC, FFSA, FIACG, FICO, FIDERPAC, FIE FFP, 

FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA 

- ARM, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA 

- MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA - TZA, FINCA 

- UGA, FinComún, FINCORP, FINSOL, First Macro Bank, Emprenda, FMCC, FMM Bucaramanga, 

FMM Popayán, FMSD, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESURCO, Fondo 

Esperanza, Fonkoze, Fortaleza FFP, FORUS, FOVIDA, FRAC, FUBODE, FUCEC Togo, FUDEMI, 

FULM, FUNBODEM, Fundación 4i-2000, Fundación Amanecer, Fundación CAMPO, Fundación 

Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, 

Fundación Nieborowski, Fundación Paraguaya, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, 

FUNDENUSE, FUNDEPYME, FUNDESPE, Fundusz Mikro, FUNED, FUNHAVI, FUNSALDE, Génesis 

Empresarial, Gasha, GAWFA, GBNB, General Toshevo, GFSPL, GM Bank, Gorodskoy, GRAINE sarl, 

Grameen Bank, Green Bank, GU, GV, HEED, HDH OPDF, HKL, HOPE, HSPFI, ICC BluSol, ICMFB, 

IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, 

Imkoniyat, IMON, IMPRO, INECO, Inicjatywa Mikro, INMAA, INSOTEC, Intellekt, Interactuar, Interfisa 

Financiera, Jamii Bora, Janodaya, JCF, Jigiyaso Ba, JSC Bank Constanta, JSCCS, Juaben RB, JVS, Kafo 

Jiginew, KAMURJ, Kashf Foundation, Kajnardza 96, KBSLAB, KEP, KGMAMF, Khan Bank, KixiCredito, 

KMB, KMBI, KMF, Kokari, Kondo Jigima, KOPSA, KPOSB, K-Rep, KRUSHI, KSF, KSK RPK, KVK, KWFT, 

La Community Bank, LAM, LAPO-NGR, LOK Microcredit Foundation, M7 Can Loc, M7 DB District, 

M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Uong bi, Maata-N-Tudu, FAF-DC, Mahasemam, 

Mahila, Mahuli, Makhzoumi, Mallig Plains RB, Manuela Ramos, Maritsa Invest, MC², MCN, MEC 

AFER, MEC FEPRODES, MECREF, MEDF, MED-Net, MEMCO, MFW, MGBB, MiBanco, MI-BOSPO, Coop 

MEDA, Microserfin, Microsol, MIDE, MIKRA, Mikro ALDI, Mikrofond, Miselini, Miziya, MLF Chiluchor 

chashma, MAMIDECOT, Momina Voda, Moznosti, MPGBB, MUDE, MUSCCO, Mutuelle Akwaba, 

Nachala, Nadejda 96, NBJK, NeRuDO, New RB of Victorias, Nidan, Nirdhan, Normicro, NRDSC, 

NSBA, Nwabiagya RB, NWTF, Nyesigiso, OBM, OCSSCO, ODEF Financiera, OLC, Opportunity 

Albania, Otiv Alaotra, Otiv Sambava, Otiv Tana, Otuasekan RB, OXUS - TJK, PADME, PAIDEK, PALFSI, 

PAMECAS, PAPME, Parabank, PARC, Partner, PASECA - Kayes, PBC, PEACE, Perelik, PGBB, Pomoriiski 

stopanin, Popular Kasa-Kystendil, PR Bank, PRASAC, PRESTANIC, PRIDE - TZA, Pride Finance, 

PRISMA, PRIZMA, ProCaja, ProCredit - BOL, ProCredit - MDA, ProCredit - SLV, ProCredit Bank 

- ALB, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, PRODEM FFP, PRODESA, 

Progressive Bank, Pro Mujer - BOL, Pro Mujer - NIC, Pro Mujer - PER, Pushtikar, PWMACS, RADE, 

Raduga, RASS, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Lebak, RB Mabitac, 

RB Montevista, RB Oroquieta, RB Placer, RB Siargao, RB Solano, RB Talisayan, RCDS, RCPB, RGVN, 

ROMCOM, Rost, RSPI, Ryada, Sabaragamuwa, SABR, Saglasie 96, Sahara Mahila, Sajida, Samokov 

96, Sanghamithra, Sartawi, Sarvodaya Nano Finance, SAT, Sathapana Limited, SBACD, SBS, SCDA, 

SCNL, SDBL, SEAP, SED, SEDA, SEEDS, SEF-ARM, SEF-ZAF, Seilanithih, Serviamus, SEWA Bank, SFPI, 

Shakti, SHARE, SINERGIJA, SIPEM, SKDRDP, SKS, SMEP, Smilyan, SMSS, PADECOMSM, Sodeystviye, 

SOFINA, Soglasiye, Solidarnost, Soro Yiriwaso, South Akim RB, Spandana, SPGBB, SSS, Stanichnik, 

Stopanin, Sungi, Sunrise, SWAWS, Tamweelcom, Tchuma, TIAVO, TLM, TPC, TSKI, TYM, UCADE 

Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCEC/MK, UNACOOPEC- 

CI, UNICREICH, Union RB, UNRWA, UOB, Upper Manya RB, USFSBS, USTOI, Finance Trust, Valiant RB, 

VBSP, VFS, Viator, Visión Banco, Vital Finance, VSSU, VYCCU, WAGES, WDB, Wisdom, WKP, Women 

for Women, World Relief - HND, WSE, WWB Cali, XacBank, Zakoura, 

82 6 62 14 ACBA, AccessBank, ACLEDA, ACLEDA Lao, ADOPEM, Agroinvestbank, Aiyl Bank, Akiba, Al Rafah 

Bank, AMfB, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Amigo, Banco Familiar, Banco 

Popular do Brasil, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanGente, Bank Eskhata, 

Bank of Baku, BCSC, BOM, BTA Bank, Capitec Bank, Centenary Bank, Columbia Microcreditos, 

CompartamosBanco, CrediAmigo, Crediscotia, CRG, Equity Bank, FINCA - ECU, FMFB - AFG, FMFB 

- TJK, FORUS, Grameen Bank, ICMFB, IMFB, INECO, JSC Bank Constanta, KBank, Khan Bank, KMB, 

KPOSB, K-Rep, La Community Bank, LAPO-SLE, MiBanco, MiBanco Venezuela, Mikrokredit Bank, 

Nirdhan, NovoBanco - MOZ, OBM, OBS, OIBM, OMB, Parabank, ProCredit - BOL, ProCredit - COL, 


55





Charter Type: Credit Union 

(Credit Union) 

Charter Type: NBFI 

(Non - Bank Financial 

Intermediary) 


ProCredit - ECU, ProCredit - HND, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit 

Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank 

- MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - SLE, ProCredit Bank - UKR, 

ProCredit Bank- DRC, ProCredit Bank Serbia, SEWA Bank, VBSP, Visión Banco, XacBank 

182 99 72 11 ACEP Senegal, ACFB, Aetos, Agroimpuls, Alternativa, Alteya, AMMACTS, Aqroinvest, ASC 

Union, ASR, Avantaj, Blago, BMSCCSL, BMT Kayu Manis, BRCCC, CACMU, Caja Depac Poblana, 

Caja Popular Mexicana, CamCCUL, CCAMETRO, CDM, CECA, CEC-PROM Mature, Central Cresol 

Baser, Chandeshwori, CMCA, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COAC 

Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC 

Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, 

COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC 

Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa 

Ana, COAC Santa Anita, CODESARROLLO, Comultrasan, Coop 20 de Abril, Coop Avances, Coop 

Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, 

COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC 

Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC 

Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, 

Credicoop, Cresol Central, CU Sawiran, DJOMEC, DSK Dobrich, Doveriye - Volgograd, Doveriye 

(Amursk), Doveriye- Bulgaria, Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, EKPA, 

FAM, FECECAM, FFECC, FUCEC Togo, FULM, Galaktika, General Toshevo, Gorodskoy, Impuls, 

Indur MACS, Intellekt, Jigiyaso Ba, JSCCS, Kafo Jiginew, Kajnardza 96, Kokari, Komak Credit, 

Kondo Jigima, Kredo, KSK RPK, KVK, KVK-Altay, LSK, Madfa SACCO, Mahila, Maritsa Invest, MC², 

MEC AFER, MEC FEPRODES, MECBAS, MECREF, MGPCC DEKAWOWO, Coop MEDA, Miziya, 

MAMIDECOT, Momina Voda, Moznosti, MUSCCO, Mutuelle Akwaba, Nachala, Nadejda, Nadejda 

96, Narodniy Kredit_Kemerov, Neftegaz, Nyesigiso, Obereg (Vladivostok), Otiv Alaotra, Otiv 

Diana, Otiv Sambava, Otiv Tana, PAMECAS, Partner Russia, PASECA - Kayes, Perelik, Pomoriiski 

stopanin, Popular Kasa-Kystendil, Povoljye, Pushtikar, PWMACS, Raduga, RCCECG, RCPB, 

Reserv-Altay, Rezerv, Riverbank, Rost, Rus, Saglasie 96, Sahara Mahila, Samokov 96, SBS, Smilyan, 

Sodeystviye, Sodeystviye-2005, Soglasiye, Solidarnost, Soyuz-Khimik, SoyuzKredit, Soyuz- 

Primoroye, Stanichnik, Stopanin, TIAVO, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, UCCEC GY, 

UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNION DES COOPECs UMUTANGUHA, 

Vostok Kapital, VYCCU, WOCCU - AFG 

338 99 192 47 1st MCC, 3A Entreprises, Abzal Kredit, ACB sa, ACCOVI, ACF, ACSI, ADCSI, AFS, Aqrarkredit, 

AgroInvest, A-invest, Al Awael, Alliance Group, Alliance MFB, Alternativa 19 del Sur, Alwatani, 

AMC, AMC de R.L., Ameen, AMK, AML, Amlok, AMRET, Apoyo Económico, Apoyo Integral, AREGAK 

UCO, Arnur Credit, Arohan, ASP Financiera, ASTI, ASUSU CIIGABA, AWS, Azercredit, Azeri Star, Bai 

Tushum, Bandhan, BANEX, BASIX, BAYOCA, Bereke-credit, Berendina Microfinance, BFL, BFSBS, 

BG, Borshud, CAFASA, CAFODEC, CAPA, CAURIE Micro Finance, CBIRD, CCA, CDS, CECIC S.A., CEF, 

CETZAM, CFA, CFE, CHC-Limited, Chita FSBS, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, 

CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, 

CMAC Tacna, CMAC Trujillo, CMFinance, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, 

CRAC Señor de Luren, CRAC Sipán, Crece Safsa, CredAgro NBCO, Credi Fé, CrediAvance, Credi- 

Capital, CrediClub, CrediComún, CREDIT, Credit Mongol, Créditos Pronegocio, CREDITUYO, 

CREDO, Crezcamos, Crystal, DAYAQ-Credit, DD Bank, DECSI, Degaf, Despacho Amador, Dirigible, 

Don Apoyo, Duterimbere, ECLOF - ARM, EcoFuturo FFP, EDPYME Acceso Crediticio, EDPYME 

Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME 

Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, 

Ehyoi kuhiston, EKI, Elet-Capital, ENLACE, Equitas, Eshet, Crezkamos Kapital, Fácil SCM, FAMA 

OPDF, Farm Credit Armenia, FASL, Fassil FFP, FATEN, Faulu - KEN, Faulu - UGA, FFSA, FIE FFP, 

FIE Gran Poder, FIELCO, FinAgro, FinAmérica, FinAmigo, Financiera Edyficar, Financiera Fama, 

Financiera Independencia, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - HND, 

FINCA - Russia, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FinDev, FINORTE, 

FINSOL, Emprenda, FISUR, FMCC, FMFB - Pakistan, FNT Credit, Forjadores de Negocios, Fortaleza 

FFP, Fundusz Mikro, Garant-Invest, Gasha, GAWFA, GCM, GFSPL, GOF, GRAINE sarl, Grupo Río 

La Venta, GV, Harbu, HDH OPDF, HKL, HOPE, Horizon, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, 

IMON, Inicjatywa Mikro, Interfisa Financiera, Invest Credit, Invest-Credit Moldova, Invirtiendo, 

IPR, Jamii Bora, Joldosh Group, JOVID, JVS, KADET, KAMURJ, Kashf Bank, Kemek, KEP, Khushhali 

Bank, KixiCredito, KMF, Kompanion, KOPSA, KRK Ltd, KWFT, Lak Jaya, LAM, Lazika Capital, Letta, 

LIDER, LOK Microcredit Foundation, MADRAC, Maqsadi dasgiri, Maxima, MCL, MCN, MCO ‘Oral’, 

Meklit, MFI, MFW, MI-BOSPO, Micro Africa, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, 

Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, MIKRA, Mikro ALDI, Mikrofond, 

MikroMaliyye Credit, Mimo Finance, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF 

MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MoFAD, Mol Bulak Finance, 

Moldir, MUL, NMFB, Normicro, Nov Credit, OCSSCO, ODEF Financiera, Faulu - TZA, OI China, OISL, 

OMRO, Oportunidad Microfinanzas, Opportunity Albania, Opportunity Finance, Opportunity 

Kenya, OXUS - AFG, OXUS - KGS, OXUS - TJK, Partner, PEACE, PNG Microfinance Ltd, POMFB, 

Popular SAFI, PRASAC, PRIZMA, ProCredit - GHA, ProCredit - MDA, PRODEM FFP, Progresemos, 

Real Microcrédito, Red de Vanguardia, REDFunds, Reef, Reliance, Rishenglong, RML, WMN 

(Russia), Sabaragamuwa, Samasta, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, 

SDBL, SED, SEEDS, SEF-ARM, Seilanithih, SemiSol, SEWA Finance, SFF, SFPI, SHARE, SINERGIJA, 

SIPEM, SKS, SMEP, SOCIALCRED, PADECOMSM, SOCRED, SOFINA, SOGESOL, SolFi, Solución Asea, 

Soluciones Reales, Sonata, Spandana, Sugd Microfin, SUMI, Sunrise, SFPL, Tamweelcom, Tchuma, 

Te Creemos, TFS, TMFB, TPC, Trident Microfinance, Tujijenge, Turame Community Finance, TYM, 

Ujjivan, Umid-Credit, UNICREICH, UOB, USFSBS, USTOI, Finance Trust, VFC, VFM, VFS, Viator, Vivir 

Soluciones, VRFSBS, Wasasa, Nationwide Microbank, WDB, Wisdom, WISE, WWI - AFG 

56 






Charter Type: NGO 

(Non Government Organization) 

Charter Type: Rural Bank 

(Rural Bank) 

Financial Intermediation: 

Non FI 

(Voluntary Savings/Total Assets 

= 0) 


389 114 246 29 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, ACAD, ACEP Cameroon, ACME, ACORDE, Actuar 

Caldas, Actuar Tolima, Aden, Adhikar, ADICH, ADIM, ADRA - PER, ADRI, AFK, AFODENIC, 

Agência do Crédito, AGAPE, AgroCapital, Agrocredit Plus, AGUDESA, Al Amana, Al Karama, 

Al Majmoua, Al Tadamun, Alidé, ALSOL, Alternativa Microfinanzas, Al-Thiqa, AMA, AMEXTRA, 

AMFI, AMOS, AMSSF/MC, ANDE, ANED, APED, APROS, ARD, ARDCI, ARDI, ARMP, ASA, ASA - GHA, 

ASA Philippines, ASALA, Asasah, ASBA, ASDIR, ASEI, ASHI, ASIDME, ASKI, Asociación Arariwa, 

Asociación El Balsamo, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, ATEMEXPA, 

Avanzar, AYNLA, Azal, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede 

Novo Sol, Banco do Vale, BANCRI, BEES, Bereke, BESA, BIMAS, Binhminh CDC, BISWA, BJS, BRAC, 

BRAC - AFG, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BSS, BURO Bangladesh, BWDC, 

BZMF, CAME, CAPPED, CARD NGO, CARE - CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, 

Cashpor MC, CBDIBA/RENACA, CCC, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE 

PI, CEDEF, CEOSS, CEP, CEP BRVT, CEP Long An, CEPESIU, CEPRODEL, CESOL ACJ, CEVI, CFF, 

CFPA, Chamroeun, CHF Iraq, Childfund Hoa Binh, CHWDA, CIDRE, CMEDFI, COCDEP, Common 

Interest, Conserva, Contactar, CRAN, CRECER, CREDIMUJER, Credisol, CReSA, CRYSOL, CSD, 

CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, CZWSDA, DAMEN, 

DBACD, DEC, DEPROSC-Nepal, Diaconia, Dian Mandiri, DINARI, D-Miro, DQF, DSPI, ECLOF - ECU, 

ECLOF - PHL, EDAPROSPO, Emprender, Enda, ESAF, ESED, Espacios Alternativos, Express Finance, 

FACES, FADEMYPE, FAFIDESS, FAPE, FBPMC, AfricaWorks, FDL, FDM, FED, FIACG, FIDERPAC, 

FIDEVIE, FINCA - DRC, FINCA - GTM, FINCA - HTI, FINCA - JOR, FINCA - KOS, FINCA - MEX, FINCA 

- MWI, FINCA - NIC, FINCA - PER, FINCA - SLV, FINCA - TZA, FMF, FMFI-SYR, FMM Bucaramanga, 

FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESOL, 

FONDESURCO, Fondo Esperanza, Fonkoze, FORWARD, FOVIDA, FRAC, FUBODE, FUDEMI, 

FUNBODEM, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, 

Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación 

León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, 

FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, 

FUNDESER, FUNDESPE, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GGEM 

Microfinance Services Ltd., Grameen Mendoza, GU, HEED, Hekima, HiH, Hluvuku, Hofokam, Hope 

for Life, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDDA, IDEPRO, IDER 

CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, IMPRO, INMAA, INSOTEC, Instituto 

Estrela, Interactuar, Izdiharona Microfinance, Jabal Al Hoss, Janodaya, JCF, JXWDA, Kasagana-Ka, 

Kashf Foundation, Kazama Grameen, KCCDFI, KGMAMF, KMBI, KosInvest, KRUSHI, KSF, LAPO-NGR, 

Lead Foundation, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai 

Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, FAF-DC, Mahasemam, Mahashakti, Mahuli, 

Makhzoumi, Manuela Ramos, Manushi, Marang, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, 

Micro Start, Microsol, MIDE, Miselini, MLF MWI, Moris Rasik, MUDE, NBJK, NCS, NEED, NeRuDO, 

Nidan, NMF, NRDSC, NSBA, NWTF, NYWDA, OLC, PADME, PAIDEK, PALFSI, PAPME, PARC, Parwaz, 

PASED, PATRA Hunchun, PATRA Yanbian, PAWDEP, PCWDA, Plan International, PRESTANIC, PRIDE 

- TZA, Pride Finance, PRISMA, ProCaja, PRODESA, Progresar, Pro Mujer - ARG, Pro Mujer - BOL, 

Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, RADE, RAFODE, RASS, RCDS, RGVN, ROMCOM, 

RSPI, Ryada, São Paulo Confia, Saadhana, SABR, Sajida, Sanghamithra, Sarala, Sartawi, SAT, SBACD, 

SCDA, SEAP, SEDA, SEF-ZAF, SEM Fund, Serviamus, SFSD, Shakti, SKDRDP, SMSS, Sodruzhestvo, 

Soro Yiriwaso, SPBD, SSS, SU, Sungi, Mentors - PER, SWAWS, TLM, TSKI, UCADE Ambato, UCADE 

Guaranda, UCADE Latacunga, UCADE Santo Domingo, Vital Finance, VSSU, WAGES, WKP, Women 

for Women, World Relief - HND, WSE, WWB Cali, XXWDA, YYWDA, Zakoura 

84 21 62 1 1st Valley Bank, Akuapem RB, Atwima Kwanwoma, Banco Santiago de Libon, Bangko Kabayan, 

Bangko Luzon, Bangko Mabuhay, BCB, Bessfa RB, BMT Pringsewu, Bonzali RB, BPR AN, BPR 

Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, 

BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, 

BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, 

BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, Cantilan Bank, CARD 

Bank, CBB, CBMO, FAIR Bank, FICO, First Macro Bank, GBNB, GM Bank, Green Bank, Juaben RB, 

Kakum RB, KBSLAB, Mallig Plains RB, Mbinga CB, MGBB, MPGBB, New RB of Victorias, Nwabiagya 

RB, Otuasekan RB, PBC, PGBB, PR Bank, Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB 

Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, 

RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, Siam 

Bank, South Akim RB, SPGBB, Union RB, Upper Manya RB, Valiant RB 

398 120 243 35 1st MCC, 3A Entreprises, ABA, ACAD, ACF, ACME, ACORDE, Actuar Caldas, Actuar Tolima, 

Adhikar, ADIM, ADRA - PER, ADRI, Aetos, AFODENIC, AFS, Agência do Crédito, AGAPE, 

Aqrarkredit, AgroCapital, Agrocredit Plus, Agroimpuls, AgroInvest, AGUDESA, A-invest, Aiyl 

Bank, Al Awael, Al Karama, Al Majmoua, Al Tadamun, Alliance Group, Alternativa Microfinanzas, 

Al-Thiqa, AMA, AMC, AMC de R.L., Ameen, AMFI, AML, AMMACTS, AMOS, AMSSF/MC, ANDE, 

ANED, Apoyo Económico, Apoyo Integral, Aqroinvest, ARDI, AREGAK UCO, ARMP, Arohan, ASBA, 

ASEI, ASIDME, Asociación El Balsamo, Asociación Raíz, ASOPROSANRAMON, ASP Financiera, 

ASTI, Avanzar, AWS, AYNLA, Azercredit, Bancamía, Banco da Familia, Banco do Empreendedor, 

Banco do Povo ACP, Rede Novo Sol, Banco do Vale, BANCRI, Bereke-credit, Berendina 

Microfinance, BESA, BFL, BFSBS, BISWA, BJS, BSS, BWDC, CAFODEC, CAPA, CARE - CREEME, 

Caritas, Caritas Esteli, Casa do Microcrédito, Cashpor MC, CCC, CEADe, CEAPE BA, CEAPE MA, 

CEAPE PE, CEAPE PI, CEDEF, CEF, CEOSS, CEPESIU, CESOL ACJ, CFF, CHF Iraq, Chita FSBS, CHWDA, 

CIDRE, CMFinance, COCDEP, Columbia Microcreditos, Common Interest, CompartamosBanco, 

Contactar, CRECER, Credi Fé, CrediAmigo, Credi-Capital, CrediClub, CREDIMUJER, Credisol, 

Créditos Pronegocio, CREDITUYO, CReSA, Crezcamos, CRYSOL, CWCD, DAMEN, DAYAQ- 


57






Low FI 


> 0 and < 20%) 


Credit, DEF, Diaconia, Dirigible, DSK Dobrich, D-Miro, Don Apoyo, ECLOF - ECU, EDAPROSPO, 

EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, 

EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME 

Proempresa, EDPYME Raíz, Ehyoi kuhiston, Elet-Capital, Emprender, ENLACE, Equitas, ESAF, 

ESED, Express Finance, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAPE, Farm Credit Armenia, 

FDL, FED, FIACG, FIDERPAC, FIE Gran Poder, Financiera Fama, Financiera Independencia, 

FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - MEX, FINCA - NIC, 

FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA - TJK, FINCA - TZA, FINCORP, FinDev, FINORTE, 

Emprenda, FMCC, FMF, FMM Bucaramanga, FMM Popayán, FMSD, FNT Credit, FODEM, FODEMI, 

FOMIC, FONDEP, FONDESOL, FONDESURCO, Fondo Esperanza, Forjadores de Negocios, 

FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fundación 4i-2000, Fundación Alternativa, 


León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación 

Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, 

FUNDESER, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GCM, General Toshevo, 

GGEM Microfinance Services Ltd., GFSPL, GOF, Grameen Mendoza, GV, HiH, HOPE, Hope for 

Life, ICC BluSol, ICC MAUCE, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDH, ImerCredit, 

Imkoniyat, Imodi Hutal, IMPRO, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Interactuar, Invest 

Credit, IPR, Izdiharona Microfinance, Janodaya, Joldosh Group, JXWDA, Kashf Bank, 

Kajnardza 96, Kemek, Komak Credit, Kompanion, KOPSA, KosInvest, KRK Ltd, LAM, LIDER, FAF- 

DC, Makhzoumi, Manuela Ramos, Marang, Maxima, MCN, MCO ‘Oral’, MDF, MEDF, MEMCO, MFI, 

Micro Africa, MicroCred - MDG, MicroCred - MEX, Micredito SAC, Coop MEDA, Microfinanciera 

Prisma, Microserfin, Microsol, MIDE, MIKRA, Mikro ALDI, MikroMaliyye Credit, Mimo Finance, 

Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF MWI, 

MLF Vahsh Microfin, MLO ‘Saodat Invest’, MMS, Moldir, Momina Voda, MUDE, MUL, Nachala, 

Nadejda 96, NBJK, NCS, Nidan, Normicro, Nov Credit, NSBA, OLC, Oportunidad Microfinanzas, 

Opportunity Albania, Opportunity Finance, OXUS - AFG, OXUS - KGS, PAIDEK, PASED, PATRA 

Hunchun, Perelik, Pomoriiski stopanin, Popular SAFI, PRESTANIC, PRISMA, PRODESA, Progresar, 

Progresemos, Pro Mujer - ARG, Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer 

- PER, RASS, RB Placer, Real Microcrédito, Red de Vanguardia, REDFunds, Rishenglong, RML, 

WMN (Russia), São Paulo Confia, Saadhana, Saglasie 96, Samokov 96, Sanghamithra, Sartawi, 

Sarvodaya Nano Finance, SCDA, SCNL, SED, SEF-ARM, SEF-ZAF, SEM Fund, SemiSol, SHARE, 

SINERGIJA, SIPEM, SKDRDP, SKS, SMILE, Smilyan, SMSS, SOCIALCRED, PADECOMSM, SOCRED, 

Sodruzhestvo, SOGESOL, Soglasiye, Solidarnost, Soluciones Reales, Sonata, Spandana, SSK, 

Stopanin, Sugd Microfin, Sungi, Mentors - PER, SFPL, SWAWS, TFS, TLM, Tsimlyansk, UCADE 

Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, Umid-Credit, UNRWA, 

USFSBS, USTOI, VFM, VFS, Viator, Vital Finance, Vivir Soluciones, VRFSBS, Women for Women, 

WWB Cali, WWI - AFG, XXWDA, YYWDA, Zakoura 

159 54 95 10 ABWA, Abyan, AccessBank, ACEP Cameroon, ACEP Senegal, Aden, ADICH, ADOPEM, ALSOL, 

Alternativa 19 del Sur, AMfB, AMK, AMRET, APROS, ASA - GHA, ASALA, Asasah, ASHI, Asociación 

Arariwa, ASODENIC, ASPIRE, ATEMEXPA, Azal, Bandhan, BASIX, BG, BOM, BRAC - AFG, BRAC - LKA, 

BRAC - SS, BRAC - TZA, BRAC - UGA, BRCCC, CAFASA, CCAMETRO, CBIRD, CDRO, CEPRODEL, 

CETZAM, CEVI, CFA, CFPA, CHC-Limited, Conserva, Coop 20 de Abril, COOPAC Norandino, 

COOPEC Hinfani Dosso, CRAN, Crece Safsa, CrediAvance, CrediComún, CREDIT, CUMO, CZWSDA, 

DD Bank, DEPROSC-Nepal, Despacho Amador, DINARI, Doveriye- Bulgaria, ECLOF - PHL, Eshet, 

Crezkamos Kapital, FAMA OPDF, FATEN, Faulu - UGA, FIDEVIE, FinAmigo, Financiera Edyficar, 

FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - MWI, FINCA - ZMB, FISUR, FMFI-SYR, 

FONCRESOL, FONDECO, FORUS, FUNDEA, FUNED, Galaktika, GRAINE sarl, Grupo Río La Venta, 

HDH OPDF, HKL, Hluvuku, Hofokam, Horizonti, HSPFI, IDDA, Indur MACS, Invirtiendo, Jabal Al 

Hoss, JSC Bank Constanta, Kashf Foundation, KGMAMF, Khushhali Bank, KixiCredito, Kokari, 

KRUSHI, KSF, Letta, Maata-N-Tudu, Madfa SACCO, MADRAC, Maritsa Invest, MBK Ventura, MCL, 

MED-Net, MGBB, MoFAD, Moznosti, MUSCCO, NEED, NeRuDO, NMF, NWTF, ODEF Financiera, Faulu 

- TZA, PADME, PAPME, Parwaz, PATRA Yanbian, PGBB, POMFB, PRASAC, Pride Finance, ProCaja, 

ProCredit - COL, PWMACS, RADE, Reef, RGVN, Sarala, SAT, Sathapana Limited, Seilanithih, SEWA 

Finance, SFSD, SolFi, Solución Asea, Soro Yiriwaso, SPBD, SPGBB, SU, Tamweelcom, Tchuma, Te 

Creemos, TPC, Trident Microfinance, TSKI, Turame Community Finance, TYM, Ujjivan, VFC, WISE, 

