the microbanking bulletin spring 2009

The

MicroBanking

BulleTin

Issue No. 18Spring 2009

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 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 and permission to reprint or reproduce these should be sought from the authors directly. The publisher regrets it cannot enter into correspondence on this matter. Otherwise, no portion of this publication may be reproduced in any format or by any means including electronically or mechanically, by photocopying, recording or by any information storage or retrieval system, or by any form or manner whatsoever, without prior written consent of the publisher of the publication.

Prepared by: Job Continent Inc. www.jobcontinent.com

We would like to thank the following institutions for their participation in this issue: REGION COUNTRY # MFIS NaME OF PaRTICIPaNT

africa Benin 2 PADME, Vital Finance(69 MFIs) Burkina Faso 1 RCPB Cameroon 3 CamCCUL, CCA, CDS Congo 1 CAPPED Congo, Democractic Republic of 1 FINCA-DRC Ethiopia 12 ACSI, AVFS, BG, DECSI, Eshet, Gasha, Metemamen, OMO, PEACE, SFPI, Wasasa, Wisdom Ghana 13 APED, Bessfa RB, CFF, FASL, Kakum RB, Maata-N-Tudu, Naara RB, OISL, ProCredit-GHA, SAT, Sonzelle RB, Toende RB, Upper Manya RB Kenya 6 Equity Bank, KADET, K-Rep, KWFT, MDSL, SMEP Malawi 1 FINCA-MWI Mali 4 Jemeni, Kafo Jiginew, Kondo Jigima, Nyèsigiso Mozambique 5 BOM, FCC, FDM, NovoBanco-MOZ, Tchuma Nigeria 2 LAPO, SEAP Rwanda 1 UOMB Senegal 2 ACEP Senegal, CMS South Africa 2 Capitec Bank, SEF-ZAF Swaziland 1 FINCORP Tanzania 4 Akiba, FINCA-TZA, PRIDE-TZA, SEDA Togo 2 FUCEC Togo, WAGES Uganda 5 Centenary Bank, Faulu-UGA, FINCA-UGA, MED-Net, UML Zambia 1 FINCA-ZMB

asia Afghanistan 5 ARMP, BRAC-AFG, FINCA-AFG, FMFB-AFG, Parwaz(117 MFIs) Bangladesh 7 ASA, BRAC, BURO Bangladesh, Grameen Bank, IDF, JCF, TMSS Cambodia 9 ACLEDA, AMK, AMRET, CREDIT, HKL, PRASAC, Sathapana Limited, TPC, VFC China 1 CZWSDA India 32 ABCRDM, AML, AMMACTS, Bandhan, BASIX, BFL, BISWA, BSS, Cashpor MC, CReSA, ESAF, GK, GU, GV, KAS, KBSLAB, KRUSHI, Mahasemam-

SMILE, MFI, RASS, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SHARE, SKDRDP, SKS, SMSS, Spandana, SWAWS, Ujjivan, VFS Indonesia 12 LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan,

LPD Ubung, MBK Ventura Nepal 4 DD Bank, MGBB, Nirdhan, PGBB Pakistan 6 DAMEN, FMFB-Pakistan, Kashf, Khushhali Bank, NMFB, Rozgar Philippines 37 1st Valley Bank, ABS-CBN, ASHI, Banco Santiago de Libon, Bangko Kabayan, Bangko Mabuhay, BCB, Cantilan Bank, CARD Bank, CARD

NGO, CBMO, CEVI, CMEDFI, ECLOF-PHL, FCBFI, FICO, Green Bank, Kasagana-Ka, Kazama Grameen, KMBI, Mallig Plains RB, MEDF, New RB of Victorias, NWTF, OMB, PALFSI, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, TSKI, TSPI, Valiant RB, VEF

Samoa 1 SPBD Sri Lanka 1 SEEDS Thailand 1 SED Vietnam 1 CEP

ECa Albania 3 BESA, Opportunity Albania, ProCredit Bank-ALB(98 MFIs) Armenia 8 ACBA, AREGAK, ECLOF-ARM, FINCA-ARM, Horizon, INECO, KAMURJ, SEF-ARM Azerbaijan 9 AccessBank, Azercredit, Azeri Star, CredAgro NBCO, FINCA-AZE, FinDev, MikroMaliyye Credit, Normicro, Viator Bosnia and Herzegovina 13 EKI, LIDER, LOK Microcredit Foundation, MI-BOSPO, MIKRA, Mikro ALDI, MIKROFIN, Partner, PRIZMA, ProCredit Bank-BIH, SINERGIJA,

Sunrise, Women for Women Bulgaria 4 Mikrofond, Nachala, ProCredit Bank-BGR, USTOI Croatia 2 DEMOS SLC, NOA Georgia 7 CREDO, Crystal, FINCA-GEO, ImerCredit, JSC Bank Constanta, Lazika Capital, ProCredit Bank-GEO Kazakhstan 2 Bereke, KMF Kosovo 7 AFK, BZMF, FINCA-KOS, KEP, KosInvest, KRK Ltd, ProCredit Bank-KOS Kyrgyzstan 4 Aiyl Bank, Bai Tushum, FMCC, Kompanion Macedonia, Former Yugoslav Republic of 4 FULM, Horizonti, Moznosti, ProCredit Bank-MKD Moldova 2 Microinvest, ProCredit-MDA Mongolia 3 Khan Bank, TFS, XacBank Montenegro 2 AgroInvest, OBM Poland 1 Fundusz Mikro Romania 3 CAPA, OMRO, ProCredit Bank-ROM Russia 11 Alternativa, CEF, FFECC, FORUS, Intellekt, KMB, Rost, SBS, Sodeistviye (Pyatigorsk), Sodeystviye, VRFSBS Serbia 3 MDF, OBS, ProCredit Bank Serbia Tajikistan 8 Agroinvestbank, Bank Eskhata, FINCA-TJK, FMFB TJK, Imkoniyat, IMON, MLF HUMO, MLF MicroInvest Ukraine 2 HOPE, ProCredit Bank-UKR

LaC Argentina 2 FIE Gran Poder, Grameen Mendoza(179 MFIs) Bolivia 17 AgroCapital, BancoSol, Coop Fátima, CRECER, Diaconia, EcoFuturo FFP, Emprender, FADES, Fassil FFP, FIE FFP, FONCRESOL, Fortaleza

FFP, FUNBODEM, IMPRO, ProCredit-BOL, PRODEM FFP, ProMujer-BOL Brazil 5 Banco da Familia, CEADe, CEAPE Maranhão, CrediAmigo, ICC BluSol Chile 3 BancoEstado, BanDesarrollo Microempresas, Credicoop Colombia 14 Actuar Caldas, Actuar Tolima, BCSC, CMM Bogotá, CMM Medellín, Contactar, FinAmérica, FMM Bucaramanga, FMM Popayán, FMSD,

Interactuar, Microempresas de Antioquia, OLC, WWB Cali Costa Rica 7 ACORDE, ADRI, CREDIMUJER, FIDERPAC, FOMIC, Fundación Mujer, FUNDECOCA Dominican Republic 3 ADOPEM, Banco ADEMI, Fundación San Miguel Ecuador 20 Banco Solidario, CEPESIU, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San

José, CODESARROLLO, Credi Fé, D-Miro, FED, FINCA-ECU, FODEMI, Fundación Alternativa, Fundación Espoir, FUNDAMIC, INSOTEC, ProCredit-ECU, UCADE Ambato

El Salvador 10 ACCOVI, AMC de R.L., Apoyo Integral, ASEI, ENLACE, Fundación CAMPO, FUNSALDE, Genesiss, ProCredit-SLV, Sociedad Cooperativa PADECOMSM

Guatemala 15 AGUDESA, ASDIR, Asociación Raíz, AYNLA, CDRO, CRYSOL, FAFIDESS, FAPE, FINCA-GTM, FONDESOL, Friendship Bridge, Fundación MICROS, FUNDEA, FUNDESPE, Génesis Empresarial

Haiti 4 ACME, Fonkoze, MCN, SOGESOL Honduras 10 ADICH, BanCovelo, FAMA OPDF, FINCA-HND, FINSOL, FUNDAHMICRO, FUNED, Hermandad de Honduras OPDF, ODEF Financiera S.A.,

World Relief-HND Mexico 7 ADMIC, ASP Financiera, Caja Popular Mexicana, CompartamosBanco, FINCA-MEX, FinComún, ProMujer-MEX Nicaragua 16 ACODEP, ADIM, BANEX (ex FINDESA), CEPRODEL, FDL, Financiera Fama, FINCA-NIC, FODEM, Fundación León 2000, Fundación

Nieborowski, FUNDENUSE, FUNDESER, PRESTANIC, ProCredit-NIC, PRODESA, ProMujer-NIC Panama 2 Microserfin, ProCaja Paraguay 6 Coop Universitaria, FIELCO, Financiera Familiar, Fundación Paraguaya, Interfisa, Visión Banco Peru 37 ADRA-PER, AMA, Asociación Arariwa, Caja Nor Perú, Caritas, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC

Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Crediscotia, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Financiera Edyficar, FINCA-PER, FONDESURCO, FOVIDA, IDESI Lambayeque, Manuela Ramos, MiBanco, MIDE, PRISMA, ProMujer-PER

Venezuela 1 BanGente

MENa Egypt 6 ABA, Al Tadamun, CEOSS, DBACD, Lead Foundation, SBACD(24 MFIs) Jordan 4 AMC, MEMCO, MFW, Tamweelcom Lebanon 2 Al Majmoua, Ameen Morocco 7 Al Amana, Al Karama, AMSSF/MC, FBPMC, FONDEP, INMAA, Zakoura Palestine 2 FATEN, UNRWA Tunisia 1 Enda Yemen 2 Azal, NMF

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

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), Citigroup Foundation, Deutsche Bank Americas Foundation, Omidyar Network, Open Society Institute, and others. To learn more about MIX, please visit the website at www.themix.org.

PurposeBy 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 ServicesTo 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 ParticipantsInstitutions that wish to participate in the Bulletin database should contact: [email protected], 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.

SubmissionsThe Bulletin welcomes submissions of articles and commentaries, particularly regarding analytical work on the financial performance of microfinance institutions. Submissions may include reviews or summaries of more extensive work published elsewhere. Articles should not exceed 2,500 words. To submit an article, please contact Elizabeth Downs, Managing Editor, at [email protected].

Disclaimer Neither MIX, MBB’s Editorial Board nor do MIX’s funders accept responsibility for the validity of the information presented or consequences resulting from its use by third parties.

The MicroBanking Bulletin (MBB)

The MicroBanking Bulletin

issue no. 18

spring 2009

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

ediTorial sTaff

Publisher:

Peter Wall, Executive Director, MIX

Managing Editor:

Elizabeth Downs, Director of Marketing and Communications, MIX

ediTorial Board

Craig F. Churchill International Labour Organization

Asad Mahmood Deutsche Bank

J.D. Von Pischke Frontier Finance International

Elisabeth Rhyne ACCION International

Gabriel Solorzano 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

From the Publisher ..............................................................................................................................................vii

feaTure arTicles

The Impact of Inflation on Microfinance Clients and its Implications for Microfinance Practitioners ............................................................................................................................................................ 1

S. Akbar Zaidi, Maheen Saleem Farooqi and Aleena Naseem, for the Pakistan Microfinance Network

Elevated Food Prices — Impact on Microfinance Clients ....................................................................... 6 Zaved Ahmed and Camilla Nestor, Grameen Foundation

Microfinance: Where Do We Stand Today? .................................................................................................. 9 By Ajit Jain and Caroline Norton, Deutsche Bank

The Impact of the Financial Crisis on Microfinance Institutions — Results froma CGAP Survey ......................................................................................................................................................13 Xavier Reille and Christoph Kneiding, CGAP

BulleTin highlighTs

Breaking It Down: Subsidy Dependence Index vs. Financial Self-Sufficiency ................................16 Scott Gaul, Product Development Manager, MIX

MFI Trend Lines Analysis ...................................................................................................................................20 Blaine Stephens, COO, MIX

BulleTin TaBles

Introduction to the Peer Groups and Tables .............................................................................................27

Trend Lines 2005 – 2007 MFI Benchmarks .................................................................................................29

Institutional Characteristics ................................................................................................................29

Financing Structure ...............................................................................................................................30

Outreach Indicators ...............................................................................................................................31

Macroeconomic Indicators .................................................................................................................34

Overall Financial Performance ...........................................................................................................35

Revenues ...................................................................................................................................................37

Expenses ....................................................................................................................................................37

Efficiency ...................................................................................................................................................38

Productivity ..............................................................................................................................................39

Risk and Liquidity ...................................................................................................................................40

Index of Terms and Definitions .......................................................................................................................41

Index of Indicators and Definitions ...............................................................................................................43

Guide to Peer Groups — Trend Lines 2005 – 2007 MFI Benchmarks ...............................................45

appendices

Appendix I : Notes to Adjustments and Statistical Issues .......................................................................74

Appendix II : Participating MFIs Trend Lines 2005 – 2007 Benchmarks .............................................77

vii

T his issue of the MicroBanking Bulletin focuses on the impacts of the current global economic crises on microfinance. Yes, I do mean “crises”

in the plural, because there are at least two global crises underway. While much of the world’s attention naturally focuses on the epicenters of the global financial crisis, whose ‘tsunami effects’ of toxic asset dumping and deflation are spilling over far and wide, one shouldn’t forget that an inflation crisis affecting the food prices began much earlier and continues to grow. The UN’s Food and Agricultural Organization recently reported an increase of 150 million chronically hungry people in developing economies in 2008 – 2009, with prospects of worse to come.

So, in many developing countries, the poor increasingly face the worst of all possible worlds – inflation which pushes prices of food and shelter beyond their already thin means and which destroys any savings they may have accumulated, and credit squeezes (if they had any access to credit at all previously), as financial liquidity dries up throughout financial systems. To these woes are added the decline in remittances to families in developing economies as jobs dry up in developed economies, and price increases associated with currency depreciations.

To return to the earthquake and tsunami analogies, microfinance operations will be affected differently in different countries depending on their distance from the epicenters, to their prior exposures/dependence to foreign funding, and on whether they have ‘safe harbors’ or not. Research on microfinance institutions’ (MFIs) resilience to past macroeconomic crises, including work by MIX, has shown MFIs to have been fairly robust. But the extent of globalization of economies in general and domestic and cross-border commercial funding of microfinance has grown

dramatically since the last major test (Asia Crisis, 1997-2000). MFIs’ relationships to the crises’ epicenters have greatly intensified. Also, domestic savings’ funding of microfinance grew greatly in the period, and it remains to be seen how the poor’s savings patterns will react in an extended deep crisis.

The microfinance industry has been alert to the problems, and active in trying to get its hands around the extent and direction in a fast-changing environment. Publicly available reports on this include surveys recently released by Intellecap and the rating service MicroRate (focusing on Latin America). Both are highly recommended reading, as their findings illustrate a wide range of reactions and perceptions among MFIs and investors. As the MicroRate report notes, those shifted over a matter of weeks from the time MicroRate first began their research until they had completed it, as the tsunami began to show up.

The articles and analyses in this issue of MBB bring together some of the first broader global overviews of the impact of the crises, and how MFIs are coping. While we at MIX recognize that the situations are evolving quickly and that this issue of MBB will very likely not be the last to have a focus on microfinance and the global tsunami, we hope it sets a benchmark of how things looked, close to the start.

As I step down as executive director of MIX at the end of June, this is my last letter as publisher of MBB. It has been a privilege to be associated with MBB, and a pleasure to work with the Editorial Board and its editors. I look forward eagerly to reading future issues of MBB as another of its thousands of readers.

- Peter Wall, Publisher, MicroBanking Bulletin

From the Publisher Microfinance in the Global Tsunami — Will It Stay Afloat?

1 “Microfinance and the Global Recession”, Microfinance Insights, Mar/April 20092 “Cautious Resilience: The Impact of the Global Financial Crisis on Latin American and Caribbean Microfinance Institutions”, MFI Insights, March 2009, MicroRate, Inc.

MICROBANKING BULLETIN, IssUE 18, sPRING 2009 FEATURE ARTICLEs

1Microfinance Information Exchange, Inc

FEATURE ARTICLEs

The Impact of Inflation on Microfinance Clients and its Implications for Microfinance

A study undertaken by S Akbar Zaidi, Maheen Saleem Farooqi and Aleena Naseem, for the Pakistan Microfinance Network

MICROBANKING BULLETIN, IssUE 18, sPRING 2009

Introduction

As the inflation rate in Pakistan crosses 25 percent per annum — the highest in almost three decades — there is justifiable concern

that the Pakistani citizen, particularly the poor, will suffer the most and will bear the severest brunt of this economic crisis. Moreover, along with rising prices, indications suggest that Pakistan’s economy is also facing serious constraints and the high growth rates between 2002 – 2007 may have slowed down considerably, affecting economic opportunities for all, but particularly for the poor. Pakistan Microfinance Network in Islamabad has commissioned this study in order to understand and document the impact of a slowing economy and in particular, of rising inflation on microfinance clients.

This short report highlights findings based on discussions with 245 microfinance clients, both men and women, from very wide and diverse backgrounds, and with the staff of microfinance providers (such as loan or credit officers) who interact with these clients at the local, first contact, level and are far more aware about the conditions of their clients than are middle and senior management officers. It is important to state at the outset that this study is not an overview or assessment of the microfinance sector, of microfinance clients, or of microfinance institutions or providers. It has considerably limited ambitions and objectives and simply aims to understand and document the impact of inflation on microfinance clients and, to a limited extent, for microfinance practitioners.

Inflation and its ConsequencesInflation is the phenomenon where prices rise. Hence, inflation is not at all an uncommon feature of any economy. In fact, low or manageable levels of inflation — depending on the nature of the economy — are highly beneficial to suppliers and producers and act as an incentive to produce.

Inflation affects different segments of the population very differently, a fact often forgotten by most people and often exaggerated or misrepresented in the media. In general, inflation affects the rich far less than the poor, where the rich hold greater assets and have higher incomes which let them adjust to rising prices. Salaried individuals tend to be affected a great deal by inflation as their salaries tend to be ‘sticky’ and often do not rise in proportion to inflation or at the same speed. In contrast to salaried individuals, inflation affects many categories of producers in a neutral manner or can benefit them. For example, to maintain their profit margins, many producers pass on all price increases as they take place. Based on the elasticity of demand for their product or service this may result in higher or lower profits, or no change. Inflation, in ‘traditional’ or agricultural societies, is considered to be an urban phenomenon far more than it is a rural one based on assumptions such as rural populations produce a great deal of what they consume, and that they have less access to ‘modern’ facilities, commodities and goods (such as consumer items and utilities), the price for which often rise fastest. Similarly, there is also a marked difference on savers and borrowers, which has implications for this study and on microfinance clients more generally. Savers suffer as the purchasing power of their monetary assets dwindle in value, whereas those who have borrowed benefit as inflation rises, since the real value of their debt is reduced.

Just as we assume that many citizens will suffer the consequences of inflation, we should also be open to the possibility that some sections of the population will benefit from rising prices. This study tries to highlight where and how both trends persist amongst microfinance clients.

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MICROBANKING BULLETIN, IssUE 18, sRING 2009FEATURE ARTICLEs

Microfinance Information Exchange, Inc

The Pakistan Context: Inflation, the Economy and Microfinance

Before we turn to describe how this study was conducted, it is important to highlight some of the issues which relate to Pakistan’s inflation rate, its economy, and the microfinance sector.

Like much of South Asia, inflation has seldom been a serious problem in Pakistan, and the inflation rate has been, for the most part, in single digits. However, for about a year, but perhaps more markedly since early 2008, the inflation rate in Pakistan has become the highest in over three decades, and has shot up dramatically from the annual 9 percent in fiscal year 2007 – 2008, to between 23 – 28 percent on an annualised basis today, with food and fuel prices driving the price spiral.

While inflation has been perhaps the most visible of Pakistan’s economic problems in the last few months, economic slowdown, as illustrated by falling levels of investment and slowing economic growth, have been equally troubling. The high growth period of 2002 – 2007, in which growth averaged over 6 percent of GDP per annum, has been replaced with a forecast for financial year 2008 – 2009, which could be nearer 4 percent of GDP growth. Similarly, there are predictions that a slowing economy and high inflation may raise the unemployment level in Pakistan. Most economists agree that economic activity, at least for the next year or so, will be well below the level of the last five years, affecting profitability, investment, employment and the poverty level. There are concerns that the dual problem of rising inflation and a slowing economy will push more people below the poverty line.

There are reported to be 1.8 million microfinance clients in Pakistan, which represent different arrangements of loans — group, individual, etc. Of these, a great majority are rural clients, which has important implications for how inflation has an impact on them. Almost half of microfinance clients are women. Often, the average profile of a microfinance client in Pakistan is that she is either a rural entrepreneur, involved in livestock development or passes on her loan to a male member of her family. Also, importantly, it seems that a very large majority of microfinance clients are repeat clients and once they begin to use microfinance services, the majority of clients stay loyal to the microfinance provider. These characteristics of microfinance clients will help determine how inflation affects them.

Methodology

This study to assess and observe — but not to measure — the impact of inflation on microfinance clients, is built around the Focus Group Discussion (FGD) approach. Despite its many limitations, this approach allows us to draw broad conclusions about the impact of inflation on microfinance clients.

A selection was made of different sorts of microfinance providers. In all, nine institutions were selected in three provinces and 12 FGDs were held. In total, 245 clients were present at the FGD of which 189 (77 percent) were women.

The FGDs were used to understand how inflation had an impact on borrowers and how they were coping under inflationary pressures. Questions were asked to find out if clients were having problems repaying their monthly instalments, whether their economic activity had fallen, and how this affected their household consumption. Information was acquired to see if household consumption patterns had changed in the last year or so as prices had risen. There was also discussion on how clients were prioritizing loan instalments in relation to other household expenses in this inflationary environment compared to the past. The issue of inflation was not initiated as it was thought it would be better for clients to volunteer information and opinions about their concerns themselves and to prioritise their own issues, of which inflation ought to have been one. If it was not raised by the discussion participants, specific questions on inflation were put to them.

Discussions were held with loan officers and MFP management to assess whether they saw any changes in borrowers’ behaviour and their demand for loans and repayments.

Findings from Focus Group DiscussionsThe results from the discussion with microfinance clients regarding the impact of inflation on their incomes, assets and repayment capabilities, come as a complete surprise. Our assumption was, as it is of most people, that the high inflation rate in Pakistan has been a disaster for most Pakistanis. However, a predominant majority of clients who spoke, irrespective of gender, location, type of activity, amount and purpose of loan, or by any other criteria, was that inflation was ‘not a problem’. While almost every single participant in the 12 FGDs felt that the loans were in general



highly beneficial to them and to their economic activities, except for a very small minority, most felt that inflation was not resulting in them having a significantly negative impact on their businesses or lives. In fact, there were a large number of clients who felt that inflation was a positive aspect and that they were capturing higher profits on account of the price rises. Overall, one can safely conclude that on the basis of the FGDs, it was clear that a huge majority felt that inflation had a neutral influence on them, while a substantial proportion of the clients felt that inflation was substantially beneficial.

The explanations of these unexpected findings were given by the clients themselves. Many felt that in their line of business, it was easy to pass-on costs which were imposed on them and were able to argue how the loan had made it easier for them to deal with inflation. Moreover, there were certain clients who confessed that they were passing-on larger amounts of the rise in their costs and were also ‘causing’ inflation. It has to be remembered, that all these clients had been given loans in the past and were now repaying the instalments. Hence, inflation for them was a relatively more recent phenomenon and took place largely after they had made use of their loan. Many urban clients, such as those who had shops or small outlets, all felt that a lump sum loan allows them to buy goods in bulk and stock-up. All those clients who had taken a loan to buy stocks in the past had done so and were now able not just to pass-on prices, but also to increase the prices of goods that were cheaper earlier.

For the most part, in urban areas, with the exception of men in Orangi (more below) most clients, such as women who ran beauty parlours in neighbourhoods or women who were in the small business of making jewellery or clothes, all claimed to pass-on at least the full impact of inflation, and hence neutralise the impact of inflation on them. On being asked if their clientele had declined or their profits denuded on account of higher prices for the goods and services they provided, most said that they had not.

There was also a general understanding about the inflation phenomenon in Pakistan by almost all clients. A repeated answer to how these clients, all across Pakistan, had become immune to inflation and neutralised its impact was that they were all using their loans for productive purposes rather than for consumption needs, and hence would be able to recoup their investment. Most clients even realised that the instalments they were paying back every month were declining in real value due to inflation.

Not a single client complained that they were unable to repay their instalments.

Moreover, two further explanations were given as to how in times of high inflation — and every single client was cognisant of the fact that these were such times — managed to make profits, were as follows. Firstly, clients stated repeatedly that they were working much harder than they had in the past. The second explanation of how they were dealing with inflation was that they would include more members from their household in their economic activity if they could. In general, many clients said that there were also more earners in their family and this was helping them through these times. Additionally, most clients stated that they were no longer able to maintain any savings.

Without doubt, the greatest beneficiaries of inflation were agricultural producers and rural dwellers, the latter representing the majority of clients in the microfinance sector in Pakistan. Those who grew some agricultural crop were benefiting from the higher crop prices and said that they had made many times the income they anticipated. As microfinance clients they stated that the lump sum loan amount had allowed them to purchase inputs for their land in bulk some months ago, and hence cheaply, and now they were enjoying the double benefits of higher support prices for key food crops and for cotton. It seems that many farmers would have benefited from the higher output prices of agricultural products, but the advantage of microfinance clients would be that they could use the loan to purchase inputs in bulk and more cheaply. While many farmers borrowed from numerous sources, it seems that those who borrowed from non-traditional, formal systems claimed that they were better off.

Another category in the rural and peri-urban sectors who said that they benefited markedly by the price rise were those who had taken loans for livestock, and particularly for buffaloes and milk production. At every FGD, clients claimed that the increase in the purchase price of raw milk had caused their incomes to grow very substantially. Similarly, flower producers in Pattoki also stated that while their input prices had risen slightly, the price they received for flowers in large urban centres like Islamabad and Lahore was considerably higher.

There were a very small minority who stated that inflation had made them worse off. Of these individuals, perhaps three or four had mentioned that they may have had to sell a household asset — like a mobile phone — because they could not afford it and

4



because they needed the money. There was just one single case of a woman who had said that she had to switch her child from a private school to a public school. But these examples were almost non-existent. However, all the seven clients of the Orangi Charitable Trust in Karachi stated that they were having great difficulty coping with repayments, not so much due to inflation, but because of economic slowdown. These clients were all involved in the loom/textile sector, a sector which has suffered a great deal in recent years, and it was clear that they were struggling. For the most part, inflation, per se, was not seen as the main culprit.

Discussions with loan and credit officers about whether it had become particularly difficult for clients to make the instalment repayments, suggested that there had been some change, but not a great deal. In the case of Karachi, it was clear that loan officers for the Orangi Charitable Trust had to make extra visits and accommodate clients. Officers in other microfinance institutions did not state that the default rate had risen and few stated that they had significant problems.

To end this section, one can state that inflation, as such, did not have the negative outcome we thought it would. Many clients were using inflationary times to their advantage. Moreover, in urban areas, most people were complaining about the lack of electricity and power — and not its price — than they were of overall inflation. The table below summarizes the findings from the FGDs.

Is Inflation a Concern for Microfinance Clients?Apparently, it seems, it is not. If we assume that most clients are accommodating inflation and even benefiting from it, is this a matter of concern? We believe it will be, and we try to answer the question posed as the title of this section.

There are a couple of reasons why inflation did not seem to be a problem for microfinance clients. The first and very probable explanation is that perhaps inflation has not really hit the clients or producers in general, in term of their profits and income stream. It is quite possible that the impact of inflation has not been fully passed through to these clients. If this is the case, then we can be quite sure that some months from now, if inflation continues, it will have a strong impact on the livelihoods of microfinance clients.

Another possible explanation is that the FGD format does not allow for a fair and honest depiction and representation of what is actually going on. Perhaps inflation is affecting clients quite severely but they are not expressing this concern. However, we feel, for the reasons given above, that this is unlikely to be the case. While it is true that the FGD format has limitations, it is improbable that it would have repressed sentiment to such an extent that observers would not have been able to probe further and get to the truth.

Table 1Positive Neutral Negative Uncertain

Selected Impact of Inflation on Various Categories of Microfinance Clients

URBAN

Shopkeepers

Traders

Small manufacturer

Textile related business

Fixed income business

Livestock non-milk producers

Milk producers

RURAL

Shopkeepers

Traders

Food crop producers

Other cash crop producers

Livestock non-milk producers

Milk producers

Household handicrafts



What also emerged from the FGD was that most clients, realising that we are living in inflationary times, felt that the loan amounts made available were insignificant and were interested in inflation-indexed loans. However, many did also state that the instalment amounts should not be raised too significantly as this would make repayments difficult. For microfinance providers/institutions rather than clients, the concerns that will emerge in the future relate to delinquency, delayed payments and default. At the moment, it does not seem like these issues are threatening the functioning of institutions, but it is possible that they might put a strain on the profitability of some institutions. Also, it is very clear that if inflation stays at 20 – 25 percent, most microfinance providers will have to raise their credit levels to match the real value of the loans. Whether microfinance providers can do that will depend on their overall financial strength, access to funds and ability to respond innovatively.

ConclusionsIf inflation has not had a damaging effect on microfinance clients in the first nine months of 2008 when inflation has touched 25 percent, as a very high majority of clients claim, it is very likely that it will have an effect some months from now if inflation continues to persist. However, if as expected, inflation begins to

fall and becomes more manageable, it seems that the concern for the impact of high inflation will no longer exist and that we will return to the situation of a few years ago. This short, illustrative study suggests that most clients have been able to deal with inflation and many, particularly those producing food crops and agricultural commodities, have actually profited a great deal from it. These conclusions come as a surprise, for conventional wisdom would have suggested that all citizens suffer the impact of inflation.

What emerges from this survey also, is the clear fact that loans have helped clients, largely because they have been able to buy cheap, or in bulk, and have been able to sell at the increased market price. Clearly, those who have access to credit are at an advantage compared to those who do not have access to credit at cheap rates. This has been the general principle of microfinance and it seems to have particular significance in the times of high inflation.

If inflation rates persist, some rethinking on the behalf of microfinance providers may be necessary. They might have to raise their credit ceilings keeping in mind the real value of the loan, and may be required to increase the loan instalment process by some months to ease the likely pressure on clients.



FEATURE ARTICLEs

Elevated Food Prices — Impact on Microfinance Clients

By Zaved Ahmed and Camilla Nestor, Grameen Foundation

MICROBANKING BULLETIN, IssUE 18, sPRING 2009

Approximately 1 billion people — or nearly one-sixth of the world’s population — subsist on less than USD 1 per day. Of this population,

162 million survive on less than USD 0.50 per day. According to the International Food Policy Research Institute, increasing food prices have the greatest effect on poor and food-insecure populations, who spend between 70 and 85 percent of their household income on food. This issue is especially acute for the poorest people within developing countries — the very clients that many microfinance institutions (MFIs) serve. This article will provide a general overview of the evolving global situation surrounding inflation linked to increasing food commodity prices and its impact on microfinance institutions supported by Grameen Foundation and their clients.

During mid–2008, rising food prices, particularly for staples like rice, soybeans and wheat, raised significant concern in the microfinance community given the disproportionate impact of such high prices on microfinance clientele and the potential effects on the clients’ long-term health and food security, as well as on the MFIs. While global attention has largely turned away from this issue to focus on the global financial meltdown, the reality is that food prices in developing countries remain elevated — in many cases above international market prices — and continue to negatively impact microfinance clients.

Although global food prices have come down from the mid – 2008 highs, data from the United Nations Food and Agriculture Organization (FAO) indicate that this has not trickled down to the retail level. For example, the price of rice — the principal source of food for much of the developing world — remains significantly higher in most developing countries than it was in December 2006. To demonstrate this, Grameen Foundation looked at retail prices of rice in 10 countries during the period 2007 to 2008. In our calculations, we took quarterly data listed on the FAO website and indexed it against Q1 2007 prices. Table 1 highlights this.

Even as the price of rice fell from the mid–2008 highs, on average, the price of rice in these countries increased 50 percent between late 2006 and 2008. This has forced families who previously spent up to 85 percent of their income on food to either eat less or consider ways to increase their income. Conversely, some microfinance clients are fortunate enough that family members are paid in food grains. Anup Kumar Singh, Managing Director of Sonata in India observed the role the informal ‘barter system’ has played to balance the increased cost of food: “As wages, most of the agricultural laborers are not receiving cash, but they receive 5 kg grains…per day. During the harvesting season they try to earn as much as they can… to meet their other daily expenses. They [make] purchases against the exchange of stored grains.”

1Q 07

2Q 07

3Q 07

4Q 07

1Q 08

2Q 08

3Q 08

4Q 08

100.00

99.30

105.96

112.63

116.14

135.44

142.81

142.46

100.00

100.05

110.48

144.06

160.85

160.70

150.38

124.26

100.00

96.32

96.32

102.45

107.36

142.33

137.42

126.99

100.00

100.00

110.25

112.70

153.69

148.77

N/A

N/A

100.00

100.00

100.00

113.33

120.00

133.33

146.67

146.67

100.00

100.78

101.71

120.34

123.38

143.65

148.64

156.04

100.00

122.36

122.36

130.80

174.26

200.00

200.00

199.83

100.00

102.37

106.48

106.39

136.01

162.07

N/A

N/A

100.00

92.40

99.20

107.60

120.00

186.80

184.00

180.00

100.00

98.02

99.82

112.16

124.92

184.64

163.11

151.04

Bangladesh Brazil Egypt India Mozambique Pakistan Peru Philippines Senegal Vietnam

Table 1 Index of Retail Prices of Rice by Quarter



There are several reasons for the disconnect between international market prices and retail prices in developing countries. As reported by the Financial Times: “Food aid officials attribute the disconnect between local and international food prices to time lags, poor harvests in developing countries and…lack of trade finance.”1 We researched the possibility that excess profiteering by wholesalers was another cause of the disconnect, but this did not bear out in the analysis.2

High food prices are likely to persist in the medium term. While forecasts in the current environment are subject to considerable uncertainty, the World Bank expects food prices will remain high in 2009 and 2010.

Table 2 shows that prices are likely to remain well above 2004 levels through 2015 for most food crops. These forecasts are broadly consistent with those of other agencies such as United States Department of Agriculture and the FAO. While world grain production is forecast to grow, increased utilization is expected to lead to a decline in stocks in the 2008/2009 crop year. The FAO predicts that total grain end stocks will reach a 25 – year low by the end of crop year 2008/2009.

Impact on Microfinance BorrowersChange in food consumption: During GF’s conversations with MFIs, they raised serious concerns about the quantity of food consumed by their borrowers. The increased costs of essentials are forcing them to eat less. Dr. Aris Alip, Managing Director of CARD in the Philippines brought this out: “The immediate impact on our clients was on food security. I heard stories of mothers cutting down on consumption of meat (from once a week to once

a month) or for worse-off clients, cooking rice into porridge so a kilo of rice would suffice for a day for a family of six.”

In the short-run, such frugal practices by microfinance clients may not have a significant impact, but if continued on a prolonged basis, can lead to permanent health damage to them and their families.

Depletion of savings with MFIs: In some of the countries where MFIs are allowed to accept savings, MFIs have started reporting a decrease in the voluntary savings rate. It is still too early to determine if this is a general trend or is restricted to specific regions or countries. However, some MFIs have noticed that mature clients are withdrawing their savings to finance their working capital needs, instead of taking a new loan. This has been reported by MFIs in Philippines and in Nigeria.

For MFIs that offer savings, this trend has naturally impacted savings as a funding source for the MFI. It has also reduced the cushion that clients might have to weather continued price increases.

Loan Funds Diverted for Consumption: In extreme cases, clients may be diverting loan funds to buy essentials to survive. MFIs have to maintain close contact with clients to identify those who are hit the hardest by inflationary pressures and take specific measures to align loan purpose with usage.

Higher Incidence of school Drop-outs: Some GF partner MFIs reported that their borrowers have stopped sending their children to school so that children can support the family’s income generating activities. This may have severe repercussions on borrowers’ struggle to break free from the cycle of

Table 22007 2008 2009 2010 2015

Index of Projected Real Food Crop Prices (2004 = 100)

Maize 139 175 165 155 148

Wheat 154 215 191 166 140

Rice 130 243 208 183 160

Soybeans 119 156 147 139 115

Soybean Oil 136 187 173 160 110

Sugar 133 157 167 176 182

SOURCE: The World Bank

1 ‘Poor still hit by high food prices, says UN’ Javier Blas, Financial Times, March 19, 2008.To test this hypothesis, GF did an analysis comparing retail and wholesale prices of rice in four countries; there was not a significant differential between the retail and wholesale prices, indicating that middlemen are not at fault for driving the prices up. Lack of reliable data prevented us from testing this with a larger sample size.

2

8



poverty. In Pakistan, one MFI informally reported that the drop-out level of clients’ children has almost doubled during this period.

Impact on Loan sizes: The impact on loan sizes is not consistent. In some countries, microfinance borrowers are requesting larger loans, driven in part by the increased cost of running their existing ventures. In other cases, the borrowers feel the need to establish new ventures to make ends meet, creating additional funding pressure for MFIs. For example, the average loan size for the three MFIs GF works with in Nigeria has increased by 45 percent during the last 12 months.

On the other hand, some MFIs are reporting decreased demand and in turn, decreasing average loan sizes. For example, in the Philippines, Dr. Alip of CARD said: ”What is striking is that our clients are themselves reducing their borrowing (eligible for Peso 5,000 but they will now borrow Peso 3,000) since they say that business is not good.” It seems that basic business practice of frugality during tough times may be lost on certain Wall Street executives, but not on poor borrowers in the Philippines.

Impact on the MFIThe impacts noted below are driven in part by inflation (fueled by food price increases) but are also attributable to the global financial meltdown. Given the interconnected nature of global financial and economic trends, it is not possible to cleanly separate the impact of one particular driver from the others; as such, GF has noted the general trends it is seeing among the MFIs it supports below.

Portfolio Quality: Although it was expected that rising food prices would impact clients’ ability to repay, based on the 4Q 2008 data, there is no rise yet in delinquencies among GF’s partners. Nevertheless, several MFI leaders have noted that they expect to

see an uptick in portfolio at risk (PAR) if food prices remain elevated.

Refinancing Risk: As has been reported elsewhere, refinancing risk is a major issue facing MFIs due to the twin pressures of contracting liquidity in local bank markets and among some of the microfinance investment vehicles, coupled with a reduction in risk appetite by lenders. The inability to refinance on attractive terms, or in some cases at all, will likely slow MFI growth significantly in 2009. Among the 20 MFIs in GF’s Growth Guarantees portfolio, average quarterly growth slowed to 11.2 percent in Q4 2008 from 25.0 percent in Q4 2007.

Increased Operating Expenses: The nature of the microfinance industry is such that wages and salaries are the single largest expense component for most MFIs. Inflation will naturally drive wages and salaries up. Hence, MFIs will either have to find a way to absorb most of this increase or face the unattractive option of raising interest rates to end borrowers.

The world in general has moved on from the food price issue and is focusing all of its resources on combating the financial sector meltdown. That coupled with the drop in international food prices from mid-2008 highs has led to a situation where the food price issue hardly registers on the radar screen now. As we have shown, however, local food prices are not tracking international prices, and it is clear that a prolonged period of continued elevated food prices will have a significant impact on microfinance clientele.

To date, clients have shown an amazing degree of resiliency and innovation in absorbing the increase in food prices. However, these clients’ coping remedies may have significant long term consequences on their families’ well being — the impact of which is still too early to measure.



FEATURE ARTICLEs

Microfinance: Where do we stand Today?

By Ajit Jain and Caroline Norton, Deutsche Bank MICROBANKING BULLETIN, IssUE 18, sPRING 2009

Microfinance — Does Everything Correlate in Bad Times?

In the last ten years, conventional wisdom has held that microfinance as an asset class enjoys a striking lack of correlation with trends in the global

economy. The informality of most of the micro-businesses feeding into the microfinance industry was supposed to shield it to a certain degree from macroeconomic booms and busts. Challenging this assertion, however, is another tenet that emerged from the decade of Long Term Capital Management, which holds that in bad times, everything correlates. With waves of the international financial crisis rippling through the global economy, the current situation provides an opportune testing ground to determine which of these seemingly opposed conventional wisdoms holds water. While microfinance has certainly not proved to be immune from the travails of the traditional banking sector, it has not come close to suffering the same damage, suggesting that opportunities still exist in the microfinance sector for MFIs and for investors. Indeed, MFIs have shown remarkable resiliency and foresight as they respond

to the crisis by shoring up their core operations and returning with new purpose to their social missions.

The last decade has witnessed a remarkable rise for microfinance. International investors discovered the potential of microfinance in zeal in the second half of the 2000s, as structured products permitted microfinance investment vehicles (MIVs) to market funds to a wide range of investors, from the socially-oriented development agencies to pension funds with fiduciary roles. The first microfinance CDO was closed in 2004, and it was followed shortly afterward by a string of other structured funds, which offered private and institutional investors a new opportunity to acquire notes collateralized by loans to MFIs. These products allowed MFIs to access large new pools of funding to fuel remarkable expansion. The models of structured credit products in microfinance have stayed conservative, after an initial spurt in innovative risk distribution mechanisms. The first microfinance CDO was structured by Blue Orchard and had been offered with a 100 percent guarantee to the Senior note holders. This structure soon gave way to a partial guarantee structure with 40 percent subordination to the Senior note holders. The Global Commercial

Asset Growth Savings Growth Growth in External Credit

Growth in Total Capital Borrower Base Growth

150%

120%

90%

60%

30%

0%

Graph 1 Growth Patterns in Microfinance

Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09

The microfinance industry witnessed rapid growth over the last few years and in the recent past, much of this growth was funded through savings deposits and increasinginterest of the mainstream finance industry in microfinance balance sheet components. This was complemented by the increasing appetite of MFIs for a more leveredcapital structure. However, the impact of macroeconomic crisis can be clearly seen in the lowered growth rates over 2008 - 2009.

10



Microfinance Consortium transaction structured by Deutsche Bank was one of the first of such kind. Most of the structures marketed since have been modeled with very similar risk classification mechanisms.

Risk of Mission DriftBooming local economies spurred the growth of savings deposits (among MFIs whose legal structures permitted savings mobilization), as more clients were able to afford to stash away some of their earnings for a rainy day. These two pools of funding continued to deepen up until 2008, providing the means for MFIs to grow their portfolios and client bases at a staggering pace, some by 50 to 100 percent year on year.

Although such growth meant that more poor clients were able to access financial services, not all side effects of the MFIs’ rapid growth were so positive. As the sector has embraced commercialization, some MFIs seeking to take advantage of the commercial funds that were suddenly so readily available moved away from their traditional areas of strength, such as micro group lending, into less familiar products such as SME lending, in an effort to attract more clients and cover rising financial costs and operational costs associated with expansion. With this move into new businesses came an element of mission drift for some institutions.

A recent Women’s World Banking study discovered that as MFIs transformed from NGOs into commercial entities, their average loan sizes began to grow, and the number of women served began to decline, despite the missions of many MFIs in the sample to serve the poor and in particular, women. Even more disturbingly, in some markets, as MFIs have grown, they have encroached upon their peers’ areas of operation, generating fierce competition and leading to over-indebtedness of the very borrowers that the institutions originally sought to aid.

Investor AppetiteWhen the financial crisis struck in its full strength in 2008, blowing out credit default spreads to levels not seen in decades, it hit the microfinance investment industry along with the traditional banking sector. Liquidity dried up almost overnight, with planned microfinance funds being pulled late in the marketing process. Deutsche Bank had been in the process of structuring a USD 350 million global microfinance fund during Q3-2008 and was forced to shelve the marketing plans following a precipitous widening of credit spreads and a near shut-down of structured credit products market.

Finding themselves with fewer funds available to put to work in alternative investments, such as microfinance, investors are now tuning in more closely to the risks involved in microfinance investments. Their questions are centering on topics such as portfolio quality, liquidity risk, open FX risk and internal controls. In addition, investors are seeking to

8%

6%

4%

2%

0%

75%

60%

45%

30%

15%

0%Q2 07 Q3 07 Q4 07 Q2 08Q1 08 Q3 08 Q4 08 Q1 09

Graph 2Concentration Risk inMicrofinance Portfolio

Top 10 Loan Concentration Single Group Exposure

Related Party Lending Ratio

% of Women Borrowers % Rural

The rapid growth of the industry also witnessed a spike in concentrated exposures to specifically profitable loan groups and the larger borrowers. This trend however has been on the decline for the last three quarters, possibly due to a conservative approach taken by most MFIs as a response to the global macroeconomic crisis.

7%

6%

5%

4%

3%

2%

1%

0%99 00 01 02 03 0604 05 07 08 09

Graph 3 Key Rates in the G3 Countries

Fed Funds ECB refi BoJ

Various central banks across the world have acted in close coordination to bring down the overall cost of borrowing. In microfinance, the cost of borrowing has typically been significantly below commercial funding levels.



be as catalytic as possible with their limited funding, carefully selecting targeted countries and MFI profiles. Commitment to a double bottom line objective has reemerged as a concern for investors, perhaps an acknowledgement of the unscrupulous lending practices in the developed world that contributed to the financial crisis.

As investors take a closer look at these elements of MFIs’ operations and finances, the picture that emerges is not as discouraging as the global economic malaise would suggest. While portfolio quality has generally deteriorated across regions, MFIs are demonstrating an ability to return to their operational strengths, even in countries that have been hit hardest by the crisis.

Responding to the Crisis: Conservative MeasuresAcross Deutsche Bank’s portfolio, in a trend mirrored by the portfolios of other microfinance fund managers, Portfolio at Risk > 30 days has risen from an excellent 1.8 percent to a less spectacular, but hardly alarming 3.8 percent. In some cases, while MFIs were growing rapidly, rising loan portfolio values and client counts masked problems in the portfolio. Now that the funding that was feeding this growth has lessened, these problems are beginning to emerge. In other cases, MFI clients are feeling the squeeze of the economic circumstances, as demand for their goods has fallen off, and they are less able to repay their loans. MFIs seem to be reacting to these problems by tightening their credit standards and by lowering the size of the loans that they offer.

These prudent measures have caused a decline in the average gross loan portfolio for the first time in many periods, as MFIs respond to falling portfolio quality and uncertain future funding by tightening lending standards, shrinking disbursed loan sizes, and holding more cash on hand. Interestingly, however, the average number of active clients has continued to grow, albeit more slowly than before, signaling that MFIs on the whole have not been dramatically wounded by the recent external shocks.

Rather, they seem to be returning to the basics of microfinance: small loan sizes for short terms provided in the form of standard products.

Profitability has been leaner since the crisis struck, though on average it is still positive. As the US dollar has recently appreciated versus many world currencies, MFIs that borrowed heavily in hard currency in the last few years without hedging that exposure are experiencing losses related to foreign currency mismatches. In response, MFIs are demanding more loans in local currency and are working to eliminate these mismatches by all means at their disposal. In addition, MFIs are allocating more expenses toward provisioning to ensure that they have adequately reserved for delinquencies.

4%

3%

2%

1%

0%

1500%

1200%

900%

600%

300%

0%Q2 07 Q3 07 Q4 07 Q2 08Q1 08 Q3 08 Q4 08 Q1 09

Graph 4 Asset Quality

PAR > 30 LLR Coverage PAR > 30

PAR > 90 LLR Coverage PAR > 90

PAR 1 - 30 Net Charge-offs/Loan Loss Exp

The portfolio delinquencies, as measured by PAR > 30 days and PAR > 90 days have been on the rise over the last two years.

Key PerformanceImpacting TrendsGraph 5

12%

11%

10%

9%

8%

7%

6%

5%

4%

3%

2%1 8765432

Financial Costs Provision Exp/Ave. GLP ROA

Rising Financial costs and loan loss provision expenses have impacted the overall profitability of microfinance institutions.

12



ConclusionCertainly MFIs face challenges as slowing growth and funding opportunities force them to refine their risk management systems, to tackle rising delinquencies, and to actively manage their liquidity, for the first time for many MFIs. However, we prefer to view the current situation in the microfinance market as an opportunity for the best run MFIs to distinguish themselves, for social investors to prove their commitment to the field, and for the industry to return to its original social mission, with renewed attention to initiatives such as the Client Protection Principles.

To look back to the two original conventional wisdoms that we began with, perhaps instead of debunking one or both, we could add a truism of our own: microfinance may not have completely decoupled from the global economy, but its resilience in challenging times should be the envy of banks across Wall Street.

Note: All charts in this document have been drawn based on data from the portfolios managed by the Global Social Investments Group at Deutsche Bank.



FEATURE ARTICLEs

The Impact of the Financial Crisis on Microfinance Institutions

Results from CGAP’s March 2009 Opinion survey

Xavier Reille and Christoph Kneiding1, CGAPMICROBANKING BULLETIN, IssUE 18, sPRING 2009

Introduction

The global crisis is spreading quickly in emerging markets but little is known about its impact on the microfinance sector: Which regions are most

affected and why? Are microfinance institutions (MFIs) resilient to this unprecedented economic downturn? What is the effect of the crisis on MFI business models? And how do MFIs foresee their liquidity situation in the near future?

CGAP conducted an online survey with MFIs in March 2009 to answer some of these questions and to monitor the impact of the crisis. The survey was widely disseminated to MFIs with support from MIX and the Microcredit Summit Campaign, as well as from several large MFI networks2. Over 400 completed responses3 were sent back from MFI managers, which reflected a good distribution among regions4 and institutional sizes.5

ECA: 44

EAP: 26SA: 59

MENA: 29

SSA: 115

LAC: 114

1 With research assistance from Meritxell Martinez, CGAP.ACCION, Grameen, FINCA, Freedom from Hunger, MFN, Opportunity, Women’s World Banking, and Sanabel. Respondents were asked to indicate the asset size of their institutions, for which the following brackets were provided: Tier 1 (assets above $50m), Tier 2 (assets between $3 – 50m), and Tier 3 (assets below $3m). Around 76 percent of MFIs in our sample are in Tier 2 or 3 and 24% tier one. Credit unions and cooperatives represent only 14.5% of the sample. EAP East Asia and Pacific, ECA Europe and Central Asia, LAC Latin America and Caribbean, MENA Middle East and North Africa, SA South Asia and SSA sub-Saharan Africa. This article presents the high level findings of the survey with a focus on MFI impact. CGAP will produce another report to be posted on www.cgap.org with the full results.

2

3

4

5

14



Dramatic slowdown in Portfolio Growth

Microfinance has enjoyed a decade of exceptional growth. In 2007 alone the overall loan portfolio of MFIs reporting to MIX Market increased by 47 percent. However, the survey results show that this period of rapid growth has ended. Sixty-five percent of MFI respondents reported that their gross loan portfolios remained stable or decreased over the last six months. This trend was consistent across all regions, but not across institutional types: MFIs that mobilize savings (banks and credit unions) experienced significantly less reductions in their portfolio than those that depend solely on credit as a source of funding. This underlines the importance of alternative funding sources in an economic situation like this. Overall, the credit crunch and the economic recession are clearly forcing most MFIs to slow down the growth of their microcredit portfolios.

