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THEMICROBANKINGBULLETIN No.19

Published by

Issue No. 19December 2009

A publication dedicated to the performance of organizations thatprovide banking services for the poor

Microfinance Information Exchange, Inc.1901 Pennsylvania Avenue, NW Suite 307Washington, DC 20006Tel: +1 202 659 9094

Fax: +1 202 659 9095e-mail: [email protected]: www.themix.org

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The Microfinance Information Exchange, Inc. (MIX)is the leading provider of data, benchmarks andanalysis for the microfinance industry. Dedicated tostrengthening the microfinance sector by promotingtransparency, MIX provides detailed financial,operational and social performance data onmicrofinance institutions, in addition to generalbusiness information on investors, networks andservice providers associated with the industry. MIXdoes this through a variety of publicly availableplatforms, including MIX Market(www.mixmarket.org) and the MicroBankingBulletin.

MIX is a non-profit company founded by CGAP (theConsultative Group to Assist the Poor) and sponsoredby CGAP, the Citi Foundation, Deutsche Bank AmericasFoundation, Omidyar Network, IFAD (International Fundfor Agricultural Development), Bill & Melinda GatesFoundation, and others. MIX is a private corporation.Visit www.themix.org for more information.

ABOUT MIX

Microfinance Information eXchange

The

MicroBanking

BulleTin


A PublicAtion DeDicAteD to the PerformAnce of orgAnizAtions thAt ProviDe bAnking services for the Poor

Copyright (c) 2009

Microfinance Information Exchange, Inc.

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

ISSN 1934–3884. Copyright 2009. All rights reserved. The data in this volume have been carefully compiled and are believed to be accurate. Such accuracy is not however guaranteed. Feature articles in MBB are the property of the authors 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.

Designed by: Macro Graphics Pvt. Ltd., www.macrographics.com

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

REGION COUNTRY # MFIS NaME OF PaRTICIPaNT

africa(195 MFIs)

Angola 1 KixiCredito

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

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

Burundi 3 COSPEC, Turame Community Finance, WISE

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

Central African Republic

1 CMCA

Chad 1 UCEC/MK

Congo, Democratic Republic of the

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

Congo, Republic of the

2 CAPPED, FAM

Cote d’Ivoire (Ivory Coast)

1 UNACOOPEC-CI

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

Gambia, The 2 GAWFA, Reliance

Ghana 25 Akuapem RB, APED, ASA - GHA, Atwima Kwanwoma, Bessfa RB, Bonzali RB, CEDEF, CFF, CRAN, DQF, FASL, ID-Ghana, Juaben RB, Kakum RB, KSF, La Community Bank, Maata-N-Tudu, Nwabiagya RB, OISL, Otuasekan RB, ProCredit - GHA, SAT, South Akim RB, Union RB, Upper Manya RB

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

Kenya 15 BIMAS, Equity Bank, Faulu - KEN, Jamii Bora, KADET, KPOSB, K-Rep, KWFT, MCL, Micro Africa, Opportunity Kenya, PAWDEP, RAFODE, Riverbank, SMEP

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

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

Mali 10 CVECA Kita/Bafoulabé, CVECA Pays Dogon, Jigiyaso Ba, Kafo Jiginew, Kondo Jigima, Miselini, Nyesigiso, PASECA - Kayes, Soro Yiriwaso, UCCEC GY

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

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

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

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

Senegal 12 ACEP Senegal, CAURIE Micro Finance, CMS, DJOMEC, MEC AFER, MEC FEPRODES, MECBAS, MicroCred - SEN, PAMECAS, SEM Fund, U-IMCEC, UMECDES

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

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

Swaziland 1 FINCORP

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

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

Uganda 11 BRAC - UGA, Centenary Bank, Faulu - UGA, FINCA - UGA, Hofokam, Madfa SACCO, MED-Net, MAMIDECOT, MUL, REDFunds, Finance Trust

Zambia 2 CETZAM, FINCA - ZMB

asia(283 MFIs)

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

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

Cambodia 15 ACLEDA, AMK, AMRET, CBIRD, Chamroeun, CHC-Limited, CREDIT, HKL, IPR, Maxima, PRASAC, Sathapana Limited, Seilanithih, TPC, VFC

China 12 CFPA, CHWDA, CZWSDA, JXWDA, NYWDA, OI China, PATRA Hunchun, PATRA Yanbian, PCWDA, Rishenglong, XXWDA, YYWDA

East Timor 1 Moris Rasik

India 63 ABCRDM, Adhikar, AML, AMMACTS, Arohan, AWS, Bandhan, BASIX, BFL, BISWA, BJS, BSS, BWDC, Cashpor MC, CReSA, Equitas, ESAF, GFSPL, GOF, Grameen Sahara, GU, GV, HiH, Indur MACS, Janodaya, KBSLAB, KOPSA, KRUSHI, Mahasemam, Mahashakti, MFI, Mimo Finance, NBJK, NCS, NEED, Nidan, Pushtikar, PWMACS, RASS, RGVN, Saadhana, Samasta, Sanghamithra, Sarala, Sarvodaya Nano Finance, SCNL, SEWA Bank, SHARE, SKDRDP, SKS, SMILE, SMSS, Sonata, Spandana, SSK, SU, SFPL, SWAWS, Trident Microfinance, Ujjivan, VFS, VSSU, WSE

Indonesia 36 BMT Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, CU Kosayu, CU Pantai Prigi, CU Sawiran, Dian Mandiri, DINARI, MBK Ventura, MMS, TLM, WKP

Laos 2 ACLEDA Lao, IFDP


Nepal 25 BAYOCA, BMSCCSL, CBB, Chandeshwori, CSD, DD Bank, DEPROSC-Nepal, FORWARD, GBNB, JSCCS, JVS, Mahila, Mahuli, Manushi, MGBB, MPGBB, NeRuDO, NESDO, Nirdhan, NRDSC, PGBB, Sahara Mahila, SB Bank, SPGBB, VYCCU

Pakistan 12 Asasah, CWCD, DAMEN, FMFB - Pakistan, Kashf Foundation, Kashf Bank, Khushhali Bank, NMFB, POMFB, RCDS, Sungi, TMFB

Papua New Guinea 2 PNG Microfinance Ltd, Nationwide Microbank

Philippines 63 1st Valley Bank, ABS-CBN, ARDCI, ASA Philippines, ASHI, ASKI, Banco Santiago de Libon, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BCB, Cantilan Bank, CARD Bank, CARD NGO, CBMO, CEVI, CMEDFI, DSPI, ECLOF - PHL, FAIR Bank, FICO, First Macro Bank, GM Bank, Green Bank, HSPFI, Kasagana-Ka, Kazama Grameen, KBank, KCCDFI, KMBI, Life Bank, Mallig Plains RB, MEDF, New RB of Victorias, NWTF, OMB, PALFSI, PBC, PR Bank, Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, RSPI, Serviamus, Siam Bank, TSKI, Valiant RB

Samoa 1 SPBD

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

Thailand 2 Common Interest, SED

Vietnam 16 Binhminh CDC, CEP, CEP BRVT, CEP Long An, Childfund Hoa Binh, Fund for Women Development - HCM, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Plan International, TYM, VBSP

ECa(217 MFIs)

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

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

Azerbaijan 18 AccessBank, Aqrarkredit, Aqroinvest, Azercredit, Azerdemiryolbank, Azeri Star, Bank of Baku, CredAgro NBCO, DAYAQ-Credit, FINCA - AZE, FinDev, Invest Credit, Komak Credit, MikroMaliyye Credit, Normicro, Parabank, Umid-Credit, Viator

Bosnia and Herzegovina

12 EKI, LIDER, LOK Microcredit Foundation, MI-BOSPO, MIKRA, Mikro ALDI, Partner, PRIZMA, ProCredit Bank - BIH, SINERGIJA, Sunrise, Women for Women

Bulgaria 24 Aetos, Agroimpuls, DSK Dobrich, Doveriye- Bulgaria, General Toshevo, Kajnardza 96, Kredo, KSK RPK, Maritsa Invest, Mikrofond, Miziya, Momina Voda, Nachala, Nadejda 96, Perelik, Pomoriiski stopanin, Popular Kasa-Kystendil, ProCredit Bank - BGR, Saglasie 96, Samokov 96, Smilyan, Solidarnost, Stopanin, USTOI

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

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

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

Kyrgyzstan 14 1st MCC, Agrocredit Plus, Aiyl Bank, Bai Tushum, Bereke-credit, BTA Bank, Dirigible, Elet-Capital, FMCC, FNT Credit, Joldosh Group, Kompanion, Mol Bulak Finance, OXUS - KGS

Macedonia, Former Yugoslav Republic of

4 FULM, Horizonti, Moznosti, ProCredit Bank – MKD

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

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

Montenegro 1 OBM

Poland 2 Fundusz Mikro, Inicjatywa Mikro

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

Russia 52 Alternativa, Alteya, Avantaj, BFSBS, Blago, BRCCC, CEF, Chita FSBS, CMFinance, Doveriye - Volgograd, Doveriye (Amursk), Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, EKPA, FFECC, FINCA - Russia, FORUS, Galaktika, Gorodskoy, Impuls, Intellekt, KMB, KVK, KVK-Altay, Nadejda, Narodniy Kredit_Kemerov, Neftegaz, Obereg (Vladivostok), Partner Russia, Povoljye, Raduga, Reserv-Altay, Rezerv, Rost, Rus, WMN (Russia), SBS, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, Soglasiye, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, USFSBS, Vostok Kapital, VRFSBS

Serbia 4 AgroInvest, MDF, OBS, ProCredit Bank Serbia

Tajikistan 23 Agroinvestbank, Amlok, ASTI, Bank Eskhata, Borshud, Ehyoi kuhiston, FINCA - TJK, FMFB - TJK, Imkoniyat, Imodi Hutal, IMON, JOVID, Maqsadi dasgiri, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, Nov Credit, OXUS - TJK, Sugd Microfin

Ukraine 2 HOPE, ProCredit Bank - UKR

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

LaC(333 MFIs)

Argentina 7 Avanzar, Columbia Microcreditos, FIE Gran Poder, Emprenda, Grameen Mendoza, Progresar, Pro Mujer - ARG

Bolivia 23 AgroCapital, ANED, BancoSol, CIDRE, Coop Fátima, Coop Jesús Nazareno, CRECER, Diaconia, EcoFuturo FFP, Emprender, Fassil FFP, FIE FFP, FONCRESOL, FONDECO, Fortaleza FFP, FUBODE, FUNBODEM, IDEPRO, IMPRO, ProCredit - BOL, PRODEM FFP, Pro Mujer - BOL, Sartawi

Brazil 28 Agência do Crédito, ANDE, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, Banco Popular do Brasil, BANCRI, Casa do Microcrédito, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, Central Cresol Baser, CrediAmigo, Credisol, Cresol Central, Fácil SCM, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, Instituto Estrela, Real Microcrédito, São Paulo Confia, SOCIALCRED, SOCRED


Chile 3 BancoEstado, Credicoop, Fondo Esperanza

Colombia 18 Actuar Caldas, Actuar Tolima, AGAPE, Bancamía, BCSC, Comultrasan, Contactar, Crezcamos, FinAmérica, FMM Bucaramanga, FMM Popayán, FMSD, Fundación Amanecer, Interactuar, Coop MEDA, OLC, ProCredit - COL, WWB Cali

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

Dominican Republic

4 ADOPEM, ASPIRE, Banco ADEMI, Fundación Esperanza

Ecuador 47 Banco Solidario, CACMU, CCC, CEPESIU, CESOL ACJ, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, COOPROGRESO, Credi Fé, D-Miro, ECLOF - ECU, FACES, FED, FINCA - ECU, FODEMI, Fundación Alternativa, Fundación Espoir, FUNDAMIC, INSOTEC, ProCredit - ECU, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo

El Salvador 13 ACCOVI, AMC de R.L., Apoyo Integral, ASEI, Asociación El Balsamo, CCAMETRO, ENLACE, FADEMYPE, FINCA - SLV, Fundación CAMPO, FUNSALDE, ProCredit - SLV, PADECOMSM

Guatemala 16 AGUDESA, ASDIR, Asociación Raíz, AYNLA, CDRO, CRYSOL, FAFIDESS, FAPE, FIACG, FINCA - GTM, FONDESOL, Fundación MICROS, FUNDEA, FUNDESPE, Génesis Empresarial, MUDE

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

Honduras 14 ADICH, BanCovelo, CARE - CREEME, FAMA OPDF, FINCA - HND, FINSOL, FUNDAHMICRO, FUNED, HDH OPDF, IDH, Microfinanciera Prisma, ODEF Financiera, ProCredit - HND, World Relief - HND

Mexico 51 ALSOL, Alternativa 19 del Sur, AMEXTRA, Apoyo Económico, APROS, ASP Financiera, ATEMEXPA, Banco Amigo, CAFASA, Caja Depac Poblana, Caja Popular Mexicana, CAME, COCDEP, CompartamosBanco, Conserva, Crece Safsa, CrediAvance, Credi-Capital, CrediClub, CrediComún, Créditos Pronegocio, CREDITUYO, Despacho Amador, Don Apoyo, Espacios Alternativos, Crezkamos Kapital, FinAmigo, Financiera Independencia, FINCA - MEX, FinComún, FINORTE, FISUR, Forjadores de Negocios, FRAC, FUNHAVI, FVP, GCM, Grupo Río La Venta, Invirtiendo, MicroCred - MEX, Oportunidad Microfinanzas, Progresemos, Pro Mujer - MEX, Red de Vanguardia, SemiSol, SolFi, Solución Asea, Soluciones Reales, Te Creemos, UNICREICH, Vivir Soluciones