WOCCU - AFG, World Relief - HND 


High FI 


≥ 20%) 

393 120 229 44 1st Valley Bank, A3C, ABCRDM, ABS-CBN, ACB sa, ACBA, ACCOVI, ACFB, ACLEDA, ACSI, 

Agroinvestbank, Akiba, Akuapem RB, Al Rafah Bank, Alidé, Alliance MFB, Alternativa, Alteya, 

AMEXTRA, APED, ARD, ASA, ASA Philippines, ASC Union, ASDIR, ASKI, ASR, ASUSU CIIGABA, 

Atwima Kwanwoma, Avantaj, Azerdemiryolbank, Banco ADEMI, Banco Amigo, Banco Familiar, 

Banco Popular do Brasil, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, 

BanCovelo, BANEX, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, Bank of 

Baku, BCB, BCSC, BEES, Bessfa RB, BIMAS, Binhminh CDC, Blago, BMT Kayu Manis, BPR AN, BPR 

AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR 

Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NSI, BPR Pinang Artha, BPR SAS, BPR 

Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, 

BRAC, BTA Bank, BURO Bangladesh, CACMU, Caja Depac Poblana, Caja Popular Mexicana, 

CamCCUL, CAME, Cantilan Bank, Capitec Bank, CAPPED, CARD Bank, CARD NGO, CAURIE 

Micro Finance, CBDIBA/RENACA, CBMO, CCA, CDM, CDS, CECA, CECIC S.A., CEC-PROM Mature, 

Centenary Bank, Central Cresol Baser, CEP, Chamroeun, CMAC Arequipa, CMAC Cusco, 

58 







CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC 

Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 4 de 

Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando 

Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, 

COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC 

La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC 

San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, Comultrasan, 

Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, 

COOPAC León XIII, COOPAC Los Andes, COOPAC San Cristóbal, COOPAC San Martín, COOPAC 

Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC/ACCO, 

COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, CRAC Los Andes, CRAC Nuestra 

Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Credicoop, Crediscotia, Cresol 

Central, CRG, CSD, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, DEC, 

DECSI, DJOMEC, Doveriye - Volgograd, Doveriye (Amursk), Doveriye-Altay, DSPI, Duterimbere, 

EcoFuturo FFP, Edinstvo Yurga, Edinstvo-Volgograd, EKPA, Equity Bank, Espacios Alternativos, 

FAIR Bank, FAM, FASL, Fassil FFP, Faulu - KEN, FDM, FECECAM, FFECC, FICO, FIE FFP, FIELCO, 

FinAmérica, FINCA - DRC, FINCA - UGA, FinComún, FINSOL, First Macro Bank, FMFB - AFG, 

FMFB - Pakistan, FMFB - TJK, Fonkoze, Fortaleza FFP, FORWARD, FUCEC Togo, FULM, Gasha, 

GAWFA, GBNB, GM Bank, Gorodskoy, Grameen Bank, Green Bank, GU, Harbu, HEED, Hekima, 

IDF, ID-Ghana, IMFB, Impuls, INECO, Intellekt, Interfisa Financiera, Jigiyaso Ba, JSCCS, Juaben 

RB, JVS, KADET, Kafo Jiginew, Kakum RB, Kasagana-Ka, Kazama Grameen, KBank, KBSLAB, 

KCCDFI, Khan Bank, KMB, KMBI, Kondo Jigima, KPOSB, Kredo, K-Rep, KVK, KVK-Altay, KWFT, La 

Community Bank, LAPO-NGR, LAPO-SLE, Life Bank, LSK, Mahasemam, Mahila, Mahuli, Mallig 

Plains RB, Manushi, Mbinga CB, MC², MEC AFER, MEC FEPRODES, MECBAS, MECREF, MGPCC 

DEKAWOWO, MiBanco, MiBanco Venezuela, Micro Start, MicroCred - SEN, Mikrokredit Bank, 

Miselini, Moris Rasik, Mutuelle Akwaba, Nadejda, Narodniy Kredit_Kemerov, Neftegaz, NESDO, 

New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, Nwabiagya RB, Nyesigiso, Obereg 

(Vladivostok), OBM, OBS, OIBM, OISL, OMB, Opportunity Kenya, Otiv Alaotra, Otiv Diana, Otiv 

Sambava, Otiv Tana, Otuasekan RB, PALFSI, PAMECAS, Parabank, PARC, Partner Russia, PASECA 

- Kayes, PBC, PEACE, PNG Microfinance Ltd, Popular Kasa-Kystendil, Povoljye, PRIDE - TZA, 

ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit - NIC, ProCredit 

- SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, 

ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, 

ProCredit Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, 

PRODEM FFP, Progressive Bank, Pushtikar, Raduga, RAFODE, RB Bagac, RB Cainta, RB Camalig, 

RB Digos, RB Dipolog, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, 

RB Talisayan, RCCECG, RCPB, Reliance, Reserv-Altay, Rezerv, Rost, RSPI, Sajida, SB Bank, SBS, SEAP, 

SEDA, SEEDS, Serviamus, SFF, SFPI, Shakti, SMEP, Sodeystviye, Sodeystviye-2005, SOFINA, South 

Akim RB, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, TIAVO, TMFB, Tsaritsinskiy 

passaj, Tverskoy, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNICREICH, Union RB, 

UOB, Upper Manya RB, Finance Trust, Valiant RB, Visión Banco, Vostok Kapital, WAGES, Wasasa, 

Wisdom, XacBank 

Methodology: Individual 281 88 161 32 1st Valley Bank, Abzal Kredit, ACAD, AccessBank, ACCOVI, ACLEDA Lao, ACME, Actuar Caldas, 

ADRI, AFK, AFODENIC, AgroInvest, Agroinvestbank, Alliance Group, Alternativa, Alteya, 

Alwatani, AMA, AMC, AMC de R.L., Ameen, AMfB, Aqroinvest, ASA - GHA, ASA Philippines, 

ASC Union, ASDIR, ASOPROSANRAMON, ASPIRE, ASR, Avanzar, Azerdemiryolbank, Bancamía, 

Banco ADEMI, Banco da Familia, Banco do Empreendedor, Rede Novo Sol, Banco do Vale, 

Banco Familiar, Banco Solidario, BancoEstado, BANCRI, BANEX, Bank Eskhata, BCB, Berendina 

Microfinance, BESA, BJS, Blago, BMT Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, 

BPR Artadamas Mandiri, BPR BBTM, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, 

BPR NSI, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BRCCC, BTA Bank, BZMF, 

Caja Depac Poblana, CAPA, Capitec Bank, CARD Bank, CARD NGO, Casa do Microcrédito, 

CBDIBA/RENACA, CCC, CECA, CEF, Centenary Bank, CEP, CEPRODEL, Chamroeun, CHF Iraq, 

Chita FSBS, CMAC Arequipa, CMAC Del Santa, CMAC Ica, CMAC Pisco, CMCA, CMEDFI, 

CMFinance, COAC Ambato, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, 

COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC 

Mushuc Runa, COAC La Nacional, COAC Pallatanga, COAC San Antonio, COAC San José, COAC 

Santa Ana, Columbia Microcreditos, Coop Avances, Coop Juan XXIII, COOPAC Chiquinquira, 

COOPAC Los Andes, COOPAC Norandino, COOPAC Santo Cristo, COOPAC Santo Domingo, 

CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, CredAgro NBCO, Credi Fé, Credicoop, 

CREDIMUJER, Credisol, CREDO, Cresol Central, Crezcamos, CU Pantai Prigi, CU Sawiran, DEF, 

Doveriye - Volgograd, Doveriye (Amursk), Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, 

EDPYME Acceso Crediticio, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Pro 

Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, Express Finance, Fácil 

SCM, Farm Credit Armenia, Fassil FFP, FICO, FIDERPAC, FIE Gran Poder, FinAgro, FinAmérica, 

FMF, FMM Bucaramanga, FOMIC, FONDESURCO, Fortaleza FFP, FORUS, FULM, FUNBODEM, 

Fundación CAMPO, Fundación Nieborowski, FUNDEBASE, FUNDECOCA, Fundusz Mikro, 

Galaktika, Gorodskoy, GV, Hluvuku, HOPE, Horizon, ICC MAUCE, IDER CV, ImerCredit, Impuls, 

INECO, Inicjatywa Mikro, INSOTEC, Interactuar, Interfisa Financiera, Jabal Al Hoss, Juaben 

RB, Kafo Jiginew, Kashf Foundation, Kashf Bank, Khan Bank, Komak Credit, KosInvest, Kredo, 

KSK RPK, KVK, KVK-Altay, La Community Bank, Lak Jaya, LAM, Life Bank, FAF-DC, Makhzoumi, 

MCN, MDF, MiBanco Venezuela, MicroCred - MEX, Coop MEDA, Microserfin, Microsol, Mikro 

ALDI, Mikrofond, Mikrokredit Bank, MLF Vahsh Microfin, MUL, Nachala, Nadejda, Narodniy 

Kredit_Kemerov, Neftegaz, New RB of Victorias, OBM, OBS, OMRO, Opportunity Albania, 


59





Methodology: Individual/ 

Solidarity 

(Individual & Solidarity; or 

Individual, Solidarity & Village 

Banking) 


Opportunity Finance, PARC, Partner, Partner Russia, PATRA Hunchun, Popular Kasa-Kystendil, 

Popular SAFI, PRESTANIC, ProCaja, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit 

Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - 

KOS, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, 

PRODESA, Pushtikar, PWMACS, Raduga, RB Bagac, RB Cainta, RB Camalig, RB Digos, RB Dipolog, 

RB Lebak, RB Pagbilao, Reliance, Reserv-Altay, Rezerv, ROMCOM, Rost, Rus, WMN (Russia), 

Ryada, SBS, SCDA, Siam Bank, SINERGIJA, SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye, 

Sodeystviye-2005, Sodruzhestvo, SOGESOL, Soglasiye, Soyuz-Khimik, SoyuzKredit, Soyuz- 

Primoroye, Stanichnik, TFS, TMFB, Tsaritsinskiy passaj, Tverskoy, Umid, VBSP, Vostok K apital, 

VRFSBS, WWB Cali, Zakoura 

272 62 186 24 ACEP Senegal, ACF, ACLEDA, ACSI, ADCSI, Aden, ADICH, ADOPEM, Agência do Crédito, AGAPE, 

Aqrarkredit, AGUDESA, A-invest, Aiyl Bank, Al Awael, Al Majmoua, Alidé, Alliance MFB, AMFI, 

AMK, AML, AMOS, AMRET, ANDE, ANED, Apoyo Integral, ASKI, Asociación El Balsamo, Asociación 

Raíz, ASODENIC, ASTI, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco Santiago de Libon, 

BanCovelo, BanGente, Bangko Kabayan, Bangko Mabuhay, BASIX, Bereke, BOM, BPR CAS, BPR 

NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR SAS, BPR Wahana Sentra Artha, BRAC, BRAC 

- AFG, BRAC - UGA, BSS, CACMU, CAFODEC, Caja Popular Mexicana, CamCCUL, Cantilan Bank, 

CAPPED, CARE - CREEME, Caritas, Caritas Esteli, CCA, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE 

PE, CEAPE PI, CEDEF, CEOSS, CEPESIU, CESOL ACJ, CETZAM, CHC-Limited, CIDRE, CMAC Sullana, 

COAC 4 de Octubre, COAC Acción Rural, COAC Artesanos, COAC Huaycopungo, COAC Padre 

Vicente, COAC Sac Aiet, COAC San Gabriel, COAC Santa Anita, CODESARROLLO, Contactar, 

COOPEC/ACCO, CRAN, CrediAmigo, CREDIT, Crystal, CVECA Kita/Bafoulabé, CWCD, DBACD, 

DECSI, Dian Mandiri, DINARI, D-Miro, DSPI, ECLOF - ARM, EDAPROSPO, EDPYME Credivisión, 

Elet-Capital, Emprender, Enda, Equity Bank, ESAF, ESED, FADEMYPE, FAFIDESS, FAIR Bank, FAM, 

FAMA OPDF, FAPE, FASL, FATEN, AfricaWorks, FDL, FIDEVIE, Financiera Edyficar, Financiera Fama, 

FINCA - ARM, FINCA - JOR, FINCA - PER, FINCA - Russia, FINCORP, FinDev, FINSOL, First Macro 

Bank, FMFB - TJK, FODEM, FODEMI, FONCRESOL, FONDEP, FUBODE, FUCEC Togo, FUDEMI, 

Fundación 4i-2000, Fundación Alternativa, Fundación Esperanza, Fundación MICROS, Fundación 

Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEPYME, FUNDESPE, FUNSALDE, Génesis 

Empresarial, GM Bank, Grameen Mendoza, Grameen Sahara, Green Bank, Harbu, HDH OPDF, HKL, 

Hofokam, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, IDESPA, IDF, ID-Ghana, IDH, IMFB, 

Imkoniyat, Imodi Hutal, INMAA, Instituto Estrela, IPR, Izdiharona Microfinance, KBank, KBSLAB, 

KEP, KixiCredito, KMF, Kompanion, K-Rep, KSF, KWFT, LAPO-NGR, Lazika Capital, Lead Foundation, 

LIDER, LSK, MADRAC, Mallig Plains RB, Marang, MED-Net, Meklit, MiBanco, Microfinanciera Prisma, 

MIDE, Miselini, MLF MicroInvest, MLO HUMO, Mol Bulak Finance, Moris Rasik, MUDE, MUSCCO, 

Mutuelle Akwaba, NMF, NMFB, Normicro, Nwabiagya RB, Nyesigiso, ODEF Financiera, OIBM, OISL, 

OLC, OMB, Opportunity Kenya, OXUS - AFG, OXUS - KGS, OXUS - TJK, Parabank, Parwaz, PASED, 

PAWDEP, PRASAC, PRIDE - TZA, Pride Finance, PRODEM FFP, Progressive Bank, Pro Mujer - NIC, 

RADE, RB Liloy, RB Mabitac, RB Oroquieta, RB Placer, RB Siargao, RCCECG, RCPB, Real Microcrédito, 

Reef, RSPI, Sajida, Sathapana Limited, SB Bank, SBACD, SCNL, SEAP, SEDA, Seilanithih, SFF, SFSD, 

Mentors - PER, SFPL, SWAWS, TLM, TPC, TSKI, Tujijenge, TYM, UCADE Guaranda, UCADE Latacunga, 

UCCEC GY, UCEC/MK, UNICREICH, UNION DES COOPECs UMUTANGUHA, USTOI, Finance Trust, 

VFC, VFM, Viator, WAGES, Wisdom, World Relief - HND 

Methodology: Solidarity 67 20 45 2 ABS-CBN, ABWA, Abyan, Adhikar, ARDCI, Arohan, Asasah, AWS, BEES, Bessfa RB, BG, BIMAS, 

Bonzali RB, BRAC - LKA, CBB, CEP BRVT, CEVI, CFA, CFF, Childfund Hoa Binh, CrediComún, CSD, 

DQF, Equitas, Eshet, Fonkoze, FORWARD, IDDA, IDYDC, Jamii Bora, JVS, Kakum RB, KAMURJ, 

KGMAMF, KMBI, KRK Ltd, M7 Can Loc, M7 DB District, M7 Dong Trieu, M7 Mai Son, M7 Ninh 

Phuoc, Maata-N-Tudu, Madfa SACCO, Mahuli, Manushi, MLF Chiluchor chashma, MLF MWI, MMS, 

NCS, NESDO, NRDSC, Faulu - TZA, PALFSI, PBC, Plan International, Povoljye, RASS, RB Montevista, 

RB Talisayan, São Paulo Confia, SABR, SEF-ZAF, Serviamus, SPBD, SSS, Union RB, VFS 

Methodology: Village Banking 59 11 43 5 ADRA - PER, AgroCapital, Alternativa Microfinanzas, AMMACTS, ASA, ASEI, ASIDME, Asociación 

Arariwa, Atwima Kwanwoma, BISWA, BWDC, COOPROGRESO, CReSA, CUMO, Diaconia, EDPYME 

Confianza, FED, FIACG, FINCA - AZE, FINCA - ECU, FINCA - HTI, FINCA - KOS, FINCA - MWI, FINCA 

- TJK, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FMCC, FONDECO, Fondo Esperanza, Fundación 

Espoir, Fundación Mujer, GRAINE sarl, GU, Hekima, Indur MACS, Janodaya, KOPSA, KRUSHI, 

Manuela Ramos, MEDF, MFI, Mimo Finance, NBJK, Nidan, Pro Mujer - ARG, Pro Mujer - BOL, 

RAFODE, REDFunds, RGVN, Saadhana, Sarvodaya Nano Finance, SEEDS, SKDRDP, SMSS, South 

Akim RB, SSK, UCADE Ambato, Upper Manya RB 

Outreach: Small 

(Number of Borrowers 

< 10,000) 

553 238 289 26 1st MCC, 3A Entreprises, A3C, Abyan, Abzal Kredit, ACAD, ACB sa, ACCOVI, ACEP Cameroon, ACF, 

ACORDE, Actuar Caldas, Actuar Tolima, Aden, ADICH, ADIM, ADRI, Aetos, AFK, AFODENIC, Agência 

do Crédito, AGAPE, Aqrarkredit, Agrocredit Plus, Agroimpuls, AGUDESA, A-invest, Akuapem 

RB, Al Awael, Al Rafah Bank, Alidé, Alliance Group, Alliance MFB, Alternativa, Alternativa 19 

del Sur, Alternativa Microfinanzas, Alteya, Al-Thiqa, AMA, AMC, AMEXTRA, AMfB, AMFI, Amlok, 

AMOS, ANED, Aqroinvest, Arnur Credit, ASALA, ASDIR, ASEI, ASIDME, Asociación El Balsamo, 

ASOPROSANRAMON, ASR, ASTI, ATEMEXPA, Avantaj, Avanzar, Azal, Azeri Star, Banco da Familia, 

Banco do Empreendedor, Rede Novo Sol, Banco do Vale, BANCRI, Bangko Kabayan, Bangko 

Luzon, Bangko Mabuhay, BAYOCA, BCB, Bereke, Bereke-credit, BFSBS, BIMAS, Binhminh CDC, 

BJS, Blago, BMSCCSL, BMT Pringsewu, BOM, Borshud, BPR AN, BPR Aditama Arta, BPR AK, BPR 

Artadamas Mandiri, BPR BBTM, BPR CAS, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, 

BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati 

Pancakanti, BPR SKA, BPR Taman Dhana, BPR Wahana Sentra Artha, BRCCC, BZMF, CACMU, 

CAFASA, Caja Depac Poblana, CAPA, CAPPED, CARE - CREEME, Caritas Esteli, 

60 






Outreach: Medium 

(Number of Borrowers ≥ 10,000 

and ≤ 30,000) 


Casa do Microcrédito, CBIRD, CBMO, CCC, CDM, CDRO, CEADe, CEAPE BA, CEAPE PE, CEAPE 

PI, CECA, CECIC S.A., CEC-PROM Mature, CEDEF, CEF, CEP BRVT, CEP Long An, CEPESIU, CESOL 

ACJ, CETZAM, CFE, CFF, Chamroeun, Chandeshwori, Childfund Hoa Binh, Chita FSBS, CHWDA, 

CIDRE, CMAC Pisco, CMCA, CMEDFI, CMMB, COAC 4 de Octubre, COAC Acción Rural, COAC 


Huaycopungo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC 

Minga, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San 

Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, Columbia Microcreditos, Common 

Interest, Coop Avances, Coop Fátima, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC Los 

Andes, COOPAC Norandino, COOPAC Santo Domingo, COOPAC Tocache, COOPEC Hinfani Dosso, 

COOPEC/ACCO, COOPEDU-Kigali, COSPEC, CPECG Yete Mali, CRAC Sipán, CRAN, CrediAvance, 

Credicoop, CREDIMUJER, Credisol, Credit Mongol, CREDITUYO, Crezcamos, CRG, Crystal, CU 

Kosayu, CU Pantai Prigi, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, 

CWCD, CZWSDA, DAYAQ-Credit, Degaf, Despacho Amador, DINARI, Dirigible, DJOMEC, DSK 

Dobrich, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, DQF, 

ECLOF - ARM, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo Yurga, Edinstvo-Volgograd, 

EDPYME Acceso Crediticio, EDPYME Pro Negocios, Ehyoi kuhiston, Elet-Capital, Emprender, 

Espacios Alternativos, Crezkamos Kapital, Express Finance, Fácil SCM, FACES, FADEMYPE, FAM, 

FAPE, Farm Credit Armenia, FATEN, AfricaWorks, FDM, FFECC, FIACG, FIDERPAC, FIDEVIE, FIE Gran 

Poder, FinAgro, FINCA - JOR, FINCORP, FinDev, FINORTE, First Macro Bank, Emprenda, FISUR, 

FNT Credit, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fortaleza FFP, FOVIDA, FUDEMI, FULM, 


Fundación Amanecer, Fundación CAMPO, Fundación MICROS, Fundación Mujer, FUNDAMIC, 

FUNDEBASE, FUNDECOCA, FUNDEPYME, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Galaktika, 

Garant-Invest, Gasha, General Toshevo, GGEM Microfinance Services Ltd., Gorodskoy, Grameen 

Mendoza, Grameen Sahara, Grupo Río La Venta, Hekima, HDH OPDF, Hluvuku, HOPE, Hope for 

Life, Horizon, Horizonti, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, ICMFB, IDEPRO, IDER 

CV, IDESI Lambayeque, IDESPA, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, 

IMPRO, Impuls, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Intellekt, Invest Credit, Invest-Credit 

Moldova, IPR, Izdiharona Microfinance, Jabal Al Hoss, Joldosh Group, JOVID, Juaben RB, JXWDA, 

Kakum RB, Kajnardza 96, Kemek, KGMAMF, KixiCredito, Komak Credit, KosInvest, KPOSB, Kredo, 

KRK Ltd, KSF, KSK RPK, KVK, KVK-Altay, La Community Bank, LAM, LAPO-SLE, Lazika Capital, Letta, 

LIDER, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, 

M7 Uong bi, Madfa SACCO, FAF-DC, Makhzoumi, Manushi, Maqsadi dasgiri, Maritsa Invest, 

Mbinga CB, MCL, MCN, MCO ‘Oral’, MDF, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MEDF, 

MED-Net, MGPCC DEKAWOWO, MiBanco Venezuela, Micro Africa, MicroCred - MDG, MicroCred - 

MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, Microsol, 

MIDE, Mikro ALDI, Mikrofond, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF 

Kiropol, MLF Madina, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MAMIDECOT, MMS, 

Mol Bulak Finance, Moldir, Momina Voda, Moznosti, MUDE, MUL, Mutuelle Akwaba, Nachala, 

Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, NBJK, NCS, Neftegaz, NeRuDO, NESDO, New 

RB of Victorias, NMFB, Nov Credit, NSBA, Nwabiagya RB, NYWDA, Obereg (Vladivostok), OBS, 

Faulu - TZA, OI China, OLC, OMRO, Oportunidad Microfinanzas, Opportunity Finance, Otiv Diana, 

Otiv Sambava, Otuasekan RB, OXUS - KGS, OXUS - TJK, Parabank, PARC, Partner Russia, Parwaz, 

PASECA - Kayes, PASED, PATRA Hunchun, PATRA Yanbian, PCWDA, Perelik, Plan International, 

PNG Microfinance Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, Popular SAFI, Povoljye, 

Pride Finance, ProCaja, ProCredit - COL, ProCredit - HND, ProCredit Bank - MDA, ProCredit Bank 

- SLE, ProCredit Bank- DRC, Progresar, Pro Mujer - ARG, Pushtikar, Raduga, RAFODE, RB Cainta, 

RB Cotabato, RB Digos, RB Lebak, RB Liloy, RB Oroquieta, RB Pagbilao, RB Placer, RB Siargao, 

RCCECG, Red de Vanguardia, REDFunds, Reef, Reliance, Reserv-Altay, Rezerv, Rishenglong, 

Riverbank, RML, ROMCOM, Rost, Rus, WMN (Russia), Ryada, São Paulo Confia, SABR, Saglasie 96, 

Sahara Mahila, Samasta, Samokov 96, Sartawi, SBS, SCDA, SED, SEF-ARM, Seilanithih, SEM Fund, 

SemiSol, Serviamus, SEWA Finance, SFSD, Siam Bank, SIPEM, Smilyan, SOCIALCRED, PADECOMSM, 

SOCRED, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, SOFINA, Soglasiye, Solidarnost, Solución 

Asea, Soluciones Reales, South Akim RB, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, 

SPGBB, SSK, Stanichnik, Stopanin, Sugd Microfin, SUMI, Sungi, Mentors- PER, SFPL, TFS, TIAVO, 

Tsaritsinskiy passaj, Tsimlyansk, Tujijenge, Tverskoy, UCADE Ambato, UCADE Guaranda, UCADE 

Latacunga, UCADE Santo Domingo, UCCEC GY, UMECDES, Umid, Umid-Credit, UNICREICH, 

UNION DES COOPECs UMUTANGUHA, Union RB, Upper Manya RB, USFSBS, USTOI, VFM, Viator, 

Vital Finance, Vivir Soluciones, Vostok Kapital, VRFSBS, VSSU, VYCCU, Nationwide Microbank, 

WISE, WKP, WOCCU - AFG, XXWDA, YYWDA 

241 56 158 27 ABWA, ACEP Senegal, ACFB, ACME, ADRA - PER, AFS, AgroCapital, Agroinvestbank, Akiba, Al 

Karama, Al Majmoua, ALSOL, Alwatani, AMC de R.L., Ameen, AMSSF/MC, ANDE, APED, Apoyo 

Integral, APROS, ARD, ARDCI, AREGAK UCO, ARMP, ASA - GHA, Asasah, ASC Union, ASHI, 

Asociación Arariwa, Asociación Raíz, ASP Financiera, ASPIRE, Atwima Kwanwoma, AYNLA, 

Azercredit, Bai Tushum, Banco Amigo, Banco Santiago de Libon, BanCovelo, Bank Eskhata, 

Berendina Microfinance, BESA, Bonzali RB, BPR NBP 11, BPR Surya Yudha Kencana, BRAC - SS, BTA 

Bank, BWDC, CAFODEC, CCAMETRO, Cantilan Bank, Caritas, CAURIE Micro Finance, CBDIBA/ 

RENACA, CEAPE MA, CEPRODEL, CEVI, CFA, CFPA, CHC-Limited, CHF Iraq, CMAC Del Santa, CMAC 

Maynas, CMAC Paita, COAC Jardín Azuayo, COCDEP, CODESARROLLO, Conserva, Contactar, Coop 

20 de Abril, Coop Jesús Nazareno, COOPAC León XIII, COOPAC San Cristóbal, COOPAC San Martín, 

COOPAC Santa Maria, COOPAC Santo Cristo, COOPROGRESO, CRAC Los Andes, CRAC Profinanzas, 

Crece Safsa, CredAgro NBCO, CrediClub, CrediComún, Créditos Pronegocio, CREDO, 


61





Outreach: Large 

(Number of Borrowers 

> 30,000) 


CRYSOL, CSD, CUMO, DD Bank, DEF, Dian Mandiri, Don Apoyo, Duterimbere, EDPYME Alternativa, 

EDPYME Credivisión, EDPYME Nueva Visión, EKPA, ENLACE, Eshet, FAFIDESS, FAMA OPDF, FASL, 

Fassil FFP, Faulu - UGA, FED, FFSA, FICO, FinAmigo, FINCA - ARM, FINCA - GEO, FINCA - HND, FINCA 

- HTI, FINCA - KOS, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA 

- TJK, FINCA - ZMB, FINSOL, FMF, FMFB - TJK, FMFI-SYR, FODEMI, FONDECO, FONDESOL, Fondo 

Esperanza, Fonkoze, Forjadores de Negocios, FORUS, FRAC, FUBODE, Fundación Esperanza, 

Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO, FUNDEA, FUNDENUSE, Fundusz 

Mikro, FUNED, GAWFA, GCM, GM Bank, GRAINE sarl, Harbu, Hofokam, HSPFI, IDDA, IMFB, IMON, 

Indur MACS, INMAA, Invirtiendo, Janodaya, Jigiyaso Ba, JSC Bank Constanta, JVS, KADET, KAMURJ, 

Kasagana-Ka, Kashf Bank, Kazama Grameen, KBank, KCCDFI, KEP, KMF, Kondo Jigima, KOPSA, 

Maata-N-Tudu, MADRAC, Mahuli, Mallig Plains RB, Manuela Ramos, Marang, MC², Meklit, MEMCO, 

Micro Start, Coop MEDA, MIKRA, Miselini, MLF MicroInvest, MLF MWI, MoFAD, Moris Rasik, 

MPGBB, NEED, Nidan, NMF, Normicro, NovoBanco - MOZ, NRDSC, Nyesigiso, ODEF Financiera, 

OMB, Opportunity Albania, Opportunity Kenya, Otiv Alaotra, Otiv Tana, OXUS - AFG, PAIDEK, 

PALFSI, PAPME, PEACE, PR Bank, PRESTANIC, PRISMA, ProCredit - GHA, ProCredit - MDA, PRODESA, 