Portfolio Quality Down GloballyThe lending business contraction is occurring alongside a deterioration in the quality of MFIs’ loan portfolios, a trend that according to MIX numbers had already started in 2007. Sixty-nine percent of MFI respondents reported an increase in Portfolio at Risk (PAR). Non-performing loans increased for all sizes of MFIs with no significant variations among MFI tiers. The broad increase in non-performing loans as a percentage of gross loan portfolio reflects clients’ economic hardship. The indicator is also pushed upwards due to decreasing loan portfolios. The region hit hardest by this decrease in portfolio quality is ECA, where 97 percent of institutions report a stagnating or increasing PAR. Of all regions, EAP and MENA have been most resilient so far, but even there the majority of MFIs report deteriorations in their PAR.

In search of LiquidityThe liquidity constraints highlighted during CGAP’s virtual conference in December 2008 are still present, but less dramatic than the drop in portfolio growth and the broad increase in non-performing loans. Overall, 52 percent of the MFI respondents reported liquidity constraints over the past six months. As could be expected given their asset size, smaller MFIs are more affected, with 64 percent of small (tier 3) MFIs reporting funding problems versus only 35 percent for large (tier 1) MFIs. Small and medium MFIs appear to be struggling more with liquidity issues: 74 percent of small (tier 3) MFI managers expect their liquidity situation to worsen in the next 6 months. Regionally, the most pressing needs for capital are in sub-Saharan Africa and in South Asia (with 68 percent and 57 percent respondents reporting liquidity problems, respectively).

A majority of savings-based MFIs (56 percent) does not face liquidity constraints. However, these institutions are far from being immune to the effects of the crisis and reported higher levels of PAR increases versus non-deposit based MFIs (76 percent of the savings-based MFIs had an increase in PAR versus 66 percent for non-deposit based MFIs).

No significant Business Adjustments YetWhat has been the MFIs’ response to the crisis so far? One could assume that increasing costs of funds (in most markets estimated around 200 to 400 basis points) could force MFIs to raise their interest rates.

% o

f res

po

nd

ents

80

60

40

20

0

Tier 1 Tier 2 Tier 3

Portfolio Same or Down Last 6 Months, by Size of MFI.Figure 1

mean of liquidity now mean of liquidity later

% o

f res

po

nd

ents

80

60

40

20

0

Tier 1 Tier 2 Tier 3

Figure 2Liquidity Constraints Now andin the Next 6 - 12 Months, bySize of MFI.



But most MFIs (61 percent) reported no changes in their lending rates to clients. Such measures would indeed be difficult to implement and very unpopular in times of crisis. The survey also found that 23 percent of respondent MFIs have been downsizing their staff to trim costs. This marks a clear reversal of the expansionary trend in staff levels over the past years.

Conclusion and Outlook Although opinion surveys are limited in their explanatory power and potentially biased, the CGAP study provides an insightful picture of MFI managerial views on the impact of the global crisis on microfinance as of March 2009. While in 2008, CGAP’s

“Banana Skins” survey among MFI managers ranked a lack of funding sources last in terms of potential risks for the industry, this perception has radically changed over the past months. Liquidity issues and credit risk are clearly the biggest managerial concerns, and one can expect the situation to worsen as the full effects of the crisis unfold in emerging markets in the coming months. Amid the gloom, MFI managers appear surprisingly optimistic: three-quarters of respondents believe that their performance will remain stable or improve over the next six months. While this may be wishful thinking for some MFIs, it could also indicate that MFI managers are undertaking measures to confront the crisis and prevent further deterioration.

16

MICROBANKING BULLETIN, IssUE 18, spRING 2009BREAKING IT DOWN


BREAKING IT DOWN...sDI vs. Fss

Scott Gaul, Product Development Manager, MIX

MICROBANKING BULLETIN, IssUE 18, spRING 2009

IntroductionMicrofinance practitioners have often sought a single, easy-to-understand indicator for evaluating the performance of microfinance institutions (MFIs). To date, the most commonly used indicator has been financial self-sufficiency (FSS). However, FSS is an incomplete model of an institution’s performance, as is any single number. The subsidy-dependence index (SDI) has been suggested as an alternative measure that more accurately reflects an MFI’s reliance on subsidies relative to its peers. In this article, we investigate some of the similarities and differences between FSS and SDI and compare both indicators on MBB data from 2003 – 2007.

What is sDI?The SDI model has been proposed and fleshed out by Yaron and others in a series of papers.1 The SDI is ‘designed to measure the self-sustainability level of the MFI with a single number.’ To measure this, SDI enumerates a range of subsidies potentially received by an MFI (on an annual basis) and compares the total subsidy to the income received by the MFI on its loan portfolio. The comparison of total subsidy and income from loans (in the form of the SDI) yields two results:

[A]n indication of the percentage by which the average yield obtained on the MFI’s LP [loan portfolio] would have to increase in order to make it subsidy independent. It also indicates the cost to society of subsidizing the MFI, relative to the interest plus fees paid by the target clientele to the MFI.2

We will cover the formulas for SDI and FSS in more detail below.

Models vs. parametersBefore stepping into a comparison of FSS and SDI, it is important to keep in mind the distinction between model and parameters. FSS and SDI both incorporate parameters or external factors — such as the inflation rate — to adjust MFI performance numbers for context. If we were to calculate SDI and FSS using different rates for adjustments, it would not be a reasonable comparison since we would simultaneously have to account for differences in the models and in the rates chosen. Consequently, we will first look at the models, assuming they have the same parameters. Then, we can look at the impact of different parameters on both models.

Comparing DefinitionsIn this section, we break down the formulas for FSS and SDI to try to understand each model in terms of the other.3 The formula for FSS can be stated simply as:

However, MBB policy makes only small adjustments to revenue, so the adjustments primarily affect the denominator of this indicator. If we separate the adjustments from the unadjusted expenses, we have the following approximation:

A similarly schematic definition of SDI is:

FSS = (Adjusted Revenue / Adjusted Expense) (1)

1 Primary resources on SDI used for this note are the following: Schreiner, M. and Yaron, J. (2001), Development Finance Institutions. Measuring their Subsidy, Washington, DC: World Bank. Yaron, J. and R. Manos, (2007), Is the microfinance industry misleading the public regarding its subsidy dependence?, Savings and Development, 2. Yaron and Manos, 2007, 13. For a more detailed version of the following, please see forthcoming MIX paper on SDI and FSS.

2

3

FSS = Revenue/(Adjustments + Expenses) (2)

SDI = Subsidy/Loan Revenue (3)

MICROBANKING BULLETIN, IssUE 18, spRING 2009 BREAKING IT DOWN


Where the level of subsidy is equal to:

Separating the Net Income term into its components, and dividing by loan revenue yields:

If we assume that total Revenue for an MFI is ‘close’ to Loan Revenue4, then this can be rewritten as:

And this reduces finally to:

While this approximation oversimplifies both models, it preserves the main insights. The approximation also holds up when we apply this to actual MFI data. The formula (9) from above has a 96 percent correlation with the full SDI, when we calculate both formulas on the MBB sample from 2003 – 2007.

From the breakdown of the formulas, we can already learn some things about the relationship between FSS and SDI:

. FSS and SDI are closely related — we can approximate either one well in terms of the other.

. FSS and SDI are inversely related; as FSS goes up, SDI goes down.

. SDI is centered around 0, while FSS is centered around 1 (Institutions with FSS > 1 are ‘financially self-sufficient’; institutions with SDI < 0 are ‘subsidy independent’.)

. SDI differs from FSS through the inclusion of donations inflows.

. FSS differs from SDI through the inclusion of non-loan revenues.

The differences in the formulas also reveal some of the underlying differences between the models. Donation income is treated as a ‘below the line’ revenue item in the MBB. In this view of the world, donation income is not a result of the institution’s core operations, and therefore is not included in the main ratios for self-sufficiency or returns. In a sense, donations are ‘exogenous’ or not determined directly by the institution’s operations. An MFI could operate in a country where the government subsidizes microfinance providers. Or an MFI could operate in a country that prohibits foreign donors and investors. These factors are (largely) outside the control of the MFI’s staff.5 FSS attempts to isolate subsidies that can be most directly influenced by an MFI’s operations.

The fact that SDI includes these types of ‘exogenous’ factors, like donations (or as we will see later, reserve requirements), indicates a different view of the world. SDI views donations as having a social cost — money that could be reallocated elsewhere — and thus it includes donations in evaluating MFI performance.

Consequently SDI may be more appropriate for those concerned with the aggregate flow of donations in a country or the allocation of capital between many competing MFIs. In other words, it may be a more appropriate model of MFI performance when donations are viewed as an ‘endogenous’ variable — when the level of donations is determined by the other variables in the model. It may be less appropriate for MFI managers or others who could view donations as essentially outside their control.

Testing sDI and Fss on MFI DataWe know from the breakdown above that SDI and FSS differ in some respects — inclusion of donations, inclusion of non-loan revenue. But how significant are these when looking at real MFI data? Would we draw different conclusions about the state of the world in microfinance using one indicator or the other? To test the models, we have calculated FSS and SDI on the entire MBB sample from 2003 to 2007, covering more than 2800 distinct observations. To

Subsidy = Adjustments + Donations (incl. in kind dontions) + Net Income (4)

SDI = (Adjustments + Donation – (Revenue – Expense)) (5)

Loan Revenue

SDI = (Adjustments + Expense)

+ Donations

– Revenue

(7) Loan Revenue Loan Revenue Loan Revenue

4 Results from the 2007 MBB benchmarks indicate that loan revenue is typically over 94 percent of MFI financial revenue, so this should be a reasonable approximation. Of course, an MFI’s staff can also influence the level of subsidy by deciding whether to target subsidized sources of funds, although this is partially captured through the subsidized cost of funds adjustment applied to both models.

5

SDI = (1/FSS – 1) + Donations/Revenue (9)

SDI = (Adjustments + Expense + Donations) (6)

Loan Revenue – Revenue Loan Revenue

SDI = (Adjustments + Expense)

+ Donations

– Revenue

(7) Revenue Revenue Revenue

18

MICROBANKING BULLETIN, IssUE 18, spRING 2009BREAKING IT DOWN


keep the parameters constant, we have used the same macroeconomic factors as in the MBB for calculating both SDI and FSS.6

Tables 1 – 3 display the total numbers of MFIs, borrowers and savers covered by self-sufficient (FSS > 1) or subsidy-independent (SDI < 0) institutions in this period. The rightmost column gives the level of ‘FSS generosity’ — the amount by which FSS is more generous than SDI at a global level.

As we can see, SDI and FSS give us fairly similar pictures of the global MFI landscape over time. The indicators never differ by more than 14 percent in

their classification of the global microfinance sector. In general, we see that FSS is more ‘generous’ than SDI as it classifies a higher percentage of MFIs as self-sufficient, although this is not always the case. This should not be surprising given the formula breakdown earlier. Whenever the level of donations is significant, FSS will be more generous than SDI.7 In addition, from the tables, we can see that SDI and FSS are also generally converging in their view of global microfinance over time. The largest differences occur furthest in the past; for 2007, the maximum difference is 8 percent. This corresponds with changes in the microfinance world where donations are (at a global level) declining in importance as more institutions commercialize, especially many of the largest providers.8

parameters and AdjustmentsA key part of the discussions around SDI and FSS has been the choice of parameters for the models. So far, we have compared the models using the typical set of parameters and adjustments applied in the MBB. For instance, since MBB uses the deposit rate for the cost-of-funds adjustment, we have also used the deposit rate in calculating SDI. This allows us to compare apples-to-apples when looking at the models. However, we can also vary the parameters used for the models, and much of the discussion around SDI has centered on this choice of parameters.

One change that we could make is to how MFI results are adjusted for subsidized funds. In both SDI and FSS, the model determines a ‘market’ cost of funds and compares that to the level of subsidized financing. MBB uses deposit rates for the ‘market’ cost of funds, but Yaron and Manos and others have suggested using lending rates instead.

Lending rates would reflect the cost of funds for an MFI in an environment where MFIs have to borrow money for financing. Deposit rates would reflect the cost of funds in an environment where mobilizing (voluntary) deposits represents the market cost of funds.9 Lending rates should be generally higher than deposit rates. Applying the lending rate for the cost-of-funds adjustment should thus lower institutional self-sufficiency by raising the baseline cost of funds.

2003

2004

2005

2006

2007

79%

87%

82%

85%

78%

21%

13%

18%

15%

22%

73%

86%

80%

80%

77%

27%

14%

20%

20%

23%

6%

1%

1%

5%

1%

Table 2 Percentage of Savers*

*BRI excluded to avoid skewing results

Year FSS > 1 FSS < 1 SDI < 0 SDI > 0 FSS ‘generosity’

6 While this differs from the treatment recommended by Yaron and Manos, it is done to preserve comparability at this stage. In the full MIX research paper, more adjustments and parameters are evaluated for FSS and SDI, and both indices are re-calculated using different parameters. Because of formula (9), one could also consider ‘FSS generosity’ to be an index of the level of donation inflows to MFIs globally. It is worth noting that the sample used here is an unbalanced panel data set. It reflects the rapid growth of the MBB sample over time (from less than 250 in 2003 to almost 900 in 2007), generally to include smaller or newer institutions. Consequently, we should expect the differences between the indicators to be more apparent as the sample increases non-randomly over time in scope. (Or alternatively, we would expect the indicators to be more similar on a balanced panel data set that tracks the same institutions for all years.) We might expect that there would be similar market premiums in both cases for lending to or saving with an MFI.

7

8

9

2003

2004

2005

2006

2007

87%

87%

86%

75%

51%

13%

13%

14%

25%

49%

79%

82%

82%

70%

48%

21%

18%

18%

30%

52%

8%

5%

4%

5%

3%

Table 1 Percentage of BorrowersYear FSS > 1 FSS < 1 SDI < 0 SDI > 0 FSS ‘generosity’

2003

2004

2005

2006

2007

59%

67%

61%

57%

61%

41%

33%

39%

43%

39%

44%

51%

51%

50%

53%

56%

49%

49%

50%

47%

14%

16%

10%

7%

8%

Table 3 Number of Total MFIsYear FSS > 1 FSS < 1 SDI < 0 SDI > 0 FSS ‘generosity’

MICROBANKING BULLETIN, IssUE 18, spRING 2009 BREAKING IT DOWN


To test the impact of this change in parameters, we have recalculated SDI and FSS using the lending rate in place of the deposit rate. Table 4 contains the results.Again, we can see that both indicators give roughly similar pictures of global microfinance — less than 5 percent difference in each year. For both SDI and FSS, the new levels indicate that more MFIs are not self-sufficient or subsidy-independent. Perhaps surprisingly, FSS appears to be a bit more sensitive to use of the lending rate than SDI is — the average drop in FSS is greater than the average drop in SDI.

A range of other adjustments to SDI have been proposed to remove other potential sources of subsidy. These subsidies are covered in more detail in a separate paper. The choice of lending rate or deposit rate for cost-of-funds adjustment has the most impact among these though.

When to Use sDI or FssThe distinction between the two models in many ways boils down to the question ‘where is your bottom line?’ The ‘bottom line’ may differ for policy-makers and MFI management and staff. Each set of actors may be most concerned with the bottom line that incorporates the factors that they can most directly influence. The SEEP guidelines for performance measurement provide an example of this distinction in defining two income statement measures for the ‘bottom line’:

(I21) Net Operating Income. The microfinance industry has traditionally considered revenue from operations less expenses from operations to be the bottom line. This excludes all non-operating items that are considered separate from the core business of providing financial services. Because donations are not included in net operating income, it clearly is a “before donations” measure of profitability. This measure, however, can also be presented on a “before tax” or “after tax” basis.

(I31) Net Income After Taxes and Donations. From a regulator’s perspective, the bottom line might be total revenue less total expenses. Although donations and other non-operating items may not be related to the MFI’s core business, they may a normal part of the MFI’s activity (such as training revenue or expenses) that increase or decrease and MFI’s net profit.11

A ‘before donations’ view (as used in FSS), may be more appropriate for MFI staff since it is restricted to the core business of providing financial services. An ‘after donations’ view (as used in SDI) may more accurately reflect the perspectives of regulators or other policy-makers. If an institution would like to raise its FSS level, the FSS formula tells it to increase revenues or decrease expenses. If an institution would like to raise its SDI level, the SDI formula tells it to increase (loan) revenues or decrease donations. An analyst should consider which of these factors are the most relevant for their use when selecting models and comparing indicators. From the quick outline here, we can see that FSS and SDI contain a good deal of similar information, and their respective formulas are closely related. The core difference between the models is one of perspective, as seen in the different treatment of the financial ‘bottom line’. While SDI has been proposed to be used with a different set of parameters and adjustments than those used typically in the MBB results, consistent application of these adjustments across both the SDI and FSS models does not lead to any greater divergence between the models.

2003

2004

2005

2006

2007

84%

59%

79%

64%

42%

16%

41%

21%

36%

58%

78%

56%

80%

64%

43%

22%

44%

20%

36%

57%

5%

4%

-1%

0%

-1%

Table 4 Percentage of Borrowers(Using Lending Rate)10

Year FSS > 1 FSS < 1 SDI < 0 SDI > 0 FSS ‘generosity’

Results for numbers of savers and MFIs are similar, but have been excluded for space.Barres, I., Bruett, T., Curran, L., Escalona, A., Nelson, E., Norell, D., Porter, B., Stephens, B. & Stephens, M. Measuring Performance of Microfinance Institutions: A Framework for Reporting, Analysis and Monitoring (Manual); SEEP, 2005. http://www.microfinancegateway.org/content/article/detail/34713

10

11

BULLETIN HIGHLIGHTS

Before the Crisis: A Look at MFI Trends in 2005 – 2007

Blaine Stephens, COO and Director of Analysis, MIX

MICROBANKING BULLETIN, ISSUE 18, SpRING 2009

At a GlanceMicrofinance institutions underwent several changes in the 2005 – 2007 period. The following graphics highlight some of the more important trends:

. Borrower outreach grew at a persistent rate (26 percent) across all regions, along with the loan portfolio which grew faster (47 percent) in USD terms in 2007 due, in part, to a depreciating USD. At a regional level, the MFIs in Eastern Europe and Central Asia (38 percent) and Middle East and North Africa (41 percent) expanded credit outreach the quickest. Asia added the greatest number of borrowers (12 million borrowers), for the sample analyzed. (Figure 1)

Overview of Benchmark Data

By the third quarter of 2008, as the financial crisis was consuming large investment and commercial banks and the flow of credit dried up, the microfinance community asked itself how the crisis in the broader economy would impact microfinance institutions (MFIs). Evidence from analysis1 of past crises has shown that MFIs have weathered earlier financial sector upheavals in Asia and Latin America with only slight increases in arrears and a negligible rise in actual credit default. Yet, microfinance institutions have changed substantially since those crises of the late 1990s. Sustained growth rates of 25 percent or more have become the norm in many countries since 2000, bringing more MFIs face-to-face with each other in many local markets. To finance this growth in loan portfolio, MFIs have turned from their earlier public funding sources towards their clients and external creditors, both domestic and foreign. Retail deposits and, for a growing number of MFIs, domestic and cross-border debt enabled these sustained growth rates in the lending portfolios. Forthcoming 2008 operational and financial results will yield early insights into the impact of the current crisis on MFIs, but an analysis of the preceding years will describe the stage as it was set before the crisis began in full. What, then, were the salient evolutions in years leading up to the crisis?

This analysis highlights several key trends that MFIs underwent in the 2005 – 2007 period. The publication of MIX’s Trend Lines 2005 – 2007 MFI Benchmarks offers readers the first quantitative view on MFI operational and financial performance in that period. Covering a pool of 487 MFIs , these benchmarks represent microfinance in 78 countries. Taken together, these MFIs represent 82 percent of outstanding loans and 75 percent of borrowers at the end of 2007, a robust prism through which to view the evolutions in microfinance institutions in the lead up to the financial crisis. In addition, this analysis draws on a new data set of funding liabilities for microfinance institutions as of 2007. Benchmarks and further analysis of that data set are forthcoming.

Growth in Borrowers andPortfolio 2005 - 2007Figure 1

Borrowers Loan Portfolio (MM USD)

48,000

42,000

36,000

30,000

24,000

18,000

12,000

6,000

-

48

42

36

30

24

18

12

6

-

Africa

2005

2006

2007

Asia

2005

2006

2007

ECA

2005

2006

2007

LAC

2005

2006

2007

MENA

2005

2006

2007

SOURCE: MIX Trend Lines Benchmarks 2005 - 2007. Data represent medians.

1 Gonzalez, Adrian “Resilience of Microfinance Institutions to Macroeconomic Events,” www.themix.org


MICROBANKING BULLETIN, ISSUE 18, SpRING 2009 BULLETIN HIGHLIGHTS


. By the end of 2007, the median MFI in all regions accessed commercial funding, such as deposits or commercially priced loans, to fund more than half its loan portfolio. MFIs in Eastern Europe and Central Asia (71 percent) and Middle East and North Africa (61 percent) crossed the 50 percent threshold in 2006 and 2007, respectively. This shift underscored the cross-border debt and local market refinancing activity that has expanded rapidly in the last few years. (Figure 2)

. After years of growth, MFIs’ profits have flattened in recent years relative to their asset bases. Small gains in operating expenses have been offset by rising funding costs as MFIs shift more funding to commercial sources. Returns narrowed in all regions with the spread between top earners and bottom earners dropping to 5 percentage points in all regions expect the Middle East and North Africa. (Figure 3)

. As microfinance institutions mature, efficiency gains have become slimmer. Across the board, only MFIs in Middle East and North Africa made productivity gains that impacted efficiency; otherwise, the cost to serve a borrower remained constant across all regions. Cost per dollar in loans continued to drop in sub-Saharan Africa and Eastern Europe and Central Asia as a direct result of increasing loan sizes. (Figure 4)

MFIs Experienced Sustained Growth, but Some Hot Spots Emerged …At a global level, microfinance institutions expanded their outreach in 2005 – 2007 at much the same pace as they had over the prior years. As the total number of borrowers served rose by an average 26 percent over the period, the median growth rate rose by a few more percentage points at 30 percent per annum. At the same time, figures of borrowers served worldwide did not show any difference in pace of growth over

Capital Asset Ratio Commercial Funding Liabilities Ratio

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Africa

2005

2006

2007

Asia

2005

2006

2007

ECA

2005

2006

2007

LAC

2005

2006

2007

MENA

2005

2006

2007

Shift to Commercial Funding, 2005 - 2007Figure 2

8%

6%

4%

2%

0

-2%

-4%

-6%

-8%

-10%

2005

2006

2007

2005

2006

2007

2005

2006

2007

2005

2006

2007

2005

2006

2007

Stable Returns Narrow2005 - 2007Figure 3

ROA (range for middle 50%) ROA (median)


Africa Asia ECA LAC MENA

No Gains in Efficiency,2005 - 2007Figure 4

Operating Expense/LoansCost per Borrower/GNI per capitaBorrowers/Staff

40%

35%

30%

25%

20%

15%

10%

5%

0

180

160

140

120

100

80

60

40

20

0

Africa

2005

2006

2007

Asia

2005

2006

2007

ECA

2005

2006

2007

LAC

2005

2006

2007

MENA20

0520

0620

07


22

MICROBANKING BULLETIN, ISSUE 18, SpRING 2009BULLETIN HIGHLIGHTS


Growth in Borrowers Served, 2005 – 2007

Globe 26% 30% even even 49,176,522

Africa 24% 32% smaller even 4,176,238

Cameroon 8% 93% smaller slower 112,225

Ethiopia 15% 50% smaller even 1,390,877

Ghana 33% 27% larger slower 227,251

Kenya 65% 45% larger slower 757,979

Mali -2% 12% smaller slower 121,091

Mozambique 22% 35% smaller even 49,077

Tanzania 3% -3% larger slower 153,416

Uganda 4% -3% larger faster 176,919

Asia 26% 54% smaller even 32,078,101

Afghanistan 47% 74% smaller slower 261,258

Bangladesh 18% 10% larger even 19,110,889

Cambodia 27% 43% smaller faster 780,617

India 50% 67% smaller slower 9,354,509

Indonesia 82% 4% larger faster 75,690

Nepal 5% 2% even even 150,748

Pakistan 46% 105% smaller faster 717,747

Philippines 21% 15% larger faster 1,361,986

ECA 38% 55% smaller slower 2,146,133

Albania 14% 34% smaller faster 55,033

Armenia 27% 30% even faster 189,116

Azerbaijan 76% 43% larger slower 179,277

Bosnia and Herzegovina 48% 48% even faster 366,100

Bulgaria 20% -27% larger faster 66,354

Georgia 31% 141% smaller slower 123,186

Kosovo 34% 23% larger faster 109,782

Kyrgyzstan 45% 52% smaller even 160,781

Macedonia 34% 15% larger slower 42,511

Mongolia 23% 9% larger slower 343,783

Romania 35% 19% larger even 49,679

Russia 59% 40% larger slower 66,665

Serbia 42% 18% larger slower 108,019

Tajikistan 83% 100% smaller faster 88,657

LAC 23% 24% even even 9,002,012

Bolivia 16% 19% even faster 699,687

Brazil 23% 29% smaller faster 327,853

Chile 13% 23% smaller even 285,431

Colombia 31% 24% larger even 1,609,218

Costa Rica 8% -10% larger even 9,649

Dominican Republic 18% 20% even faster 124,967

Ecuador 13% 23% smaller even 498,519

El Salvador 12% 11% even faster 163,330

Guatemala 29% 26% even even 238,307

Haiti 39% 40% even slower 65,019

Honduras 14% 6% larger faster 162,631

Mexico 27% 15% larger even 1,777,789

Nicaragua 17% 21% even slower 472,219

Paraguay 12% 6% larger slower 326,159

Peru 27% 32% smaller even 2,188,890

MENA 41% 42% even slower 1,774,038

Egypt 34% 30% even faster 349,210

Jordan 47% 63% smaller even 70,745

Morocco 44% 59% smaller slower 1,245,378

Growth in Total Borrowers

Growth in MedianBorrowers

Higher GrowthRates from Larger or

Smaller MFIs?

Change in Growth pace (total) Faster or

Slower?

Total Borrowers(2007)

Country/Region

SOURCE: MIX Trend Lines Benchmarks 2005 – 2007. Data represent totals or medians for growth in borrowers served, as indicated. The 2007 total borrowers should not be taken as total borrower outreach in the listed regions at the end of 2007. It represents total borrowers for the sample of pool of MFIs analyzed as part of this trend analysis series, and its relationship to total known outreach varies.

Figure 5



the two years, with total growth rates for each year either one percentage point above or below the total period annualized growth rate. In other words, growth in borrowers maintained its steady pace.

Such even growth, however, masks the underlying evolutions in many countries with active microfinance markets, as Figure 5 and Figure 6 depict. Some countries witnessed increased growth over the period, while growth in borrowers served slowed for others. The vertical and horizontal lines in Figure 6 mark global growth trends. At a regional level, the more mature markets in Latin America grew less quickly than the global norm, as did the more sparsely served countries in sub-Saharan Africa. Only Peru and Haiti stand out for their above average rates, and the growth in the latter stems from renewed activity after years of disrupted growth from socio-political instability.

Fast growing markets and MFIs face unique risks in a sudden downturn: access to subsequent loans forms a cornerstone of the microfinance credit model, and any sudden reduction in lending activity may undermine that incentive system. Two regions, the Middle East and North Africa and Eastern Europe and Central Asia, quickly added new borrowers throughout the 2005 – 2007 period. Eastern Europe and Central Asia dominates the list of countries with annualized borrower growth rates above global norms during the period. Seven (Armenia, Azerbaijan, Bosnia, Georgia, Kyrgyzstan, Russia, and Tajikistan) of the 16 countries in the list are from the region. For three of them (Armenia, Bosnia, Tajikistan), the growth rate actually increased in 2007. In countries

like Bosnia, where MIX analysis shows existing high penetration rates, such growth may well indicate market overheating in the lead up to the crisis. In the Middle East and North Africa, both Jordan and Morocco maintained greater than average growth rates, with Moroccan microfinance reaching high penetration levels by 2007. In this country, at least, the risk associated with high growth going into the crisis had already attenuated by 2007, as outreach to microborrowers grew at half the 2006 rate.

In several countries, the market share of borrowers served became increasingly concentrated in larger MFIs over the period. Such concentration may create institutions for which repayment crises have market-wide impacts. These countries show up in Figure 5 where growth in total borrowers outpaces growth in the median number of borrowers per MFI. They also appear just above the diagonal line in Figure 6. Many of these countries were in Eastern Europe and Central Asia and also represented markets with above average growth levels, such as Azerbaijan, Macedonia or Serbia. In other words, a handful of institutions led market growth in these developing microcredit markets. At the other end of the spectrum, market leading MFIs grew faster than smaller institutions in the well established Bangladeshi market, further consolidating borrower outreach in this country with high microcredit penetration and concentration.

High growth in borrowers served tests an MFI’s systems, particularly its risk management and controls, and may lead to portfolio quality problems that become more apparent as growth slows, as it might during a financial and economic crisis. At the

Median Growth

150%

100%

50%

0%

Tota

l Gro

wth

50% 100% 150%

SOURCE: MIX Trend Lines Benchmarks 2005 - 2007. Data represent the total and median growth in borrowers by country. The diagonal line draws out even growth distribution of growth. The horizontal and vertical lines represent global growth rates.

Figure 6 Country Growth in Borrowers Against Global Trends, 2005 - 2007

24



end of 2007, high growth markets continued to show good portfolio quality, as Figure 7 depicts, though, in several portfolio countries quality had already started to decline. In countries like Tajikistan, Jordan and Russia, portfolio quality declined quickly relative to the 2005 base year, but remained low against global benchmarks. In two countries portfolio quality changes looked more worrisome at the end of 2007. In Morocco, while the median MFI posted portfolio at risk over 30 days less than 2 percent, the portfolio quality had reached that level from near zero risk levels in 2005. Kenyan microcredit faced this problem at a greater magnitude, amplified by socio-political unrest at the 2007 year end. Short term arrears doubled between 2005 and 2007, as total portfolio at risk rose to 10 percent for the median MFI, and over 17 percent for the 75th percentile. In either case, growth in borrowers coupled with rising arrears sets up any market for increased default risk in an economic downturn, including the associated costs of managing a deteriorating portfolio.

Funded Through New Cross-border and Local Market DebtThe growth trends highlighted above relied on new and varied sources of funding. Exploring how MFIs finance their microlending helps to identify risks inherent in the microfinance industry at the outset of the current financial crisis. As earlier figures have already shown, debt financing has enabled the sustained growth in borrower outreach in the last few years, and the rapid growth in outstanding portfolio. By 2007, Latin America and Eastern Europe and Central Asia carried the bulk of that funding, as portrayed in Figure 8, totaling more than 70 percent of global

deposits, borrowings and other funding liabilities. At a global level, deposits (45 percent) provided as much total funding as borrowings (45 percent), but non deposit debt has two characteristics that make it worth further investigation in the context of this 2005 – 2007 analysis: 1) more MFIs rely on borrowings than deposits to fund their portfolios because of the limited number and deposit taking MFIs, and 2) the regions with the strongest growth over the period relied heavily on non deposit financing.

Cross-border debt has played an important role in funding growth over the period. The importance of

Figure 7 Changes in Portfolio Quality for Countries with High Growth Rates, 2005 - 2007

Georgia

Pakistan

Tajik

istan

Afghanist

anIn

dia

Jord

an

Moro

cco

Kyrgysta

n

Kenya

Azerb

aijan

Cambodia

Haiti

Russia

Peru

ArmeniaBiH

160%

120%

80%

40%

0%

-40%

-80%

16%

12%

8%

4%

0%

-4%

-8%

Change in Median Borrowers Change in Median PAR > 30 Median PAR > 30 (2007)

SOURCE: MIX Trend Lines Benchmarks 2005 - 2007. Data represent changes in the median values. PAR > 30 = portfolio at risk over 30 days; BiH = Bosnia and Herzegovina.

Retail Deposits BorrowingsCompulsory Savings OtherAmount (USD MM)

100%

80%

60%

40%

20%

0%

20,000

16,000

12,000

8,000

4,000

0

Global

LACECA

South A

siaAfri

ca EAP

MENA

SOURCE: MIX 2007 MFI benchmarks. Data represent totals for each region. EAP = East Asia and the Pacific; ECA = Eastern Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa. Notable exclusions: BRI (Indonesia).

Figure 8 MFI Funding Liabilities, 2007



this funding source raises some risks such as foreign currency exposure and the flight of foreign lenders in the current financial climate. The two regions with the largest USD value portfolios have also attracted the largest amount of debt, particularly cross-border debt, as shown in Figure 10. Countries in Eastern Europe and Central Asia depend most heavily on foreign debt, amplified by the fact that non deposit financing represents 65 percent of total funding liabilities. On the whole, development organizations, particularly development finance institutions (DFI), as shown in Figure 9, have provided most of this debt (40 percent). Their terms, however, temper refinancing concerns in the current crisis. Foreign DFIs offered MFIs debt with nearly five year maturities, compared with three and a half year terms for their local counterparts. Local banks arranged debt to MFIs in the region with average terms of just over two years, but accounted for less than 20 percent of total funding. While funding for growth may pose a challenge in the region in the current crisis, especially given the high growth rates in the 2005 – 2007 period, refinancing existing microcredit portfolios may present less of a risk for portfolios in Eastern Europe and Central Asia.

Other regions, on the other hand, faced less risk of capital flight from foreign lenders. South Asian MFIs and MFIs in the Middle East and North Africa ended 2007 with large pools of debt raised from

DFI/Government Financial InstitutionFund OtherAmount (USD MM)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

3,000

2,500

2,000

1,500

1,000

500

0

Global

LACECA

South A

siaAfri

caEAP

MENA

SOURCE: MIX 2007 MFI benchmarks. Data represent totals for each region. DFI = Development Finance Institution; EAP = East Asia and the Pacific; ECA = Eastern Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa. Notable exclusions: BRI (Indonesia).

Figure 9 Source of MFI Debt, 2007

financial institutions, totaling 70 percent and 62 percent of funding liabilities, respectively. In markets like Bangladesh, Nepal and — in particular — fast growing India, borrowings from local financial institutions represented more than half (75 percent for India) of funding liabilities. Morocco, Jordan and Egypt, the fastest growth markets in MENA, also drew half of their funding from local banks. This local bank financing, however, comes with shorter maturities. The average Indian bank terms totaled two years at the end of 2007; in Morocco, just over two and a half years. As credit tightens, these shorter terms increase pressure on MFIs to manage refinancing alongside fundraising for growth.

In the long run, as MFIs seek to minimize risks from foreign capital and assure stable sources of funding for their growth, they may search for more funding opportunities in their local markets. For many institutions, deposit financing is not an option given restrictions on raising public deposits, but local financing from banks or debt issuances on local markets remain options for most MFIs. As Figure 11 shows, MFIs operating in countries with more developed financial markets draw more funding from local sources. In other words, MFIs borrow abroad not necessarily to seek better terms, but because they have fewer options for refinancing at home. Access to local market financing by MFIs seems tightly linked to the development of local financial markets.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Global

LACECA

South A

siaAfri

caEAP

MENA

Foreign Amount (USD MM)Local

SOURCE: MIX 2007 MFI benchmarks. Data represent totals for each region. EAP = East Asia and the Pacific; ECA = Eastern Europe and Central Asia; LAC = Latin America and the Caribbean; MENA = Middle East and North Africa. Notable exclusions: BRI (Indonesia).

Figure 10 Cross-Border Borrowings, 2007

26


Microfinance has witnessed one of the strongest sustained growth periods in the years leading up to the crisis. As analysts seek to predict what will come next, which MFIs may falter, how growth may be impacted, if arrears will rise or how funding may change, it is useful to look back at the baseline from which the sector entered this crisis. Growth trends, as highlighted above, may lead some markets to overextend going into the downturn, and those countries may well constitute “watch markets”. But the global trends do not indicate sectorwide overheating. Rather, the biggest shift over the period that will catch analysts’ attention came in the change


Figure 11 Local Market Funding Increases with Financial Market Development, 2007

140%

120%

100%

80%

60%

40%

20%

0%

Financial Depth Foreign Borrowings

SOURCE: MIX 2007 MFI benchmarks. Data represent results by country, including foreign borrowings as a percentage of total MFI borrowings for each country.

in funding, as microfinance institutions continued their shift towards commercially priced funding. The growth of non deposit funding , in particular, helped enable some of the fastest growth rates in Eastern Europe and Central Asia, South Asia, and the Middle East and North Africa. With this increased commercial funding, funding costs have risen, eliminating many of the efficiency gains that have boosted returns in recent years. In the year ahead, analysts will not only want to monitor how MFIs manage their refinancing from a liquidity perspective, but also how it impacts their bottom lines and perhaps, those of their clients.

MICROBANKING BULLETIN, IssUE 18, sRING 2009 BULLETIN TABLEs


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 regions: 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.

The Bulletin Tables present compound peer groups based on three factors: (1) Region; (2) Scale; (3) Sustainability.

MICROBANKING BULLETIN, IssUE 18, sRING 2009

28

MICROBANKING BULLETIN, IssUE 18, sRING 2009BULLETIN TABLEs


Peer Group CompositionThe 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 (page 45). Confidentiality limits the publication of names of financially self-sufficient MFIs included in the database.

More detailed information about each institution can be found in Appendix II.

Data Quality and statistical IssuesSince the Bulletin Tables rely primarily on self-reported 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.

Peer Group CriteriaGroup Categories Criteria

Age NewYoungMature

1 to 4 years5 to 8 years over 8 years

Charter Type BankCredit UnionNBFINGORural Bank

Financial Intermediation Non FILow FIHigh FI

No voluntary savingsVoluntary savings < 20% of total assets Voluntary savings > 20% of total assets

Lending Methodology IndividualSolidarity GroupIndividual/SolidarityVillage Banking

Outreach LargeMediumSmall

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

Profit status For ProfitNot for Profit

Registered as a for profit institutionRegistered in a non profit status

Region AfricaAsiaECALACMENA

Sub-Saharan AfricaSouth & East AsiaEastern Europe & Central AsiaLatin America & the CaribbeanMiddle East & North Africa

scale(Gross Loan Portfolio, in USD)

Large

Medium

Small

Africa, Asia, ECA, MENA > 8 millionLatin America > 15 millionAfrica, Asia, ECA, MENA 2 million to 8 millionLatin America 4 million to 15 millionAfrica, Asia, ECA, MENA < 2 millionLatin America < 4 million

sustainability Non FSSFSS

Financial Self-Sufficiency < 100%Financial Self-Sufficiency > 100%

Target Market(Depth = Average Loan Balance per Borrower/GNI per Capita)

Low endBroadHigh endSmall Business

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

Table 1



For definitions of Peer Group criteria, refer to pages 27 to 28; For details on indicator defintions, refer to pages 43-44.All values, except “number of MFIs”, are medians. Statistics are not published for peer groups containing fewer than three observations. These results are marked with “n/a”.

Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)INsTITUTIONAL CHARACTERIsTICs

Number of MFIs Age Total Assets Offices Personnel

PEER GROUP Units Number USD Number NumberYear 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 487 487 487 9 10 11 6,673,576 9,059,366 13,724,483 10 13 15 96 122 146 sIMPLE PEER GROUPsAge

New 73 41 26 3 3 4 2,960,599 6,000,117 6,217,386 9 11 12 59 87 87 Young 153 133 108 7 7 7 5,115,075 6,242,983 8,064,853 10 12 15 80 95 126 Mature 261 313 353 14 14 14 8,844,057 12,781,865 17,356,377 12 15 16 129 145 162

Charter TypeBank 46 48 50 8 9 10 108,206,929 160,506,016 230,711,700 28 32 39 537 675 816 Credit Union 35 35 35 10 11 12 8,823,462 13,586,466 21,965,300 12 12 12 54 74 92 NBFI 143 169 172 8 9 10 10,523,999 13,837,662 24,089,865 12 15 19 127 150 198 NGO 222 196 190 9 11 12 4,011,160 5,097,944 7,189,580 10 11 12 74 95 106 Rural Bank 41 39 40 19 22 22 3,968,061 4,579,626 6,215,232 4 5 6 61 64 69

Financial IntermediationNon FI 289 288 286 8 9 10 4,751,071 6,833,720 9,763,918 10 12 13 74 98 121 Low FI 54 57 55 8 9 11 5,868,824 10,064,125 15,656,607 12 17 26 131 189 263 High FI 144 142 146 13 14 15 19,381,410 27,418,339 37,963,240 12 14 18 176 203 256

MethodologyIndividual 177 178 164 12 12 12 10,491,130 16,675,180 26,835,317 10 12 12 96 121 142 Individual/ Solidarity 209 224 245 8 9 11 6,712,832 8,521,167 13,520,527 11 13 15 101 120 148 Solidarity 40 33 27 8 10 9 3,428,930 4,690,598 5,257,992 13 19 19 102 129 132 Village Banking 61 52 51 8 9 11 3,215,502 4,949,644 9,347,055 11 15 14 82 126 154

OutreachSmall (Outreach) 221 199 164 8 9 11 2,384,904 3,036,907 3,783,284 5 5 5 34 38 37 Medium (Outreach) 139 128 138 8 9 10 8,004,033 8,924,746 13,129,309 13 15 14 125 130 145 Large (Outreach) 127 160 185 12 12 12 35,695,154 39,840,026 50,171,445 37 43 45 433 483 569

Profit statusProfit 173 170 180 9 9 10 10,660,800 19,626,017 33,692,942 11 17 22 174 224 319 Not for Profit 314 317 307 9 10 11 4,866,373 6,385,587 9,201,079 10 11 12 75 90 103

RegionAfrica 69 69 69 8 9 10 5,456,709 7,598,013 11,057,916 12 14 16 106 126 152 Asia 117 117 117 10 11 12 5,327,431 8,349,392 11,758,189 13 17 27 132 187 223 ECA 98 98 98 7 8 9 7,082,080 10,389,665 20,592,720 10 12 13 57 84 119 LAC 179 179 179 12 13 14 8,148,470 10,205,479 15,317,249 9 10 12 90 105 135 MENA 24 24 24 8 9 10 6,838,516 9,277,700 12,438,017 12 16 15 80 100 139

scaleSmall (Scale) 170 123 97 8 9 11 1,621,165 1,627,410 1,768,682 5 4 5 32 31 36 Medium (Scale) 153 163 137 9 9 10 6,806,401 6,765,319 6,950,482 11 11 10 101 102 92 Large (Scale) 164 201 253 11 11 12 38,025,115 40,033,227 43,774,012 30 30 32 332 400 397

sustainabilityFSS 313 334 343 9 10 11 8,475,547 13,712,064 17,659,400 13 15 16 105 151 169 Non-FSS 174 153 144 9 10 11 4,087,695 4,528,868 7,097,570 9 9 13 84 84 122

Target MarketLow end 190 173 162 9 10 11 3,437,638 4,966,655 6,658,115 10 14 15 93 122 141 Broad 250 261 267 9 10 11 8,232,339 10,872,897 15,996,862 10 12 14 86 105 134 High end 25 32 34 6 9 11 10,866,512 31,907,336 41,457,691 14 22 27 193 264 294 Small Business 22 21 24 8 10 13 27,254,273 28,972,356 46,594,607 13 10 20 176 206 491

COMPOUND PEER GROUPsAfrica Small 27 22 17 6 8 9 1,583,157 1,645,682 1,657,795 8 7 8 59 52 55 Africa Medium 21 19 18 8 8 8 7,794,996 6,339,930 5,177,265 15 14 13 150 118 130 Africa Large 21 28 34 15 12 14 44,562,141 38,373,386 37,180,233 32 32 34 306 330 451 Africa FSS 26 31 34 9 10 10 10,927,994 19,035,856 23,513,289 22 19 13 217 297 217 Africa Non FSS 43 38 35 8 9 10 3,591,152 4,231,607 7,560,119 10 11 16 94 117 140 Asia Small 39 29 25 10 14 15 1,397,426 1,306,020 1,768,682 5 4 3 50 38 42 Asia Medium 45 43 29 11 11 15 6,327,193 6,461,895 6,223,474 11 14 12 150 169 134 Asia Large 33 45 63 12 11 12 20,624,642 28,149,712 30,460,151 73 77 75 844 956 710 Asia FSS 71 80 78 12 13 13 6,841,915 9,375,210 13,534,223 19 21 30 150 205 253 Asia Non FSS 46 37 39 9 11 12 3,977,812 4,681,495 10,115,409 10 15 21 112 164 167 ECA Small 24 17 9 6 6 8 1,100,710 1,497,105 1,746,702 3 3 4 23 29 32 ECA Medium 37 32 30 6 7 8 4,624,544 4,463,691 4,692,021 9 9 7 49 35 36 ECA Large 37 49 59 7 8 9 38,211,810 35,400,027 45,484,820 22 25 27 199 212 269 ECA FSS 71 71 69 7 8 9 8,096,051 17,164,649 34,760,975 11 13 16 73 102 138 ECA Non FSS 27 27 29 5 7 8 3,789,395 4,831,168 6,325,328 9 12 12 49 46 56 LAC Small 74 51 44 10 12 13 2,058,427 1,771,090 1,962,560 4 4 4 30 27 31 LAC Medium 39 58 50 14 13 11 8,592,539 8,534,434 9,395,472 11 9 10 101 97 106 LAC Large 66 70 85 14 15 16 43,444,743 57,630,969 59,069,316 20 22 26 284 351 348 LAC FSS 129 138 146 12 13 14 10,660,800 17,086,101 20,129,736 10 14 12 117 139 146 LAC Non FSS 50 41 33 14 14 14 4,323,409 2,186,369 6,397,470 6 5 8 70 31 59 MENA Small 6 4 n/a 6 6 n/a 1,422,408 1,541,710 n/a 12 12 n/a 39 49 n/a MENA Medium 11 11 10 8 9 10 6,673,576 8,530,411 6,988,778 10 11 15 79 75 84 MENA Large 7 9 12 9 10 11 35,256,474 30,437,292 24,800,446 54 72 30 433 401 511 MENA FSS 16 14 16 8 9 10 6,665,416 9,277,700 12,519,789 12 33 16 80 109 139 MENA Non FSS 8 10 8 7 9 9 9,875,945 9,360,284 12,030,530 12 11 14 146 92 168

30




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)FINANCING sTRUCTURE

Capital/Asset Ratio Commercial Funding Liabilities Ratio

Debt to Equity Deposits to Loans Deposits to Total Assets

Portfolio to Assets

PEER GROUP Units % % x % % %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 28.0 25.0 21.8 61.2 67.6 76.4 2.4 2.8 3.4 0.0 0.0 0.0 0.0 0.0 0.0 77.8 78.4 79.2 sIMPLE PEER GROUPsAge

New 27.3 27.1 24.2 39.0 51.4 77.9 2.4 2.5 2.8 0.0 0.0 0.0 0.0 0.0 0.0 69.3 72.0 66.6 Young 35.2 34.4 26.5 41.6 53.6 70.4 1.6 1.9 2.7 0.0 0.0 0.0 0.0 0.0 0.0 81.0 82.4 79.2 Mature 23.5 23.9 20.8 73.2 74.9 78.6 3.1 3.0 3.7 0.0 0.0 0.0 0.0 0.0 0.0 76.7 77.9 79.6

Charter TypeBank 13.8 12.3 11.1 96.8 102.8 102.2 6.2 7.1 7.8 56.0 61.3 54.7 42.1 40.4 38.4 67.8 70.4 72.9 Credit Union 16.4 16.2 15.5 100.2 99.0 98.1 4.7 4.4 5.4 76.9 79.8 77.9 62.4 62.7 63.7 77.9 80.9 79.1 NBFI 27.3 26.9 22.0 51.1 59.7 73.0 2.6 2.7 3.5 0.0 0.0 0.0 0.0 0.0 0.0 78.5 79.5 82.1 NGO 40.0 37.5 34.0 39.6 50.9 59.4 1.5 1.5 1.8 0.0 0.0 0.0 0.0 0.0 0.0 80.6 81.3 81.6 Rural Bank 15.5 15.6 13.9 106.9 122.4 125.0 5.5 5.4 6.2 103.5 108.1 116.3 69.2 69.0 71.0 66.6 64.1 60.9

Financial IntermediationNon FI 38.5 36.0 30.5 35.4 50.0 62.3 1.6 1.6 2.2 0.0 0.0 0.0 0.0 0.0 0.0 81.2 82.8 83.5 Low FI 41.5 32.9 26.9 41.7 46.9 50.2 1.4 2.0 2.6 4.5 6.5 8.3 3.0 4.6 6.1 73.7 76.2 78.1 High FI 14.0 13.9 13.6 103.7 106.8 110.1 6.0 6.1 6.2 84.2 83.8 89.5 61.7 62.8 62.8 71.8 72.0 70.3

MethodologyIndividual 21.0 19.2 17.7 85.9 91.5 90.4 3.8 4.2 4.6 34.9 40.5 40.1 27.1 30.5 29.0 77.9 77.4 79.6 Individual/ Solidarity 34.2 31.3 26.9 51.2 56.8 69.6 1.8 2.0 2.7 0.0 0.0 0.0 0.0 0.0 0.0 77.8 79.8 78.8 Solidarity 25.1 28.2 21.7 24.8 47.4 66.7 1.9 2.3 2.9 0.0 0.0 0.0 0.0 0.0 0.0 71.8 75.0 80.4 Village Banking 34.5 31.6 31.9 35.4 48.4 62.0 1.8 1.9 2.1 0.0 0.0 0.0 0.0 0.0 0.0 80.7 81.5 79.5

OutreachSmall (Outreach) 37.1 33.4 29.8 52.2 60.5 67.7 1.7 1.8 2.3 0.0 0.0 0.0 0.0 0.0 0.0 77.8 79.2 78.5 Medium (Outreach) 28.0 26.8 23.8 63.3 57.3 68.4 2.4 2.5 2.8 0.0 0.0 0.0 0.0 0.0 0.0 78.3 78.4 79.6 Large (Outreach) 17.2 17.0 15.7 74.5 82.0 83.7 4.8 4.8 5.3 0.8 1.4 0.1 0.5 1.1 0.1 76.0 78.3 79.3

Profit statusProfit 17.3 16.6 15.9 93.5 96.9 93.1 4.8 5.0 5.3 43.1 31.7 32.4 28.8 22.8 22.6 71.2 72.1 74.8 Not for Profit 36.7 33.2 29.2 47.4 56.5 66.3 1.7 1.9 2.3 0.0 0.0 0.0 0.0 0.0 0.0 80.7 81.2 81.3