Nicaragua 23 ADIM, AFODENIC, ASODENIC, BANEX, Caritas Esteli, CEPRODEL, Coop 20 de Abril, Coop Avances, FDL, Financiera Fama, FINCA - NIC, FODEM, FUDEMI, Fundación 4i-2000, Fundación León 2000, Fundación Nieborowski, FUNDENUSE, FUNDEPYME, FUNDESER, PRESTANIC, ProCredit - NIC, PRODESA, Pro Mujer - NIC

Panama 3 Coop Juan XXIII, Microserfin, ProCaja

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

Peru 60 ADRA - PER, Alternativa Microfinanzas, AMA, ASIDME, Asociación Arariwa, Caritas, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crediscotia, EDAPROSPO, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Financiera Edyficar, FINCA - PER, FONDESURCO, FOVIDA, IDER CV, IDESI Lambayeque, IDESPA, Manuela Ramos, MiBanco, Micredito SAC, MIDE, Popular SAFI, PRISMA, Pro Mujer - PER, Mentors - PER

Venezuela 2 BanGente, MiBanco Venezuela

MENa(56 MFIs)

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

Iraq 3 Al-Thiqa, CHF Iraq, Izdiharona Microfinance

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

Lebanon 3 Al Majmoua, Ameen, Makhzoumi

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

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

Sudan 3 BRAC - SS, PASED, SUMI

Syria 2 FMFI-SYR, Jabal Al Hoss

Tunisia 1 Enda

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

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

The MicroBanking Bulletin is one of the principal publications of MIX (Microfinance Information Exchange, Inc.). MIX is a non-profit company that works to support the growth and development of a healthy microfinance sector. MIX is supported by the Consultative Group to Assist the Poor (CGAP), Citi Foundation, Deutsche Bank Americas Foundation, Omidyar Network, Open Society Institute, Rockdale Foundation, and others. To learn more about MIX, please visit the website at www.themix.org.

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 and/or social performance of microfinance institutions. Submissions may include reviews or summaries of more extensive work published elsewhere. Articles should not exceed 3000 words. To submit an article, please contact Elizabeth Downs, Managing Editor, at [email protected].

DisclaimerNeither MIX, MBB’s Editorial Board nor MIX’s funders accept responsibility for the validity of the information presented or consequences resulting from its use by third parties.

The MicroBanking Bulletin (MBB)

The MicroBanking Bulletin

issue no. 19

DeceMBer 2009

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

eDiTorial sTaff

Publisher:

Marten Leijon, Executive Director, MIX

Managing Editor:

Elizabeth Downs, Director of Marketing Communications, MIX

eDiTorial BoarD

Craig F. Churchill 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

feaTure arTicles

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

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

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

Olga Morawczynski, University of Edinburgh

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

Jessica A. Haeussler

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

Florent Bédécarrats, Rémy William Angora, Cécile Lapenu

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

Drew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social Enterprise Associates, for the MFI Reporting Standards Initiative of the SEEP Network

BulleTin highlighTs

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

Blaine Stephens, COO and Director of Analysis, MIX

BulleTin TaBles

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

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

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

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

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

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

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

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

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

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

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

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

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

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

appenDices

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

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

TaBle of conTenTs

Dear Readers,

We are excited to share with you the 19th Edition of the MicroBanking Bulletin. We are delighted to be able to provide you with important findings from a global benchmark data set that covers 1,084 MFIs and a set of compelling articles that addresses some of the most pressing issues facing microfinance today.

The benchmarking data set provides a first-of-its-kind look into the effects that the economic slowdown is having on MFIs across the globe. The analysis explores how the slowdown is tightening its squeeze on MFI performance through rising delinquency levels and declining operational efficiency.

This edition of the Bulletin also features articles that address critical priorities for leaders in microfinance – savings mobilization, pricing transparency, the link of social and financial performance, and the evolving standardization of metrics:

Expanding savings through distribution: Kneiding et al explore MFIs’ ability to scale up microsavings, concluding that microfinance institutions in general tend to rely on distribution-led growth rather than more effective use of their existing branches. Morawczynski details how mobile services enable savings, outlining opportunities to derive further benefits from mobile services.

Pricing transparency: Jessica Haeussler investigates evidence as to the impact that insufficient pricing transparency has on market

efficiency and consumer choice, showing that an opaque pricing environment does appear to come at a cost.

Linking social and financial performance: Bédécarrats, Angora and Lapenu test the link between Social Performance Indicators (SPI) and financial performance. Their findings point to a positive correlation between several SPI and financial outcomes, but also key differences between variables.

Evolving standardization of metrics: Tulchin, Sassman and Wolkomir present eight new ratios from the MFI Reporting Standards Initiative of the SEEP Network. The new ratios aim to better describe financial position and performance with a particular focus on savings and risk exposures.

Finally, I want to thank you for your continued interest in and support for the MBB. As we move forward, we will evaluate how we can improve the contents of the Bulletin and our delivery of it to you. We welcome your feedback and comments as we begin the evaluation process early in 2010.

Sincerely yours,

Marten Leijon Publisher, MBB

Executive Director, MIX

Letter from the Publisher

The microfinance industry is increasingly focused on deposit mobilization. On the demand side, there is a growing sense that poor people should have a broader range of financial instruments available to them rather than only credit. On the supply side, institutions are increasingly keen to build a more stable, low-cost funding base from local deposits, especially in the aftermath of the global financial crisis. This renewed interest in deposit mobilization by microfinance institutions (MFIs) is also fuelled by the high-profile successes of certain deposit mobilizing institutions, including Bank Rakyat Indonesia (21 million savers), Grameen Bank and ASA in Bangladesh (together, 14 million savers), Equity Bank in Kenya (3.9 million savers) and Banco Azteca in Mexico (4.5 million savers).

Yet despite these notorious successes, the bulk of MFIs remain relatively small scale in terms of deposit mobilization. This prompts us to look into the growth strategies pursued by MFIs, large and small. Do the larger deposit-taking MFIs exhibit a more intensive utilization of their distribution network in terms of savers per branch (giving rise to what we term intensive growth), or do they simply have many more branches (which we term extensive or distribution-driven growth)? In this respect, we compare the behavior of MFIs against commercial banks, to see whether their growth dynamics are different. We also compare the relationship between intensity of use of branches and the total number of customers served by the institution between the savings and lending sides.

Data sources and methodologyOur primary dataset is based on MIX Market, an online database of financial and operational data from MFIs

around the globe. From this database we selected all the MFIs with more than 10,000 savers reported for 2007. This gave us information on the number of savers and borrowers, the value of the corresponding deposit and loan portfolios, as well as the number of branches, for 165 MFIs. MIX Market defines savers as individuals who currently have funds on deposit with an MFI, which the MFI is liable to repay. This excludes involuntary savings linked to loans.

We compare this sample with another one based on a multi-country survey of the largest five commercial banks by assets compiled by the World Bank and reported in Banking the Poor (BTP).2 This database contains, for each institution, the number and value of savings and loan accounts, as well as the number of branches. The sample covers 235 banks in 54 countries for the year 2007. Some banks did not participate in the survey, and in some countries there were fewer than five commercial banks. We took the number of savers to be the larger of the reported number of checking and savings accounts, in order to avoid double-counting. We excluded institutions with fewer than 10,000 savers, or those with obviously deficient information. The resulting sample consists of 149 commercial banks from 53 countries.

This data has certain limitations. The mapping between number of savings (loan) accounts and the number or savers (borrowers) is imperfect. On the MFI data set, we are relying on the institutions´ reporting of customer numbers. On the commercial bank data set, if for a particular institution some customers had only a checking account and others had only a savings account, the inferred number of savers would be underestimated given that we take the maximum of the two. Also, there is self-selection in the MFIs and banks that are part of the sample. MFIs that are very successful at deposit mobilization have less incentive to report to MIX Market, since it is seen primarily as a vehicle for demonstrating transparency for MFIs who are reliant on external sources of funding. Equally, commercial banks’ responses to and participation in the World Bank survey may have depended on various

1Microfinance Information eXchange, Inc

1 Christoph Kneiding is a Microfinance Analyst at CGAP; Ignacio Mas is Deputy Director at the Financial Services for the Poor team at the Bill & Melinda Gates Foundation; Adrian Gonzalez is Lead Researcher at Microfinance Information Exchange, Inc. (MIX); and Sheila Miller is Program Coordinator at the Bill & Melinda Gates Foundation. The authors wish to thank Blaine Stephens from MIX for very helpful comments and suggestions.

2 “Banking the Poor: Measuring banking access in 54 Economies”, World Bank, Washington DC.

FEATURE ARTICLESScaling Up Micro Savings: A Matter of More Branches or Busier Branches?

Christoph Kneiding, Ignacio Mas, Adrian Gonzalez, and Sheila Miller 1MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009

2

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009FEATURE ARTICLES

Microfinance Information eXchange, Inc

incentives, such as whether they participate in World Bank-funded lines of credit.

Throughout this paper we refer to the institutions in the two data sets as being MFIs and commercial banks. This is purely short-hand to distinguish the data sets (MIX Market and BTP, respectively), and may not truly reflect the legal status of the specific institutions in each data set. Some institutions in MIX Market are indeed licensed as commercial banks, and a couple in fact appear in both data sets.3

Figures 1 and 2 show the distribution of institutions in the two samples by size, as measured by the number of savers per institution. Both figures are shown on a log scale, which underscores the very large variation in size of institutions as measured by the number of savers. Figure 1, which depicts the size ranking of institutions separately for the two data sets, shows that MFIs decay in size faster than commercial banks. This reinforces the earlier point that while there are some spectacularly successful MFIs, these are relatively few: only 12 MFIs in our sample have more than half a million depositors versus 50 in the sample of commercial banks. Figure 2, which shows the combined size rankings across both data sets, suggests that commercial banks and MFIs as a whole are roughly of comparable sizes. This is because the MFI data set selects the bigger MFIs globally, while the commercial bank data set is based on the largest ones per country. Thus, while in our sample commercial banks are typically larger than MFIs, there is a proportionately higher representation of institutions from small countries in the commercial bank data set.

Scale in deposit mobilizationFigures 3 and 4 depict the relationship between the overall number of savers per institution and the number of savers per branch, separately for each of the two samples. Note that the horizontal axis is mapped on a logarithmic scale in order to show a tighter distribution of the points.

The median number of savers per branch is more than double for commercial banks than for MFIs: 5,400 versus 2,300, respectively. Of course, the relative size of the median institution is different in both cases, with 44,600 savers for MFIs and 116,000 for commercial banks. For an institution of half a million depositors, the trend lines on Figures 3 and 4 would suggest that an average MFI would have 5,300 savers per branch while an average commercial bank would have 6,400 savers per branch. Thus, at that scale (as measured by number of savers), MFIs typically operate 20 percent smaller branches on average than the equivalent-sized commercial bank.

We can also observe that the number of savers per branch is higher the larger the number of savers, suggesting that larger deposit mobilizing institutions –whether MFIs or banks— are able to make more effective use of their branches. But there is a much stronger correlation between the number of savers and the number of savers per branch for banks than for MFIs (0.26 vs. 0.09, and only significant for commercial banks). Conversely, the total number of savers shows a higher correlation with the number of branches for MFIs than for banks (0.86 vs. 0.76, respectively).

One hypothesis for this difference is that MFIs are less able to realize inter-branch economies of scale (extensive growth). This might be because commercial banks incur larger bank-wide fixed

3 The reason is that an institution can be an MFI according to the MIX Market classification and at the same time happens to be one of the largest financial institutions in a country, which makes it eligible for the BTP dataset.

Figure 1: Ranking of Institutions by Number of Savers

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MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009 FEATURE ARTICLES


costs in the form of centralized investments in brand building, product development and information technology, to the benefit of all branches. Amortizing these costs over more customers and branches allows individual branches of commercial banks to be more competitive and hence acquire more customers per branch (intensive growth). On the other hand, branch-level growth at MFIs may be more constrained due to underinvestment in IT or less streamlined processes. It is also possible that MFIs operate in smaller towns, and hence have less room for intensive growth

at the branch level. This might be true for BRI and Grameen Bank, for example. However, most MFIs in the sample operate largely in urban environments and hence should face similar market size limitations as commercial banks.

Next we look at how the customer mix varies with size of institution, focusing specifically on the MFI data set, for possible explanations for the different growth dynamics of large versus small MFIs. Size of MFI does not seem to have a significant bearing on the size of

Figure 3: Savers per Branch (MFIs)

Figure 4: Savers per Branch (Commercial Banks)

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accounts and the mix between savers and borrowers. Figure 5 shows that the average savings balance per depositor (expressed as a percent of gross national income per capita) is not at all correlated with the size of the MFI. It seems like MFIs do not move upmarket as they expand their base of savers, which runs counter to the often lamented “mission drift” view. It is likely that as MFIs grow they simply need to cater to broader market segments, both richer and poorer, without a noticeable effect in the average customer size.