Progresemos, Progressive Bank, Pro Mujer - MEX, Pro Mujer - NIC, RADE, RB Camalig, RB Mabitac, 

RB Montevista, RB Talisayan, RSPI, SBACD, SEDA, SEWA Bank, SFPI, SINERGIJA, SOGESOL, Sunrise, 

Tchuma, Te Creemos, Turame Community Finance, UCEC/MK, U-IMCEC, UNRWA, Finance Trust, 

Valiant RB, WAGES, Women for Women, World Relief - HND, WSE, WWI - AFG 

273 45 181 47 1st Valley Bank, ABA, ABCRDM, ABS-CBN, ACBA, AccessBank, ACLEDA, ACSI, ADCSI, Adhikar, 

ADOPEM, AgroInvest, Aiyl Bank, Al Amana, Al Tadamun, AMK, AML, AMMACTS, AMRET, Apoyo 

Económico, ARDI, Arohan, ASA, ASA Philippines, ASBA, ASKI, ASODENIC, ASUSU CIIGABA, AWS, 

Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Familiar, Banco Popular do Brasil, Banco 

Solidario, BancoEstado, BancoSol, Bandhan, BANEX, BanGente, Bank of Baku, BASIX, BCSC, 

BEES, Bessfa RB, BFL, BG, BISWA, BRAC, BRAC - AFG, BRAC - LKA, BRAC - TZA, BRAC - UGA, BSS, 

BURO Bangladesh, Caja Popular Mexicana, CamCCUL, CAME, Capitec Bank, CARD Bank, CARD 

NGO, Cashpor MC, CBB, CCA, CDS, Centenary Bank, Central Cresol Baser, CEOSS, CEP, CMAC 

Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Ica, CMAC Piura, CMAC Sullana, CMAC Tacna, 

CMAC Trujillo, CMFinance, CMS, COAC Mushuc Runa, COAC La Nacional, CompartamosBanco, 

Comultrasan, CRAC Nuestra Gente, CRAC Señor de Luren, CRECER, Credi Fé, CrediAmigo, Credi- 

Capital, Crediscotia, CREDIT, CReSA, Cresol Central, DAMEN, DBACD, DEC, DECSI, DEPROSC-Nepal, 

Diaconia, D-Miro, DSPI, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME 

Efectiva, EDPYME Proempresa, EDPYME Raíz, EKI, Enda, Equitas, Equity Bank, ESAF, ESED, FAIR 

Bank, Faulu - KEN, FBPMC, FDL, FECECAM, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, 

Financiera Fama, Financiera Independencia, FINCA - AFG, FINCA - AZE, FINCA - DRC, FINCA 

- ECU, FINCA - GTM, FINCA - MEX, FINCA - TZA, FINCA - UGA, FinComún, FMCC, FMFB - AFG, 

FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, FORWARD, FUCEC Togo, 

Fundación Espoir, Fundación Paraguaya, FUNDESER, Génesis Empresarial, GBNB, GFSPL, GOF, 

Grameen Bank, Green Bank, GU, GV, HEED, HiH, HKL, IDF, INECO, Interactuar, Interfisa Financiera, 

Jamii Bora, JCF, Kafo Jiginew, Kashf Foundation, KBSLAB, Khan Bank, Khushhali Bank, KMB, KMBI, 

Kokari, Kompanion, K-Rep, KRUSHI, KWFT, Lak Jaya, LAPO-NGR, Lead Foundation, Life Bank, LOK 

Microcredit Foundation, Mahasemam, MBK Ventura, MFI, MFW, MGBB, MiBanco, MI-BOSPO, 

Mikrokredit Bank, Mimo Finance, MUSCCO, Nirdhan, NWTF, OBM, OCSSCO, OIBM, OISL, PADME, 

PAMECAS, Partner, PAWDEP, PBC, PGBB, PRASAC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit 

- ECU, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit 

Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MKD, ProCredit Bank 

- ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, PRODEM FFP, Pro Mujer - BOL, Pro Mujer 

- PER, PWMACS, RASS, RCPB, Real Microcrédito, RGVN, Saadhana, Sabaragamuwa, Sajida, 

Sanghamithra, Sarala, Sarvodaya Nano Finance, SAT, Sathapana Limited, SB Bank, SCNL, SDBL, 

SEAP, SEEDS, SEF-ZAF, SFF, Shakti, SHARE, SKDRDP, SKS, SMEP, SMILE, SMSS, SolFi, Sonata, Soro 

Yiriwaso, Spandana, SSS, SU, SWAWS, Tamweelcom, TMFB, TPC, Trident Microfinance, TSKI, TYM, 

Ujjivan, UNACOOPEC-CI, UOB, VBSP, VFC, VFS, Visión Banco, Wasasa, WDB, Wisdom, WWB Cali, 

XacBank, Zakoura 

Profit Status: Profit 414 99 268 47 1st MCC, 1st Valley Bank, 3A Entreprises, Abzal Kredit, ACB sa, ACBA, AccessBank, ACCOVI, 

ACLEDA, ACLEDA Lao, ACSI, ADCSI, ADOPEM, Aqrarkredit, AgroInvest, Agroinvestbank, A-invest, 

Aiyl Bank, Akiba, Akuapem RB, Al Rafah Bank, Alliance Group, Alliance MFB, Alternativa 19 del 

Sur, AMC de R.L., Ameen, AMfB, AMK, AML, Amlok, AMRET, Apoyo Económico, Apoyo Integral, 

AREGAK UCO, Arnur Credit, Arohan, ASP Financiera, ASUSU CIIGABA, Atwima Kwanwoma, AWS, 

Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Amigo, Banco Familiar, Banco Popular do 

Brasil, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, Bandhan, 

BANEX, BanGente, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, Bank Eskhata, Bank of 

Baku, BASIX, BAYOCA, BCB, BCSC, Bereke-credit, Berendina Microfinance, Bessfa RB, BFL, BG, 

BMT Pringsewu, BOM, Bonzali RB, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, 

BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR 

Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR 

PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, 

BPR Wahana Sentra Artha, BTA Bank, CAFASA, CAFODEC, Cantilan Bank, Capitec Bank, CARD 

Bank, CAURIE Micro Finance, CBB, CBIRD, CBMO, CCA, CDS, CECIC S.A., Centenary Bank, CETZAM, 

CFE, CHC-Limited, CMFinance, Columbia Microcreditos, CompartamosBanco, CRAC Los Andes, 

CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crece Safsa, Credi 

Fé, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Crediscotia, CREDIT, Credit 

Mongol, Créditos Pronegocio, CREDITUYO, Crezcamos, CRG, Crystal, CU Kosayu, CU Pantai Prigi, 

DD Bank, DECSI, Degaf, Despacho Amador, Dirigible, Don Apoyo, Duterimbere, ECLOF - ARM, 

62 







EcoFuturo FFP, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME 

Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro 

Negocios, EDPYME Proempresa, EDPYME Raíz, Elet-Capital, ENLACE, Equitas, Equity Bank, 

Eshet, Crezkamos Kapital, Fácil SCM, FAIR Bank, Farm Credit Armenia, FASL, Fassil FFP, Faulu 

- UGA, FFSA, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAgro, FinAmérica, FinAmigo, Financiera 

Edyficar, Financiera Fama, Financiera Independencia, FINCA - AZE, FINCA - ECU, FINCA - HND, 

FINCA - Russia, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FINORTE, FINSOL, 

First Macro Bank, Emprenda, FISUR, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Forjadores 

de Negocios, Fortaleza FFP, FORUS, Garant-Invest, GAWFA, GBNB, GCM, GFSPL, GM Bank, GOF, 

GRAINE sarl, Grameen Bank, Green Bank, Grupo Río La Venta, GV, Harbu, HKL, Horizon, ICMFB, 

IFDP, IMFB, IMON, INECO, Inicjatywa Mikro, Interfisa Financiera, Invest Credit, Invest-Credit 

Moldova, Invirtiendo, IPR, Jamii Bora, Joldosh Group, JSC Bank Constanta, Juaben RB, JVS, KADET, 

Kakum RB, Kashf Bank, KBank, KBSLAB, Kemek, Khan Bank, Khushhali Bank, KixiCredito, KMB, KMF, 

Komak Credit, KPOSB, K-Rep, KWFT, La Community Bank, Lak Jaya, LAM, LAPO-SLE, Letta, Mahila, 

Mallig Plains RB, Maqsadi dasgiri, Maxima, Mbinga CB, MCL, MCN, MCO ‘Oral’, Meklit, MFI, MGBB, 

MiBanco, MiBanco Venezuela, Micro Africa, MicroCred - MDG, MicroCred - MEX, MicroCred 

- SEN, Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, Mikrofond, Mikrokredit 

Bank, Mimo Finance, MLO HUMO, MLO ‘Saodat Invest’, Mol Bulak Finance, Moldir, MPGBB, MUL, 

New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, Nwabiagya RB, OBM, OBS, OCSSCO, 

ODEF Financiera, OI China, OIBM, OISL, OMB, Oportunidad Microfinanzas, Opportunity Finance, 

Opportunity Kenya, Otuasekan RB, OXUS - KGS, Parabank, PBC, PEACE, PGBB, PNG Microfinance 

Ltd, POMFB, Popular SAFI, PR Bank, PRASAC, ProCredit - BOL, ProCredit - COL, ProCredit - ECU, 

ProCredit - GHA, ProCredit - HND, ProCredit - MDA, ProCredit - NIC, ProCredit - SLV, ProCredit 

Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank 

- KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - SLE, 

ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, PRODEM FFP, Progresemos, 

Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, 

RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB 

Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, Real Microcrédito, Red 

de Vanguardia, REDFunds, Reef, Reliance, Rishenglong, RML, WMN (Russia), Sabaragamuwa, 

Samasta, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, SDBL, SED, SEF-ARM, 

Seilanithih, SemiSol, SEWA Bank, SEWA Finance, SFF, SFPI, SHARE, Siam Bank, SIPEM, SKS, 

SOCIALCRED, PADECOMSM, SOCRED, SOFINA, SOGESOL, SolFi, Solución Asea, Soluciones Reales, 

Sonata, South Akim RB, Spandana, SPGBB, SUMI, SFPL, Te Creemos, TFS, TMFB, TPC, Trident 

Microfinance, Tujijenge, Turame Community Finance, Ujjivan, Umid-Credit, UNICREICH, Union 

RB, Upper Manya RB, Finance Trust, Valiant RB, VFC, VFS, Visión Banco, Vivir Soluciones, Wasasa, 

Nationwide Microbank, WDB, WISE, XacBankk 

Profit Status: Not for Profit 665 242 368 55 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, ACAD, ACEP Cameroon, ACEP Senegal, ACF, 

ACFB, ACME, ACORDE, Actuar Caldas, Actuar Tolima, Aden, Adhikar, ADICH, ADIM, ADRA 

- PER, ADRI, Aetos, AFK, AFODENIC, AFS, Agência do Crédito, AGAPE, AgroCapital, Agrocredit 

Plus, Agroimpuls, AGUDESA, Al Amana, Al Awael, Al Karama, Al Majmoua, Al Tadamun, Alidé, 

ALSOL, Alternativa, Alternativa Microfinanzas, Alteya, Al-Thiqa, Alwatani, AMA, AMC, AMEXTRA, 

AMFI, AMMACTS, AMOS, AMSSF/MC, ANDE, ANED, APED, APROS, Aqroinvest, ARD, ARDCI, 

ARDI, ARMP, ASA, ASA - GHA, ASA Philippines, ASALA, Asasah, ASBA, ASC Union, ASDIR, ASEI, 

ASHI, ASIDME, ASKI, Asociación Arariwa, Asociación El Balsamo, Asociación Raíz, ASODENIC, 

ASOPROSANRAMON, ASPIRE, ASR, ASTI, ATEMEXPA, Avantaj, Avanzar, AYNLA, Azal, Azercredit, 

Azeri Star, Bai Tushum, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede 

Novo Sol, Banco do Vale, BANCRI, BEES, Bereke, BESA, BFSBS, BIMAS, Binhminh CDC, BISWA, 

BJS, Blago, BMSCCSL, BMT Kayu Manis, Borshud, BRAC, BRAC - AFG, BRAC - LKA, BRAC - SS, 

BRAC - TZA, BRAC - UGA, BRCCC, BSS, BURO Bangladesh, BWDC, BZMF, CACMU, Caja Depac 

Poblana, Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, CAPA, CAPPED, CARD NGO, CARE 

- CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, Cashpor MC, CBDIBA/RENACA, CCC, CDM, 

CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CECA, CEC-PROM Mature, CEDEF, CEF, 

Central Cresol Baser, CEOSS, CEP, CEP BRVT, CEP Long An, CEPESIU, CEPRODEL, CESOL ACJ, CEVI, 

CFA, CFF, CFPA, Chamroeun, Chandeshwori, CHF Iraq, Childfund Hoa Binh, Chita FSBS, CHWDA, 

CIDRE, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC 

Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, 

CMEDFI, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, 

COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín 

Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, 

COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, 

COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, 

COCDEP, CODESARROLLO, Common Interest, Comultrasan, Conserva, Contactar, Coop 20 de 

Abril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, 

COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San 

Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, 

COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete 

Mali, CRAN, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, Credisol, CREDO, CReSA, Cresol 

Central, CRYSOL, CSD, CU Sawiran, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA 

SOUM, CWCD, CZWSDA, DAMEN, DAYAQ-Credit, DBACD, DEC, DEF, DEPROSC-Nepal, Diaconia, 

Dian Mandiri, DINARI, DJOMEC, DSK Dobrich, D-Miro, Doveriye - Volgograd, Doveriye (Amursk), 

Doveriye- Bulgaria, Doveriye-Altay, DQF, DSPI, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo 

Yurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Emprender, Enda, ESAF, ESED, 


63





Region: Africa 

(Sub - Saharan Africa) 


Espacios Alternativos, Express Finance, FACES, FADEMYPE, FAFIDESS, FAM, FAMA OPDF, FAPE, 

FATEN, Faulu - KEN, FBPMC, AfricaWorks, FDL, FDM, FECECAM, FED, FFECC, FIACG, FIDERPAC, 

FIDEVIE, FINCA - AFG, FINCA - ARM, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HTI, 

FINCA - JOR, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - SLV, 

FINCA - TZA, FinDev, FMF, FMFI-SYR, FMM Bucaramanga, FMM Popayán, FMSD, FNT Credit, 

FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESOL, FONDESURCO, 

Fondo Esperanza, Fonkoze, FORWARD, FOVIDA, FRAC, FUBODE, FUCEC Togo, FUDEMI, FULM, 



León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación 

Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, 

FUNDEPYME, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNHAVI, FUNSALDE, FVP, 

Génesis Empresarial, Galaktika, Gasha, General Toshevo, GGEM Microfinance Services Ltd., 

Gorodskoy, Grameen Mendoza, GU, HEED, Hekima, HDH OPDF, HiH, Hluvuku, Hofokam, HOPE, 

Hope for Life, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDDA, IDEPRO, 

IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, ImerCredit, Imkoniyat, Imodi 

Hutal, IMPRO, Impuls, Indur MACS, INMAA, INSOTEC, Instituto Estrela, Intellekt, Interactuar, 

Izdiharona Microfinance, Jabal Al Hoss, Janodaya, JCF, Jigiyaso Ba, JOVID, JSCCS, JXWDA, Kafo 

Jiginew, KAMURJ, Kasagana-Ka, Kashf Foundation, Kajnardza 96, Kazama Grameen, KCCDFI, 

KEP, KGMAMF, KMBI, Kokari, Kompanion, Kondo Jigima, KOPSA, KosInvest, Kredo, KRK Ltd, 

KRUSHI, KSF, KSK RPK, KVK, KVK-Altay, LAPO-NGR, Lazika Capital, Lead Foundation, LIDER, Life 

Bank, LOK Microcredit Foundation, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong 

Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, Madfa SACCO, MADRAC, 

FAF-DC, Mahasemam, Mahashakti, Mahuli, Makhzoumi, Manuela Ramos, Manushi, Marang, 

Maritsa Invest, MBK Ventura, MC², MDF, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MEDF, 

MED-Net, MEMCO, MFW, MGPCC DEKAWOWO, MI-BOSPO, Micro Start, Coop MEDA, Microsol, 

MIDE, MIKRA, Mikro ALDI, MikroMaliyye Credit, Miselini, Miziya, MLF Chiluchor chashma, MLF 

Kiropol, MLF Madina, MLF MicroInvest, MLF MWI, MLF Vahsh Microfin, MAMIDECOT, MoFAD, 

Momina Voda, Moris Rasik, Moznosti, MUDE, MUSCCO, Mutuelle Akwaba, Nachala, Nadejda, 

Nadejda 96, Narodniy Kredit_Kemerov, NBJK, NCS, NEED, Neftegaz, NeRuDO, Nidan, NMF, 

Normicro, Nov Credit, NRDSC, NSBA, NWTF, Nyesigiso, NYWDA, Obereg (Vladivostok), Faulu 

- TZA, OLC, OMRO, Opportunity Albania, Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, 

OXUS - AFG, OXUS - TJK, PADME, PAIDEK, PALFSI, PAMECAS, PAPME, PARC, Partner, Partner 

Russia, Parwaz, PASECA - Kayes, PASED, PATRA Hunchun, PATRA Yanbian, PAWDEP, PCWDA, 

Perelik, Plan International, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, PRESTANIC, 

PRIDE - TZA, Pride Finance, PRISMA, PRIZMA, ProCaja, PRODESA, Progresar, Pro Mujer - ARG, 

Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, Pushtikar, PWMACS, 

RADE, Raduga, RAFODE, RASS, RCCECG, RCDS, RCPB, Reserv-Altay, Rezerv, RGVN, Riverbank, 

ROMCOM, Rost, RSPI, Rus, Ryada, São Paulo Confia, Saadhana, SABR, Saglasie 96, Sahara 

Mahila, Sajida, Samokov 96, Sanghamithra, Sarala, Sartawi, SAT, SBACD, SBS, SCDA, SEAP, SEDA, 

SEEDS, SEF-ZAF, SEM Fund, Serviamus, SFSD, Shakti, SINERGIJA, SKDRDP, SMEP, Smilyan, SMSS, 

Sodeystviye, Sodeystviye-2005, Sodruzhestvo, Soglasiye, Solidarnost, Soro Yiriwaso, Soyuz- 

Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, SSS, Stanichnik, Stopanin, SU, Sugd Microfin, 

Sungi, Sunrise, Mentors - PER, SWAWS, Tamweelcom, Tchuma, TIAVO, TLM, Tsaritsinskiy passaj, 

Tsimlyansk, TSKI, Tverskoy, TYM, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE 

Santo Domingo, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNION DES 

COOPECs UMUTANGUHA, UNRWA, UOB, USFSBS, USTOI, VBSP, VFM, Viator, Vital Finance, Vostok 

Kapital, VRFSBS, VSSU, VYCCU, WAGES, Wisdom, WKP, WOCCU - AFG, Women for Women, World 

Relief - HND, WSE, WWB Cali, WWI - AFG, XXWDA, YYWDA, Zakoura 

195 62 130 3 3A Entreprises, A3C, ACB sa, ACEP Cameroon, ACEP Senegal, ACFB, ACSI, ADCSI, Akiba, Akuapem 

RB, Alidé, Alliance MFB, AMfB, APED, ARD, ASA - GHA, ASUSU CIIGABA, Atwima Kwanwoma, 

Bessfa RB, BG, BIMAS, BOM, Bonzali RB, BRAC - TZA, BRAC - UGA, CAFODEC, CamCCUL, Capitec 

Bank, CAPPED, CAURIE Micro Finance, CBDIBA/RENACA, CCA, CDM, CDS, CECA, CECIC S.A., 

CEC-PROM Mature, CEDEF, Centenary Bank, CETZAM, CFE, CFF, CMCA, CMMB, CMS, COOPEC 

Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COSPEC, CPECG Yete Mali, CRAN, CRG, 

CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, DEC, DECSI, Degaf, DJOMEC, 

DQF, Duterimbere, Equity Bank, Eshet, FAM, FASL, Faulu - KEN, Faulu - UGA, AfricaWorks, 

FDM, FECECAM, FIDEVIE, FINCA - DRC, FINCA - MWI, FINCA - TZA, FINCA - UGA, FINCA - ZMB, 

FINCORP, FUCEC Togo, Gasha, GAWFA, GGEM Microfinance Services Ltd., GRAINE sarl, Harbu, 

Hekima, Hluvuku, Hofokam, ICMFB, ID-Ghana, IDYDC, IMFB, Jamii Bora, Jigiyaso Ba, Juaben RB, 

KADET, Kafo Jiginew, Kakum RB, KixiCredito, Kokari, Kondo Jigima, KPOSB, K-Rep, KSF, KWFT, 

La Community Bank, LAPO-NGR, LAPO-SLE, Letta, LSK, Maata-N-Tudu, Madfa SACCO, Marang, 

Mbinga CB, MC², MCL, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MED-Net, Meklit, MGPCC 

DEKAWOWO, Micro Africa, Micro Start, MicroCred - MDG, MicroCred - SEN, Miselini, MLF MWI, 

MAMIDECOT, MUL, MUSCCO, Mutuelle Akwaba, NovoBanco - MOZ, Nwabiagya RB, Nyesigiso, 

OCSSCO, Faulu - TZA, OIBM, OISL, Opportunity Finance, Opportunity Kenya, Otiv Alaotra, Otiv 

Diana, Otiv Sambava, Otiv Tana, Otuasekan RB, PADME, PAIDEK, PAMECAS, PAPME, PASECA 

- Kayes, PAWDEP, PEACE, PRIDE - TZA, Pride Finance, ProCredit - GHA, ProCredit Bank - SLE, 

ProCredit Bank- DRC, RAFODE, RCCECG, RCPB, REDFunds, Reliance, Riverbank, RML, SAT, SEAP, 

SEDA, SEF-ZAF, SEM Fund, SFPI, SIPEM, SMEP, SOFINA, Soro Yiriwaso, South Akim RB, Tchuma, 

TIAVO, Tujijenge, Turame Community Finance, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, 

UNACOOPEC-CI, UNION DES COOPECs UMUTANGUHA, Union RB, UOB, Upper Manya RB, Finance 

Trust, Vital Finance, WAGES, Wasasa, Wisdom, WISE 

64 






Region: Asia 

(South & East Asia) 

Region: ECA 

(Eastern Europe & Central Asia) 

Region: LAC 

(Latin America & the Caribbean) 


283 91 183 9 1st Valley Bank, ABCRDM, ABS-CBN, ACLEDA, ACLEDA Lao, Adhikar, AFS, AMFI, AMK, AML, 

AMMACTS, AMRET, ARDCI, ARMP, Arohan, ASA, ASA Philippines, Asasah, ASHI, ASKI, AWS, 

Banco Santiago de Libon, Bandhan, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BASIX, 

BAYOCA, BCB, BEES, Berendina Microfinance, BFL, Binhminh CDC, BISWA, BJS, BMSCCSL, BMT 

Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, 

BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, 

BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, 

BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman 

Dhana, BPR Wahana Sentra Artha, BRAC, BRAC - AFG, BRAC - LKA, BSS, BURO Bangladesh, 

BWDC, Cantilan Bank, CARD Bank, CARD NGO, Cashpor MC, CBB, CBIRD, CBMO, CEP, CEP BRVT, 

CEP Long An, CEVI, CFA, CFPA, Chamroeun, Chandeshwori, CHC-Limited, Childfund Hoa Binh, 

CHWDA, CMEDFI, Common Interest, CREDIT, CReSA, CSD, CU Kosayu, CU Pantai Prigi, CU 

Sawiran, CWCD, CZWSDA, DAMEN, DD Bank, DEPROSC-Nepal, Dian Mandiri, DINARI, DSPI, 

ECLOF - PHL, Equitas, ESAF, FAIR Bank, FICO, FINCA - AFG, First Macro Bank, FMFB - AFG, FMFB 

- Pakistan, FORWARD, Fund for Women Development - HCM, GBNB, GFSPL, GM Bank, GOF, 

Grameen Bank, Grameen Sahara, Green Bank, GU, GV, HEED, HiH, HKL, Hope for Life, HSPFI, 

IDF, IFDP, Indur MACS, IPR, Janodaya, JCF, JSCCS, JVS, JXWDA, Kasagana-Ka, Kashf Foundation, 

Kashf Bank, Kazama Grameen, KBank, KBSLAB, KCCDFI, Khushhali Bank, KMBI, KOPSA, KRUSHI, 

Lak Jaya, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 

Ninh Phuoc, M7 Uong bi, MADRAC, Mahasemam, Mahashakti, Mahila, Mahuli, Mallig Plains 

RB, Manushi, Maxima, MBK Ventura, MEDF, MFI, MGBB, Mimo Finance, MMS, MoFAD, Moris 

Rasik, MPGBB, NBJK, NCS, NEED, NeRuDO, NESDO, New RB of Victorias, Nidan, Nirdhan, NMFB, 

NRDSC, NWTF, NYWDA, OI China, OMB, OXUS - AFG, PALFSI, Parwaz, PATRA Hunchun, PATRA 

Yanbian, PBC, PCWDA, PGBB, Plan International, PNG Microfinance Ltd, POMFB, PR Bank, 

PRASAC, Progressive Bank, Pushtikar, PWMACS, RASS, RB Bagac, RB Cainta, RB Camalig, RB 

Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, 

RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, 

RCDS, RGVN, Rishenglong, RSPI, Saadhana, Sabaragamuwa, Sahara Mahila, Sajida, Samasta, 

Sanghamithra, Sarala, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, SDBL, SED, 

SEEDS, Seilanithih, Serviamus, SEWA Bank, SEWA Finance, Shakti, SHARE, Siam Bank, SKDRDP, 

SKS, SMILE, SMSS, Sonata, Spandana, SPBD, SPGBB, SSK, SSS, SU, Sungi, SFPL, SWAWS, TLM, 

TMFB, TPC, Trident Microfinance, TSKI, TYM, Ujjivan, Valiant RB, VBSP, VFC, VFS, VSSU, VYCCU, 

Nationwide Microbank, WDB, WKP, WOCCU - AFG, WSE, WWI - AFG, XXWDA, YYWDA 

217 96 106 15 1st MCC, Abzal Kredit, ACBA, AccessBank, ACF, Aetos, AFK, Aqrarkredit, Agrocredit Plus, 

Agroimpuls, AgroInvest, Agroinvestbank, A-invest, Aiyl Bank, Alliance Group, Alternativa, Alteya, 

Amlok, Aqroinvest, AREGAK UCO, Arnur Credit, ASC Union, ASR, ASTI, Avantaj, Azercredit, 

Azerdemiryolbank, Azeri Star, Bai Tushum, Bank Eskhata, Bank of Baku, Bereke, Bereke-credit, 

BESA, BFSBS, Blago, Borshud, BRCCC, BTA Bank, BZMF, CAPA, CEF, Chita FSBS, CMFinance, 

CredAgro NBCO, Credit Mongol, CREDO, Crystal, DAYAQ-Credit, Dirigible, DSK Dobrich, Doveriye 

- Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, ECLOF - ARM, Edinstvo 

Yurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Elet-Capital, Express Finance, Farm Credit 

Armenia, FFECC, FFSA, FinAgro, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA 

- Russia, FINCA - TJK, FinDev, FMCC, FMFB - TJK, FNT Credit, FORUS, FULM, Fundusz Mikro, 

Galaktika, Garant-Invest, General Toshevo, Gorodskoy, HOPE, Horizon, Horizonti, ImerCredit, 

Imkoniyat, Imodi Hutal, IMON, Impuls, INECO, Inicjatywa Mikro, Intellekt, Invest Credit, Invest- 

Credit Moldova, Joldosh Group, JOVID, JSC Bank Constanta, KAMURJ, Kajnardza 96, Kemek, 

KEP, KGMAMF, Khan Bank, KMB, KMF, Komak Credit, Kompanion, KosInvest, Kredo, KRK Ltd, KSK 

RPK, KVK, KVK-Altay, LAM, Lazika Capital, LIDER, LOK Microcredit Foundation, FAF-DC, Maqsadi 

dasgiri, Maritsa Invest, MCO ‘Oral’, MDF, MI-BOSPO, Microinvest, MIKRA, Mikro ALDI, Mikrofond, 

Mikrokredit Bank, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF 

Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, Mol Bulak 

Finance, Moldir, Momina Voda, Moznosti, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_ 

Kemerov, Neftegaz, Normicro, Nov Credit, Obereg (Vladivostok), OBM, OBS, OMRO, Opportunity 

Albania, OXUS - KGS, OXUS - TJK, Parabank, Partner, Partner Russia, Perelik, Pomoriiski stopanin, 

Popular Kasa-Kystendil, Povoljye, PRIZMA, ProCredit - MDA, ProCredit Bank - ALB, ProCredit 

Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank 

- MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, 

Raduga, Reserv-Altay, Rezerv, ROMCOM, Rost, Rus, WMN (Russia), SABR, Saglasie 96, Samokov 