RegionAfrica 27.3 24.9 23.0 67.3 66.4 62.3 2.6 2.7 2.7 15.3 18.5 22.7 9.8 12.7 15.8 65.3 66.9 66.0 Asia 17.6 16.6 16.0 65.6 78.2 90.3 4.3 4.6 5.0 0.8 0.9 1.4 0.6 0.7 1.1 71.2 74.1 70.8 ECA 35.5 31.7 23.6 32.9 51.8 70.9 1.8 2.2 3.2 0.0 0.0 0.0 0.0 0.0 0.0 83.0 84.5 86.0 LAC 29.4 25.1 22.9 68.7 73.4 78.6 2.4 2.8 3.3 0.0 0.0 0.0 0.0 0.0 0.0 80.6 80.7 82.6 MENA 64.3 52.3 48.6 24.2 40.2 60.7 0.6 0.8 1.0 0.0 0.0 0.0 0.0 0.0 0.0 75.6 82.1 78.1

scaleSmall (Scale) 40.3 39.4 34.4 44.3 46.9 55.8 1.4 1.4 1.6 0.0 0.0 0.0 0.0 0.0 0.0 76.1 75.4 70.1 Medium (Scale) 29.2 32.8 30.3 62.6 56.9 63.4 2.4 2.0 2.3 0.0 0.0 0.0 0.0 0.0 0.0 77.2 80.9 81.4 Large (Scale) 17.6 17.9 17.3 81.0 84.6 84.3 4.6 4.4 4.7 19.4 7.5 1.4 16.5 5.6 1.1 80.2 78.4 79.9

sustainabilityFSS 25.0 24.1 20.3 64.1 71.0 79.8 3.0 3.1 3.9 0.0 0.0 0.0 0.0 0.0 0.0 80.5 80.7 81.3 Non-FSS 33.7 31.4 27.4 52.2 56.7 59.2 1.5 1.7 2.3 0.0 0.0 0.0 0.0 0.0 0.0 69.1 72.1 71.6

Target Market:Low end 34.1 31.4 30.2 45.0 53.8 62.0 1.7 1.9 2.2 0.0 0.0 0.0 0.0 0.0 0.0 74.6 78.3 79.9 Broad 24.8 24.2 20.9 72.8 74.8 81.1 2.8 3.1 3.7 0.0 0.0 0.0 0.0 0.0 0.0 80.1 80.0 80.1 High end 13.6 22.2 17.3 89.6 77.0 98.2 6.3 3.5 4.8 47.2 15.2 39.6 30.1 11.1 33.4 76.1 77.1 74.6 Small Business 26.3 13.8 14.6 101.9 108.5 112.5 2.8 6.2 5.9 46.6 82.0 65.0 35.7 49.1 47.3 70.8 68.8 65.0

COMPOUND PEER GROUPsAfrica Small 41.5 36.6 45.2 43.2 25.1 62.3 1.4 1.0 1.2 4.8 1.8 3.5 3.5 1.6 2.8 61.7 65.1 57.3 Africa Medium 27.2 30.3 30.0 62.4 40.9 31.6 2.2 2.1 2.3 4.6 4.3 2.3 3.8 3.4 1.8 65.9 71.4 67.8 Africa Large 23.3 19.5 21.0 100.9 99.6 73.8 3.3 4.1 3.6 64.2 63.4 63.6 47.3 44.0 42.8 65.7 65.6 66.9 Africa FSS 21.5 21.2 22.7 83.9 97.7 72.9 3.7 3.7 3.4 63.3 49.9 39.5 38.1 38.5 26.1 62.7 66.4 61.5 Africa Non FSS 31.0 31.8 28.5 62.4 44.4 39.0 1.6 1.5 1.9 4.9 3.9 4.5 3.6 3.3 3.5 66.2 68.4 66.4 Asia Small 23.3 27.2 24.2 63.8 68.2 90.9 3.0 2.5 3.0 1.5 27.6 90.9 1.1 16.9 28.2 67.4 70.9 60.1 Asia Medium 14.3 12.5 11.7 90.3 94.5 103.3 6.0 5.3 7.6 2.1 1.3 4.8 1.8 0.7 2.9 68.3 71.3 70.6 Asia Large 13.7 11.7 15.7 40.8 77.1 82.2 6.3 5.4 5.4 0.0 0.0 0.1 0.0 0.0 0.1 82.0 80.2 79.3 Asia FSS 15.6 18.1 15.9 72.7 73.6 91.6 5.4 4.5 5.2 0.8 1.2 1.1 0.6 0.8 0.9 76.0 78.3 76.4 Asia Non FSS 19.4 11.4 16.9 56.4 83.2 83.4 3.9 5.3 4.7 1.4 0.0 1.9 0.6 0.0 1.4 65.8 68.5 63.6 ECA Small 64.6 56.7 67.6 0.0 24.1 38.9 0.5 0.8 0.5 0.0 0.0 0.0 0.0 0.0 0.0 83.5 84.5 72.3 ECA Medium 54.5 47.3 42.5 21.1 45.5 48.6 0.8 1.1 1.4 0.0 0.0 0.0 0.0 0.0 0.0 86.6 85.8 88.9 ECA Large 23.5 25.0 20.1 64.1 70.9 79.8 3.3 3.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0 80.0 80.3 85.0 ECA FSS 32.3 30.2 20.2 34.5 56.3 78.3 2.1 2.3 3.9 0.0 0.0 0.0 0.0 0.0 0.0 83.6 87.2 88.1 ECA Non FSS 54.5 40.2 34.1 18.4 48.6 59.1 0.8 1.5 1.9 0.0 0.0 0.0 0.0 0.0 0.0 80.6 80.9 78.8 LAC Small 44.1 47.5 42.6 51.0 50.6 53.4 1.2 1.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 81.0 81.3 81.2 LAC Medium 30.7 36.4 31.8 68.7 64.4 66.4 2.3 1.8 2.1 0.0 0.0 0.0 0.0 0.0 0.0 80.0 83.7 83.5 LAC Large 16.3 16.2 15.9 94.0 93.5 90.2 5.1 5.2 5.2 57.3 57.0 41.4 43.4 41.5 36.6 80.5 79.8 81.5 LAC FSS 24.9 24.1 22.7 77.4 75.1 79.9 3.0 3.2 3.4 0.0 0.0 0.0 0.0 0.0 0.0 81.8 81.4 82.9 LAC Non FSS 40.1 41.8 30.7 60.3 57.7 59.2 1.4 1.3 2.0 0.0 0.0 0.0 0.0 0.0 0.0 76.3 78.2 80.9 MENA Small 40.6 30.2 n/a 19.6 32.4 n/a 1.5 1.1 n/a 0.0 0.0 n/a 0.0 0.0 n/a 68.7 82.3 n/a MENA Medium 69.4 69.3 50.5 24.0 18.7 37.3 0.4 0.4 1.0 0.0 0.0 0.0 0.0 0.0 0.0 76.1 62.2 75.0 MENA Large 60.1 51.2 44.9 54.8 51.0 68.5 0.7 1.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 83.7 87.9 85.3 MENA FSS 56.6 50.0 43.2 24.2 45.9 60.7 0.8 1.0 1.3 0.0 0.0 0.0 0.0 0.0 0.0 82.0 88.6 82.6 MENA Non FSS 73.1 73.7 56.5 27.5 0.0 55.9 0.4 0.2 0.5 0.0 0.0 0.0 0.0 0.0 0.0 49.8 53.7 48.0




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)OUTREACH INDICATORs

Number of ActiveBorrowers

Percent of WomenBorrowers

Number of Loans Outstanding Gross Loan Portfolio

PEER GROUP Units Number % Number USDYear 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 11,499 15,561 19,420 62.6 64.4 63.4 11,695 16,149 19,258 4,751,118 6,980,022 10,650,967 sIMPLE PEER GROUPsAge

New 5,917 7,845 11,297 71.8 53.9 55.6 5,917 7,845 11,297 2,328,324 3,595,228 4,157,786 Young 9,969 10,736 12,927 55.3 61.9 59.6 10,385 10,823 13,934 4,055,951 5,229,552 6,693,512 Mature 14,919 19,473 22,483 67.1 66.5 64.3 15,044 19,621 22,858 6,273,406 9,034,823 13,959,566

Charter TypeBank 41,592 54,110 63,027 47.6 50.2 48.5 43,239 54,110 63,027 75,020,364 102,502,629 164,079,064 Credit Union 6,330 7,031 6,560 44.8 51.3 45.7 5,805 7,031 7,056 6,874,151 10,391,615 16,118,010 NBFI 12,945 17,250 23,355 54.5 53.5 53.9 14,345 17,874 24,780 7,389,586 10,159,007 19,594,979 NGO 10,218 12,307 15,663 78.1 80.6 75.5 10,301 13,121 16,084 2,965,004 4,070,288 5,959,063 Rural Bank 4,620 4,405 4,351 46.9 68.5 70.6 4,659 4,544 5,184 2,304,086 2,395,499 3,111,098

Financial IntermediationNon FI 9,811 11,448 13,928 70.1 70.2 69.3 10,092 11,916 14,482 3,704,855 5,275,997 7,683,034 Low FI 14,345 23,673 39,102 76.1 77.9 75.7 18,090 24,451 45,919 3,648,774 6,980,022 12,983,638 High FI 17,072 21,229 25,034 50.5 51.3 49.4 17,213 21,689 26,738 14,228,166 19,363,986 24,363,031

MethodologyIndividual 7,834 10,753 13,847 51.5 51.3 49.7 8,090 11,316 14,540 7,697,465 12,519,878 20,179,194 Individual/ Solidarity 11,451 13,824 18,315 65.0 67.4 66.4 11,451 14,535 18,252 4,320,701 6,323,219 10,650,967 Solidarity 14,749 25,478 24,120 100.0 99.3 99.3 15,194 25,478 24,805 2,698,421 3,329,905 3,981,121 Village Banking 14,919 21,822 28,802 95.0 96.4 94.0 14,919 26,197 28,802 2,444,107 3,955,615 5,924,428

OutreachSmall (Outreach) 3,285 3,751 3,346 54.1 54.7 54.0 3,303 3,887 3,521 2,006,375 2,254,234 2,657,132 Medium (Outreach) 15,587 17,653 17,659 70.4 73.7 63.7 15,735 18,217 17,898 5,951,331 7,021,540 10,282,896 Large (Outreach) 67,757 66,560 73,748 75.3 69.6 71.4 70,673 74,018 80,247 28,298,140 30,351,524 42,372,054

Profit statusProfit 14,512 24,062 35,132 52.7 55.2 55.5 14,934 26,604 35,132 6,787,896 13,182,288 22,610,796 Not for Profit 10,211 10,957 13,128 70.0 69.1 66.4 10,335 10,957 13,375 3,847,269 5,339,874 7,327,011

RegionAfrica 13,728 19,454 23,787 60.0 64.0 62.9 14,345 19,699 23,999 3,416,043 6,123,648 6,687,893 Asia 17,433 30,346 41,483 99.4 99.0 99.4 17,433 30,346 42,170 3,679,635 5,739,863 9,145,000 ECA 4,298 6,490 10,341 46.8 46.5 45.1 4,451 6,570 10,341 5,031,992 8,661,830 15,500,352 LAC 10,693 13,631 16,497 60.0 61.8 61.4 10,842 13,739 16,988 6,141,838 9,034,823 12,308,503 MENA 12,916 18,096 26,093 71.8 69.5 67.9 12,916 18,096 26,093 5,408,416 6,654,150 8,931,568

scaleSmall (Scale) 3,383 3,188 3,151 71.1 72.0 73.9 3,370 3,231 3,164 1,079,559 1,112,523 1,266,844 Medium (Scale) 10,171 12,055 10,776 62.2 67.2 64.4 10,360 12,060 11,056 4,896,919 5,269,803 5,410,854 Large (Scale) 44,051 48,115 47,598 54.3 54.6 56.6 48,749 49,474 53,174 28,108,862 30,012,564 33,714,379

sustainabilityFSS 12,915 19,345 22,775 62.0 61.8 62.8 13,681 19,345 23,432 6,199,168 10,317,804 14,013,068 Non-FSS 9,474 9,182 13,375 66.4 71.4 65.7 9,044 9,298 13,375 2,804,594 3,595,228 5,120,001

Target MarketLow end 14,074 21,871 25,091 90.4 90.5 88.1 14,293 22,100 25,906 2,714,319 4,060,286 5,164,316 Broad 10,143 11,842 14,667 53.4 53.6 53.9 10,267 12,068 15,015 6,166,531 7,789,971 11,815,480 High end 9,034 20,318 23,934 48.8 48.8 45.3 10,790 20,318 24,946 8,113,652 27,037,871 34,664,907 Small Business 5,738 6,766 18,711 35.9 30.9 42.7 5,643 6,909 18,787 18,080,836 17,410,304 27,777,043

COMPOUND PEER GROUPsAfrica Small 5,948 6,185 7,297 71.2 73.5 72.6 6,059 6,185 7,297 695,472 866,352 1,000,413 Africa Medium 20,002 19,285 20,321 73.1 65.5 66.4 20,818 19,370 20,321 4,750,398 3,850,943 3,249,075 Africa Large 57,742 47,286 47,816 37.7 49.6 52.6 57,742 50,817 55,055 33,714,347 26,096,631 24,132,550 Africa FSS 29,553 30,235 25,507 54.3 52.0 59.7 34,472 30,235 25,507 6,669,404 13,160,493 15,502,370 Africa Non FSS 12,151 16,994 23,323 61.4 67.3 64.5 12,451 17,413 23,323 2,271,283 2,580,824 5,018,370 Asia Small 4,412 3,158 2,714 99.7 99.0 99.8 4,412 3,685 2,714 850,665 844,291 1,043,069 Asia Medium 23,634 25,478 22,065 99.5 99.3 100.0 25,347 26,197 22,232 3,977,398 5,229,552 4,268,954 Asia Large 149,886 159,673 134,765 98.0 98.2 97.5 149,886 181,225 135,091 16,136,573 20,737,172 21,395,149 Asia FSS 34,910 40,443 50,801 99.7 99.0 99.8 37,809 43,609 47,717 4,704,797 6,849,516 9,932,852 Asia Non FSS 15,390 23,410 22,559 98.8 99.0 96.9 15,109 23,410 24,449 2,594,772 3,255,907 6,958,099 ECA Small 1,924 1,818 2,253 53.6 53.7 60.8 1,924 1,818 2,253 949,517 1,366,825 1,309,949 ECA Medium 3,235 3,762 2,527 45.1 44.9 45.8 3,235 3,762 2,815 3,720,369 3,966,190 4,165,221 ECA Large 16,122 19,621 20,866 38.5 40.7 42.5 18,138 20,896 20,866 30,256,708 27,489,898 37,518,844 ECA FSS 5,749 8,331 12,177 51.4 46.5 45.1 6,068 8,331 12,177 6,488,487 10,946,860 23,404,819 ECA Non FSS 2,378 3,405 2,788 42.0 48.2 45.2 2,378 3,493 2,842 3,595,486 3,968,891 5,701,737 LAC Small 3,593 3,257 3,182 70.5 71.5 72.7 3,634 3,257 3,194 1,684,745 1,422,270 1,596,286 LAC Medium 9,485 11,343 12,806 56.2 63.2 64.2 10,254 11,521 12,806 6,653,227 6,460,479 7,721,410 LAC Large 42,511 41,744 44,272 53.5 53.3 54.0 49,509 51,380 49,706 36,014,065 44,986,567 46,112,220 LAC FSS 13,681 16,881 19,158 58.8 57.6 57.6 14,129 18,092 19,347 8,515,224 14,285,214 16,655,054 LAC Non FSS 5,745 4,772 7,064 66.9 72.6 67.6 5,896 4,772 7,064 3,521,912 1,712,280 5,088,935 MENA Small 7,076 7,224 n/a 83.1 78.0 n/a 7,076 7,224 n/a 1,167,553 1,344,751 n/a MENA Medium 10,655 12,351 11,051 77.0 66.8 63.6 10,669 12,351 11,051 5,230,191 4,579,609 4,679,992 MENA Large 56,370 68,911 74,838 61.9 69.6 68.8 56,370 68,911 75,232 12,509,412 15,272,878 18,420,122 MENA FSS 11,982 20,982 31,286 71.8 67.4 67.0 11,982 23,233 33,060 5,666,685 8,477,251 11,261,466 MENA Non FSS 13,675 11,644 11,451 73.5 76.5 77.3 13,675 11,644 11,451 3,729,135 4,941,644 5,317,498

32




Average Loan Balanceper Borrower

Average Loan Balance per Borrower/GNI per Capita

Average Outstanding Balance

Average Outstanding Balance/GNI per Capita

Number of Voluntary Depositors

PEER GROUP Units USD % USD % NumberYear 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 482 531 653 37.2 41.4 40.6 474 515 643 34.7 38.7 38.6 156 0 0 sIMPLE PEER GROUPsAge

New 257 321 315 31.6 48.6 47.6 239 321 315 31.6 48.6 47.6 0 0 0 Young 556 552 624 40.5 40.8 44.3 569 554 608 41.4 40.2 43.5 0 0 0 Mature 493 550 685 36.8 40.3 39.0 482 523 671 33.6 37.9 35.8 5,590 758 0

Charter TypeBank 1,312 1,479 2,037 110.2 107.1 118.1 1,322 1,313 1,738 106.2 94.7 114.7 47,733 82,868 97,873 Credit Union 1,236 1,545 1,949 54.8 66.4 67.0 1,172 1,414 1,661 52.7 64.6 63.5 14,323 15,136 17,472 NBFI 652 667 761 48.6 50.3 52.2 666 628 742 42.5 47.9 46.4 0 0 0 NGO 247 263 325 19.2 17.3 19.0 256 262 321 19.1 17.1 18.6 0 0 0 Rural Bank 439 469 585 39.1 46.6 51.5 437 464 585 38.2 41.1 49.3 13,173 14,316 12,263

Financial IntermediationNon FI 376 435 530 23.5 25.9 25.5 376 434 527 23.7 25.1 24.9 0 0 0 Low FI 135 156 182 39.1 48.3 48.5 135 155 179 40.1 47.7 48.5 5,204 9,225 10,876 High FI 988 1,218 1,461 58.7 65.3 67.0 948 1,129 1,333 54.8 63.9 61.4 23,044 25,793 35,339

MethodologyIndividual 986 1,209 1,512 51.4 55.6 62.7 925 1,129 1,376 49.0 52.9 54.9 7,277 8,149 4,084 Individual/ Solidarity 364 431 527 36.8 41.1 38.4 364 425 508 34.1 40.6 37.6 0 0 0 Solidarity 109 122 138 15.0 15.8 15.4 105 122 132 14.7 15.8 14.4 0 0 0 Village Banking 152 149 190 15.2 15.2 16.3 152 139 188 15.2 13.7 16.1 0 0 0

OutreachSmall (Outreach) 611 760 884 39.9 45.6 40.9 588 728 855 38.5 43.9 39.6 0 0 0 Medium (Outreach) 372 455 605 38.8 41.8 47.5 374 446 582 35.8 38.8 45.5 0 0 0 Large (Outreach) 241 341 429 22.5 30.3 32.9 243 307 419 22.4 29.1 30.4 18,535 9,432 706

Profit statusProfit 604 614 768 52.4 58.8 57.0 588 567 724 51.0 56.2 51.5 11,705 14,086 11,527 Not for Profit 420 492 607 25.4 31.2 32.5 422 492 591 25.3 29.2 32.4 0 0 0

Region:Africa 182 235 339 59.3 66.2 71.0 174 241 325 59.2 67.8 69.4 8,538 11,690 14,249 Asia 120 145 175 17.9 18.5 19.1 120 139 164 17.0 17.9 18.4 1,053 431 637 ECA 1,103 1,526 2,030 61.5 67.9 72.8 1,127 1,404 1,931 60.8 67.9 70.8 0 0 0 LAC 678 745 879 33.6 37.3 34.6 642 684 848 32.3 35.4 33.5 7,990 3,724 0 MENA 247 279 360 13.7 15.1 14.1 241 264 345 13.7 14.7 13.6 0 0 0

scaleSmall (Scale) 244 309 308 21.7 22.0 20.5 244 309 305 21.7 22.0 20.5 0 0 0 Medium (Scale) 513 463 586 39.6 39.5 34.5 504 455 580 36.8 38.2 33.9 0 0 0 Large (Scale) 915 980 970 51.8 54.8 57.6 843 917 936 48.4 49.5 54.3 23,844 11,257 1,690

sustainabilityFSS 584 622 740 37.5 45.7 43.9 581 606 716 34.6 41.9 41.3 350 0 0 Non-FSS 290 307 415 34.5 31.8 35.7 300 308 387 35.1 29.2 34.4 0 0 0

Target MarketLow end 133 145 164 13.8 14.1 13.2 132 139 161 13.6 13.0 12.6 0 0 0 Broad 720 821 937 49.5 52.4 53.7 711 784 883 46.6 49.5 48.8 4,724 322 0 High end 1,798 1,827 2,109 185.6 184.0 187.0 1,815 1,782 2,058 181.9 171.8 185.0 7,416 5,887 11,401 Small Business 3,197 2,619 2,223 329.8 356.1 347.2 3,125 2,559 2,207 329.3 313.1 312.6 15,201 15,136 43,275

COMPOUND PEER GROUPsAfrica Small 113 146 132 45.2 45.8 33.8 115 146 132 45.5 44.7 33.8 2,969 620 2,290 Africa Medium 181 164 185 59.3 65.1 66.3 173 163 185 56.0 68.5 66.3 1,582 3,834 2,653 Africa Large 542 522 686 130.0 128.8 121.5 735 518 500 138.7 113.7 104.0 167,990 64,347 56,270 Africa FSS 249 363 410 70.3 80.5 95.4 187 363 410 73.4 80.5 95.4 20,433 34,000 31,321 Africa Non FSS 169 183 242 54.8 58.6 67.3 165 183 242 52.9 59.2 64.6 2,613 1,239 2,326 Asia Small 131 276 325 14.4 22.6 30.5 131 276 244 14.7 22.6 30.5 1,053 2,287 3,015 Asia Medium 152 151 199 24.7 19.7 19.2 136 139 199 25.4 19.7 19.1 4,869 946 6,865 Asia Large 100 121 156 16.0 17.0 18.3 95 106 151 15.2 15.9 17.4 0 0 171 Asia FSS 112 142 165 16.1 17.6 18.2 107 133 162 15.7 17.0 17.8 1,130 1,354 333 Asia Non FSS 150 149 186 20.7 18.6 19.8 142 149 186 21.4 18.6 19.8 574 0 4,224 ECA Small 584 833 723 46.4 49.4 37.5 584 754 723 46.4 46.3 37.5 0 0 0 ECA Medium 1,056 1,082 1,485 44.7 46.4 53.8 1,056 1,068 1,485 42.3 46.4 44.7 0 0 0 ECA Large 1,819 2,215 2,433 102.8 99.1 89.9 1,900 2,215 2,389 106.3 97.7 87.2 5,166 0 0 ECA FSS 1,059 1,270 1,972 54.4 73.8 72.2 1,053 1,270 1,912 56.7 73.8 71.7 0 0 0 ECA Non FSS 1,312 1,834 2,389 73.9 54.3 73.4 1,312 1,414 2,389 73.7 53.6 69.9 0 0 0 LAC Small 352 364 354 16.0 15.2 14.9 352 364 354 15.8 14.9 13.7 0 0 0 LAC Medium 686 628 658 41.0 36.0 26.5 686 618 658 37.2 35.2 26.4 0 0 0 LAC Large 1,261 1,385 1,488 51.2 54.2 56.9 1,095 1,226 1,302 45.8 48.2 49.6 31,942 26,071 22,344 LAC FSS 776 901 947 37.5 44.5 44.3 734 822 885 33.9 40.5 39.6 10,680 9,168 0 LAC Non FSS 502 391 574 21.5 16.3 21.6 471 391 574 21.5 15.5 21.6 0 0 0 MENA Small 112 155 n/a 10.8 15.1 n/a 112 155 n/a 10.8 15.1 n/a 0 0 n/a MENA Medium 491 619 300 14.2 13.4 12.5 490 619 300 14.2 13.4 12.5 0 0 0 MENA Large 252 350 437 19.0 16.2 19.3 252 314 401 19.0 16.1 19.3 0 0 0 MENA FSS 271 323 437 13.4 15.2 14.4 256 290 401 13.3 14.1 14.1 0 0 0 MENA Non FSS 137 227 239 14.6 14.8 12.8 137 227 239 14.6 14.8 12.8 0 0 0






Number of VoluntaryDeposit Accounts

Voluntary Deposits Average Deposit Balance per Depositor

Average Deposit Balance per Depositor/GNI per capita

PEER GROUP Units Number USD USD USDYear 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 102 0 0 0 0 0 306 348 431 26.6 29.2 28.3 sIMPLE PEER GROUPsAge

New 0 0 0 0 0 0 539 344 149 34.9 37.2 25.7 Young 0 0 0 0 0 0 245 440 759 21.8 27.8 36.7 Mature 5,586 433 0 0 0 0 306 318 398 24.9 27.3 27.1

Charter Type:Bank 47,733 81,430 97,873 46,819,503 59,884,492 72,187,261 671 938 923 57.9 49.7 41.7 Credit Union 14,441 16,228 17,859 4,423,274 7,309,300 8,667,655 377 473 547 27.9 34.7 36.1 NBFI 0 0 0 0 0 0 443 318 316 34.4 38.2 33.3 NGO 0 0 0 0 0 0 15 14 24 2.6 2.9 3.4 Rural Bank 13,646 14,766 13,285 1,807,197 2,222,803 2,821,683 155 168 208 15.0 15.9 20.7

Financial IntermediationNon FI 0 0 0 0 0 0 0 0 33 0.0 0.0 0.4 Low FI 5,706 9,018 10,912 163,918 340,162 471,006 23 31 54 7.7 9.7 11.7 High FI 24,605 29,625 36,019 10,557,452 16,258,461 20,022,955 422 500 586 31.3 34.8 34.0

MethodologyIndividual 7,277 7,137 3,685 545,492 1,202,526 2,550,822 555 734 953 31.6 33.2 35.2 Individual/ Solidarity 0 0 0 0 0 0 173 160 170 26.9 23.3 21.8 Solidarity 0 0 0 0 0 0 11 24 24 2.4 4.8 4.1 Village Banking 0 0 0 0 0 0 45 19 57 3.9 2.2 16.2

OutreachSmall (Outreach) 0 0 0 0 0 0 269 314 456 22.5 23.3 25.5 Medium (Outreach) 0 0 0 0 0 0 355 366 213 26.9 27.5 33.3 Large (Outreach) 13,772 9,572 460 66,180 196,675 89,295 345 414 473 31.2 34.8 32.5

Profit statusProfit 10,276 14,766 12,745 1,186,739 2,685,596 2,821,683 306 415 495 31.2 35.3 31.8 Not for Profit 0 0 0 0 0 0 305 314 352 19.7 20.1 19.5

RegionAfrica 9,742 12,600 14,249 215,656 476,124 980,432 106 124 149 27.8 33.9 32.1 Asia 882 422 568 27,057 53,899 149,000 136 115 159 11.8 13.1 13.6 ECA 0 0 0 0 0 0 1,269 1,595 1,557 69.8 71.4 52.6 LAC 8,032 2,509 0 0 0 0 832 877 963 34.4 32.8 33.3 MENA 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0

scaleSmall (Scale) 0 0 0 0 0 0 113 161 149 11.0 13.4 15.3 Medium (Scale) 0 0 0 0 0 0 266 214 178 23.0 17.2 16.3 Large (Scale) 23,419 11,368 1,842 3,546,530 2,413,000 259,765 632 668 594 36.5 40.8 35.8

sustainabilityFSS 338 0 0 0 0 0 395 429 517 29.3 32.8 31.1 Non-FSS 0 0 0 0 0 0 157 204 167 22.7 19.6 23.3

Target MarketLow end 0 0 0 0 0 0 48 44 36 6.1 6.9 6.5 Broad 3,676 330 0 0 0 0 419 482 619 29.2 31.3 30.2 High end 7,416 5,887 11,401 4,604,047 1,998,004 5,868,484 538 418 473 41.5 49.7 40.9 Small Business 16,826 16,228 53,417 5,671,192 12,854,481 26,382,733 594 736 513 82.4 80.9 89.9

COMPOUND PEER GROUPsAfrica Small 4,664 620 2,290 48,811 10,522 38,924 30 47 96 10.0 15.3 15.3 Africa Medium 1,243 5,210 2,653 120,370 101,634 64,580 106 28 31 37.7 13.8 17.2 Africa Large 167,990 66,440 56,270 15,404,959 13,956,563 15,695,767 174 188 205 42.3 42.0 44.3 Africa FSS 25,113 34,736 35,456 2,498,678 3,368,551 3,306,158 117 157 149 35.5 40.0 32.9 Africa Non FSS 3,102 1,550 2,326 73,616 34,324 49,473 94 91 112 22.7 23.3 31.3 Asia Small 1,053 2,287 3,015 10,332 200,584 297,178 136 143 208 10.7 12.9 13.6 Asia Medium 5,880 431 6,865 87,586 67,733 152,117 187 113 159 16.2 11.8 11.0 Asia Large 0 0 138 0 0 27,885 40 139 152 6.4 16.7 15.7 Asia FSS 976 758 333 46,737 119,690 148,839 140 132 165 12.1 13.2 16.9 Asia Non FSS 788 0 2,396 18,695 0 275,696 108 104 132 8.2 8.5 10.7 ECA Small 0 0 0 0 0 0 3,695 4,701 3,153 82.9 99.4 41.7 ECA Medium 0 0 0 0 0 0 7,444 6,191 13,373 191.3 125.8 231.4 ECA Large 3,713 0 0 0 0 0 969 1,086 1,245 44.0 49.7 43.4 ECA FSS 0 0 0 0 0 0 1,269 1,310 1,306 56.4 50.6 44.4 ECA Non FSS 0 0 0 0 0 0 1,579 4,673 4,124 315.9 139.9 232.2 LAC Small 0 0 0 0 0 0 261 329 87 15.8 10.4 18.1 LAC Medium 0 0 0 0 0 0 403 440 464 15.3 16.2 13.2 LAC Large 33,864 27,848 26,283 19,705,483 21,981,243 16,978,440 986 1,042 981 41.1 41.7 35.3 LAC FSS 10,759 9,370 0 0 0 0 838 910 969 35.0 33.2 34.1 LAC Non FSS 0 0 0 0 0 0 764 440 534 29.2 16.8 18.3 MENA Small 0 0 n/a 0 0 n/a 0 0 n/a 0.0 0.0 n/a MENA Medium 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 MENA Large 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 MENA FSS 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0 MENA Non FSS 0 0 0 0 0 0 0 0 0 0.0 0.0 0.0

34




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values) OUTREACH INDICATORs MACROECONOMIC INDICATORs

Average Deposit Account Balance

Average Deposit Account Balance/GNI per capita

GNI per Capita GDP Growth Rate Deposit Rate

PEER GROUP Units USD USD USD % %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 293 334 394 24.3 26.9 27.1 1,320 1,320 1,671 5.1 5.5 6.5 4.9 5.2 5.0 sIMPLE PEER GROUPsAge

New 539 344 129 34.0 37.2 22.6 810 690 820 6.2 6.7 7.6 6.0 6.2 7.6 Young 238 395 759 20.3 24.1 36.4 1,325 1,474 1,532 6.0 6.4 7.3 4.3 4.9 5.0 Mature 283 319 390 22.7 26.0 25.6 1,320 1,320 1,671 5.0 5.0 6.3 4.9 5.1 5.0

Charter TypeBank 718 926 846 52.2 42.4 38.0 1,470 1,935 2,420 5.9 6.1 7.3 5.7 5.3 5.9 Credit Union 377 414 504 27.3 34.5 36.1 2,620 2,620 3,063 4.7 4.7 4.8 3.5 4.0 4.9 NBFI 443 367 316 29.4 30.5 31.3 1,240 1,230 1,400 5.9 6.4 8.0 3.6 4.8 5.1 NGO 15 15 25 3.0 3.0 3.5 1,320 1,340 1,671 5.0 5.0 6.2 5.6 5.3 5.8 Rural Bank 154 170 208 15.0 16.7 19.7 1,280 1,320 1,666 4.9 3.4 6.4 5.6 5.3 3.7

Financial IntermediationNon FI 0 0 33 0.0 0.0 0.4 1,325 1,580 2,109 5.0 5.2 7.0 4.9 5.3 5.6 Low FI 31 33 62 8.4 10.0 11.9 470 490 573 6.3 6.6 7.3 5.4 5.1 5.0 High FI 419 449 541 29.2 32.8 31.1 1,310 1,320 1,671 5.0 5.1 6.4 4.9 5.2 5.0

MethodologyIndividual 538 713 774 29.7 30.3 33.2 2,290 2,455 2,920 5.0 5.1 7.0 4.0 4.9 5.0 Individual/ Solidarity 162 157 167 24.4 23.3 20.9 1,260 1,235 1,420 5.0 5.5 6.4 4.9 4.9 5.0 Solidarity 11 16 24 1.5 3.2 4.1 730 730 820 6.0 6.1 7.3 6.0 6.0 6.0 Village Banking 39 10 57 3.4 0.4 16.2 1,010 980 1,013 6.4 5.7 6.5 4.9 6.0 6.0

OutreachSmall (Outreach) 267 315 456 21.2 23.3 23.6 1,470 1,840 2,640 5.0 5.4 6.4 4.9 5.2 5.1 Medium (Outreach) 303 363 213 23.7 26.7 28.3 1,260 1,320 1,420 5.0 5.0 6.1 4.9 4.9 4.8 Large (Outreach) 414 374 397 27.7 31.7 27.2 950 1,000 1,222 6.0 6.1 7.1 5.6 5.6 5.4

Profit statusProfit 271 374 464 28.5 33.5 29.1 1,260 1,040 1,200 5.6 5.6 7.3 5.6 5.3 5.0 Not for Profit 317 314 318 19.7 19.3 19.0 1,323 1,474 2,010 5.0 5.2 6.3 4.9 5.1 5.1

RegionAfrica 104 125 148 27.0 33.0 30.7 440 450 460 5.9 5.9 6.4 5.1 5.1 6.0 Asia 146 115 161 12.2 13.4 13.6 730 820 1,013 5.7 5.6 7.3 6.0 6.0 6.0 ECA 1,244 1,595 1,557 76.1 70.8 49.2 1,530 1,935 2,730 6.4 6.7 7.8 5.2 5.2 5.4 LAC 755 756 748 30.8 29.9 27.1 2,450 2,620 2,920 4.7 4.7 4.7 3.9 4.4 4.8 MENA 0 0 0 0.0 0.0 0.0 1,740 1,740 2,151 4.9 6.8 6.0 3.5 4.6 5.4

scaleSmall (Scale) 116 145 149 11.4 13.4 15.3 1,320 1,470 1,671 5.1 5.4 6.4 5.6 5.3 5.0 Medium (Scale) 251 231 162 21.4 16.9 16.2 1,270 1,320 1,671 5.1 5.0 6.4 5.2 5.3 5.0 Large (Scale) 602 622 541 34.5 39.7 35.1 1,320 1,320 1,474 5.1 5.9 7.0 4.8 5.1 5.1

sustainabilityFSS 393 412 502 25.1 29.9 27.2 1,325 1,390 1,671 5.0 5.5 7.0 4.3 4.9 5.0 Non-FSS 154 166 170 22.1 18.9 22.3 1,120 1,280 1,420 5.4 5.5 6.3 5.6 5.3 5.1

Target MarketLow end 57 59 39 6.2 7.4 6.5 1,295 1,320 1,671 5.4 5.9 7.1 5.6 5.3 6.0 Broad 417 440 589 25.8 27.0 27.1 1,320 1,474 1,930 5.0 5.1 6.4 4.9 4.9 5.0 High end 538 418 450 41.0 42.5 39.7 950 1,010 1,100 5.9 5.5 5.7 4.0 4.7 4.9 Small Business 591 736 500 77.1 80.9 65.6 590 500 617 5.9 5.6 6.5 6.9 7.6 5.8

COMPOUND PEER GROUPsAfrica Small 44 47 96 10.0 15.3 14.9 340 450 581 5.9 6.2 6.4 7.8 9.0 10.2 Africa Medium 102 28 31 32.8 13.8 17.2 440 350 311 5.9 6.2 7.0 6.0 5.1 5.2 Africa Large 174 196 205 42.3 41.9 41.6 450 455 560 5.8 5.6 5.7 4.0 4.6 5.2 Africa FSS 113 154 148 28.5 37.4 30.1 440 460 581 5.9 5.9 6.4 5.1 5.1 9.3 Africa Non FSS 92 91 111 22.1 23.3 31.3 380 345 440 5.9 6.1 6.0 5.1 5.9 4.2 Asia Small 136 143 208 10.7 12.9 13.6 1,280 1,320 1,666 5.6 5.5 6.3 6.0 5.3 6.4 Asia Medium 181 114 159 15.9 14.9 11.0 730 730 1,420 5.7 5.3 7.3 5.6 5.3 3.7 Asia Large 61 97 148 7.0 16.7 16.9 730 730 820 9.2 9.2 9.2 6.0 6.0 6.0 Asia FSS 147 143 165 12.6 14.1 16.9 730 820 1,013 6.0 5.6 7.3 6.0 6.0 6.0 Asia Non FSS 108 103 124 8.2 10.9 10.9 730 800 1,013 5.5 5.5 6.4 5.6 6.0 6.0 ECA Small 3,695 4,683 3,023 82.9 99.1 40.0 1,323 1,580 2,730 7.5 7.5 9.9 7.6 5.8 8.4 ECA Medium 6,313 5,047 11,309 167.3 125.8 193.9 1,470 1,885 3,621 6.4 6.7 7.8 5.2 5.7 5.1 ECA Large 972 1,086 1,197 36.5 49.7 39.6 2,700 2,940 2,730 5.0 6.1 7.8 4.0 5.1 5.4 ECA FSS 1,244 1,310 1,265 55.4 50.6 39.8 2,570 1,920 2,730 6.4 7.0 8.1 5.0 5.4 5.4 ECA Non FSS 1,579 4,477 3,697 315.9 127.5 191.0 1,320 3,220 2,960 6.7 6.4 6.7 7.6 5.1 5.1 LAC Small 240 289 87 15.8 9.5 18.1 2,455 2,620 2,920 4.5 4.7 4.7 4.0 4.5 4.8 LAC Medium 379 399 462 14.4 13.8 12.6 2,290 2,400 2,920 4.5 4.5 4.6 3.8 4.5 5.0 LAC Large 853 888 824 37.5 38.1 30.1 2,530 2,620 2,920 4.7 4.7 4.7 3.8 4.1 4.8 LAC FSS 746 777 749 31.2 30.2 28.4 2,620 2,620 2,920 4.7 4.7 4.7 3.5 4.1 4.8 LAC Non FSS 764 440 524 29.2 16.8 18.1 2,400 2,450 2,920 4.1 4.7 4.7 4.3 4.5 5.0 MENA Small 0 0 n/a 0.0 0.0 n/a 1,265 1,170 n/a 4.8 5.2 n/a 7.2 8.4 n/a MENA Medium 0 0 0 0.0 0.0 0.0 2,460 1,360 2,402 4.9 4.9 4.0 3.0 6.0 5.8 MENA Large 0 0 0 0.0 0.0 0.0 1,740 2,160 2,151 6.3 7.3 6.4 3.5 3.7 4.6 MENA FSS 0 0 0 0.0 0.0 0.0 1,990 2,030 2,402 7.3 7.3 6.4 3.5 3.7 5.4 MENA Non FSS 0 0 0 0.0 0.0 0.0 1,245 1,260 1,410 4.8 2.6 3.1 7.2 6.0 6.1




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values) MACROECONOMIC INDICATORs OVERALL FINANCIAL PERFORMANCE

Inflation Rate Financial Depth Return on Assets Return on Equity Operational Self-Sufficiency

Financial Self-Sufficiency

PEER GROUP Units % % % % % %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007


New 7.6 7.9 9.8 31.4 33.8 33.8 (0.8) 0.0 0.7 (2.0) 1.3 0.9 109.1 111.0 111.5 99.6 100.7 104.0 Young 5.4 6.3 6.5 39.5 38.2 37.9 1.4 1.3 0.6 4.6 4.4 2.7 116.6 119.0 112.8 108.7 109.3 105.9 Mature 6.4 5.8 5.9 39.8 40.3 38.7 1.1 1.9 1.8 5.6 8.7 8.7 116.1 120.3 118.5 106.8 110.6 111.0


Financial IntermediationNon FI 5.0 5.8 6.4 37.9 38.7 38.7 1.1 1.9 1.6 3.5 5.9 6.2 115.9 119.7 116.4 105.9 109.1 108.1 Low FI 7.6 6.8 8.2 44.5 44.5 48.7 (0.8) 0.8 1.5 (1.9) 2.7 4.1 108.9 120.9 120.3 97.6 108.0 109.1 High FI 6.9 6.3 5.4 33.4 36.3 37.3 1.2 1.5 1.5 7.5 10.8 11.6 116.0 117.2 114.8 107.9 110.7 110.7

MethodologyIndividual 5.4 6.0 5.1 35.6 37.9 37.9 1.5 1.8 1.6 6.1 9.3 10.0 120.2 120.7 116.9 109.6 111.0 111.1 Individual/ Solidarity 7.0 6.3 6.4 37.9 37.9 38.3 0.8 1.5 1.6 2.8 5.2 5.9 114.3 119.4 119.2 105.0 108.0 108.1 Solidarity 7.0 6.8 6.4 44.5 49.2 59.2 (0.6) 1.2 0.6 (0.6) 11.3 2.5 109.4 116.5 105.2 100.3 110.4 102.9 Village Banking 5.4 5.8 6.4 38.7 44.0 38.7 0.5 1.1 1.3 1.7 6.7 5.0 108.0 112.7 111.1 102.5 105.5 105.4



RegionAfrica 10.3 10.9 8.2 28.8 30.1 33.8 (1.2) (0.8) (0.6) (4.9) (1.5) 0.5 107.4 109.6 112.5 96.2 98.0 99.3 Asia 7.6 6.3 6.4 57.4 57.4 62.0 0.9 1.2 0.6 4.4 6.8 5.0 116.1 118.7 114.3 105.4 108.0 107.7 ECA 7.3 7.5 8.4 33.0 33.4 37.9 1.4 1.7 1.1 4.4 6.3 6.2 121.9 127.8 122.2 109.8 113.2 111.0 LAC 5.0 4.3 5.4 35.6 36.9 37.1 1.5 2.3 2.1 5.9 8.9 9.3 115.4 118.7 116.8 108.5 111.5 112.1 MENA 3.5 6.0 4.8 105.1 103.7 97.3 2.6 2.4 2.0 5.8 4.9 7.9 122.8 126.1 128.4 109.7 110.7 108.9

scaleSmall (Scale) 7.6 6.5 6.4 37.9 37.9 38.3 0.4 (0.1) 1.0 1.7 0.8 2.6 112.4 112.3 112.7 102.4 99.7 104.2 Medium (Scale) 6.8 6.3 6.4 40.6 40.6 39.8 0.5 1.1 0.8 2.7 4.5 3.8 113.0 117.5 113.7 102.7 105.8 105.5 Large (Scale) 5.0 5.8 6.1 37.8 38.1 38.2 1.7 1.9 1.8 10.1 11.7 10.4 121.6 122.2 119.4 112.8 113.5 112.1

sustainabilityFSS 5.0 5.8 6.1 37.9 39.0 38.3 2.9 3.4 2.9 12.5 12.4 12.7 126.1 126.1 125.2 117.1 117.0 116.3 Non-FSS 7.6 6.5 6.5 37.9 38.1 38.7 (5.4) (3.7) (3.5) (12.9) (11.0) (10.8) 100.9 99.4 100.4 83.9 87.0 86.0

Target MarketLow end 5.7 5.8 6.4 44.8 49.3 52.4 0.4 0.7 0.7 2.3 6.3 2.5 109.7 114.9 111.8 102.6 105.1 104.6 Broad 6.4 6.3 6.1 36.8 37.6 37.9 1.3 1.8 1.8 5.6 6.7 8.9 120.7 121.0 119.6 109.1 110.9 110.8 High end 7.2 4.7 6.7 39.2 36.3 38.3 0.8 2.3 1.5 5.1 11.8 6.4 112.9 119.6 117.1 107.6 116.6 109.7 Small Business 7.3 9.1 8.7 28.2 31.3 33.8 (0.1) 1.3 1.9 0.8 6.8 12.1 116.6 119.5 119.6 101.8 111.3 112.1

COMPOUND PEER GROUPsAfrica Small 11.6 10.9 10.7 28.8 31.6 33.8 (6.9) (3.0) (2.3) (13.9) (9.5) (0.9) 98.7 99.1 111.1 72.7 89.6 85.9 Africa Medium 8.6 10.9 10.3 28.8 31.4 33.8 (0.9) (1.9) (2.4) (4.1) (3.4) (7.0) 105.4 107.7 107.4 96.5 94.8 90.7 Africa Large 6.8 6.6 6.1 30.1 29.6 31.4 0.9 1.3 1.1 3.4 7.6 6.0 114.3 119.6 115.1 105.1 107.4 108.6 Africa FSS 10.3 10.9 9.0 28.8 33.4 33.8 1.5 3.1 2.6 9.0 11.3 14.2 122.2 125.9 124.0 110.3 121.5 114.6 Africa Non FSS 10.3 10.9 8.2 29.3 29.8 29.4 (6.0) (3.6) (3.9) (15.7) (11.6) (14.4) 98.7 98.7 100.1 78.7 87.6 81.0 Asia Small 7.6 6.3 5.6 57.4 57.4 48.7 1.1 1.4 0.9 7.2 5.1 2.5 115.4 117.5 116.6 109.6 108.8 105.8 Asia Medium 7.6 6.3 2.8 57.4 57.4 62.0 0.2 0.3 0.5 1.1 4.5 4.7 108.0 119.0 113.6 101.2 104.6 103.2 Asia Large 7.0 5.8 6.4 57.4 57.4 62.0 2.4 1.3 0.8 9.2 11.5 7.2 123.7 118.7 114.3 115.2 108.9 108.2 Asia FSS 7.0 6.3 6.4 57.4 57.4 62.0 2.8 2.4 2.1 17.7 13.7 12.3 127.4 123.4 124.8 118.9 114.1 114.1 Asia Non FSS 7.6 6.3 6.4 57.2 57.4 62.0 (5.4) (5.3) (3.7) (22.5) (24.3) (18.8) 97.6 98.5 101.3 82.4 78.6 84.5 ECA Small 8.2 8.6 9.0 16.6 20.0 19.5 0.4 4.1 2.0 0.6 6.3 13.8 118.3 135.4 111.7 108.7 116.9 111.9 ECA Medium 7.3 8.3 9.0 32.5 21.3 37.9 0.8 0.7 (0.1) 1.1 1.8 (0.1) 118.9 122.8 117.7 105.8 105.1 103.2 ECA Large 3.8 7.5 4.8 41.9 39.4 37.8 1.4 2.1 1.6 9.7 11.1 9.8 123.3 131.4 123.4 115.8 118.7 114.0 ECA FSS 4.4 7.5 8.4 33.4 33.4 37.4 2.8 3.7 3.2 10.8 11.4 13.1 127.0 137.4 132.7 117.1 121.2 119.9 ECA Non FSS 8.2 9.2 8.4 18.9 37.9 37.9 (5.5) (3.8) (3.6) (8.3) (7.6) (7.9) 107.1 102.0 99.7 87.4 87.9 89.9 LAC Small 5.2 4.3 5.8 37.8 37.9 38.2 1.0 0.0 1.9 2.7 1.8 2.8 111.8 113.2 114.0 104.0 100.1 106.0 LAC Medium 5.4 4.3 5.4 37.6 37.9 37.9 1.2 3.7 2.1 4.7 8.8 6.2 114.5 119.0 114.2 107.5 111.2 107.5 LAC Large 4.9 4.3 5.4 35.1 34.3 36.3 2.8 2.9 2.3 16.5 18.0 14.5 121.9 120.5 118.0 112.5 115.8 114.4 LAC FSS 4.7 4.2 5.4 35.4 35.6 37.1 3.6 3.9 3.2 12.2 12.9 12.5 123.3 122.9 121.5 117.0 116.8 115.7 LAC Non FSS 6.9 6.5 5.4 37.9 37.9 37.5 (4.5) (2.7) (2.8) (11.0) (7.7) (6.5) 101.2 101.4 100.5 87.9 89.4 91.7 MENA Small 4.9 12.5 n/a 103.7 69.7 n/a (2.4) (0.5) n/a 1.4 (3.5) n/a 111.0 116.8 n/a 92.8 101.5 n/a MENA Medium 3.5 6.3 4.1 137.5 106.9 97.3 2.8 (1.9) 1.3 4.7 (2.8) 1.5 115.8 112.8 120.1 109.1 90.8 105.3 MENA Large 1.0 4.5 4.3 103.7 103.7 97.3 5.6 3.4 4.9 11.0 13.0 10.4 130.1 156.2 142.3 128.0 121.9 122.7 MENA FSS 1.0 3.9 4.1 105.1 105.3 103.8 5.3 4.5 5.6 11.5 10.6 11.8 138.7 141.7 142.3 127.4 120.3 124.1 MENA Non FSS 4.9 7.6 9.3 71.1 97.3 65.6 (6.4) (4.0) (2.4) (8.5) (9.0) (3.1) 90.8 103.6 98.4 76.4 83.6 87.1

36




Trend Lines 2005-2007 MFI Benchmarks (Median Values) REVENUEs EXPENsEs

Financial Revenue/Assets

Profit Margin Yield on GrossPortfolio (nominal)

Yield on Gross Portfolio (real)

Total Expense/ Assets

Financial Expense/Assets

PEER GROUP Units % % % % % %Year

All MFIs2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 200725.3 25.3 24.7 6.3 8.9 8.3 30.6 30.5 29.6 23.6 23.0 22.2 23.8 23.6 22.9 6.3 6.4 6.7

sIMPLE PEER GROUPsAge

New 24.1 19.9 23.0 (0.4) 0.7 3.8 32.1 29.1 39.0 22.0 19.1 25.7 29.8 28.0 31.3 6.2 6.7 6.9 Young 27.3 26.3 24.0 8.0 8.5 5.6 31.6 31.0 30.4 25.5 24.1 21.5 24.4 24.6 24.4 6.2 6.7 7.2 Mature 25.3 25.5 25.0 6.4 9.6 9.9 30.2 30.5 29.1 22.6 22.7 22.6 22.8 22.5 22.2 6.4 6.2 6.6


Financial IntermediationNon FI 28.3 28.7 27.7 5.6 8.4 7.5 33.5 32.4 32.1 26.6 25.2 24.7 27.2 26.7 26.3 6.6 6.7 7.5 Low FI 21.3 22.3 22.7 (2.6) 7.4 8.3 27.4 28.7 28.1 19.3 18.9 17.0 23.9 22.5 22.9 6.2 6.7 6.9 High FI 21.6 21.2 20.1 7.3 9.7 9.7 26.6 26.4 25.4 18.8 19.3 18.4 20.0 19.3 18.4 6.0 5.8 5.8