Figure 6 shows that larger MFIs have a slight proclivity to grow the number of savers faster than the number of borrowers (correlation is 0.03 and not statistically significant). This may be because, for a given location, the addressable market of savers is larger than the addressable market of creditworthy borrowers. Thus, as an institution grows its penetration in a market, it reaches saturation faster in its lending than in its deposit-taking activities. This effect may also be driven by the fact that larger institutions have a bigger

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

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need to self-fund their lending activities in order to drive growth, and hence they may put more effort in building a healthy deposit base.

Scale in lending operationsFigures 7 and 8 show the relation between the number of borrowers per branch and the overall number of savers per institution, separately for each of the two samples. It is again apparent that MFIs used their branches less

intensively than commercial banks in terms of lending operations as well. In other words, as banks grow larger in the overall number of savers, their branches cater to more borrowers per branch than MFIs. In the case of MFIs, growth in total number of borrowers is largely driven by growth in number of branches rather than in the number of borrowers per branch.

It is also interesting to compare between the savers and borrowers graphs. For both MFIs and commercial

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banks, the slope and correlation coefficients between per branch intensity (both for savers and borrowers) and total savers numbers are significantly weaker for borrowers than for savers. This suggests that less intensity of branch use exist on the lending side than on the deposit-taking side. This makes sense: corporate-level branding and centralized treasury and risk management operations are more important for savings (since the institution needs to build the trust of depositors), while lending requires more local staff to screen, monitor and collect from borrowers.

ConclusionsThe evidence presented in this paper points to the fact that MFIs are on average less able to grow intensively than commercial banks. MFIs’ growth is largely dependent on greater distribution (more branches)

rather than at leveraging the use of branches. The evidence also supports the well established notion that the potential for intensive use is larger on the deposit mobilization than the lending side. On the other hand, we do not see a significant relationship between the size of an MFI (as measured by number of clients) and either the average savings balance or the ratio of savers to borrowers. It seems that MFIs do not move upmarket as they expand their base of savers, which runs counter to the argument that those institutions experience a “mission drift” over time.

If distribution (extensive growth) is the key growth driver for MFIs, it is important to find lower-cost ways for MFIs to deploy their physical presence. Lower-cost branches and branchless banking channels would seem to offer large opportunities for MFIs to grow scalably.

In the past few years there have been attempts to mobilize savings via branchless banking models in general and the mobile phone in particular. There is a recognition that savings, probably more than any other financial service, requires proximity and immediacy for the customer. There is also the recognition that savings could radically improve livelihoods. Access to appropriate savings mechanisms could help the resource poor to recover from shocks, smooth consumption and broaden investment opportunities.

Much of this recent interest towards savings via the mobile phone has been sparked by the stunning success of a Kenyan mobile money service called M-PESA. M-PESA is a mobile phone based service for sending and storing money, offered by Safaricom, Kenya’s largest mobile service provider. Safaricom customers can register for M-PESA by visiting a merchant who acts as an “agent” for account opening, handling of deposits and withdrawals into the

customer’s virtual “wallet,” and customer support. Customers can then use an application on their mobile phone to check their balance, send money to other people, pay bills and purchase mobile phone airtime. Customer funds are held in a special trust account at the Commercial Bank of Africa. This service has acquired over 7 million users and extended its agent base to over 10,000 since it was introduced in March of 2007.

Although M-PESA was designed as a money transfer service, there is evidence that it is also being used for savings. For example, a study funded by FSD-Kenya of over 3000 households in Kenya revealed that users were storing money in M-PESA. The research also revealed that M-PESA was one of the most popular mechanisms for savings amongst the sample, even beating out the mattress for M-PESA users. These results raise some interesting questions. In particular, why did M-PESA beat out the mattress and other popular savings mechanisms? Is M-PESA becoming a substitute for these other mechanisms? How are the savings patterns of the poor changing as they begin to store money with M-PESA?

This paper will address these questions. It uses data from a collection of financial diaries to make its arguments. These diaries captured the savings practices of 14 M-PESA users for a period of one month. They were part of a 14 month ethnographic study that examined the adoption, usage and impact of M-PESA in two locations: an urban slum and a rural village. The paper will also use the empirical data to suggest how mobile money applications can be designed to better suit the needs and interests of poor savers.

Evidence from the Financial Diaries of M-PESA Users in KenyaThe financial diaries participants were asked to make daily entries detailing their financial practices for the

1 IwouldliketothankIgnacioMasforhissubstantialcontributiontothispaper.Also,manythankstoMicrosoftResearchandtheUniversityofEdinburghforfundingthisresearch.


Source: FSD-Kenya.

0%Bank account Mattress M-PESA

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Figure 1: Use of savings instruments in Kenya

FEATURE ARTICLESMICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009

Saving Through the Mobile Phone— The Case of M-PESA

Olga Morawczynski, University of Edinburgh1

�



period of one month. These entries were made in two columns—money in and money out. They were also asked to maintain a balance in the two columns. This facilitated the analysis of not only expenditure but also savings patterns. It must be noted that the majority of the financial diaries participants were frequent users. These users made several transactions per week. Some even conducted transactions on a daily basis. The results presented here thus represent more intensive usage patterns than usual. The data from the financial diaries will be used to substantiate many of the arguments presented here. Table 1 provides more information about the participants.

The Findings

A variety of savings mechanisms were integrated into the savings portfolios of the participants

The diaries revealed that the poor use a combination of savings mechanisms to manage their limited income and to meet their unique savings needs. The average amount of savings mechanisms used by the participants for the storage of cash was just over two. The findings further illustrated that the poor were very strategic when cultivating their savings portfolios. The

mechanisms included usually acted as complements to the others. As will be shown below, most of the participants who were banked continued to store money at home. These home savings were more accessible, and were often used for daily consumption. The bank was appropriate for the accumulation of savings over time. This facilitated the purchase of future items, usually of greater value. It also provided the participants with an accumulated amount, which could be accessed during an emergency. Table 2 presents the advantages and disadvantages of the savings mechanisms that were available to Kenyans.

Many appropriated these various mechanisms to keep track of their finances. For example, John used four mechanisms to store his cash. This includes an MFI account, a bank account, M-PESA and the home bank. For John, each of these accounts served a different function and provided him with some type of benefit. For example, the home bank allowed John to have immediate access to his cash. The bank gave him a place where he could save cash for larger purchases. M-PESA facilitated the separation of John’s business and personal finances. He explained that this made it easier for him to organize and “keep track” of his finances.

Some of the informants also appropriated more than one mechanism to “spread out” their finances and

Financial diaries participantsName Location Job M-PESA User/

Non userRelation to Diary Participant

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

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

Lawrence Urban-Kibera Painter User-sender

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

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

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

Gaudezina Rural-Shangalangwi (near Bukura)

Sold goods from farm User-recipient Betty’s Mother

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

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

Elizabeth Rural-Sikarira Sold goods on market-table cloth etc.

User-recipient Married to Sylvester

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

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

Joyce Urban-Kibera Shop owner User-recipient

Patrik Urban-Kibera Pastor User-sender and recipient

Table 1


�Microfinance Information eXchange, Inc

to avoid the risk of money being lost. For example, Sylvester kept money in both M-PESA and the bank. After he was paid his salary, he would withdraw a substantial amount from the bank and would deposit the money into his M-PESA account. Sylvester explained that he did not fully trust the banks in Kenya with his money. He had heard “stories” that his savings would be lost if the bank crashed. Sylvester was not alone in his distrust of banks. Many other informants confirmed this finding during the fieldwork. This distrust was especially common prior to the presidential elections of December 2007. This period was characterized by heightened tensions between ethnic communities within the informal settlement. Informants took a variety of measures to protect their cash during the period. Some claimed that they took most, and sometimes all, of their savings from the banks and deposited the money into M-PESA and their home bank. They explained that they reduced the risk of money being lost by spreading out their savings.

In urban areas, M-PESA and the home bank were the most popular savings mechanismsThere were some substantial differences between financial portfolios in urban centres and rural areas. In Kibera, the most widely used mechanism for savings was M-PESA as well as the home bank. Many of those informants who had a steady flow of income also had an account with a formal bank or MFI. However,

because there were no formal financial institutions within Kibera, the residents had to leave the informal settlement to transact. Many noted that this was a significant disadvantage of having such an account.

In regards to frequency of transactions, the home bank was the most popular. All of the urban participants kept some money in their home savings and many would make daily deposits and withdrawals. Most often, the money was used to purchase items for household consumption around Kibera. Lawrence kept nearly half of his income at home because it was easily accessible. He did not need to leave Kibera to transact. When asked whether he was afraid of losing money stored in the home, he said no. He explained that he had “hidden the money well” and did not “fear” theft by intruders.

Although the number of transactions was higher for the home bank, the value stored was lower than M-PESA. The diaries revealed that an average of 4 percent of total income was deposited into home savings. This compares to nearly 1� percent that was put into M-PESA. Two of the financial diaries participants, Martin and Sylvester, stored nearly half of their income inflows with M-PESA. Both men asserted that they preferred this method because it was “safer” than the other savings mechanisms.

John and Joyce also saved with M-PESA. However, they deposited a much smaller percentage of their income into their M-PESA accounts. Joyce explained that she

The savings portfolio of low-income KenyansSavings mechanism Advantages Disadvantages

Home bank - Free to transact and highly accessible

- Risky-money stored in the home can be stolen by household members or outsiders

- No interest is gained on the money stored at home

ROSCA - Allows for the rapid accumulation of funds

- Support to save is provided from other community members

- Risky-money can be lost if group dissolves- Time consuming-regular meetings are often required

by group members

Bank - Secure method of savings- Interest provided on savings- Potential for credit

- High transaction and maintenance fees- Difficult to access, especially in rural areas

M-PESA - Free to deposit and store money- Highly accessible- Secure-customer ID and PIN is

needed to access money

- No interest on money stored- Cash shortages in rural areas can sometimes make it

difficult to withdraw money- Not regulated as a savings mechanism, thus funds of

customer are not protected

In-kind - Material interest gained on some forms of material savings (i.e. Egg, milk)

- Maintenance fees sometimes required (i.e. animal feed)- Low liquidity on some material savings- Potential loss of value over time

Table 2

10



preferred to invest her cash in her small business. She would often maintain low balances in all of her savings mechanisms. She explained that money stored at home was at risk of being stolen by her husband who was often thirsty for changa [local brew]. She did not keep too much in her bank account because interest rates were low. The balance in her M-PESA account was the highest. She explained that she used this money for daily consumption and the “upkeep” of her rural relatives. Because an M-PESA agent was located close to her home, Joyce was able to accumulate money through weekly deposits. She would remit the money when she met her savings target for the month. The cash that was left over at month end would be used for home consumption. For John the balance was kept low because, as mentioned above, M-PESA was just one of several mechanisms he used for savings.

Four of the urban participants did not use M-PESA for savings. Wyclif and Lawrence did not know that M-PESA could be used for this purpose. As was mentioned above, M-PESA was not designed or regulated as a savings mechanism. This is why Safaricom, the mobile service provider, never advertised this option. Those who used M-PESA for savings discovered this function on their own, or heard about it from friends. Brown and Patrik said that they knew M-PESA could be used for savings, but had no use for this mechanism. Their existing portfolio of savings mechanisms was enough to meet their needs.

Some of the urban informants kept a bank account. Usually, they used the bank to accumulate money for future expenses. Many also wanted to build a relationship with the financial institution to access

credit in the future. There were informants who explained that they did not keep an account by choice; rather, they had their salaries deposited directly. They explained that banks were too expensive and that fees were “eating up” their savings. Numerous informants wanted their salaries deposited directly into M-PESA. They explained that they took a risk each time they carried money from the bank, which was located outside of Kibera, to their homes.

In rural areas, many preferred to keep their money in circulation rather than saving their cashIn the villages, the home bank was the most popular mechanism for savings. On average, 32 percent of rural household income was deposited into the home bank. Many preferred this method because it was accessible. The majority of banks and MFIs were located in the closest town, which was more than 20 km away. Many of the rural dwellers noted that this was too far to travel. They also explained that the banks only catered to the “rich”. The monthly fees and transaction costs were too high and would quickly wipe out their “small money”.

ROSCAs (rotating savings and credit associations), also known as merry-go-rounds, were also popular in the villages. Four out of the six rural women were involved in a merry-go-round. However, only 2 percent of rural inflows were stored in this mechanism. When asked why so little was stored, some of the rural respondents said that they were part of the merry go round for social, rather than, financial reasons. They enjoyed the weekly meetings with the group during which they

Figure 2: Savings portfolio of urban diarists

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would catch up on the village happenings. Others also made clear that these groups “forced” them to save. They were less likely to accumulate cash if they “saved alone”. Group savings, however, were also somewhat risky. Both Betty and Elizabeth had lost money when previous groups disbanded without warning. Betty explained that because of such risk, it is best to keep smaller amounts in the merry go round. It is also better to have “back-up” savings in other mechanisms such as the home bank.

None of the rural participants used M-PESA for savings. Again, most did not know that M-PESA could be used for this purpose. Those who did know claimed that the application was not suitable for savings. They noted frequent cash shortages in rural areas, and were concerned that money saved with M-PESA would be difficult to access. Because the majority of the M-PESA transactions in rural areas were withdrawals, agents often ran out of cash float. Some would maintain this float by making regular trips to the bank to “top up”. Others, however, found such maintenance too costly and time consuming. They instead chose to top up their float sporadically. This resulted in cash shortages.