96, SBS, SEF-ARM, SINERGIJA, Smilyan, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, Soglasiye, 

Solidarnost, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, Stopanin, Sugd Microfin, 

Sunrise, TFS, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, Umid, Umid-Credit, USFSBS, USTOI, VFM, 

Viator, Vostok Kapital, VRFSBS, Women for Women, XacBank 

333 81 180 72 ACCOVI, ACME, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADOPEM, ADRA - PER, ADRI, 

AFODENIC, Agência do Crédito, AGAPE, AgroCapital, AGUDESA, ALSOL, Alternativa 19 del Sur, 

Alternativa Microfinanzas, AMA, AMC de R.L., AMEXTRA, ANDE, ANED, Apoyo Económico, Apoyo 

Integral, APROS, ASDIR, ASEI, ASIDME, Asociación Arariwa, Asociación El Balsamo, Asociación 

Raíz, ASODENIC, ASOPROSANRAMON, ASP Financiera, ASPIRE, ATEMEXPA, Avanzar, AYNLA, 

Bancamía, Banco ADEMI, Banco Amigo, Banco da Familia, Banco do Empreendedor, Banco 

do Povo ACP, Rede Novo Sol, Banco do Vale, Banco Familiar, Banco Popular do Brasil, Banco 

Solidario, BancoEstado, BancoSol, BanCovelo, BANCRI, BANEX, BanGente, BCSC, CACMU, CAFASA, 

Caja Depac Poblana, Caja Popular Mexicana, CAME, CCAMETRO, CARE - CREEME, Caritas, Caritas 

Esteli, Casa do Microcrédito, CCC, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, 

Central Cresol Baser, CEPESIU, CEPRODEL, CESOL ACJ, CIDRE, CMAC Arequipa, CMAC Cusco, 


65





Region: MENA 

(Middle East & North Africa) 

Scale: Small 

(GLP in USD, LAC < 4,000,000; 

Others < 2,000,000) 


CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC 

Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COAC 4 de Octubre, COAC Acción Rural, COAC 


Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, 

COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC 

Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa 

Ana, COAC Santa Anita, COCDEP, CODESARROLLO, Columbia Microcreditos, CompartamosBanco, 

Comultrasan, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop Jesús 

Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, 

COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, 

COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPROGRESO, CRAC Los 

Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crece Safsa, 

CRECER, Credi Fé, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Credicoop, 

CREDIMUJER, Crediscotia, Credisol, Créditos Pronegocio, CREDITUYO, Cresol Central, Crezcamos, 

CRYSOL, Despacho Amador, Diaconia, D-Miro, Don Apoyo, ECLOF - ECU, EcoFuturo FFP, 

EDAPROSPO, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear 

Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, 

EDPYME Proempresa, EDPYME Raíz, Emprender, ENLACE, Espacios Alternativos, Crezkamos 

Kapital, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL, FED, FIACG, 

FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, FinAmigo, Financiera Edyficar, Financiera 

Fama, Financiera Independencia, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA 

- MEX, FINCA - NIC, FINCA - PER, FINCA - SLV, FinComún, FINORTE, FINSOL, Emprenda, FISUR, 

FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, 

FONDESOL, FONDESURCO, Fondo Esperanza, Fonkoze, Forjadores de Negocios, Fortaleza 

FFP, FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fundación 4i-2000, Fundación Alternativa, 


León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, 

FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, 

FUNDESER, FUNDESPE, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GCM, Grameen 

Mendoza, Grupo Río La Venta, HDH OPDF, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, 

IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDH, IMPRO, INSOTEC, Instituto Estrela, Interactuar, 

Interfisa Financiera, Invirtiendo, Manuela Ramos, MCN, MiBanco, MiBanco Venezuela, MicroCred 

- MEX, Micredito SAC, Coop MEDA, Microfinanciera Prisma, Microserfin, Microsol, MIDE, MUDE, 

ODEF Financiera, OLC, Oportunidad Microfinanzas, Popular SAFI, PRESTANIC, PRISMA, ProCaja, 

ProCredit - BOL, ProCredit - COL, ProCredit - ECU, ProCredit - HND, ProCredit - NIC, ProCredit 

- SLV, PRODEM FFP, PRODESA, Progresar, Progresemos, Pro Mujer - ARG, Pro Mujer - BOL, Pro 

Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, Real Microcrédito, Red de Vanguardia, São Paulo 

Confia, Sartawi, SemiSol, SFF, SOCIALCRED, PADECOMSM, SOCRED, SOGESOL, SolFi, Solución 

Asea, Soluciones Reales, Mentors - PER, Te Creemos, UCADE Ambato, UCADE Guaranda, UCADE 

Latacunga, UCADE Santo Domingo, UNICREICH, Visión Banco, Vivir Soluciones, World Relief 

- HND, WWB Cali 

56 15 38 3 ABA, ABWA, Abyan, ACAD, Aden, Al Amana, Al Awael, Al Karama, Al Majmoua, Al Rafah Bank, Al 

Tadamun, Al-Thiqa, Alwatani, AMC, Ameen, AMOS, AMSSF/MC, ARDI, ASALA, ASBA, Azal, BRAC 

- SS, CEOSS, CHF Iraq, DBACD, DEF, Enda, ESED, FATEN, FBPMC, FINCA - JOR, FMF, FMFI-SYR, 

FONDEP, IDDA, INMAA, Izdiharona Microfinance, Jabal Al Hoss, Lead Foundation, Makhzoumi, 

MEMCO, MFW, NMF, NSBA, PARC, PASED, RADE, Reef, Ryada, SBACD, SCDA, SFSD, SUMI, 

Tamweelcom, UNRWA, Zakoura 

428 216 201 11 3A Entreprises, A3C, ABWA, Abyan, Abzal Kredit, ACB sa, ACLEDA Lao, Actuar Caldas, Aden, 

ADICH, ADIM, ADRA - PER, Aetos, Agência do Crédito, AGAPE, Agrocredit Plus, Agroimpuls, 

AGUDESA, A-invest, Al Awael, Alidé, Alliance MFB, ALSOL, Alternativa, Alternativa 19 del Sur, 

Alternativa Microfinanzas, Alteya, AMA, AMEXTRA, AMFI, Amlok, AMOS, APED, APROS, ARD, 

ASA - GHA, ASALA, ASEI, ASIDME, Asociación El Balsamo, ASOPROSANRAMON, ASPIRE, ASTI, 

ATEMEXPA, Avantaj, Avanzar, Azal, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, Banco 

Santiago de Libon, BANCRI, BAYOCA, Bereke-credit, Berendina Microfinance, Bessfa RB, 

Binhminh CDC, BJS, Blago, BMSCCSL, BMT Kayu Manis, BMT Pringsewu, Borshud, BPR AN, BPR 

Aditama Arta, BPR Artadamas Mandiri, BPR BBTM, BPR CAS, BPR Citama, BPR DMG, BPR Eka 

Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 30, BPR Pinang Artha, BPR SAS, BPR 

SKA, BPR Taman Dhana, BPR Wahana Sentra Artha, BRAC - SS, BRCCC, BWDC, CACMU, CAFASA, 

CAFODEC, CAPPED, CARE - CREEME, Caritas Esteli, Casa do Microcrédito, CBIRD, CCC, CDM, 

CEADe, CEAPE BA, CEAPE PE, CEAPE PI, CEC-PROM Mature, CEDEF, CEP BRVT, CEP Long An, 

CEPESIU, CESOL ACJ, CEVI, CFF, Chamroeun, Childfund Hoa Binh, Chita FSBS, CHWDA, CMEDFI, 

CMMB, COAC 4 de Octubre, COAC Artesanos, COAC Fernando Daquilema, COAC Fondvida, 

COAC Huaycopungo, COAC Minga, COAC Padre Vicente, COAC Pallatanga, COAC San Antonio, 

COAC San Gabriel, COAC Santa Ana, COAC Santa Anita, COCDEP, Columbia Microcreditos, 

COOPAC Chiquinquira, COOPAC Norandino, COOPEC Hinfani Dosso, COOPEC/ACCO, COSPEC, 

CPECG Yete Mali, CRAN, CrediClub, CREDIMUJER, Credisol, CREDITUYO, Crezcamos, CRG, CU 

Kosayu, CU Pantai Prigi, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, 

CWCD, CZWSDA, DAYAQ-Credit, Degaf, Dian Mandiri, DINARI, Dirigible, DJOMEC, DSK Dobrich, 

Don Apoyo, Doveriye - Volgograd, Doveriye- Bulgaria, Doveriye-Altay, DQF, ECLOF - ARM, 

ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo-Volgograd, EDPYME Pro Negocios, Ehyoi 

kuhiston, Elet-Capital, Emprender, Espacios Alternativos, Fácil SCM, FACES, FADEMYPE, FAM, 

FAPE, Farm Credit Armenia, AfricaWorks, FDM, FIACG, FIDERPAC, FIDEVIE, FINCA - HTI, FINCA 

- PER, FINCA - ZMB, FINORTE, Emprenda, FISUR, FNT Credit, FOMIC, FONCRESOL, 

66 






Scale: Medium 

(GLP in USD, 

LAC ≥ 4,000,000 and 

≤ 15,000,000; 

Others ≥ 2,000,000 and 

≤ 8,000,000) 


Forjadores de Negocios, FOVIDA, FUDEMI, Fund for Women Development - HCM, Fundación 

4i-2000, Fundación Alternativa, Fundación Esperanza, Fundación MICROS, Fundación Mujer, 

FUNDAMIC, FUNDEBASE, FUNDECOCA, FUNDEPYME, FUNDESPE, FUNHAVI, FUNSALDE, FVP, 

Galaktika, Garant-Invest, Gasha, GAWFA, GCM, General Toshevo, GGEM Microfinance Services 

Ltd., GRAINE sarl, Grameen Mendoza, Grameen Sahara, Grupo Río La Venta, Harbu, Hekima, 

Hluvuku, Hope for Life, HSPFI, ICC Conquista Solidária, ICC MAUCE, ICMFB, IDDA, IDER CV, 

IDESI Lambayeque, IDESPA, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, 

IMPRO, Impuls, Instituto Estrela, Intellekt, Invest Credit, Invest-Credit Moldova, Izdiharona 

Microfinance, Jabal Al Hoss, Joldosh Group, JOVID, JSCCS, JXWDA, Kasagana-Ka, Kajnardza 96, 

Kemek, Komak Credit, KOPSA, KPOSB, KSF, KVK, KVK-Altay, LAPO-SLE, Letta, LSK, M7 Can Loc, 

M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata- 

N-Tudu, Madfa SACCO, Mahashakti, Mahila, Mahuli, Makhzoumi, Manushi, Maqsadi dasgiri, 

Maxima, Mbinga CB, MCL, MCO ‘Oral’, MEC AFER, MEC FEPRODES, MECBAS, MEDF, MED-Net, 

Meklit, MGPCC DEKAWOWO, Micro Start, MicroCred - MEX, MicroCred - SEN, Micredito SAC, 

Microfinanciera Prisma, Microsol, MIDE, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, 

MLF Kiropol, MLF Madina, MLF MWI, MLF Vahsh Microfin, MLO ‘Saodat Invest’, MAMIDECOT, 

MMS, Moldir, Momina Voda, MUDE, MUL, Mutuelle Akwaba, Nadejda, Nadejda 96, Narodniy 

Kredit_Kemerov, NBJK, NCS, Neftegaz, NeRuDO, NESDO, New RB of Victorias, Nidan, NMF, 

NMFB, Nov Credit, NSBA, NYWDA, Obereg (Vladivostok), Faulu - TZA, OI China, OLC, OMB, 

Oportunidad Microfinanzas, Otiv Sambava, OXUS - KGS, PAIDEK, Partner Russia, Parwaz, 

PASED, PATRA Hunchun, PATRA Yanbian, PCWDA, Perelik, Plan International, PNG Microfinance 

Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, Pride Finance, ProCaja, Progresar, 

Progresemos, Pro Mujer - ARG, Pro Mujer - MEX, Raduga, RAFODE, RB Bagac, RB Cotabato, RB 

Liloy, RB Pagbilao, RB Placer, RB San Jacinto, RCCECG, RCDS, Red de Vanguardia, REDFunds, 

Reef, Rezerv, Riverbank, RML, RSPI, São Paulo Confia, SABR, Saglasie 96, Sahara Mahila, Samasta, 

Samokov 96, Sartawi, SCDA, SED, SEM Fund, SemiSol, Serviamus, SEWA Finance, SFSD, Smilyan, 

SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye-2005, Sodruzhestvo, SOFINA, Solidarnost, 

Solución Asea, Soluciones Reales, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, SPGBB, 

SSK, Stanichnik, Stopanin, Sugd Microfin, SUMI, Sungi, Mentors - PER, SFPL, TLM, Tsimlyansk, 

Tujijenge, Turame Community Finance, Tverskoy, UCADE Ambato, UCADE Guaranda, UCADE 

Latacunga, UCADE Santo Domingo, UCCEC GY, Umid, Umid-Credit, UNION DES COOPECs 

UMUTANGUHA, Union RB, Vivir Soluciones, Vostok Kapital, VRFSBS, VSSU, VYCCU, WISE, WKP, 

WSE, WWI - AFG, XXWDA, YYWDA 

304 82 195 27 ABCRDM, ABS-CBN, ACAD, ACF, ACFB, ACME, Actuar Tolima, Adhikar, ADRI, AFODENIC, AFS, 

Akuapem RB, Al Karama, Al Tadamun, Alliance Group, AMC, AMfB, AMSSF/MC, ANDE, ANED, 

Aqroinvest, ARDCI, Arnur Credit, ASA Philippines, Asasah, ASDIR, ASHI, Asociación Arariwa, 

ASODENIC, ASR, ASUSU CIIGABA, AWS, AYNLA, Azeri Star, Banco Amigo, Banco da Familia, 

Banco do Empreendedor, Banco Popular do Brasil, Bangko Mabuhay, BCB, BEES, Bereke, 

BFSBS, BG, BIMAS, BOM, Bonzali RB, BPR AK, BPR BKK Cilacap, BPR NBP 11, BPR NBP 2, BPR 

NSI, BPR PKT, BPR Sukawati Pancakanti, BRAC - LKA, BRAC - TZA, BRAC - UGA, BZMF, Caja 

Depac Poblana, CAURIE Micro Finance, CBDIBA/RENACA, CDRO, CEAPE MA, CECA, CECIC S.A., 

CEF, CEOSS, CEPRODEL, CETZAM, CFA, CFE, Chandeshwori, CHC-Limited, CIDRE, CMAC Pisco, 

CMCA, COAC Acción Rural, COAC Ambato, COAC Chone, COAC Kullki Wasi, COAC La Benéfica, 

COAC Luz del Valle, COAC MCCH, COAC Sac Aiet, Conserva, Contactar, Coop 20 de Abril, 

Coop Avances, Coop Juan XXIII, COOPAC León XIII, COOPAC Los Andes, COOPAC Tocache, 

COOPEDU-Kigali, CRAC Los Andes, CRAC Sipán, Crece Safsa, CrediAvance, Credi-Capital, 

CrediComún, Credicoop, Credit Mongol, CReSA, CRYSOL, Crystal, CSD, CU Sawiran, DAMEN, 

DD Bank, DEC, DEPROSC-Nepal, Despacho Amador, Doveriye (Amursk), DSPI, Duterimbere, 

Edinstvo Yurga, EDPYME Acceso Crediticio, EDPYME Credivisión, ENLACE, Eshet, FAFIDESS, 

FAMA OPDF, Faulu - UGA, FED, FFECC, FIE Gran Poder, FinAgro, FinAmigo, FINCA - AFG, FINCA 

- GTM, FINCA - HND, FINCA - JOR, FINCA - MWI, FINCA - NIC, FINCA - SLV, FINCA - TJK, FINCA 

- TZA, FinDev, FMF, FODEM, FODEMI, FONDECO, FONDESOL, FONDESURCO, Fondo Esperanza, 

Fonkoze, FORWARD, FRAC, FUBODE, FULM, FUNBODEM, Fundación Amanecer, Fundación 

CAMPO, Fundación León 2000, Fundación Paraguaya, FUNDAHMICRO, FUNDENUSE, FUNED, 

GOF, Gorodskoy, HEED, HDH OPDF, HiH, Hofokam, HOPE, Horizon, Horizonti, ICC BluSol, 

IDEPRO, IDF, Indur MACS, INMAA, INSOTEC, Invirtiendo, IPR, Janodaya, Jigiyaso Ba, Juaben RB, 

JVS, KADET, Kakum RB, Kashf Bank, Kazama Grameen, KBank, KCCDFI, KGMAMF, KixiCredito, 

Kokari, KosInvest, Kredo, KRUSHI, KSK RPK, La Community Bank, Lak Jaya, LAM, Lazika Capital, 

MADRAC, Mahasemam, Mallig Plains RB, Manuela Ramos, Marang, Maritsa Invest, MBK 

Ventura, MCN, MDF, MECREF, MGBB, Micro Africa, MicroCred - MDG, Microserfin, Mikro ALDI, 

Mikrofond, Mimo Finance, Miselini, MLO HUMO, MoFAD, Mol Bulak Finance, Moris Rasik, 

MUSCCO, Nachala, NEED, NRDSC, Nwabiagya RB, Opportunity Finance, Opportunity Kenya, 

Otiv Diana, Otiv Tana, Otuasekan RB, OXUS - AFG, OXUS - TJK, PALFSI, PARC, PASECA - Kayes, 

PAWDEP, PEACE, PGBB, POMFB, Popular SAFI, PRISMA, ProCredit Bank - SLE, Progressive 

Bank, Pro Mujer - NIC, Pro Mujer - PER, PWMACS, RADE, RB Cainta, RB Camalig, RB Digos, RB 

Guinobatan, RB Lebak, RB Mabitac, RB Montevista, RB Oroquieta, RB Siargao, RB Solano, RB 

Talisayan, Reliance, Reserv-Altay, RGVN, Rishenglong, ROMCOM, Rost, Rus, Sarala, SB Bank, 

SBACD, SBS, SEAP, SEDA, SEF-ARM, Seilanithih, SEWA Bank, SFF, SFPI, Siam Bank, SIPEM, SMSS, 

Sodeystviye, SOGESOL, Soglasiye, SolFi, Sonata, Soro Yiriwaso, South Akim RB, SU, Tchuma, 

Te Creemos, TFS, TIAVO, Tsaritsinskiy passaj, UCEC/MK, U-IMCEC, UMECDES, UNICREICH, UOB, 

Upper Manya RB, USTOI, VFM, VFS, Viator, Vital Finance, Wasasa, Nationwide Microbank, 

WOCCU - AFG, World Relief - HND 


67





Scale: Large 

(GLP in USD, LAC 

> 15,000,000; 

Others > 8,000,000) 

Sustainability: FSS 

(Financial Self-Sufficiency 

> 100%)) 

Sustainability: Non-FSS 

(Financial Self-Sufficiency 

< 100%)) 

Target Market: Low End 

(Avg. Balance per Borrower/GNI 

per Capita < 20% and Avg. 

Balance per Borrower 

< USD 150) 


351 47 240 64 1st MCC, 1st Valley Bank, ABA, ACBA, AccessBank, ACCOVI, ACEP Cameroon, ACEP Senegal, 

ACLEDA, ACORDE, ACSI, ADCSI, ADOPEM, AFK, Aqrarkredit, AgroCapital, AgroInvest, 

Agroinvestbank, Aiyl Bank, Akiba, Al Amana, Al Majmoua, Al Rafah Bank, Al-Thiqa, Alwatani, 

AMC de R.L., Ameen, AMK, AML, AMMACTS, AMRET, Apoyo Económico, Apoyo Integral, ARDI, 

AREGAK UCO, ARMP, Arohan, ASA, ASBA, ASC Union, ASKI, Asociación Raíz, ASP Financiera, 

Atwima Kwanwoma, Azercredit, Azerdemiryolbank, Bai Tushum, Bancamía, Banco ADEMI, 

Banco Familiar, Banco Solidario, BancoEstado, BancoSol, BanCovelo, Bandhan, BANEX, BanGente, 

Bangko Kabayan, Bangko Luzon, Bank Eskhata, Bank of Baku, BASIX, BCSC, BESA, BFL, BISWA, 

BPR Surya Yudha Kencana, BRAC, BRAC - AFG, BSS, BTA Bank, BURO Bangladesh, Caja Popular 

Mexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, Capitec Bank, CARD Bank, CARD 

NGO, Caritas, Cashpor MC, CBB, CBMO, CCA, CDS, Centenary Bank, Central Cresol Baser, CEP, CFPA, 

CHF Iraq, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC 

Maynas, CMAC Paita, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMFinance, CMS, 

COAC Jardín Azuayo, COAC Mushuc Runa, COAC La Nacional, COAC San José, CODESARROLLO, 

CompartamosBanco, Comultrasan, Coop Fátima, Coop Jesús Nazareno, COOPAC San Cristóbal, 

COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, 

COOPROGRESO, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRECER, 

CredAgro NBCO, Credi Fé, CrediAmigo, Crediscotia, CREDIT, Créditos Pronegocio, CREDO, 

Cresol Central, DBACD, DECSI, DEF, Diaconia, D-Miro, EcoFuturo FFP, EDPYME Alternativa, 

EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME 

Proempresa, EDPYME Raíz, EKI, EKPA, Enda, Equitas, Equity Bank, ESAF, ESED, Crezkamos 

Kapital, Express Finance, FAIR Bank, FASL, Fassil FFP, FATEN, Faulu - KEN, FBPMC, FDL, FECECAM, 

FFSA, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera 

Independencia, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - ECU, FINCA - GEO, FINCA - KOS, 

FINCA - MEX, FINCA - Russia, FINCA - UGA, FinComún, FINCORP, FINSOL, First Macro Bank, FMCC, 

FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FMFI-SYR, FMM Bucaramanga, FMM Popayán, FMSD, 

FONDEP, Fortaleza FFP, FORUS, FUCEC Togo, Fundación Espoir, Fundación Nieborowski, FUNDEA, 

FUNDESER, Fundusz Mikro, Génesis Empresarial, GBNB, GFSPL, GM Bank, Grameen Bank, Green 

Bank, GU, GV, HKL, IMFB, IMON, INECO, Inicjatywa Mikro, Interactuar, Interfisa Financiera, Jamii 

Bora, JCF, JSC Bank Constanta, Kafo Jiginew, KAMURJ, Kashf Foundation, KBSLAB, KEP, Khan Bank, 

Khushhali Bank, KMB, KMBI, KMF, Kompanion, Kondo Jigima, K-Rep, KRK Ltd, KWFT, LAPO-NGR, 

Lead Foundation, LIDER, Life Bank, LOK Microcredit Foundation, FAF-DC, MC², MEMCO, MFI, 

MFW, MiBanco, MiBanco Venezuela, MI-BOSPO, Coop MEDA, Microinvest, MIKRA, Mikrokredit 

Bank, MLF MicroInvest, Moznosti, MPGBB, Nirdhan, Normicro, NovoBanco - MOZ, NWTF, 

Nyesigiso, OBM, OBS, OCSSCO, ODEF Financiera, OIBM, OISL, OMRO, Opportunity Albania, Otiv 

Alaotra, PADME, PAMECAS, PAPME, Parabank, Partner, PBC, PR Bank, PRASAC, PRESTANIC, PRIDE 

- TZA, PRIZMA, ProCredit - BOL, ProCredit - COL, ProCredit - ECU, ProCredit - GHA, ProCredit 

- HND, ProCredit - MDA, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank 

- BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, 

ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank- DRC, 

ProCredit Bank Serbia, PRODEM FFP, PRODESA, Pro Mujer - BOL, Pushtikar, RASS, RB Dipolog, 

RCPB, Real Microcrédito, WMN (Russia), Ryada, Saadhana, Sabaragamuwa, Sajida, Sanghamithra, 

Sarvodaya Nano Finance, SAT, Sathapana Limited, SCNL, SDBL, SEEDS, SEF-ZAF, Shakti, SHARE, 

SINERGIJA, SKDRDP, SKS, SMEP, SMILE, Spandana, SSS, Sunrise, SWAWS, Tamweelcom, TMFB, TPC, 

Trident Microfinance, TSKI, TYM, Ujjivan, UNACOOPEC-CI, UNRWA, USFSBS, Finance Trust, Valiant 

RB, VBSP, VFC, Visión Banco, WAGES, WDB, Wisdom, Women for Women, WWB Cali, XacBank, 

Zakoura 

557 123 347 87 [These names are held confidential] 

354 130 209 15 [These names are held confidential] 

425 155 252 18 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, Actuar Tolima, Aden, Adhikar, ADIM, ADOPEM, ADRA 

- PER, Agência do Crédito, AGAPE, AGUDESA, Al Awael, Al Karama, Al Majmoua, Al Tadamun, 

ALSOL, Alternativa 19 del Sur, Alternativa Microfinanzas, Alteya, AMA, Ameen, AMEXTRA, AMK, 

AML, AMMACTS, AMOS, AMSSF/MC, ANDE, APED, Apoyo Económico, APROS, ARD, ARDCI, ARDI, 

Arohan, ASA, ASA - GHA, ASA Philippines, Asasah, ASBA, ASEI, ASHI, ASIDME, ASKI, Asociación 

Arariwa, Asociación El Balsamo, ASODENIC, ASP Financiera, ASPIRE, ASUSU CIIGABA, ATEMEXPA, 

Avantaj, Avanzar, AWS, Azal, Azeri Star, Banco Amigo, Banco da Familia, Rede Novo Sol, Banco 

Popular do Brasil, Banco Santiago de Libon, Bandhan, BASIX, BAYOCA, BEES, Bereke, Berendina 

Microfinance, Bessfa RB, BFL, BG, Binhminh CDC, BISWA, BJS, Blago, BMT Pringsewu, BPR CAS, 

BPR NBP 11, BPR NSI, BPR SKA, BPR Wahana Sentra Artha, BRAC, BRAC - LKA, BRAC - SS, BRAC 

- TZA, BRAC - UGA, BSS, BURO Bangladesh, BWDC, CAFASA, CAFODEC, Caja Depac Poblana, Caja 

Popular Mexicana, CAME, Capitec Bank, CARD Bank, CARD NGO, Caritas, Cashpor MC, CBB, CDM, 

CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CEDEF, CEOSS, CEP BRVT, CEP Long An, CEPESIU, 

CESOL ACJ, CEVI, CFF, Chamroeun, Childfund Hoa Binh, CHWDA, CMEDFI, CMFinance, COCDEP, 

Columbia Microcreditos, CompartamosBanco, Conserva, Contactar, COOPAC Norandino, 

COOPEC/ACCO, Crece Safsa, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, 

Credicoop, CREDIMUJER, Créditos Pronegocio, CREDITUYO, CReSA, Crezcamos, CRYSOL, CSD, 

CUMO, CVECA Pays Dogon, CZWSDA, DAMEN, DAYAQ-Credit, DBACD, DEC, Degaf, Despacho 

Amador, Dian Mandiri, DINARI, Don Apoyo, Doveriye-Altay, DQF, DSPI, EDAPROSPO, Edinstvo 

Yurga, EDPYME Credivisión, EDPYME Efectiva, Enda, ENLACE, Equitas, 

68 






Target Market: Broad 


per Capita ≥ 20% and ≤ 150%) 


ESAF, ESED, Eshet, Espacios Alternativos, FAPE, FIACG, FIDERPAC, FIDEVIE, FinAmigo, Financiera 

Independencia, FINCA - AFG, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - JOR, 

FINCA - MEX, FINCA - MWI, FINCA - PER, FINCA - SLV, FINCA - TZA, FINCA - ZMB, FinComún, 

FINORTE, Emprenda, FISUR, FMF, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, 

FODEMI, FONDESOL, Fondo Esperanza, Forjadores de Negocios, FORWARD, FRAC, Fundación 

Esperanza, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación Paraguaya, 

FUNDAMIC, FUNDECOCA, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Galaktika, GAWFA, GCM, 

GGEM Microfinance Services Ltd., GFSPL, GOF, GRAINE sarl, Grameen Bank, Grameen Mendoza, 

Grameen Sahara, Grupo Río La Venta, GU, GV, Harbu, HEED, Hekima, HiH, Hope for Life, HSPFI, ICC 

Conquista Solidária, ICC MAUCE, IDDA, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, 

IDYDC, Impuls, Indur MACS, INMAA, Instituto Estrela, Invest-Credit Moldova, Invirtiendo, Jabal Al 

Hoss, Jamii Bora, Janodaya, JCF, JVS, JXWDA, Kasagana-Ka, Kashf Foundation, Kazama Grameen, 

KBank, KCCDFI, Khushhali Bank, KMBI, Kokari, KOPSA, KRUSHI, KSF, KVK-Altay, Lak Jaya, LAPO- 

NGR, LAPO-SLE, Lead Foundation, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong 

Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, Madfa SACCO, Mahasemam, 

Mahuli, Makhzoumi, Mallig Plains RB, Manuela Ramos, Manushi, Marang, Mbinga CB, MBK 