RegionAfrica 21.4 22.2 22.2 (3.9) (2.0) (0.7) 35.0 31.4 30.2 22.6 22.2 21.5 25.1 23.4 25.4 6.1 5.7 5.3 Asia 21.5 21.5 21.6 5.2 7.4 7.1 26.6 27.6 27.0 18.3 19.5 18.5 21.1 20.4 21.0 6.2 6.3 6.9 ECA 25.4 25.3 25.6 8.9 11.7 10.0 29.5 29.8 28.3 23.1 21.9 19.6 23.7 23.7 22.3 6.3 6.9 8.0 LAC 29.1 28.9 27.6 7.8 10.3 10.8 32.7 31.8 31.0 26.3 25.2 25.1 26.6 25.4 25.1 6.8 6.8 7.1 MENA 23.5 23.4 24.8 8.9 9.6 8.1 31.9 33.2 32.9 25.5 23.3 25.5 19.8 21.5 20.3 3.3 5.2 5.2

scaleSmall (Scale) 29.1 29.3 26.6 2.3 (0.3) 4.0 37.3 38.3 34.6 28.0 28.2 27.6 30.4 31.2 29.1 6.7 6.4 6.6 Medium (Scale) 25.6 27.2 28.4 2.7 5.5 5.2 32.7 31.9 33.4 25.1 24.2 24.6 25.4 25.6 26.9 6.5 6.7 6.7 Large (Scale) 22.8 22.4 23.4 11.4 11.9 10.8 26.8 27.8 27.0 20.6 20.5 19.1 20.0 20.1 20.5 5.8 6.0 6.9

sustainabilityFSS 26.8 26.6 26.0 14.6 14.6 14.0 31.6 30.9 29.9 24.9 23.9 23.1 22.0 21.5 21.4 6.0 6.3 6.7 Non-FSS 21.6 22.1 22.3 (19.2) (15.0) (16.4) 29.2 28.9 28.4 19.2 19.4 20.1 29.4 28.0 26.9 6.8 6.7 6.9

Target MarketLow end 28.8 27.7 29.3 2.5 4.9 4.5 37.3 35.4 33.8 29.9 27.6 26.9 28.0 27.3 28.0 6.1 6.3 7.2 Broad 24.9 25.4 25.2 8.3 9.8 9.7 29.6 30.0 29.1 22.6 22.5 22.0 22.6 23.0 22.1 6.6 6.5 6.7 High end 20.2 20.9 18.0 7.1 14.2 8.9 23.9 23.4 21.1 15.9 18.2 14.4 20.5 18.6 16.1 5.1 5.0 6.0 Small Business 19.1 19.6 19.2 1.5 10.1 10.8 22.5 25.2 23.4 15.1 17.7 16.3 19.1 18.1 17.9 5.7 6.8 4.9

COMPOUND PEER GROUPsAfrica Small 20.4 27.0 21.0 (37.5) (11.7) (16.5) 35.0 39.9 33.9 17.9 26.2 22.8 26.4 33.1 28.7 6.8 6.4 6.2 Africa Medium 30.2 23.5 24.4 (3.6) (5.5) (10.5) 57.4 31.4 38.0 37.0 22.2 25.3 34.3 30.2 30.5 7.4 7.9 7.0 Africa Large 19.5 19.5 21.0 4.9 6.9 7.9 22.7 26.5 24.8 16.4 19.5 21.4 19.9 20.1 20.1 4.8 4.1 5.1 Africa FSS 22.9 22.2 24.0 9.4 17.7 12.8 41.2 29.4 40.9 30.8 21.3 28.2 20.3 19.8 19.9 5.4 4.7 4.7 Africa Non FSS 20.9 22.1 21.1 (27.1) (14.2) (23.5) 26.3 31.5 26.1 17.9 22.4 18.4 26.1 33.1 26.8 6.2 6.8 6.0 Asia Small 21.0 24.4 21.7 8.7 8.1 5.5 30.5 29.7 31.4 18.1 19.5 23.1 23.0 31.2 26.9 6.3 6.7 5.9 Asia Medium 22.4 22.0 21.6 1.2 4.4 3.1 28.6 28.3 26.8 20.0 21.2 20.6 21.4 20.2 21.0 6.0 6.0 6.2 Asia Large 21.7 20.7 21.5 13.2 8.2 7.6 24.7 26.3 26.4 17.1 19.5 17.4 19.3 19.6 20.8 6.6 6.4 7.4 Asia FSS 22.2 23.2 23.0 15.9 12.4 12.3 27.4 28.4 27.9 18.6 20.7 19.9 18.7 20.0 19.9 6.2 6.2 6.9 Asia Non FSS 19.7 17.1 17.6 (21.4) (27.2) (18.3) 26.3 23.9 26.7 17.6 15.0 16.9 29.2 22.6 23.8 6.3 6.6 6.9 ECA Small 35.1 34.8 28.4 8.0 14.5 10.6 40.6 41.8 41.3 30.5 32.1 29.6 33.9 28.0 26.0 8.2 6.7 9.4 ECA Medium 27.4 28.5 28.2 5.5 4.8 3.0 34.0 30.8 31.4 27.1 23.6 22.3 26.9 29.6 26.9 7.1 8.9 8.6 ECA Large 20.2 22.0 23.7 13.7 15.8 12.3 24.9 27.3 26.0 18.5 18.0 17.9 18.2 19.2 19.5 5.1 6.6 7.5 ECA FSS 25.5 26.1 25.6 14.6 17.5 16.6 30.6 30.6 27.9 24.6 23.6 19.1 21.6 21.3 20.1 5.1 6.7 7.7 ECA Non FSS 24.1 23.0 25.6 (14.5) (13.8) (11.3) 28.5 27.8 29.1 19.5 18.1 22.6 33.3 28.6 27.4 9.3 8.3 8.4 LAC Small 34.0 30.0 30.9 3.8 0.1 5.7 40.3 33.3 33.3 32.9 28.0 29.6 33.0 33.1 30.4 6.5 6.3 6.7 LAC Medium 29.8 33.3 33.3 7.0 10.1 7.0 33.2 36.5 35.6 24.6 30.0 29.2 25.7 28.7 28.9 7.3 6.8 7.3 LAC Large 26.7 26.3 24.4 11.1 13.6 12.6 29.6 29.2 27.6 23.7 22.3 20.4 21.8 21.2 21.4 6.6 7.3 7.2 LAC FSS 29.6 29.3 28.4 14.5 14.4 13.6 33.0 31.7 31.0 27.3 25.8 25.5 24.2 24.3 23.6 6.8 7.2 7.4 LAC Non FSS 27.6 25.6 26.5 (13.8) (11.8) (9.0) 32.1 32.1 32.1 22.6 24.1 24.6 31.3 33.5 31.4 7.5 6.0 6.6 MENA Small 26.9 33.7 n/a (11.0) (1.1) n/a 36.7 38.9 n/a 31.4 24.7 n/a 27.6 34.5 n/a 7.3 6.5 n/a MENA Medium 19.7 20.4 24.8 8.3 (10.2) 5.0 30.2 30.0 34.7 24.1 24.2 27.8 17.7 21.8 21.7 2.5 5.6 3.8 MENA Large 25.0 23.6 21.1 21.9 18.0 18.5 30.5 29.4 29.4 25.5 22.3 24.0 19.4 19.6 18.3 3.3 4.5 5.5 MENA FSS 26.2 28.2 25.9 21.5 16.9 19.4 33.3 33.5 32.2 32.2 26.3 26.5 19.8 20.7 20.0 2.8 4.5 5.1 MENA Non FSS 14.0 15.8 17.0 (31.0) (19.6) (14.8) 30.0 32.1 33.5 23.0 19.7 25.0 21.8 23.2 20.3 7.0 6.6 8.4




EXPENsEsProvision for Loan

Impairment/AssetsOperating

Expense/AssetsPersonnel

Expense/AssetsAdministrativeExpense/Assets

AdjustmentExpense/Assets

PEER GROUP Units % % % % %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 1.5 1.4 1.3 15.1 14.5 13.4 8.2 7.8 7.4 6.8 6.5 6.0 1.7 1.5 1.3 sIMPLE PEER GROUPsAge

New 1.1 1.1 0.9 19.5 18.9 20.6 10.0 9.7 10.9 8.9 7.9 9.0 1.8 2.2 2.2 Young 1.4 1.7 1.1 15.5 16.2 14.9 9.3 8.3 8.3 6.8 7.0 6.5 1.6 1.6 1.5 Mature 1.6 1.4 1.4 13.6 13.6 12.8 7.3 7.5 7.0 6.5 6.3 5.8 1.7 1.4 1.2

Charter TypeBank 1.4 1.5 1.3 11.5 11.1 9.7 5.1 5.4 5.1 5.7 5.7 5.1 1.2 0.9 0.8 Credit Union 2.0 1.5 1.6 9.5 10.3 10.9 4.7 4.5 4.6 4.7 5.5 6.0 0.5 0.5 0.7 NBFI 1.5 1.5 1.2 15.2 15.0 13.4 8.2 8.5 7.5 6.5 6.6 6.0 1.7 1.6 1.4 NGO 1.4 1.5 1.5 19.7 18.2 17.9 10.9 10.5 10.4 8.0 7.8 7.5 2.0 1.7 1.5 Rural Bank 1.5 1.1 1.0 10.6 10.4 9.1 4.9 4.8 4.4 4.8 4.9 4.5 2.7 1.9 1.6

Financial IntermediationNon FI 1.5 1.5 1.3 18.2 17.0 16.6 10.4 9.9 9.1 7.6 7.3 6.7 1.9 1.8 1.5 Low FI 1.1 1.2 1.3 15.4 14.2 11.9 8.0 7.5 7.6 7.2 6.5 5.5 3.0 2.6 2.2 High FI 1.7 1.4 1.3 11.4 10.9 10.3 5.1 4.9 4.8 5.7 5.8 5.5 1.2 0.8 0.8

MethodologyIndividual 1.7 1.5 1.4 12.1 11.9 11.1 6.1 5.8 5.6 5.8 5.7 5.5 1.4 1.1 1.0 Individual/Solidarity 1.5 1.5 1.3 16.4 15.8 14.7 9.2 9.0 8.2 7.2 7.0 6.2 2.1 2.0 1.6 Solidarity 0.9 0.9 0.9 19.1 15.0 17.4 9.8 8.1 10.1 6.9 6.2 7.6 1.9 1.7 1.2 Village Banking 1.4 1.1 1.3 23.7 25.1 19.1 13.5 12.7 11.0 10.2 9.6 8.1 1.7 1.6 1.1

OutreachSmall (Outreach) 1.4 1.4 1.1 16.6 16.5 14.4 9.6 8.9 7.9 7.3 7.3 6.4 2.4 2.2 1.8 Medium (Outreach) 1.7 1.7 1.6 16.0 16.1 16.6 8.5 9.2 8.9 7.3 7.5 7.1 1.7 1.8 1.4 Large (Outreach) 1.4 1.4 1.3 12.1 11.5 11.2 5.9 6.0 5.8 5.4 5.4 5.0 1.2 0.9 0.8

Profit statusProfit 1.5 1.4 1.2 12.6 13.3 11.7 6.0 6.5 5.9 6.4 6.6 5.7 1.5 1.2 1.1 Not for Profit 1.5 1.4 1.4 16.6 15.5 14.7 9.8 8.8 8.4 7.0 6.5 6.2 1.8 1.7 1.4

RegionAfrica 1.7 1.4 1.5 15.9 15.3 15.8 8.5 8.1 8.2 8.1 8.0 8.1 2.8 2.3 2.2 Asia 1.5 1.2 1.0 12.2 11.6 11.3 5.9 6.0 5.9 5.7 5.1 4.9 1.7 1.6 1.5 ECA 1.1 1.3 1.0 15.6 14.6 13.2 8.2 8.3 7.1 6.1 6.3 5.6 1.7 1.9 1.7 LAC 1.8 1.7 1.6 16.1 15.8 14.4 9.2 8.8 7.9 6.9 6.9 6.3 1.3 1.1 0.8 MENA 0.7 0.9 0.5 15.5 15.2 15.0 9.8 10.3 9.9 6.2 4.8 4.6 1.7 3.5 2.5

scaleSmall (Scale) 1.4 1.3 1.4 20.1 20.8 20.5 11.8 11.9 11.0 8.7 9.0 8.0 2.7 2.7 2.5 Medium (Scale) 1.5 1.6 1.4 15.7 16.6 17.2 8.8 9.1 9.3 7.4 7.3 7.0 1.8 2.1 1.6 Large (Scale) 1.6 1.4 1.3 11.9 11.4 11.3 5.8 5.8 5.7 5.4 5.3 5.3 1.1 1.0 0.9

sustainabilityFSS 1.2 1.3 1.1 14.0 13.6 12.3 7.8 7.5 6.8 6.1 6.0 5.5 1.0 1.1 0.9 Non-FSS 2.2 2.4 2.2 18.0 16.8 16.7 9.8 9.1 8.6 8.2 8.0 7.6 3.9 4.0 3.4

Target MarketLow end 1.4 1.3 1.3 20.2 19.4 19.6 11.8 11.3 11.4 8.0 7.9 7.5 1.7 1.8 1.5 Broad 1.6 1.6 1.4 13.7 13.7 12.9 7.3 7.5 6.9 6.4 6.4 5.9 1.9 1.4 1.2 High end 1.6 1.5 0.9 10.4 10.7 9.7 5.6 5.4 4.5 5.3 4.9 5.0 1.1 0.8 1.1 Small Business 1.2 1.3 1.0 9.8 9.0 9.8 4.4 4.5 4.7 5.1 4.7 4.5 1.8 0.9 0.8

COMPOUND PEER GROUPsAfrica Small 0.9 1.0 1.3 18.2 24.5 16.7 9.3 13.7 9.5 8.5 10.1 7.7 4.6 2.6 4.3 Africa Medium 1.7 1.3 1.6 24.8 20.1 19.8 13.0 9.1 11.3 10.0 9.4 8.7 2.8 3.9 3.7 Africa Large 2.5 2.4 1.6 12.1 13.5 14.4 5.3 5.6 5.3 6.6 7.4 8.2 1.9 1.5 1.8 Africa FSS 0.8 1.1 1.3 15.5 13.5 15.9 8.9 6.1 8.4 7.4 7.6 7.5 1.7 1.2 1.1 Africa Non FSS 3.1 1.6 1.9 16.4 19.6 15.8 7.3 11.2 7.5 8.3 9.4 8.5 3.2 4.5 3.9 Asia Small 1.4 1.4 2.3 12.8 16.9 16.2 7.2 8.0 7.7 7.2 8.7 8.4 2.1 3.7 1.9 Asia Medium 1.7 1.5 1.4 12.6 11.9 11.2 5.7 5.5 5.1 7.1 5.7 5.1 1.8 1.6 1.2 Asia Large 1.1 1.0 0.9 11.3 10.8 11.3 5.7 5.6 5.9 4.5 4.6 4.8 1.3 1.1 1.2 Asia FSS 0.9 0.9 0.7 10.8 11.4 11.3 5.3 5.8 5.8 3.7 5.0 4.6 0.9 1.2 0.9 Asia Non FSS 3.1 3.5 3.3 15.9 11.9 11.3 7.8 6.2 5.9 7.5 5.7 5.9 4.0 4.1 3.3 ECA Small 1.1 1.6 1.0 19.7 19.6 16.7 12.4 11.1 10.9 8.9 7.9 8.0 3.5 3.2 3.6 ECA Medium 0.8 1.3 1.2 17.3 16.8 17.0 10.1 9.6 9.1 7.8 7.3 6.5 2.4 4.3 2.9 ECA Large 1.2 1.2 0.9 10.1 9.8 10.4 5.0 5.0 5.6 4.9 4.7 4.8 1.1 1.3 1.0 ECA FSS 1.1 1.1 0.8 12.7 13.0 11.7 7.7 7.0 6.7 5.4 5.2 4.9 1.2 1.4 1.1 ECA Non FSS 1.7 1.6 1.4 18.0 18.1 17.4 10.4 9.5 8.8 8.2 7.3 8.2 5.9 3.6 3.3 LAC Small 1.7 1.5 1.5 22.8 21.9 23.6 13.0 11.9 13.5 9.6 9.6 7.9 2.5 2.7 1.7 LAC Medium 1.6 2.0 1.7 16.5 20.3 19.1 9.3 10.5 10.7 7.3 8.8 8.7 1.5 1.3 1.2 LAC Large 1.9 1.7 1.6 12.2 12.1 11.2 5.9 5.9 5.7 5.9 6.0 5.3 0.8 0.4 0.3 LAC FSS 1.7 1.6 1.6 15.1 14.7 13.7 8.3 8.2 7.5 6.6 6.4 6.0 0.9 0.8 0.6 LAC Non FSS 2.5 3.0 3.3 20.0 22.1 20.2 11.7 11.9 11.0 8.6 9.9 10.5 3.5 3.9 2.0 MENA Small 0.8 0.4 n/a 22.0 25.3 n/a 11.9 14.3 n/a 9.1 9.9 n/a 3.4 5.8 n/a MENA Medium 0.9 0.9 0.5 14.9 14.5 17.8 9.7 8.9 12.4 5.2 4.5 5.6 1.6 4.0 3.0 MENA Large 0.6 1.0 0.6 15.0 13.6 10.8 8.6 9.0 7.1 6.4 4.6 3.8 0.8 2.7 1.9 MENA FSS 0.7 0.7 0.7 15.5 15.8 15.0 9.9 10.7 9.9 6.4 5.4 4.6 0.9 2.4 1.6 MENA Non FSS 0.7 1.6 0.4 15.0 13.6 16.3 8.5 8.5 11.4 5.0 4.2 4.3 3.1 5.4 3.8

Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)

38




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)EFFICIENCY

Operating Expense/ Loan Portfolio

Personnel Expense/ Loan Portfolio

Average Salary/ GNI per Capita

Cost per Borrower Cost per Loan Cost per Borrower/ GNI per Capita

PEER GROUP Units % % x USD USD %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 20.6 18.7 18.1 11.2 10.2 9.4 4.3 4.2 3.9 108 111 126 106 110 122 6.4 6.6 6.4 sIMPLE PEER GROUPsAge

New 31.9 27.8 32.7 16.5 15.5 20.4 4.6 5.3 4.6 131 110 120 131 110 120 12.7 19.8 17.9 Young 20.7 20.6 19.8 11.8 10.4 10.4 4.5 4.3 4.2 120 116 141 118 117 139 6.5 7.4 7.1 Mature 18.4 17.9 16.9 9.7 9.9 9.2 3.8 4.1 3.8 103 111 124 99 105 120 5.6 5.8 5.8

Charter TypeBank 17.5 16.8 14.1 7.5 7.5 7.5 5.6 5.0 5.0 264 282 274 280 261 236 17.3 17.0 14.4 Credit Union 12.9 14.0 14.1 5.7 5.8 5.8 3.4 3.8 3.7 162 199 231 158 171 199 6.5 7.5 7.5 NBFI 19.5 18.4 16.6 10.3 10.4 9.3 5.5 5.5 5.2 143 137 147 129 127 138 8.0 8.8 7.6 NGO 25.4 24.0 22.5 14.8 13.2 13.0 3.0 3.3 3.2 80 78 87 79 78 88 4.3 4.4 3.9 Rural Bank 16.3 16.9 16.6 7.5 9.1 8.5 3.1 2.9 2.8 62 76 98 63 75 98 5.2 6.3 5.9

Financial IntermediationNon FI 23.4 21.6 20.6 13.7 12.7 11.8 4.0 4.0 3.6 96 102 114 96 101 113 5.6 5.8 5.0 Low FI 21.5 17.8 15.0 11.4 10.3 9.7 5.6 6.4 6.6 30 37 41 30 29 38 6.0 7.5 6.6 High FI 15.3 15.9 15.2 7.2 7.1 6.9 4.3 4.2 4.2 159 170 191 146 155 173 8.4 9.6 8.9

MethodologyIndividual 15.5 15.0 13.9 7.5 7.5 6.9 4.3 4.1 3.9 157 190 208 147 172 187 7.7 7.6 7.8 Individual/ Solidarity 23.4 21.2 19.7 13.2 11.7 10.3 4.6 4.9 4.3 104 105 112 103 103 110 6.9 7.4 6.6 Solidarity 30.4 24.9 23.2 15.3 13.1 15.4 3.6 3.2 3.2 30 32 30 28 29 30 3.5 2.8 2.6 Village Banking 32.4 28.6 24.2 18.1 16.2 13.8 2.7 2.9 3.2 53 59 65 53 58 64 3.3 3.2 3.0

OutreachSmall (Outreach) 23.4 21.4 19.1 12.8 11.8 11.1 4.3 3.7 3.2 144 140 155 139 139 151 7.5 7.4 6.4 Medium (Outreach) 22.6 22.6 21.8 12.4 12.7 11.7 4.8 4.9 5.6 101 111 127 98 104 127 6.8 7.5 8.6 Large (Outreach) 16.4 15.7 14.3 8.4 8.4 8.0 3.6 4.3 4.0 61 73 92 58 69 89 4.4 5.0 5.0

Profit statusProfit 18.5 18.2 17.0 9.3 9.6 8.7 5.2 5.2 4.8 134 137 146 124 131 134 9.1 10.0 8.5 Not for Profit 21.9 19.3 18.7 12.4 10.9 10.2 3.7 3.8 3.7 103 106 117 101 102 116 5.5 5.6 5.1

RegionAfrica 36.2 33.4 28.6 18.3 16.6 13.8 13.8 14.6 12.5 93 97 114 76 93 114 17.9 19.1 21.7 Asia 17.2 15.9 15.0 9.3 8.8 8.8 2.5 2.6 2.6 30 38 42 27 34 41 3.3 3.7 3.7 ECA 19.1 17.9 15.3 10.3 9.8 8.5 4.6 4.8 4.2 199 239 280 198 229 265 10.9 11.2 10.4 LAC 20.6 19.0 18.2 10.7 10.2 9.9 4.6 4.2 3.9 143 140 148 128 137 143 6.0 6.3 6.0 MENA 21.9 21.0 19.9 14.0 13.4 14.0 3.0 3.8 3.2 57 64 68 57 62 66 3.2 3.1 2.8

scaleSmall (Scale) 29.8 30.0 30.5 16.5 16.9 16.7 3.7 3.1 2.6 83 84 81 83 84 80 5.5 5.9 4.9 Medium (Scale) 22.0 21.1 21.6 12.3 11.9 11.8 4.3 4.2 3.8 114 111 126 108 108 120 7.1 6.4 6.0 Large (Scale) 15.1 14.9 14.7 7.6 7.5 7.6 4.8 4.7 4.6 143 152 147 131 145 142 6.8 7.9 7.4

sustainabilityFSS 17.5 17.3 15.7 9.8 9.4 8.8 3.8 4.2 3.9 109 116 129 106 114 124 5.7 6.3 6.0 Non-FSS 27.4 25.2 22.8 15.0 13.2 12.2 5.3 4.1 3.6 106 106 120 105 102 112 9.2 7.7 8.3

Target MarketLow end 28.3 27.3 25.3 16.4 15.9 15.2 2.8 2.7 2.8 48 49 57 47 48 54 3.3 3.3 2.8 Broad 18.0 17.9 16.3 9.4 9.2 8.7 4.9 4.8 4.5 143 141 152 133 136 145 8.4 8.8 8.0 High end 15.4 12.9 13.7 7.3 6.9 6.8 8.9 9.9 8.9 256 259 249 262 237 222 26.0 23.0 22.4 Small Business 13.5 13.9 14.1 6.8 6.8 5.9 10.0 11.4 12.5 484 412 379 496 412 374 50.2 78.7 50.2

COMPOUND PEER GROUPsAfrica Small 63.9 61.0 49.2 25.6 27.4 22.7 10.7 9.5 8.8 53 76 104 54 76 104 14.7 15.1 10.0 Africa Medium 41.5 36.4 34.0 20.1 18.2 20.4 15.0 14.6 13.9 93 84 104 77 81 104 17.9 16.2 23.6 Africa Large 17.2 21.5 22.6 6.9 8.9 8.7 14.7 17.1 15.2 118 131 131 118 131 125 20.2 21.3 25.3 Africa FSS 37.9 28.6 31.8 18.9 13.7 17.1 11.5 12.4 15.0 91 109 132 70 109 132 20.2 21.1 28.1 Africa Non FSS 33.4 39.8 23.1 15.9 22.5 11.1 15.0 14.9 11.9 93 87 95 84 86 93 16.5 18.6 15.8 Asia Small 28.1 31.4 28.4 14.2 14.2 13.6 1.6 2.2 2.0 37 58 71 31 58 71 3.0 4.5 4.5 Asia Medium 18.5 17.7 16.0 9.3 9.1 9.3 2.5 2.8 2.9 43 38 53 40 34 41 4.5 4.3 4.1 Asia Large 14.2 14.3 14.3 7.6 8.0 8.6 2.8 2.8 2.9 15 18 26 14 18 23 2.3 2.6 2.8 Asia FSS 14.0 15.5 14.2 7.6 8.5 8.0 1.9 2.6 2.6 21 34 35 21 30 35 2.3 3.4 3.5 Asia Non FSS 28.0 18.6 18.0 14.8 9.1 10.3 3.7 2.7 2.9 51 48 50 51 48 48 4.6 4.7 4.6 ECA Small 24.5 22.8 30.4 14.4 13.3 18.9 3.5 3.1 2.4 133 183 120 133 168 120 11.1 8.1 6.5 ECA Medium 23.4 20.7 18.8 12.7 11.5 10.5 4.6 4.9 3.7 181 205 263 173 194 215 8.6 10.4 7.4 ECA Large 13.1 13.9 13.1 6.9 6.5 6.6 5.4 4.9 5.2 287 324 289 281 324 289 13.7 12.5 11.0 ECA FSS 16.5 15.5 13.8 8.7 9.0 7.6 4.6 4.9 4.6 162 192 206 162 192 198 9.0 11.2 9.1 ECA Non FSS 24.5 21.6 21.9 13.5 11.8 11.4 4.8 4.7 3.7 326 309 393 326 309 393 17.3 10.8 13.9 LAC Small 29.4 28.7 27.8 17.6 15.7 16.5 3.6 3.1 2.7 106 101 87 102 101 87 5.1 4.9 3.9 LAC Medium 22.1 25.7 22.5 11.8 13.3 12.5 5.3 4.3 4.0 145 137 133 137 135 133 7.3 6.9 5.9 LAC Large 15.6 15.4 14.0 7.5 7.5 7.3 5.5 5.0 4.6 164 181 187 151 160 166 6.7 7.6 7.2 LAC FSS 18.7 18.1 16.7 10.2 9.4 9.0 4.6 4.3 4.0 138 153 150 128 142 143 6.0 6.4 6.1 LAC Non FSS 27.3 29.4 25.8 15.6 14.5 13.1 4.8 3.7 3.0 147 128 147 146 128 145 6.4 5.5 5.1 MENA Small 32.9 30.9 n/a 17.8 18.4 n/a 2.7 4.3 n/a 43 53 n/a 43 53 n/a 3.4 4.4 n/a MENA Medium 20.7 21.1 24.2 13.4 17.1 16.3 3.0 3.3 3.0 99 124 82 99 124 82 3.1 2.9 3.0 MENA Large 19.9 15.4 13.8 11.5 10.8 9.8 3.4 3.9 3.6 48 51 66 48 51 62 2.8 2.7 2.7 MENA FSS 21.2 19.2 19.4 13.0 13.0 12.7 3.2 3.9 3.2 66 68 71 63 66 68 2.9 3.3 2.7 MENA Non FSS 31.7 26.3 27.7 16.4 17.3 19.2 2.5 2.7 2.9 43 42 44 43 42 44 4.2 2.9 3.5




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)PRODUCTIVITY

Borrowers per Staff Member

Loans per Staff Member

Borrowers per Loan Officer

Loans per Loan Officer

Voluntary Depositors per Staff Member

Deposit Accounts per Staff Member

Personnel Allocation Ratio

PEER GROUP Units Number Number Number Number Number Number %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007

All MFIs 120 118 120 122 126 124 230 225 221 235 237 232 1 0 0 1 0 0 56.3 55.2 55.1 sIMPLE PEER GROUPsAge

New 92 81 92 96 81 93 196 165 159 200 165 160 0 0 0 0 0 0 57.9 52.8 58.1 Young 119 109 95 120 114 98 237 225 206 239 231 209 0 0 0 0 0 0 56.0 53.8 52.1 Mature 126 128 125 134 134 130 233 236 233 242 246 248 55 3 0 53 3 0 56.6 57.2 55.9

Charter TypeBank 88 86 81 92 87 82 221 229 196 242 232 209 105 112 132 115 115 132 50.0 41.2 44.5 Credit Union 110 106 102 115 121 115 215 194 170 213 195 186 302 166 257 252 187 265 48.7 56.7 52.2 NBFI 120 112 120 129 120 123 233 224 220 243 243 232 0 0 0 0 0 0 56.5 53.4 53.0 NGO 142 144 143 145 147 146 237 248 246 242 260 258 0 0 0 0 0 0 57.3 57.5 58.9 Rural Bank 83 80 76 85 80 77 149 147 169 147 147 173 223 254 231 252 251 235 60.9 65.4 61.7

Financial IntermediationNon FI 133 130 129 133 132 132 231 233 227 236 242 236 0 0 0 0 0 0 57.1 55.7 57.1 Low FI 145 151 153 147 154 163 263 274 296 275 293 300 42 68 90 42 66 93 57.9 52.4 52.1 High FI 90 90 84 96 98 87 198 182 182 204 201 195 168 163 178 174 185 197 51.0 55.1 52.5

MethodologyIndividual 92 89 87 97 97 91 205 190 181 215 202 185 73 77 27 81 77 31 51.6 55.4 53.6 Individual/Solidarity 114 118 119 117 123 121 223 228 226 224 241 228 0 0 0 0 0 0 56.0 53.4 53.0 Solidarity 162 188 197 171 188 209 243 301 295 259 301 305 0 0 0 0 0 0 64.3 63.7 65.0 Village Banking 178 180 177 182 192 182 294 299 310 294 319 320 0 0 0 0 0 0 60.0 62.6 61.4

OutreachSmall (Outreach) 86 84 77 87 85 78 164 159 146 167 159 150 0 0 0 0 0 0 54.9 54.3 53.6 Medium (Outreach) 133 134 120 139 137 124 244 239 212 250 258 225 0 0 0 0 0 0 54.0 54.0 52.8 Large (Outreach) 176 166 172 184 173 184 308 288 284 319 311 302 40 23 1 38 22 1 62.0 59.1 58.3

Profit statusProfit 97 103 103 102 109 108 219 218 212 223 239 230 104 77 68 104 78 76 55.5 51.5 51.7 Not for Profit 133 128 125 140 132 129 232 226 224 238 235 238 0 0 0 0 0 0 57.0 56.9 57.4

RegionAfrica 139 146 131 145 149 136 263 283 262 263 284 275 86 97 133 90 97 133 51.5 53.2 53.7 Asia 142 135 141 146 145 145 227 232 249 231 240 265 5 3 2 3 2 3 66.7 65.4 61.4 ECA 80 73 74 80 75 75 159 172 174 165 174 174 0 0 0 0 0 0 51.5 46.0 43.0 LAC 121 125 122 131 132 127 252 241 225 263 260 239 32 18 0 38 18 0 50.0 55.6 56.1 MENA 150 148 167 150 148 167 221 224 217 221 224 218 0 0 0 0 0 0 68.9 63.1 63.0

scaleSmall (Scale) 114 102 99 117 103 99 223 185 167 229 185 168 0 0 0 0 0 0 55.4 54.5 57.7 Medium (Scale) 117 128 123 119 131 126 216 227 227 221 231 238 0 0 0 0 0 0 56.0 54.8 52.2 Large (Scale) 140 134 125 144 145 136 242 245 235 271 271 257 70 23 1 63 22 1 56.6 56.8 56.2

sustainabilityFSS 132 121 123 138 128 129 238 230 230 250 246 249 7 0 0 5 0 0 57.0 55.9 57.0 Non-FSS 109 110 108 111 111 114 205 204 186 208 208 186 0 0 0 0 0 0 53.5 53.9 52.7

Target MarketLow end 165 166 171 173 171 173 267 283 292 280 295 307 0 0 0 0 0 0 61.0 60.7 59.5 Broad 108 104 105 110 109 111 213 208 205 219 218 221 52 4 0 50 3 0 52.5 54.0 54.0 High end 55 63 64 54 63 65 121 169 144 121 174 148 31 57 124 31 57 124 54.5 44.2 47.0 Small Business 38 36 50 40 43 50 85 96 124 80 102 139 55 102 124 65 102 133 44.2 51.4 40.9

COMPOUND PEER GROUPsAfrica Small 131 106 90 132 109 90 273 226 251 277 226 251 90 10 24 133 10 24 50.0 53.5 57.1 Africa Medium 144 166 137 146 167 137 258 284 259 254 287 259 17 23 10 10 32 10 53.6 53.9 50.6 Africa Large 145 153 137 152 153 143 273 314 276 281 314 295 197 177 167 203 210 167 54.6 51.4 53.2 Africa FSS 128 143 120 145 143 125 276 264 250 293 277 250 174 210 228 203 213 231 52.4 51.7 53.2 Africa Non FSS 144 149 144 144 151 151 254 285 285 252 288 297 38 10 24 35 20 24 51.5 53.9 55.9 Asia Small 101 77 67 101 77 67 183 154 113 183 154 113 20 90 71 20 90 71 64.4 66.7 63.4 Asia Medium 132 144 134 140 146 146 222 239 297 223 260 301 43 5 89 58 3 89 67.9 62.2 57.6 Asia Large 178 168 163 187 191 166 238 282 269 277 288 277 0 0 1 0 0 1 70.3 66.6 61.9 Asia FSS 163 146 160 176 156 165 236 240 270 259 276 292 7 3 1 2 3 1 68.0 65.4 62.5 Asia Non FSS 120 118 118 121 118 119 210 208 219 210 208 231 4 0 29 7 0 31 64.1 65.3 58.7 ECA Small 64 66 66 64 68 66 135 134 205 135 146 205 0 0 0 0 0 0 39.3 45.5 37.8 ECA Medium 80 71 67 80 75 71 161 153 144 162 153 147 0 0 0 0 0 0 56.0 52.2 43.4 ECA Large 88 75 79 87 76 79 191 200 195 191 200 195 7 0 0 6 0 0 50.0 43.0 43.9 ECA FSS 90 80 87 90 80 88 174 191 212 174 191 212 0 0 0 0 0 0 51.8 45.5 43.3 ECA Non FSS 42 54 55 43 54 55 110 116 121 110 122 121 0 0 0 0 0 0 41.9 51.5 42.4 LAC Small 120 115 120 121 118 123 251 250 176 251 251 178 0 0 0 0 0 0 56.4 54.1 61.5 LAC Medium 115 121 127 119 129 127 235 233 238 242 244 238 0 0 0 0 0 0 48.6 52.6 52.2 LAC Large 134 136 124 144 152 140 315 241 232 319 272 262 117 103 86 133 105 93 46.7 59.7 60.3 LAC FSS 134 122 125 144 132 137 267 241 228 289 262 250 46 37 0 50 45 0 51.5 57.7 58.3 LAC Non FSS 101 130 117 109 130 117 206 241 221 213 241 221 0 0 0 0 0 0 49.3 51.4 53.2 MENA Small 178 133 n/a 178 133 n/a 252 200 n/a 252 200 n/a 0 0 n/a 0 0 n/a 67.6 64.6 n/a MENA Medium 133 84 127 133 84 127 185 147 194 185 147 194 0 0 0 0 0 0 65.2 62.7 62.2 MENA Large 185 220 194 187 220 195 222 344 256 223 363 263 0 0 0 0 0 0 81.6 61.8 69.0 MENA FSS 174 185 188 177 196 189 259 283 249 259 287 255 0 0 0 0 0 0 74.8 67.6 70.3 MENA Non FSS 84 84 75 84 84 75 171 153 140 171 153 140 0 0 0 0 0 0 64.6 56.0 52.3

40




Trend Lines 2005 – 2007 MFI Benchmarks (Median Values)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

PEER GROUP Units % % % % % %Year 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007


New 1.2 0.9 2.1 0.5 0.4 0.6 0.3 0.5 0.3 0.2 0.4 0.3 98.8 150.1 81.2 8.3 7.8 6.3 Young 1.6 2.1 1.9 0.9 1.0 0.9 0.9 1.1 1.0 0.8 0.8 0.8 96.4 99.4 104.4 8.0 5.2 5.2 Mature 4.0 3.2 2.9 2.3 1.6 1.5 1.7 1.4 1.5 1.2 1.1 1.3 82.6 88.9 95.6 8.5 6.5 5.8


Financial IntermediationNon FI 2.1 2.2 2.2 1.0 1.1 1.1 0.9 0.9 1.0 0.7 0.7 0.8 93.3 96.1 105.1 5.9 5.1 5.2 Low FI 2.1 1.6 2.0 0.7 0.9 1.0 1.0 1.2 1.0 0.8 0.9 0.7 100.0 111.8 90.1 10.6 7.3 7.0 High FI 5.1 4.0 3.7 3.2 2.6 2.1 1.8 1.9 2.2 1.5 1.6 1.8 70.6 80.4 75.7 11.2 7.7 6.6




RegionAfrica 4.8 4.4 4.0 2.3 1.9 1.7 1.5 1.8 1.8 1.4 1.7 1.5 60.3 65.2 61.4 13.4 10.6 13.4 Asia 2.3 2.2 2.1 0.7 1.0 1.4 0.7 0.8 1.0 0.6 0.7 0.9 84.8 84.7 84.9 12.6 5.4 5.3 ECA 1.1 1.3 1.0 0.6 0.6 0.5 0.6 0.7 0.5 0.4 0.5 0.3 115.8 132.1 143.6 4.9 4.6 3.3 LAC 4.1 3.6 3.2 2.5 2.0 1.7 1.5 1.7 1.9 1.2 1.3 1.7 90.5 96.8 101.3 6.6 6.6 5.8 MENA 0.7 1.2 1.4 0.3 0.3 0.6 0.3 0.5 0.6 0.3 0.2 0.5 81.8 82.8 82.5 7.6 4.0 4.5

scaleSmall (Scale) 3.2 4.2 3.7 1.5 1.7 1.7 0.9 1.1 1.7 0.6 0.7 1.2 83.8 84.7 78.8 11.4 9.1 10.0 Medium (Scale) 2.6 2.6 2.5 1.4 1.3 1.3 1.1 1.5 1.5 0.9 1.1 1.2 90.5 90.2 91.4 8.0 5.7 6.0 Large (Scale) 2.3 2.3 2.3 1.1 1.1 1.3 1.6 1.1 1.1 1.1 0.9 0.9 95.2 107.6 104.9 5.8 5.0 5.0

sustainabilityFSS 2.1 2.2 2.0 1.0 1.1 1.0 1.0 1.0 1.0 0.7 0.8 0.9 97.5 104.4 109.0 7.1 5.6 5.3 Non-FSS 4.6 4.6 4.4 2.4 2.4 2.2 1.8 1.8 2.2 1.3 1.5 1.8 77.3 73.7 72.4 10.6 7.8 7.9

Target MarketLow end 2.3 2.2 2.0 1.0 1.1 1.1 1.0 0.8 1.1 0.8 0.7 1.0 86.1 92.9 90.7 8.8 6.5 6.6 Broad 2.9 2.8 2.8 1.6 1.5 1.4 1.3 1.5 1.5 1.0 1.1 1.2 94.8 94.1 98.6 8.2 5.9 5.2 High end 2.6 2.3 2.8 0.9 1.1 1.3 0.8 1.2 0.9 0.5 0.9 0.5 69.1 131.3 101.9 7.3 5.7 7.7 Small Business 2.8 3.6 3.1 1.5 2.4 1.6 2.4 0.8 1.4 1.8 0.8 1.1 89.9 68.4 83.2 5.4 7.5 6.7

COMPOUND PEER GROUPsAfrica Small 4.6 4.8 5.4 1.6 2.1 1.8 1.3 1.5 1.8 1.0 1.5 1.8 60.8 84.8 57.0 22.5 18.0 18.4 Africa Medium 3.9 3.0 2.4 2.3 1.5 1.1 1.5 1.6 2.2 1.4 1.1 1.9 68.7 57.0 75.1 13.1 8.6 12.6 Africa Large 5.6 4.6 4.5 2.7 2.2 2.3 2.0 2.0 1.7 2.0 1.9 1.5 51.2 60.5 59.4 10.0 8.3 10.3 Africa FSS 3.6 3.6 3.3 1.5 1.7 1.4 1.0 1.7 1.4 1.0 1.6 1.1 50.5 61.8 70.1 10.6 8.8 10.3 Africa Non FSS 5.4 5.3 6.5 3.4 2.7 2.5 1.9 1.9 2.2 1.9 1.8 1.8 61.1 65.2 59.5 15.3 11.4 14.2 Asia Small 2.4 5.0 3.2 1.0 2.5 1.9 0.0 1.3 1.7 0.0 0.6 1.7 82.2 73.6 56.3 18.4 17.7 29.0 Asia Medium 2.6 2.2 2.4 1.4 1.4 1.6 0.7 2.2 2.8 0.4 2.1 2.4 84.8 75.9 69.4 12.9 5.7 6.1 Asia Large 0.8 1.1 1.5 0.3 0.7 0.7 1.0 0.7 0.7 0.9 0.7 0.6 107.9 100.3 99.4 6.2 4.5 3.5 Asia FSS 1.5 1.9 0.9 0.5 0.9 0.6 0.2 0.7 0.7 0.2 0.5 0.6 91.3 96.8 90.1 11.5 5.4 5.3 Asia Non FSS 3.6 4.5 5.2 1.5 1.5 2.6 2.6 2.5 2.9 2.2 2.5 2.6 83.8 63.7 80.7 12.8 5.1 5.5 ECA Small 1.3 1.3 0.3 0.9 0.8 0.2 0.2 0.8 0.3 0.2 0.8 0.3 95.3 102.0 345.7 6.0 4.8 5.5 ECA Medium 1.3 1.5 1.9 0.7 0.5 0.5 0.7 0.6 0.5 0.4 0.5 0.3 101.9 94.1 122.3 5.2 4.0 4.1 ECA Large 0.8 1.2 0.9 0.4 0.6 0.5 0.8 0.7 0.6 0.6 0.4 0.3 194.4 188.6 146.7 4.2 4.8 2.7 ECA FSS 1.1 1.2 0.9 0.5 0.6 0.4 0.5 0.5 0.3 0.4 0.4 0.3 117.1 146.8 170.0 5.0 4.9 2.7 ECA Non FSS 1.1 1.6 2.5 0.7 0.6 1.3 0.6 1.1 1.5 0.3 0.6 1.2 101.9 100.0 82.4 4.4 3.5 6.7 LAC Small 4.2 4.6 4.1 2.2 2.0 1.9 1.1 1.2 1.6 0.8 0.6 1.0 87.7 84.9 87.5 7.9 7.0 6.0 LAC Medium 3.7 3.5 3.0 2.5 2.1 1.6 1.6 1.6 1.7 1.4 1.2 1.6 96.4 102.3 106.6 5.3 6.1 5.3 LAC Large 4.6 3.5 3.0 3.1 2.0 1.8 2.0 2.0 2.1 1.8 1.8 1.8 87.6 106.6 103.4 5.8 6.8 6.2 LAC FSS 3.5 3.1 2.9 2.4 1.7 1.6 1.4 1.7 1.8 1.1 1.3 1.6 97.5 106.9 107.3 6.6 6.5 5.8 LAC Non FSS 6.0 5.0 4.9 4.1 3.2 3.2 1.9 1.7 2.3 1.3 1.1 2.0 66.8 75.8 77.4 6.4 7.8 6.2 MENA Small 0.4 2.2 n/a 0.4 1.7 n/a 0.1 0.4 n/a 0.1 0.1 n/a 90.4 59.7 n/a 9.7 7.3 n/a MENA Medium 1.0 2.3 1.5 0.5 0.9 0.7 1.1 0.5 0.6 1.0 0.2 0.5 84.3 64.0 73.7 9.5 5.0 10.5 MENA Large 0.3 0.4 0.9 0.1 0.2 0.4 0.3 0.5 0.5 0.3 0.3 0.4 55.1 283.9 87.4 1.4 3.1 3.3 MENA FSS 0.6 0.5 0.9 0.2 0.3 0.3 0.3 0.5 0.4 0.3 0.2 0.4 86.7 96.1 91.0 5.6 3.8 6.9 MENA Non FSS 1.8 6.0 3.0 0.7 3.7 2.0 2.1 0.4 1.1 0.5 0.2 0.9 81.3 68.9 75.7 12.7 5.6 2.5

MICROBANKING BULLETIN, IssUE 18, spRING 2009 BULLETIN TABLEs


Index of Terms and Definitions (Balance sheet)

Terms Definitions

Cash and Due from Banks Cash, petty cash, balances in banks, including non-interest bearing deposits

Reserves from Central Bank Cash reserves in a central bank

Trade Investments Treasury bills and other short term investments, including interest-bearing deposits, convertible to cash within 12 months. Usually used in liquidity management.

Net Loan Portfolio Gross loan portfolio minus impairment loss allowance

Gross Loan Portfolio All outstanding principal for all outstanding client loans, including current, delinquent and restructured loans, but not loans that have been written off. It does not include interest receivable. It does not include employee loans.

(Impairment Loss Allowance) The portion of the gross loan portfolio that has been expensed (provisioned for) in anticipation of losses due to default. This item represents the cumulative value of the provision for loan impairment, less the cumulative value of loans written off.

Interest Receivable Interest receivable on all asset accounts. Recorded by institutions using accrual accounting.

Accounts Receivable and Other Assets

Accounts receivable, notes receivables and other receivables. This includes all receivables other than client loan accounts, including employee loans.

Other Investments Long term investments not convertible to cash within 12 months

Net Fixed Assets The purchase value of property, plant and equipment, less accumulated depreciation. This includes intangibles, such as MIS development or goodwill, less accumulated amortization.

TOTAL AssETs Total of all net asset accounts

Demand Deposits Total of voluntary and compulsory deposits

Voluntary Deposits Demand deposits from the general public and members that are not maintained as a condition for accessing a current or future loan and are held with the institution

Compulsory Deposits Client deposit accounts that are maintained as a condition for a current or future loan and are held with the institution

Time Deposits Certificates of deposit or other fixed term deposits

Borrowings Total of commercial and concessional borrowings

Borrowings at Concessional Interest Rates

Principal balance of all borrowings, including overdraft accounts, for which the institution pays a nominal rate of interest that is less than the local commercial interest rate

Borrowings at Commercial Interest Rates

Principal balance of all borrowings, including overdraft accounts, for which the institution pays a nominal rate of interest that is greater than to or equal to the local commercial interest rate

Interest Payable Interest payable on all liability accounts. Recorded by institutions using accrual accounting.

Accounts Payable and Other Liabilities

Other liabilities including tax and salary liabilities, social withholdings, deferred revenue, other ac-counts payable, including liabilities that do not fund the portfolio, such as mortgages on real estate.

TOTAL LIABILITIEs Total of all liability accounts

Paid-in Captial Capital paid by shareholders or members

Donated Equity Accumulated donations

Prior Years Accumulated donations from prior periods

Current Year Donations from the current year

Retained Earnings Accumulated net income after taxes and before donations

Prior Years Accumulated net income after taxes and before donations from prior periods

Current Year Net income after taxes and before donations from the current year

Adjustments to Equity Value of all adjustments, including inflation adjustment

Inflation Adjustment Value of inflation adjustment expense

Subsidized Costs of Funds Adjustment

Value of subsidized cost of funds adjustment expense

In-Kind Subsidy Adjustment Value of in-kind subsidy adjustment

Reserves Reserves such as those imposed by law or statute.

Other Equity Accounts Other equity accounts not included elsewhere

TOTAL EQUITY Total of all equity accounts

TOTAL LIABILITIEs AND EQUITY Total of total liabilities and total equity

42

MICROBANKING BULLETIN, IssUE 18, spRING 2009BULLETIN TABLEs


Terms Definitions

Financial Revenue Total of revenue from loan portfolio and other financial assets, as well as other financial revenue from financial services

Financial Revenue from Loan Portfolio

Total interest, fees and commission on loan portfolio

Interest on Loan Portfolio Interest earned on loan portfolio

Fees and Commissions on Loan Portfolio

Penalties, commissions and other fees charged on loan portfolio

Financial Revenue from Investments Net gains on other financial assets

Other Operating Revenue Other revenue from provision of financial services, including revenue from insurance or transfer services or non-financial revenue from the provision of financial services, such as the sale of passbooks or SmartCards. This account also include net exchange gains.

Financial Expense Total of financial expense on liabilities, net inflation adjustment, cost-of-funds adjustment and other expenses from financial services

Financial Expense on Funding Liabilities

Total of interest and fees paid on deposits and borrowings

Interest and Fee Expense on Deposits

Interest and fees paid on demand or term deposits

Interest and Fee Expense on Borrowings

Interest and fees paid on borrowings

Net Adjustment for Inflation Reserved for institutions that use inflation based accounting. Net amount of inflation adjustment.

Inflation Adjustment to Equity Cost of maintaining the value of the institution’s equity

Inflation Adjustment to Fixed Assets

Gain on the value of fixed assets due to inflation

Adjustment for Subsidized Cost of Funds

Adjustment expense for difference between market rate and concessional rate on borrowings

Other Financial Expense Other expenses from provision of financial services, including non-financial expenses on financial products, as well as net exchange depreciation

NET FINANCIAL INCOME Financial revenue minus financial expense

Impairment Losses on Loans Sum of provision for loan impairment and recovery on loans written off

Provision for Loan Impairment Provision for loan impairment for the period

Value of Loans Recovered Total recovery on loans written off

Operating Expense Total of personnel expense and administrative expense

Personnel Expense Salaries, withholdings, fringe benefits and personnel taxes paid on all those who work for the institution

Administrative Expense Total of rent and utilities, transportation, office supplies, depreciation and other administrative expenses

Rent and Utilities Rent and utility charges

Transportation Transportation of staff to attend to clients and to manage operations

Office Supplies Printed matter, supplies, photocopies, books, etc.

Depreciation and Amortization Allowance for deterioration, eventual replacement of equipment

Other Administrative Expense Other non-personnel administrative expenses

NET OpERATING INCOME Financial revenue less financial expense, net loan loss provision expense and operating expense

Net Non-Operating Income Non-operating Revenue less Non-operating Expense

Non-Operating Revenue Revenue from activity unrelated to the MFI’s core activity of providing financial services. This could include consulting income, sale of IT products, or fees for business development services (BDS).

Non-Operating Expense Expenses from activity unrelated to the MFIs core activity of providing financial services, such as BDS development costs or consulting expenses

NET INCOME (BEFORE TAXEs AND DONATIONs)

Net operating income less net non-operating income

Taxes Includes all taxes paid on Net Income or other measure of profits as defined by local tax authorities.