Because accessibility to cash was vitally important for the rural dwellers, the home bank was one of the most popular savings mechanisms. As is shown in Figure 3, all of the rural participants stored their money at home. These rural respondents further expressed a need for an affordable and accessible savings mechanism. As in the urban areas, they wanted to remove their cash from the household economy where it was prone to demands of relatives and neighbours.

M-PESA acted as a complement, rather than substitute, for many of the other mechanisms in the savings portfolioFor the participants who used M-PESA for savings, an interesting trend was noted. The application acted as a complement, rather than a substitute, to these other mechanisms. It was used in conjunction with the bank, home bank and ROSCA. M-PESA had a vital place in the savings portfolio of the poor informants—somewhere between the bank and the home bank. Unlike the bank, M-PESA was appropriate for the accumulation of small savings. There were no fees to deposit money or to maintain the account. The application was also more accessible than the bank. Those living in Kibera did not need to leave the informal settlement to make deposits or access

Number of transactions per savings mechanism for M-PESA users

M-PESA Bank Home ROSCA

John 1� 13 15 6

Sylvester 25 17 0 31

Martin 6 0 24 �

Joyce 4 3 32 4

Total 53 33 71 50

Mean 13 8 18 13

Median 16 8 20 8

Table 3

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Figure 3: Savings portfolio of rural diarists

12



their cash. They could also check their balance, at any time, using their mobile phone. Because M-PESA was accessible, it was used more often than the bank and ROSCA as is shown in Table 3. In some cases, deposits and withdrawals were made nearly every day.

Many also noted that M-PESA was safer than the other mechanisms. Safaricom was less likely than the bank to crash. Money stored with M-PESA could also not be stolen by a husband who was thirsty for changa [local brew]. The application was further used to organize cash. For example, John used M-PESA to separate his business from his personal savings. Joyce used the application to accumulate money that would be sent to her rural relatives. Once M-PESA became integrated into the savings portfolio of the poor, there was a re-balancing of amounts in each of the savings mechanisms. For example, Martin began to store more in M-PESA and less in his home bank. Sylvester took a balance from his bank account and kept it with M-PESA. As mentioned above, many wanted to spread out their cash to decrease the risk of it being lost if one of the mechanisms failed.

It must be noted that M-PESA had some disadvantages as a savings mechanism. As was explained by John, it was not appropriate for “big savings”. Interest was not paid on the money stored. Loans could also be acquired from Safaricom. M-PESA was also dependent on the Safaricom network. Thus, when there were network issues money could not be accessed. This happened several times throughout the course of the fieldwork. Many informants explained that this dissuaded them from keeping larger amounts in M-PESA. Also, as mentioned above, many did not use M-PESA for savings in the rural areas because of frequent cash shortages. They instead chose to keep cash at home where it was accessible. John explained that unlike M-PESA, his home bank “never closed”. Furthermore, money stored in M-PESA was not adequately protected. The service was not regulated by the Central Bank of Kenya. This was mainly because M-PESA was never designed to be a savings mechanism.

Safaricom can take various measures to improve the current M-PESA savings value proposition. In particular, there is the opportunity for M-PESA to be more than just a mechanism in the savings portfolio. The application can become the platform from which the entire portfolio of mechanisms can be accessed. This would provide poor savers with a centralized savings base on which they could accumulate, track, and manage, their small savings. It would also allow them to work with two forms of currency when

organizing their finances—cash and electronic value. The latter would be advantageous because it would facilitate the movement of value across the numerous accounts. As was shown in the empirical findings, such movement has significant costs (time and money). The electronic value would also render wealth invisible, which would make it less prone to demands from friends and family. However, before M-PESA becomes a platform for savings, the system design needs to be altered and new partnerships must be cultivated.

Issuance of M-PESA accounts by banks or third parties

For M-PESA to become a centralized base for savings services, the opening and maintenance of accounts would have to be outsourced. This would allow banks and MFIs to tap into the M-PESA platform and offer services at scale. It would also provide customers with new opportunities to generate interest on their savings. Currently, M-PESA accounts are issued by Safaricom and thus not subject to full prudential scrutiny by bank supervisory authorities. It puts M-PESA in an unstable regulatory position, which prevents Safaricom from benefiting financially from the interest on float held. It further precludes Safaricom from paying interest on balances held, or promoting M-PESA as a savings service for fear of incurring more regulation. If accounts were formally issued in the name of a bank, or other financial institution, the arrangement would be regulatorily more sustainable as funds held in M-PESA would have the necessary prudential protections.

No change to the design, operation or branding of the service would be required. Customer contracts would be issued by the bank but processed by Safaricom, in the same way as it processes contracts today. Safaricom would continue transferring all stored funds through M-PESA with the chosen bank, but now they would be stored on behalf of the M-PESA clients, not on behalf of M-PESA itself. Safaricom would still operate all individual accounts, and their collective value would be registered as a single line (pooled deposit account or account payable) in its ledger. This would be following the Smart Money model in the Philippines, where the service is operated and branded by mobile operator Smart Communications but the mobile wallet accounts are issued in the name of bank partner Banco de Oro. To make this possible, the Central Bank of Kenya would need to permit a high degree of outsourcing of bank operations to a non-bank.



The customers would benefit from this arrangement. They would be able to access a multitude of savings accounts, from different institutions, via their mobile phone. The value of M-PESA as a savings platform would also grow exponentially as more institutions use it to offer their savings products.

Creating savings sub-accountsOnce M-PESA becomes a centralized savings base it could provide a link between people’s goals and their savings by compartmentalizing these savings into a system of sub-accounts. Each of these would have a pre-defined purpose. When making a deposit, the agent would ask customers if they had a special purpose for the funds. If so, the agent would select the appropriate item from a limited set of pre-defined options on the M-PESA menu (home savings, school fees, house repairs, funeral, remittances, etc.) when requesting authorization for the deposit. These options could be based on the most common savings objectives according to local research. It would also be possible for customers to pre-define their own objectives. When customers check balances through their mobile, their balance would be itemized by saving purpose (i.e. by sub-account). When making withdrawals or payments, customers would be able to select which sub-account to withdraw from. A ROSCA account could also be integrated. This could eliminate the need for cash exchanges at the meetings. The pay-out could also be provided in electronic value, rather than cash.

M-PESA could also facilitate the movement of funds between these various accounts. For example, the pay-out from the ROSCA could be immediately deposited into the school fees account. A remittance transfer made into the M-PESA wallet could also be moved into the account that is allocated to daily consumption. This could eliminate the need to physically move the money between the different mechanisms. It would also allow the poor to more easily diversify their savings base by the appropriation of various mechanisms and, in effect, spread out their risk. Disciplinary techniques could also be integrated into the system. For example, a text message could be sent to remind a saver who is accumulating cash that a deposit is due. Mechanisms that deter withdrawals on some accounts can also be incorporated. These could be in the form of higher withdrawal fees. They could also be in the form of time restrictions on withdrawals.

Enabling micro-transactionsThe lowest amount that can currently be deposited into M-PESA is 100 KES (equal to less than 1 euro).

This makes it more difficult for M-PESA to be used for the accumulation of “small savings”. This is where the home bank, without any minimum deposit stipulations, has a significant advantage. By lowering this minimum deposit amount to around 10 KES, M-PESA could encourage poor savers to make more frequent deposits into the system. This would remove money from the household economy, where it is vulnerable to theft and demands from relatives.

Managing liquidityIf M-PESA is be used as a tool for the mobilization of savings, one of the greatest challenges for Safaricom would be to ensure the liquidity of M-PESA accounts. As was mentioned in the empirical findings, many rural dwellers did not use M-PESA for savings because of the frequent cash shortages. One strategy that could be taken to manage cash float is to increase the number of rural deposits. This could only be done by finding ways in which M-PESA could beat out the home bank as a savings mechanism. Facilitating access to accounts offering interest, and future loans, would be a good start. Banks could also work with Safaricom to help with liquidity management in rural areas. It is in their interest to ensure cash is readily available not only to keep customers happy but also to increase the number of transactions going through the system. As was made clear above, banks had the lowest number of transactions amongst the numerous savings mechanisms.

ConclusionThe empirical findings showed that the poor use a variety of mechanisms to meet their unique savings needs. These are combined into a savings portfolio, in which each of the mechanisms acts as complement to the others. M-PESA has a vital role in this portfolio—somewhere between the bank and home bank. It is more accessible and cheaper than the bank. It also provides additional security to savers by removing the money from the home and rendering wealth invisible.

The paper further suggested that M-PESA can have a much greater role in the mobilization of savings. Rather than just being a mechanism in the financial portfolio, it can provide a platform on which various savings mechanisms can be accessed. This is especially the case because it utilizes a new form of value—mobile money (or electronic money, more broadly). This new form of value would make it easier for savers

14



to organize, and keep track of, their various accounts. Rather than going from one mechanism to the next to check balances and make deposits and withdrawals, all the accounts would be centralized and made accessible via the mobile. It would also make it easier to move money between accounts. Accumulated amounts could be moved to a bank account to accrue interest; money in the bank could be moved to M-PESA for daily consumption. Mechanisms could also be built in to instil discipline. For example, a user accumulating cash could be sent a text message each time a payment is due. The user could immediately move value from one account to the next in reaction to this electronic reminder.

There are thus endless possibilities for the formalization and mobilization of savings with the mobile phone as a platform. Savings services can further replicate the experience of mobile payments. The frequency of savings transactions will most likely increase whilst the value per transaction will fall. However, before such mobilization occurs several measures must be taken. In particular, Safaricom should strengthen the reliability of the technical platform and the liquidity options of users. They should further increase the flexibility of the system. This will provide the resource poor with more opportunities to save. It will also make it easier for this segment to constitute savings portfolios that meet their unique needs.

MICROBANKING BULLETIN, IssUE 19, DECEMBER 2009 FEATURE ARTICLEs


IntroductionAfter decades of innovation and experimentation, microfinance sectors worldwide have achieved impressive successes. The microfinance community has joined efforts to achieve worldwide public recognition of microfinance as an effective and sustainable bottom-up approach to economic empowerment and consumption smoothing. The past years have seen equally strong efforts to provide a business case for microfinance, attract investors and access the global capital markets. As a result, the global microfinance industry has achieved a considerable record of transparency on financial performance. The true price of microcredit products, however, has never been accurately reported. As a double-bottom line industry that emerged to provide a low-cost alternative to the moneylenders, microfinance today is an industry where non-transparent pricing is common. Yet pricing transparency is critical in the market-based economy, as it promotes efficiency, healthy competition, innovation and affordable prices for millions of clients. For financial markets to develop sustainably and prosper, transparency is indispensable.

The financial crisis that has caused the collapse of the global financial system is a prime example for market failure and dramatically illustrates that non-transparency is a major market imperfection. The current crisis is the result of a lack of transparency, adverse incentive structures and inadequate competition. It underscores that bad practices can harm clients, responsible lenders, the entire financial system and the overall economy. While at the core of microfinance have been principles that could serve as an example for Wall Street, the rapid mainstreaming of microfinance makes the lessons learnt from the credit crunch ever more relevant. The collapse of the global financial system underscores the far-reaching risks associated with non-transparency and offers an opportunity to reflect upon the principles

of responsible finance and build a solid foundation for the sustainable and healthy development of microfinance sectors worldwide.

The controversial debate on interest rates in microfinance has attracted the attention of the global community, governments, donors and investors in recent years, while the public media has often misreported on the interest rates charged in microfinance, without providing an explanation of why interest rates vary significantly among MFIs. In some markets, this has led to a political backlash resulting in counterproductive government intervention with lasting ramifications for the development of local microfinance sectors. This is particularly disturbing where governments react on negative public sentiment and intervene without understanding the implications for sustainable market developments, which is reinforced by an opaque pricing environment making it impossible to draw a line between responsible and irresponsible lending.

This article highlights the importance of pricing transparency for the market-based economy, examines the consequences of non-transparent pricing based on an analysis of industry data and evaluates approaches to pricing transparency at the government and industry level. The author would like to gratefully acknowledge the support of MFTransparency.

Pricing in MicrofinanceAs the goal of MFIs is to provide financial services to micro-entrepreneurs and low-income households on a sustainable basis, the interest rates charged on microloan products have to cover operating expenses, the cost of capital, loan loss provisions and a provision for growth. While the financial cost and loan loss provision tend to be relatively flat or the same percentage irrespective of loan size, operating expenses expressed as a percentage of the average outstanding loan balance increase significantly as

The Case for Pricing Transparency

Jessica A. HaeusslerFEATURE ARTICLEsMICROBANKING BULLETIN, IssUE 19, DECEMBER 2009

15 Microfinance Information eXchange, Inc

16

MICROBANKING BULLETIN, IssUE 19, DECEMBER 2009FEATURE ARTICLEs


the loan amount decreases. Given this reality, pricing differentiation according to loan size is essential in microfinance. Because there is not one interest rate for every microfinance loan due to varying loan amounts, pricing transparency has been difficult to achieve.

The correlation between operating expenses and loan size based on the most recent industry data from MIX Market for MFIs in Peru is displayed in Figure 1. It clearly shows that operating expenses vary significantly according to loan size. The precise operating cost curve differs across regions and countries due to the unique economic conditions of each country, but the shape of the curve is essentially the same for microfinance sectors worldwide. Figure 2 shows portfolio yield relative to loan size and as would be expected, the shape of the yield curve closely follows that of the operating expense ratio. The majority of MFIs included in this analysis appears to be generating yields within the average range of the Peruvian market, as displayed by the curve. It is interesting to note that disclosure of effective interest rates is required for regulated MFIs in Peru.