Ventura, MECBAS, MEDF, Meklit, MFI, MFW, MGBB, Micro Start, MicroCred - MEX, Micredito SAC, 

Coop MEDA, Microserfin, MIDE, MikroMaliyye Credit, Mimo Finance, MLF MWI, MMS, Moris 

Rasik, MUDE, MUSCCO, Nadejda, Narodniy Kredit_Kemerov, NBJK, NCS, NEED, Neftegaz, NESDO, 

Nidan, NMF, NRDSC, NSBA, NWTF, NYWDA, OLC, OMB, Oportunidad Microfinanzas, Opportunity 

Finance, PAIDEK, PALFSI, Partner Russia, PATRA Yanbian, PAWDEP, PBC, PCWDA, Plan International, 

Povoljye, PRISMA, ProCaja, Progresar, Progresemos, Progressive Bank, Pro Mujer - ARG, Pro 

Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, PWMACS, RADE, RAFODE, RB Liloy, RB Montevista, 

RB Placer, RB Talisayan, Real Microcrédito, Red de Vanguardia, Reserv-Altay, Rezerv, RGVN, 

Riverbank, RSPI, São Paulo Confia, Saadhana, Sabaragamuwa, Sajida, Samasta, Sanghamithra, 

Sarala, Sarvodaya Nano Finance, SB Bank, SBACD, SEAP, SED, SEEDS, SEF-ZAF, SEM Fund, SemiSol, 

Serviamus, SEWA Finance, SFPI, Shakti, SHARE, SKDRDP, SKS, SMILE, SMSS, SolFi, Solución Asea, 

Soluciones Reales, Sonata, Soro Yiriwaso, Soyuz-Khimik, SoyuzKredit, Spandana, SPBD, SSK, 

Stanichnik, SU, SUMI, Sungi, Mentors - PER, SFPL, SWAWS, Tamweelcom, Te Creemos, Trident 

Microfinance, TSKI, Tujijenge, Turame Community Finance, UCADE Ambato, UCADE Guaranda, 

UCADE Latacunga, UCADE Santo Domingo, UCCEC GY, Ujjivan, Umid-Credit, UNICREICH, UOB, 

VFS, Viator, Vivir Soluciones, VSSU, Wasasa, Wisdom, WISE, WKP, WSE, XXWDA, YYWDA, Zakoura 

498 145 284 69 1st MCC, 1st Valley Bank, ACAD, ACBA, AccessBank, ACF, ACFB, ACME, ACSI, Actuar Caldas, 

ADCSI, ADICH, Aetos, AFS, AgroCapital, Agrocredit Plus, Agroimpuls, AgroInvest, A-invest, Al 

Amana, Alidé, Alliance MFB, Alternativa, Al-Thiqa, Alwatani, AMC, AMC de R.L., AMfB, AMFI, 

AMRET, ANED, Apoyo Integral, Aqroinvest, AREGAK UCO, Arnur Credit, ASALA, ASC Union, 

ASDIR, Asociación Raíz, ASOPROSANRAMON, ASTI, Atwima Kwanwoma, AYNLA, Azercredit, 

Bancamía, Banco ADEMI, Banco do Empreendedor, Banco do Vale, Banco Familiar, Banco 

Solidario, BancoEstado, BANCRI, BanGente, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, 

Bank of Baku, BCB, BCSC, BESA, BFSBS, BIMAS, BMSCCSL, BOM, Bonzali RB, Borshud, BPR AN, 

BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR DMG, BPR Eka Ayu, BPR 

Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR Pinang Artha, BPR SAS, 

BPR Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR Taman Dhana, BRAC - AFG, BRCCC, 

CACMU, CCAMETRO, Cantilan Bank, CAPA, CAPPED, CARE - CREEME, Caritas Esteli, Casa do 

Microcrédito, CAURIE Micro Finance, CBDIBA/RENACA, CBIRD, CBMO, CCA, CCC, CDRO, CDS, 

CEADe, CEF, Central Cresol Baser, CEP, CEPRODEL, CETZAM, CFA, CFPA, CHC-Limited, CHF 

Iraq, Chita FSBS, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC 

Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC 

Trujillo, CMMB, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, 

COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín 

Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, 

COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, 

COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, 

CODESARROLLO, Comultrasan, Coop 20 de Abril, Coop Juan XXIII, COOPAC Chiquinquira, 

COOPAC León XIII, COOPAC Los Andes, COOPAC San Cristóbal, COOPAC San Martín, COOPAC 

Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPROGRESO, 

CPECG Yete Mali, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, 

CRAC Sipán, CRAN, CRECER, CredAgro NBCO, Credi Fé, Crediscotia, Credisol, CREDIT, CREDO, 

Cresol Central, CRG, Crystal, CU Kosayu, CU Pantai Prigi, CU Sawiran, CVECA Kita/Bafoulabé, 

CVECA SOUM, CWCD, DD Bank, DEF, DEPROSC-Nepal, Diaconia, DJOMEC, D-Miro, Doveriye 

- Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Duterimbere, ECLOF - ARM, ECLOF 

- ECU, ECLOF - PHL, EcoFuturo FFP, Edinstvo-Volgograd, EDPYME Acceso Crediticio, EDPYME 

Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME 

Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, EKPA, Elet-Capital, 

Emprender, Crezkamos Kapital, Express Finance, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAIR 

Bank, FAMA OPDF, Faulu - KEN, Faulu - UGA, FBPMC, AfricaWorks, FDL, FDM, FED, FFECC, FFSA, 

FICO, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, FINCA - ARM, 

FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - NIC, FINCA - Russia, FINCA - TJK, FINCA - UGA, 

FinDev, FINSOL, First Macro Bank, FMCC, FMFI-SYR, FODEM, FOMIC, FONCRESOL, FONDECO, 

FONDEP, FONDESURCO, Fonkoze, FORUS, FOVIDA, FUBODE, FUDEMI, FULM, FUNBODEM, 

Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación 

Amanecer, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO, 

FUNDEA, FUNDEBASE, FUNDENUSE, FUNDEPYME, FUNDESER, Fundusz Mikro, FUNED, Génesis 


69





Target Market: High End 


per Capita > 150% and ≤ 250%) 

Target Market: Small Business 


per Capita > 250%) 


Africa Large FSS 

(Africa; GLP > $8,000,000; 


> 100%) 

Africa Large Non FSS 

(Africa; GLP > $8,000,000; 


< 100%) 

Africa Medium FSS 

(Africa; GLP ≥ $2,000,000 and 

≤ $8,000,000; Financial Self- 

Sufficiency > 100%) 

Africa Medium Non FSS 

(Africa; GLP ≥ $2,000,000 and 


Sufficiency < 100%) 

Africa Small FSS 

(Africa; GLP < $2,000,000; 


> 100%) 


Empresarial, Garant-Invest, GBNB, GM Bank, Gorodskoy, Green Bank, HDH OPDF, HKL, Hluvuku, 

Hofokam, HOPE, Horizon, Horizonti, ICC BluSol, ICMFB, IFDP, ImerCredit, IMFB, Imkoniyat, 

Imodi Hutal, IMPRO, INECO, Inicjatywa Mikro, INSOTEC, Interactuar, Interfisa Financiera, 

Invest Credit, Izdiharona Microfinance, Jigiyaso Ba, JSC Bank Constanta, Juaben RB, KADET, 

Kafo Jiginew, Kakum RB, KAMURJ, Kashf Bank, Kajnardza 96, KBSLAB, Kemek, KGMAMF, Khan 

Bank, KixiCredito, KMF, Komak Credit, Kompanion, Kondo Jigima, KosInvest, KVK, KWFT, La 

Community Bank, LAM, Lazika Capital, LIDER, LOK Microcredit Foundation, LSK, MADRAC, 

FAF-DC, Maqsadi dasgiri, Maritsa Invest, MC², MCL, MCO ‘Oral’, MDF, MEC AFER, MEC FEPRODES, 

MED-Net, MEMCO, MiBanco, MiBanco Venezuela, MI-BOSPO, MicroCred - SEN, Microfinanciera 

Prisma, Microsol, MIKRA, Mikro ALDI, Mikrofond, Miselini, Miziya, MLF Kiropol, MLF Madina, 

MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MAMIDECOT, 

MoFAD, Mol Bulak Finance, Moldir, Momina Voda, Mutuelle Akwaba, Nachala, Nadejda 96, 

NeRuDO, New RB of Victorias, Nirdhan, NMFB, Normicro, Nov Credit, Nwabiagya RB, Obereg 

(Vladivostok), OBM, OCSSCO, ODEF Financiera, Faulu - TZA, OISL, OMRO, Opportunity Albania, 

Opportunity Kenya, Otiv Sambava, Otiv Tana, Otuasekan RB, OXUS - AFG, OXUS - KGS, 

PADME, PAMECAS, PARC, Partner, Parwaz, PASECA - Kayes, PASED, PATRA Hunchun, PEACE, 

Perelik, PGBB, PNG Microfinance Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, PRASAC, 

PRESTANIC, PRIDE - TZA, Pride Finance, PRIZMA, ProCredit - COL, ProCredit - ECU, ProCredit 

- HND, ProCredit - SLV, ProCredit Bank - BIH, ProCredit Bank - ROM, ProCredit Bank Serbia, 

PRODESA, Pro Mujer - BOL, Raduga, RASS, RB Camalig, RB Cotabato, RB Digos, RB Lebak, RB 

Mabitac, RB Oroquieta, RB Pagbilao, RB Siargao, RCCECG, REDFunds, Rost, Rus, WMN (Russia), 

SABR, Saglasie 96, Sahara Mahila, Samokov 96, Sartawi, SAT, SBS, SCDA, SCNL, SDBL, SEDA, SEF- 

ARM, Seilanithih, SEWA Bank, SFF, SFSD, Siam Bank, SINERGIJA, SMEP, Smilyan, SOCIALCRED, 

PADECOMSM, SOCRED, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, SOFINA, Soglasiye, 

Solidarnost, South Akim RB, Soyuz-Primoroye, SPGBB, SSS, Stopanin, Sugd Microfin, Sunrise, 

Tchuma, TFS, TIAVO, TMFB, TPC, Tsimlyansk, Tverskoy, TYM, UCEC/MK, U-IMCEC, UNACOOPEC- 

CI, UNRWA, Upper Manya RB, USTOI, Valiant RB, VBSP, VFC, VFM, Vostok Kapital, VRFSBS, VYCCU, 

Nationwide Microbank, WDB, Women for Women, World Relief - HND, WWB Cali, WWI - AFG, 

XacBank 

78 22 47 9 Abzal Kredit, ACB sa, ACCOVI, ACEP Cameroon, ACEP Senegal, AFK, AFODENIC, Alliance 

Group, Amlok, ARMP, Azerdemiryolbank, BancoSol, BanCovelo, BPR PKT, BZMF, CamCCUL, 

CIDRE, CMS, Coop Avances, Credit Mongol, DECSI, DSK Dobrich, Equity Bank, FAM, FASL, 

Fassil FFP, FATEN, FECECAM, FIE FFP, FinAgro, FINCA - DRC, FINCORP, Gasha, General Toshevo, 

IDEPRO, IMON, Intellekt, IPR, JOVID, KEP, Kredo, K-Rep, KRK Ltd, MCN, MECREF, Micro Africa, 

MLF Chiluchor chashma, Moznosti, MPGBB, Nyesigiso, OBS, OI China, Otiv Alaotra, Otiv Diana, 

OXUS - TJK, PAPME, Popular SAFI, PR Bank, ProCredit - BOL, ProCredit - GHA, ProCredit - MDA, 

ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - GEO, ProCredit 

Bank - MKD, PRODEM FFP, Pushtikar, Reef, Ryada, Sathapana Limited, SOGESOL, Tsaritsinskiy 

passaj, UNION DES COOPECs UMUTANGUHA, Finance Trust, Visión Banco, Vital Finance, 

WOCCU - AFG 

64 16 44 4 3A Entreprises, ACLEDA, ACORDE, ADRI, Aqrarkredit, Agroinvestbank, Aiyl Bank, Akiba, 

Akuapem RB, Al Rafah Bank, ASR, Bai Tushum, BANEX, Bank Eskhata, Bereke-credit, BTA Bank, 

CECA, CECIC S.A., CEC-PROM Mature, Centenary Bank, CFE, Chandeshwori, CMCA, Coop Fátima, 

Coop Jesús Nazareno, COOPEC Hinfani Dosso, COOPEDU-Kigali, COSPEC, Dirigible, Farm Credit 

Armenia, FMFB - AFG, FMFB - TJK, FNT Credit, Fortaleza FFP, FUCEC Togo, Joldosh Group, KMB, 

KSK RPK, Letta, MGPCC DEKAWOWO, MicroCred - MDG, Microinvest, Mikrokredit Bank, MUL, 

NovoBanco - MOZ, OIBM, Parabank, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit 

Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, RB Cainta, RCPB, Reliance, Rishenglong, 

RML, ROMCOM, SIPEM, UMECDES, Umid, Union RB, USFSBS, WAGES 






70 






Africa Small Non FSS 

(Africa; GLP < $2,000,000; 


< 100%) 

Asia Large FSS 

(Asia; GLP > $8,000,000; 


> 100%) 

Asia Large Non FSS 

(Asia; GLP > $8,000,000; 


< 100%) 

Asia Medium FSS 

(Asia; GLP ≥ $2,000,000 and 

$8,000,000; Financial Self- 

Sufficiency > 100%) 

Asia Medium Non FSS 

(Asia; GLP ≥ $2,000,000 and 

$8,000,000; Financial Self- 








Asia Small FSS 

(Asia; GLP < $2,000,000; 

Financial Self-Sufficiency > 

100%) 

Asia Small Non FSS 

(Asia; GLP < $2,000,000; 


< 100%) 

ECA Large FSS 

(ECA; GLP > $8,000,000; 


>100%) 

ECA Large Non FSS 

(ECA; GLP > $8,000,000; 


100%) 

ECA Medium Non FSS 

(ECA; GLP ≥ $2,000,000 and 



ECA Small FSS 

(ECA; GLP < $2,000,000; 


>100%) 

ECA Small Non FSS 

(ECA; GLP < $2,000,000; 


$15,000,000; 


> 100%) 

LAC Large Non FSS 

(LAC; GLP > $15,000,000; 


100%) 

LAC Medium Non FSS 

(LAC; GLP ≥ $4,000,000 and 
















71





LAC Small FSS 

(LAC; GLP < $4,000,000; 


>100%) 

LAC Small Non FSS 

(LAC; GLP < $4,000,000; 


$8,000,000) 

MENA Large Non FSS 

(MENA; GLP < $2,000,000) 

MENA Medium FSS 

(MENA; GLP ≥ $2,000,000 and ≤ 

$8,000,000) 

MENA Medium Non FSS 

(Africa; GLP > $8,000,000; 


>100%) 

MENA Small FSS 

(MENA; GLP < $2,000,000) 

MENA Small Non FSS 

(Africa; GLP > $8,000,000; 


APPENDICES 

Appendix I: Notes, Adjustments 

and Statistical Issues 


The MicroBanking Bulletin is open to all MFIs that 

are willing to disclose financial data that meet 

a simple quality test. Participating MFIs typically 

have three characteristics: 1) they are willing to be 

transparent by submitting their performance data 

to an independent agency; 2) they display a strong 

social orientation by providing financial services to 

low-income persons; and 3) they are able to answer 

all the questions needed for our analysis. 

Data Quality Issues 

The Bulletin has a data quality grade to represent the 

degree to which we have independent verification of 

an MFI’s data. Three star information (***) has been 

independently generated through a detailed financial 

analysis by an independent third party, such as a 

CAMEL evaluation, a CGAP appraisal, or assessments 

by reputable rating agencies. Two star information 

(**) is backed by accompanying documentation, such 

as audited financial statements, annual reports, and 

independent program evaluations that provide a 

reasonable degree of confidence for our adjustments. 

One star information (*) is from MFIs that have limited 

themselves to completing our questionnaire. These 

grades signify confidence levels on the reliability of 

the information; and in no way represent a rating of 

the financial performance of the MFIs. 

The criteria used in constructing the statistical tables 

are important for understanding and interpreting the 

information presented. Given the voluntary nature and 

origin of the data, the Bulletin staff, Editorial Board and 

funders cannot accept responsibility for the validity of 

the results presented, or for consequences resulting 

from their use. The data quality grade makes tentative 

distinctions about the quality of data presented to 

us, and we include only information for which we 

have a reasonable level of comfort. However, we 

cannot exclude the possibility of misrepresented selfreported 

results. 

There can also be inaccuracies in reporting the costs 

of financial services in multipurpose institutions that 

also provide non-financial services, in part because of 

difficulties in assigning overhead costs. These risks are 

highest for younger institutions, and for institutions 

with a record of optimistic statement of results. If we 

have grounds for caution about the reliability of an 

MFI’s disclosure, we will not include its information in 

a peer group unless it has been externally validated 

by a third party in which we have confidence. 

Adjustments to Financial Data 

The Bulletin adjusts the financial data it receives to 

ensure comparable results. The financial statements 

of each organization are converted to the standard 

financial statement presentation used by the Bulletin. 

This presentation can be simpler than that used 

by most MFIs; so, the conversion consists mainly of 

consolidation into fewer, more general accounts. In 

some instances, and where the original accounts did 

not have appropriate disclosure, the Bulletin’s accounts 

reveal more details on the financial service operations 

than did the originals. After this reclassification, 

three analytical adjustments are applied to produce 

a common treatment for the effect of: a) inflation, b) 

subsidies, and c) loan loss provisioning and write-off. 

In the statistical tables the reader can compare these 

adjusted results. 

Inflation 

The Bulletin reports the net effect of inflation by 

calculating increases in expenses and revenues due to 

inflation. Inflation decreases the value of net monetary 

assets, represented by the Bulletin as the difference 

between equity and fixed assets. This erosion in the 

value of net monetary assets is obtained by multiplying 

the prior year-end equity balance by the current-year 

inflation rate. 1 Fixed asset accounts, on the other hand, 

are revalued upward by the current year’s inflation 

Potential distortions may arise from: (1) unreported 

subsidies and (2) misrepresented loan portfolio quality. 

1 

Inflation data are obtained from line 64x of the International 

Financial Statistics, International Monetary Fund, various years. 


73

APPENDICES 

rate, which results in inflation adjustment income, 

offsetting to some degree the expense generated by 

adjusting equity. 2 On the balance sheet, this inflation 

adjustment results in a reordering of equi ty accounts: 

profits are redistributed between real profit and the 

nominal profits required to maintain the real value 

of equity. 

MFIs that borrow from banks or mobilize savings have 

an actual interest expense, which is an operating cost. 

In comparison, similar MFIs that lend only their equity 

have no interest expense and therefore have lower 

operating costs. If an MFI focuses on sustainability 

and the maintenance of its capital/asset ratio, it 

must increase the size of its equity in nominal terms 

to continue to make the same value of loans in real 

(inflation-adjusted) terms. Inflation increases the 

cost of tangible items over time, so that a borrower 

needs more money to purchase them. MFIs that want 

to maintain their support to clients must therefore 

offer larger loans. Employees’ salaries go up with 

inflation, so the average loan balance and portfolio 

must increase to compensate, assuming no increase 

in interest margin. Therefore, an institution that funds 

its loans with its equity must maintain the real value of 

that equity, and pass along the cost of doing so to the 

client. This expectation implies MFIs should charge 

interest rates that include the inflation adjustment 

expense as a cost of funds, even if this cost is not 

actually paid to anyone outside the institution. 

Some countries with high or volatile levels of inflation 

require businesses to use inflation-based accounting 

on their audited financial statements. We use a proxy 

of this same technique in the Bulletin. Of course, we 

understand that in countries where high or volatile 

inflation is a new experience, MFIs may find it difficult 

to pass on the full cost of inflation to clients. These 

adjustments not do reflect policy recommendations; 

rather, they provide a common analytical framework that 

compares real financial performance meaningfully. 

Subsidies 

We adjust participating institutions’ financial 

statements for the effect of subsidies by presenting 

them as they would look on an unsubsidized basis. 

These adjustments do not intend to suggest that MFIs 

should or should not be subsidized. Rather, they allow 

the Bulletin to see how each MFI would look without 

subsidies for comparative purposes. Most of the 

participating MFIs indicate a desire to grow beyond 

2 

In fact, an institution that holds fixed assets equal to its equity 

avoids the cost of inflation that affects MFIs which hold much of 

their equity in financial form. 


the limitations imposed by subsidized funding. The 

subsidy adjustment permits an MFI to judge whether 

it is on track toward such an outcome. A focus on 

sustainable expansion suggests that subsidies should 

be used to defray start-up costs or support innovation. 

The subsidy adjustment simply indicates the extent 

to which the subsidy is being passed on to clients 

through lower interest rates or whether it is building 

the MFI’s capital base for further expansion. 

The Bulletin adjusts for three types of subsidies: 

(1) a cost-of-funds subsidy from loans at belowmarket 

rates, (2) current-year cash donations to fund 

portfolio and cover expenses, and (3) in-kind subsidies, 

such as rent-free office space or the services of 

personnel who are not paid by the MFI and thus not 

reflected on its income statement. Additionally, for 

multipurpose institutions, the MicroBanking Bulletin 

attempts to isolate the performance of the financial 

services program, removing the effect of any cross 

subsidization. 

The cost-of-funds adjustment reflects the impact of soft 

loans on the financial performance of the institution. 

The Bulletin calculates the difference between what 

the MFI actually paid in interest on its subsidized 

liabilities and what it would have paid at market terms. 3 

This difference represents the value of the subsidy, 

which we treat as an additional financial expense. We 

apply this subsidy adjustment to the average balance 

of borrowings carried by the MFI over the year. The 

decreased profit is offset by generating a “cost of funds 

adjustment” account on the balance sheet. 

If the MFI passes on the interest rate subsidy to its 

clients through a lower final rate of interest, this 

adjustment may result in an operating loss. If the MFI 

does not pass on this subsidy, but instead uses it to 

increase its equity base, the adjustment indicates 

the amount of the institution’s profits that were 

attributable to the subsidy rather than operations. 

Loan Loss Provisioning 

Finally, we apply standardized policies for loan loss 

provisioning and write-off. MFIs vary tremendously 

3 

Data for shadow interest rates are obtained from line 60l of 

the International Financial Statistics, IMF, various years. The 

deposit rate is used because it is a published benchmark in 

most countries. Sound arguments can be made for use of 

different shadow interest rates. NGOs that wish to borrow from 

banks would face interest significantly higher than the deposit 

rate. A licensed MFI, on the other hand, might mobilize savings 

at a lower financial cost than the deposit rate, but reserve 

requirements and administrative costs would drive up the 

actual cost of such liabilities. 

74 



in accounting for loan delinquency. Some count the 

entire loan balance as overdue the day a payment 

is missed. Others do not consider a loan delinquent 

until its full term has expired. Some MFIs write off 

bad debt within one year of the initial delinquency, 

while others never write off bad loans, thus carrying 

forward a defaulted loan that they have little chance 

of ever recovering. 

We classify as “at risk” any loan with a payment over 90 

days late. We provision 50 percent of the outstanding 

balance for loans between 90 and 180 days late, and 100 

percent for loans over 180 days late. Some institutions 

also renegotiate (refinance or reschedule) delinquent 

loans. As these loans present a higher probability of 

default, we provision all renegotiated balances at 50 

APPENDICES 

percent. Wherever we have adequate information, 

we adjust to assure that all loans are fully written off 

within one year of their becoming delinquent. (Note: 

We apply these provisioning and write-off policies for 

benchmarking purposes only. We do not recommend 

that all MFIs use exactly the same policies.) In most 

cases, these adjustments are a rough approximation 

of risk. They are intended only to create a minimal 

even playing field for cross institutional comparison 

and benchmarking. Nevertheless, most participating 

MFIs have high-quality loan portfolios; so, loan loss 

provision expense is not an important contributor to 

their overall cost structure. If we felt that a program did 

not fairly represent its general level of delinquency, 

and we were unable to adjust it accordingly, we would 

simply exclude it from the peer group. 

Table 1 

Financial statement adjustments and their effects 

Adjustment Effect on Financial Statements Type of Institution Most 

Affected by Adjustment 

Inflation adjustment of 

equity (minus net fixed 

assets) 

Reclassification of certain 

long term liabilities into 

equity, and subsequent 

inflation adjustment 

Cost of funds adjustment 

Reclassification of donations 

below net operating 

income 

In-kind subsidy adjustment 

(e.g., donation of 

goods or services: line 

staff paid for by technical 

assistance providers) 

Loan loss provisioning 

adjustment 

Write-off adjustment 

Increases financial expense accounts on income 

statement, to some degree offset by inflation income 

account for revaluation of fixed assets. Generates a 

reserve in the balance sheet’s equity account, reflecting 

that portion of the MFI’s retained earnings that has 

been consumed by the effects of inflation. Decreases 

profitability and “real” retained earnings. 

Decreases concessional loan account and increases equity 

account; increases inflation adjustment on income 

statement and balance sheet. 

Increases financial expense on income statement to 

the extent that the MFI’s liabilities carry a below-market 

rate of interest. Decreases net income and increases 

subsidy adjustment account on balance sheet. 

Reduces net operating income on the income statement. 

Increases accumulated donations account 

under equity on the balance sheet. 

Increases administrative expense on income statement 

to the extent that the MFI is receiving subsidized or 

donated goods or services. Decreases net income, increases 

subsidy adjustment account on balance sheet. 

Usually increases loan loss provision expense on 

income statement and loan loss reserve on balance 

sheet. 

On balance sheet, reduces gross loan portfolio and 

loan loss reserve by an equal amount, so that neither 

net loan portfolio nor total assets is affected. 

MFIs funded more by equity than by 

liabilities will be hardest hit, especially 

in high inflation countries. 

NGOs that have very long-term, very 

low-interest “loans” from international 

agencies that function more 

as donations than loans, or transformed 

institutions with subordinated 

debt. 

MFIs with heavily subsidized loans 

(i.e., large lines of credit from governments 

or international agencies 

at highly subsidized rates). 

NGOs during their start-up phase. 

This adjustment is relatively less 

important for mature institutions. 

MFIs using goods or services for 

which they are not paying a marketbased 

cost (i.e., MFIs during their 

start-up phase). 

MFIs that have unrealistic loan loss 

provisioning policies. 

MFIs that leave non-performing 

loans on their books for over a year. 