NET INCOME (AFTER TAXEs AND BEFORE DONATIONs)

Net income (before taxes and donations) less taxes

Donations Donations made to the MFI to subsidize its operations

NET INCOME (AFTER TAXEs AND DONATIONs)

Net income (after taxes and before donations) plus donations.

Index of Terms and Definitions (Income statement)



INSTITUTIONAL CHARACTERISTICS

Number of MFIs Sample Size of Group

Age Years Functioning as an MFI

Total Assets Total Assets, adjusted for Inflation and standardized provisioning for loan impairment and write-offs

Offices Number, including head office

Personnel Total number of staff members

FINANCING STRUCTURE

Capital/Asset Ratio Adjusted Total Equity/Adjusted Total Assets

Commercial Funding Liabilities Ratio (Voluntary and Time Deposits + Borrowings at Commercial Interest Rates)/Adjusted Average Gross Loan Portfolio

Debt to Equity Adjusted Total Liabilities/Adjusted Total Equity

Deposits to Loans Voluntary Deposits/Adjusted Gross Loan Portfolio

Deposits to Total Assets Voluntary Deposits/Adjusted Total Assets

Portfolio to Assets Adjusted Gross Loan Portfolio/Adjusted Total Assets

OUTREACH INDICATORS

Number of Active Borrowers Number of borrowers with loans outstanding, adjusted for standardized write-offs

Percent of Women Borrowers Number of active women borrowers/Adjusted Number of Active Borrowers

Number of Loans Outstanding Number of loans outstanding, adjusted for standardized write-offs

Gross Loan Portfolio Gross Loan Portfolio, adjusted for standardized write-offs

Average Loan Balance per Borrower Adjusted Gross Loan Portfolio/Adjusted Number of Active Borrowers

Average Loan Balance per Borrower/GNI per Capita Adjusted Average Loan Balance per Borrower/GNI per Capita

Average Outstanding Balance Adjusted Gross Loan Portfolio/Adjusted Number of Loans Outstanding

Average Outstanding Balance/GNI per Capita Adjusted Average Outstanding Balance GNI per Capita

Number of Voluntary Depositors Number of depositors with voluntary deposit and time deposit accounts

Number of Voluntary Deposit Accounts Number of voluntary deposit and time deposit accounts

Voluntary Deposits Total value of voluntary deposit and time deposit accounts

Average Deposit Balance per Depositor Voluntary Deposits/Number of Voluntary Depositors



Average Deposit Account Balance Voluntary Depositors/Number of Voluntary Deposit Accounts

Average Deposit Account Balance/GNI per capita Average Deposit Account Balance/GNI per capita

MACROECONOMIC INDICATORS

GNI per Capita Total income generated by a country’s residents, irrespective of location/Total number of residents

GDP Growth Rate Annual growth in the total output of goods and services occurring within the territory of a given country

Deposit Rate Interest rate offered to resident customers for demand, time, or savings deposits

Inflation Rate Annual change in average consumer prices

Financial Depth Money aggregate including currency, deposits and electronic currency (M3)/GDP

OVERALL FINANCIAL PERFORMANCE

Return on Assets (Adjusted Net Operating Income — Taxes)/Adjusted Average Total Assets

Return on Equity (Adjusted Net Operating Income — Taxes)/Adjusted Average Total Equity

Operational Self-Sufficiency Financial Revenue/(Financial Expense + Impairment Losses on Loans + Operating Expense)

Financial Self-Sufficiency Adjusted Financial Revenue/Adjusted (Financial Expense + Impairment Losses on Loans + Operating Expense)

Index of Indicators and Definitions

44



Index of Indicators and Definitions (continued)

REVENUES

Financial Revenue/Assets Adjusted Financial Revenue/Adjusted Average Total Assets

Profit Margin Adjusted Net Operating Income/Adjusted Financial Revenue

Yield on Gross Portfolio (nominal) Adjusted Financial Revenue from Loan Portfolio/Adjusted Average Gross Loan Portfolio

Yield on Gross Portfolio (real) (Adjusted Yield on Gross Portfolio (nominal) — Inflation Rate)/(1 + Inflation Rate)

EXPENSES

Total Expense/Assets Adjusted (Financial Expense + Net Loan Loss Provision Expense + Operating Expense)/Adjusted Average Total Assets

Financial Expense/Assets Adjusted Financial Expense/Adjusted Average Total Assets

Provision for Loan Impairment/Assets Adjusted Impairment Losses on Loans/Adjusted Average Total Assets

Operating Expense/Assets Adjusted Operating Expense/Adjusted Average Total Assets

Personnel Expense/Assets Adjusted Personnel Expense/Adjusted Average Total Assets

Administrative Expense/Assets Adjusted Administrative Expense/Adjusted Average Total Assets

Adjustment Expense/Assets (Adjusted Net Operating Income — Unadjusted Net Operating Income)/Adjusted Average Total Assets

EFFICIENCY

Operating Expense/Loan Portfolio Adjusted Operating Expense/Adjusted Average Gross Loan Portfolio

Personnel Expense/Loan Portfolio Adjusted Personnel Expense/Adjusted Average Gross Loan Portfolio

Average Salary/GNI per Capita Adjusted Average Personnel Expense/GNI per capita

Cost per Borrower Adjusted Operating Expense/Adjusted Average Number of Active Borrowers

Cost per Loan Adjusted Operating Expense/Adjusted Average Number of Loans

PRODUCTIVITY

Borrowers per Staff Member Adjusted Number of Active Borrowers/Number of Personnel

Loans per Staff Member Adjusted Number of Loans Outstanding/Number of Personnel

Borrowers per Loan Officer Adjusted Number of Active Borrowers/Number of Loan Officers

Loans per Loan Officer Adjusted Number of Loans Outstanding/Number of Loan Officers

Voluntary Depositors per Staff Member Number of Voluntary Depositors/Number of Personnel

Deposit Accounts per Staff Member Number of Deposit Accounts/Number of Personnel

Personnel Allocation Ratio Number of Loan Officers/Number of Personnel

RISK AND LIQUIDITY

Portfolio at Risk > 30 Days Outstanding balance, portfolio overdue > 30 Days + renegotiated portfolio/ Adjusted Gross Loan Portfolio

Portfolio at Risk > 90 Days Outstanding balance, portfolio overdue > 90 Days + renegotiated portfolio/ Adjusted Gross Loan Portfolio

Write-off Ratio Adjusted Value of loans written-off/Adjusted Average Gross Loan Portfolio

Loan Loss Rate (Adjusted Write-offs - Value of Loans Recovered)/Adjusted Average Gross Loan Portfolio

Risk Coverage Ratio Adjusted Impairment Loss Allowance/PAR > 30 Days

Non-earning Liquid Assets as a % of Total Assets Adjusted Cash and banks/Adjusted Total Assets



pEER GROUp DATA QUALITY † pARTICIpATING INsITUTIONs

N *** ** *

sIMpLE pEER GROUps 2005

Age: New(0 to 4 Years)

73 10 52 11 ABCRDM, AccessBank, Agroinvestbank, AMC de R.L., AML, APED, ARMP, ASP Financiera, Azal, Bandhan, Bereke, BOM, BRAC - AFG, CredAgro NBCO, CZWSDA, DD Bank, ECLOF - ARM, ECLOF - PHL, EDPYME Alternativa, EDPYME Efectiva, FIE Gran Poder, FINCA - AFG, FINCA - DRC, FINCA - TJK, FINCA - ZMB, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FODEM, FONDESOL, Fundación San Miguel, Grameen Mendoza, Horizon, Horizonti, Kakum RB, KAS, Kasagana-Ka, Kazama Grameen, Kompanion, KosInvest, KRUSHI, Lead Foundation, LIDER, MBK Ventura, MDF, Metemamen, MFI, Microinvest, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, NMF, NMFB, OBS, OISL, OMB, Parwaz, ProCredit - ECU, ProCredit - GHA, ProCredit Bank - BGR, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, ProMujer - MEX, Rozgar, Saadhana, Sodeistviye (Pyatigorsk), TFS, Toende RB, Ujjivan, Upper Manya RB, VFC

Age: Young(5 to 8 Years)

152 24 108 20 ABS-CBN, ACME, ACSI, ADRA - PER, AFK, AgroInvest, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, AMC, Ameen, AMK, AMMACTS, AREGAK, ASDIR, Asociación Arariwa, Asociación Raíz, AVFS, Azeri Star, Bai Tushum, Banco da Familia, BanGente, BESA, BFL, BG, BSS, BZMF, Capitec Bank, Caritas, CCA, CDS, CEF, CEOSS, CEVI, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, CODESARROLLO, CRAC Los Andes, Credi Fé, CrediAmigo, CREDIT, CREDO, CRYSOL, DBACD, DECSI, DEMOS SLC, D-Miro, EcoFuturo FFP, EDPYME Nueva Visión, EDPYME Proempresa, Emprender, ENLACE, Eshet, FBPMC, FDM, Financiera Edyficar, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - GTM, FINCA - KOS, FINCA - TZA, FinDev, FINSOL, FONCRESOL, FOVIDA, Friendship Bridge, FULM, FUNDAHMICRO, FUNDEA, FUNDESER, Gasha, GK, GU, HOPE, ICC BluSol, ImerCredit, Imkoniyat, IMON, INMAA, Intellekt, JSC Bank Constanta, KADET, KAMURJ, KBSLAB, KEP, Khushhali Bank, KMB, KMF, KRK Ltd, Lazika Capital, LOK Microcredit Foundation, Mahasemam - SMILE, Manuela Ramos, MCN, MDSL, MED-Net, MEMCO, Microserfin, MIDE, MIKRA, MIKROFIN, Mikrofond, Normicro, NovoBanco - MOZ, OBM, OMO, Opportunity Albania, PALFSI, Partner, PEACE, PRIZMA, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProMujer - PER, Rost, SBACD, SBS, SEAP, SEF-ARM, SFPI, SINERGIJA, SKS, Sodeystviye, SOGESOL, SPBD, Sunrise, SWAWS, Tamweelcom, Tchuma, UCADE Ambato, UML, UOMB, USTOI, Valiant RB, Viator, Vital Finance, VRFSBS, Wasasa, Wisdom, Women for Women, XacBank

Age: Mature( > 8 Years)

260 58 165 37 A1st Valley Bank, ABA, ACBA, ACCOVI, ACEP Senegal, ACLEDA, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRI, AgroCapital, AGUDESA, Al Tadamun, Alternativa, AMA, AMRET, AMSSF/MC, Apoyo Integral, ASA, ASEI, ASHI, AYNLA, Azercredit, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, Bessfa RB, BISWA, BRAC, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPA, CAPPED, CARD Bank, CARD NGO, Cashpor MC, CBMO, CDRO, CEADe, CEAPE Maranhão, Centenary Bank, CEP, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC San José, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, Credicoop, CREDIMUJER, Crediscotia, CReSA, DAMEN, Diaconia, EDAPROSPO, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EKI, Enda, Equity Bank, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, Fassil FFP, FATEN, Faulu - UGA, FCBFI, FCC, FDL, FED, FFECC, FICO, FIDERPAC, FIE FFP, FIELCO, FinAmérica, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - HND, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - UGA, FinComún, FINCORP, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEMI, FOMIC, FONDEP, FONDESURCO, Fonkoze, Fortaleza FFP, FORUS, FUCEC Togo, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAMIC, FUNDECOCA, FUNDENUSE, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Bank, Green Bank, GV, Hermandad de Honduras OPDF, HKL, IDESI Lambayeque, IDF, IMPRO, INECO, INSOTEC, Interactuar, Interfisa, JCF, Jemeni, Kafo Jiginew, Kashf, Khan Bank, KMBI, Kondo Jigima, K-Rep, KWFT, LAPO, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Mallig Plains RB, MEDF, MFW, MGBB, MiBanco, MI-BOSPO, Microempresas de Antioquia, Mikro ALDI, Moznosti, Naara RB, New RB of Victorias, Nirdhan, NOA, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, OMRO, PADME, PGBB, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, ProCaja, ProCredit - BOL, ProCredit - SLV, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - NIC, RASS, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, RGVN, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SED, SEDA, SEEDS, SEF-ZAF, SHARE, SKDRDP, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sonzelle RB, Spandana, TMSS, TPC, TSKI, TSPI, UNRWA, VEF, VFS, Visión Banco, WAGES, World Relief - HND, WWB Cali, Zakoura

Charter Type: Bank(Bank)

46 12 31 3 ACBA, AccessBank, ACLEDA, ADOPEM, Agroinvestbank, Akiba, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BanGente, Bank Eskhata, BCSC, BOM, Capitec Bank, Centenary Bank, CrediAmigo, Crediscotia, Equity Bank, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Grameen Bank, INECO, Khan Bank, KMB, K-Rep, MiBanco, NovoBanco - MOZ, OBM, OMB, 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, XacBank

peer Groups 2005

46




N *** ** *


Charter Type: Credit Union(Credit Union)

35 2 21 12 ACEP Senegal, Alternativa, AMMACTS, Caja Popular Mexicana, CamCCUL, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, Credicoop, DEMOS SLC, FFECC, FUCEC Togo, FULM, Intellekt, Jemeni, Kafo Jiginew, Kondo Jigima, Moznosti, Nachala, NOA, Nyesigiso, RCPB, Rost, SBS, Sodeistviye (Pyatigorsk), Sodeystviye

Charter Type: NBFI(Non-Bank Financial Intermediary)

143 55 80 8 ACCOVI, AgroInvest, Aiyl Bank, AMC, AMC de R.L., AMK, AML, AMRET, Apoyo Integral, ASP Financiera, AVFS, Azercredit, Azeri Star, Bai Tushum, BanCovelo, BANEX (ex FINDESA), BASIX, BFL, BG, Caja Nor Perú, CAPA, CCA, CDS, CEF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CompartamosBanco, CRAC Los Andes, CredAgro NBCO, Credi Fé, CREDIT, CREDO, Crystal, DD Bank, DECSI, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, ENLACE, Eshet, FASL, Fassil FFP, FATEN, Faulu - UGA, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Familiar, FINCA - AZE, FINCA - ECU, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FinDev, FINSOL, FMCC, Fortaleza FFP, Fundusz Mikro, Gasha, HKL, Interfisa, KADET, KEP, Khushhali Bank, KMF, Kompanion, KRK Ltd, KWFT, LIDER, LOK Microcredit Foundation, MCN, MDSL, Metemamen, MFW, MI-BOSPO, Microinvest, Microserfin, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, Nirdhan, NMFB, Normicro, OBS, OISL, OMO, OMRO, Opportunity Albania, Partner, PEACE, PRASAC, PRIZMA, ProCredit - GHA, ProCredit - MDA, PRODEM FFP, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEEDS, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, SMEP, SOGESOL, Spandana, Sunrise, Tamweelcom, Tchuma, TFS, TPC, Ujjivan, UML, UNRWA, UOMB, USTOI, VFC, Viator, Visión Banco, VRFSBS, Wasasa, Wisdom

Charter Type: NGO(Non Government Organization)

222 23 169 30 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, Ameen, AMSSF/MC, APED, AREGAK, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Banco da Familia, Bandhan, Bereke, BESA, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, BZMF, CAPPED, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMEDFI, CMM Bogotá, CMM Medellín, Contactar, CRECER, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, Emprender, Enda, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FBPMC, FCBFI, FCC, FDL, FDM, FED, FIDERPAC, Financiera Fama, FINCA - AFG, FINCA - ARM, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - TZA, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, ImerCredit, Imkoniyat, IMON, IMPRO, INMAA, INSOTEC, Interactuar, JCF, JSC Bank Constanta, KAMURJ, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KMBI, KosInvest, KRUSHI, LAPO, Lazika Capital, Lead Foundation, Maata-N-Tudu, Mahasemam - SMILE, Manuela Ramos, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, MFI, Microempresas de Antioquia, MIDE, MLF HUMO, MLF MicroInvest, NMF, NWTF, ODEF Financiera S.A., OLC, PADME, PALFSI, Parwaz, PRESTANIC, PRIDE - TZA, PRISMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, SAT, SBACD, SEAP, SEDA, SEF-ZAF, SKDRDP, SMSS, Sociedad Cooperativa PADECOMSM, SPBD, SWAWS, TMSS, TSKI, TSPI, UCADE Ambato, VEF, VFS, Vital Finance, WAGES, Women for Women, World Relief - HND, WWB Cali, Zakoura

Charter Type: Rural Bank(Rural Bank)

41 1 25 15 1st Valley Bank, ACSI, Banco Santiago de Libon, Bangko Kabayan, Bangko Mabuhay, BCB, Bessfa RB, Cantilan Bank, CARD Bank, CBMO, FICO, Green Bank, Kakum RB, KBSLAB, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MGBB, Naara RB, New RB of Victorias, PGBB, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Sonzelle RB, Toende RB, Upper Manya RB, Valiant RB

Financial Intermediation: Non FI(Voluntary Savings/ Total Assets = 0)

289 50 211 28 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AgroInvest, AGUDESA, Aiyl Bank, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, AMC, AMC de R.L., Ameen, AML, AMSSF/MC, APED, Apoyo Integral, AREGAK, ARMP, ASDIR, ASEI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, BanCovelo, Bandhan, BASIX, Bereke, BESA, BFL, BISWA, BRAC - AFG, BSS, BZMF, CAPA, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEPESIU, CEPRODEL, CEVI, CMM Bogotá, CMM Medellín, CompartamosBanco, Contactar, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, CREDIMUJER, CREDO, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYMEConfianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Emprender, Enda, ENLACE, ESAF, FADES, FAFIDESS, FAPE, FATEN, Faulu - UGA, FBPMC, FCC, FDL, FDM, FED, FIDERPAC, FIE Gran Poder, Financiera Edyficar, Financiera Fama, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA -




N *** ** *


GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA- TJK, FINCA - TZA, FINCA - ZMB, FINCORP, FinDev, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, FORUS, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMON, IMPRO, INMAA, INSOTEC, Interactuar, JSC Bank Constanta, KADET, KAMURJ, KAS, Kasagana-Ka, KEP, Khushhali Bank, KMBI, KMF, Kompanion, KosInvest, KRK Ltd, KRUSHI, KWFT, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MCN, MDF, MDSL, MEDF, MED-Net, MEMCO, Metemamen, MFI, MFW, MI-BOSPO, Microempresas de Antioquia, Microinvest, Microserfin, MIDE, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Nachala, NMF, Normicro, OLC, OMRO, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCredit - MDA, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SBACD, SEAP, SED, SEDA, SEF-ARM, SEF-ZAF, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, SOGESOL, Spandana, Sunrise, SWAWS, Tamweelcom, TFS, TPC, TSKI, TSPI, UCADE Ambato, Ujjivan, UNRWA, UOMB, USTOI, VEF, VFC, VFS, Viator, Vital Finance, VRFSBS, Women for Women, World Relief - HND, WWB Cali, Zakoura

Financial Intermediation: Low FI(Voluntary Savings/Total Assets > 0 and < 20%)

54 4 42 8 ACBA, AccessBank, ACEP Senegal, ADOPEM, AMK, AMMACTS, AMRET, ASA, ASHI, AVFS, BG, BOM, BRAC, CEP, CFF, CREDIT, DD Bank, DECSI, DEMOS SLC, Eshet, FAMA OPDF, FCBFI, FINCA - ECU, FMFB - AFG, FMFB - TJK, Gasha, HKL, IDF, Kashf, Kazama Grameen, KMB, Mahasemam - SMILE, MGBB, Moznosti, Nirdhan, NMFB, NWTF, OBS, ODEF Financiera S.A., OISL, OMB, OMO, PEACE, PGBB, PRASAC, ProCaja, Rozgar, SEEDS, SFPI, SPBD, Tchuma, TMSS, Wasasa, Wisdom

Financial Intermediation: High FI(Voluntary Savings/ Total Assets ≥ 20%)

144 39 73 32 1st Valley Bank, ACCOVI, ACLEDA, ACSI, Agroinvestbank, Akiba, Alternativa, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BCB, BCSC, Bessfa RB, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, Capitec Bank, CAPPED, CARD Bank, CBMO, CCA, CDS, Centenary Bank, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Credicoop, Crediscotia, EcoFuturo FFP, Equity Bank, FASL, Fassil FFP, FFECC, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Familiar, FINCA - UGA, FinComún, FINSOL, FMFB - Pakistan, Fonkoze, Fortaleza FFP, FUCEC Togo, FULM, Grameen Bank, Green Bank, INECO, Intellekt, Interfisa, JCF, Jemeni, Kafo Jiginew, Kakum RB, KBSLAB, Khan Bank, Kondo Jigima, K-Rep, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MiBanco, Naara RB, New RB of Victorias, NOA, NovoBanco - MOZ, Nyesigiso, OBM, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, 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, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, Rost, SBS, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, Toende RB, UML, Upper Manya RB, Valiant RB, Visión Banco, WAGES, XacBank

Methodology: Individual 177 46 114 17 ACBA, AccessBank, ACCOVI, ACLEDA, ACME, ACORDE, Actuar Caldas, Actuar Tolima, ADRI, AFK, AgroCapital, AgroInvest, Agroinvestbank, AMA, AMC, AMC de R.L., Ameen, ASA, ASDIR, ASP Financiera, Banco da Familia, Banco Santiago de Libon, BANEX (ex FINDESA), Bank Eskhata, BCB, BCSC, BESA, BRAC, BZMF, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, CAPA, Capitec Bank, CBMO, Centenary Bank, CEP, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credi Fé, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, Crystal, EDPYME Alternativa, EDPYMEConfianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Equity Bank, Fassil FFP, FED, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - GEO, FINCORP, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, Fortaleza FFP, FULM, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, FUNDECOCA, Genesiss, Green Bank, HKL, ICC BluSol, IDESI Lambayeque, ImerCredit, IMPRO, INECO, INSOTEC, Intellekt, Interactuar, Interfisa, Kafo Jiginew, Khan Bank, KMB, KosInvest, KRK Ltd, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, MCN, MDF, MEMCO, MiBanco, Microempresas de Antioquia, Microserfin, Mikrofond, Nachala, New RB of Victorias, NovoBanco - MOZ, OBM, OBS, ODEFFinanciera S.A., Partner, PRESTANIC, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MKD, ProCredit Bank - ROM,

48




N *** ** *


ProCredit Bank - UKR, ProCredit Bank Serbia, PRODESA, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, Rost, SBS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Sunrise, TFS, Valiant RB, Visión Banco, WWB Cali

Methodology: Individual/ solidarity

(Individual & Solidarity; or Individual, Solidarity & Village Banking)

209 36 148 25 1st Valley Bank, ABA, ABS-CBN, ACEP Senegal, ACODEP, ACSI, ADICH, ADOPEM, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, AML, AMRET, AMSSF/MC, Apoyo Integral, AREGAK, ARMP, ASEI, Asociación Raíz, AVFS, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, BASIX, Bereke, BOM, BURO Bangladesh, Cantilan Bank, CAPPED, CARD Bank, CCA, CDS, CEADe, CEF, CEOSS, CEPESIU, CMS, COAC Acción Rural, CODESARROLLO, CompartamosBanco, CREDIT, CREDO, CZWSDA, DBACD, DECSI, DEMOS SLC, D-Miro, ECLOF - PHL, EcoFuturo FFP, EKI, Emprender, Enda, ENLACE, ESAF, Eshet, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, FATEN, Faulu - UGA, FBPMC, FCBFI, FCC, FDL, FDM, FFECC, FICO, Financiera Edyficar, FINCA - ARM, FINCA - ECU, FINCA - HND, FINCA - NIC, FinComún, FinDev, FINSOL, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, FUCEC Togo, FUNBODEM, Fundación Mujer, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNSALDE, Gasha, Grameen Mendoza, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, IMON, INMAA, JCF, Jemeni, JSC Bank Constanta, Kakum RB, Kasagana-Ka, Kashf, KBSLAB, KEP, Khushhali Bank, KMF, Kompanion, Kondo Jigima, K-Rep, KWFT, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, Mallig Plains RB, MED-Net, MFW, MI-BOSPO, Microinvest, MIDE, MIKRA, Mikro ALDI, MIKROFIN, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nirdhan, NMF, NMFB, NOA, Normicro, NWTF, Nyesigiso, OISL, OLC, OMB, OMO, OMRO, Opportunity Albania, PADME, PALFSI, PEACE, PGBB, PRASAC, PRIDE - TZA, PRISMA, PRIZMA, ProCredit - SLV, PRODEM FFP, RB Talisayan, RCPB, RGVN, Rozgar, SAT, Sathapana Limited, SBACD, SEAP, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, Sonzelle RB, Spandana, Tamweelcom, Tchuma, Toende RB, TPC, TSPI, UML, Upper Manya RB, VEF, Viator, Vital Finance, VRFSBS, WAGES, Wasasa, Wisdom, Women for Women, World Relief - HND, XacBank, Zakoura

Methodology: solidarity 40 2 26 12 Al Tadamun, APED, ASHI, Bandhan, Bessfa RB, BG, BSS, CARD NGO, Cashpor MC, CEAPE Maranhão, CEVI, CFF, CReSA, CRYSOL, DAMEN, DD Bank, ECLOF - ARM, Fundación Alternativa, Fundación San Miguel, GK, Grameen Bank, GV, IDF, Imkoniyat, KAMURJ, KMBI, LAPO, Maata-N-Tudu, Mahasemam - SMILE, MDSL, MGBB, MikroMaliyye Credit, Parwaz, Saadhana, SEF-ZAF, SMEP, SWAWS, TMSS, UNRWA, USTOI

Methodology: Village Banking 61 9 38 14 ABCRDM, ADIM, ADMIC, ADRA - PER, Alternativa, AMK, AMMACTS, Asociación Arariwa, BFL, BISWA, BRAC - AFG, Caritas, CDRO, CRECER, Diaconia, EDAPROSPO, FINCA - AZE, FINCA - DRC, FINCA - GTM, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - PER, FINCA - TJK, FINCA - TZA, FINCA - UGA, FINCA - ZMB, Friendship Bridge, Fundación Espoir, Fundación MICROS, FUNED, Génesis Empresarial, GU, KADET, KAS, Kazama Grameen, KRUSHI, Manuela Ramos, MBK Ventura, MEDF, Metemamen, MFI, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, Sanghamithra, Sarvodaya Nano Finance, SED, SEDA, SEEDS, SKDRDP, SMSS, SPBD, TSKI, UCADE Ambato, Ujjivan, UOMB, VFC, VFS

Outreach: small(Number of Borrowers < 10,000)

221 29 155 37 AccessBank, ACCOVI, ACME, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRA - PER, ADRI, AFK, AgroCapital, Agroinvestbank, AGUDESA, Al Karama, Al Majmoua, Alternativa, AMA, AMC, AMC de R.L., Ameen, APED, ASDIR, ASEI, Asociación Arariwa, ASP Financiera, AVFS, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BCB, Bereke, BESA, BOM, BZMF, CAPA, CAPPED, CBMO, CDRO, CDS, CEADe, CEF, CEPESIU, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, COAC San José, Contactar, Coop Fátima, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credicoop, CREDIMUJER, CREDO, CRYSOL, Crystal, CZWSDA, DEMOS SLC, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYME Crear Tacna, EDPYME Nueva Visión, Emprender, FAFIDESS, FAPE, FASL, Fassil FFP, FATEN, FCBFI, FCC, FDM, FFECC, FICO, FIDERPAC, FIE Gran Poder, FINCA - ARM, FINCA - KOS, FINCA - PER, FINCA - TJK, FINCORP, FinDev, FMFB - AFG, FMFB - TJK, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fortaleza FFP, FOVIDA, Friendship Bridge, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Paraguaya, Fundación San Miguel, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDESER, FUNDESPE, FUNSALDE, Gasha, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Jemeni, Kakum RB, KAMURJ, Kasagana-Ka, KEP, KosInvest, KRK Ltd, Lazika Capital, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MCN, MDF, MDSL, MEDF, MEMCO, Metemamen, Microinvest, Microserfin, MIDE, MIKRA, Mikro ALDI, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nachala, New RB of Victorias, NMF, NMFB, NOA, Normicro, OBS, OLC, OMRO, Opportunity Albania, Parwaz, PRESTANIC, ProCaja, ProCredit - GHA, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, Rost, Rozgar, SBS, SEAP, SED, SEF-ARM, SINERGIJA, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Sonzelle RB, SPBD, Tchuma, TFS, Toende RB, UCADE Ambato, Ujjivan, Upper Manya RB, USTOI, Valiant RB, VEF, Viator, VRFSBS, WAGES, Women for Women

Outreach: Medium(Number of Borrowers > 10,000 and ≤ 30,000)

139 29 98 12 1st Valley Bank, ABCRDM, ACEP Senegal, ADMIC, AgroInvest, Akiba, Al Tadamun, AMSSF/MC, Apoyo Integral, AREGAK, ARMP, ASHI, Asociación Raíz, Banco Santiago de Libon, BanCovelo, BANEX (ex FINDESA), BanGente, Bessfa RB, BG, BSS, Caja Nor Perú, Cantilan Bank, CARD Bank,




N *** ** *


Caritas, CCA, CEAPE Maranhão, CEOSS, CEPRODEL, CEVI, CMAC Del Santa, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Tacna, CMM Medellín, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CREDIT, CReSA, DAMEN, DD Bank, Diaconia, D-Miro, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Efectiva, EDPYME Proempresa, EKI, Enda, ENLACE, Eshet, FADES, FAMA OPDF, Faulu - UGA, FED, FIELCO, FinAmérica, FINCA - AFG, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - MWI, FINCA - NIC, FINCA - ZMB, FINSOL, FMCC, FMFB - Pakistan, Fonkoze, FORUS, FUCEC Togo, Fundación Espoir, Fundación Nieborowski, FUNDAHMICRO, FUNDENUSE, Fundusz Mikro, FUNED, GU, IMON, INECO, Interactuar, JSC Bank Constanta, KADET, Kazama Grameen, KBSLAB, KMF, Kompanion, Kondo Jigima, KRUSHI, Mallig Plains RB, MBK Ventura, MED-Net, MFW, MI-BOSPO, Microempresas de Antioquia, MIKROFIN, NovoBanco - MOZ, Nyesigiso, OBM, ODEF Financiera S.A., OISL, OMB, PALFSI, Partner, PEACE, PRISMA, PRIZMA, ProCredit - ECU, ProCredit - MDA, ProCredit Bank - ALB, ProCredit Bank - BIH, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, PRODESA, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RB Talisayan, RGVN, Sathapana Limited, SBACD, SEDA, SFPI, SMEP, SMSS, Sunrise, Tamweelcom, UNRWA, UOMB, VFC, Vital Finance, Wasasa, Wisdom, World Relief - HND

Outreach: Large(Number of Borrowers > 30,000)

127 35 73 19 ABA, ABS-CBN, ACBA, ACLEDA, ACODEP, ACSI, ADOPEM, Aiyl Bank, Al Amana, AMK, AML, AMMACTS, AMRET, ASA, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, Bandhan, BASIX, BCSC, BFL, BISWA, BRAC, BRAC - AFG, BURO Bangladesh, Caja Popular Mexicana, CamCCUL, Capitec Bank, CARD NGO, Cashpor MC, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Sullana, CMAC Trujillo, CMM Bogotá, CMS, CompartamosBanco, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, DBACD, DECSI, Equity Bank, ESAF, FBPMC, FDL, FIE FFP, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - MEX, FINCA - TZA, FINCA - UGA, FinComún, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, Génesis Empresarial, GK, Grameen Bank, Green Bank, GV, IDF, Interfisa, JCF, Kafo Jiginew, KAS, Kashf, Khan Bank, Khushhali Bank, KMB, KMBI, K-Rep, KWFT, LAPO, Lead Foundation, Mahasemam - SMILE, MFI, MGBB, MiBanco, Nirdhan, NWTF, OMO, PADME, PGBB, PRASAC, PRIDE - TZA, ProCredit - BOL, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - BGR, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank Serbia, PRODEM FFP, ProMujer - BOL, RCPB, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, SEEDS, SEF-ZAF, SHARE, SKDRDP, SKS, Spandana, SWAWS, TMSS, TPC, TSKI, TSPI, UML, VFS, Visión Banco, WWB Cali, XacBank, Zakoura

profit status: profit 173 44 107 22 1st Valley Bank, ACBA, AccessBank, ACCOVI, ACLEDA, ACSI, ADOPEM, AgroInvest, Agroinvestbank, Akiba, AMC de R.L., AMK, AML, AMRET, Apoyo Integral, ASP Financiera, AVFS, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, Bessfa RB, BFL, BG, BOM, Caja Nor Perú, Cantilan Bank, Capitec Bank, CARD Bank, CBMO, CDS, Centenary Bank, CompartamosBanco, CRAC Los Andes, Credi Fé, CrediAmigo, Crediscotia, CREDIT, DD Bank, DECSI, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, ENLACE, Equity Bank, Eshet, FASL, Fassil FFP, Faulu - UGA, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Familiar, FINCA - ECU, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Fortaleza FFP, Gasha, Grameen Bank, Green Bank, HKL, INECO, Interfisa, KADET, Kakum RB, KBSLAB, Khan Bank, Khushhali Bank, KMB, K-Rep, KWFT, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MCN, MDSL, Metemamen, MGBB, MiBanco, Microinvest, Microserfin, Mikrofond, Naara RB, New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, OBM, OBS, OISL, OMB, OMO, OMRO, PEACE, PGBB, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEF-ARM, SFPI, SHARE, SKS, SOGESOL, Sonzelle RB, Spandana, TFS, Toende RB, TPC, Ujjivan, UML, Upper Manya RB, Valiant RB, VFC, Visión Banco, Wasasa, Wisdom, XacBank

profit status: Not for profit 314 49 219 46 ABA, ABCRDM, ABS-CBN, ACEP Senegal, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Aiyl Bank, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alternativa, AMA, AMC, Ameen, AMMACTS, AMSSF/MC, APED, AREGAK, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Bandhan, BANEX (ex FINDESA), Bereke, BESA, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, BZMF, Caja Popular Mexicana, CamCCUL, CAPA, CAPPED, CARD NGO, Caritas, Cashpor MC, CCA, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, CREDO, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DBACD, DEMOS SLC, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EKI, Emprender, Enda, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FATEN, FBPMC, FCBFI, FCC, FDL, FDM, FED, FFECC, FIDERPAC, Financiera Fama, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA -

50




N *** ** *


MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - TZA, FinDev, FINSOL, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, Friendship Bridge, FUCEC Togo, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, ImerCredit, Imkoniyat, IMON, IMPRO, INMAA, INSOTEC, Intellekt, Interactuar, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAMURJ, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KEP, KMBI, KMF, Kompanion, Kondo Jigima, KosInvest, KRK Ltd, KRUSHI, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, Maata-N-Tudu, Mahasemam - SMILE, Manuela Ramos, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, MFI, MFW, MI-BOSPO, Microempresas de Antioquia, MIDE, MIKRA, Mikro ALDI, MIKROFIN, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Nachala, NMF, NOA, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RCPB, RGVN, Rost, Saadhana, Sanghamithra, SAT, SBACD, SBS, SEAP, SEDA, SEEDS, SEF-ZAF, SINERGIJA, SKDRDP, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SPBD, Sunrise, SWAWS, Tamweelcom, Tchuma, TMSS, TSKI, TSPI, UCADE Ambato, UNRWA, UOMB, USTOI, VEF, VFS, Viator, Vital Finance, VRFSBS, WAGES, Women for Women, World Relief - HND, WWB Cali, Zakoura

Region: Africa(sub-Saharan Africa)

69 0 52 17 ACEP Senegal, ACSI, Akiba, APED, AVFS, Bessfa RB, BG, BOM, CamCCUL, Capitec Bank, CAPPED, CCA, CDS, Centenary Bank, CFF, CMS, DECSI, Equity Bank, Eshet, FASL, Faulu - UGA, FCC, FDM, FINCA - DRC, FINCA - MWI, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FINCORP, FUCEC Togo, Gasha, Jemeni, KADET, Kafo Jiginew, Kakum RB, Kondo Jigima, K-Rep, KWFT, LAPO, Maata-N-Tudu, MDSL, MED-Net, Metemamen, Naara RB, NovoBanco - MOZ, Nyesigiso, OISL, OMO, PADME, PEACE, PRIDE - TZA, ProCredit - GHA, RCPB, SAT, SEAP, SEDA, SEF-ZAF, SFPI, SMEP, Sonzelle RB, Tchuma, Toende RB, UML, UOMB, Upper Manya RB, Vital Finance, WAGES, Wasasa, Wisdom

Region: Asia(South & East Asia)

117 7 79 31 ACBA, AccessBank, AFK, AgroInvest, Agroinvestbank, Aiyl Bank, Alternativa, AREGAK, Azercredit, Azeri Star, Bai Tushum, Bank Eskhata, Bereke, BESA, BZMF, CAPA, CEF, CredAgro NBCO, CREDO, Crystal, DEMOS SLC, ECLOF - ARM, EKI, FFECC, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - TJK, FinDev, FMCC, FMFB - TJK, FORUS, FULM, Fundusz Mikro, HOPE, Horizon, Horizonti, ImerCredit, Imkoniyat, IMON, INECO, Intellekt, JSC Bank Constanta, KAMURJ, KEP, Khan Bank, KMB, KMF, Kompanion, KosInvest, KRK Ltd, Lazika Capital, LIDER, LOK Microcredit Foundation, MDF, MI-BOSPO, Microinvest, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Nachala, NOA, Normicro, OBM, OBS, OMRO, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, Rost, SBS, SEF-ARM, SINERGIJA, Sodeistviye (Pyatigorsk), Sodeystviye, Sunrise, TFS, USTOI, Viator, VRFSBS, Women for Women, XacBank

Region: ECA(Eastern Europe & Central Asia)


Region: LAC(Latin America & the Caribbean)

179 70 107 2 ACCOVI, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, ADRI, AgroCapital, AGUDESA, AMA, AMC de R.L., Apoyo Integral, ASDIR, ASEI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Banco ADEMI, Banco da Familia, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, Caritas, CDRO, CEADe, CEAPE Maranhão, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, Credi Fé, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CRYSOL, Diaconia, D-Miro, EcoFuturo FFP, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Emprender, ENLACE, FADES, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL, FED, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - NIC, FINCA - PER, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI,




N *** ** *


FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, Fortaleza FFP, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, FundaciónLeón 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, ICC BluSol, IDESI Lambayeque, IMPRO,INSOTEC, Interactuar, Interfisa, Manuela Ramos, MCN, MiBanco, Microempresas de Antioquia, Microserfin, MIDE, ODEF Financiera S.A., OLC, PRESTANIC, PRISMA, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, Sociedad Cooperativa PADECOMSM, SOGESOL, UCADE Ambato, Visión Banco, World Relief - HND, WWB Cali

Region: MENA(Middle East & North Africa)

24 1 20 3 ABA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMC, Ameen, AMSSF/MC, Azal, CEOSS, DBACD, Enda, FATEN, FBPMC, FONDEP, INMAA, Lead Foundation, MEMCO, MFW, NMF, SBACD, Tamweelcom, UNRWA, Zakoura

scale: small(GLP in USD, LAC < 4,000,000; Others < 2,000,000)

170 13 127 30 ABCRDM, ACME, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRA - PER, AGUDESA, Al Karama, Al Tadamun, Alternativa, AMA, APED, ASDIR, ASEI, ASHI, Asociación Arariwa, ASP Financiera, AVFS, AYNLA, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bereke, Bessfa RB, BG, BOM, CAPPED, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEPESIU, CEVI, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, Contactar, CRAC Los Andes, CREDIMUJER, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DD Bank, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYME Efectiva, Emprender, ENLACE, Eshet, FAFIDESS, FAMA OPDF, FAPE, FCBFI, FCC, FDM, FIDERPAC, FINCA - AFG, FINCA - DRC, FINCA - GTM, FINCA - HND, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - ZMB, FinDev, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNED, FUNSALDE, Gasha, Genesiss, Grameen Mendoza, GU, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Kakum RB, Kasagana-Ka, Kazama Grameen, KosInvest, Lazika Capital, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDSL, MEDF, Metemamen, MIDE, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Naara RB, New RB of Victorias, NMF, NMFB, Normicro, OLC, PALFSI, Parwaz, PEACE, PRISMA, ProCaja, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RB Sto. Tomas, RGVN, Rozgar, SBS, SEAP, SED, SEDA, SEF-ARM, SFPI, SMSS, Sociedad Cooperativa PADECOMSM, Sonzelle RB, SPBD, TFS, Toende RB, UCADE Ambato, Ujjivan, UOMB, Upper Manya RB, VEF, VRFSBS, Wasasa

scale: Medium(GLP in USD, LAC ≥ 4,000,000 and ≤ 15,000,000; Others ≥ 2,000,000 and ≤ 8,000,000)

153 28 100 25 ABS-CBN, ADMIC, ADRI, AFK, Al Majmoua, AMC, AMC de R.L., Ameen, AMK, AMMACTS, AMSSF/MC, AREGAK, Azercredit, Bai Tushum, BanCovelo, Bangko Mabuhay, Bank Eskhata, BCB, BRAC - AFG, BSS, BZMF, Cantilan Bank, CAPA, CARD Bank, Caritas, CBMO, CCA, CDS, CEPRODEL, COAC Sac Aiet, COAC San José, COOPAC San Martín, COOPAC Santo Cristo, CredAgro NBCO, Credicoop, CREDIT, CREDO, DEMOS SLC, Diaconia, D-Miro, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, Enda, ESAF, FASL, Fassil FFP, FATEN, Faulu - UGA, FED, FFECC, FICO, FIE Gran Poder, FIELCO, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - MEX, FINCA - MWI, FINCA - TZA, FINCA - UGA, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FMSD, FULM, Fundación Espoir, Fundación León 2000, Fundación Nieborowski, Fundación Paraguaya, FUNDEA, FUNDENUSE, FUNDESER, GK, GV, Hermandad de Honduras OPDF, HKL, IDF, IMON, JSC Bank Constanta, KADET, KAMURJ, KBSLAB, KMBI, Kompanion, Kondo Jigima, KRK Ltd, KRUSHI, LAPO, Lead Foundation, LIDER, LPD Kuta, LPD Pecatu, Mahasemam - SMILE, Mallig Plains RB, MCN, MDF, MED-Net, MEMCO, MFW, MGBB, Microempresas de Antioquia, Microinvest, Microserfin, MIKRA, Mikro ALDI, Mikrofond, Nachala, Nirdhan, NOA, NWTF, OBS, ODEF Financiera S.A., OISL, OMB, OMO, OMRO, PGBB, PRESTANIC, ProCredit - GHA, PRODESA, ProMujer - BOL, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Talisayan, Rost, Saadhana, Sanghamithra, SAT, Sathapana Limited, SBACD, SEF-ZAF, SMEP, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, SWAWS, Tamweelcom, Tchuma, TPC, USTOI, Valiant RB, VFC, VFS, Viator, Vital Finance, WAGES, Wisdom, Women for Women, World Relief - HND

scale: Large(GLP in USD, LAC > 15,000,000; Others > 8,000,000)

164 52 99 13 1st Valley Bank, ABA, ACBA, AccessBank, ACCOVI, ACEP Senegal, ACLEDA, ACODEP, ACORDE, ACSI, ADOPEM, AgroCapital, AgroInvest, Agroinvestbank, Aiyl Bank, Akiba, Al Amana, AML, AMRET, Apoyo Integral, ARMP, ASA, Asociación Raíz, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, Bangko Kabayan, BASIX, BCSC, BESA, BFL, BISWA, BRAC, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Capitec Bank, CARD NGO, Cashpor MC, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, DBACD, DECSI, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EKI, Equity Bank, FADES, FBPMC, FDL, FIE FFP, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - KOS, FinComún, FINCORP, FINSOL, FMCC, FMM Bucaramanga, FMM Popayán, FONDEP, Fortaleza FFP, FORUS, FUCEC Togo, Fundusz Mikro, Génesis Empresarial, Grameen Bank, Green Bank, INECO, Interactuar, Interfisa, JCF, Jemeni, Kafo Jiginew, KAS, Kashf, KEP, Khan Bank, Khushhali Bank, KMB, KMF, K-Rep, KWFT, LOK Microcredit Foundation, MFI, MiBanco, MI-BOSPO, MIKROFIN, Moznosti, NovoBanco - MOZ, Nyesigiso, OBM, Opportunity Albania, PADME,

52




N *** ** *


Partner, PRASAC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit - ECU, ProCredit - MDA, 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, RCPB, Sarvodaya Nano Finance, SEEDS, SHARE, SINERGIJA, SKDRDP, SKS, Spandana, Sunrise, TMSS, TSKI, TSPI, UML, UNRWA, Visión Banco, WWB Cali, XacBank, Zakoura

sustainability: Fss(Financial Self-Sufficiency ≥ 100%)

313 76 190 47 [These names are held confidential]

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)

190 21 135 34 ABA, ABCRDM, ABS-CBN, ACSI, ADICH, ADMIC, ADOPEM, ADRA - PER, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alternativa, AMA, Ameen, AMK, AML, AMMACTS, AMRET, AMSSF/MC, APED, ASA, ASEI, ASHI, Asociación Arariwa, ASP Financiera, AVFS, AYNLA, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bandhan, BanGente, Bereke, Bessfa RB, BG, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Caja Popular Mexicana, Capitec Bank, CARD Bank, CARD NGO, Caritas, Cashpor MC, CEAPE Maranhão, CEOSS, CEPESIU, CEVI, CFF, CMEDFI, CompartamosBanco, CrediAmigo, Credicoop, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, DD Bank, DEMOS SLC, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYME Efectiva, Enda, ENLACE, ESAF, Eshet, FAFIDESS, FAPE, FBPMC, FCBFI, FCC, FDM, FIDERPAC, FINCA - AFG, FINCA - DRC, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FinComún, FMM Popayán, FMSD, FODEMI, FONDEP, FONDESOL, Friendship Bridge, Fundación Alternativa, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNDECOCA, FUNDESPE, Fundusz Mikro, GK, Grameen Bank, Grameen Mendoza, GU, GV, Horizonti, IDESI Lambayeque, IDF, INMAA, JCF, KAS, Kasagana-Ka, Kazama Grameen, Khushhali Bank, KMBI, LAPO, Lead Foundation, Maata-N-Tudu, Mahasemam - SMILE, Mallig Plains RB, Manuela Ramos, MBK Ventura, MEDF, MED-Net, Metemamen, MFW, MGBB, Microserfin, MIDE, Nirdhan, NMF, NWTF, OLC, OMB, OMO, PALFSI, Parwaz, PEACE, PGBB, PRASAC, PRISMA, ProCaja, ProMujer - BOL, ProMujer - MEX, ProMujer - PER, RASS, RB Talisayan, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, SBACD, SBS, SEAP, SED, SEDA, SEEDS, SEF-ZAF, SFPI, SHARE, SKDRDP, SKS, Spandana, SPBD, SWAWS, TMSS, Toende RB, TPC, TSKI, TSPI, UCADE Ambato, Ujjivan, UOMB, USTOI, VEF, VFC, VFS, Wasasa, Wisdom, Women for Women, Zakoura

Target Market: Broad(Avg. Balance per Borrower/GNI per Capita ≥ 20% and ≤ 150%)

250 65 159 26 1st Valley Bank, ACBA, ACCOVI, ACME, ACODEP, Actuar Caldas, Actuar Tolima, ADIM, ADRI, AgroInvest, AMC, AMC de R.L., Apoyo Integral, AREGAK, ASDIR, Asociación Raíz, Azercredit, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, Bangko Kabayan, Bangko Mabuhay, BASIX, BCB, BCSC, BESA, BFL, BOM, Caja Nor Perú, CamCCUL, Cantilan Bank, CAPA, CAPPED, CBMO, CCA, CDRO, CDS, CEADe, CEF, CEP, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, Credi Fé, Crediscotia, CREDIT, CREDO, Crystal, DECSI, Diaconia, D-Miro, ECLOF - ARM, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Emprender, Equity Bank, FADES, FAMA OPDF, Fassil FFP, FATEN, Faulu - UGA, FDL, FED, FFECC, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - HND, FINCA - TJK, FINCORP, FinDev, FINSOL, FMCC, FMFB - Pakistan, FMM Bucaramanga, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, FULM, FUNBODEM, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, FUNED, FUNSALDE, Gasha, Génesis Empresarial, Genesiss, Green Bank, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, ICC BluSol, ImerCredit, Imkoniyat, IMON, IMPRO, INECO, INSOTEC, Interactuar, Interfisa, JSC Bank Constanta, KADET, Kafo Jiginew, Kakum RB, KAMURJ, Kashf, KBSLAB, KEP, Khan Bank, KMF, Kompanion, Kondo Jigima, KosInvest, K-Rep, KRK Ltd, KRUSHI, KWFT, Lazika Capital, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Ketewel, LPD Kukuh, LPD Sibetan, MDF, MDSL, MEMCO, MFI, MiBanco, MI-BOSPO, Microempresas de Antioquia, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nachala, New RB of Victorias, NMFB, NOA, Normicro, Nyesigiso, OBM, OBS, ODEF Financiera S.A., OISL, OMRO, Opportunity Albania, Partner, PRESTANIC, PRIDE - TZA, PRIZMA, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BIH, ProCredit Bank - ROM, ProCredit Bank Serbia, PRODESA, ProMujer - NIC, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, Rost, Rozgar, Sathapana Limited, SEF-ARM, SINERGIJA, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, Sunrise, Tamweelcom, Tchuma, TFS, UML, UNRWA, Upper Manya RB, Valiant RB, Viator, Visión Banco, Vital Finance, VRFSBS, World Relief - HND, WWB Cali, XacBank

Target Market: High End(Avg. Balance per Borrower/GNI per Capita > 150% and ≤ 250%)

25 4 14 7 ACLEDA, AFK, ARMP, BANEX (ex FINDESA), BZMF, CMS, FASL, FINCA - KOS, Intellekt, KMB, LPD Kuta, LPD Pecatu, LPD Ubung, MCN, Microinvest, NovoBanco - MOZ, PADME, ProCredit - BOL, ProCredit - MDA, ProCredit Bank - BGR, ProCredit Bank - MKD, PRODEM FFP, RCPB, SOGESOL, WAGES




N *** ** *


Target Market: small Business(Avg. Balance per Borrower/ GNI per Capita > 250%)

22 3 18 1 AccessBank, ACEP Senegal, ACORDE, AgroCapital, Agroinvestbank, Aiyl Bank, Akiba, Bai Tushum, Bank Eskhata, Centenary Bank, Coop Fátima, CredAgro NBCO, FMFB - AFG, FMFB - TJK, Fortaleza FFP, FUCEC Togo, Jemeni, LPD Celuk, ProCredit - GHA, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - UKR

COMpOUND pEER GROUps 2005

Africa small 27 0 20 7 APED, AVFS, Bessfa RB, BG, BOM, CAPPED, CFF, Eshet, FCC, FDM, FINCA - DRC, FINCA - ZMB, Gasha, Kakum RB, Maata-N-Tudu, MDSL, Metemamen, Naara RB, PEACE, SEAP, SEDA, SFPI, Sonzelle RB, Toende RB, UOMB, Upper Manya RB, Wasasa