A major reason for non-transparent pricing in microfinance has been the difficulty of making the public understand why MFIs charge a range of interest rates on seemingly similar microloan products. Inaccurate and inconsistent reporting of loan prices has been a significant factor undermining transparency in the microfinance industry. It is important to recognize that there is no single market interest rate for microloan products. MFIs often offer different types of loan products which – depending on factors such as product use, loan size and geographic locations – have to be priced differently.

The Consequences of Non-Transparent Pricing

The following analysis of industry data for the Mexican microfinance sector aims to examine the ramifications of non-transparent pricing.

Hypothesis 1:

When product pricing is non-transparent, institutions survive in the market despite inefficiencies, as they can pass on the higher costs to their clients.

Figure 3 shows the correlation of loan size and operating expenses based on the most recent MIX industry data for the Mexican sector. An analysis of efficiency for Mexican MFIs suggests that several MFIs are less efficient than the market average in a given loan-size category. As the size of the bubbles indicates, some of these inefficient institutions have a relatively large number of clients. They seem to attract clients and grow despite inefficiencies, while a number of efficient institutions are small in scale.

The high yields, as represented by the size of the bubbles in Figure 4, of those MFIs with an operating expense ratio above the country-specific average curve suggest that inefficient institutions may compensate for the higher costs associated with inefficiencies by raising prices and passing these costs on to the clients.

Hypothesis 2:

When pricing is non-transparent, some institutions can generate exceptionally high profits by charging prices above market rates.

Figure 1: Loan size and Operating Expense Ratio

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(57) MFIs in Peru

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(57) MFIs in Peru



The correlation between loan size and portfolio yield for the Mexican market is displayed in Figure 5. The yields on gross portfolio of all MFIs reporting to the Microfinance Information Exchange, Inc. (MIX) are now available on MIX Market, which is an excellent advance. Portfolio yield offers a proxy for interest rates, although it does not consider differentiated pricing and only provides an average for the gross loan portfolio. For this reason, the present analysis only includes those MFIs whose microenterprise

loans make up more than 80 percent of all products offered. As there is still little product differentiation in Mexico as compared to other microfinance sectors in Latin America and the Caribbean, the portfolio yield provided in Figure 5 offers a reasonable proxy for interest rates charged.

Figure 5 reveals a wide range of yields on similarly-sized loan products. Several MFIs generate yields above the market average in a given loan-size

Figure 3: scale and Efficiency

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

148,733

12,311

852

58,509

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

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18



category. As the analysis shows, these high yields are generated by both institutions that are relatively small in scale and MFIs with a relatively large number of clients. These findings suggest that institutions are rewarded by the market and successfully attract clients even where their prices are above market rates. This analysis supports the findings of the 2008 MIX and ProDesarrollo Benchmarking report for Mexico, as it provides additional evidence for the hypothesis that intensifying competition does not put significant pressure on prices and profit margins, as new MFIs take advantage of the established growth and pricing strategies of larger MFIs.

As Figure 6 shows, the high yields of some institutions are not necessarily due to higher operating expenses. Several MFIs have considerable spreads1 as represented by the size of the bubbles2, which suggest that they charge prices above market rates. This strategy allows them to make exceptionally high profits.

Hypothesis 3: Non-transparent pricing may result in adverse selectionAs Figures 3 and 5 suggest, the most inefficient MFIs in the analysis as well as those that appear

to be generating exceptionally high profits by charging prices above market rates include several institutions serving a relatively large number of clients. Asymmetric information is a serious market imperfection, as it overrides the logics of the market. A lack of transparency undermines healthy consumer choice and the informed decision-making of a range of stakeholders, which can lead to adverse selection as the allocation of resources is distorted.

Stakeholders of the Mexican microfinance sector as well as other sectors worldwide expect the coming years will see consolidation of institutions. While this may generally be desirable in terms of efficiency, growth and value to the client, in non-transparent markets this consolidation process may result in adverse selection whereby the responsible and efficient players lose out and inefficient and high profit players survive. Pricing transparency is thus indispensable in the market-based economy.

Alternative Approaches to Transparency

Government LevelTruth-in-Lending Legislation

While interest rates can be legitimately high in light of financial sustainability, there are various techniques

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

148,733

1,155,850

58,509

38,981

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1 Defined as (Real Portfolio Yield – Operating Expense Ratio)2 Note: the white bubbles represent negative spreads



financial institutions can use to hide the true loan prices. As a response, governments in many countries have passed truth-in-lending legislation, requiring financial institutions to disclose the full costs to the borrower in a basic and consistent fashion, so as to allow for comparability among competing credit offers. The core approach of the Annual Percentage Rate (APR) and Effective Interest Rate (EIR) is to convert all the costs the client pays into an annualized declining balance interest rate3. In many countries where microfinance plays an important role, however, such legislation is either not in place or does not cover MFIs, as they operate under various and often special legal structures. In the medium-long term effective truth-in-lending legislation on a national level will be critical to ensure transparent pricing and healthy consumer choice.

The Impact of Interest Rate Ceilings

Interest rate ceilings have been proposed and discussed as a means of consumer protection in many countries in recent years. Despite good intentions, interest ceilings produce serious impediments to the development of a sustainable pro-poor financial sector.

When the government intervenes in the market, demand and supply cannot freely determine the equilibrium price and quantity. In the case where artificial ceilings are below the equilibrium price, the

allocation of resources is distorted. As a consequence, people who demand small loans remain without access to finance, as the interest ceiling makes it uneconomical to serve them, and they are forced to turn to the informal economy. Interest ceilings ignore the fact that the main reason for high interest rates in microfinance is that it is uneconomical and therefore unsustainable to make small loans at lower interest rates. MFIs may leave the market, be hindered in their growth and market outreach, and adapt their products in a way that results in limited access, such as increasing the average loan size. Interest ceilings also lead to a concentration in geographic areas where costs are lowest. This policy may even exacerbate the lack of pricing transparency, as MFIs may be incentivized to hide the true costs to the borrower by adding hidden and confusing charges. As a result, this kind of government intervention will not only limit access to finance, but also undermine efforts to enhance transparency.

An analysis of the Mexican market including all MFIs reporting to the MIX shows that interest rate ceilings do not effectively prevent high profits made by unfair competition and have the adverse effect of limiting access to credit for the poor (Figure 7). The interest rate ceiling would make small loans uneconomical and force MFIs providing these loans to increase the average loan size in order to be sustainable, even where the interest rates charged on these small loan products are legitimately high in light of institutional sustainability. At the same time, the ceiling does not prevent institutions from making exceptionally high profits, as high spreads can still be generated on larger loans.

Figure 6: Loan size, Yield and spread

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3 MFTransparency provides more detailed explanation, as well as software to calculate both the APR and EIR: www.mftransparency.org

20



Competition determines the price of loan products, not legislation. Rather than regulating interest rates, governments should implement appropriate truth-in-lending legislation, stimulate competition, promote transparency and provide adequate consumer protection.

Industry Level To ensure the integrity and credibility of the microfinance industry, industry-based truth-in-lending is indispensable while appropriate legislation is absent.

MFTransparency’s Global Transparent Pricing Initiative MFTransparency provides a venue for the microfinance industry to implement self-imposed global truth-in-lending standards and publicly demonstrate its commitment to pricing transparency, integrity and poverty alleviation. MFTransparency addresses pricing transparency through three joint initiatives. It facilitates transparent communication about loan products and pricing for all microfinance stakeholders by publishing the true prices for each microloan product in a given market in a transparent and consistent fashion. As an equally important initiative, MFTransparency develops and disseminates educational material to provide an advanced understanding of product pricing in the microfinance industry. MFTransparency also consults governments, regulators, donors, investors and other stakeholders on appropriate consumer protection and pricing transparency practices.

Market-driven Incentives

In an industry where non-transparent pricing has been practiced for decades, there is no incentive for any one MFI to take the first step in changing its behavior, even if the majority of MFIs would like to adopt pricing transparency. As a response to this first-mover problem, MFTransparency provides an opportunity for all MFIs to publish the details of their pricing all-at-once and country-by-country. As donors and investors choose to allocate their funds to those MFIs committed to transparency, there is a real incentive for MFIs worldwide to make their pricing practices transparent. Once transparent MFIs are rewarded by the industry’s stakeholders, pricing transparency can become a real competitive advantage. At the same time, adverse behavior – such as introducing hidden costs, increasing the average loan size or focusing on areas cheaper to serve – will be prevented, as the public becomes more educated on how a variety of factors impact on loan prices in microfinance and why it is necessary to charge different prices for different microloan products.

Historic Data Launch

In October 2009, MFTransparency launched the world’s first extensive and accurate publicly available pricing data for microfinance products in each market, beginning with Bosnia and Herzogovina, Cambodia and Peru. The pricing data for the pilot countries confirms that smaller loans have higher prices. The data analysis for these countries also clearly shows the broad range in quoted prices. Prior to the data launch, the microfinance community was unaware of

Figure 7: The Impact of Interest Rate Ceilings

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the market prices of the range of microloan products, as the actual APRs differ significantly from the quoted prices. Before product-specific pricing became publicly available with the MFTransparency data launch, the global industry relied on total portfolio yield as a proxy for interest rates. As portfolio yield provides an average of the different prices charged on all of the lender’s products, it is not a useful indicator where MFIs offer a range of different products.

ConclusionAccording to classic economic theory, the price of a good or service is determined by the basic law of demand and supply, where the lender’s willingness to sell converges with the borrowers’ willingness to pay. A situation of information asymmetry, however, where the buyer has no chance to access and understand the information necessary to make a sound decision, constitutes a serious market imperfection. Competition is generally beneficial for clients, but this is where a market price is determined by the dynamics of demand and supply. Markets in which non-transparent pricing is common, clearly lack this market price. An opaque pricing environment allows institutions to survive in the market despite inefficiencies or to generate exceptionally high profits.

A lack of pricing transparency may adversely affect the decision making of all industry stakeholders: clients cannot compare competing loan offers and make an

informed decision. The price of a given product may not match the client’s perception of the product’s value, as she is not aware of the actual price she pays for the benefits of the respective product and the service with which it is provided. Given the lack of information as a result of non-transparent pricing that may disguise inefficiencies and exceptional profits, donors and investors are unable to allocate resources optimally. Policymakers may intervene in ways that harm responsible lenders, as they are unable to differentiate between responsible and less responsible market players. This may consequently lead to adverse selection: Responsible and efficient lenders are threatened to fall out of business, while inefficient and high-profit institutions may stay in the market.

The last decade has seen impressive achievements of transparency in the financial performance of MFIs worldwide. Microfinance is increasingly recognized as an asset class in the global capital markets, achieving both social and financial returns. Yet despite the industry’s commitment to a strong social mission and double-bottom line aspirations, pricing transparency has not been widely practiced. Microfinance is a fast-expanding industry and as commercial approaches to microfinance continue to emerge, it is important that both parties gain. An opaque pricing environment, however, undermines equal transactions and consumer choice. Transparent pricing will harness the power of the market to facilitate an equitable exchange.

OverviewIs social performance profitable? The question may be cynical, but nevertheless relevant for microfinance to keep its “promise” of being an economically viable development tool (Morduch, 1999). For years, the sector focused on sustainability and growth, measured in terms of financial performance. For the most part, social performance was taken for granted, which led many microfinance institutions (MFIs) to neglect its measure and management. Concerned by this trend, pioneer practitioners, investors and donors have taken steps to address social performance by developing tools, methodologies and assessment frameworks. As criticism of the sector has increased, social performance has been mainstreamed (Copestake, 2007). But has it been at the expense of financial performance?

There are contradicting viewpoints regarding the pairing of financial sustainability and social objectives. Some observers suggest an incompatibility, pointing to problems of mission drift experienced by MFIs that pursue profitability by insisting on physical guarantees, increasing loan amounts and targeting the better-off (Christen, 2001). Others emphasize synergy, arguing that social performance improves mutual trust, client participation and satisfaction, which translates into higher repayment rates and lower transaction costs (Lapenu, 2007). While these assertions draw on case studies, the research has not been extensive enough to draw sector-wide conclusions.

Insufficient data has long been the main obstacle to answering this question. Reliable results are simply not easy to come by. Impact studies are limited, costly to replicate and difficult to compare (Copestake, 2003). Recent works using sophisticated techniques (Cornée, 2006; Gurtierrez-Nieto & al., 2007; Cull et al., 2009; Mersland & Strøm, 2009; Lensink & Niels, 2009) have mainly used financial data and inadequate social performance indicators such as portfolio size, average loan size or number of women clients

(Armendariz & Szafarz, 2009; Dunford, 2002). These proxies offer little more than a vague idea of depth of outreach – only one of the many dimensions of social performance. Moreover, they only account for credit operations, effectively ignoring other aspects of microfinance.

MethodologyCERISE, a microfinance knowledge exchange network, has been developing the SPI (Social Performance Indicators) tool to assess social performance since 2002. CERISE has worked with the Social Performance Task Force to define Social Performance Standards (SPS) for reporting to the MIX Market1. Thanks to contributions of practitioners, investors and donors, CERISE has collected the results of 230 SPI assessments2.