75

APPENDICES 


Apendix II: Participating 

Institutions 

ACRONYM NAME COUNTRY DATA QUALITY Year 

1st MCC First MicroCredit Company (FMCC) Kyrgyzstan ** 2008 

1st Valley Bank 1st Valley Bank (formerly Rural Bank of Kapatagan Valley, Inc). Philippines ** 2008 

3A Entreprises 3A Entreprises Guinea * 2008 

A3C A3C (Association des CVECA et CECA du Centre) Cameroon ** 2008 

ABA Alexandria Business Association Egypt ** 2008 

ABCRDM All Backward Class Relief and Development Mission India * 2008 

ABS-CBN ABS-CBN Bayan Foundation, Inc. Philippines ** 2008 

ABWA Assiut Business Women's Association Egypt ** 2008 

Abyan Abyan Program Yemen ** 2008 

Abzal Kredit Abzal Kredit Microfinance Organization Kazakhstan * 2008 

ACAD Arab Center for Agricultural Development Palestine ** 2008 

ACB sa AMASEZERANO COMMUNITY BANKING Rwanda ** 2008 

ACBA Agricultural Cooperative Bank of Armenia Armenia ** 2008 

AccessBank AccessBank Azerbaijan ** 2008 

ACCOVI Asociación Cooperativa de Ahorro y Crédito Vicentina de R.L. El Salvador ** 2008 

ACEP Cameroon Agence de Crédit pour l'Entreprise Privée Cameroun Cameroon ** 2008 

ACEP Senegal Alliance de Credit et d'Epargne pour la Production Senegal * 2008 

ACF Asian Credit Fund Kazakhstan * 2008 

ACFB Association des Caisses de Financement à la Base Benin ** 2008 

ACLEDA ACLEDA Bank Plc. Cambodia ** 2008 

ACLEDA Lao ACLEDA Bank Lao Ltd Laos ** 2008 

ACME Association Pour la Cooperation avec la Micro Enterprise Haiti ** 2008 

ACORDE Asociación Costarricense para organizaciones de Desarrollo Costa Rica ** 2008 

ACSI Amhara Credit and Savings Institution Ethiopia ** 2008 

Actuar Caldas Corporación Acción Por Caldas ACTUAR Famiempresas Colombia ** 2008 

Actuar Tolima ACTUAR Famiempresas - Tolima Colombia ** 2008 

ADCSI Addis Credit & Savings Institution Ethiopia * 2008 

Aden Aden Microfinance Foundation Yemen * 2008 

Adhikar Adhikar India ** 2008 

ADICH Asociación para el Desarrollo Integral Comunitario de Honduras Honduras * 2008 

ADIM Asociación Alternativa Para el Desarrollo Integral de las Mujeres Nicaragua ** 2008 

ADOPEM Asociación Dominicana para el Desarrollo de la Mujer Dominican Republic ** 2008 

ADRA - PER Adventist Development and Relief Agency International - Peru Peru *** 2008 

ADRI Asociación ADRI Costa Rica ** 2008 

Aetos Rural Credit Cooperative 'Aetos' Bulgaria * 2008 

AFK Agency for Finance in Kosovo Kosovo ** 2008 

AFODENIC Asociacion para el Fomento al Desarrollo de Nicaragua Nicaragua ** 2008 

AFS Ariana Financial Services (Mercy Corps) Afghanistan * 2008 

Agência do Crédito Agência do Crédito Brazil * 2008 

AGAPE Asociación General Para Asesorar Pequeñas Empresas Colombia ** 2008 

76 Microfinance Information eXchange, Inc


APPENDICES 


Aqrarkredit Aqrarkredit Azerbaijan ** 2008 

AgroCapital Fundación AgroCapital Bolivia *** 2008 

Agrocredit Plus MCA "Agrocredit Plus" Kyrgyzstan ** 2008 

Agroimpuls Riral Credit Cooperative 'Agroimpuls' Bulgaria * 2008 

AgroInvest AgroInvest Serbia ** 2008 

Agroinvestbank OJSC Agroinvestbank Tajikistan ** 2008 

AGUDESA Asociación Guatemalteca para el Desarrollo Guatemala ** 2008 

A-invest MCO A-invest Kazakhstan ** 2008 

Aiyl Bank Aiyl Bank (formerly KAFC) Kyrgyzstan ** 2008 

Akiba Akiba Commercial Bank Ltd Tanzania ** 2008 

Akuapem RB Akuapem RB Ghana * 2008 

Al Amana Association Al Amana for the Promotion of Micro-Enterprises Morocco Morocco *** 2008 

Al Awael Al Awael Microfinance Company Yemen * 2008 

Al Karama Association Al Karama de Micro Credit Morocco ** 2008 

Al Majmoua Lebanese Association for Development – Al Majmoua Lebanon ** 2008 

Al Rafah Bank Rafah Bank for Microfinance Palestine ** 2008 

Al Tadamun Al Tadamun Microfinance Program Egypt ** 2008 

Alidé Association de Lutte pour la promotion des Initiatives de Développement Benin ** 2008 

Alliance Group Microfinance Organization Alliance Group Georgia * 2008 

Alliance MFB Alliance Microfinance Bank Limited Nigeria * 2008 

ALSOL Alternativa Solidaria Chiapas Mexico ** 2008 

Alternativa CC Alternativa Russia * 2008 

Alternativa 19 del Sur Alternativa 19 del Sur, S.A. de C.V. SOFOM E.N.R. Mexico * 2008 

Alternativa 

Microfinanzas 

Alternativa, Centro de Investigación Social y Educación Popular Peru ** 2008 

Alteya Credit Consumer Cooperative Credit Union "Alteya" Russia * 2008 

Al-Thiqa Al-Thiqa Micro Finance and Small Business Loan Iraq ** 2008 

Alwatani National Microfinance Bank Jordan Jordan ** 2008 

AMA Asociación Mujeres en Acción Peru ** 2008 

AMC Ahli Microfinancing Company Jordan ** 2008 

AMC de R.L. Sociedad Cooperativa de Ahorro y Crédito AMC de R.L. El Salvador ** 2008 

Ameen CHF International / Ameen Lebanon ** 2008 

AMEXTRA AMEXTRA Mexico * 2008 

AMfB Accion Microfinance Bank Ltd Nigeria ** 2008 

AMFI Afghanistan Microfinance Initiative (CHF International) Afghanistan * 2008 

AMK Angkor Mikroheranhvatho Kampuchea Cambodia ** 2008 

AML Asmitha Microfin Ltd. India ** 2008 

Amlok Microdeposit Organization "Amlok" Tajikistan * 2008 

AMMACTS Acts Mahila Mutually Aided Coop Thrift Society India ** 2008 

AMOS Association Microfinance Oued Srou Morocco ** 2008 

AMRET AMRET Co. Ltd. - formerly EMT Cambodia ** 2008 

AMSSF/MC Association Marocaine Societe Sans Frontieres / Micro-redit Morocco ** 2008 

ANDE Agência Nacional de Desenvolvimento Microempresarial Brazil *** 2008 

ANED ANED Bolivia * 2008 

APED Association of Progressive Entrepreneurs in Development Ghana ** 2008 

Apoyo Económico APOYO ECONOMICO FAMILIAR, S.A. DE C.V. Mexico ** 2008 

Apoyo Integral Apoyo Integral S.A. de C.V. El Salvador ** 2008 

APROS Ámbito Productivo Mexico * 2008 

Aqroinvest Aqroinvest Credit Union Azerbaijan ** 2008 

ARD Association for Rural Development Sierra Leone ** 2008 

ARDCI Agriculture and Rural Development for Catanduanes, Inc. Philippines ** 2008 

ARDI Fondation ARDI Morocco ** 2008 


77

APPENDICES 



AREGAK UCO AREGAK Universal Credit Organization CJSC Armenia ** 2008 

ARMP Afghanistan Rural Microcredit Programme (Aga Khan Development Network) Afghanistan * 2008 

Arnur Credit TOO MCO Arnur Credit Kazakhstan ** 2008 

Arohan Arohan India *** 2008 

ASA ASA Bangladesh * 2008 

ASA - GHA ASA Ghana Ghana ** 2008 

ASA Philippines ASA Philippines Philippines ** 2008 

ASALA Palestinian Businesswomen's Association Palestine ** 2008 

Asasah Asasah Pakistan ** 2008 

ASBA Assiut Businessmen Association Egypt ** 2008 

ASC Union ASC Union (formerly Rural Financial Fund) Albania ** 2008 

ASDIR Asociación de Desarrollo Integral Rural Guatemala ** 2008 

ASEI Asociación de Extensionistas Empresariales del INCAE El Salvador ** 2008 

ASHI Ahon Sa Hirap Inc. Philippines ** 2008 

ASIDME Acción de Servicio y Desarrollo para la Micro Empresa Peru * 2008 

ASKI Alalay Sa Kaunlaran, Inc. Philippines * 2008 

Asociación Arariwa Asociación Arariwa Peru ** 2008 

Asociación El 

Balsamo 

Asociación El Balsamo El Salvador ** 2008 

Asociación Raíz Asociación para el Desarrollo RAIZ Guatemala * 2008 

ASODENIC Asociación de Oportunidad y Desarrollo Económico de Nicaragua Nicaragua * 2008 

ASOPROSANRAMON 

Asociación Pro fomento de Proyectos Productivos de la Sub Región de 

San Ramón 

Costa Rica ** 2008 

ASP Financiera ASP, Consultores & Representación, S.A. de C.V. SOFOM E.N.R. Mexico *** 2008 

ASPIRE Asociación Para Inversión y Empleos Dominican Republic * 2008 

ASR Credit Union 'ASR' Uzbekistan * 2008 

ASTI Microloan Fund ASTI Tajikistan ** 2008 

ASUSU CIIGABA ASUSU CIIGABA Niger ** 2008 

ATEMEXPA Asesoría Técnica Especializada de México en Palma de Aceite, S.C. Mexico * 2008 

Atwima Kwanwoma Atwima Kwanwoma Ghana ** 2008 

Avantaj CCCC 'Avantaj' Russia * 2008 

Avanzar Asociacion Civil Avanzar por el Desarrollo Humano Argentina * 2008 

AWS Aadarsha Welfare Society India ** 2008 

AYNLA Asociación Ayudense y Nosotros les Ayudaremos Guatemala ** 2008 

Azal Sanaa Microfinance Project (Azal) Yemen * 2008 

Azercredit VF AzerCredit LLC Azerbaijan ** 2008 

Azerdemiryolbank Azerdemiryolbank Azerbaijan *** 2008 

Azeri Star Azeri Star Microfinance Azerbaijan *** 2008 

Bai Tushum Bai Tushum and Partners Kyrgyzstan ** 2008 

Bancamía Bancamía S.A., Banco de las Microfinanzas Colombia ** 2008 

Banco ADEMI Banco ADEMI Dominican Republic ** 2008 

Banco Amigo Banco Amigo, S.A. Institución de Banca Múltiple Mexico ** 2008 

Banco da Familia Associacao Brasileira para o Desenvolvimento da Familia Brazil ** 2008 

Banco do 

Empreendedor 

Banco do Empreendedor Brazil ** 2008 

Banco do Povo ACP Associação de Crédito Popular Banco do Povo Brazil * 2008 

Rede Novo Sol 

Rede Sócio Econ. Popular e Solidária de Desenv. Sustentável Novo Sol - Banco 

do Povo de Nova Ipixuna 

Brazil * 2008 

Banco do Vale CREDIVALE Agência Metropolitana de Microcrédito Brazil ** 2008 

Banco Familiar Banco Familiar Paraguay *** 2008 

Banco Popular do 

Brasil 

Banco Santiago de 

Libon 

Banco Popular do Brasil S.A. Brazil ** 2008 

Rural Bank of Santiago Libon (Albay) Inc. Philippines ** 2008 

78 



APPENDICES 


Banco Solidario Banco Solidario Ecuador *** 2008 

BancoEstado BancoEstado Chile * 2008 

BancoSol BancoSol Bolivia *** 2008 

BanCovelo Banco Popular Covelo Honduras ** 2008 

BANCRI BANCRI - Banco de Crédito Popular Brazil * 2008 

Bandhan Bandhan India ** 2008 

BANEX Banco del Exito, ex FINDESA Nicaragua *** 2008 

BanGente Banco De La Gente Emprendedora Venezuela *** 2008 

Bangko Kabayan Bangko Kabayan (Ibaan Rural Bank Inc.) Philippines ** 2008 

Bangko Luzon Bangko Luzon Philippines ** 2008 

Bangko Mabuhay Bangko Mabuhay (RB Tanza Inc.) Philippines ** 2008 

Bank Eskhata Bank Eskhata Tajikistan ** 2008 

Bank of Baku Bank of Baku Azerbaijan ** 2008 

BASIX Bhartiya Samruddhi Finance Limited India ** 2008 

BAYOCA Bhagawan Youth Club, Alapot, Ktm Nepal ** 2008 

BCB Bukidnon Cooperative Bank Philippines ** 2008 

BCSC Banco Caja Social Colombia Colombia *** 2008 

BEES Bangladesh Extension Education Services Bangladesh * 2008 

Bereke Kazakhstan Microcredit Organization Bereke Kazakhstan ** 2008 

Bereke-credit MCC Bereke-credit Kyrgyzstan * 2008 

Berendina 

Microfinance 

Berendina Microfinance Institute (Guarantee) Ltd. Sri Lanka ** 2008 

BESA BESA Foundation Albania ** 2008 

Bessfa RB Bessfa Rural Bank Ghana ** 2008 

BFL BWDA Finance Ltd. India ** 2008 

BFSBS BFSBS Russia * 2008 

BG Buusaa Gonofaa Ethiopia ** 2008 

BIMAS Business Initiative and Management Assistance Services Kenya *** 2008 

Binhminh CDC Binhminh Community Development Consulting Company, Ltd. Vietnam ** 2008 

BISWA Bharat Integrated Social Welfare Agency India ** 2008 

BJS Belgharia Janakalyan Samity India ** 2008 

Blago CCCC 'Blago' Russia * 2008 

BMSCCSL Buddha Mahila Savings and Credit Cooperative Society Ltd. Nepal ** 2008 

BMT Kayu Manis BMT Kayu Manis Indonesia * 2008 

BMT Pringsewu Sharia Cooperative Baitul Mal Wat Tamwil Pringsewu Indonesia * 2008 

BOM Banco Oportunidade de Moçambique Mozambique ** 2008 

Bonzali RB Bonzali Rural Bank Ltd. Ghana * 2008 

Borshud MLF Borshud Tajikistan * 2008 

BPR AN KBPR Arta Nawa Indonesia * 2008 

BPR Aditama Arta PT. BPP Aditama Arta Indonesia ** 2008 

BPR AK KBPR Arta Kencana Indonesia * 2008 

BPR Artadamas 

Mandiri 

BPR Artadamas Mandiri Indonesia * 2008 

BPR BBTM BPR Bekasi Binatanjung Makmur Indonesia * 2008 

BPR BKK Cilacap BPR BKK Cilacap Indonesia * 2008 

BPR CAS PT. BPR Citra Artha Sedana Indonesia ** 2008 

BPR Citama PT. BPR Cita Makmur Lestari Indonesia * 2008 

BPR DMG BPR Dana Multi Guna Indonesia ** 2008 

BPR Eka Ayu PT BPR Eka Ayu Artha Buwana Indonesia * 2008 

BPR Eka Usaha BPR Eka Usaha Indonesia * 2008 

BPR Hitamajaya PT. BPR Hitamajaya Argamandiri Indonesia ** 2008 

BPR NBP 11 PT. BPR NBP 11 Indonesia ** 2008 



79

APPENDICES 





BPR NSI PT BPR Nur Semesta Indah Indonesia * 2008 

BPR Pinang Artha BPR Pinang Artha Indonesia * 2008 

BPR PKT PT BPR Parta Kencana Tohpati Indonesia ** 2008 

BPR SAS PT. BPR Sejahtera Artha Sembada Indonesia ** 2008 

BPR Sukawati 

Pancakanti 

BPR Sukawati Pancakanti Indonesia * 2008 

BPR SKA BPR Sukma Kemang Agung Indonesia ** 2008 

BPR Surya Yudha 

Kencana 

PT. BPR Surya Yudha Kencana Indonesia * 2008 

BPR Taman Dhana PT. BPR Taman Dhana Indonesia * 2008 

BPR Wahana Sentra 

Artha 

PT.BPR Wahana Sentra Artha Indonesia ** 2008 

BRAC Bangladesh Rural Advancement Committee Bangladesh * 2008 

BRAC - AFG BRAC Afghanistan Afghanistan ** 2008 

BRAC - LKA BRAC Sri Lanka Sri Lanka ** 2008 

BRAC - SS BRAC Southern Sudan Sudan * 2008 

BRAC - TZA BRAC Tanzania Tanzania ** 2008 

BRAC - UGA BRAC Uganda Uganda ** 2008 

BRCCC Bolschemurtinskyi RCCC Russia * 2008 

BSS Bharatha Swamukti Samsthe India ** 2008 

BTA Bank BTA Bank (formerly Ineximbank) Kyrgyzstan ** 2008 

BURO Bangladesh BURO Bangladesh, formerly BURO Tangail Bangladesh ** 2008 

BWDC Bharathi Women Development Centre India * 2008 

BZMF Beselidhja/Zavet Microfinance Kosovo ** 2008 

CACMU COOPERATIVA DE AHORRO Y CRÉDITO MUJERES UNIDAS Ecuador ** 2008 

CAFASA Consultores Agropecuarios y Forestales Asociados, S.A. de C.V. Mexico * 2008 

CAFODEC 

Centre d'Appui et de formation pour le développement, l'Epargne et le Credit 

et l'éducation Civique 

Guinea * 2008 

Caja Depac Poblana Caja Depac Poblana SC de RL Mexico ** 2008 

Caja Popular 

Mexicana 

Caja Popular Mexicana Mexico ** 2008 

CamCCUL CamCCUL Cameroon * 2008 

CAME CAME Mexico * 2008 

CCAMETRO Caja de Crédito Metropolitana El Salvador ** 2008 

Cantilan Bank Cantilan Bank, Inc. Philippines ** 2008 

CAPA CAPA Finance S.A. Romania ** 2008 

Capitec Bank Capitec Bank South Africa ** 2008 

CAPPED 

Caisse de Participation à la Promotion des Entreprises et à leur 

Développement 

Congo, Republic of the ** 2008 

CARD Bank CARD Bank, Inc. Philippines ** 2008 

CARD NGO Center for Agriculture and Rural Development, Inc. Philippines ** 2008 

CARE - CREEME 

CARE de Honduras Programa de Crecimiento Económico de Microempresas 

(CREEME) 

Honduras * 2008 

Caritas Caritas Peru ** 2008 

Caritas Esteli Caritas Esteli Nicaragua * 2008 

Casa do Microcrédito Casa do Microcrédito Brazil ** 2008 

Cashpor MC Cashpor Microcredit India ** 2008 

CAURIE Micro 

Finance 

Caisse AUtonome pour le Renforcement des Initiatives Économiques par la 

Micro finance 

Senegal * 2008 

CBB Chhimek Bikas Bank Ltd. Nepal ** 2008 

CBDIBA/RENACA CBDIBA/RENACA Benin * 2008 

CBIRD Cambodia Business Integrated in Rural Development Cambodia ** 2008 

CBMO Cooperative Bank of Misamis Oriental Inc. Philippines ** 2008 

80 



APPENDICES 


CCA Crédit Communautaire d'Afrique Cameroon ** 2008 

CCC La Casa Campesina Cayambe Ecuador ** 2008 

CDM Crédit de développement mutuel Cameroon * 2008 

CDRO Asociación Cooperación para el Desarrollo Rural de Occidente Guatemala ** 2008 

CDS Crédit du Sahel Cameroon * 2008 

CEADe Centro Ecumênico de Apoio ao Desenvolvimento Brazil * 2008 

CEAPE BA Centro de Apoio aos Pequenos Empreendimentos da Bahia Brazil ** 2008 

CEAPE MA Centro de Apoio aos Pequenos Empreendimentos do Maranhão Brazil ** 2008 

CEAPE PE Centro de Apoio aos Pequeno Empreendimentos de Pernambuco Brazil ** 2008 

CEAPE PI Centro de Apoio aos Pequenos Empreendimentos do Piauí Brazil ** 2008 

CECA Coopérative d'Epargne et de Crédit des Artisans Togo ** 2008 

CECIC S.A. CECIC S.A. Cameroon ** 2008 

CEC-PROM Mature Coopératives d'Epargne et de Crédit des Promotrices Cameroon ** 2008 

CEDEF Calvary Enterprise Development Foundation Ghana ** 2008 

CEF Counterpart Enterprise Fund Russia * 2008 

Centenary Bank Centenary Rural Development Bank Ltd. Uganda ** 2008 

Central Cresol Baser Central Cresol Baser Brazil ** 2008 

CEOSS Coptic Evangelical Organization for Social Services Egypt ** 2008 

CEP Capital Aid Fund for Employment of the Poor Vietnam *** 2008 

CEP BRVT CEP Ba Ria - vung Tau Vietnam ** 2008 

CEP Long An CEP Long An Vietnam ** 2008 

CEPESIU Centro De Promoción y Empleo Para el Sector Informal Urbano Ecuador *** 2008 

CEPRODEL Centro de Promoción del Desarrollo Local Nicaragua *** 2008 

CESOL ACJ CESOL ACJ Ecuador ** 2008 

CETZAM CETZAM Opportunity Microfinance Ltd. Zambia ** 2008 

CEVI Community Economic Ventures, Inc. Philippines ** 2008 

CFA Child Fund Afghanistan Afghanistan ** 2008 

CFE Centre Financier aux Entrepreneurs S.A. AGASEKE Rwanda * 2008 

CFF Cedi Finance Foundation Ghana ** 2008 

CFPA China Fund for Poverty Alleviation China, People's 

Republic of 

* 2008 

Chamroeun Chamroeun Microfinance - Entrepreneurs du Monde Cambodia ** 2008 

Chandeshwori Chandeshwori Saving and Credit Co-operative Society, Ltd. Nepal ** 2008 

CHC-Limited CHC-Limited Cambodia *** 2008 

CHF Iraq CHF Iraq Iraq ** 2008 

Childfund Hoa Binh Childfund Hoa Binh Vietnam * 2008 

Chita FSBS Fund for Small Business Support in the Chita Region Russia * 2008 

CHWDA Chun Hua Women's Development Assosication China, People's 

Republic of 

** 2008 

CIDRE CIDRE Bolivia ** 2008 

CMAC Arequipa Caja Municipal de Ahorro y Crédito - Arequipa Peru *** 2008 

CMAC Cusco Caja Municipal de Ahorro y Crédito - Cusco Peru *** 2008 

CMAC Del Santa Caja Municipal de AHorro y Crédito Del Santa Peru ** 2008 

CMAC Huancayo Caja Municipal de AHorro y Crédito de Huancayo Peru *** 2008 

CMAC Ica Caja Municipal de Ahorro y Crédito - ICA Peru *** 2008 

CMAC Maynas Caja Municipal de Ahorro y Crédito de Maynas Peru * 2008 

CMAC Paita Caja Municipal de Ahorro y Crédito de Paita Peru ** 2008 

CMAC Pisco Caja Municipal de Ahorro y Crédito de Pisco Peru * 2008 

CMAC Piura CMAC Piura Peru *** 2008 

CMAC Sullana Caja Municipal de Ahorro y Crédito de Sullana S.A. Peru *** 2008 

CMAC Tacna Caja Municipal de Ahorro y Crédito de Tacna Peru *** 2008 

CMAC Trujillo Caja Municipal de Ahorro y Crédito de Trujillo Peru *** 2008 

CMCA Crédit Mutuel de Centrafrique Central African Republic * 2008 


81

APPENDICES 



CMEDFI Cebu Micro-Enterprise Development Foundation Inc. Philippines ** 2008 

CMFinance Center for Microfinance Russia * 2008 

CMMB Caisse du Mouvement Mutualiste Béninois Benin ** 2008 

CMS Crédit Mutuel du Sénégal Senegal * 2008 

COAC 4 de Octubre Cooperativa de Ahorro y Crédito 4 de Octubre Ecuador ** 2008 

COAC Acción Rural Cooperativa Acción Rural Ecuador ** 2008 

COAC Ambato Cooperativa de Ahorro y Crédito Ambato Ltda. Ecuador ** 2008 

COAC Artesanos COAC Artesanos Ltda Ecuador ** 2008 

COAC Chone COAC Chone Ecuador *** 2008 

COAC Fernando 

Daquilema 

Cooperativa de Ahorro y Crédito Fernando Daquilema Ecuador ** 2008 

COAC Fondvida Cooperativa de Ahorro y Crédito Fondvida Ecuador ** 2008 

COAC Huaycopungo COAC Huaycopungo Ecuador * 2008 

COAC Jardín Azuayo Cooperativa de Ahorro y Crédito Jardín Azuayo Ecuador *** 2008 

COAC Kullki Wasi COAC Kullki Wasi Ecuador ** 2008 

COAC La Benéfica COAC La Benéfica Ecuador * 2008 

COAC Luz del Valle COAC Luz del Valle Ecuador ** 2008 

COAC MCCH Cooperativa de Ahorro y Crédito Maquita Cushunchic Ecuador *** 2008 

COAC Minga Cooperativa de Ahorro y Crédito Minga Ltda Ecuador * 2008 

COAC Mushuc Runa COAC Mushuc Runa Ltda. Ecuador ** 2008 

COAC La Nacional COAC La Nacional Ecuador ** 2008 

COAC Padre Vicente Cooperativa de Ahorro y Crédito Padre Vicente Ponce Rubio Ecuador ** 2008 

COAC Pallatanga COAC San Miguel de Pallatanga Ecuador ** 2008 

COAC Sac Aiet Cooperativa de Ahorro y Crédito Sac Aiet Ecuador ** 2008 

COAC San Antonio COAC San Antonio Ecuador ** 2008 

COAC San Gabriel COAC San Gabriel Ecuador ** 2008 

COAC San José Cooperativa de Ahorro y Crédito - San José Ecuador *** 2008 

COAC Santa Ana COAC Santa Ana Ecuador *** 2008 

COAC Santa Anita COAC Santa Anita Ecuador ** 2008 

COCDEP Consultoría y Capacitación para el Desarrollo Productivo, S.C. Mexico * 2008 

CODESARROLLO CODESARROLLO Ecuador *** 2008 

Columbia 

Microcreditos 

Banco Columbia División Microcreditos Argentina * 2008 

Common Interest Common Interest International Thailand ** 2008 

CompartamosBanco Banco Compartamos S.A. Institución de Banca Múltiple Mexico *** 2008 

Comultrasan 

Cooperativa de Ahorro y Crédito de Santander Ltda. "Financiera 

Comultrasan" 

Colombia ** 2008 

Conserva Conserva Mexico * 2008 

Contactar Corporación Nariño Empresa y Futuro Colombia * 2008 

Coop 20 de Abril Cooperativa de Servicios Múltiples 20 de Abril R.L. Nicaragua ** 2008 

Coop Avances Cooperativa de Ahorro y Credito Financiera Avances R.L. Nicaragua ** 2008 

Coop Fátima Cooperativa Fátima Bolivia *** 2008 

Coop Jesús Nazareno Cooperativa Jesús Nazareno Ltda. Bolivia *** 2008 

Coop Juan XXIII Cooperativa de Servicios Múltiples Juan XXIII. R.L. Panama * 2008 

COOPAC 

Chiquinquira 

Cooperativa de Ahorro y Crédito Chiquinquira Peru * 2008 

COOPAC León XIII COOPAC León XIII Peru * 2008 

COOPAC Los Andes Cooperativa de Ahorro y Crédito Los Andes Cotarusi Aymaraes Peru *** 2008 

COOPAC Norandino COOPAC Norandino Ltda. Peru ** 2008 

COOPAC San 

Cristóbal 

COOPAC San Cristóbal de Huamanga Peru * 2008 

COOPAC San Martín COOPAC San Martin de Porres - PER Peru ** 2008 

COOPAC Santa Maria Cooperativa de Ahorro y Crédito Santa Maria Magdalena Peru * 2008 

COOPAC Santo Cristo COOPAC Santo Cristo de Bagazán Peru ** 2008 

82 



APPENDICES 


COOPAC Santo 

Domingo 

Cooperativa de Ahorro y Crédito Santo Domingo de Guzmán Peru ** 2008 

COOPAC Tocache Cooperativa de Ahorro y Crédito Tocache Peru ** 2008 

COOPEC Hinfani 

Dosso 

COOPEC Hinfani Dosso Niger * 2008 

COOPEC/ACCO Cooperative d'epargne et de credit de l'assciation des chauffeurs du congo Congo, Democratic 


* 2008 

COOPEDU-Kigali COOPEDU-Kigali Rwanda ** 2008 

COOPROGRESO COOPROGRESO Ecuador *** 2008 

COSPEC Coopérative Solidarité avec les Paysans pour l'Epargne et le Crédit à Cibitoke Burundi ** 2008 

CPECG Yete Mali CPECG Yete Mali Guinea * 2008 

CRAC Los Andes Caja Rural de Ahorro y Crédito Los Andes Peru *** 2008 

CRAC Nuestra Gente Caja Rural de Ahorro y Crédito Nuestra Gente Peru *** 2008 

CRAC Profinanzas Caja Rural de Ahorro y Crédito Profinanzas Peru *** 2008 

CRAC Señor de Luren Caja Rural de Ahorro y Crédito Señor de Luren Peru *** 2008 

CRAC Sipán Caja Rural de Ahorro y Crédito Sipán S.A. Peru *** 2008 

CRAN Christian Rural Aid Network Ghana ** 2008 

Crece Safsa Crece Safsa, S.A. de C.V. Mexico * 2008 

CRECER Crédito con Educación Rural Bolivia *** 2008 

CredAgro NBCO CredAgro Non-Banking Credit Institution Azerbaijan ** 2008 

Credi Fé Credi Fé Desarrollo Microempresarial S.A. Ecuador ** 2008 

CrediAmigo Banco do Nordeste do Brasil S/A Brazil ** 2008 

CrediAvance CrediAvance, S.A. de C.V. SOFOM E.N.R. (antes DESPENO) Mexico * 2008 

Credi-Capital CREDI-CAPITAL, S.A. de C.V. SOFOM E.N.R (antes ASEA) Mexico * 2008 

CrediClub CrediClub, S.A. de C.V., SOFOM E.N.R. Mexico * 2008 

CrediComún Servicios para el Desarollo Comunitario, S.A. de C.V. Mexico ** 2008 

Credicoop Cooperativa Credicoop Ltda. Chile ** 2008 

CREDIMUJER Credito para la Microempresa y el Desarrollo Social Costa Rica ** 2008 

Crediscotia Crediscotia Financiera Peru *** 2008 

Credisol Instituição de Crédito Solidário Credisol Brazil ** 2008 

CREDIT CREDIT MFI Cambodia ** 2008 

Credit Mongol Credit Mongol Mongolia ** 2008 

Créditos Pronegocio Créditos Pronegocio, S.A. de C.V. SOFOL, Grupo Financiero Norte Mexico * 2008 

CREDITUYO Servicios Financieros de Desarrollo Comunitario, S.A. de C.V. SOFOM E.N.R. Mexico ** 2008 