Africa Medium 21 0 15 6 CCA, CDS, FASL, Faulu - UGA, FINCA - MWI, FINCA - TZA, FINCA - UGA, KADET, Kondo Jigima, LAPO, MED-Net, OISL, OMO, ProCredit - GHA, SAT, SEF-ZAF, SMEP, Tchuma, Vital Finance, WAGES, Wisdom

Africa Large 21 0 17 4 ACEP Senegal, ACSI, Akiba, CamCCUL, Capitec Bank, Centenary Bank, CMS, DECSI, Equity Bank, FINCORP, FUCEC Togo, Jemeni, Kafo Jiginew, K-Rep, KWFT, NovoBanco - MOZ, Nyesigiso, PADME, PRIDE - TZA, RCPB, UML

Africa Fss 26 0 20 6 [These names are held confidential]

Africa Non Fss 43 0 32 11 [These names are held confidential]

Asia small 39 1 23 15 ABCRDM, ASHI, Banco Santiago de Libon, CEVI, CMEDFI, CReSA, CZWSDA, DAMEN, DD Bank, ECLOF - PHL, FCBFI, FINCA - AFG, GU, Kasagana-Ka, Kazama Grameen, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, MBK Ventura, MEDF, New RB of Victorias, NMFB, PALFSI, Parwaz, RASS, RB Sto. Tomas, RGVN, Rozgar, SED, SMSS, SPBD, Ujjivan, VEF

Asia Medium 45 5 31 9 ABS-CBN, AMK, AMMACTS, Bangko Mabuhay, BCB, BRAC - AFG, BSS, Cantilan Bank, CARD Bank, CBMO, CREDIT, ESAF, FICO, FMFB - AFG, FMFB - Pakistan, GK, GV, HKL, IDF, KBSLAB, KMBI, KRUSHI, LPD Kuta, LPD Pecatu, Mahasemam - SMILE, Mallig Plains RB, MGBB, Nirdhan, NWTF, OMB, PGBB, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Talisayan, Saadhana, Sanghamithra, Sathapana Limited, SWAWS, TPC, Valiant RB, VFC, VFS

Asia Large 33 1 25 7 1st Valley Bank, ACLEDA, AML, AMRET, ARMP, ASA, Bandhan, Bangko Kabayan, BASIX, BFL, BISWA, BRAC, BURO Bangladesh, CARD NGO, Cashpor MC, CEP, Grameen Bank, Green Bank, JCF, KAS, Kashf, Khushhali Bank, MFI, PRASAC, Sarvodaya Nano Finance, SEEDS, SHARE, SKDRDP, SKS, Spandana, TMSS, TSKI, TSPI

Asia Fss 71 3 43 25 [These names are held confidential]

Asia Non Fss 46 4 36 6 [These names are held confidential]

ECA small 24 4 14 6 Alternativa, Azeri Star, Bereke, CEF, Crystal, ECLOF - ARM, FINCA - TJK, FinDev, HOPE, Horizon, Horizonti, ImerCredit, Imkoniyat, Intellekt, KosInvest, Lazika Capital, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Normicro, SBS, SEF-ARM, TFS, VRFSBS

ECA Medium 37 8 20 9 AFK, AREGAK, Azercredit, Bai Tushum, Bank Eskhata, BZMF, CAPA, CredAgro NBCO, CREDO, DEMOS SLC, FFECC, FINCA - ARM, FINCA - AZE, FINCA - GEO, FMFB - TJK, FULM, IMON, JSC Bank Constanta, KAMURJ, Kompanion, KRK Ltd, LIDER, MDF, Microinvest, MIKRA, Mikro ALDI, Mikrofond, Nachala, NOA, OBS, OMRO, Rost, Sodeistviye (Pyatigorsk), Sodeystviye, USTOI, Viator, Women for Women

ECA Large 37 3 34 0 ACBA, AccessBank, AgroInvest, Agroinvestbank, Aiyl Bank, BESA, EKI, FINCA - KOS, FMCC, FORUS, Fundusz Mikro, INECO, KEP, Khan Bank, KMB, KMF, LOK Microcredit Foundation, MI-BOSPO, MIKROFIN, Moznosti, OBM, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, SINERGIJA, Sunrise, XacBank

ECA Fss 71 9 50 12 [These names are held confidential]

ECA Non Fss 27 6 18 3 [These names are held confidential]

LAC small 74 8 66 0 ACME, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRA - PER, AGUDESA, AMA, ASDIR, ASEI, Asociación Arariwa, ASP Financiera, AYNLA, Banco da Familia, CDRO, CEADe, CEAPE Maranhão, CEPESIU, COAC Acción Rural, COAC MCCH, Contactar, CRAC Los Andes, CREDIMUJER, CRYSOL, EDAPROSPO, EDPYME Alternativa, EDPYME Efectiva, Emprender, ENLACE, FAFIDESS, FAMA OPDF, FAPE, FIDERPAC, FINCA - GTM, FINCA - HND, FINCA - NIC, FINCA - PER, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNED, FUNSALDE, Genesiss, Grameen Mendoza, ICC BluSol, IDESI Lambayeque, IMPRO, INSOTEC, Manuela Ramos, MIDE, OLC, PRISMA, ProCaja, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, Sociedad Cooperativa PADECOMSM, UCADE Ambato

LAC Medium 39 15 24 0 ADMIC, ADRI, AMC de R.L., BanCovelo, Caritas, CEPRODEL, COAC Sac Aiet, COAC San José, COOPAC San Martín, COOPAC Santo Cristo, Credicoop, Diaconia, D-Miro, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, Fassil FFP, FED, FIE Gran Poder, FIELCO, FINCA - MEX, FMSD, Fundación Espoir, Fundación León 2000, Fundación Nieborowski, Fundación Paraguaya, FUNDEA, FUNDENUSE, FUNDESER, Hermandad de Honduras OPDF, MCN, Microempresas de Antioquia, Microserfin, ODEF Financiera S.A., PRESTANIC, PRODESA, ProMujer - BOL, SOGESOL, World Relief - HND

54




N *** ** *


LAC Large 66 47 17 2 ACCOVI, ACODEP, ACORDE, ADOPEM, AgroCapital, Apoyo Integral, Asociación Raíz, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, FADES, FDL, FIE FFP, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, Fortaleza FFP, Génesis Empresarial, Interactuar, Interfisa, MiBanco, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, Visión Banco, WWB Cali

LAC Fss 129 64 63 2 [These names are held confidential]

LAC Non Fss 50 6 44 0 [These names are held confidential]

MENAsmall 6 0 4 2 Al Karama, Al Tadamun, Azal, CEOSS, INMAA, NMF

MENA Medium 11 0 10 1 Al Majmoua, AMC, Ameen, AMSSF/MC, Enda, FATEN, Lead Foundation, MEMCO, MFW, SBACD, Tamweelcom

MENA Large 7 1 6 0 ABA, Al Amana, DBACD, FBPMC, FONDEP, UNRWA, Zakoura

MENA Fss 16 0 14 2 [These names are held confidential]

MENA Non Fss 8 1 6 1 [These names are held confidential]

peer Groups 2006sIMpLE pEER GROUps 2006

Age: New 41 2 29 10 AccessBank, Agroinvestbank, ARMP, Azal, Bereke, BOM, ECLOF - ARM, FINCA - AFG, FINCA - DRC, FINCA - TJK, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FONDESOL, Fundación San Miguel, Horizon, Kakum RB, KAS, Kasagana-Ka, Kompanion, KRUSHI, Lead Foundation, LIDER, MBK Ventura, Metemamen, MFI, Microinvest, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, NMFB, OBS, OISL, Parwaz, ProCredit - GHA, ProCredit Bank - MKD, ProCredit Bank - ROM, Rozgar, Sodeistviye (Pyatigorsk), Toende RB, Ujjivan


133 20 96 17 ABCRDM, AFK, AgroInvest, Al Karama, AMC, AMC de R.L., Ameen, AMK, AML, APED, AREGAK, ASDIR, Asociación Arariwa, Asociación Raíz, ASP Financiera, AVFS, Azeri Star, Bai Tushum, Banco da Familia, Bandhan, BanGente, BESA, BFL, BG, BRAC - AFG, BSS, BZMF, Capitec Bank, CEF, CEOSS, CEVI, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, CODESARROLLO, CredAgro NBCO, Credi Fé, CREDIT, CRYSOL, Crystal, CZWSDA, DBACD, DD Bank, DEMOS SLC, ECLOF - PHL, EcoFuturo FFP, EDPYME Alternativa, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Emprender, Eshet, FBPMC, FIE Gran Poder, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - TZA, FINCA - ZMB, FODEM, FOVIDA, Friendship Bridge, FULM, FUNDAHMICRO, Gasha, GK, Grameen Mendoza, Horizonti, ImerCredit, Imkoniyat, IMON, INMAA, Intellekt, KADET, KAMURJ, Kazama Grameen, KBSLAB, KEP, Khushhali Bank, KMB, KosInvest, KRK Ltd, Mahasemam - SMILE, MCN, MDF, MDSL, MEMCO, Microserfin, MIDE, MIKRA, Mikrofond, NMF, Normicro, NovoBanco - MOZ, OBM, OMB, Opportunity Albania, PEACE, ProCredit - ECU, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - UKR, ProCredit Bank Serbia, ProMujer - MEX, ProMujer - PER, Rost, Saadhana, SBS, SEAP, SEF-ARM, SFPI, SOGESOL, SPBD, SWAWS, Tamweelcom, Tchuma, TFS, Upper Manya RB, USTOI, VFC, Viator, Vital Finance, VRFSBS, Wasasa, Wisdom, XacBank


313 70 193 50 1st Valley Bank, ABA, ABS-CBN, ACBA, ACCOVI, ACEP Senegal, ACLEDA, ACME, ACODEP, ACORDE, ACSI, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, ADRI, AgroCapital, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Majmoua, Al Tadamun, Alternativa, AMA, AMMACTS, AMRET, AMSSF/MC, Apoyo Integral, ASA, ASEI, ASHI, AYNLA, Azercredit, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, Bessfa RB, BISWA, BRAC, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPA, CAPPED, CARD Bank, CARD NGO, Caritas, Cashpor MC, CBMO, CCA, CDRO, CDS, CEADe, CEAPE Maranhão, Centenary Bank, CEP, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC Mushuc Runa, COAC San José, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CREDO, CReSA, DAMEN, DECSI, Diaconia, D-Miro, EDAPROSPO, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EKI, Enda, ENLACE, Equity Bank, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, Fassil FFP, FATEN, Faulu - UGA, FCBFI, FCC, FDL, FDM, FED, FFECC, FICO, FIDERPAC, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - UGA, FinComún, FINCORP, FinDev, FINSOL, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESURCO, Fonkoze, Fortaleza FFP, FORUS, FUCEC Togo, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación




N *** ** *


Paraguaya, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Bank, Green Bank, GU, GV, Hermandad de Honduras OPDF, HKL, HOPE, ICC BluSol, IDESI Lambayeque, IDF, IMPRO, INECO, INSOTEC, Interactuar, Interfisa, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, Kashf, Khan Bank, KMBI, KMF, Kondo Jigima, K-Rep, KWFT, LAPO, Lazika Capital, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Mallig Plains RB, Manuela Ramos, MEDF, MED-Net, MFW, MGBB, MiBanco, MI-BOSPO, Microempresas de Antioquia, Mikro ALDI, MIKROFIN, Moznosti, Naara RB, Nachala, New RB of Victorias, Nirdhan, NOA, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, OMO, OMRO, PADME, PALFSI, Partner, PGBB, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, ProCredit - BOL, ProCredit - SLV, ProCredit Bank - BIH, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - NIC, RASS, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, RGVN, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SBACD, SED, SEDA, SEEDS, SEF-ZAF, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sodeystviye, Sonzelle RB, Spandana, Sunrise, TMSS, TPC, TSKI, TSPI, UCADE Ambato, UML, UNRWA, UOMB, Valiant RB, VEF, VFS, Visión Banco, WAGES, Women for Women, World Relief - HND, WWB Cali, Zakoura


48 12 34 2 ACBA, AccessBank, ACLEDA, ADOPEM, Agroinvestbank, Akiba, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BanGente, Bank Eskhata, BCSC, BOM, Capitec Bank, Centenary Bank, CompartamosBanco, CrediAmigo, Crediscotia, Equity Bank, FMFB - AFG, FMFB - TJK, FORUS, Grameen Bank, INECO, KBSLAB, Khan Bank, KMB, K-Rep, MiBanco, NovoBanco - MOZ, OBM, OMB, 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, XacBank




169 48 104 17 ACCOVI, ACSI, AgroInvest, Aiyl Bank, AMC, AMC de R.L., Ameen, AMK, AML, AMRET, Apoyo Integral, AREGAK, ASP Financiera, AVFS, Azercredit, Azeri Star, Bai Tushum, BanCovelo, Bandhan, BANEX (ex FINDESA), BASIX, BFL, BG, Caja Nor Perú, CAPA, CCA, CDS, CEF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CRAC Los Andes, CredAgro NBCO, Credi Fé, CREDIT, CREDO, Crystal, DD Bank, DECSI, ECLOF - ARM, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, ENLACE, Eshet, FAMA OPDF, FASL, Fassil FFP, FATEN, Faulu - UGA, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FinDev, FINSOL, FMCC, FMFB - Pakistan, Fortaleza FFP, Fundusz Mikro, Gasha, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, ImerCredit, Imkoniyat, IMON, Interfisa, JSC Bank Constanta, KADET, KAMURJ, KEP, Khushhali Bank, KMF, Kompanion, KRK Ltd, KWFT, Lazika Capital, LIDER, LOK Microcredit Foundation, Mahasemam - SMILE, MCN, MDSL, MEMCO, Metemamen, MFW, MI-BOSPO, Microinvest, Microserfin, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Nirdhan, NMFB, Normicro, OBS, ODEF Financiera S.A., OISL, OMO, OMRO, Opportunity Albania, Partner, Parwaz, PEACE, PRASAC, PRIZMA, ProCredit - GHA, ProCredit - MDA, PRODEM FFP, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEEDS, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, SMEP, SOGESOL, Spandana, Sunrise, Tamweelcom, Tchuma, TFS, TPC, Ujjivan, UML, UNRWA, UOMB, USTOI, VFC, Viator, Visión Banco, Wasasa, Wisdom, Women for Women


196 26 135 35 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, AMSSF/MC, APED, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Banco da Familia, Bereke, BESA, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, BZMF, CAPPED, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMEDFI, CMM Bogotá, CMM Medellín, Contactar, CRECER, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - PHL, EDAPROSPO, Emprender, Enda, ESAF, FADES, FAFIDESS, FAPE, FBPMC, FCBFI, FCC, FDL, FDM, FED, FIDERPAC, FINCA - DRC, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, IMPRO, INMAA, INSOTEC, Interactuar, JCF, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KMBI, KosInvest, KRUSHI, LAPO, Lead Foundation, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDF,

56




N *** ** *


MEDF, MED-Net, MFI, Microempresas de Antioquia, MIDE, NMF, NWTF, OLC, PADME, PALFSI, PRESTANIC, PRIDE - TZA, PRISMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, SAT, SBACD, SEAP, SEDA, SEF-ZAF, SKDRDP, SMSS, Sociedad Cooperativa PADECOMSM, SPBD, SWAWS, TMSS, TSKI, TSPI, UCADE Ambato, VEF, VFS, Vital Finance, VRFSBS, WAGES, World Relief - HND, WWB Cali, Zakoura


39 0 22 17 1st Valley Bank, Banco Santiago de Libon, Bangko Kabayan, Bangko Mabuhay, BCB, Bessfa RB, Cantilan Bank, CARD Bank, CBMO, FICO, Green Bank, Kakum RB, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MGBB, Naara RB, New RB of Victorias, PGBB, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Sonzelle RB, Toende RB, Upper Manya RB, Valiant RB

Financial Intermediation: Non FI(Voluntary Savings/Total Assets = 0)

288 50 194 44 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AgroInvest, AGUDESA, Aiyl Bank, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, AMC, AMC de R.L., Ameen, AML, AMSSF/MC, APED, Apoyo Integral, AREGAK, ARMP, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, BanCovelo, Bandhan, BASIX, Bereke, BESA, BFL, BISWA, BRAC - AFG, BSS, BZMF, CAPA, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEPESIU, CEPRODEL, CEVI, CMM Bogotá, CMM Medellín, CompartamosBanco, Contactar, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, CREDIMUJER, CREDO, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Emprender, Enda, ENLACE, ESAF, FADES, FAFIDESS, FAPE, FATEN, Faulu - UGA, FBPMC, FCC, FDL, FDM, FED, FIDERPAC, FIE Gran Poder, Financiera Edyficar, Financiera Fama, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - TZA, FINCA - ZMB, FINCORP, FinDev, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, FORUS, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMON, IMPRO, INMAA, INSOTEC, Interactuar, JSC Bank Constanta, KADET, KAMURJ, KAS, Kasagana-Ka, KEP, Khushhali Bank, KMBI, KMF, Kompanion, KosInvest, KRK Ltd, KRUSHI, KWFT, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, Maata-N-Tudu, Mahasemam - SMILE, Manuela Ramos, MBK Ventura, MCN, MDF, MDSL, MEDF, MED-Net, MEMCO, Metemamen, MFI, MFW, MI-BOSPO, Microempresas de Antioquia, Microinvest, Microserfin, MIDE, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Nachala, NMF, NOA, Normicro, OLC, OMRO, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCredit - MDA, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SBACD, SEAP, SED, SEDA, SEF-ARM, SEF-ZAF, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, SOGESOL, Spandana, Sunrise, SWAWS, Tamweelcom, TSKI, TSPI, UCADE Ambato, Ujjivan, UNRWA, UOMB, USTOI, VEF, VFC, VFS, Viator, Vital Finance, VRFSBS, Women for Women, World Relief - HND, WWB Cali, Zakoura

Financial Intermediation: Low FI(Voluntary Savings/ Total Assets > 0 and < 20%)

57 4 44 9 ACBA, AccessBank, ACEP Senegal, AMK, AMMACTS, AMRET, ASA, AVFS, BG, BRAC, CEP, CFF, CREDIT, DD Bank, DECSI, DEMOS SLC, Eshet, FAMA OPDF, FCBFI, FINCA - ECU, FMFB - AFG, FMFB - TJK, Fonkoze, Gasha, Grameen Bank, HKL, IDF, JCF, Kashf, Kazama Grameen, KMB, MGBB, Moznosti, Nirdhan, NMFB, NWTF, OBS, ODEF Financiera S.A., OISL, OMB, OMO, PEACE, PGBB, PRASAC, ProCaja, Rozgar, SAT, Sathapana Limited, SEEDS, SFPI, SPBD, Tchuma, TMSS, TPC, UML, Wasasa, Wisdom

Financial Intermediation: High FI(Voluntary Savings/ Total Assets ≥ 20%)

142 38 80 24 1st Valley Bank, ACCOVI, ACLEDA, ACSI, ADOPEM, Agroinvestbank, Akiba, Alternativa, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BCB, BCSC, Bessfa RB, BOM, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, Capitec Bank, CAPPED, CARD Bank, CBMO, CCA, CDS, Centenary Bank, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Credicoop, Crediscotia, EcoFuturo FFP, Equity Bank, FASL, Fassil FFP, FFECC, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Familiar, FINCA - UGA, FinComún, FINSOL, FMFB - Pakistan, Fortaleza FFP, FUCEC Togo, FULM, Green Bank, INECO, Intellekt, Interfisa, Jemeni, Kafo Jiginew, Kakum RB, KBSLAB, Khan Bank, Kondo Jigima, K-Rep, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MiBanco, Naara RB, New RB of Victorias, NovoBanco - MOZ, Nyesigiso, OBM, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, 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




N *** ** *


RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, Rost, SBS, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, TFS, Toende RB, Upper Manya RB, Valiant RB, Visión Banco, WAGES, XacBank

Methodology: Individual 178 50 100 28 1st Valley Bank, ACBA, AccessBank, ACCOVI, ACME, ACORDE, Actuar Caldas, ADMIC, ADRI, AFK, AgroCapital, AgroInvest, Agroinvestbank, Alternativa, AMA, AMC, AMC de R.L., Ameen, ASDIR, ASP Financiera, Banco ADEMI, Banco da Familia, Banco Santiago de Libon, BancoEstado, BANEX (ex FINDESA), Bank Eskhata, BCB, BCSC, BESA, BRAC, BZMF, Caja Nor Perú, Caja Popular Mexicana, CAPA, Capitec Bank, CBMO, CEF, Centenary Bank, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credi Fé, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Equity Bank, Fassil FFP, FED, FFECC, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Fama, Financiera Familiar, FINCA - AFG, FinComún, FINCORP, FMFB - AFG, FMM Bucaramanga, FMM Popayán, FMSD, FOMIC, Fortaleza FFP, FULM, Fundación CAMPO, Fundación Nieborowski, FUNDECOCA, FUNSALDE, Genesiss, Green Bank, ICC BluSol, IDESILambayeque, ImerCredit, IMPRO, INECO, INSOTEC, Interactuar, Interfisa, Kafo Jiginew, Khan

Bank, Khushhali Bank, KMB, KosInvest, KRK Ltd, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, MCN, MDF, MEMCO, MiBanco, Microempresas de Antioquia, Microserfin, MIKROFIN, Mikrofond, Nachala, New RB of Victorias, NOA, NovoBanco - MOZ, OBM, OBS, Partner, PGBB, PRESTANIC, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, PRODESA, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rost, SBS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Sunrise, TFS, Valiant RB, VFS, Visión Banco, WWB Cali



224 34 162 28 ABA, ABS-CBN, ACEP Senegal, ACLEDA, ACODEP, ACSI, Actuar Tolima, ADICH, ADIM, ADOPEM, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, AMK, AMMACTS, AMRET, AMSSF/MC, Apoyo Integral, AREGAK, ARMP, Asociación Raíz, AVFS, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco Solidario, BancoSol, BanCovelo, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, BASIX, Bereke, BG, BOM, BRAC - AFG, CamCCUL, Cantilan Bank, CAPPED, CARD Bank, Caritas, CCA, CDRO, CDS, CEADe, CEAPE Maranhão, CEOSS, CEPESIU, CMS, COAC Acción Rural, COAC Sac Aiet, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, CREDIT, CREDO, Crystal, DBACD, DECSI, DEMOS SLC, D-Miro, ECLOF - PHL, EcoFuturo FFP, EDAPROSPO, EKI, Emprender, Enda, ENLACE, ESAF, Eshet, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, FATEN, Faulu - UGA, FBPMC, FCBFI, FCC, FDL, FDM, FICO, Financiera Edyficar, FINCA - ARM, FINCA - ECU, FINCA - GEO, FINCA - KOS, FINCA - NIC, FINCA - TJK, FinDev, FINSOL, FMCC, FMFB - TJK, FODEM, FODEMI, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, FUCEC Togo, FUNBODEM, Fundación León 2000, Fundación MICROS, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, Gasha, Grameen Mendoza, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, IMON, INMAA, Intellekt, JCF, Jemeni, JSC Bank Constanta, Kakum RB, KAMURJ, Kasagana-Ka, Kashf, KBSLAB, KEP, KMF, Kompanion, Kondo Jigima, K-Rep, KRUSHI, KWFT, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, Mallig Plains RB, MED-Net, MFW, MGBB, MI-BOSPO, Microinvest, MIDE, MIKRA, Mikro ALDI, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nirdhan, NMF, NMFB, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OISL, OLC, OMB, OMO, OMRO, Opportunity Albania, PADME, PALFSI, Parwaz, PEACE, PRASAC, PRIDE - TZA, PRISMA, PRIZMA, PRODEM FFP, RCPB, RGVN, SAT, Sathapana Limited, SBACD, SEAP, SED, SEEDS, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, Sonzelle RB, Spandana, SWAWS, Tamweelcom, Tchuma, TMSS, Toende RB, TPC, TSPI, UML, UNRWA, Upper Manya RB, USTOI, VEF, VFC, Viator, Vital Finance, VRFSBS, WAGES, Wasasa, Wisdom, Women for Women, World Relief - HND, XacBank, Zakoura

Methodology: solidarity 33 0 26 7 Al Tadamun, AML, ASA, ASHI, Bandhan, Bessfa RB, BSS, BURO Bangladesh, CARD NGO, CEVI, CFF, CReSA, CZWSDA, DAMEN, DD Bank, ECLOF - ARM, FMFB - Pakistan, Fundación Alternativa, Fundación San Miguel, Grameen Bank, GV, IDF, Imkoniyat, KMBI, LAPO, Maata-N-Tudu, Mahasemam - SMILE, MDSL, MikroMaliyye Credit, Rozgar, Saadhana, SEF-ZAF, SMEP

Methodology: Village Banking 52 8 30 14 ABCRDM, ADRA - PER, APED, ASEI, Asociación Arariwa, BFL, BISWA, Cashpor MC, CEP, CRECER, CRYSOL, Diaconia, FINCA - AZE, FINCA - DRC, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - MWI, FINCA - PER, FINCA - TZA, FINCA - UGA, FINCA - ZMB, Friendship Bridge, Fundación Espoir, Fundación Mujer, FUNED, Génesis Empresarial, GK, GU, KADET, KAS, Kazama Grameen, Manuela Ramos, MBK Ventura, MEDF, Metemamen, MFI, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, Sanghamithra, Sarvodaya Nano Finance, SEDA, SKDRDP, SMSS, SPBD, TSKI, UCADE Ambato, Ujjivan, UOMB


199 21 141 37 ACCOVI, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRI, AFK, AgroCapital, Agroinvestbank, AGUDESA, Al Karama, Al Majmoua, Alternativa, AMA, AMC, AMC de R.L., Ameen, ASDIR, ASEI, ASP Financiera, AVFS, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Banco Santiago de Libon, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata,

58




N *** ** *


BCB, Bereke, BESA, BOM, BZMF, CAPA, CAPPED, CDRO, CEADe, CEF, CEPESIU, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, COAC San José, Contactar, Coop Fátima, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credicoop, CREDIMUJER, CREDO, Crystal, CZWSDA, DEMOS SLC, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Crear Tacna, EDPYME Nueva Visión, Emprender, FAPE, FASL, Fassil FFP, FATEN, FCC, FDM, FFECC, FICO, FIDERPAC, FIE Gran Poder, FINCA - ARM, FINCA - KOS, FINCA - PER, FINCA - TJK, FINCORP, FinDev, FMFB - TJK, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fortaleza FFP, FOVIDA, Friendship Bridge, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Gasha, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Jemeni, Kakum RB, KAMURJ, Kasagana-Ka, KEP, KosInvest, KRK Ltd, Lazika Capital, LIDER, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, MCN, MDF, MDSL, MEDF, MED-Net, MEMCO, Metemamen, Microinvest, Microserfin, MIDE, Mikro ALDI, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nachala, New RB of Victorias, NMFB, NOA, Normicro, OBS, OLC, OMRO, Parwaz, PRESTANIC, ProCaja, ProCredit - GHA, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, Rost, Rozgar, SBS, SEAP, SED, SEF-ARM, SINERGIJA, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, SPBD, Tchuma, TFS, Toende RB, UCADE Ambato, Upper Manya RB, USTOI, Valiant RB, VEF, Viator, VRFSBS, WAGES, Women for Women

Outreach: Medium(Number of Borrowers ≥ 10,000 and ≤ 30,000)

128 27 88 13 AccessBank, ACEP Senegal, ACME, ADMIC, ADRA - PER, AgroInvest, Akiba, Al Tadamun, AMSSF/MC, APED, Apoyo Integral, AREGAK, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, BanCovelo, BG, Caja Nor Perú, Cantilan Bank, Caritas, CBMO, CDS, CEAPE Maranhão, CEOSS, CEPRODEL, CEVI, CMAC Del Santa, CMAC Maynas, CMAC Paita, CMAC Tacna, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CREDIT, CReSA, CRYSOL, DAMEN, DD Bank, D-Miro, EcoFuturo FFP, EDPYME Alternativa, EDPYME Crear Arequipa, EDPYME Proempresa, EKI, ENLACE, Eshet, FADES, FAFIDESS, FAMA OPDF, Faulu - UGA, FCBFI, FED, FINCA - AFG, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - MWI, FINCA - NIC, FINCA - ZMB, FINSOL, FMFB - AFG, Fonkoze, FORUS, Fundación Espoir, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, Fundusz Mikro, FUNED, HKL, IMON, Interactuar, JSC Bank Constanta, KADET, Kazama Grameen, KMF, Kompanion, Kondo Jigima, LOK Microcredit Foundation, Mallig Plains RB, Manuela Ramos, MBK Ventura, MFW, MI-BOSPO, Microempresas de Antioquia, MIKRA, MIKROFIN, NMF, NovoBanco - MOZ, Nyesigiso, OBM, ODEF Financiera S.A., OMB, Opportunity Albania, PALFSI, PEACE, PRISMA, PRIZMA, ProCredit - MDA, ProCredit Bank - ALB, ProCredit Bank - MKD, ProCredit Bank - ROM, PRODESA, ProMujer - MEX, ProMujer - NIC, RASS, RB Talisayan, RGVN, Sathapana Limited, SBACD, SEDA, SFPI, SMEP, SMSS, SOGESOL, Sunrise, Tamweelcom, Ujjivan, UNRWA, UOMB, Vital Finance, Wasasa, World Relief - HND


160 44 89 27 1st Valley Bank, ABA, ABCRDM, ABS-CBN, ACBA, ACLEDA, ACODEP, ACSI, ADOPEM, Aiyl Bank, Al Amana, AMK, AML, AMMACTS, AMRET, ARMP, ASA, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, BASIX, BCSC, Bessfa RB, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Caja Popular Mexicana, CamCCUL, Capitec Bank, CARD Bank, CARD NGO, Cashpor MC, CCA, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Ica, CMAC Sullana, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, CompartamosBanco, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, DBACD, DECSI, Diaconia, EDPYME Confianza, EDPYME Efectiva, Enda, Equity Bank, ESAF, FBPMC, FDL, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AZE, FINCA - ECU, FINCA - MEX, FINCA - TZA, FINCA - UGA, FinComún, FMCC, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, FUCEC Togo, Génesis Empresarial, GK, Grameen Bank, Green Bank, GU, GV, IDF, INECO, Interfisa, JCF, Kafo Jiginew, KAS, Kashf, KBSLAB, Khan Bank, Khushhali Bank, KMB, KMBI, K-Rep, KRUSHI, KWFT, LAPO, Lead Foundation, Mahasemam - SMILE, MFI, MGBB, MiBanco, Nirdhan, NWTF, OISL, OMO, PADME, Partner, PGBB, PRASAC, PRIDE - TZA, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - UKR, ProCredit Bank Serbia, PRODEM FFP, ProMujer - BOL, ProMujer - PER, RCPB, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, SEEDS, SEF-ZAF, SHARE, SKDRDP, SKS, Spandana, SWAWS, TMSS, TPC, TSKI, TSPI, UML, VFC, VFS, Visión Banco, Wisdom, WWB Cali, XacBank, Zakoura

profit status: profit 170 43 111 16 1st Valley Bank, ACBA, AccessBank, ACCOVI, ACLEDA, ACSI, ADOPEM, AgroInvest, Agroinvestbank, Akiba, AMC de R.L., Ameen, AMK, AML, AMRET, Apoyo Integral, AREGAK, ASP Financiera, AVFS, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, Bessfa RB, BFL, BG, BOM, Caja Nor Perú, Cantilan Bank, Capitec Bank, CARD Bank, CBMO, CCA, CDS, Centenary Bank, CompartamosBanco, CRAC Los Andes, Credi Fé, CrediAmigo, Crediscotia, CREDIT, DD Bank, DECSI, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, ENLACE, Equity Bank, Eshet, FASL, Fassil FFP, Faulu - UGA, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FINSOL, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Fortaleza FFP, FORUS, Gasha, Grameen Bank, Green Bank, IMON, INECO, Interfisa, KADET,




N *** ** *


Kakum RB, KBSLAB, Khan Bank, Khushhali Bank, KMB, K-Rep, KWFT, Mahasemam - SMILE, Mallig Plains RB, MCN, MDSL, Metemamen, MGBB, MiBanco, Microinvest, Microserfin, Mikrofond, Naara RB, New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, OBM, OBS, OISL, OMB, OMO, PEACE, PGBB, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEF-ARM, SFPI, SHARE, SKS, SOGESOL, Sonzelle RB, Spandana, TFS, Toende RB, TPC, Ujjivan, UML, Upper Manya RB, Valiant RB, VFC, Visión Banco, Wasasa, Wisdom, XacBank

profit status: Not for profit 317 49 207 61 ABA, ABCRDM, ABS-CBN, ACEP Senegal, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Aiyl Bank, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alternativa, AMA, AMC, AMMACTS, AMSSF/MC, APED, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Bandhan, Bereke, BESA, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, BZMF, Caja Popular Mexicana, CamCCUL, CAPA, CAPPED, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, CREDO, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DBACD, DEMOS SLC, Diaconia, D-Miro, ECLOF -ARM, ECLOF - PHL, EDAPROSPO, EKI, Emprender, Enda, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FATEN, FBPMC, FCBFI, FCC, FDL, FDM, FED, FFECC, FIDERPAC, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FinDev, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUCEC Togo, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, GK, Grameen Mendoza, GU, GV, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Interactuar, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAMURJ, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KEP, KMBI, KMF, Kompanion, Kondo Jigima, KosInvest, KRK Ltd, KRUSHI, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, MFI, MFW, MI-BOSPO, Microempresas de Antioquia, MIDE, MIKRA, Mikro ALDI, MIKROFIN, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Nachala, NMF, NOA, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, OMRO, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RCPB, RGVN, Rost, Saadhana, Sanghamithra, SAT, SBACD, SBS, SEAP, SEDA, SEEDS, SEF-ZAF, SINERGIJA, SKDRDP, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SPBD, Sunrise, SWAWS, Tamweelcom, Tchuma, TMSS, TSKI, TSPI, UCADE Ambato, UNRWA, UOMB, USTOI, VEF, VFS, Viator, Vital Finance, VRFSBS, WAGES, Women for Women, World Relief - HND, WWB Cali, Zakoura




117 4 74 39 1st Valley Bank, ABCRDM, ABS-CBN, ACLEDA, AMK, AML, AMMACTS, AMRET, ARMP, ASA, ASHI, Banco Santiago de Libon, Bandhan, Bangko Kabayan, Bangko Mabuhay, BASIX, BCB, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Cantilan Bank, CARD Bank, CARD NGO, Cashpor MC, CBMO, CEP, CEVI, CMEDFI, CREDIT, CReSA, CZWSDA, DAMEN, DD Bank, ECLOF - PHL, ESAF, FCBFI, FICO, FINCA - AFG, FMFB - AFG, FMFB - Pakistan, GK, Grameen Bank, Green Bank, GU, GV, HKL, IDF, JCF, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KBSLAB, Khushhali Bank, KMBI, KRUSHI, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mahasemam - SMILE, Mallig Plains RB, MBK Ventura, MEDF, MFI, MGBB, New RB of Victorias, Nirdhan, NMFB, NWTF, OMB, PALFSI, Parwaz, PGBB, PRASAC, RASS, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RGVN, Rozgar, Saadhana, Sanghamithra, Sarvodaya Nano Finance, Sathapana Limited, SED, SEEDS, SHARE, SKDRDP, SKS, SMSS, Spandana, SPBD, SWAWS, TMSS, TPC, TSKI, TSPI, Ujjivan, Valiant RB, VEF, VFC, VFS

60




N *** ** *





179 76 91 12 ACCOVI, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, ADRI, AgroCapital, AGUDESA, AMA, AMC de R.L., Apoyo Integral, ASDIR, ASEI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Banco ADEMI, Banco da Familia, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, Caritas, CDRO, CEADe, CEAPE Maranhão, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, Credi Fé, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CRYSOL, Diaconia, D-Miro, EcoFuturo FFP, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Emprender, ENLACE, FADES, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL,FED, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, FinancieraFama, Financiera Familiar, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - NIC, FINCA - PER, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, Fortaleza FFP, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, ICC BluSol, IDESI Lambayeque, IMPRO, INSOTEC, Interactuar, Interfisa, Manuela Ramos, MCN, MiBanco, Microempresas de Antioquia, Microserfin, MIDE, ODEF Financiera S.A., OLC, PRESTANIC, PRISMA, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, Sociedad Cooperativa PADECOMSM, SOGESOL, UCADE Ambato, Visión Banco, World Relief - HND, WWB Cali



scale: small(GLP in USD, LAC < 4,000,000; Others< 2,000,000)

123 8 91 24 Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRA - PER, AGUDESA, Al Karama, Alternativa, AMA, APED, ASDIR, ASEI, ASHI, Asociación Arariwa, AVFS, AYNLA, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bereke, Bessfa RB, BG, BOM, CAPPED, CDRO, CEADe, CEPESIU, CEVI, CFF, CMEDFI, COAC Acción Rural, CREDIMUJER, Crystal, CZWSDA, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, Emprender, FAPE, FCBFI, FCC, FDM, FIDERPAC, FINCA - GTM, FINCA - MWI, FINCA - PER, FINCA - ZMB, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, FOVIDA, Friendship Bridge, Fundación Alternativa, Fundación CAMPO, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Gasha, Genesiss, Grameen Mendoza, Horizon, Horizonti, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Kasagana-Ka, KosInvest, Lazika Capital, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDSL, MEDF, MED-Net, Metemamen, MIDE, MLF HUMO, Naara RB, New RB of Victorias, NMF, NMFB, OLC, Parwaz, ProCaja, ProMujer - NIC, RB Lebak, RB Sto. Tomas, Rozgar, SBS, SEAP, SED, Sociedad Cooperativa PADECOMSM, Sonzelle RB, SPBD, TFS, Toende RB, UCADE Ambato, Ujjivan, UOMB, Upper Manya RB, USTOI, VEF, VRFSBS

scale: Medium(GLP in USD, LAC ≥ 4,000,000 and ≤ 15,000,000; Others ≥ 2,000,000 and ≤ 8,000,000)

163 27 108 28 ABCRDM, ABS-CBN, ACME, ADMIC, ADRI, AFK, Al Majmoua, Al Tadamun, AMC, AMC de R.L., Ameen, AMK, AMMACTS, AMSSF/MC, ASP Financiera, Azercredit, BanCovelo, Bangko Mabuhay, BCB, BZMF, Cantilan Bank, CARD Bank, Caritas, CBMO, CEAPE Maranhão, CEF, CEOSS, CEPRODEL, COAC MCCH, COAC Sac Aiet, COAC San José, Contactar, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Credicoop, CREDIT, CREDO, CReSA, CRYSOL, DAMEN, DD Bank, DEMOS SLC, Diaconia, D-Miro, EDPYME Alternativa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, ENLACE, Eshet, FAFIDESS, FAMA OPDF, Fassil FFP, FATEN, Faulu - UGA, FED, FFECC, FIE Gran Poder, FINCA - AFG, FINCA - ARM, FINCA - DRC, FINCA - HND, FINCA - NIC, FINCA - TJK, FINCA - TZA, FinDev, FMFB - TJK, FMSD, FODEM, FODEMI, Fonkoze, FULM, FUNBODEM, Fundación Espoir, Fundación León 2000, Fundación Paraguaya, FUNDEA, FUNDENUSE, FUNDESER, FUNED, GU, Hermandad de Honduras OPDF, HKL, HOPE, ICC




N *** ** *


BluSol, IDF, IMON, KADET, Kakum RB, KAMURJ, Kazama Grameen, KBSLAB, KMBI, Kompanion, Kondo Jigima, KRUSHI, LAPO, Lead Foundation, LIDER, LPD Pecatu, Mallig Plains RB, MCN, MDF, MEMCO, MGBB, Microempresas de Antioquia, Microinvest, Microserfin, Mikro ALDI, Mikrofond, MikroMaliyye Credit, MLF MicroInvest, Nachala, Nirdhan, NOA, Normicro, NWTF, ODEF Financiera S.A., OMB, PALFSI, PEACE, PGBB, PRESTANIC, PRISMA, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - PER, RASS, RB Digos, RB Mabitac, RB Oroquieta, RB Solano, RB Talisayan, RGVN, Rost, Saadhana, Sanghamithra, SAT, SBACD, SEDA, SEF-ARM, SEF-ZAF, SFPI, SMEP, SMSS, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Tchuma, TPC, UNRWA, Valiant RB, VFC, VFS, Viator, Vital Finance, WAGES, Wasasa, Wisdom, Women for Women, World Relief - HND


201 57 119 25 1st Valley Bank, ABA, ACBA, AccessBank, ACCOVI, ACEP Senegal, ACLEDA, ACODEP, ACORDE, ACSI, ADOPEM, AgroCapital, AgroInvest, Agroinvestbank, Aiyl Bank, Akiba, Al Amana, AML, AMRET, Apoyo Integral, AREGAK, ARMP, ASA, Asociación Raíz, Bai Tushum, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bank Eskhata, BASIX, BCSC, BESA, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, CAPA, Capitec Bank, CARD NGO, Cashpor MC, CCA, CDS, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, Crediscotia, DBACD, DECSI, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Proempresa, EKI, Enda, Equity Bank, ESAF, FADES, FASL, FBPMC, FDL, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - KOS, FINCA - MEX, FINCA - UGA, FinComún, FINCORP, FINSOL, FMCC, FMFB - AFG, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FONDEP, Fortaleza FFP, FORUS, FUCEC Togo, Fundación Nieborowski, Fundusz Mikro, Génesis, Empresarial, GK, Grameen Bank, Green Bank, GV, INECO, Interactuar, Interfisa, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAS, Kashf, KEP, Khan Bank, Khushhali Bank, KMB, KMF, K-Rep, KRK Ltd, KWFT, LOK Microcredit Foundation, LPD Kuta, Mahasemam - SMILE, MFI, MFW, MiBanco, MI-BOSPO, MIKRA, MIKROFIN, Moznosti, NovoBanco- MOZ, Nyesigiso, OBM, OBS, OISL, OMO, OMRO, Opportunity Albania, PADME, Partner, PRASAC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, RCPB, Sarvodaya Nano Finance, Sathapana Limited, SEEDS, SHARE, SINERGIJA, SKDRDP, SKS, Spandana, Sunrise, SWAWS, Tamweelcom, TMSS, TSKI, TSPI, UML, Visión Banco, WWB Cali, XacBank, Zakoura

sustainability: Fss(Financial Self-Sufficiency > 100%)




Target Market: Low End(Avg. Balance per Borrower/ GNI per Capita < 20% and Avg. Balance per Borrower < USD 150)

173 20 117 36 ABA, ABCRDM, ABS-CBN, ACSI, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, AGUDESA, Al Karama, Al Majmoua, Al Tadamun, AMA, Ameen, AMK, AML, AMMACTS, AMRET, AMSSF/MC, APED, ASA, ASEI, ASHI, Asociación Arariwa, ASP Financiera, AVFS, AYNLA, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bandhan, BASIX, Bereke, Bessfa RB, BFL, BG, BISWA, BRAC, BSS, BURO Bangladesh, Caja Popular Mexicana, Capitec Bank, CAPPED, CARD Bank, CARD NGO, Caritas, Cashpor MC, CEAPE Maranhão, CEOSS, CEPESIU, CEVI, CFF, CMEDFI, CompartamosBanco, CrediAmigo, Credicoop, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, DEMOS SLC, EDAPROSPO, EDPYME Alternativa, EDPYME Efectiva, Enda, ENLACE, ESAF, Eshet, FAPE, FCBFI, FIDERPAC, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FINCA - ZMB, FinComún, FMSD, FODEMI, FONDEP, FONDESOL, Friendship Bridge, Fundación Alternativa, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, ABA, ABCRDM, ABS-CBN, ACSI, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, AGUDESA, Al Karama, Al Majmoua, Al Tadamun, AMA, Ameen, AMK, AML, AMMACTS, AMRET, AMSSF/MC, APED, ASA, ASEI, ASHI, Asociación Arariwa, ASP Financiera, AVFS, AYNLA, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bandhan, BASIX, Bereke, Bessfa RB, BFL, BG, BISWA, BRAC, BSS, BURO Bangladesh, Caja Popular Mexicana, Capitec Bank, CAPPED, CARD Bank, CARD NGO, Caritas, Cashpor MC, CEAPE Maranhão, CEOSS, CEPESIU, CEVI, CFF, CMEDFI, CompartamosBanco, CrediAmigo, Credicoop, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, DEMOS SLC, EDAPROSPO, EDPYME Alternativa, EDPYME Efectiva, Enda, ENLACE, ESAF, Eshet, FAPE, FCBFI, FIDERPAC, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FINCA - ZMB, FinComún, FMSD, FODEMI, FONDEP, FONDESOL, Friendship Bridge, Fundación Alternativa, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNDECOCA, FUNDESPE, GK, Grameen Bank, Grameen Mendoza, GU, GV, IDESI Lambayeque, IDF, INMAA, JCF, KAS, Kasagana-Ka, Kazama Grameen, Khushhali Bank, KMBI, LAPO, Lead Foundation, Maata-N-Tudu, Mahasemam - SMILE, Mallig Plains RB, Manuela Ramos, MBK Ventura, MEDF, Metemamen, MFI, MFW, MGBB, Microserfin, MIDE, Nirdhan, NMF, NWTF, OLC, OMB, OMO, PALFSI, Parwaz, PRISMA, ProCaja, ProMujer - BOL, ProMujer - MEX, ProMujer - PER, RASS, RB Talisayan, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, SBACD, SEAP, SED, SEDA, SEEDS, SEF-ZAF, SFPI, SHARE, SKDRDP, SKS, SMSS, Spandana, SPBD, SWAWS, Tamweelcom, TMSS, TPC, TSKI, TSPI, UCADE Ambato, Ujjivan, UOMB, VEF, VFS, Viator, Wasasa, Wisdom, Zakoura

62




N *** ** *



261 67 159 35 1st Valley Bank, ACBA, ACME, ACODEP, Actuar Caldas, Actuar Tolima, AgroInvest, Al Amana, Alternativa, AMC, AMC de R.L., Apoyo Integral, AREGAK, ASDIR, Asociación Raíz, Azercredit, Banco ADEMI, Banco Solidario, BancoEstado, BanCovelo, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, BCB, BCSC, BOM, BRAC - AFG, Caja Nor Perú, CamCCUL, Cantilan Bank, CAPA, CBMO, CCA, CDRO, CDS, CEADe, CEF, CEP, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, Credi Fé, Crediscotia, CREDIT, CREDO, Crystal, DD Bank, DECSI, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Emprender, Equity Bank, FADES, FAFIDESS, FAMA OPDF, Fassil FFP, FATEN, Faulu - UGA, FBPMC, FCC, FDL, FDM, FED, FFECC, FICO, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - HND, FINCA - KOS, FINCA - TJK, FINCA - UGA, FINCORP, FinDev, FINSOL, FMCC, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, FULM, FUNBODEM, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, Fundusz Mikro, FUNED, FUNSALDE, Gasha, Génesis Empresarial, Genesiss, Green Bank, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, ICC BluSol, ImerCredit, Imkoniyat, IMON, IMPRO, INECO, INSOTEC, Intellekt, Interactuar, Interfisa, JSC Bank Constanta, KADET, Kafo Jiginew, Kakum RB, KAMURJ, Kashf, KBSLAB, Khan Bank, KMF, Kompanion, Kondo Jigima, KosInvest, K-Rep, KRK Ltd, KRUSHI, KWFT, Lazika Capital, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Ketewel, LPD Kukuh, LPD Sibetan, MDF, MDSL, MED-Net, MEMCO, MiBanco, MI-BOSPO, Microempresas de Antioquia, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nachala, New RB of Victorias, NMFB, NOA, Normicro, Nyesigiso, OBM, OBS, ODEF Financiera S.A., OISL, OMRO, Opportunity Albania, Partner, PEACE, PGBB, PRASAC, PRESTANIC, PRIDE - TZA, PRIZMA, ProCredit - ECU, ProCredit - NIC, ProCredit- SLV, ProCredit Bank - BIH, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit BankSerbia, PRODESA, ProMujer - NIC, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RCPB, Rost, Rozgar, SBS, SEF-ARM, SINERGIJA, SMEP, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, Sunrise, Tchuma, TFS, Toende RB, UNRWA, Upper Manya RB, USTOI, Valiant RB, VFC, Visión Banco, Vital Finance, VRFSBS, Women for Women, World Relief - HND, WWB Cali, XacBank


32 4 26 2 AccessBank, ACCOVI, ACEP Senegal, ACLEDA, ADRI, AFK, Aiyl Bank, ARMP, BancoSol, BANEX (ex FINDESA), BESA, BZMF, CMS, CredAgro NBCO, FIE FFP, FINCA - DRC, KEP, LPD Celuk, LPD Ubung, MCN, NovoBanco - MOZ, PADME, ProCredit - BOL, ProCredit - MDA, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - GEO, PRODEM FFP, Sathapana Limited, SOGESOL, UML, WAGES

Target Market: small Business(Avg. Balance per Borrower/GNI per Capita > 250%)

21 1 16 4 ACORDE, AgroCapital, Agroinvestbank, Akiba, Bai Tushum, Bank Eskhata, Centenary Bank, Coop Fátima, FASL, FMFB - AFG, FMFB - TJK, Fortaleza FFP, FUCEC Togo, Jemeni, KMB, LPD Kuta, LPD Pecatu, Microinvest, ProCredit - GHA, ProCredit Bank - KOS, ProCredit Bank - UKR


Africa small 22 1 17 4 ACORDE, AgroCapital, Agroinvestbank, Akiba, Bai Tushum, Bank Eskhata, Centenary Bank, Coop Fátima, FASL, FMFB - AFG, FMFB - TJK, Fortaleza FFP, FUCEC Togo, Jemeni, KMB, LPD Kuta, LPD Pecatu, Microinvest, ProCredit - GHA, ProCredit Bank - KOS, ProCredit Bank - UKR, APED, AVFS, Bessfa RB, BG, BOM, CAPPED, CFF, FCC, FDM, FINCA - MWI, FINCA - ZMB, Gasha, Maata-N-Tudu, MDSL, MED-Net, Metemamen, Naara RB, SEAP, Sonzelle RB, Toende RB, UOMB, Upper Manya RB

Africa Medium 19 0 17 2 Eshet, Faulu - UGA, FINCA - DRC, FINCA - TZA, KADET, Kakum RB, Kondo Jigima, LAPO, PEACE, SAT, SEDA, SEF-ZAF, SFPI, SMEP, Tchuma, Vital Finance, WAGES, Wasasa, Wisdom

Africa Large 28 0 26 2 ACEP Senegal, ACSI, Akiba, CamCCUL, Capitec Bank, CCA, CDS, Centenary Bank, CMS, DECSI, Equity Bank, FASL, FINCA - UGA, FINCORP, FUCEC Togo, Jemeni, Kafo Jiginew, K-Rep, KWFT, NovoBanco - MOZ, Nyesigiso, OISL, OMO, PADME, PRIDE - TZA, ProCredit - GHA, RCPB, UML