The Social Performance Task Force defines social performance as “the effective implementation of an institution’s social mission into practice. This mission may include serving larger numbers of poor and excluded people; delivering high-quality and appropriate financial services; creating benefits for clients; and improving the social responsibility of an MFI” (Hashemi 2007). This notion, at the very heart of microfinance’s mandate (“do good”), goes beyond the concept of social responsability (“do no harm”). Social responsibility applies to all economic sectors and refers to an organization’s responsibility for the impact of its decisions and activities on society and the environment through transparent and ethical behavior (Gendron, 2009).

CERISE analyzed the results of 126 social performance assessments conducted between 2005 and 2008.

1 www.themix.org2 CERISE acknowledges the Fondation FPH and Swiss Cooperation

Agency for their financial support, as well as Foro Lac FR, Oikocredit and the other members of ProsperA for their active participation in gathering SPI data.

Is Social Performance Profitable?

The relationship between social and financial performance in microfinance

Florent Bédécarrats, Rémy William Angora, Cécile Lapenu

www.cerise-microfinance.org [email protected] ARTICLESMICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009



Data sets were selected for their reliability and comparability3. They are representative of the sector as a whole, as the table below shows.

Thirty-nine countries are represented by a well-balanced mix of rural, urban and mixed MFIs. Latin American institutions and NGOs are nonetheless over represented compared to other regions and charter types (Figure 1).

The SPI collects data on 70 indicators that measure the objectives, processes and immediate outputs of four key dimensions of social performance. Each dimension is broken down into twelve criteria�.

3 The assessments used the SPI 2.0. The current version (3.0), released in 2009, was revised to include the Social Performance Standards (except for the outcome indicators which are outside of the SPI’s purview).

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

Targeting and outreach (D1) refer to the MFI’s strategies to reach the poor and excluded. Targeting can be geographic (1.1), such as when an institution decides to operate in an area where no other financial services are available. It can be individual (1.2), when it purposely selects clients based on poverty levels or exclusion. It can be methodological (1.3), when services are designed specifically to reach the poor or excluded.

Appropriate services (D2) assess an institution’s ability to provide products tailored to clients’ needs. This entails offering

Figure 1: Sample Distribution

Borrowers per Staff Member

PaR-30 (%)Operating Expenses Ratio (%)

OSS (%) ROA (%)Number of Active

Borrowers

Total Portfolio

CERISE sample (Median)

127 2.6 15.82 111.10 2.55 7,165 �,2�9,112

MBB (Median) 112 2.7 19.20 113.60 0.60 11,0�1 �,800,765

Table 1

1927

61

86

1813

4941

36

Large Medium Small Mature Young New Rural UrbanMixed

MFI governance type

Bank=4

Credit Union=29

NGO=68

MFI region

Asia=11

ECA=3

LAC=84

Africa=21

MENA=7

NBFI=15

Size Age Type

2�



a range of financial services (2.1) of high quality (2.2) as well as innovative and non-financial services (2.3).

Some MFIs strive to build social capital (D3)5, by fostering trust and transparency (3.1), encouraging participation (3.2) and developing activities that promote empowerment (3.3).

Social responsibility (D�) extends to employees through appropriate human resource policies (�.1), to clients by guaranteeing respect of consumer protection principles (�.2), to the community and the environment by respecting the context where the MFI operates (�.3).

Financial data from MIX Market and MFIs weve used to complete social performance data. The following ratios were selected for analysis: Borrowers per staff members, Operating expenses ratio (OER), Portfolio at Risk (PAR) Operational Self-Sufficiency (OSS) and Return on Assets (ROA).

This data was only available for roughly 100 MFIs in the sample (see Table 3). Analysis involved calculating means for peer groups defined by MBB criteria, conducting Spearman tests and generating a classification tree.

Social Performance Profiles Rather than focus on the aggregated score for each institution, it is more telling to look at results per dimension. Indeed, it is unrealistic to expect a maximum

5 This dimension was considerably revised in the SPI’s new version, where it appears as Benefits to Clients. The three criteria are economic benefits, client participation and empowerment.

score for each criteria. Different institutions prioritize different facets of social performance, depending on their objectives and context. For example, analysis shows MFIs operating in remote regions where they are often the only financial institution, do not target the poorest of the poor but are frequently based on participatory models. Similarly, institutions targeting the very poor tend to have a less diversified product mix than those serving higher income populations. In the graphs shown here (Figure 2), the total surface area represents the MFIs’ efforts to achieve their social mission, while the diagram shape reveals the nature of their social strategy.

Peer group analysis reveals several interesting trends in terms of region and charter type. Latin American institutions are relatively balanced in their social performance, while sub-Saharan African institutions are distinguished by their focus on geographic targeting and strong participation, and a lack of non-financial/innovative services and weak social responsibility to users. In Asia, targeting is methodological (e.g., small loan amounts, social collateral); non-financial and innovative services (insurance, transfers) are well developed.

Cooperatives stand out in their efforts to build social capital. However, they are less likely to target the very poor and excluded. Commercial banks score well on product diversity and social responsibility to clients and employees, but do not serve the poor or encourage client participation. NGOs and NBFIs have relatively balanced profiles. The former stand out in terms of individual targeting, while the latter distinguish themselves with high-quality services.

6 Europe and Central Asia were not included in analysis because it was too small to be significant (3 MFIs).

Figure 2: Means of social performance by region6

0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%

1. Targeting poor excluded

2. Products& services

3. Social capital

4. Social responsibility

1.1 Geographic targeting

1.2 individualtargeting

1.3 pro-poormethodology

2.1 servicediversification

2.2 qualityservices

2.3 innovative &non-financial

4.3 SR/ community environment

4.2 SR/clients

4.1 SR/employees

3.3 empowerment

3.2 participation

Africa (N=21)

Asia (N=11)

LAC (N=84)

MENA (N=7) 3.1 transparency-trust



With regard to interactions between the different dimensions, analysis of the correlation coefficients confirms what some have long predicted (Gonzalez-Vega, 1998). The four dimensions mutually reinforce each other, just as high productivity and low PAR often translate into lower costs and higher profitability. Nonetheless, there are some distinct trends.

As Table 2 shows, there is often a trade-off between geographic (1.1) and individual targeting (1.2). As some studies suggest (Hirschland et al., 2008), MFIs that target geographically are more likely to emphasize client participation (3.2) to reduce costs and diversify their product mix (2.1) to manage risk . Those that target individually7 tend to have less diverse products, but are more likely to offer

7 See Morduch (2000) and Hashemi and Rosenberg (2006) for discussion on the challenges of "pro poor" approaches.

Figure 3: Means of social performance by charter type

0%

20%

40%

60%

80%

100%

Banks (N=4)

Credit unions (N=29)

NBFIs (N=15)

NGOs (N=68)

1. Targeting poor excluded

2. Products& services

3. Social capital

4. Social responsibility

1.1 Geographic targeting

1.2 individualtargeting

1.3 pro-poormethodology

2.1 servicediversification

2.2 qualityservices

2.3 innovative &non-financial

4.3 SR/ community environment

4.2 SR/clients

4.1 SR/employees

3.3 empowerment

3.2 participation

3.1 transparency-trust

0%

20%

40%

60%

80%

Correlation between social and financial performance (results of Spearman tests on data from 126 MFIs)

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

portfolio

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

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

1.2 ++ + + +

1.3 + -- + -

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

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

2.2 ++ ++ ++ ++

2.3 ++ ++ ++

D3 ++ ++ ++ ++

3.1 ++ ++ ++

3.2 ++ ++

3.3 ++ ++ ++

D4 ++ ++ ++ ++

4.1 + ++

4.2 + ++

4.3 ++

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

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

Table 2

26



non-financial services (2.3) and actively promote empowerment (3.3).

Some institutions choose to emphasize pro-poor methodologies, although methodological targeting (1.3) does not preclude the other two. MFIs that allow clients to borrow and save very small sums without physical guarantees often using solidarity groups tend to be highly transparent (3.1) and committed to client protection (�.2). Unfortunately, they appear to do so at the expense of social responsibility to employees (�.1). Nevertheless, institutions tend to drop this approach as their portfolios grow.Analysis of appropriate services (2.2) and social responsibility (D�) confirms the importance of economies of scale in social performance (Copestake, 2007): large institutions clearly score higher in these areas.

Individual targeting is costly, but other aspects of social performance are “profitable”By crossing data from SPI audits with financial indicators, it is possible to determine the relationship between social and financial performance.

Table 3 confirms what some studies on outreach have suggested (Cull et al., 2009; Lensink et al., 2009): institutions that actively target the poor tend to have higher operational costs. Hashemi and Rosenberg (2006) explain this phenomenon by the higher risks and lack of guarantees inherent to this clientele, reticence to join microfinance programs and the challenges of providing the non-financial support this population requires.

The divergence is limited to individual targeting, however. Geographical and methodological targeting approaches are correlated with higher staff productivity. This is likely because they are often associated with greater client participation (see Table 2), and they allow MFIs to operate in less competitive markets. Clearly, when social performance is understood as simply targeting the poor, its value-added is limited (Lapenu, 2007, Armendariz and Szafarz, 2009).

Participatory institutions tend to have lower rates of operational self-sufficiency, perhaps due to member pressure to keep interest rates low (Ouatara et al., 1998, p. 3). This finding requires more in-depth analysis. Our analysis confirms Copestake’s (2007) hypothesis regarding the importance of economies of scale for

Correlation between social and financial performance

Borrowers/staff N=95

PaR 30 N=100

OER N=96

OSS N=83

RoA N=99

Total portfolio

N=101

1. Targeting 0.302 0.259 ++

1.1 Geographic 0.381

1.2 Individual 0.422

1.3 Methodological 0.275 0.243

2. Services -0.253 0.426

2.1 Diversity -0.237 -0.290 0.204

2.2 Quality 0.391

2.3 Innov. Non. fin.

3. Benefits 0.216 -0.245

3.1 Transparency-trust -0.326 -0.220 -0.206

3.2 Participation -0.255

3.3 Empowerment

4. CSR -0.275 0.566

�.1 SR/staff -0,.200 0.404

�.2 SR/clients 0.353

�.3 SR/community -0.197 0.376

Total Social 0.210 ++

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

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

Table 3



improved social performance. MFIs with the largest loan portfolios score highest in range and quality of services (2.1 and 2.2) and social responsibility (D�). These same institutions have the best repayment rates and lowest operational costs. Finally, high scores in social responsibility, especially to employees and the community, are correlated with lower PAR. It would appear that when employees and the community feel respected by the MFI, they are willing to respect the MFI in return.

Crossing variablesSimple correlation analysis of each social and financial variable is limited. Microfinance institutions must make choices based on a multitude of factors that are intertwined and not necessarily independent of each other. Classification trees help make sense of this complexity by selecting variables, taking into account their interactions and combining them to classify institutions into groups.

In a classification tree analysis, a dependent variable is identified along with all the factors likely to influence it. Statistical analysis then ranks the factors with the most influence on the variable. In this example (Figure 4) selected for its performance prediction (8� percent of MFIs in our sample), staff productivity is analyzed based on institutional characteristics8 and social performance results (by dimension and criteria).

Geographic targeting emerges as the main predictor variable. Institutions in very poor or excluded areas generally make efficient use of their workforce: almost 189 borrowers per staff member. This ratio rises to 255 for MFIs with little diversity and generally no savings products. For institutions with a wider product range, social responsibility to employees becomes a decisive criteria of effectiveness. Employees of MFIs with an advantageous human resources policy serve

8 Age categories, region, zone of intervention, outreach, charter type.

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

Mean B/S = 140.2MFIs = 91

Std. deviation = 92.012

Geographic targeting

Low and medium



High

Service diversification

HighLow and medium

Mean B/S = 225MFIs = 13


Social responsibility. towards. staff


High


Low and medium

Outreach


Medium and large


Small


Low


Medium and high

Service diversification

Low: SPI score < 50%Medium: score > 50%; <75%High : SPI score >75%

28



an average of 158 borrowers compared to 95 for the others.

For institutions that do not work in marginalized areas, size is crucial. Staff productivity at smaller institutions reaches only 89 borrowers per staff member. Conversely, MFIs with over 10,000 borrowers, limited product mix and no savings manage to reach 217 per employee while large MFIs with a more diversified offer reach 1�3 borrowers per staff member.

Looking ahead Thanks to recently developed simple and reliable methods to assess social performance, we can now evaluate microfinance's ability to achieve the double bottom line.

This analysis confirms what many studies have suggested based on incomplete data: social performance and financial performance are compatible. Targeting the poor clearly implies higher costs for MFIs. However other aspects of social performance—namely geographical targeting when associated with participatory models, well-adapted loan technologies and social responsibility—are positively correlated with good operational and financial performance. The correlation is even stronger for large MFIs, which benefit from economies of scale. Further analysis is needed to clarify the relationship between social performance and more complex financial performance indicators like OSS, ROE and ROA. Nonetheless, our analysis echoes the call to go “back to the basics”: the pillars of microfinance’s social utility (include the excluded, offer appropriate services, benefit clients) clearly impact the fundamentals of financial sustainability: productivity, efficiency and portfolio quality.

CERISE will continue to refine this research agenda, as our database of social performance assessements grows and the new social performance reporting format on MIX Market gets underway9. The microfinance industry must now rise to the challenge of finding ways to exploit synergies between social and financial performance in order to truly achieve the “revolution” (Robinson, 2001).