CREDO LLC "MFO CREDO" Georgia ** 2008 

CReSA Centre for Rural Reconstruction Through Social Action India * 2008 

Cresol Central 

Cresol Central SC/RS - Cooperativa Central de Crédito Rural com Interação 

Solidária 

Brazil ** 2008 

Crezcamos Crezcamos S.A. Colombia ** 2008 

CRG Credit Rural de Guinée Guinea ** 2008 

CRYSOL Fundación CRYSOL Guatemala *** 2008 

Crystal JSC MFO Crystal (formerly Crystal Fund) Georgia ** 2008 

CSD Centre for Self-help Development Nepal ** 2008 

CU Kosayu CU Kosayu Indonesia * 2008 

CU Pantai Prigi Credit Union Pantai Prigi Indonesia * 2008 

CU Sawiran Koperasi Kredit Sawiran Indonesia * 2008 

CUMO CUMO Microfinance Limited Malawi ** 2008 

CVECA Kita/ 

Bafoulabé 

CVECA Kita/Bafoulabé Mali * 2008 

CVECA Pays Dogon CVECA Pays Dogon Mali * 2008 

CVECA SOUM Caisses villageoises d'épargne et de credit autogérées du Soum Burkina Faso * 2008 

CWCD Centre for Woman Co-operative Development Pakistan ** 2008 

CZWSDA Chifeng Zhaowuda Women's Sustainable Development Association China, People's 

Republic of 

* 2008 


83

APPENDICES 



DAMEN Development Action for Mobilization and Emancipation Pakistan ** 2008 

DAYAQ-Credit NBCO "DAYAQ-Credit" LLC Azerbaijan * 2008 

DBACD Dakahlya Businessmen's Association for Community Development Egypt ** 2008 

DD Bank Deprosc Development Bank Ltd. Nepal ** 2008 

DEC Development Exchange Center Nigeria ** 2008 

DECSI Dedebit Credit and Savings Institution Ethiopia ** 2008 

DEF Development and Employment Fund Jordan ** 2008 

Degaf Degaf Ethiopia * 2008 

DEPROSC-Nepal Development Project Service Centre - Nepal Nepal * 2008 

Despacho Amador Despacho Alfonso Amador Mexico * 2008 

Diaconia FRIF Diaconia Bolivia ** 2008 

Dian Mandiri Dian Mandiri Foundation Indonesia ** 2008 

DINARI Dian Bhuana Lestari Foundation Indonesia ** 2008 

Dirigible Microcredit Company 'Dirigible' Kyrgyzstan * 2008 

DJOMEC DJOMEC Senegal * 2008 

DSK Dobrich DSK Dobrich Bulgaria * 2008 

D-Miro D-miro Ecuador *** 2008 

Don Apoyo Don Apoyo S.A. de C.V. Mexico * 2008 

Doveriye - Volgograd Doveriye Consumer Credit Cooperative of Citizens Russia * 2008 

Doveriye (Amursk) Credit Union 'Doveriye' (Amursk) Russia * 2008 

Doveriye- Bulgaria Rural Credit Cooperative 'Doveriye' Bulgaria * 2008 

Doveriye-Altay Consumer Credit Cooperative 'Doveriye-Altay' Russia * 2008 

DQF Daasgift Quality Foundation Ghana ** 2008 

DSPI Daan Sa Pag-unlad Inc. Philippines * 2008 

Duterimbere Duterimbere Rwanda ** 2008 

ECLOF - ARM Ecumenical Church Loan Fund - ARM Armenia ** 2008 

ECLOF - ECU Ecumenical Church Loan Fund - Ecuador Ecuador ** 2008 

ECLOF - PHL ECLOF Philippines Foundation, Inc. Philippines ** 2008 

EcoFuturo FFP Eco Futuro Fondo Financiero Privado Bolivia *** 2008 

EDAPROSPO EDAPROSPO Peru ** 2008 

Edinstvo Yurga CCC 'Edinstvo Yurga' Russia * 2008 

Edinstvo-Volgograd CCC 'Edinstvo-Volgograd' Russia * 2008 

EDPYME Acceso 

Crediticio 

EDPYME Acceso Crediticio Peru * 2008 

EDPYME Alternativa EDPYME Alternativa Peru *** 2008 

EDPYME Confianza EDPYME Confianza Peru *** 2008 

EDPYME Crear 

Arequipa 

EDPYME Crear Arequipa Peru *** 2008 

EDPYME Credivisión EDPYME Credivisión Peru *** 2008 

EDPYME Efectiva EDPYME Efectiva Peru ** 2008 

EDPYME Nueva 

Visión 

EDPYME Pro 

Negocios 

EDPYME Nueva Visión Peru *** 2008 

EDPYME Pro Negocios Peru * 2008 

EDPYME Proempresa EDPYME Proempresa Peru ** 2008 

EDPYME Raíz EDPYME Raíz Peru *** 2008 

Ehyoi kuhiston Microloan Fund Ehyoi kuhiston Tajikistan * 2008 

EKI EKI Bosnia and 

Herzegovina 

*** 2008 

EKPA Consumer Credit Union 'Economic Partnership' Russia * 2008 

Elet-Capital MCC Elet-Capital Kyrgyzstan *** 2008 

Emprender EMPRENDER Bolivia Bolivia *** 2008 

Enda Enda Inter-Arabe Tunisia *** 2008 

ENLACE ENLACE - Servicios Financieros S.A de C.V. El Salvador ** 2008 

84 



APPENDICES 


Equitas Equitas Micro Finance India India ** 2008 

Equity Bank Equity Bank Kenya ** 2008 

ESAF ESAF Microfinance and Investments (P) Ltd. India ** 2008 

ESED Egyptian Small Enterprise Development Foundation Egypt * 2008 

Eshet Eshet Ethiopia ** 2008 

Espacios Alternativos Espacios Alternativos, S.C. Mexico * 2008 

Crezkamos Kapital Crezkamos Kapital Eurekasoli, S. A. de C.V. Mexico * 2008 

Express Finance Express Finance IFN SA (formerly CHF - ROM) Romania ** 2008 

Fácil SCM Fácil Sociedade de Crédito ao Microempreendedor Ltda Brazil * 2008 

FACES FACES Ecuador *** 2008 

FADEMYPE Fundación para el Auto Desarrollo de la Micro y Pequeña Empresa El Salvador ** 2008 

FAFIDESS 

Fundación de Asesoría Financiera a Instituciones de Desarrollo y Servicio 

Social 

Guatemala * 2008 

FAIR Bank First Agro-Industrial Rural Bank Philippines ** 2008 

FAM Fonds d'Actions Mutuelles Congo, Republic of the ** 2008 

FAMA OPDF Familia y Medio Ambiente OPDF Honduras ** 2008 

FAPE Fundacion de Asistencia para la Pequeña Empresa Guatemala * 2008 

Farm Credit Armenia Farm Credit Armenia UCO CC Armenia ** 2008 

FASL First Allied Savings & Loans Ghana ** 2008 

Fassil FFP Fondo FASSIL Bolivia *** 2008 

FATEN Palestine for Credit & Development Palestine ** 2008 

Faulu - KEN Faulu Kenya Deposit Taking Microfinance Limited Kenya ** 2008 

Faulu - UGA Faulu - Uganda Uganda ** 2008 

FBPMC Fondation Banque Populaire pour le Micro-Credit Morocco ** 2008 

AfricaWorks AfricaWorks Mozambique * 2008 

FDL Fondo de Desarrollo Local Nicaragua ** 2008 

FDM Group-Guaranteed Lending and Savings - Fundo de Desenvolvimento da Mulher Mozambique ** 2008 

FECECAM Fédération des caisses d'épargne et de crédit agricole mutuel Benin * 2008 

FED Fundación Ecuatoriana de Desarrollo Ecuador ** 2008 

FFECC First Far Eastern Credit Cooperative Russia * 2008 

FFSA Fund for Financial Support of Agriculture Kazakhstan ** 2008 

FIACG Fundación Internacional para la Asistencia Comunitaria de Guatemala Guatemala ** 2008 

FICO First Isabela Cooperative Bank Philippines ** 2008 

FIDERPAC Fundación Integral de Desarrollo Rural del Pacífico Central Costa Rica ** 2008 

FIDEVIE FIDEVIE Benin * 2008 

FIE FFP Fondo Financiero Privado para el Fomento a Iniciativas Economicas Bolivia *** 2008 

FIE Gran Poder FIE Gran Poder S.A. Argentina *** 2008 

FIELCO Financiera El Comercio Paraguay *** 2008 

FinAgro FinAgro Georgia *** 2008 

FinAmérica Financiera América Colombia ** 2008 

FinAmigo Financiera Mexicana para el Desarrollo Rural, S.A. DE C.V., S.F.P. Mexico * 2008 

Financiera Edyficar Financiera Edyficar S.A. Peru *** 2008 

Financiera Fama Financiera Fama S.A. Nicaragua ** 2008 

Financiera 

Independencia 

Financiera Independencia, S.A.B. de C.V. SOFOM E.N.R. Mexico *** 2008 

FINCA - AFG FINCA Afghanistan Afghanistan * 2008 

FINCA - ARM FINCA Armenia Armenia ** 2008 

FINCA - AZE FINCA Azerbaijan Azerbaijan ** 2008 

FINCA - DRC FINCA Democratic Republic of Congo Congo, Democratic 


** 2008 

FINCA - ECU FINCA Ecuador Ecuador ** 2008 

FINCA - GEO FINCA Georgia Georgia ** 2008 

FINCA - GTM FINCA Guatemala Guatemala ** 2008 


85

APPENDICES 



FINCA - HND Financiera FINCA Honduras S.A. Honduras ** 2008 

FINCA - HTI FINCA - Haiti Haiti * 2008 

FINCA - JOR FINCA Jordan Jordan ** 2008 

FINCA - KOS FINCA - Kosovo Kosovo ** 2008 

FINCA - MEX Fundación Integral Comunitaria, A.C. - FINCA México Mexico ** 2008 

FINCA - MWI FINCA Malawi Malawi * 2008 

FINCA - NIC Fundación Internacional para la Asistencia Comunitaria - Nicaragua Nicaragua ** 2008 

FINCA - PER FINCA Peru Peru *** 2008 

FINCA - Russia FINCA - Russia Russia ** 2008 

FINCA - SLV Fundación Internacional para la Asistencia Comunitaria El Salvador ** 2008 

FINCA - TJK FINCA Tajikistan Tajikistan ** 2008 

FINCA - TZA FINCA Tanzania Tanzania ** 2008 

FINCA - UGA FINCA Uganda Uganda ** 2008 

FINCA - ZMB FINCA Zambia Zambia ** 2008 

FinComún Servicios Financieros Comunitarios, S.A. de C.V. SFP Mexico ** 2008 

FINCORP FINCORP Swaziland ** 2008 

FinDev Finance for Development LLC Azerbaijan ** 2008 

FINORTE Financiera del Norte, S.A. de C.V. SOFOM E.N.R. Mexico * 2008 

FINSOL Financiera Solidaria Honduras Honduras ** 2008 

First Macro Bank First Macro Bank (Rural Bank of Pateros) Philippines ** 2008 

Emprenda FIS - Empresa Social S.A. Argentina ** 2008 

FISUR Fomento e Impulso del Sur S.A. de C.V. Mexico * 2008 

FMCC FINCA MicroCredit Company - formerly FINCA Kyrgyzstan Kyrgyzstan ** 2008 

FMF First Microfinance Foundation - Aga Khan Egypt Egypt ** 2008 

FMFB - AFG The First MicroFinanceBank - Afghanistan Afghanistan ** 2008 

FMFB - Pakistan First MicroFinanceBank Ltd - Pakistan Pakistan ** 2008 

FMFB - TJK The First MicroFinanceBank - Tajikistan Tajikistan ** 2008 

FMFI-SYR Frst Micro Finance Institution, Syria Syria ** 2008 

FMM Bucaramanga Fundación Mundial de la Mujer Bucaramanga Colombia ** 2008 

FMM Popayán Fundación Mundo Mujer Popayán Colombia ** 2008 

FMSD Fundación Mario Santo Domingo Colombia ** 2008 

FNT Credit FNT Credit Kyrgyzstan * 2008 

FODEM Fondo de Desarrollo para la Mujer Nicaragua ** 2008 

FODEMI Fondo de Desarrollo Microempresarial Ecuador ** 2008 

FOMIC Fondo de Microproyectos Costarricenses Sociedad Civil Costa Rica ** 2008 

FONCRESOL FONCRESOL Bolivia ** 2008 

FONDECO Fondo de Desarrollo Comunal Bolivia *** 2008 

FONDEP Fondation pour le Development Local et le Partenariat Micro-Crédit Morocco *** 2008 

FONDESOL FONDESOL Guatemala ** 2008 

FONDESURCO Fondo de Desarrollo Regional Peru *** 2008 

Fondo Esperanza Fondo Esperanza Chile ** 2008 

Fonkoze Fondasyon Kole Zepòl Haiti * 2008 

Forjadores de 

Negocios 

Forjadores de Negocios, S. A. de C.V. SOFOM E.N.R Mexico ** 2008 

Fortaleza FFP Fortaleza FFP Bolivia ** 2008 

FORUS FORUS Bank Russia *** 2008 

FORWARD Forum for Rural Women Ardency Development Nepal ** 2008 

FOVIDA Fomento de la Vida Peru ** 2008 

FRAC Fundación Realidad, A.C. Mexico *** 2008 

FUBODE Fundación Boliviana para el Desarrollo Bolivia ** 2008 

FUCEC Togo Faitière des Unités Coopératives d'Epargne et de Crédit du Togo Togo * 2008 

FUDEMI Fundación para el Desarrollo de la Microempresa Nicaragua * 2008 

FULM Saving House FULM Macedonia ** 2008 

86 



APPENDICES 


FUNBODEM Fundación Boliviana para el Desarrollo de la Mujer Bolivia *** 2008 

Fund for Women 

Development - HCM 

Fund for Women Development - HCM Vietnam * 2008 

Fundación 4i-2000 Fundación 4i-2000 Nicaragua ** 2008 

Fundación 

Alternativa 

Fundación Alternativa Ecuador *** 2008 

Fundación Amanecer Fundación Amanecer Colombia ** 2008 

Fundación CAMPO Fundación CAMPO El Salvador ** 2008 

Fundación Esperanza Fundación Esperanza Internacional Dominican Republic ** 2008 

Fundación Espoir Fundación Espoir Ecuador ** 2008 

Fundación León 2000 Fundación León 2000 Nicaragua ** 2008 

Fundación MICROS Fundación para el Desarrollo de la Microempresa MICROS Guatemala ** 2008 

Fundación Mujer Fundación Mujer Costa Rica ** 2008 

Fundación 

Nieborowski 

Fundación 

Paraguaya 

Fundación José Nieborowski Nicaragua * 2008 

Fundación Paraguaya de Cooperación y Desarrollo Paraguay ** 2008 

FUNDAHMICRO Fundación Hondureña para el Desarrollo de la Microempresa Honduras ** 2008 

FUNDAMIC Fundación de Ayuda Microempresarial Ecuador ** 2008 

FUNDEA Fundación para el Desarrollo Empresarial y Agrícola Guatemala ** 2008 

FUNDEBASE Fundación para el Desarrollo de Base Costa Rica ** 2008 

FUNDECOCA Fundación Unión y Desarrollo de Comunidades Campesinas Costa Rica ** 2008 

FUNDENUSE Fundación para el Desarrollo de Nueva Segovia) Nicaragua ** 2008 

FUNDEPYME Fundación de Desarrollo Empresarial de la Pequeña y Mediana Empresa Nicaragua * 2008 

FUNDESER Fundación para el Desarrollo Socioeconómico Rural Nicaragua *** 2008 

FUNDESPE Fundacion para el Desarrollo de la Pequeña Empresa Guatemala ** 2008 

Fundusz Mikro Fundusz Mikro Poland ** 2008 

FUNED Fundación para el Desarrollo de Honduras Honduras ** 2008 

FUNHAVI Fundación Habitat y Vivienda, A.C. Mexico * 2008 

FUNSALDE Fundación Salvadoreña para el Desarrollo El Salvador * 2008 

FVP Fundacion para La Vivienda Progresiva A.C. Mexico * 2008 

Génesis Empresarial Fundación Génesis Empresarial Guatemala ** 2008 

Galaktika CCC Galaktika Russia * 2008 

Garant-Invest Garant-Invest Uzbekistan ** 2008 

Gasha Gasha Ethiopia * 2008 

GAWFA GAMBIA WOMEN'S FINANCE ASSOCIATION Gambia, The * 2008 

GBNB Grameen Bank Nepal Biratnagar Nepal ** 2008 

GCM Grupo Consultor para La Microempresa, S.A. de C.V., SOFOM, E.N.R. Mexico ** 2008 

General Toshevo Rural Credit Cooperative 'General Toshevo' Bulgaria * 2008 

GGEM Microfinance 

Services Ltd. 

Grassroots Gender Empowerment Movement Microfinance Services Ltd. Sierra Leone ** 2008 

GFSPL Grameen Financial Services Pvt. Ltd. India ** 2008 

GM Bank GM Bank Philippines ** 2008 

GOF Growing Opportunity Finance India ** 2008 

Gorodskoy Consumer Credit Cooperative 'Gorodskoy' Russia * 2008 

GRAINE sarl GRoupe d'Accompagnement à l'INvestissement et à l'Epargne Burkina Faso * 2008 

Grameen Bank Grameen Bank Bangladesh ** 2008 

Grameen Mendoza Fundación Grameen Mendoza Argentina ** 2008 

Grameen Sahara Grameen Sahara Matia Goalpara India ** 2008 

Green Bank Rural Green Bank of Caraga, Inc. Philippines ** 2008 

Grupo Río La Venta Grupo Consultor Río la Venta S.A. de C.V. SOFOM E.N.R. Mexico * 2008 

GU Gram-Utthan India ** 2008 

GV Grama Vidiyal India ** 2008 

Harbu Harbu Micro Finance Institution Share Company Ethiopia ** 2008 


87

APPENDICES 



HEED HEED Bangladesh Bangladesh * 2008 

Hekima Hekima Congo, Democratic 


** 2008 

HDH OPDF Fundación Microfinanciera Hermandad de Honduras OPDF Honduras ** 2008 

HiH Hand in Hand India * 2008 

HKL Hattha Kaksekar Ltd. Cambodia *** 2008 

Hluvuku Hluvuku-Adsema Fundo de Credito Male yeru Mozambique ** 2008 

Hofokam Hofokam Uganda * 2008 

HOPE HOPE Ukraine Ukraine ** 2008 

Hope for Life Hope for Life Afghanistan ** 2008 

Horizon Horizon fund Armenia ** 2008 

Horizonti Foundation Horizonti Skopje Macedonia ** 2008 

HSPFI Hagdan Sa Pag-uswag Foundation Inc. Philippines * 2008 

ICC BluSol Instituição Comunitária de Crédito Blumenau Solidariedade Brazil ** 2008 

ICC Conquista 

Solidária 

Instituição Comunitária de Crédito Conquista Solidária Brazil * 2008 

ICC MAUCE Instituição Comunitária de Crédito do Médio Alto Uruguai e Região Celeiro Brazil * 2008 

ICMFB IC Microfinance Bank Nigeria Nigeria ** 2008 

IDDA Industrial District Development Association Egypt * 2008 

IDEPRO Instituto para el Desarrollo de la Pequeña Unidad Productiva Bolivia ** 2008 

IDER CV IDER Cesar Vallejo Peru * 2008 

IDESI Lambayeque Instituto de Desarrollo del Sector Informal para Lambayeque Peru * 2008 

IDESPA IDESPA Peru * 2008 

IDF Integrated Development Foundation Bangladesh * 2008 

ID-Ghana Initiative Development Ghana Ghana ** 2008 

IDH Instituto para el Desarrollo Hondureno Honduras ** 2008 

IDYDC Iringa Development of Youth, Disabled and Children Care Tanzania ** 2008 

IFDP Institution Financier de Developpement de Phongsaly Laos * 2008 

ImerCredit MFI ImerCredit Ltd. (formerly BAI) Georgia * 2008 

IMFB Integrated Microfinance Bank Nigeria *** 2008 

Imkoniyat Microlending Foundation Imkoniyat Tajikistan * 2008 

Imodi Hutal Microloan Fund Imodi Hutal Tajikistan * 2008 

IMON LLC Microlending organization IMON INTERNATIONAL Tajikistan *** 2008 

IMPRO Asociación Incubadora de Microempresas Productivas Bolivia *** 2008 

Impuls Consumer Credit Cooperative " Russia * 2008 

Indur MACS 

Indur Intideepam Mutually Aided Thrift & Credit Cooperatives' 

Federation Limited 

India ** 2008 

INECO INECO Bank Armenia ** 2008 

Inicjatywa Mikro Inicjatywa Mikro Poland ** 2008 

INMAA Institution Marocaine d'Appui a la Micro-entreprise Morocco * 2008 

INSOTEC Instituto de Investigaciones Socioeconómicas y Tecnológicas Ecuador *** 2008 

Instituto Estrela Instituto Estrela de Fomento ao Microcrédito Brazil * 2008 

Intellekt Consumer Credit Cooperative of Citizens 'Intellekt' Russia * 2008 

Interactuar Interactuar Colombia *** 2008 

Interfisa Financiera Grupo Internacional de Finanzas SAECA Paraguay ** 2008 

Invest Credit Invest Credit LLC NBCO Azerbaijan ** 2008 

Invest-Credit 

Moldova 

Invest-Credit Moldova Moldova * 2008 

Invirtiendo Invirtiendo S.A. de C.V. Mexico * 2008 

IPR Intean Poalroath RongRoeurng LTD Cambodia ** 2008 

Izdiharona 

Microfinance 

Relief International - Izdiharona Microfinance Iraq * 2008 

Jabal Al Hoss UNDP Rural Community Development in Jabal Al Hoss Syria * 2008 

88 



APPENDICES 


Jamii Bora Jamii Bora Kenya Ltd. Kenya * 2008 

Janodaya Janodaya Public Trust India ** 2008 

JCF Jagorani Chakra Foundation Bangladesh * 2008 

Jigiyaso Ba Jigiyaso Ba Mali * 2008 

Joldosh Group MCC Joldosh Group Kyrgyzstan * 2008 

JOVID Micro-loan fund 'JOVID' Tajikistan *** 2008 

JSC Bank Constanta JSC Bank Constanta Georgia ** 2008 

JSCCS Janasachetan Saving and Credit Cooperative Society Ltd. Nepal ** 2008 

Juaben RB Juaben Rural Bank Ghana ** 2008 

JVS Jeevum Vikas Samaj Nepal ** 2008 

JXWDA Jia Xian Women's Development Association China, People's 

Republic of 

** 2008 

KADET Kenya Agency to Development of Enterprise and Technology Kenya * 2008 

Kafo Jiginew Kafo Jiginew Mali ** 2008 

Kakum RB Kakum RB Ghana ** 2008 

KAMURJ Microenterprise Development Fund Kamurj Armenia ** 2008 

Kasagana-Ka Kasagana-Ka Development Foundation, Inc. Philippines ** 2008 

Kashf Foundation Kashf Foundation Pakistan ** 2008 

Kashf Bank Kashf Microfinance Bank Pakistan * 2008 

Kajnardza 96 Rural Credit Cooperative 'Kajnardza 96' Bulgaria * 2008 

Kazama Grameen Kazama Grameen, Inc. Philippines ** 2008 

KBank Kauswagan Bank Philippines ** 2008 

KBSLAB Krishna Bhima Samruddhi Local Area Bank Limited India ** 2008 

KCCDFI Kasanyangan-Mindanao Foundation, Inc. Philippines ** 2008 

Kemek MCO Kemek Kazakhstan * 2008 

KEP Kosovo Enterprise Program Kosovo ** 2008 

KGMAMF Kosovo Grameen Missione Arcobaleno Kosovo ** 2008 

Khan Bank Khan Bank (Agricultural Bank of Mongolia LLP) Mongolia ** 2008 

Khushhali Bank Khushhali Bank Pakistan ** 2008 

KixiCredito KixiCredito Angola * 2008 

KMB KMB Bank Russia ** 2008 

KMBI Kabalikat para sa Maunlad na Buhay, Inc. Philippines ** 2008 

KMF Kazmicrofinance, LLC (formerly KLF) Kazakhstan ** 2008 

Kokari Kokari Niger * 2008 

Komak Credit Komak Credit Union Azerbaijan ** 2008 

Kompanion Kompanion Financial Group Microfinance Closed Joint Stock Company Kyrgyzstan ** 2008 

Kondo Jigima Kondo Jigima Mali * 2008 

KOPSA KOPSA India ** 2008 

KosInvest KosInvest Kosovo ** 2008 

KPOSB Kenya Post Office Savings Bank Kenya * 2008 

Kredo Kredo Bulgaria ** 2008 

K-Rep K-Rep Bank Kenya ** 2008 

KRK Ltd 

Kreditimi Rural i Kosoves LLC (formerly Rural Finance Project of 

Kosovo) 

Kosovo ** 2008 

KRUSHI KRUSHI India ** 2008 

KSF Kraban Support Foundation Ghana * 2008 

KSK RPK KSK RPK Bulgaria ** 2008 

KVK CU 'Cash Department of Mutual Credit' Russia * 2008 

KVK-Altay Consumer Credit Cooperative 'KVK-Altay' Russia * 2008 

KWFT Kenya Women Finance Trust Kenya ** 2008 

La Community Bank La Community Bank Ghana ** 2008 

Lak Jaya Lak Jaya Micro Finance Ltd. Sri Lanka * 2008 


89

APPENDICES 



LAM LAM Rural Microfinance PLC Romania ** 2008 

LAPO-NGR Lift Above Poverty Organisation Nigeria ** 2008 

LAPO-SLE LAPO-SLE Sierra Leone * 2008 

Lazika Capital Small Business Development Foundation Georgia *** 2008 

Lead Foundation Lead Foundation Egypt ** 2008 

Letta Letta Micro Finance Institution Share Company Ethiopia ** 2008 

LIDER LIDER Bosnia and 

Herzegovina 

** 2008 

Life Bank Life Bank Foundation, Inc. Philippines ** 2008 

LOK Microcredit 

Foundation 

LOK Microcredit Foundation 

Bosnia and 

Herzegovina 

*** 2008 

LSK Laafi Sira Kwieogo Burkina Faso ** 2008 

M7 Can Loc M7 Can Loc M7 Can Loc (or Pro-poor Center - PPC Ha Tinh) Vietnam * 2008 

M7 DB District M7 HuyÇn iÇn Biên Vietnam * 2008 

M7 DBP City M7 TP iÇn Biên Vietnam * 2008 

M7 Dong Trieu M7 ông TriÁu, Qu£ng Ninh Vietnam * 2008 

M7 Mai Son M7 Mai S¡n, S¡n La Vietnam * 2008 

M7 Ninh Phuoc M7 Ninh Phuoc Vietnam * 2008 

M7 Uong bi M7 Uông Bí, Qu£ng Ninh Vietnam * 2008 

Maata-N-Tudu Maata-N-Tudu Association Ghana ** 2008 

Madfa SACCO Madfa Cooperative Savings and Credit Society Uganda ** 2008 

MADRAC 

Microfinance Agency for Development and Rehabilitation of Afghan 

Communities 

Afghanistan ** 2008 

FAF-DC The First Albanian Financial Developme Albania ** 2008 

Mahasemam Mahasemam India ** 2008 

Mahashakti Mahashakti Foundation India ** 2008 

Mahila Mahila Women Cooperative Society Ltd. Nepal ** 2008 

Mahuli Mahuli Samudyik Bikas Kendra Nepal ** 2008 

Makhzoumi Makhzoumi Foundation Lebanon ** 2008 

Mallig Plains RB Mallig Plains Rural Bank (Isabela), Inc. Philippines ** 2008 

Manuela Ramos Movimiento Manuela Ramos Peru ** 2008 

Manushi Manushi Nepal ** 2008 

Maqsadi dasgiri MLF Maqsadi dasgiri Tajikistan * 2008 

Marang Marang Financial Services Ltd. South Africa ** 2008 

Maritsa Invest Rural Credit Cooperative 'Maritsa Invest' Bulgaria * 2008 

Maxima Maxima Cambodia *** 2008 

Mbinga CB Mbinga Community Bank Tanzania ** 2008 

MBK Ventura PT Mitra Bisnis Keluarga Ventura (formerly Ganesha) Indonesia *** 2008 

MC² Réseau MC² Cameroon * 2008 

MCL Molyn Credit Limited Kenya ** 2008 

MCN Micro Crédit National Haiti * 2008 

MCO 'Oral' MCO 'Oral' Kazakhstan * 2008 

MDF Micro Development Fund Serbia ** 2008 

MEC AFER 

MEC FEPRODES 

MECBAS 

Mutuelle d'Epargne et de Crédit de l'Association Femmes Entreprises Rurales 

du Nord 

MEC Fédération des groupements et associations des femmes productrices 

de la région de Saint-Louis 

Mutuelle d'Epargne et de Crédit du Bassin Arachidier et de la Zone Sylvo 

Pastorale 

Senegal ** 2008 


Senegal * 2008 

MECREF Mutuelle d'Epargne et de Crédit des Femmes Niger * 2008 

MEDF Mindanao Enterprise Development Foundation Philippines ** 2008 

MED-Net Micro Enterprise Development Network Uganda ** 2008 

Meklit Meklit Ethiopia ** 2008 

MEMCO Middle East Microcredit Company Jordan ** 2008 

90 



APPENDICES 


MFI Microcredit Foundation of India India ** 2008 

MFW Microfund for Women Jordan ** 2008 

MGBB Madhyamanchal Grameen Bikas Bank Ltd. Nepal ** 2008 

MGPCC DEKAWOWO Mutuelle des Groupements de Producteurs de Café et Cacao Togo ** 2008 