Asia small 29 0 18 11 ASHI, Banco Santiago de Libon, CEVI, CMEDFI, CZWSDA, ECLOF - PHL, FCBFI, Kasagana-Ka, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, MBK Ventura, MEDF, New RB of Victorias, NMFB, Parwaz, RB Lebak, RB Sto. Tomas, Rozgar, SED, SPBD, Ujjivan, VEF

Asia Medium 43 2 28 13 ABCRDM, ABS-CBN, AMK, AMMACTS, Bangko Mabuhay, BCB, Cantilan Bank, CARD Bank, CBMO, CREDIT, CReSA, DAMEN, DD Bank, FINCA - AFG, GU, HKL, IDF, Kazama Grameen, KBSLAB, KMBI, KRUSHI, LPD Pecatu, Mallig Plains RB, MGBB, Nirdhan, NWTF, OMB, PALFSI, PGBB, RASS, RB Digos, RB Mabitac, RB Oroquieta, RB Solano, RB Talisayan, RGVN, Saadhana, Sanghamithra, SMSS, TPC, Valiant RB, VFC, VFS




N *** ** *


Asia Large 45 2 28 15 1st Valley Bank, ACLEDA, AML, AMRET, ARMP, ASA, Bandhan, Bangko Kabayan, BASIX, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, CARD NGO, Cashpor MC, CEP, ESAF, FICO, FMFB - AFG, FMFB - Pakistan, GK, Grameen Bank, Green Bank, GV, JCF, KAS, Kashf, Khushhali Bank, LPD Kuta, Mahasemam - SMILE, MFI, PRASAC, Sarvodaya Nano Finance, Sathapana Limited, SEEDS, SHARE, SKDRDP, SKS, Spandana, SWAWS, TMSS, TSKI, TSPI



ECA small 17 2 12 3 ACBA, AccessBank, AgroInvest, Agroinvestbank, Aiyl Bank, AREGAK, Bai Tushum, Bank Eskhata, BESA, CAPA, CredAgro NBCO, EKI, FINCA - AZE, FINCA - GEO, FINCA - KOS, FMCC, FORUS, Fundusz Mikro, INECO, JSC Bank Constanta, KEP, Khan Bank, KMB, KMF, KRK Ltd, LOK Microcredit Foundation, MI-BOSPO, MIKRA, MIKROFIN, Moznosti, OBM, OBS, OMRO, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, SINERGIJA, Sunrise, XacBank

ECA Medium 32 3 22 7 AFK, Azercredit, BZMF, CEF, CREDO, DEMOS SLC, FFECC, FINCA - ARM, FINCA - TJK, FinDev, FMFB - TJK, FULM, HOPE, IMON, KAMURJ, Kompanion, LIDER, MDF, Microinvest, Mikro ALDI, Mikrofond, MikroMaliyye Credit, MLF MicroInvest, Nachala, NOA, Normicro, Rost, SEF-ARM, Sodeistviye (Pyatigorsk), Sodeystviye, Viator, Women for Women

ECA Large 49 3 44 2 ACBA, AccessBank, AgroInvest, Agroinvestbank, Aiyl Bank, AREGAK, Bai Tushum, Bank Eskhata, BESA, CAPA, CredAgro NBCO, EKI, FINCA - AZE, FINCA - GEO, FINCA - KOS, FMCC, FORUS, Fundusz Mikro, INECO, JSC Bank Constanta, KEP, Khan Bank, KMB, KMF, KRK Ltd, LOK Microcredit Foundation, MI-BOSPO, MIKRA, MIKROFIN, Moznosti, OBM, OBS, OMRO, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, SINERGIJA, Sunrise, XacBank



LAC small 51 4 43 4 Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRA - PER, AGUDESA, AMA, ASDIR, ASEI, Asociación Arariwa, AYNLA, Banco da Familia, CDRO, CEADe, CEPESIU, COAC Acción Rural, CREDIMUJER, EDAPROSPO, Emprender, FAPE, FIDERPAC, FINCA - GTM, FINCA - PER, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, FOVIDA, Friendship Bridge, Fundación Alternativa, Fundación CAMPO, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Genesiss, Grameen Mendoza, IDESI Lambayeque, IMPRO, INSOTEC, Manuela Ramos, MIDE, OLC, ProCaja, ProMujer - NIC, Sociedad Cooperativa PADECOMSM, UCADE Ambato

LAC Medium 58 21 33 4 ACME, ADMIC, ADRI, AMC de R.L., ASP Financiera, BanCovelo, Caritas, CEAPE Maranhão, CEPRODEL, COAC MCCH, COAC Sac Aiet, COAC San José, Contactar, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Credicoop, CRYSOL, Diaconia, D-Miro, EDPYME Alternativa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, ENLACE, FAFIDESS, FAMA OPDF, Fassil FFP, FED, FIE Gran Poder, FINCA - HND, FINCA - NIC, FMSD, FODEM, FODEMI, Fonkoze, FUNBODEM, Fundación Espoir, Fundación León 2000, Fundación Paraguaya, FUNDEA, FUNDENUSE, FUNDESER, FUNED, Hermandad de Honduras OPDF, ICC BluSol, MCN, Microempresas de Antioquia, Microserfin, ODEF Financiera S.A., PRESTANIC, PRISMA, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - PER, SOGESOL, World Relief - HND

LAC Large 70 51 15 4 ACCOVI, ACODEP, ACORDE, ADOPEM, AgroCapital, Apoyo Integral, Asociación Raíz, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC Mushuc Runa, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Proempresa, FADES, FDL, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - MEX, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, Fortaleza FFP, Fundación Nieborowski, Génesis Empresarial, Interactuar, Interfisa, MiBanco, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, Visión Banco, WWB Cali



MENA small 4 1 1 2 Al Karama, Azal, INMAA, NMF

MENA Medium 11 1 8 2 Al Majmoua, Al Tadamun, AMC, Ameen, AMSSF/MC, CEOSS, FATEN, Lead Foundation, MEMCO, SBACD, UNRWA

MENA Large 9 1 6 2 ABA, Al Amana, DBACD, Enda, FBPMC, FONDEP, MFW, Tamweelcom, Zakoura


MENA Non Fss 10 0 6 4 [These names are held confidential

64




N *** ** *


Age: New 26 0 24 2 Bereke, BOM, ECLOF - ARM, FINCA - AFG, FINCA - DRC, FINCA - TJK, FMFB - AFG, FMFB - TJK, FONDESOL, Fundación San Miguel, Kakum RB, Kasagana-Ka, Kompanion, KRUSHI, Lead Foundation, MBK Ventura, MEMCO, Microinvest, MikroMaliyye Credit, MLF HUMO, NMFB, OISL, ProCredit Bank - MKD, Rozgar, Toende RB, Ujjivan


108 11 67 30 ABCRDM, AccessBank, AFK, AgroInvest, Agroinvestbank, Al Karama, AMC, AMC de R.L., AMK, AML, APED, ARMP, ASDIR, Asociación Arariwa, ASP Financiera, Azal, Azeri Star, Bai Tushum, Bandhan, BanGente, BG, BRAC - AFG, BZMF, Capitec Bank, CEOSS, CEVI, CFF, COAC Acción Rural, COAC Sac Aiet, CredAgro NBCO, Credi Fé, CREDIT, CRYSOL, CZWSDA, DD Bank, DEMOS SLC, ECLOF - PHL, EcoFuturo FFP, EDPYME Alternativa, EDPYME Efectiva, Emprender, Eshet, FIE Gran Poder, FINCA - ARM, FINCA - KOS, FINCA - ZMB, FMFB - Pakistan, FODEM, FOVIDA, FULM, FUNDAHMICRO, Grameen Mendoza, Horizon, Horizonti, Imkoniyat, IMON, INMAA, Intellekt, KADET, KAS, Kazama Grameen, KEP, Khushhali Bank, KMB, KosInvest, KRK Ltd, LIDER, MCN, MDF, MDSL, Metemamen, MFI, MIDE, Mikrofond, MLF MicroInvest, NMF, NovoBanco - MOZ, OBM, OBS, OMB, Parwaz, PEACE, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - KOS, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, ProMujer - MEX, ProMujer - PER, Rost, Saadhana, Sodeistviye (Pyatigorsk), SOGESOL, SPBD, Tamweelcom, TFS, Upper Manya RB, USTOI, VFC, Viator, VRFSBS, Wasasa, Wisdom


353 63 201 89 1st Valley Bank, ABA, ABS-CBN, ACBA, ACCOVI, ACEP Senegal, ACLEDA, ACME, ACODEP, ACORDE, ACSI, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, ADRI, AgroCapital, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Majmoua, Al Tadamun, Alternativa, AMA, Ameen, AMMACTS, AMRET, AMSSF/MC, Apoyo Integral, AREGAK, ASA, ASEI, ASHI, Asociación Raíz, AVFS, AYNLA, Azercredit, Banco ADEMI, Banco da Familia, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, BESA, Bessfa RB, BFL, BISWA, BRAC, BSS, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPA, CAPPED, CARD Bank, CARD NGO, Caritas, Cashpor MC, CBMO, CCA, CDRO, CDS, CEADe, CEAPE Maranhão, CEF, Centenary Bank, CEP, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CREDO, CReSA, Crystal, DAMEN, DBACD, DECSI, Diaconia, D-Miro, EDAPROSPO, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Enda, ENLACE, Equity Bank, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, Fassil FFP, FATEN, Faulu - UGA, FBPMC, FCBFI, FCC, FDL, FDM, FED, FFECC, FICO, FIDERPAC, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FINCA - UGA, FinComún, FINCORP, FinDev, FINSOL, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESURCO, Fonkoze, Fortaleza FFP, FORUS, Friendship Bridge, FUCEC Togo, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Gasha, Génesis Empresarial, Genesiss, GK, Grameen Bank, Green Bank, GU, GV, Hermandad de Honduras OPDF, HKL, HOPE, ICC BluSol, IDESI Lambayeque, IDF, ImerCredit, IMPRO, INECO, INSOTEC, Interactuar, Interfisa, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAMURJ, Kashf, KBSLAB, Khan Bank, KMBI, KMF, Kondo Jigima, K-Rep, KWFT, LAPO, Lazika Capital, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Mahasemam - SMILE, Mallig Plains RB, Manuela Ramos, MEDF, MED-Net, MFW, MGBB, MiBanco, MI-BOSPO, Microempresas de Antioquia, Microserfin, MIKRA, Mikro ALDI, MIKROFIN, Moznosti, Naara RB, Nachala, New RB of Victorias, Nirdhan, NOA, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, OMO, OMRO, Opportunity Albania, PADME, PALFSI, Partner, PGBB, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, ProCredit - BOL, ProCredit - SLV, ProCredit Bank - BIH, ProCredit Bank - GEO, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - NIC, RASS, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, RGVN, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SBACD, SBS, SEAP, SED, SEDA, SEEDS, SEF-ARM, SEF-ZAF, SFPI, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, Sodeystviye, Sonzelle RB, Spandana, Sunrise, SWAWS, Tchuma, TMSS, TPC, TSKI, TSPI, UCADE Ambato, UML, UNRWA, UOMB, Valiant RB, VEF, VFS, Visión Banco, Vital Finance, WAGES, Women for Women, World Relief - HND, WWB Cali, XacBank, Zakoura


50 4 42 4 ACBA, AccessBank, ACLEDA, ADOPEM, Agroinvestbank, Aiyl Bank, Akiba, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BanGente, Bank Eskhata, BCSC, BOM, Capitec Bank, Centenary Bank, CompartamosBanco, CrediAmigo, Crediscotia, Equity Bank, FMFB - AFG, FMFB - TJK, FORUS, Grameen Bank, INECO, Khan Bank, KMB, K-Rep, MiBanco, NovoBanco - MOZ, OBM, OBS, OMB, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank -

peer Groups 2007




N *** ** *


BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, XacBank




172 28 109 35 ACCOVI, ACSI, AgroInvest, AMC, AMC de R.L., Ameen, AMK, AML, AMRET, Apoyo Integral, AREGAK, ASP Financiera, AVFS, Azercredit, Azeri Star, Bai Tushum, Bandhan, BANEX (ex FINDESA), BASIX, BFL, BG, BRAC - AFG, Caja Nor Perú, CAPA, CCA, CDS, CEF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CRAC Los Andes, CredAgro NBCO, Credi Fé, CREDIT, CREDO, Crystal, DD Bank, DECSI, ECLOF - ARM, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, ENLACE, Eshet, FAMA OPDF, FASL, Fassil FFP, FATEN, Faulu - UGA, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - ECU, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FinDev, FINSOL, FMCC, FMFB - Pakistan, Fortaleza FFP, Fundusz Mikro, Gasha, GK, GV, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, ImerCredit, Imkoniyat, IMON, Interfisa, JSC Bank Constanta, KADET, KAMURJ, KEP, Khushhali Bank, KMF, Kompanion, KRK Ltd, KWFT, Lazika Capital, LIDER, LOK Microcredit Foundation, Mahasemam - SMILE, MCN, MDSL, Metemamen, MFI, MFW, MI-BOSPO, Microinvest, Microserfin, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Nirdhan, NMFB, Normicro, ODEF Financiera S.A., OISL, OMO, OMRO, Opportunity Albania, Partner, Parwaz, PEACE, PRASAC, PRIZMA, ProCredit - GHA, ProCredit - MDA, PRODEM FFP, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEEDS, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, SMEP, Sociedad Cooperativa PADECOMSM, SOGESOL, Spandana, Sunrise, SWAWS, Tamweelcom, Tchuma, TFS, TPC, Ujjivan, UML, UNRWA, UOMB, USTOI, VFC, VFS, Viator, Visión Banco, VRFSBS, Wasasa, Wisdom, Women for Women


190 37 100 53 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, AMSSF/MC, APED, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Banco da Familia, Bereke, BESA, BISWA, BRAC, BSS, BURO Bangladesh, BZMF, CAPPED, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMEDFI, CMM Bogotá, CMM Medellín, Contactar, CRECER, CREDIMUJER, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - PHL, EDAPROSPO, Emprender, Enda, ESAF, FADES, FAFIDESS, FAPE, FBPMC, FCBFI, FCC, FDL, FDM, FED, FIDERPAC, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Mendoza, GU, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, IMPRO, INMAA, INSOTEC, Interactuar, JCF, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KMBI, KosInvest, KRUSHI, LAPO, Lead Foundation, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, Microempresas de Antioquia, MIDE, NMF, NWTF, OLC, PADME, PALFSI, PRESTANIC, PRIDE - TZA, PRISMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, SAT, SBACD, SEAP, SEDA, SEF-ZAF, SKDRDP, SMSS, SPBD, TMSS, TSKI, TSPI, UCADE Ambato, VEF, Vital Finance, WAGES, World Relief - HND, WWB Cali, Zakoura


40 0 25 15 1st Valley Bank, Banco Santiago de Libon, Bangko Kabayan, Bangko Mabuhay, BCB, Bessfa RB, Cantilan Bank, CARD Bank, CBMO, FICO, Green Bank, Kakum RB, KBSLAB, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MGBB, Naara RB, New RB of Victorias, PGBB, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Sonzelle RB, Toende RB, Upper Manya RB, Valiant RB

Financial Intermediation: Non FI(Voluntary Savings/ Total Assets = 0)

286 50 174 62 ABA, ABCRDM, ABS-CBN, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AgroInvest, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, AMA, AMC, AMC de R.L., Ameen, AML, AMSSF/MC, APED, Apoyo Integral, AREGAK, ARMP, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Bandhan, BASIX, Bereke, BESA, BFL, BG, BISWA, BRAC - AFG, BSS, BZMF, CAPA, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEPESIU, CEPRODEL, CEVI, CMEDFI, CMM Bogotá, CMM Medellín, CompartamosBanco, Contactar, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, CREDIMUJER, CREDO, CReSA, CRYSOL, Crystal, CZWSDA, DAMEN, DBACD, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYMEProempresa, EKI, Emprender, Enda, ENLACE, ESAF, FADES, FAFIDESS, FAPE, FATEN, Faulu - UGA, FBPMC, FCC, FDL, FDM, FED, FIDERPAC, FIE Gran Poder, Financiera Edyficar, Financiera Fama,

66




N *** ** *


FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - TZA, FINCA - ZMB, FINCORP, FinDev, Microempresas de Antioquia, Microinvest, Microserfin, MIDE, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Nachala, NMF, NOA, Normicro, OLC, OMRO, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, ProCredit - MDA, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SBACD, SEAP, SED, SEDA, SEF-ARM, SEF-ZAF, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMSS, Sociedad Cooperativa PADECOMSM, SOGESOL, Spandana, Sunrise, SWAWS, Tamweelcom, TSPI, UCADE Ambato, Ujjivan, UNRWA, USTOI, VEF, VFS, Viator, Vital Finance, VRFSBS, Women for Women, World Relief - HND, WWB Cali, Zakoura

Financial Intermediation: Low FI(Voluntary Savings/ Total Assets > 0 and < 20%)

55 2 32 21 ACBA, AccessBank, ACEP Senegal, Aiyl Bank, AMK, AMMACTS, AMRET, ASA, AVFS, BANEX (ex FINDESA), BRAC, CEP, CFF, CREDIT, DD Bank, DECSI, DEMOS SLC, Eshet, FAMA OPDF, FCBFI, FINCA - ECU, FMFB - AFG, FMFB - TJK, Gasha, Grameen Bank, HKL, IDF, JCF, Kashf, Kazama Grameen, KMB, K-Rep, MGBB, Moznosti, Nirdhan, NMFB, NWTF, ODEF Financiera S.A., OMO, PEACE, PGBB, PRASAC, SAT, Sathapana Limited, SFPI, SPBD, Tchuma, TFS, TMSS, TPC, TSKI, UOMB, Upper Manya RB, VFC, Wisdom

Financial Intermediation: High FI(Voluntary Savings/Total Assets ≥ 20%)

146 22 86 38 1st Valley Bank, ACCOVI, ACLEDA, ACSI, ADOPEM, Agroinvestbank, Akiba, Alternativa, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BCB, BCSC, Bessfa RB, BOM, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, Capitec Bank, CAPPED, CARD Bank, CBMO, CCA, CDS, Centenary Bank, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, Credicoop, Crediscotia, EcoFuturo FFP, Equity Bank, FASL, Fassil FFP, FFECC, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Familiar, FINCA - UGA, FinComún, FINSOL, FMFB - Pakistan, Fonkoze, Fortaleza FFP, FUCEC Togo, FULM, Green Bank, INECO, Intellekt, Interfisa, Jemeni, Kafo Jiginew, Kakum RB, KBSLAB, Khan Bank, Kondo Jigima, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mallig Plains RB, MiBanco, Naara RB, New RB of Victorias, NovoBanco - MOZ, Nyesigiso, OBM, OBS, OISL, OMB, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, 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, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RCPB, Rost, Rozgar, SBS, SEEDS, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, Toende RB, UML, Valiant RB, Visión Banco, WAGES, Wasasa, XacBank

Methodology: Individual 164 33 101 30 1st Valley Bank, ACBA, AccessBank, ACCOVI, ACME, ACORDE, Actuar Caldas, ADRI, AFK, AgroInvest, Agroinvestbank, Alternativa, AMA, AMC, AMC de R.L., Ameen, ASA, ASDIR, ASP Financiera, Banco ADEMI, Banco da Familia, Banco Santiago de Libon, BancoEstado, BanDesarrollo Microempresas, BANEX (ex FINDESA), Bangko Mabuhay, Bank Eskhata, BCB, BCSC, BESA, BRAC, BZMF, Caja Nor Perú, CAPA, Capitec Bank, CBMO, CEF, Centenary Bank, CEP, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credi Fé, Credicoop, CREDIMUJER, Crediscotia, EDPYME Alternativa, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Fassil FFP, FFECC, FICO, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Familiar, FINCA - AZE, FMM Bucaramanga, FMM Popayán, FMSD, FOMIC, FONDESURCO, Fortaleza FFP, FULM, Fundación CAMPO, Fundación Nieborowski, FUNDECOCA, Genesiss, ICC BluSol, IDESI Lambayeque, ImerCredit, IMPRO, INECO, INSOTEC, Intellekt, Interactuar, Interfisa, Kafo Jiginew, Khan Bank, Khushhali Bank, KMB, KosInvest, KRK Ltd, LPD Bedha, LPD Buahan, LPD Kuta, LPD Pecatu, MCN, MDF, MEMCO, Microempresas de Antioquia, Microserfin, MIKROFIN, CREDIMUJER, Crediscotia, EDPYME Alternativa, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EKI, Fassil FFP, FFECC, FICO, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Familiar, FINCA - AZE, FMM Bucaramanga, FMM Popayán, FMSD, FOMIC, FONDESURCO, Fortaleza FFP, FULM, Fundación CAMPO, Fundación Nieborowski, FUNDECOCA, Genesiss, ICC BluSol, IDESI Lambayeque, ImerCredit, IMPRO, INECO, INSOTEC, Intellekt, Interactuar, Interfisa, Kafo Jiginew, Khan Bank, Khushhali Bank, KMB, KosInvest, KRK Ltd, LPD Bedha, LPD Buahan, LPD Kuta, LPD Pecatu, MCN, MDF, MEMCO, Microempresas de Antioquia, Microserfin, MIKROFIN, Mikrofond, Nachala, New RB of Victorias, NOA, NovoBanco - MOZ, OBM, OBS, Partner, PGBB, PRESTANIC, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, PRODESA, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rost, SBS, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Sunrise, TFS, Valiant RB, Visión Banco, WWB Cali




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245 31 146 68 ABA, ABS-CBN, ACEP Senegal, ACLEDA, ACODEP, ACSI, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, AMK, AML, AMMACTS, AMRET, AMSSF/MC, Apoyo Integral, AREGAK, ARMP, Asociación Raíz, AVFS, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco Solidario, BancoSol, BanCovelo, BanGente, Bangko Kabayan, Bereke, BG, BOM, BRAC - AFG, BURO Bangladesh, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPPED, CARD Bank, CARD NGO, Caritas, CCA, CDRO, CDS, CEADe, CEAPE Maranhão, CEOSS, CEPESIU, CMS, COAC Acción Rural, COAC Sac Aiet, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, CrediAmigo, CREDIT, CREDO, Crystal, DBACD, DECSI, DEMOS SLC, D-Miro, ECLOF - ARM, ECLOF - PHL, EcoFuturo FFP, EDAPROSPO, Emprender, Enda, ENLACE, Equity Bank, Eshet, FADES, FAFIDESS, FAMA OPDF, FAPE, FASL, FATEN, Faulu - UGA, FBPMC, FCBFI, FCC, FDL, FDM, Financiera Edyficar, Financiera Fama, FINCA - AFG, FINCA - ARM, FINCA - ECU, FINCA - GEO, FINCA - HND, FINCA - KOS, FINCA - PER, FinComún, FINCORP, FinDev, FINSOL, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FODEM, FODEMI, FONCRESOL, FONDEP, FONDESOL, Fonkoze, FORUS, FOVIDA, FUCEC Togo, FUNBODEM, Fundación Alternativa, Fundación León 2000, Fundación MICROS, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Gasha, GK, Grameen Mendoza, Green Bank, GV, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, IMON, INMAA, JCF, Jemeni, JSC Bank Constanta, Kakum RB, KAMURJ, Kasagana-Ka, Kashf, KBSLAB, KEP, KMF, Kompanion, Kondo Jigima, K-Rep, KWFT, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, Mallig Plains RB, Manuela Ramos, MBK Ventura, MED-Net, MFW, MGBB, MiBanco, MI-BOSPO, Microinvest, MIDE, MIKRA, Mikro ALDI, MLF HUMO, MLF MicroInvest, Moznosti, Naara RB, Nirdhan, NMF, NMFB, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OISL, OMB, OMO, OMRO, Opportunity Albania, PADME, Parwaz, PEACE, PRASAC, PRIDE - TZA, PRISMA, PRIZMA, PRODEM FFP, RCPB, RGVN, SAT, Sathapana Limited, SBACD, SEAP, SED, SEEDS, SEF-ARM, SFPI, SHARE, SINERGIJA, SKS, Sonzelle RB, Spandana, SWAWS, Tamweelcom, Tchuma, TMSS, Toende RB, TPC, TSKI, TSPI, UML, UNRWA, Upper Manya RB, USTOI, VEF, VFC, Viator, Vital Finance, VRFSBS, WAGES, Wasasa, Wisdom, Women for Women, World Relief - HND, XacBank, Zakoura

Methodology: solidarity 27 0 19 8 Al Tadamun, ASHI, Bandhan, Bessfa RB, CEVI, CFF, CReSA, CZWSDA, DAMEN, DD Bank, ESAF, Fundación San Miguel, Grameen Bank, IDF, Imkoniyat, KMBI, KRUSHI, Maata-N-Tudu, Mahasemam - SMILE, MDSL, MikroMaliyye Credit, PALFSI, Rozgar, Saadhana, SEF-ZAF, SMEP, Ujjivan

Methodology: Village Banking 51 10 26 15 ABCRDM, ADRA - PER, AgroCapital, APED, ASEI, Asociación Arariwa, BASIX, BFL, BISWA, BSS, Cashpor MC, CRECER, CRYSOL, Diaconia, EDPYME Confianza, FED, FINCA - DRC, FINCA - GTM, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - TJK, FINCA - TZA, FINCA - UGA, FINCA - ZMB, Friendship Bridge, Fundación Espoir, Fundación Mujer, Génesis Empresarial, GU, KADET, KAS, Kazama Grameen, MEDF, Metemamen, MFI, OLC, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, Sanghamithra, Sarvodaya Nano Finance, SEDA, SKDRDP, SMSS, SPBD, UCADE Ambato, UOMB, VFS


164 21 93 50 ACCOVI, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADRI, AFK, AGUDESA, Al Majmoua, Alternativa, AMA, AMC, Ameen, ASDIR, ASEI, ASP Financiera, AVFS, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bangko Mabuhay, Bank Eskhata, BCB, Bereke, BESA, BOM, BZMF, CAPA, CAPPED, CDRO, CEADe, CEF, CEPESIU, CFF, CMEDFI, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, COAC San José, Contactar, Coop Fátima, COOPAC Santo Cristo, CRAC Los Andes, CredAgro NBCO, Credicoop, CREDIMUJER, Crystal, CZWSDA, DEMOS SLC, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EDPYME Nueva Visión, Emprender, FAPE, Fassil FFP, FATEN, FCC, FDM, FFECC, FIDERPAC, FIE Gran Poder, FinDev, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fortaleza FFP, FOVIDA, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación León 2000, Fundación MICROS, Fundación Mujer, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INSOTEC, Intellekt, Jemeni, Kakum RB, KosInvest, KRK Ltd, Lazika Capital, LIDER, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, MDF, MDSL, MEDF, MED-Net, MEMCO, Microinvest, Microserfin, MIDE, Mikro ALDI, Mikrofond, MikroMaliyye Credit, MLF HUMO, Moznosti, Naara RB, Nachala, New RB of Victorias, NMF, NMFB, NOA, Normicro, OBS, OLC, OMRO, ProCaja, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, Rost, Rozgar, SBS, SED, SEF-ARM, SINERGIJA, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, SPBD, TFS, Toende RB, UCADE Ambato, Upper Manya RB, USTOI, Valiant RB, VEF, Vital Finance, VRFSBS, Women for Women,

Outreach: Medium(Number of Borrowers ≥ 10,000 and ≤ 30,000)

138 26 80 32 ACEP Senegal, ACME, ADMIC, ADRA - PER, AgroCapital, Agroinvestbank, Akiba, Al Karama, AMC de R.L., AMSSF/MC, APED, AREGAK, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azercredit, Bai Tushum, BanCovelo, Bangko Kabayan, Cantilan Bank, Caritas, CBMO, CDS, CEAPE Maranhão, CEOSS, CEPRODEL, CEVI, CMAC Del Santa, CMAC Maynas, CMAC Paita, CMAC Tacna, COAC Jardín Azuayo, CODESARROLLO, COOPAC San Martín, CREDIT, CREDO, CReSA, CRYSOL, DD Bank, D-Miro, EcoFuturo FFP, EDPYME Alternativa, EDPYME Crear Tacna, ENLACE, Eshet, FADES, FAFIDESS, FAMA OPDF, FASL, Faulu - UGA, FCBFI, FED, FICO, FINCA - ARM, FINCA - DRC, FINCA - GEO, FINCA - HND, FINCA - KOS, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TJK, FINCA - ZMB, FINCORP, FINSOL, FMFB - AFG, FMFB - TJK, FODEMI, FONDESOL, Fonkoze, FORUS, Friendship Bridge, Fundación Espoir, Fundación Nieborowski, Fundación Paraguaya,

68




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Fundación San Miguel, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, Fundusz Mikro, FUNED, Gasha, HKL, IMON, INMAA, JSC Bank Constanta, KADET, KAMURJ, Kasagana-Ka, Kazama Grameen, KEP, KMF, Kondo Jigima, LOK Microcredit Foundation, Mallig Plains RB, Manuela Ramos, MCN, Metemamen, Microempresas de Antioquia, MIKRA, MLF MicroInvest, NovoBanco - MOZ, Nyesigiso, ODEF Financiera S.A., OMB, Opportunity Albania, PADME, PALFSI, Parwaz, PEACE, PRESTANIC, PRISMA, PRIZMA, ProCredit - GHA, ProCredit - MDA, ProCredit Bank - MKD, PRODESA, ProMujer - MEX, ProMujer - NIC, RB Talisayan, Sathapana Limited, SBACD, SEAP, SEDA, SFPI, SMEP, SMSS, SOGESOL, Sunrise, Tchuma, UML, UNRWA, UOMB, Viator, WAGES, World Relief - HND


185 27 119 39 1st Valley Bank, ABA, ABCRDM, ABS-CBN, ACBA, AccessBank, ACLEDA, ACODEP, ACSI, ADOPEM, AgroInvest, Aiyl Bank, Al Amana, Al Tadamun, AMK, AML, AMMACTS, AMRET, Apoyo Integral, ARMP, ASA, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, BASIX, BCSC, Bessfa RB, BFL, BG, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Capitec Bank, CARD Bank, CARD NGO, Cashpor MC, CCA, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Ica, CMAC Sullana, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Mushuc Runa, CompartamosBanco, Coop Universitaria, CRECER, Credi Fé, CrediAmigo, Crediscotia, DAMEN, DBACD, DECSI, Diaconia, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Efectiva, EDPYME Proempresa, EKI, Enda, Equity Bank, ESAF, FBPMC, FDL, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - AZE, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - TZA, FINCA - UGA, FinComún, FMCC, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, FUCEC Togo, Génesis Empresarial, GK, Grameen Bank, Green Bank, GU, GV, IDF, INECO, Interactuar, Interfisa, JCF, Kafo Jiginew, KAS, Kashf, KBSLAB, Khan Bank, Khushhali Bank, KMB, KMBI, Kompanion, K-Rep, KRUSHI, KWFT, LAPO, Lead Foundation, Mahasemam - SMILE, MBK Ventura, MFI, MFW, MGBB, MiBanco, MI-BOSPO, MIKROFIN, Nirdhan, NWTF, OBM, OISL, OMO, Partner, PGBB, PRASAC, PRIDE - TZA, 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 - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, PRODEM FFP, ProMujer - BOL, ProMujer - PER, RASS, RCPB, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SAT, SEEDS, SEF-ZAF, SHARE, SKDRDP, SKS, Spandana, SWAWS, Tamweelcom, TMSS, TPC, TSKI, TSPI, Ujjivan, VFC, VFS, Visión Banco, Wasasa, Wisdom, WWB Cali, XacBank, Zakoura

profit status: profit 180 21 131 28 1st Valley Bank, ACBA, AccessBank, ACCOVI, ACLEDA, ACSI, ADOPEM, AgroInvest, Agroinvestbank, Aiyl Bank, Akiba, AMC de R.L., Ameen, AMK, AML, AMRET, Apoyo Integral, AREGAK, ASP Financiera, AVFS, Banco ADEMI, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, BASIX, BCB, BCSC, Bessfa RB, BFL, BG, BOM, Caja Nor Perú, Cantilan Bank, Capitec Bank, CARD Bank, CBMO, CCA, CDS, Centenary Bank, CompartamosBanco, CRAC Los Andes, Credi Fé, CrediAmigo, Crediscotia, CREDIT, Crystal, DD Bank, DECSI, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, ENLACE, Equity Bank, Eshet, FASL, Fassil FFP, Faulu - UGA, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AZE, FINCA - ECU, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FINSOL, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Fortaleza FFP, FORUS, GK, Grameen Bank, Green Bank, GV, HKL, IMON, INECO, Interfisa, KADET, Kakum RB, KBSLAB, Khan Bank, Khushhali Bank, KMB, K-Rep, KWFT, Mahasemam - SMILE, Mallig Plains RB, MCN, MDSL, Metemamen, MFI, MGBB, MiBanco, Microinvest, Microserfin, Mikrofond, Naara RB, New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, OBM, OBS, OISL, OMB, OMO, PEACE, PGBB, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rozgar, Sarvodaya Nano Finance, Sathapana Limited, SED, SEF-ARM, SFPI, SHARE, SKS, Sociedad Cooperativa PADECOMSM, SOGESOL, Sonzelle RB, Spandana, SWAWS, TFS, Toende RB, TPC, Ujjivan, UML, Upper Manya RB, Valiant RB, VFC, VFS, Visión Banco, Wasasa, XacBank

profit status: Not for profit 307 53 161 93 ABA, ABCRDM, ABS-CBN, ACEP Senegal, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADRA - PER, ADRI, AFK, AgroCapital, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alternativa, AMA, AMC, AMMACTS, AMSSF/MC, APED, ARMP, ASA, ASDIR, ASEI, ASHI, Asociación Arariwa, Asociación Raíz, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Bereke, BESA, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, BZMF, Caja Popular Mexicana, CamCCUL, CAPA, CAPPED, CARD NGO, Caritas, Cashpor MC, CDRO, CEADe, CEAPE Maranhão, CEF, CEOSS, CEP, CEPESIU, CEPRODEL, CEVI, CFF, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMEDFI, CMM Bogotá, CMM Medellín, CMS, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, CREDO, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, DEMOS SLC, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, EKI, Emprender, Enda, ESAF, FADES, FAFIDESS, FAMA OPDF, FAPE, FATEN, FBPMC, FCBFI, FCC, FDL, FDM, FED, FFECC, FIDERPAC, FINCA - AFG, FINCA - ARM, FINCA - DRC,




N *** ** *


FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FinDev, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDEP, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, FUCEC Togo, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNSALDE, Gasha, Génesis Empresarial, Genesiss, Grameen Mendoza, GU, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDESI Lambayeque, IDF, ImerCredit, Imkoniyat, IMPRO, INMAA, INSOTEC, Intellekt, Interactuar, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAMURJ, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KEP, KMBI, KMF, Kompanion, Kondo Jigima, KosInvest, KRK Ltd, KRUSHI, LAPO, Lazika Capital, Lead Foundation, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, MFW, MI-BOSPO, Microempresas de Antioquia, MIDE, MIKRA, Mikro ALDI, MIKROFIN, MikroMaliyye Credit, MLF HUMO, MLF MicroInvest, Moznosti, Nachala, NMF, NOA, Normicro, NWTF, Nyesigiso, ODEF Financiera S.A., OLC, OMRO, Opportunity Albania, PADME, PALFSI, Partner, Parwaz, PRASAC, PRESTANIC, PRIDE - TZA, PRISMA, PRIZMA, ProCaja, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RASS, RCPB, RGVN, Rost, Saadhana, Sanghamithra, SAT, SBACD, SBS, SEAP, SEDA, SEEDS, SEF-ZAF, SINERGIJA, SKDRDP, SMEP, SMSS, Sodeistviye (Pyatigorsk), Sodeystviye, SPBD, Sunrise, Tamweelcom, Tchuma, TMSS, TSKI, TSPI, UCADE Ambato, UNRWA, UOMB, USTOI, VEF, Viator, Vital Finance, VRFSBS, WAGES, Wisdom, Women for Women, World Relief - HND, WWB Cali, Zakoura




117 1 76 40 1st Valley Bank, ABCRDM, ABS-CBN, ACLEDA, AMK, AML, AMMACTS, AMRET, ARMP, ASA, ASHI, Banco Santiago de Libon, Bandhan, Bangko Kabayan, Bangko Mabuhay, BASIX, BCB, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Cantilan Bank, CARD Bank, CARD NGO, Cashpor MC, CBMO, CEP, CEVI, CMEDFI, CREDIT, CReSA, CZWSDA, DAMEN, DD Bank, ECLOF - PHL, ESAF, FCBFI, FICO, FINCA - AFG, FMFB - AFG, FMFB - Pakistan, GK, Grameen Bank, Green Bank, GU, GV, HKL, IDF, JCF, KAS, Kasagana-Ka, Kashf, Kazama Grameen, KBSLAB, Khushhali Bank, KMBI, KRUSHI, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Pecatu, LPD Sibetan, LPD Ubung, Mahasemam - SMILE, Mallig Plains RB, MBK Ventura, MEDF, MFI, MGBB, New RB of Victorias, Nirdhan, NMFB, NWTF, OMB, PALFSI, Parwaz, PGBB, PRASAC, RASS, RB Digos, RB Lebak, RB Mabitac, RBOroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RGVN, Rozgar, Saadhana, Sanghamithra, Sarvodaya Nano Finance, Sathapana Limited, SED, SEEDS, SHARE, SKDRDP, SKS, SMSS, Spandana, SPBD, SWAWS, TMSS, TPC, TSKI, TSPI, Ujjivan, Valiant RB, VEF, VFC, VFS




179 66 74 39 ACCOVI, ACME, ACODEP, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADMIC, ADOPEM, ADRA - PER, ADRI, AgroCapital, AGUDESA, AMA, AMC de R.L., Apoyo Integral, ASDIR, ASEI, Asociación Arariwa, Asociación Raíz, ASP Financiera, AYNLA, Banco ADEMI, Banco da Familia, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, Caritas, CDRO, CEADe, CEAPE Maranhão, CEPESIU, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, CompartamosBanco, Contactar, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, Credi Fé, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CRYSOL, Diaconia, D-Miro, EcoFuturo FFP, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, Emprender, ENLACE, FADES, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL,

70




N *** ** *


FED, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - MEX, FINCA - NIC, FINCA - PER, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, Fortaleza FFP, FOVIDA, Friendship Bridge, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, Fundación San Miguel, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, FUNED, FUNSALDE, Génesis Empresarial, Genesiss, Grameen Mendoza, Hermandad de Honduras OPDF, ICC BluSol, IDESI Lambayeque, IMPRO, INSOTEC, Interactuar, Interfisa, Manuela Ramos, MCN, MiBanco, Microempresas de Antioquia, Microserfin, MIDE, ODEF Financiera S.A., OLC, PRESTANIC, PRISMA, ProCaja, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, PRODESA, ProMujer - BOL, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, Sociedad Cooperativa PADECOMSM, SOGESOL, UCADE Ambato, Visión Banco, World Relief - HND, WWB Cali



scale: small(GLP in USD, LAC < 4,000,000; Others < 2,000,000)

97 13 41 43 ADICH, ADIM, ADRA - PER, AGUDESA, Alternativa, AMA, APED, ASDIR, ASEI, Asociación Arariwa, AVFS, Azal, Azeri Star, Banco Santiago de Libon, Bessfa RB, BOM, CAPPED, CDRO, CEADe, CEPESIU, CEVI, CFF, CMEDFI, CREDIMUJER, CZWSDA, ECLOF - ARM, ECLOF - PHL, EDAPROSPO, Emprender, FAPE, FCBFI, FCC, FDM, FIDERPAC, FINCA - PER, FINCA - ZMB, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, Fundación Alternativa, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Gasha, Genesiss, Grameen Mendoza, IDESI Lambayeque, ImerCredit, Imkoniyat, IMPRO, INSOTEC, Intellekt, Kasagana-Ka, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, Maata-N-Tudu, Manuela Ramos, MEDF, MED-Net, Metemamen, MIDE, MikroMaliyye Credit, Naara RB, New RB of Victorias, NMF, NMFB, OLC, OMB, Parwaz, ProCaja, ProMujer - NIC, Rozgar, SEAP, SED, Sociedad Cooperativa PADECOMSM, Sonzelle RB, SPBD, TFS, Toende RB, UCADE Ambato, USTOI, VEF

scale: Medium(GLP in USD, LAC ≥ 4,000,000 and ≤ 15,000,000;Others ≥ 2,000,000 and ≤ 8,000,000)

137 21 83 33 ABCRDM, ABS-CBN, ACME, Actuar Caldas, Actuar Tolima, ADMIC, ADRI, AFK, Al Karama, Al Majmoua, Al Tadamun, AMC, Ameen, AMSSF/MC, ASHI, ASP Financiera, AYNLA, Banco da Familia, Bangko Mabuhay, BCB, Bereke, BG, BZMF, Caritas, CBMO, CEAPE Maranhão, CEF, CEOSS, CEPRODEL, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, Contactar, CRAC Los Andes, Credicoop, CReSA, CRYSOL, Crystal, DAMEN, DD Bank, DEMOS SLC, D-Miro, EDPYME Alternativa, EDPYME Nueva Visión, ENLACE, Eshet, FAFIDESS, FAMA OPDF, FATEN, Faulu - UGA, FED, FIE Gran Poder, FINCA - DRC, FINCA - GTM, FINCA - HND, FINCA - MWI, FINCA - NIC, FINCA - TJK, FINCA - TZA, FinDev, FODEM, FODEMI, FULM, FUNBODEM, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, FUNED, Hermandad de Honduras OPDF, HOPE, Horizon, Horizonti, ICC BluSol, IDF, INMAA, KADET, Kakum RB, Kazama Grameen, KosInvest, KRUSHI, Lazika Capital, LIDER, LPD Pecatu, Mallig Plains RB, MBK Ventura, MCN, MDF, MDSL, MGBB, Microserfin, Mikro ALDI, Mikrofond, MLF HUMO, MLF MicroInvest, Nachala, NOA, Normicro, PALFSI, PEACE, PGBB, PRISMA, ProMujer - MEX, ProMujer - PER, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RGVN, Rost, Saadhana, SBACD, SBS, SEDA, SEF-ARM, SFPI, SMSS, Sodeistviye (Pyatigorsk), Sodeystviye, SOGESOL, Tchuma, UOMB, Upper Manya RB, VFS, Viator, Vital Finance, VRFSBS, Wasasa, Wisdom, World Relief - HND


253 40 168 45 1st Valley Bank, ABA, ACBA, AccessBank, ACCOVI, ACEP Senegal, ACLEDA, ACODEP, ACORDE, ACSI, ADOPEM, AgroCapital, AgroInvest, Agroinvestbank, Aiyl Bank, Akiba, Al Amana, AMC de R.L., AMK, AML, AMMACTS, AMRET, Apoyo Integral, AREGAK, ARMP, ASA, Asociación Raíz, Azercredit, Bai Tushum, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, Bandhan, BANEX (ex FINDESA), BanGente, Bangko Kabayan, Bank Eskhata, BASIX, BCSC, BESA, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Caja Nor Perú, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPA, Capitec Bank, CARD Bank, CARD NGO, Cashpor MC, CCA, CDS, Centenary Bank, CEP, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, CMS, COAC Jardín Azuayo, COAC Mushuc Runa, COAC San José, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, Crediscotia, CREDIT, CREDO, DBACD, DECSI, Diaconia, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Proempresa, EKI, Enda, Equity Bank, ESAF, FADES, FASL, Fassil FFP, FBPMC, FDL, FFECC, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - KOS, FINCA - MEX, FINCA - UGA, FinComún, FINCORP, FINSOL, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, Fortaleza FFP, FORUS, FUCEC Togo, Fundación Nieborowski, Fundusz Mikro, Génesis Empresarial, GK, Grameen Bank, Green Bank, GU, GV, HKL, IMON, INECO, Interactuar, Interfisa, JCF, Jemeni, JSC Bank Constanta, Kafo Jiginew, KAMURJ, KAS, Kashf, KBSLAB, KEP, Khan Bank, Khushhali Bank, KMB, KMBI, KMF, Kompanion, Kondo Jigima, K-Rep, KRK Ltd, KWFT, LAPO, Lead Foundation, LOK Microcredit Foundation, LPD Kuta, Mahasemam - SMILE, MEMCO, MFI, MFW, MiBanco, MI-BOSPO, Microempresas de Antioquia, Microinvest, MIKRA, MIKROFIN, Moznosti, Nirdhan, NovoBanco - MOZ, NWTF, Nyesigiso, OBM,




N *** ** *


OBS, ODEF Financiera S.A., OISL, OMO, OMRO, Opportunity Albania, PADME, Partner, PRASAC, PRESTANIC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - MDA, 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, PRODESA, ProMujer - BOL, RASS, RCPB, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SEEDS, SEF-ZAF, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, Spandana, Sunrise, SWAWS, Tamweelcom, TMSS, TPC, TSKI, TSPI, Ujjivan, UML, UNRWA, Valiant RB, VFC, Visión Banco, WAGES, Women for Women, WWB Cali, XacBank, Zakoura

sustainability: Fss(Financial Self-Sufficiency > 100%)




Target Market: Low End(Avg. Balance per Borrower/ GNI per Capita < 20% and Avg. Balance per Borrower < USD 150)

162 18 94 50 ABA, ABCRDM, ABS-CBN, Actuar Tolima, ADIM, ADMIC, ADOPEM, ADRA - PER, AGUDESA, Al Karama, Al Majmoua, Al Tadamun, AMA, Ameen, AMK, AML, AMMACTS, AMSSF/MC, APED, ASA, ASEI, ASHI, Asociación Arariwa, ASP Financiera, AVFS, Azal, Azeri Star, Banco da Familia, Banco Santiago de Libon, Bandhan, BASIX, Bereke, Bessfa RB, BFL, BG, BISWA, BRAC, BSS, BURO Bangladesh, Caja Popular Mexicana, Capitec Bank, CARD Bank, CARD NGO, Cashpor MC, CEAPE Maranhão, CEOSS, CEPESIU, CEVI, CFF, CMEDFI, CompartamosBanco, CrediAmigo, Credicoop, CREDIMUJER, Crediscotia, CReSA, CRYSOL, CZWSDA, DAMEN, DBACD, DEMOS SLC, EDAPROSPO, EDPYME Efectiva, Emprender, Enda, ENLACE, ESAF, Eshet, FAPE, FCBFI, FIDERPAC, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - TZA, FinComún, FMM Popayán, FMSD, FODEMI, FONDEP, FONDESOL, Friendship Bridge, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNSALDE, Gasha, GK, Grameen Bank, Grameen Mendoza, GV, IDESI Lambayeque, IDF, INMAA, JCF, KAS, Kasagana-Ka, Kazama Grameen, Khushhali Bank, KMBI, KRUSHI, LAPO, Lead Foundation, Maata-N-Tudu, Mahasemam - SMILE, Mallig Plains RB, Manuela Ramos, MBK Ventura, MEDF, Metemamen, MFI, MFW, MGBB, Microserfin, MIDE, MikroMaliyye Credit, NMF, NWTF, OLC, OMB, OMO, PALFSI, Parwaz, PRISMA, ProCaja, ProMujer - MEX, ProMujer - NIC, ProMujer - PER, RGVN, Saadhana, Sanghamithra, Sarvodaya Nano Finance, SBACD, SEAP, SED, SEEDS, SEF-ZAF, SFPI, SHARE, SKDRDP, SMSS, Spandana, SPBD, SWAWS, Tamweelcom, TMSS, Toende RB, TSKI, TSPI, UCADE Ambato, Ujjivan, UOMB, VEF, VFS, Viator, Wasasa, Wisdom


267 55 152 60 1st Valley Bank, ACBA, AccessBank, ACME, ACODEP, ACSI, Actuar Caldas, ADICH, AgroCapital, AgroInvest, Al Amana, Alternativa, AMC, AMC de R.L., AMRET, Apoyo Integral, AREGAK, ASDIR, Asociación Raíz, AYNLA, Azercredit, Banco ADEMI, Banco Solidario, BancoEstado, BanDesarrollo Microempresas, BanGente, Bangko Kabayan, Bangko Mabuhay, BCB, BCSC, BESA, BOM, BRAC - AFG, Caja Nor Perú, Cantilan Bank, CAPA, CAPPED, Caritas, CBMO, CCA, CDRO, CDS, CEADe, CEF, CEP, CEPRODEL, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Acción Rural, COAC Jardín Azuayo, COAC MCCH, COAC Mushuc Runa, COAC Sac Aiet, COAC San José, CODESARROLLO, Contactar, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, CRECER, CredAgro NBCO, CrediFé, CREDIT, CREDO, Crystal, DD Bank, DECSI, Diaconia, D-Miro, ECLOF - ARM, ECLOF - PHL,EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Nueva Visión, EDPYME Proempresa, EKI, FADES, FAFIDESS, FAMA OPDF, FATEN, Faulu - UGA, FBPMC, FCC, FDL, FDM, FED, FFECC, FICO, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - HND, FINCA - KOS, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FINCORP, FinDev, FINSOL, FMCC, FMFB - Pakistan, FMM Bucaramanga, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fonkoze, FORUS, FOVIDA, FULM, FUNBODEM, Fundación Alternativa, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDECOCA, FUNDENUSE, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, Génesis Empresarial, Genesiss, Green Bank, GU, Hermandad de Honduras OPDF, HKL, HOPE, Horizon, Horizonti, ICC BluSol, ImerCredit, Imkoniyat, IMON, IMPRO, INECO, INSOTEC, Intellekt, Interactuar, Interfisa, JSC Bank Constanta, KADET, Kafo Jiginew, Kakum RB, KAMURJ, Kashf, KBSLAB, Khan Bank, KMF, Kompanion, Kondo Jigima, KosInvest, K-Rep, KRK Ltd, KWFT, Lazika Capital, LIDER, LOK Microcredit Foundation, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Ketewel, LPD Kukuh, LPD Sibetan, MDF, MDSL, MED-Net, MEMCO, MiBanco, MI-BOSPO, Microempresas de Antioquia, MIKRA, Mikro ALDI, MIKROFIN, Mikrofond, MLF HUMO, MLF MicroInvest, Naara RB, Nachala, New RB of Victorias, Nirdhan, NMFB, NOA, Normicro, OBM, OBS, ODEF Financiera S.A., OISL, Opportunity Albania, Partner, PEACE, PGBB, PRASAC, PRESTANIC, PRIDE - TZA, PRIZMA, ProCredit - ECU, ProCredit - SLV, ProCredit Bank - BIH, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank Serbia, PRODESA, ProMujer - BOL, RASS, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, Rost, Rozgar, SAT, SBS, SEDA, SEF-ARM, SINERGIJA, SKS, SMEP, Sociedad Cooperativa PADECOMSM, Sodeistviye (Pyatigorsk), Sodeystviye, Sonzelle RB, Sunrise, Tchuma, TFS, TPC, UNRWA, Upper Manya RB, USTOI, Valiant RB, VFC, Visión Banco, Vital Finance, VRFSBS, Women for Women, World Relief - HND, WWB Cali, XacBank, Zakoura