BibliographyArmendáriz Beatriz, Szafarz Ariane, On Mission Drift in Microfinance Institutions, Bruxelles, EMP, 2009.

9 Because the CERISE SPI is fully compatible with the MIX SPS format, MFIs conducting an SPI audit can easily report to the MIX Market.

Christen Robert, Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, Washington DC, CGAP, Occasional paper, 2001.

Copestake James, Simple standards or burgeoning benchmarks ? Institutionalising social performance monitoring, assessment and auditing of microfinance, Bath, University of Bath, 2003.

Copestake James, “Mainstreaming Microfinance: Social Performance Management or Mission Drift?”, World Development, 35, 10 2007, pp. 1721–1738.

Dunford Chris, What wrong with loan size? Freedom From Hunger, 2002Gendron C., ISO 26000: Towards a Social Definition of Corporate Social Responsibility, Chair of Social Responsibility and Sustainable Development, UQAM, 2009.

Gonzalez-Vega Claudio, Microfinance: Broader achievements and new challenges, Columbus, Ohio State University, Economics and Sociology Occasional Paper, 1998.

Gutiérrez-Nieto Begoña, Serrano-Cinca Carlos, Mar Molinero Cecílio, “Microfinance Institutions and Efficiency”, Omega, 35, 0� 2007, pp. 131-1�2.

Hashemi Syed, Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions, Washington DC, CGAP, May 2007.

Hashemi Syed, Rosenberg Richard, Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, Washington DC, CGAP, Focus Note, 2006.

Hirschland M., R. Chao-Béroff Renée, M. Harper, N. Lee, 2008. Reaching the Hard to Reach: Comparative Study of Member-Owned Financial Institutions in Remote Rural Areas, Coady International Institute.

Lapenu Cécile, “Performances sociales versus performances financières : peut-on être rentable en s'adressant à des populations pauvres?”, Horizons Bancaires, 33�, December 2007, pp. 55–66.

Lensink Robert, Hermes Niels, Outreach, Financial Development, and Efficiency of Microfinance Institutions, University of Groningen, 2007.

Mersland R., Strøm R. Ø. , “Microfinance mission drift?”, World Development, 2009.



Morduch, J. (1999), “The Microfinance Promise” Journal of Economy Literature, pp. 1569–161�

Morduch Jonathan, “The Microfinance Schism”, World Development, 28(�), April l 2000, pp. 617–629.

Navajas, S., J. Conning and C. Gonzalez-Vega (2003) “Lending Technologies, Competition and

Consolidation in the Market for Microfinance in Bolivia”, Journal of International Development, 15, pp. 7�7–770.

Robinson Marguerite S., The Microfinance Revolution, Washington DC, World Bank-Open Society Institute, 2001.

OverviewOver the past decade, there has been an industry-wide effort to identify and implement financial reporting standards for microfinance institutions. The objective is to provide uniform financial information for all MFIs, regardless of size, maturity or geographic location to managers and stakeholders including investors, donors, raters, MIS software developers, and associations. This promotes transparency, facilitates comparability, improves decision-making, and increases investment by making it easier to observe and understand an MFI’s financial health.

After extensive industry collaboration, the SEEP Network released a milestone document in 2005: Measuring Performance of Microfinance Institutions, a Framework for Reporting, Analysis, and Monitoring (the Framework). The Framework includes foundational information for uniform financial statements and 18 ratios designed to measure MFI performance in four areas: 1) sustainability/profitability; 2) asset and liability management; 3) portfolio quality; and 4) efficiency/productivity. Such information is used on MIX Market, the FRAME tool, investors/donors, MIS software vendors, raters, regulators, auditors, etc. The original Framework was tailored to credit-only institutions.

The MFI Reporting Standards Initiative (the Initiative) seeks to keep the Framework up to date with the evolving microfinance landscape.1 Its ‘Secretariat’ is hosted by the SEEP Network. Practitioner involvement is facilitated by the Financial Services Working Group (FSWG), with input provided by representatives from a range of microfinance industry stakeholders. The reporting standards adoption process follows a multi-stage model, based upon that of the International Accounting Standards Board (IASB), which allows for public

1 Website: http://seepnetwork.org/Pages/Initiatives/Financial ReportingStandardInitiative.aspx.

input and transparency.2 The goal is to provide a formal mechanism for all MFI industry efforts to be guided by uniform standards. Financial reporting is the first effort, but the process also lends itself to social performance, donor reporting, and uniform general ledgers, among others.

For the first time in nearly five years, the Initiative is leading an organized process to make enhancements to the Framework. In addition to correcting minor errata, eight new ratios are presented to better convey financial position and performance. Four ratios focus on savings, addressing the gap for savings groups, credit unions, and the trend of MFIs transforming into deposit-taking institutions. Further, increased private investment and the global economic downturn highlight the need for better information on capital adequacy, capital quality, and foreign exchange, risks particularly associated with increased integration in the global capital markets. The ratios incorporate recent developments in international accounting and financial reporting, including new standards and guidelines from IASB, Basel II, and IFRS.3 In the short run, this will likely add obligations to MFIs, particularly for disclosure, financial statement preparation, and reporting. It is a necessary step that ultimately will make reporting easier for MFIs. The MFI Reporting Standards Initiative seeks to ensure microfinance reporting is in line with other standards, complies with international best practices and keeps pace with progress in the field.

This article describes each of the eight new ratios. In a uniform format, the ratio name, framework number, and mathematical equations are provided. Narrative

2 For more details of the adoption process, see “MFI Reporting Standards and Adoption Process” available in English, Spanish, French or Arabic from the website cited in footnote #1

3 Please refer to each of these entities for their specific standards and requirements: International Accounting Standards Board (www.iasb.org), International Financial Reporting Standards (www.ifrs.com), and eXtensible Business Reporting Language (www.xbrl.org)

New Financial Ratios for Microfinance Reporting

Drew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social Enterprise Associates, for the MFI Reporting Standards Initiative of the SEEP Network

Contributions from: Ruth Dueck Mbeba (MEDA), Blaine Stephens (MIx), and Maria Stephens (USAID)

FEATURE ARTICLESMICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009



follows detailing why the ratio is important, and how it is interpreted.

To more fully understand the implications of the ratios, specific examples are provided with calculations using data from Banco ProCredit Nicaragua (ProCredit Nic). ProCredit Nic was chosen as an illustrative example because it is a well-established, deposit-taking MFI with a gross portfolio of more than USD132 million and 80,000 active borrowers.4 Nicaragua has a competitive market with active foreign investment and multiple years of data, enabling comparisons to other MFIs.

The new ratios presented here are proposed as drafts per the industry adoption process for public input. Proposed revisions are intended to address current industry evolution, address the gaps of the 2005 Framework, and anticipate advances in microfinance in the coming years. Input and feedback from industry stakeholders is encouraged to the MFI Reporting Standards Initiative (email: [email protected]).

New Ratios for MFI Reporting

1) Capital Adequacy Ratio: Institutional Solvency

Term Calculation

Capital Adequacy Ratio (CAR) Total Capital

Risk Weighted Assets

Why this ratio is importantCapital Adequacy Ratio (CAR) measures an institution’s solvency. The indicator provides information about ability to meet long-term expenses and obligations as well as absorb unanticipated future commitments. It provides better information than the existing R8: Liquid Ratio. CAR measures an institution’s resiliency against both expected and unexpected losses, which may result from endogenous and exogenous causes. It is in line with Basel II calculations.

How it is interpreted

Many institutions have approximated capital adequacy by calculating total equity relative to total assets. CAR takes one more step, adjusting for risk level of asset holdings. In accordance with Basel II guidelines, CAR uses Total Capital in the numerator as

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

a more complete picture of the MFI’s resources. This includes supplementary capital sources, such as loan loss reserves, asset reserves and subordinated debt. It subtracts goodwill to gauge tangible capital. The denominator is a risk-weighted aggregate of assets. Riskier assets require the institution to hold higher capital reserves, including those as a factor to provide more precise solvency than a simple liquid ratio, in which current assets are compared with current liabilities. Calculating Total Capital will be new to some MFIs and require more detailed evaluation of their financial statements, as well as more accurate tracking of adjustments.5

Higher CARs generally signify more capital, meaning an institution is better positioned to meet financial obligations and address unexpected losses. For regulated institutions, regulators often establish CAR floors that MFIs must maintain.

CAR is particularly informative when compared to regional benchmarks. An appropriate level often depends upon the size and maturity of an MFI, as well as differing socio-political or economic contexts. For example, Nigerian MFIs are more at risk from the country’s tenuous socio-political climate than an MFI located in Costa Rica, where political unrest is less likely. Nigerian MFIs are therefore encouraged to target a higher CAR. National authorities in each country set minimum levels of capital for regulated institutions. In most jurisdictions, it is around 8 – 9 percent. This is a particular improvement for investors/donors, but also valuable for national associations and managers.

Specific calculation

In 2004, ProCredit Nic’s CAR was 14.08 percent. The ratio has consistently declined between 2005 and 2008, at which time it reported a CAR of 9.82 percent. The mathematical calculations for these years are on the following page.�

This is consistent with similarly sized Nicaraguan MFIs. BANEX, with a comparably sized loan portfolio, had 9.35 percent CAR. Nicaraguan MFIs with smaller portfolios but similar numbers of borrowers posted higher CARs. FDL and ACODEP had ratios above

5 An extensive dissemination campaign will be needed to educate the MFI industry and help MFI managers make appropriate advancements.

� Most MFIs, including ProCredit Nic, currently report unadjusted solvency, measured by total equity to total assets. The example calculates unadjusted rates, based upon available data.

32



17 percent. Given all of these institutions operate in Nicaragua, the exogenous variables provide less contrast than internal factors to assess performance given these ratios.

2) Uncovered Capital Ratio: Portfolio Quality and Vulnerability

Term Calculation

Uncovered Capital Ratio (UCR)

PAR>30 days – Impairment Loss Allowance

Total Capital

Why this ratio is importantUncovered Capital Ratio (UCR) provides a more detailed indication of an MFI’s portfolio quality. It is recommended as an enhancement to the existing R9, (Adjusted) Portfolio at Risk Ratio. UCR is a more revealing ratio to assess vulnerability and potential loss whereas the previous ratio considered loans in arrears compared with the gross portfolio.


Uncovered Capital Ratio is calculated by obtaining the Portfolio at Risk (PAR) greater than thirty days minus impairment loss allowance divided by total capital. When considered in conjunction with the capital adequacy ratio, UCR

allows an additional dimension for understanding capital sufficiency.

A low ratio suggests better risk management, indicating the MFI is less susceptible to losses above what it has already provisioned. MFIs should aim to maintain UCR as low as possible, certainly less than 25 percent. As more extensive comparative data is analyzed, more revealing benchmarks will be available. This ratio is a more detailed assessment of the risks faced by a portfolio than the previous PAR>30 days, which will interest managers and investors.


In 2008, ProCredit Nic’s UCR was -5.8� percent. Mathematical calculations for ProCredit Nic’s UCR between 2004 and 2008 are as follows.

Between 2004 and 2008, ProCredit Nic maintained UCR ranging from -18.31 percent to -5.8� percent, showing ‘improvements’ from 2004-07 as the organization had more than adequate impairment allowances compared with the PAR>30 day. Portfolio quality decreased heavily in 2008, the allowance was still more than sufficient.7 The ratio also implies its CAR may reflect understated solvency. The institution likely has sufficient capital to insulate it from high, unexpected losses given current portfolio quality.

7 These percentages result from unadjusted Uncovered Capital Ratio computations. Total Equity was used in place of Total Capital in the equation’s denominator based on the data available. A more accurate measure would be to conduct the adjustments to arrive at Total Capital.

Calculations - Capital Adequacy Ratio

Ratio 2004 2005 2006 2007 2008

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

Total Equity 7,424,151 13,41�,553 13,�29,�54 18,�40,�07 1�,790,418

÷ Total Assets 52,73�,154 81,200,105 112,702,315 149,823,237 170,953,075

= Capital Adequacy Ratio 14.08% 1�.52% 12.09% 12.44% 9.82%

Calculations - Uncovered Capital RatioRatio 2004 2005 2006 2007 2008

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

PAR> 30 Days 589,�90 1,243,3�9 1,599,�49 1,81�,40� �,415,8�3

- Impairment Allowances 1,437,80� 2,8�0,024 3,705,435 5,229,575 7,399,503

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

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

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

Table 2

Table 1



3) Foreign Currency Risk Ratio: Susceptibility to Shocks for Foreign Exchange

Term Calculation

Foreign Currency Risk Ratio

(Total Foreign Currency A Assets – Total Foreign Currency A Liabilities)/ Total Equity

Why this ratio is important

The Foreign Currency Risk Ratio measures the relationship between an MFI’s net foreign currency assets and its equity for each foreign currency on the balance sheet. By documenting foreign exchange (f/x) exposure, an MFI more transparently reveals its risk to such shocks.

Calculating this ratio will require MFIs to compute and report net foreign currency assets for each foreign currency in which it holds assets or liabilities. This may result in additional administrative effort, at least initially, but it is an essential part of managing foreign currency risk. Reporting this additional data is critical in helping the institution mange its f/x exposure and helping investors understand the type of capital, which could react to liquidity or other crises in the wake of sudden rate shifts.