MiBanco MiBanco Banco de la Microempresa SA Peru *** 2008 

MiBanco Venezuela MiBanco Banco de Desarrollo, CA Venezuela ** 2008 

MI-BOSPO MI-BOSPO Tuzla Bosnia and 

Herzegovina 

*** 2008 

Micro Africa Micro Africa Limited Kenya ** 2008 

Micro Start Micro Start Burkina Faso ** 2008 

MicroCred - MDG MicroCred Madagascar Madagascar ** 2008 

MicroCred - MEX MicroCred Mexico SAPI de CV SOFOM ENR Mexico ** 2008 

MicroCred - SEN MicroCred Senegal Senegal * 2008 

Micredito SAC Micredito SAC Peru ** 2008 

Coop MEDA Cooperativa de Ahorro y Crédito MICROEMPRESAS DE ANTIOQUIA AC Colombia *** 2008 

Microfinanciera 

Prisma 

Micro Financiera Prisma de Honduras, S.A. Honduras ** 2008 

Microinvest JV MFO Microinvest LLC Moldova ** 2008 

Microserfin Soluciones de Microfinanzas S.A. Panama ** 2008 

Microsol Fundación Microsol Paraguay ** 2008 

MIDE MICROCREDITO PARA EL DESARROLLO Peru ** 2008 

MIKRA MIKRA Bosnia and Herzegovina ** 2008 

Mikro ALDI Mikro ALDI Bosnia and 

Herzegovina 

** 2008 

Mikrofond Mikrofond Bulgaria ** 2008 

Mikrokredit Bank Mikrokredit Bank of Uzbekistan Uzbekistan ** 2008 

MikroMaliyye Credit MikroMaliyye Credit Institution Azerbaijan * 2008 

Mimo Finance Mimo Finance India ** 2008 

Miselini Miselini Mali * 2008 

Miziya Rural Credit Cooperative 'Miziya' Bulgaria * 2008 

MLF Chiluchor 

chashma 

MLF Chiluchor chashma Tajikistan * 2008 

MLF Kiropol Microloan Fund Kiropol Tajikistan * 2008 

MLF Madina Microloan Fund Madina Tajikistan * 2008 

MLF MicroInvest MLF MicroInvest Tajikistan ** 2008 

MLF MWI Microloan Foundation Malawi Malawi ** 2008 

MLF Vahsh Microfin Microloan Fund Vahsh Microfin Tajikistan * 2008 

MLO HUMO Microloan Organization 'HUMO and Partners' Tajikistan *** 2008 

MLO 'Saodat Invest' Microloan Organization 'Saodat Invest' Tajikistan * 2008 

MAMIDECOT Masaka Microfinance Development Cooperative Trust Ltd. Uganda ** 2008 

MMS Yayasan Mitra Masyarakat Sejahtera Indonesia * 2008 

MoFAD Micro Finance Agency for Development (CARE) Afghanistan * 2008 

Mol Bulak Finance MCC Mol-Bulak Kyrgyzstan *** 2008 

Moldir MCO Moldir Kazakhstan ** 2008 

Momina Voda Rural Credit Cooperative 'Momina Voda' Bulgaria * 2008 

Moris Rasik Moris Rasik East Timor ** 2008 

Moznosti Savings House Moznosti LLC Skopje Macedonia ** 2008 

MPGBB Madhya Pashimanchal Grameen Bikash Bank Nepal * 2008 

MUDE Asociación de Mujeres Desarrollo Guatemala * 2008 

MUL Micro Uganda Ltd Uganda ** 2008 

MUSCCO Malawi Union of Savings and Credit Cooperatives Malawi ** 2008 

Mutuelle Akwaba Mutuelle Akwaba Togo ** 2008 

Nachala Nachala Cooperative Bulgaria ** 2008 


91

APPENDICES 



Nadejda CCCC 'Nadejda' Russia * 2008 

Nadejda 96 Rural credit cooperative 'Nadejda 96' Bulgaria * 2008 

Narodniy Kredit_ 

Kemerov 

Narodniy Kredit_Kemerov Russia * 2008 

NBJK Nav Bharat Jagriti Kendra India * 2008 

NCS Nirantara Community Services India ** 2008 

NEED Network of Entrepreneurship and Economic Development India ** 2008 

Neftegaz Neftegaz Russia * 2008 

NeRuDO Nepal Rural Development Organization Nepal ** 2008 

NESDO National Educational & Social Development Organization Nepal * 2008 

New RB of 

Victorias 

New Rural Bank of Victorias Inc. Philippines ** 2008 

Nidan Nidan India ** 2008 

Nirdhan Nirdhan Utthan Bank Ltd. Nepal ** 2008 

NMF National Microfinance Foundation Yemen ** 2008 

NMFB Network Microfinance Bank Limited Pakistan ** 2008 

Normicro Norwegian Microcredit LLC Azerbaijan ** 2008 

Nov Credit Microloan Fund Nov Credit Tajikistan * 2008 

NovoBanco - MOZ NovoBanco Mozambique Mozambique ** 2008 

NRDSC Nepal Rural Development Society Centre Nepal * 2008 

NSBA North Sinai Businessmen Association Egypt * 2008 

Nwabiagya RB Nwabiagya Rural Bank Ghana ** 2008 

NWTF Negros Women for Tomorrow Foundation, Inc. Philippines ** 2008 

Nyesigiso Nyesigiso Mali ** 2008 

NYWDA Ningxia Yanchi Women's Development Association China, People's 

Republic of 

* 2008 

Obereg (Vladivostok) Obereg (Vladivostok) Russia * 2008 

OBM Opportunity Bank Montenegro Montenegro ** 2008 

OBS Opportunity Bank Serbia Serbia ** 2008 

OCSSCO Oromia Credit and Saving Share Company Ethiopia * 2008 

ODEF Financiera Organización de Desarollo Empresarial Femenino Financiera S.A. Honduras ** 2008 

Faulu - TZA Faulu Tanzania Limited Tanzania ** 2008 

OI China Opportunity International China China, People's 

Republic of 

* 2008 

OIBM Opportunity International Bank of Malawi Malawi ** 2008 

OISL Opportunity International Savings and Loans - Ghana Ghana ** 2008 

OLC Oportunidad Latinoamerica Colombia (OLC) Colombia * 2008 

OMB Opportunity Microfinance Bank Inc. Philippines * 2008 

OMRO Opportunity Microfinance Romania Romania ** 2008 

Oportunidad 

Microfinanzas 

Oportunidad Microfinanzas Mexico ** 2008 

Opportunity Albania Opportunity Albania (formerly PSHM) Albania ** 2008 

Opportunity Finance Opportunity Finance South Africa ** 2008 

Opportunity Kenya Opportunity Kenya Ltd. Kenya ** 2008 

Otiv Alaotra Otiv Alaotra Madagascar ** 2008 

Otiv Diana Otiv Diana Madagascar ** 2008 

Otiv Sambava Otiv Sambava Madagascar * 2008 

Otiv Tana Otiv Tana Madagascar * 2008 

Otuasekan RB Otuasekan RB Ghana ** 2008 

OXUS - AFG OXUS Afghanistan Afghanistan ** 2008 

OXUS - KGS OXUS Kyrgyzstan Kyrgyzstan ** 2008 

OXUS - TJK Micro-Lending Fund 'OXUS' Tajikistan ** 2008 

PADME 

Association pour la Promotion et l' Appui au Développement de 

MicroEntreprises 

Benin * 2008 

92 



APPENDICES 


PAIDEK PAIDEK Congo, Democratic 


** 2008 

PALFSI People's Alternative Livelihood Foundation of Sorsogon, Inc. Philippines ** 2008 

PAMECAS Programme d'Appui aux Mutuelles d'Épargne et de Crédit au Sénégal Senegal ** 2008 

PAPME Agence pour la Promotion et l'Appui aux Petites et Moyennes Entreprises Benin ** 2008 

Parabank Parabank Azerbaijan ** 2008 

PARC Palestinian Agricultural Relief Committees Palestine * 2008 

Partner Partner Bosnia and 

Herzegovina 

** 2008 

Partner Russia Partner Russia Russia * 2008 

Parwaz Parwaz MicroFinance Institution Afghanistan * 2008 

PASECA - Kayes 

Programme d'Appui à la mise en place d'un Système d'Epargne et de Crédit 

Autogéré - Kayes 

Mali * 2008 

PASED Port Sudan Association for Small Enterprise Development Sudan ** 2008 

PATRA Hunchun PATRA Hunchun China, People's 

Republic of 

PATRA Yanbian PATRA Yanbian China, People's 

Republic of 

* 2008 

* 2008 

PAWDEP PAMOJAWOMEN DEVELOPMENT PROGRAMME Kenya ** 2008 

PBC People's Bank of Caraga (RB of Talacogon) Philippines ** 2008 

PCWDA Pu Cheng Women's Development Organization China, People's 

Republic of 

** 2008 

PEACE Poverty Eradication & Community Empowerment Ethiopia ** 2008 

Perelik Rural Credit Cooperative 'Perelik' Bulgaria * 2008 

PGBB Western Region Grameen Bikas Bank Nepal ** 2008 

Plan International Plan International Vietnam Vietnam * 2008 

PNG Microfinance 

Ltd 

PNG Microfinance Limited Papua New Guinea ** 2008 

POMFB Pak-Oman Microfinance Bank Pakistan ** 2008 

Pomoriiski stopanin Rural Credit Cooperative 'Pomoriiski stopanin' Bulgaria * 2008 

Popular Kasa- 

Kystendil 

Popular Kasa-Kystendil Bulgaria * 2008 

Popular SAFI Popular S.A - Sociedad Administradora de Fondos de Inversión Peru ** 2008 

Povoljye CCCC 'Povoljye' Russia * 2008 

PR Bank Philippine Rural Banking Corp. Philippines * 2008 

PRASAC PRASAC MFI Ltd. Cambodia ** 2008 

PRESTANIC Asociación Fondo Nicaraguense para el Desarrollo Comunitario Nicaragua ** 2008 

PRIDE - TZA PRIDE Tanzania Tanzania ** 2008 

Pride Finance PRIDE Finance Guinea * 2008 

PRISMA Asociación Benefica Prisma Peru *** 2008 

PRIZMA PRIZMA Bosnia and 

Herzegovina 

** 2008 

ProCaja Asociación para el Desarrollo de las Cajas Rurales Panama ** 2008 

ProCredit - BOL Banco Los Andes ProCredit Bolivia ** 2008 

ProCredit - COL Banco ProCredit Colombia SA Colombia ** 2008 

ProCredit - ECU Banco ProCredit S.A. (Ex Sociedad Financiera Ecuatorial S.A. SFE) Ecuador ** 2008 

ProCredit - GHA ProCredit SLC Ghana Ghana ** 2008 

ProCredit - HND Banco ProCredit Honduras Honduras ** 2008 

ProCredit - MDA ProCredit Moldova - formerly MEC Moldova ** 2008 

ProCredit - NIC Banco ProCredit Nicaragua Nicaragua *** 2008 

ProCredit - SLV Banco ProCredit El Salvador El Salvador *** 2008 

ProCredit Bank - ALB ProCredit Bank Albania - formerly FEFAD Bank Albania ** 2008 

ProCredit Bank - BGR ProCredit Bank Bulgaria Bulgaria ** 2008 

ProCredit Bank - BIH ProCredit Bank Bosnia and Herzego vina Bosnia and 

Herzegovina 

** 2008 


93

APPENDICES 



ProCredit Bank - GEO ProCredit Bank Georgia - formerly MBG Georgia ** 2008 

ProCredit Bank - KOS ProCredit Bank Kosovo - formerly MEB Kosovo ** 2008 

ProCredit Bank- MDA ProCredit Bank - MDA Moldova * 2008 

ProCredit Bank- MKD ProCredit Bank Macedonia Macedonia ** 2008 

ProCredit Bank- ROM ProCredit Bank Romania - formerly Miro Bank Romania ** 2008 

ProCredit Bank - SLE ProCredit Bank Sierra Leone Sierra Leone ** 2008 

ProCredit Bank - UKR ProCredit Bank Ukraine - formerly Microfinance Bank Ukraine ** 2008 

ProCredit Bank- DRC ProCredit Bank Congo Congo, Democratic 


** 2008 

ProCredit Bank Serbia ProCredit Bank Serbia - formerly MFB Serbia ** 2008 

PRODEM FFP Fondo Financiero Privado PRODEM Bolivia ** 2008 

PRODESA Fundacion Para La Promocion y el Desarrollo Nicaragua ** 2008 

Progresar Fundación Progresar Argentina * 2008 

Progresemos Financiamiento Progresemos S.A. de C.V. SOFOM ENR Mexico ** 2008 

Progressive Bank Progressive Bank, Inc. Philippines ** 2008 

Pro Mujer - ARG ProMujer - ARG Argentina ** 2008 

Pro Mujer - BOL Programas para la Mujer - Bolivia Bolivia ** 2008 

Pro Mujer - MEX Asociación Pro Mujer de Mexico A.C. Mexico ** 2008 

Pro Mujer - NIC Programas para la Mujer - Nicaragua Nicaragua ** 2008 

Pro Mujer - PER Programas para la Mujer - Peru Peru ** 2008 

Pushtikar Pustikar Laghu VPBSSS Ltd. India * 2008 

PWMACS 

Payakaraopeta Women's Mutually Aided Co-operative Thrift and 

Credit Society 

India ** 2008 

RADE Regional Association to Develop Enterprise in Sohag Egypt * 2008 

Raduga Raduga Russia * 2008 

RAFODE Rural Agency for Development Kenya ** 2008 

RASS Rashtriya Seva Samithi India ** 2008 

RB Bagac Rural Bank of Bagac Philippines * 2008 

RB Cainta Rural Bank of Cainta Philippines ** 2008 

RB Camalig Rural Bank of Camalig (Albay), Inc. Philippines ** 2008 

RB Cotabato Rural Bank of Cotabato, Inc. Philippines ** 2008 

RB Digos Rural Bank of Digos Inc. Philippines ** 2008 

RB Dipolog Rural Bank of Dipolog Philippines *** 2008 

RB Guinobatan Rural Bank of Guinobatan, Inc. Philippines ** 2008 

RB Lebak Rural Bank of Lebak (Sultan Kudarat), Inc. Philippines ** 2008 

RB Liloy Rural Bank of Liloy, Inc. Philippines ** 2008 

RB Mabitac Rural Bank of Mabitac Inc. Philippines ** 2008 

RB Montevista Rural Bank of Montevista Philippines ** 2008 

RB Oroquieta Rural Bank of Oroquieta (Miss. Occ.), Inc. Philippines ** 2008 

RB Pagbilao Rural Bank of Pagbilao, Inc. Philippines ** 2008 

RB Placer Rural Bank of Placer Philippines * 2008 

RB San Jacinto Rural Bank of San Jacinto, Inc. Philippines ** 2008 

RB Siargao Rural Bank of Siargao Philippines ** 2008 

RB Solano Rural Bank of Solano Inc. Philippines ** 2008 

RB Talisayan Rural Bank of Talisayan - Misamis Oriental Inc. Philippines ** 2008 

RCCECG Réseau des Caisses Communautaires de Crédit et d'Epargne de Guinée Guinea ** 2008 

RCDS RCDS Pakistan ** 2008 

RCPB Réseau des caisses populaires du Burkina Faso Burkina Faso ** 2008 

Real Microcrédito Real Microcrédito Assessoria Financeira S.A. Brazil ** 2008 

Red de Vanguardia Red de Vanguardia, S.A. DE C.V. Mexico * 2008 

REDFunds REDFunds Africa Uganda ** 2008 

Reef Reef Finance Co. Palestine ** 2008 

Reliance Reliance Financial Services Company Limited Gambia, The ** 2008 

94 



APPENDICES 


Reserv-Altay Consumer Credit Cooperative 'Reserv-Altay' Russia * 2008 

Rezerv CCC "Rezerv" Russia * 2008 

RGVN Rashtriya Gramin Vikas Nidhi India ** 2008 

Rishenglong Rishenglong MicroCredit Company China, People's 

Republic of 

* 2008 

Riverbank Riverbank Credit SACCO Limited Kenya * 2008 

RML Rwanda Microfinance Limited Rwanda ** 2008 

ROMCOM ROMCOM Romania *** 2008 

Rost Consumer Credit Cooperative 'Rost' Russia * 2008 

RSPI Rangtay Sa Pagrangay Inc Philippines * 2008 

Rus CCC 'Rus' Russia * 2008 

WMN (Russia) ZAO NDCO Women's Microfinance Network Russia *** 2008 

Ryada Ryada - CHF International Palestine ** 2008 

São Paulo Confia Crédito Popular Solidário - São Paulo Confia Brazil ** 2008 

Saadhana Saadhana Microfin India ** 2008 

Sabaragamuwa Sabaragamuwa Development Bank Sri Lanka * 2008 

SABR SABR Uzbekistan * 2008 

Saglasie 96 Rural credit cooperative 'Saglasie 96' Bulgaria * 2008 

Sahara Mahila Sahara Mahila Saving & Credit Cooperative Society Ltd. Nepal * 2008 

Sajida Sajida Foundation Bangladesh * 2008 

Samasta Samasta Microfinance Ltd. India * 2008 

Samokov 96 Rural Credit Cooperative 'Samokov 96' Bulgaria * 2008 

Sanghamithra Sanghamitra Rural Financial Service India * 2008 

Sarala Sarala Women Welfare Society India ** 2008 

Sartawi Fundación SARTAWI Bolivia ** 2008 

Sarvodaya Nano 

Finance 

Sarvodaya Nano Finance Limited India * 2008 

SAT Sinapi Aba Trust Ghana ** 2008 

Sathapana Limited Sathapana Limited (formerly CEB) Cambodia ** 2008 

SB Bank Swabalamban Bikas Bank Ltd. Nepal ** 2008 

SBACD Sharkia Businessmen's Association for Community Development Egypt ** 2008 

SBS Union of Bank Workers Russia * 2008 

SCDA 

Sohag Community Development and Children with Special Needs 

Association 

Egypt * 2008 

SCNL Satin Creditcare Network Limited India ** 2008 

SDBL Sanasa Development Bank Ltd. Sri Lanka ** 2008 

SEAP Self-Reliance Economic Advancement Programme Nigeria ** 2008 

SED Small Enterprise Development (SED) Company Ltd. Thailand ** 2008 

SEDA Small Enterprise Development Agency Tanzania *** 2008 

SEEDS Sarvodaya Economic Enterprise Development Services Sri Lanka * 2008 

SEF-ARM SEF International Universal Credit Organization - Armenia Armenia ** 2008 

SEF-ZAF Small Enterprise Foundation (South Africa) South Africa * 2008 

Seilanithih Seilanithih Cambodia ** 2008 

SEM Fund Sénégal Ecovillage Microfinance Senegal * 2008 

SemiSol Semilla Solidaria, S.A. de C.V. Mexico * 2008 

Serviamus Serviamus Foundation Philippines ** 2008 

SEWA Bank Shri Mahila Sewa Sahakari Bank Ltd. India ** 2008 

SEWA Finance SEWA Finance Sri Lanka * 2008 

SFF Sevis Finansye Fonkoze Haiti * 2008 

SFPI Specialized Financial and Promotional Institution Ethiopia ** 2008 

SFSD Social Foundation for Sustainable Development Yemen * 2008 

Shakti Shakti Foundation for Disadvanatged Women Bangladesh ** 2008 

SHARE SHARE Microfin Ltd. India ** 2008 


95

APPENDICES 



Siam Bank Siam Bank Philippines ** 2008 

SINERGIJA SINERGIJAplus Bosnia and 

Herzegovina 

** 2008 

SIPEM Société d'Investissement pour la Promotion des Entreprises à Madagascar Madagascar ** 2008 

SKDRDP Shri Kshetra Dharmasthala Rural Development Project India ** 2008 

SKS SKS Microfinance Private Limited India ** 2008 

SMEP Small and Micro Enterprise Project Kenya ** 2008 

SMILE SMILE India * 2008 

Smilyan Rural Credit Cooperative 'Smilyan' Bulgaria * 2008 

SMSS Star MicroFin Service Society, formerly SYA India ** 2008 

SOCIALCRED SOCIALCRED - Sociedade de Crédito ao Microempreendedor S/A Brazil ** 2008 

PADECOMSM Sociedad Cooperativa PADECOMSM Credito de RL de CV El Salvador ** 2008 

SOCRED SOCRED S/A - Sociedade de Crédito ao Microempreededor Ltda. Brazil * 2008 

Sodeystviye Consumer Credit Cooperative of Citizens 'Sodeystviye' Russia * 2008 

Sodeystviye-2005 Consumer Credit Cooperative of Citizens 'Sodeystviye-2005' Russia * 2008 

Sodruzhestvo Sodruzhestvo Russia ** 2008 

SOFINA SOFINA Cameroon ** 2008 

SOGESOL Société Générale Haitïenne de Solidarité Haiti * 2008 

Soglasiye Soglasiye Russia * 2008 

SolFi Soluciones Financieras S.C. Mexico * 2008 

Solidarnost Solidarnost Bulgaria * 2008 

Solución Asea Solución Asea S.A. de C.V. Sociedad Financiera Popular Mexico * 2008 

Soluciones Reales Soluciones Reales del Norte, SA DE CV Mexico * 2008 

Sonata Sonata Finance Private Ltd. India * 2008 

Soro Yiriwaso Soro Yiriwaso Mali * 2008 

South Akim RB South Akim RB Ghana ** 2008 

Soyuz-Khimik Soyuz-Khimik Russia * 2008 

SoyuzKredit SoyuzKredit Russia * 2008 

Soyuz-Primoroye Soyuz-Primoroye Russia * 2008 

Spandana Spandana Sphoorty Innovative Financial Services Ltd. India ** 2008 

SPBD South Pacific Business Development Samoa ** 2008 

SPGBB Sudur Pashimanchal Grameen Bikash Bank Nepal * 2008 

SSK Sakhi Samudaya Kosh India * 2008 

SSS Society for Social Services Bangladesh * 2008 

Stanichnik Consumer Credit Cooperative of Citizens Stanichnik Russia * 2008 

Stopanin Credit Cooperative 'Stopanin' Bulgaria * 2008 

SU Sahara Uttarayan India ** 2008 

Sugd Microfin Microloan Fund Sugd Microfin Tajikistan * 2008 

SUMI SUMI Sudan * 2008 

Sungi Sungi Development Foundation Pakistan * 2008 

Sunrise Microcredit Foundation Sunrise Bosnia and 

Herzegovina 

** 2008 

Mentors - PER Mentors Peru - Enterprise Mentors International Peru ** 2008 

SFPL Swadhaar FinServe Pvt. Ltd. India ** 2008 

SWAWS Sharada's Womes's Association for Weaker Section India ** 2008 

Tamweelcom Tamweelcom, formerly JMCC Jordan ** 2008 

Tchuma Tchuma Cooperativa de Crédito e Poupança Mozambique ** 2008 

Te Creemos Te Creemos, S.A. de C.V. SFP Mexico *** 2008 

TFS Transcapital Financial Services Co. Ltd. Mongolia ** 2008 

TIAVO TIAVO Madagascar * 2008 

TLM Tanaoba Lais Manekat Indonesia * 2008 

TMFB Tameer Microfinance Bank Pakistan ** 2008 

96 



APPENDICES 


TPC THANEAKEA PHUM (CAMBODIA) LTD. Cambodia ** 2008 

Trident Microfinance Annapurna Financial Services Private Limited India ** 2008 

Tsaritsinskiy passaj Tsaritsinskiy passaj Russia * 2008 

Tsimlyansk Tsimlyansk Credit Cooperative Russia * 2008 

TSKI Taytay Sa Kauswagan Inc. Philippines * 2008 

Tujijenge Tujijenge Tanzania Tanzania * 2008 

Turame Community 

Finance 

Turame Community Finance Burundi ** 2008 

Tverskoy Tverskoy Russia * 2008 

TYM TYM FUND Vietnam *** 2008 

UCADE Ambato Proyecto de Salud y Crédito Comunitario de la Diocesis de Ambato - 

UCADE - CRS 

Ecuador ** 2008 

UCADE Guaranda Fundación Promoción Humana Diocesana de Guaranda - UCADE - CRS Ecuador ** 2008 

UCADE Latacunga Proyecto Salud y Crédito Comunitario Diocesis de Latacunga - UCADE - CRS Ecuador ** 2008 

UCADE Santo 

Domingo 

UCCEC GY 

FUNDACIÓN ACCIÓN SOCIAL CARITAS FASCA PROMUJER SOLIDARIA 

- DIOCESIS DE SANTO DOMINGO - UCADE - CRS 

Union des Caisses Communautaires d'Epargne et de Crédit de Guimballa 

- Youwarou 

Ecuador ** 2008 

Mali * 2008 

UCEC/MK Union des Clubs d'Epargne et de Crédit du Mayo-Kebbi Chad ** 2008 

U-IMCEC 

Union des Institutions Mutualiste Communautaire d'Epargne et de 

Credit DAKAR 


Ujjivan Ujjivan Financial Services Pvt. Ltd. India *** 2008 

UMECDES Union des Mutuelles d'Epargne et de Crédit pour l'Entreprenariat au Sénégal Senegal * 2008 

Umid CU Umid Uzbekistan * 2008 

Umid-Credit Umid-Credit (Umid HSSC) Azerbaijan * 2008 

UNACOOPEC-CI Union Nationale des Coopératives d’Epargne et de Crédit de Côte d’Ivoire Cote d'Ivoire 

(Ivory Coast) 

* 2008 

UNICREICH Union de Crédito Interestatal Chiapas, S.A. de C.V. Mexico ** 2008 

UNION DES COOPECs 

UMUTANGUHA 

UNION DES COOPECs UMUTANGUHA Rwanda ** 2008 

Union RB Union RB Ghana ** 2008 

UNRWA UNRWA Microfinance and Microenterprise Department Palestine ** 2008 

UOB Urwego Opportunity Bank Rwanda ** 2008 

Upper Manya RB Upper Manya Kro Rural Bank Limited Ghana ** 2008 

USFSBS Udmurt State Fund for Small Business Support Russia * 2008 

USTOI USTOI Bulgaria ** 2008 

Finance Trust Uganda Finance Trust Limited - formerly Uganda Women's Finance Trust Uganda ** 2008 

Valiant RB Valiant Rural Bank (Iloilo City) Inc. Philippines ** 2008 

VBSP Vietnam Bank for Social Policies Vietnam ** 2008 

VFC VisionFund Cambodia Ltd. - formerly MED program Cambodia ** 2008 

VFM Vision Fund Mongolia Mongolia ** 2008 

VFS Village Financial Services Private Ltd. India ** 2008 

Viator Viator Microcredit Azerbaijan LLC Azerbaijan ** 2008 

Visión Banco Visión Banco S.A.E.C.A. Paraguay *** 2008 

Vital Finance Vital Finance Benin ** 2008 

Vivir Soluciones Vivir Soluciones Financieras, SA de CV, SOFOM ER, BanRegio Grupo Financiero Mexico * 2008 

Vostok Kapital Citizens' Credit Consumer Cooperative 'Vostok Kapital' Russia * 2008 

VRFSBS Voronezh Regional Fund for Small Business Support Russia * 2008 

VSSU Vivekananda Sevakendra-o- Sishu Uddyan India * 2008 

VYCCU VYCCU Savings and Credit Cooperative Society Ltd. Nepal ** 2008 

WAGES Women and Associations for Gain both Economic and Social Togo ** 2008 

Wasasa Wasasa Ethiopia ** 2008 

Nationwide 

Microbank 

Nationwide Microbank Ltd, (formerly Wau Microbank) Papua New Guinea ** 2008 


97

APPENDICES 



WDB Wayamba Development Bank Sri Lanka * 2008 

Wisdom Wisdom Ethiopia ** 2008 

WISE WISE Burundi * 2008 

WKP Wahana Kria Putri Indonesia * 2008 

WOCCU - AFG WOCCU Afghanistan Afghanistan * 2008 

Women for Women MCO Women for Women International Bosnia and 

Herzegovina 

** 2008 

World Relief - HND World Relief Honduras Honduras ** 2008 

WSE Welfare Services Ernakulam India * 2008 

WWB Cali Women's World Banking - Cali Colombia ** 2008 

WWI - AFG Women for Women - Afghanistan Afghanistan * 2008 

XacBank XacBank Mongolia ** 2008 

XXWDA XI Xiang Women's Development Association China, People's 

Republic of 

YYWDA Yu Yang Women's Development Association China, People's 

Republic of 

** 2008 

** 2008 

Zakoura Fondation Zakoura Morocco ** 2008 

98 


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MBB NÂ°19 - Dec 09 - Article CERISE - Is SP profitable?

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