34 0 28 6 ACCOVI, ADRI, AFK, Aiyl Bank, ARMP, BancoSol, BanCovelo, BZMF, CamCCUL, Equity Bank, Fassil FFP, FIE FFP, FINCA - DRC, FMFB - TJK, FUCEC Togo, KEP, LPD Celuk, LPD Kuta, LPD Pecatu, LPD Ubung, MCN, Moznosti, OMRO, PADME, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB,

72




N *** ** *


ProCredit Bank - BGR, ProCredit Bank - GEO, PRODEM FFP, RCPB, Sathapana Limited, SOGESOL, UML

Target Market: small Business(Avg. Balance per Borrower/GNI per Capita > 250%)

24 1 18 5 ACEP Senegal, ACLEDA, ACORDE, Agroinvestbank, Akiba, Bai Tushum, BANEX (ex FINDESA), Bank Eskhata, Centenary Bank, CMS, Coop Fátima, FASL, FMFB - AFG, Fortaleza FFP, Jemeni, KMB, Microinvest, NovoBanco - MOZ, Nyesigiso, ProCredit - BOL, ProCredit - GHA, ProCredit Bank - KOS, ProCredit Bank - UKR, WAGES


Africa small 17 0 8 9 APED, AVFS, Bessfa RB, BOM, CAPPED, CFF, FCC, FDM, FINCA - ZMB, Gasha, Maata-N-Tudu, MED-Net, Metemamen, Naara RB, SEAP, Sonzelle RB, Toende RB

Africa Medium 18 0 11 7 BG, Eshet, Faulu - UGA, FINCA - DRC, FINCA - MWI, FINCA - TZA, KADET, Kakum RB, MDSL, PEACE, SEDA, SFPI, Tchuma, UOMB, Upper Manya RB, Vital Finance, Wasasa, Wisdom

Africa Large 34 2 20 12 ACEP Senegal, ACSI, Akiba, CamCCUL, Capitec Bank, CCA, CDS, Centenary Bank, CMS, DECSI, Equity Bank, FASL, FINCA - UGA, FINCORP, FUCEC Togo, Jemeni, Kafo Jiginew, Kondo Jigima, K-Rep, KWFT, LAPO, NovoBanco - MOZ, Nyesigiso, OISL, OMO, PADME, PRIDE - TZA, ProCredit - GHA, RCPB, SAT, SEF-ZAF, SMEP, UML, WAGES



Asia small 25 0 9 16 Banco Santiago de Libon, CEVI, CMEDFI, CZWSDA, ECLOF - PHL, FCBFI, Kasagana-Ka, LPD Ambengan, LPD Bayung Gede, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Sibetan, LPD Ubung, MEDF, New RB of Victorias, NMFB, OMB, Parwaz, Rozgar, SED, SPBD, VEF

Asia Medium 29 0 22 7 ABCRDM, ABS-CBN, ASHI, Bangko Mabuhay, BCB, CBMO, CReSA, DAMEN, DD Bank, IDF, Kazama Grameen, KRUSHI, LPD Pecatu, Mallig Plains RB, MBK Ventura, MGBB, PALFSI, PGBB, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Solano, RB Sto. Tomas, RB Talisayan, RGVN, Saadhana, SMSS, VFS

Asia Large 63 1 45 17 1st Valley Bank, ACLEDA, AMK, AML, AMMACTS, AMRET, ARMP, ASA, Bandhan, Bangko Kabayan, BASIX, BFL, BISWA, BRAC, BRAC - AFG, BSS, BURO Bangladesh, Cantilan Bank, CARD Bank, CARD NGO, Cashpor MC, CEP, CREDIT, ESAF, FICO, FINCA - AFG, FMFB - AFG, FMFB - Pakistan, GK, Grameen Bank, Green Bank, GU, GV, HKL, JCF, KAS, Kashf, KBSLAB, Khushhali Bank, KMBI, LPD Kuta, Mahasemam - SMILE, MFI, Nirdhan, NWTF, PRASAC, RASS, Sanghamithra, Sarvodaya Nano Finance, Sathapana Limited, SEEDS, SHARE, SKDRDP, SKS, Spandana, SWAWS, TMSS, TPC, TSKI, TSPI, Ujjivan, Valiant RB, VFC



ECA small 9 0 5 4 ACBA, AccessBank, AgroInvest, Agroinvestbank, Aiyl Bank, AREGAK, Azercredit, Bai Tushum, Bank Eskhata, BESA, CAPA, CredAgro NBCO, CREDO, EKI, FFECC, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FMCC, FMFB - TJK, FORUS, Fundusz Mikro, IMON, INECO, JSC Bank Constanta, KAMURJ, KEP, Khan Bank, KMB, KMF, Kompanion, KRK Ltd, LOK Microcredit Foundation, MI-BOSPO, Microinvest, MIKRA, MIKROFIN, Moznosti, OBM, OBS, OMRO, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, SINERGIJA, Sunrise, Women for Women, XacBank

ECA Medium 30 4 20 6 AFK, Bereke, BZMF, CEF, Crystal, DEMOS SLC, FINCA - TJK, FinDev, FULM, HOPE, Horizon, Horizonti, KosInvest, Lazika Capital, LIDER, MDF, Mikro ALDI, Mikrofond, MLF HUMO, MLF MicroInvest, Nachala, NOA, Normicro, Rost, SBS, SEF-ARM, Sodeistviye (Pyatigorsk), Sodeystviye, Viator, VRFSBS

ECA Large 59 0 56 3 ACBA, AccessBank, AgroInvest, Agroinvestbank, Aiyl Bank, AREGAK, Azercredit, Bai Tushum, Bank Eskhata, BESA, CAPA, CredAgro NBCO, CREDO, EKI, FFECC, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FMCC, FMFB - TJK, FORUS, Fundusz Mikro, IMON, INECO, JSC Bank Constanta, KAMURJ, KEP, Khan Bank, KMB, KMF, Kompanion, KRK Ltd, LOK Microcredit Foundation, MI-BOSPO, Microinvest, MIKRA, MIKROFIN, Moznosti, OBM, OBS, OMRO, Opportunity Albania, Partner, PRIZMA, ProCredit - MDA, 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, SINERGIJA, Sunrise, Women for Women, XacBank



LAC small 44 13 17 14 ADICH, ADIM, ADRA - PER, AGUDESA, AMA, ASDIR, ASEI, Asociación Arariwa, CDRO, CEADe, CEPESIU, CREDIMUJER, EDAPROSPO, Emprender, FAPE, FIDERPAC, FINCA - PER, FOMIC, FONCRESOL, FONDESOL, FONDESURCO, Fonkoze, FOVIDA, Friendship Bridge, Fundación Alternativa, Fundación MICROS, Fundación Mujer, Fundación San Miguel, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNSALDE, Genesiss, Grameen Mendoza, IDESI Lambayeque, IMPRO, INSOTEC, Manuela Ramos, MIDE, OLC, ProCaja, ProMujer - NIC, Sociedad Cooperativa PADECOMSM, UCADE Ambato




N *** ** *


LAC Medium 50 17 21 12 ACME, Actuar Caldas, Actuar Tolima, ADMIC, ADRI, ASP Financiera, AYNLA, Banco da Familia, Caritas, CEAPE Maranhão, CEPRODEL, COAC Acción Rural, COAC MCCH, COAC Sac Aiet, Contactar, CRAC Los Andes, Credicoop, CRYSOL, D-Miro, EDPYME Alternativa, EDPYME Nueva Visión, ENLACE, FAFIDESS, FAMA OPDF, FED, FIE Gran Poder, FINCA - GTM, FINCA - HND, FINCA - NIC, FODEM, FODEMI, FUNBODEM, Fundación CAMPO, Fundación Espoir, Fundación León 2000, Fundación Paraguaya, FUNDAHMICRO, FUNDEA, FUNDENUSE, FUNDESER, FUNED, Hermandad de Honduras OPDF, ICC BluSol, MCN, Microserfin, PRISMA, ProMujer - MEX, ProMujer - PER, SOGESOL, World Relief - HND

LAC Large 85 36 36 13 ACCOVI, ACODEP, ACORDE, ADOPEM, AgroCapital, AMC de R.L., Apoyo Integral, Asociación Raíz, Banco ADEMI, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanDesarrollo Microempresas, BANEX (ex FINDESA), BanGente, BCSC, Caja Nor Perú, Caja Popular Mexicana, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMM Bogotá, CMM Medellín, COAC Jardín Azuayo, COAC Mushuc Runa, COAC San José, CODESARROLLO, CompartamosBanco, Coop Fátima, Coop Universitaria, COOPAC San Martín, COOPAC Santo Cristo, CRECER, Credi Fé, CrediAmigo, Crediscotia, Diaconia, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Efectiva, EDPYME Proempresa, FADES, Fassil FFP, FDL, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Familiar, FINCA - ECU, FINCA - MEX, FinComún, FINSOL, FMM Bucaramanga, FMM Popayán, FMSD, Fortaleza FFP, Fundación Nieborowski, Génesis Empresarial, Interactuar, Interfisa, MiBanco, Microempresas de Antioquia, ODEF Financiera S.A., PRESTANIC, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, PRODESA, ProMujer - BOL, Visión Banco, WWB Cali



MENA small 2 0 2 0 Azal, NMF

MENA Medium 10 0 9 1 Al Karama, Al Majmoua, Al Tadamun, AMC, Ameen, AMSSF/MC, CEOSS, FATEN, INMAA, SBACD

MENA Large 12 1 11 0 ABA, Al Amana, DBACD, Enda, FBPMC, FONDEP, Lead Foundation, MEMCO, MFW, Tamweelcom, UNRWA, Zakoura


MENA Non Fss 8 0 8 0 [These names are held confidential]

† The MicroBanking Bulletin uses the following grading system to classify information received from MFIs:*** The information is supported by an in-depth financial analysis conducted by an independent entity in the last three years** The MBB questionnaire plus audited financial statements, annual reports and other independent evaluations* The MBB questionnaire or audited financial statements without additional documentation

74

MICROBANKING BULLETIN, IssUE 18, spRING 2009AppENDICEs


AppENDICEs

Appendix I: Notes Adjustments and statistical Issues

MICROBANKING BULLETIN, IssUE 18, spRING 2009

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 IssuesThe 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 self-reported results.

Potential distortions may arise from: (1) unreported subsidies and (2) misrepresented loan portfolio quality.

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 DataThe 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.

InflationThe 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

1 Inflation data are obtained from line 64x of the International Financial Statistics, International Monetary Fund, various years.

MICROBANKING BULLETIN, IssUE 18, spRING 2009 AppENDICEs


by the current year’s inflation 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 equity 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.

SubsidiesWe 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

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 below-market 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 ProvisioningFinally, we apply standardized policies for loan loss provisioning and write-off. MFIs vary tremendously

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.

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.

76



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

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.

Financial statement Adjustments and Their EffectsAdjustment Effect on Financial statements Type of Institution Most

Affected by Adjustment

Inflation adjustment of equity (minus net fixed assets)

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.

MFIs funded more by equity than by liabilities will be hardest hit, especially in high inflation countries.

Reclassification of certain long term liabilities into equity, and subsequent inflation adjustment

Decreases concessional loan account and increases equity account; increases inflation adjustment on income statement and balance sheet.

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.

Cost of funds adjustment 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.

MFIs with heavily subsidized loans (i.e., large lines of credit from governments or international agencies at highly subsidized rates).

Reclassification of dona-tions below net operat-ing income

Reduces net operating income on the income statement. Increases accumulated donations account under equity on the balance sheet.

NGOs during their start-up phase. This adjustment is relatively less important for mature institutions.

In-kind subsidy adjust-ment (e.g., donation of goods or services: line staff paid for by technical assistance providers)

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.

MFIs using goods or services for which they are not paying a market-based cost (i.e., MFIs during their start-up phase).

Loan loss provisioning adjustment

Usually increases loan loss provision expense on in-come statement and loan loss reserve on balance sheet.

MFIs that have unrealistic loan loss provisioning policies.

Write-off adjustment 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 that leave non-performing loans on their books for over a year.

Table 1



Acronym Name Country Data Quality

2005 2006 2007

1st Valley Bank 1st Valley Bank (formerly Rural Bank of Kapatagan Valley, Inc). Philippines ** ** **

ABA Alexandria Business Association Egypt ** * **

ABCRDM All Backward Class Relief and Development Mission India * ** **

ABS - CBN ABS - CBN Bayan Foundation, Inc. Philippines ** ** **

ACBA Agricultural Cooperative Bank of Armenia Armenia ** ** **

AccessBank AccessBank Azerbaijan ** ** **

ACCOVI Asociación Cooperativa de Ahorro y Crédito Vincentina de R.L. El Salvador *** *** **

ACEP Senegal Alliance de Credit et d'Epargne pour la Production Senegal ** ** *

ACLEDA ACLEDA Bank Plc. Cambodia ** ** **

ACME Association Pour la Cooperation avec la Micro Enterprise Haiti ** *** *

ACODEP Asociación de Consultores para el Desarrollo de la Pequeña Mediana y Microempresa

Nicaragua ** *** ***

ACORDE Asociación Costarricense para organizaciones de Desarrollo Costa Rica ** ** **

ACSI Amhara Credit and Savings Institution Ethiopia ** ** **

Actuar Caldas Corporación Acción Por Caldas ACTUAR Famiempresas Colombia ** ** *

Actuar Tolima ACTUAR Famiempresas - Tolima Colombia ** ** *

ADICH Asociación para el Desarrollo Integral Comunitario de Honduras Honduras ** ** *

ADIM Asociación Alternativa Para el Desarrollo Integral de las Mujeres Nicaragua ** ** **

ADMIC Asesoría Dinámica a Microempresas Mexico ** ** *

ADOPEM Asociación Dominicana para el Desarrollo de la Mujer Dominican Republic *** *** ***

ADRA - PER Adventist Development and Relief Agency International - Peru Peru *** ** ***

ADRI Asociación ADRI Costa Rica ** ** **

AFK Agency for Finance in Kosovo Kosovo ** ** **

AgroCapital Fundación AgroCapital Bolivia ** *** ***

AgroInvest AgroInvest Montenegro ** * *

Agroinvestbank OJSC Agroinvestbank Tajikistan ** ** **

AGUDESA Asociación Guatemalteca para el Desarrollo Guatemala ** ** ***

Aiyl Bank Aiyl Bank (formerly KAFC) Kyrgyzstan *** ** **

Akiba Akiba Commercial Bank Ltd Tanzania ** ** *

Al Amana Association Al Amana for the Promotion of Micro-Enterprises Morocco Morocco ** * **

Al Karama Association Al Karama de Micro Credit Morocco ** *** **

Al Majmoua Lebanese Association for Development — Al Majmoua Lebanon ** ** *

Al Tadamun Al Tadamun Microfinance Program Egypt * ** **

Alternativa CC Alternativa Russia * * *

AMA Asociación Mujeres en Acción Peru ** * *

AMC Ahli Microfinancing Company Jordan ** *** **

AMC de R.L. Sociedad Cooperativa de Ahorro y Crédito AMC de R.L. El Salvador *** ** ***

Ameen CHF International/Ameen Lebanon ** ** **

AMK Angkor Mikroheranhvatho Kampuchea Cambodia ** *** **

Apendix II: participating Institutions

AppENDICEsMICROBANKING BULLETIN, IssUE 18, spRING 2009

78




2005 2006 2007

AML Asmitha Microfin Ltd. India ** ** **

AMMACTS Acts Mahila Mutually Aided Coop Thrift Society India * ** **

AMRET AMRET Co. Ltd. — formerly EMT Cambodia ** ** **

AMSSF/MC Association Marocaine Societe Sans Frontieres/Micro-redit Morocco ** ** **

APED Association of Progressive Entrepreneurs in Development Ghana * *** *

Apoyo Integral Apoyo Integral S.A. de C.V. El Salvador ** *** **

AREGAK UMCOR Armenia Armenia * ** **

ARMP Afghanistan Rural Microcredit Programme (Aga Khan Development Network) Afghanistan ** ** *

ASA Association for Social Advancement Bangladesh ** ** **

ASDIR Asociación de Desarrollo Integral Rural Guatemala ** ** ***

ASEI Asociación de Extensionistas Empresariales del INCAE El Salvador ** ** **

ASHI Ahon Sa Hirap Inc. Philippines ** ** **

Asociación Arariwa Asociación Arariwa Peru *** *** ***

Asociación Raíz Asociación para el Desarrollo RAIZ Guatemala ** ** *

ASP Financiera ASP Financiera Mexico ** *** *

AVFS Africa Village Financial Services Ethiopia ** ** *

AYNLA Asociación Ayudense y Nosotros les Ayudaremos Guatemala ** ** **

Azal Sanaa Microfinance Project (Azal) Yemen ** * **

Azercredit WV Azercredit LLC Azerbaijan *** ** **

Azeri Star Azeri Star Microfinance Azerbaijan * ** **

Bai Tushum Bai Tushum and Partners Kyrgyzstan ** ** **

Banco ADEMI Banco ADEMI Dominican Republic *** *** **

Banco da Familia Associacao Brasileira para o Desenvolvimento da Familia Brazil ** ** **

Banco Santiago de Libon

Rural Bank of Santiago Libon (Albay) Inc. Philippines ** ** **

Banco Solidario Banco Solidario Ecuador *** *** **

BancoEstado BancoEstado Chile * * *

BancoSol BancoSol Bolivia *** *** **

BanCovelo Banco Popular Covelo Honduras *** *** **

BanDesarrollo Microempresas

Banco del Desarrollo (Bandesarollo Microempresas) Chile * * *

Bandhan Bandhan India * ** **

BANEX (ex FINDESA) Banco del Exito Nicaragua *** *** **

BanGente Banco De La Gente Emprendedora Venezuela *** *** *

Bangko Kabayan Bangko Kabayan (Ibaan Rural Bank Inc.) Philippines ** ** **

Bangko Mabuhay Bangko Mabuhay (RB Tanza Inc.) Philippines ** ** **

Bank Eskhata Bank Eskhata Tajikistan ** ** **

BASIX Bhartiya Samruddhi Finance Limited India ** ** **

BCB Bukidnon Cooperative Bank Philippines ** ** **

BCSC Banco Caja Social Colombia Colombia ** *** **

Bereke Kazakhstan Microcredit Organization Bereke Kazakhstan *** ** **

BESA BESA Foundation Albania ** ** **

Bessfa RB Bessfa Rural Bank Ghana * ** *

BFL BWDA Finance Ltd. India * * *

BG Buusaa Gonofaa Ethiopia ** ** *

BISWA Bharat Integrated Social Welfare Agency India *** * **

BOM Banco Oportunidade de Moçambique Mozambique ** ** **

BRAC Bangladesh Rural Advancement Committee Bangladesh ** * **

BRAC - AFG BRAC Afghanistan Afghanistan ** ** *

BSS Bharatha Swamukti Samsthe India ** ** **




2005 2006 2007

BURO Bangladesh BURO Bangladesh, formerly BURO Tangail Bangladesh ** * **

BZMF Beselidhja/Zavet Microfinance Kosovo ** ** **

Caja Nor Perú Caja Nor Perú Peru *** *** ***

Caja Popular Mexicana Caja Popular Mexicana Mexico ** ** **

CamCCUL CamCCUL Cameroon * ** **

Cantilan Bank Cantilan Bank, Inc. Philippines ** ** **

CAPA CAPA Finance S.A. Romania ** ** **

Capitec Bank Capitec Bank South Africa ** ** **

CAPPED Caisse de Participation à la Promotion des Entreprises et à leur Développement

Congo ** ** *

CARD Bank CARD Bank, Inc. Philippines ** ** **

CARD NGO Center for Agriculture and Rural Development, Inc. Philippines ** ** **

Caritas Caritas Peru ** ** **

Cashpor MC Cashpor Microcredit India ** ** **

CBMO Cooperative Bank of Misamis Oriental Inc. Philippines ** ** **

CCA Crédit Communautaire d'Afrique Cameroon * ** *

CDRO Asociación Cooperación para el Desarrollo Rural de Occidente Guatemala ** *** **

CDS Crédit du Sahel Cameroon * ** **

CEADe Centro Ecumênico de Apoio ao Desenvolvimento Brazil ** *** **

CEAPE Maranhão CEAPE Maranhão Brazil ** * *

CEF Counterpart Enterprise Fund Russia *** * ***

Centenary Bank Centenary Rural Development Bank Ltd. Uganda ** ** **

CEOSS Coptic Evangelical Organization for Social Services Egypt ** * **

CEP Capital Aid Fund for Employment of the Poor Vietnam ** ** **

CEPESIU Centro De Promoción e Empleo Para el Sector Informal Urbana Ecuador ** ** **

CEPRODEL Centro de Promoción del Desarrollo Local Nicaragua ** ** *

CEVI Community Economic Ventures Inc. Philippines ** ** **

CFF Cedi Finance Foundation Ghana * * *

CMAC Arequipa Caja Municipal de Ahorro y Crédito - Arequipa Peru *** *** ***

CMAC Cusco Caja Municipal de Ahorro y Crédito - Cusco Peru *** *** ***

CMAC Del Santa Caja Municipal de AHorro y Crédito Del Santa Peru *** ** *

CMAC Huancayo Caja Municipal de AHorro y Crédito de Huancayo Peru *** *** ***

CMAC Ica Caja Municipal de Ahorro y Crédito - ICA Peru *** *** **

CMAC Maynas Caja Municipal de Ahorro y Crédito de Maynas Peru *** *** *

CMAC Paita Caja Municipal de Ahorro y Crédito de Paita Peru *** *** ***

CMAC Sullana Caja Municipal de Ahorro y Crédito de Sullana S.A. Peru *** *** ***

CMAC Tacna Caja Municipal de Ahorro y Crédito de Tacna Peru *** *** ***

CMAC Trujillo Caja Municipal de Ahorro y Crédito de Trujillo Peru *** *** ***

CMEDFI Cebu Micro-Enterprise Development Foundation Inc. Philippines ** ** **

CMM Bogotá Corporación Mundial de la Mujer Colombia - Bogotá Colombia ** ** **

CMM Medellín Corporación Mundial de la Mujer - Medellín Colombia ** *** **

CMS Crédit Mutuel du Sénégal Senegal * ** *

COAC Acción Rural Cooperativa Acción Rural Ecuador ** ** **

COAC Jardín Azuayo Cooperativa de Ahorro y Crédito Jardín Azuayo Ecuador ** *** ***

COAC MCCH Cooperativa de Ahorro y Crédito Maquita Cushunchic Ecuador ** *** ***

COAC Mushuc Runa COAC Mushuc Runa Ltda. Ecuador ** ** *

COAC Sac Aiet Cooperativa de Ahorro y Crédito Sac Aiet Ecuador ** ** **

COAC San José Cooperativa de Ahorro y Crédito - San José Ecuador ** *** ***

CODESARROLLO CODESARROLLO Ecuador *** *** ***

80




2005 2006 2007

CompartamosBanco Banco Compartamos S.A. Institución de Banca Múltiple Mexico *** *** **

Contactar Corporación Nariño Empresa y Futuro Colombia ** *** ***

Coop Fátima Cooperativa Fátima Bolivia ** * *

Coop Universitaria Cooperativa Universitaria Ldta. Paraguay ** ** **

COOPAC San Martín COOPAC San Martin de Porres - PER Peru ** ** *

COOPAC Santo Cristo COOPAC Santo Cristo de Bagazán Peru ** *** **

CRAC Los Andes Caja Rural de Ahorro y Crédito Los Andes Peru *** *** ***

CRECER Crédito con Educación Rural Bolivia *** *** ***

CredAgro NBCO CredAgro Non-Banking Credit Institution Azerbaijan *** ** **

Credi Fé Credi Fé Desarrollo Microempresarial S.A. Ecuador ** * **

CrediAmigo Banco do Nordeste Brazil ** ** **

Credicoop Cooperativa Credicoop Ltda. Chile ** * ***

CREDIMUJER Credito para la Microempresa y el Desarrollo Social Costa Rica ** ** **

Crediscotia Crediscotia Financiera Peru *** *** ***

CREDIT CREDIT MFI Cambodia ** *** **

CREDO LLC "MFO CREDO" Georgia *** ** **

CReSA Centre for Rural Reconstruction Through Social Action India ** ** **

CRYSOL Fundación CRYSOL Guatemala ** ** **

Crystal JSC MFO Crystal (formerly Crystal Fund) Georgia *** ** **

CZWSDA Chifeng Zhaowuda Women's Sustainable Development Association China * * *

DAMEN Development Action for Mobilization and Emancipation Pakistan ** ** **

DBACD Dakahlya Businessmen's Association for Community Development Egypt ** ** **

DD Bank Deprosc Development Bank Ltd. Nepal ** * *

DECSI Dedebit Credit and Savings Institution Ethiopia ** ** *

DEMOS SLC DEMOS Savings and Loan Cooperative Croatia * *** *

Diaconia FRIF Diaconia Bolivia ** *** ***

D-Miro D-miro Ecuador *** *** ***

ECLOF - ARM Ecumenical Church Loan Fund - ARM Armenia ** ** **

ECLOF - PHL Ecumenical Church Foundation Inc. - PHL Philippines *** ** *

EcoFuturo FFP Eco Futuro Fondo Financiero Privado Bolivia *** ** ***

EDAPROSPO EDAPROSPO Peru ** ** *

EDPYME Alternativa EDPYME Alternativa Peru *** *** ***

EDPYME Confianza EDPYME Confianza Peru *** *** ***

EDPYME Crear Arequipa

EDPYME Crear Arequipa Peru *** *** ***

EDPYME Crear Tacna EDPYME Crear Tacna Peru *** *** ***

EDPYME Efectiva EDPYME Efectiva Peru *** *** **

EDPYME Nueva Visión EDPYME Nueva Visión Peru *** *** ***

EDPYME Proempresa EDPYME Proempresa Peru *** *** ***

EKI EKI Bosnia and Herzegovina *** ** **

Emprender EMPRENDER Bolivia Bolivia ** ** **

Enda Enda Inter-Arabe Tunisia ** ** **

ENLACE ENLACE - Servicios Financieros S.A de C.V. El Salvador ** ** **

Equity Bank Equity Bank Kenya ** ** **

ESAF Evangelical Social Action Forum India ** ** **

Eshet Eshet Ethiopia ** ** *

FADES Fundación para Alternativas de Desarrollo Bolivia *** *** ***

FAFIDESS Fundación de Asesoría Financiera a Instituciones de Desarrollo y Servicio Social

Guatemala ** ** *

FAMA OPDF Familia y Medio Ambiente OPDF Honduras ** ** **




2005 2006 2007

FAPE Fundacion de Asistencia para la Pequeña Empresa Guatemala ** ** ***

FASL First Allied Savings & Loans Ghana * * **

Fassil FFP Fondo FASSIL Bolivia *** *** **

FATEN Palestine for Credit & Development Palestine ** ** **

Faulu - UGA Faulu - Uganda Uganda ** ** **

FBPMC Fondation Banque Populaire pour le Micro-Credit Morocco ** ** **

FCBFI First Consolidated Bank Foundation Inc. Philippines ** ** *

FCC Fundo de Credito Comunitario Mozambique ** ** **

FDL Fondo de Desarrollo Local Nicaragua *** *** ***

FDM Group-Guaranteed Lending and Savings — Fundo de Desenvolvimento da Mulher

Mozambique ** ** **

FED Fundación Ecuatoriana de Desarrollo Ecuador ** ** **

FFECC First Far Eastern Credit Cooperative Russia *** ** *

FICO First Isabela Cooperative Bank Philippines ** ** **

FIDERPAC Fundación Integral de Desarrollo Rural del Pacífico Central Costa Rica ** ** **

FIE FFP Fondo Financiero Privado para el Fomento a Iniciativas Economicas Bolivia *** *** **

FIE Gran Poder FIE Gran Poder S.A. Argentina *** ** ***

FIELCO Financiera El Comercio Paraguay *** *** ***

FinAmérica Financiera América Colombia *** *** **

Financiera Edyficar Financiera Edyficar S.A. Peru *** *** ***

Financiera Fama Financiera Fama S.A. Nicaragua *** *** ***

Financiera Familiar Financiera Familiar Paraguay *** *** *

FINCA - AFG FINCA Afghanistan Afghanistan ** * *

FINCA - ARM FINCA Armenia Armenia ** ** **

FINCA - AZE FINCA Azerbaijan Azerbaijan ** ** **

FINCA - DRC FINCA Democratic Republic of Congo Congo, DR ** ** **

FINCA - ECU FINCA Ecuador Ecuador *** *** **

FINCA - GEO FINCA Georgia Georgia ** ** **

FINCA - GTM FINCA Guatemala Guatemala ** ** **

FINCA - HND FINCA Honduras Honduras ** ** ***

FINCA - KOS FINCA - Kosovo Kosovo ** ** **

FINCA - MEX FINCA Mexico Mexico ** *** *

FINCA - MWI FINCA Malawi Malawi ** ** **

FINCA - NIC Fundación Internacional para la Asistencia Comunitaria - Nicaragua Nicaragua ** ** ***

FINCA - PER FINCA Peru Peru *** *** ***

FINCA - TJK FINCA Tajikistan Tajikistan ** ** **

FINCA - TZA FINCA Tanzania Tanzania * ** **

FINCA - UGA FINCA Uganda Uganda ** ** **

FINCA - ZMB FINCA Zambia Zambia ** ** **

FinComún Servicios Financieros Comunitarios Mexico *** *** *

FINCORP FINCORP Swaziland ** ** **

FinDev Finance for Development LLC Azerbaijan *** ** **

FINSOL Financiera Solidaria Honduras Honduras *** *** **

FMCC FINCA MicroCredit Company - formerly FINCA Kyrgyzstan Kyrgyzstan ** ** **

FMFB - AFG The First MicroFinanceBank - Afghanistan Afghanistan ** ** **

FMFB - Pakistan First MicroFinanceBank Ltd - Pakistan Pakistan *** ** ***

FMFB - TJK The First MicroFinanceBank - Tajikistan Tajikistan ** ** **

FMM Bucaramanga Fundación Mundial de la Mujer Bucaramanga Colombia *** *** ***

FMM Popayán Fundación Mundo Mujer Popayán Colombia *** *** ***

82




2005 2006 2007

FMSD Fundación Mario Santo Domingo Colombia ** ** **

FODEM Fondo de Desarrollo para la Mujer Nicaragua ** ** **

FODEMI Fondo de Desarrollo Microempresarial Ecuador ** ** *

FOMIC Fondo de Microproyectos Costarricenses Sociedad Civil Costa Rica ** ** *

FONCRESOL FONCRESOL Bolivia ** * *

FONDEP Fondation pour le Development Local et le Partenariat Micro-Crédit Morocco ** ** ***

FONDESOL FONDESOL Guatemala ** * **

FONDESURCO Fondo de Desarrollo Regional Peru ** ** ***

Fonkoze Fondasyon Kole Zepòl Haiti ** * *

Fortaleza FFP Fortaleza FFP Bolivia *** ** ***

FORUS FORUS Bank Russia ** ** **

FOVIDA Fomento de la Vida Peru ** ** *

Friendship Bridge Friendship Bridge Guatemala ** ** ***

FUCEC Togo Faitière des Unités Coopératives d'Epargne et de Crédit du Togo Togo ** ** **

FULM Saving House FULM Macedonia ** ** **

FUNBODEM Fundación Boliviana para el Desarrollo de la Mujer Bolivia ** ** ***

Fundación Alternativa Fundación Alternativa Ecuador ** ** ***

Fundación CAMPO Fundación CAMPO El Salvador ** ** **

Fundación Espoir Fundación Espoir Ecuador *** *** ***

Fundación León 2000 Fundación León 2000 Nicaragua ** ** **

Fundación MICROS Fundación para el Desarrollo de la Microempresa Guatemala ** ** ***

Fundación Mujer Fundación Mujer Costa Rica ** ** **

Fundación Nieborowski

Fundación José Nieborowski Nicaragua *** ** ***

Fundación Paraguaya Fundación Paraguaya de Cooperación y Desarrollo Paraguay ** *** **

Fundación San Miguel Fundación San Miguel Arcángel, Inc. Dominican Republic ** ** **

FUNDAHMICRO Fundación Hondureña para el Desarrollo de la Microempresa Honduras ** ** *

FUNDAMIC Fundación de Ayuda Microempresarial Ecuador ** ** **

FUNDEA Fundación para el Desarrollo Empresarial y Agrícola Guatemala ** ** **

FUNDECOCA Fundación Unión y Desarrollo de Comunidades Campesinas Costa Rica ** ** *

FUNDENUSE Fundación para el Desarrollo de Nueva Segovia) Nicaragua ** ** ***

FUNDESER Fundación para el Desarrollo Socioeconómico Rural Nicaragua *** *** ***

FUNDESPE Fundacion para el Desarrollo de la Pequeña Empresa Guatemala ** ** *

Fundusz Mikro Fundusz Mikro Poland ** ** **

FUNED Fundación para el Desarrollo de Honduras Honduras ** ** ***

FUNSALDE Fundación Salvadoreña para el Desarrollo El Salvador ** ** **

Gasha Gasha Ethiopia ** ** *

Génesis Empresarial Fundación Génesis Empresarial Guatemala ** ** **

Genesiss Fundación Genesiss El Salvador ** ** *

GK Grameen Koota India * * *

Grameen Bank Grameen Bank Bangladesh ** ** **

Grameen Mendoza Grameen Mendoza Argentina ** ** *

Green Bank Rural Green Bank of Caraga, Inc. Philippines ** * *

GU Gram-Utthan India * * **

GV Grama Vidiyal India ** ** **

Hermandad de Honduras OPDF

Fundación Microfinanciera Hermandad de Honduras OPDF Honduras *** ** *

HKL Hattha Kaksekar Ltd. Cambodia ** ** **

HOPE HOPE Ukraine Ukraine * * **

Horizon Horizon fund Armenia ** ** ***




2005 2006 2007

Horizonti Foundation Horizonti Skopje Macedonia * * **

ICC BluSol Instituição Comunitária de Crédito Blumenau Solidariedade Brazil ** ** ***

IDESI Lambayeque Instituto de Desarrollo del Sector Informal para Lambayeque Peru ** ** *

IDF Integrated Development Foundation Bangladesh * ** *

ImerCredit MFI ImerCredit Ltd. (formerly BAI) Georgia * ** **

Imkoniyat Microlending Foundation Imkoniyat Tajikistan ** ** *

IMON LLC Microlending organization IMON INTERNATIONAL Tajikistan ** ** **

IMPRO Incubadores Productivos Bolivia *** * **

INECO INECO Bank Armenia ** ** **

INMAA Institution Marocaine d'Appui a la Micro-entreprise Morocco * * **

INSOTEC Instituto de Investigaciones Socioeconómicas y Tecnológicas Ecuador ** ** ***

Intellekt Consumer Credit Cooperative of Citizens 'Intellekt' Russia ** ** *

Interactuar Interactuar Colombia ** ** **

Interfisa GRUPO INTERNACIONAL DE FINANZAS INTERFISA FINANCIERA SAECA Paraguay *** *** **

JCF Jagorani Chakra Foundation Bangladesh * ** *

Jemeni Jemeni Mali ** ** **

JSC Bank Constanta JSC Bank Constanta Georgia *** *** **

KADET Kenya Agency to Development of Enterprise and Technology Kenya ** ** *

Kafo Jiginew Kafo Jiginew Mali ** ** **

Kakum RB Kakum RB Ghana * * **

KAMURJ Microenterprise Development Fund Kamurj Armenia * * *

KAS KAS Foundation India ** * **

Kasagana-Ka Kasagana-Ka Development Foundation, Inc. Philippines ** ** **

Kashf Kashf Foundation Pakistan ** ** **

Kazama Grameen Kazama Grameen, Inc. Philippines * * *

KBSLAB Krishna Bhima Samruddhi Local Area Bank Limited India ** ** **

KEP Kosovo Enterprise Program Kosovo ** ** **

Khan Bank Khan Bank (Agricultural Bank of Mongolia LLP) Mongolia ** ** **

Khushhali Bank Khushhali Bank Pakistan ** ** **

KMB KMB Bank Russia ** ** **

KMBI Kabalikat para sa Maunlad na Buhay, Inc. Philippines ** ** **

KMF Kazmicrofinance, LLC (formerly KLF) Kazakhstan ** ** **

Kompanion MCC 'Kompanion Financial Group ' Kyrgyzstan ** ** **

Kondo Jigima Kondo Jigima Mali ** ** *

KosInvest KosInvest Kosovo ** ** **

K-Rep K-Rep Bank Kenya ** ** **

KRK Ltd Kreditimi Rural i Kosoves LLC (formerly Rural Finance Project of Kosovo) Kosovo ** ** **

KRUSHI KRUSHI India * * *

KWFT Kenya Women Finance Trust Kenya ** * *

LAPO Lift Above Poverty Organisation Nigeria ** ** ***

Lazika Capital Small Business Development Foundation Georgia ** *** **

Lead Foundation Lead Foundation Egypt ** ** **

LIDER LIDER Bosnia and Herzegovina ** ** **

LOK Microcredit Foundation

LOK Microcredit Foundation Bosnia and Herzegovina ** *** **

LPD Ambengan LPD Ambengan, Kab Buleleng, Bali Indonesia * * *

LPD Bayung Gede LPD Desa Adat Bayung Gede Bangli Indonesia * * *

LPD Bedha LPD Bedha Indonesia * * *

LPD Buahan LPD Buahan Indonesia * * *

LPD Celuk LPD Celuk Indonesia * * *

84




2005 2006 2007

LPD Ketewel LPD Ketewel Indonesia * * *

LPD Kukuh LPD Kukuh Indonesia * * *

LPD Kuta LPD Kuta Indonesia * * *

LPD Pecatu LPD Pecatu Indonesia * * *

LPD Sibetan LPD Desa Adat Sibetan, Karangasem Indonesia * * *

LPD Ubung LPD Ubung Indonesia * * *

Maata-N-Tudu Maata-N-Tudu Association Ghana * * **

Mahasemam - SMILE Mahasemam - SMILE India ** * **

Mallig Plains RB Mallig Plains Rural Bank (Isabela), Inc. Philippines ** ** **

Manuela Ramos Movimiento Manuela Ramos Peru ** ** ***

MBK Ventura PT Mitra Bisnis Keluarga Ventura (formerly Ganesha) Indonesia ** ** **

MCN Micro Crédit National Haiti *** ** **

MDF Micro Development Fund Serbia ** ** **

MDSL Microenterprise Development Services Ltd / formerly Sunlink Kenya ** ** **

MEDF Mindanao Enterprise Development Foundation Philippines * ** *

MED-Net Micro Enterprise Development Network Uganda ** ** *

MEMCO Middle East Microcredit Company Jordan ** ** **

Metemamen Metemamen Ethiopia ** ** *

MFI Microcredit Foudation of India India ** * *

MFW Microfund for Women Jordan ** ** **

MGBB Madhyamanchal Grameen Bikas Bank Ltd. Nepal ** * **

MiBanco MiBanco Peru *** *** ***

MI-BOSPO MI-BOSPO Tuzla Bosnia and Herzegovina ** ** **

Microempresas de Antioquia

Microempresas de Antioquia Colombia ** ** **

Microinvest JV MFO Microinvest LLC Moldova ** ** **

Microserfin Microserfin Panama ** ** **

MIDE MICROCREDITO PARA EL DESARROLLO Peru ** ** *

MIKRA MIKRA Bosnia and Herzegovina ** ** **

Mikro ALDI Mikro ALDI Bosnia and Herzegovina *** ** **

MIKROFIN MIKROFIN Banja Luka Bosnia and Herzegovina ** ** **

Mikrofond Mikrofond Bulgaria *** *** ***

MikroMaliyye Credit MikroMaliyye Credit Institution Azerbaijan ** ** **

MLF HUMO MLF HUMO Tajikistan ** *** **

MLF MicroInvest MLF MicroInvest Tajikistan ** *** **

Moznosti Savings House Moznosti LLC Skopje Macedonia ** ** **

Naara RB Naara RB Ghana * ** **

Nachala Nachala Cooperative Bulgaria ** ** **

New RB of Victorias New Rural Bank of Victorias Inc. Philippines ** ** **

Nirdhan Nirdhan Utthan Bank Ltd. Nepal *** ** *

NMF National Microfinance Foundation Yemen ** ** **

NMFB Network Microfinance Bank Limited Pakistan ** ** **

NOA NOA STEDNO KREDITNA ZADRUGA Croatia * * *

Normicro Norwegian Microcredit LLC Azerbaijan ** ** **

NovoBanco - MOZ NovoBanco Mozambique Mozambique ** ** **

NWTF Negros Women for Tomorrow Foundation, Inc. Philippines ** ** **

Nyesigiso Nyesigiso Mali * ** **

OBM Opportunity Bank Montenegro Montenegro ** ** **

OBS Opportunity Bank Serbia Serbia ** ** **

ODEF Financiera S.A. Organización de Desarollo Empresarial Femenino Financiera S.A. Honduras ** ** ***




2005 2006 2007

OISL Opportunity International Savings and Loans - Ghana Ghana ** ** **

OLC Oportunidad Latinoamerica Colombia (OLC) Colombia ** ** **

OMB Opportunity Microfinance Bank Inc. Philippines * ** **

OMO Omo Microfinance Institution Ethiopia ** ** *

OMRO Opportunity Microfinance Romania Romania * * **

Opportunity Albania Opportunity Albania (formerly PSHM) Albania ** ** **

PADME Association pour la Promotion et l' Appui au Développement de MicroEntreprises

Benin ** ** *

PALFSI People's Alternative Livelihood Foundation of Sorsogon, Inc. Philippines ** ** **

Partner Partner Bosnia and Herzegovina ** ** **

Parwaz Parwaz MicroFinance Institution Afghanistan ** ** *

PEACE Poverty Eradication & Community Empowerment Ethiopia ** ** **

PGBB Western Region Grameen Bikas Bank Nepal *** * *

PRASAC PRASAC MFI Ltd Cambodia ** ** **

PRESTANIC Asociación Fondo Nicaraguense para el Desarrollo Comunitario Nicaragua ** ** **

PRIDE - TZA PRIDE Tanzania Tanzania ** ** *

PRISMA Asociación Benefica Prisma Peru ** *** ***

PRIZMA PRIZMA Bosnia and Herzegovina ** ** **

ProCaja Asociación para el Desarrollo de las Cajas Rurales Panama ** ** **

ProCredit - BOL Banco Los Andes ProCredit Bolivia *** ** **

ProCredit - ECU Banco ProCredit S.A. (Ex Sociedad Financiera Ecuatorial S.A. SFE) Ecuador *** *** ***

ProCredit - GHA ProCredit SLC Ghana Ghana ** ** **

ProCredit - MDA ProCredit Moldova - formerly MEC Moldova ** ** **

ProCredit - NIC Banco ProCredit Nicaragua Nicaragua *** *** **

ProCredit - SLV Banco ProCredit El Salvador El Salvador *** *** **

ProCredit Bank - ALB ProCredit Bank Albania - formerly FEFAD Bank Albania ** ** **

ProCredit Bank - BGR ProCredit Bank Bulgaria Bulgaria ** ** **

ProCredit Bank - BIH ProCredit Bank Bosnia and Herzegovina Bosnia and Herzegovina ** ** **

ProCredit Bank - GEO ProCredit Bank Georgia - formerly MBG Georgia ** ** **

ProCredit Bank - KOS ProCredit Bank Kosovo - formerly MEB Kosovo ** ** **

ProCredit Bank - MKD ProCredit Bank Macedonia Macedonia ** ** **

ProCredit Bank - ROM ProCredit Bank Romania - formerly Miro Bank Romania ** ** **

ProCredit Bank - UKR ProCredit Bank Ukraine - formerly Microfinance Bank Ukraine ** ** **

ProCredit Bank Serbia ProCredit Bank Serbia - formerly MFB Serbia ** ** **

PRODEM FFP Fondo Financiero Privado PRODEM Bolivia *** ** **

PRODESA Fundacion Para La Promocion y el Desarrollo Nicaragua ** *** **

ProMujer - BOL Programas para la Mujer - Bolivia Bolivia *** ** *

ProMujer - MEX Asociación Pro Mujer de Mexico A.C. Mexico ** * *

ProMujer - NIC Programas para la Mujer - Nicaragua Nicaragua ** ** ***

ProMujer - PER Programas para la Mujer - Peru Peru *** *** **

RASS Rashtriya Seva Samithi India * * *

RB Digos Rural Bank of Digos Inc. Philippines ** ** **

RB Lebak Rural Bank of Lebak (Sultan Kudarat), Inc. Philippines ** ** **

RB Mabitac Rural Bank of Mabitac Inc. Philippines ** ** **

RB Oroquieta Rural Bank of Oroquieta (Miss. Occ.), Inc. Philippines ** ** **

RB Solano Rural Bank of Solano Inc. Philippines ** ** **

RB Sto. Tomas Rural Bank of Sto. Tomas (Davao) Inc. Philippines ** ** **

RB Talisayan Rural Bank of Talisayan - Misamis Oriental Inc. Philippines ** ** **

RCPB Réseau des caisses populaires du Burkina Faso Burkina Faso * ** **

RGVN Rashtriya Gramin Vikas Nidhi India ** * *

86




2005 2006 2007

Rost Consumer Credit Cooperative 'Rost' Russia * ** *

Rozgar Rozgar MicroFinance Bank Limited Pakistan ** ** **

Saadhana Saadhana Microfin India ** ** **

Sanghamithra Sanghamitra Rural Financial Service India * * *

Sarvodaya Nano Finance

Sarvodaya Nano Finance Limited India ** ** **

SAT Sinapi Aba Trust Ghana ** ** ***

Sathapana Limited Sathapana Limited (formerly CEB) Cambodia ** ** **

SBACD Sharkia Businessmen's Association for Community Development Egypt * ** **

SBS Union of Bank Workers Russia * ** **

SEAP Self-Reliance Economic Advancement Programme Nigeria ** ** **

SED Small Enterprise Development (SED) Company Ltd. Thailand ** ** *

SEDA Small Enterprise Development Agency Tanzania ** ** **

SEEDS Sarvodaya Economic Enterprise Development Services Sri Lanka * * *

SEF - ARM SEF International Universal Credit Organization - Armenia Armenia ** ** **

SEF - ZAF Small Enterprise Foundation (South Africa) South Africa * * *

SFPI Specialized Financial and Promotional Institution Ethiopia ** ** *

SHARE SHARE Microfin Ltd. India ** ** **

SINERGIJA SINERGIJAplus Bosnia and Herzegovina *** ** **

SKDRDP Shri Kshetra Dharmasthala Rural Development Project India ** * *

SKS SKS Microfinance Private Limited India ** *** **

SMEP Small and Micro Enterprise Project Kenya ** ** **

SMSS Star MicroFin Service Society, formerly SYA India ** * **

Sociedad Cooperativa PADECOMSM

Sociedad Cooperativa PADECOMSM Credito de RL de CV El Salvador ** ** **

Sodeistviye (Pyatigorsk)

CCCC 'Sodeistviye' (Pyatigorsk) Russia * * *

Sodeystviye Consumer Credit Cooperative of Citizens 'Sodeystviye' Russia * * *

SOGESOL Société Générale Haitïenne de Solidarité Haiti ** ** **

Sonzelle RB Sonzelle RB Ghana ** * *

Spandana Spandana Sphoorty Innovative Financial Services Ltd. India ** *** **

SPBD South Pacific Business Development Samoa ** ** **

Sunrise Microcredit Foundation Sunrise Bosnia and Herzegovina ** *** **

SWAWS Sharada's Womes's Association for Weaker Section India *** ** **

Tamweelcom Tamweelcom, formerly JMCC Jordan ** *** **

Tchuma Tchuma Cooperativa de Crédito e Poupança Mozambique ** ** *

TFS Transcapital Financial Services Co. Ltd Mongolia ** ** **

TMSS Thengamara Mohila Sabuj Sangha Bangladesh * * *

Toende RB Toende RB Ghana * * **

TPC THANEAKEA PHUM (CAMBODIA) LTD. Cambodia ** ** **

TSKI Taytay Sa Kauswagan Inc. Philippines * * *

TSPI TSPI Development Corporation Philippines * * *

UCADE Ambato Proyecto de Salud y Crédito Comunitario de la Diocesis de Ambato - UCADE - CRS

Ecuador ** ** *

Ujjivan Ujjivan Financial Services Pvt. Ltd. India ** * **

UML Uganda Microfinance Limited Uganda ** ** **

UNRWA UNRWA Microfinance and Microenterprise Department Palestine *** * **

UOMB Urwego Opportunity Microfinance Bank Rwanda ** ** *

Upper Manya RB Upper Manya Kro Rural Bank Limited Ghana ** ** **

USTOI USTOI Bulgaria * * *

Valiant RB Valiant Rural Bank (Iloilo City) Inc. Philippines ** ** **




2005 2006 2007

VEF Visayas Enterprise Foundation Philippines ** ** *

VFC VisionFund Cambodia Ltd. - formerly MED program Cambodia *** ** **

VFS Village Financial Services Private Ltd. India * * **

Viator Viator Microcredit Azerbaijan LLC Azerbaijan *** * *

Visión Banco Visión Banco S.A.E.C.A. Paraguay *** *** **

Vital Finance Vital Finance Benin ** ** **

VRFSBS Voronezh Regional Fund for Small Business Support Russia ** ** ***

WAGES Women and Associations for Gain both Economic and Social Togo * ** *

Wasasa Wasasa Ethiopia ** ** **

Wisdom Wisdom Ethiopia ** ** *

Women for Women MCO Women for Women International Bosnia and Herzegovina ** ** **

World Relief - HND World Relief Honduras Honduras ** ** **

WWB Cali Women's World Banking - Cali Colombia *** *** ***

XacBank XacBank Mongolia ** ** **

Zakoura Fondation Zakoura Morocco ** ** **

The MicroBanking Bulletin uses the following grading system to classify information received from MFIs:*** The information is supported by an in-depth financial analysis conducted by an independent entity in the last three years** The MBB questionnaire plus audited financial statements, annual reports and other independent evaluations* The MBB questionnaire or audited financial statements without additional documentation

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Microfinance Information eXchange

MicroBanking Bulletin, Issue 18, Spring 2009

T

he P

rem

ier S

ourc

e of

Industr

y Benchmarks

THE

MICROBANKING

BULLETIN NO. 18

Published by

Issue No. 18 Spring 2009

The Microfinance Information Exchange, Inc. (MIX) is the leading provider of business information and data services for the microfinance industry. Dedicated to strengthening the microfinance sector by promoting transparency, MIX provides detailed performance and financial information on microfinance institutions, investors, networks and services providers associated with the industry. MIX does this through a variety of publicly available platforms, including MIX Market (www.mixmarket.org) and the MicroBanking Bulletin. Visit www.themix.org for more information.

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MIC

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ULLETIN

Issue

No

. 18

Sp

ring

20

09

Micro

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n eX

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ge, In

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Microfinance Information eXchange

A publication dedicated to the performance of organizations thatprovide banking services for the poor

the microbanking bulletin spring 2009

Documents

grameen bank

capitec bank

aiyl bank

centenary bank

khushhali bank

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cantilan bank

bank eskhata