The lower foreign currency risk ratio a MFI maintains, the more limited its vulnerability to changes in foreign currency values. The higher its f/x ratio is, the more risk the MFI faces, which may or may not lead to negative performance. Formal industry benchmarks have yet to be established; however, a rule of thumb of no more than 20 percent ceiling has been cited, although the amount will vary depending on currency stability and may be lower.8 Local regulatory bodies may have specific requirements.

8 See Women’s World Banking Financial Management, discussion with investors, due diligence standards of investors, etc.


The majority of MFIs, including ProCredit Nic, do not currently report foreign currency risk measures. This highlights a troubling gap in transparency, which this ratio seeks to fill. Because many MFIs have international cash flows, they may hold assets and liabilities in other currencies. An MFI with robust measures of Capital Adequacy and Uncovered Capital may still face insolvency risk due to f/x exposure. Stakeholders and investors have a particular interest in this new ratio.

To provide an illustrative mathematical example, we performed calculations assuming ProCredit Nic maintains a 12 percent f/x exposure in each year.

4) Average Deposits Balance per Account: Client Profile & Savings Program Take-up

Term Calculation

Average Deposits Balance per Deposit Account

Total Deposits

Number of Deposit Accounts

Average Deposits Balance per Deposit Account Holder

Total Deposits

Number of Deposit Account Holders

Why this ratio is importantThis new ratio, Average Deposits Balance per Deposit Account (Holder), helps an institution gauge its client base in terms of the amount of savings placed in the institution. It also reflects the degree to which savings products address client needs. Evaluation of this ratio provides insights into average deposit account size, a proxy for client wealth. Considering a client’s economic profile contributes to an MFI assessing mission adherence.


Average Deposits Balance can be expressed per deposit account or deposit account holder. It is

Calculations - Ratio on Foreign Currency RiskRatio 2004 2005 2006 2007 2008

Ratio on Foreign Currency Risk (%)

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

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

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

Table 3

34



calculated by dividing the total amount of deposits held by the institution by the number of accounts it manages, or alternatively, the number of account holders it serves.

An appropriate average deposits balance target will depend on an institution’s mission and objectives. Trends over time will provide insightful information for managers, particularly as they test different savings products and move into different regions. Ratio results can also be cross-indexed with non-financial data, such as GNI per capita to allow for comparison across countries.

Multiple possible explanations for ratio changes over time require managers to apply qualitative analytics to the interpretation of ratio outcomes to understand why a trend is up or down. In most cases, an institution would hope to see a positive trend, implying clients are increasingly using savings products and have more disposable capital to save. A decreasing trend could indicate savers pulling money out or a bad economy. But there could be explanations for a desirable decreasing trend in average deposits balance, such as high numbers of new account holders or an institution going ‘down market’. This contributes to risk management, as a smaller average loan amount indicates a more disperse deposit base which implies more widespread savers/less concentration, and therefore lower risk of deposit flight.


ProCredit Nic’s average deposit account balance declined over 2004-08, as indicated in the calculations.

The decrease is consistent when calculating average balance per depositor and per deposit account, suggesting most depositors hold a single account. Managers may initially be concerned over this

decrease as a potential sign the MFI is failing to offer desirable products. However, the total number of deposit accounts grew exponentially, from 5,329 in 2004 to 27�,088 in 2008.

We could see this as a highly positive trend if we assume that ProCredit is seeking to provide relevant savings products to a large, low-income client-base. As the savings program matured, and likely cultivated consumer confidence, it was able to attract a larger, relatively less wealthy client-base. These individuals are more inclined to hold smaller deposit balances.

5) Yield on Liquidity and Investments: Efficiency in Managing Cash and Investments

Term Calculation

Yield on Liquidity and Investments

Financial Revenue from Investments

Average Cash + Average Trade Investments + Average Other Investments


Yield on Liquidity and Investment Ratio indicates the level of returns an institution is generating from its cash holdings and investments averaged over a given period. It provides a meaningful measure of efficiency in managing cash flows and investments.


The yield on liquidity and investments is particularly insightful when compared to prevailing local market rates. It reveals how well the MFI generates revenue from its resources outside of its loan portfolio. A higher ratio indicates comparatively higher returns. Benchmarks are best taken at the national level and vary by country and region.

Calculations - Average Deposit Balance per Depositor and Deposit accountRatio 2004 2005 2006 2007 2008

Average Deposits Balance per Depositor

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

÷ Number of Depositors 5,392 35,471 84,925 121,783 27�,088

= Average Deposits Balance per Depositor 3,02� 700 507 473 272

Average Deposit Balance per Deposit Account

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

÷ Number of deposit accounts 5,392 43,175 112,335 158,318 27�,088

= Average Deposits Balance per Deposit Account

3,02� 575 383 3�4 272

Table 4




ProCredit Nic, on average, earned less than 1 percent on its capital and investments over the period 2004-08. Its highest yield was in 2004, at 0.5 percent.

According to the data, the MFI is holding increasing amounts of cash over the period and decreasing financial revenue from investments. As the organization grows, it is logical it requires more cash on hand. However, that money does not appear to generate income for the organization.

The yield on liquidity and investments ratio was computed for two other Nicaraguan MFIs. Banex earned at least one percent from 2005 through 2008. 200� was its best year, with a 1.55 percent yield. FDL earned as high as 9.9 percent in one year. This suggests that ProCredit is less efficient in leveraging its liquidity and investments to produce revenue. Ninety day Nicaraguan interest rates were often above 8 percent over that time,9 providing a theoretical alternative. Even overnight bank rates were generating 2 percent in local currency. The MFI did not appear to be putting its money to work for itself. More investigation into the reason for that may be warranted, particularly into its treasury policies.

6) Savings Liquidity: Institutional Ability to Cover Withdrawals

Term Calculation

Ratio on Savings Liquidity

Reserves against deposits as required by regulator plus unrestricted cash + undrawn portion

Total Demand Deposits

9 Central Bank data.


Savings Liquidity ratio measures an institution’s ability to accommodate withdrawals from deposits. If an MFI does not hold an adequate level of cash to cover large or unanticipated withdrawals from its deposit accounts, it risks a liquidity crunch or even insolvency. The ability to cover sudden, substantive withdrawals is particularly important for MFIs serving clients with lumpy consumption patterns, regular loan cycles, seasonal impacts and/or economic crises.


This ratio documents the amount of liquid assets held per unit of deposits. Regulated institutions are generally required to hold a specified minimum of total demand deposits in reserves by their local regulators. MFIs not required to hold reserves against demand deposits should maintain cash in an appropriate amount given deposit levels. Appropriate targets are derived through historical experience of the institution, local operating conditions, and national environmental factors. This ratio supports compliance with international banking standards. The reserve requirement on deposits varies widely across countries – from 2 percent in the Euro zone to 19 percent in Croatia to 80 percent in Jordan. MFIs have tended to maintain levels higher than local banks, to guard against a weaker reputation and provide client confidence.


The Framework, given its focus on credit, did not account for any savings ratios. The data is not currently presented by MIX Market, but it can

Calculations - Yield on Liquidity and InvestmentsRatio 2004 2005 2006 2007 2008

Yield on Liquidity and Investments (%)

Financial revenue from investments

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

Cash and cash equivalents 7,002,�90 10,405,297 15,139,023 18,233,458 24,898,459

Total trade and receivables 1,893,110 3,497,49� �,0�0,7�8 7,751,731 7,387,874

Other investments 0 0 0 0 0

÷ Sum of Cash, Trade and Other Investments

8,895,800 13,902,793 21,199,791 25,985,189 32,286,333

= Yield on Liquidity and Investments

0.5043% 0.3343% 0.1822% 0.2582% 0.0490%

Table 5

3�



readily be added. For the purposes of this analysis, an approximated measure of savings liquidity was derived by determining the institution’s cash and cash equivalents holdings per demand deposit. By this gauge, ProCredit Nic savings liquidity ratio fell from USD$0.43 to USD$0.33 over 2004-08.

At any given time, the institution can accommodate withdrawals between 31 percent and 43 percent of its total demand deposits. As a point of comparison, BANEX’s approximated ratio on savings liquidity for the same period using the same analysis ranges between USD 0.�1 and USD 1.09. Ratios over USD 1.00 demonstrate enough liquidity to cover all deposits, which may indicate excessive cash. BANEX would be able to accommodate a higher percentage of withdrawals than ProCredit Nic. Economic instability, reputation risk, and other factors influence what appropriate levels are. The comparative analysis is interesting, as is the trend over time. They require local knowledge to consider this performance versus normal or healthy.10

7) Effective Financial Expense of Savings: Cost of Interest Payments on Deposits

Term Calculation

Effective Financial Expense of Savings

Total Interest Expense of Savings

Average Savings Balance


The Effective Financial Expense of Savings ratio measures how much interest an MFI pays out for

10 These computations are rough proxies only and underscore the need for more accurate, standardized calculation.

savings. It is computed based on the total savings interest expense and the average savings balance between beginning and end of period. This considers the effective interest rate the savings pays. It allows comparison between institutions within a given market and comparison to a market benchmark. It is also an important check between the stated interest rate paid to depositors and the actual interest expense.


The numerical value of this ratio has little meaning in and of itself. When weighed against interest expense presented by other options, it allows an institution to evaluate the opportunity cost of its current savings program. If the savings program incurs higher expense than other market opportunities, managers may consider lowering interest rates they offer on deposits or restructuring their program. In assessing appropriate savings offerings, managers must consider product financial viability.


In 2008, ProCredit Nic reported Effective Financial Expense on Savings Ratio of .05. This is based upon the following calculation.

This implies the MFI paid USD .05 in interest to depositors for each dollar held. To evaluate market appropriateness, management could compare this ratio to interest expense they would incur from alternate activities. Management could track this rate to local prevailing interest rates, to see how well

Calculations - Ratio on Saving LiquidityRatio 2004 2005 2006 2007 2008

Ratio on Savings Liquidity

Cash and cash equivalents 7,002,�90 10,405,297 15,139,023 18,233,458 24,898,459

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

= Ratio on Savings Liquidity 0.42915847� 0.419335105 0.351502479 0.31�519883 0.33198091

Table 6

Calculations - Effective Financial Expense of SavingRatio 2008

Effective Financial Expense of Savings

Interest expense on deposits 3,844,198

÷ Average Total Deposits Balance 75,095,93�

= Effective Financial Expense on Savings 0.05

Table 7



their institution does in the marketplace in terms of competition (and also in terms of the next alternative investment choice).

8) Effective Operating Expense of Savings: Cost of Running Savings Program

Term Calculation

Effective Operating Expense of Savings

Direct and Indirect Operating Expenses Allocated to Savings

Average Savings Balance


The Effective Operating Expense of Savings Ratio tells an MFI how expensive it is to run its savings program in terms of all non-interest expenditures, including administrative fees and personnel wages. This ratio indicates if an MFI accrues gains or losses from deposit mobilization for costs incurred administering savings.


The total cost of the institution’s savings program per deposit, or the combined financial and operating expenses, should be compared to other liability and equity options to evaluate the opportunity cost of savings. If the cost relative to other options is too high, the MFI can adjust the interest it pays on deposit accounts to lower its total expenditure on savings, seek to conduct its operations more efficiently, or cut programmatic costs. A high ratio may indicate prohibitively high staff time required for savings. Tracking the ratio over time could measure if adopted operational and process flow changes have shown results. There is not one specific ‘right’ amount, as savings may be worth offering at a avariety of expense levels. However, it is valuable to differentiate costs by product and track trends to assess performance.


Currently, most MFIs do not report differentiated operating expenses but rather an aggregate measure of operating expense. Given ProCredit Nic’s current reporting on MIX Market, it is not possible to make an exact calculation for this ratio. This ratio will require either some form of activity based costing or fairly reliable allocation of operating expenses. MFIs entering deposit mobilization will need this information for both planning and monitoring purposes.

To provide a mathematical example, an approximation is offered here based on data ProCredit Nic does provide.

An approximation is provided using total operating expenses allocated per unit of savings held, which fell from USD 0.44 to 0.2� over 2004-08. Assuming the savings expense is 40 percent of the total operating budget, ProCredit Nic ratio fell from USD 0.18 to 0.10 over that period. Given 2008 financial expenditure on savings (USD .05) and the estimated operating expenditure on savings (.11), the institution’s approximated total expenditure on savings per unit of deposits was 0.1�. Such tracking of the performance of savings programs is a new opportunity for managers with these new ratios. As the number of deposit holding institutions increases, understanding their efficiency and effectiveness at that part of the business is increasingly important.

Summary and Road Forward

For the first time since initial publication of the Framework, industry stakeholders are proposing amendments to microfinance financial reporting standards. The drafted eight new ratios and related disclosures presented in this paper seek to increase informative measures of capital adequacy positions and savings. Developing these new ratios relies on

Calculations - Effective Operating Expense of SavingRatio 2004 2005 2006 2007 2008

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

Operating expense 7,17�,474 9,423,45� 14,828,347 18,024,910 19,822,929

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

= Effective Total Operating Expense per Deposit

0.44 0.38 0.34 0.31 0.2�

x 0.40 0.40 0.40 0.40 0.40

= Effective Total Operating Expense of Savings

0.18 0.15 0.14 0.13 0.11

Table 8

38



additional disclosures around currency exposures and funding costs tracked by product. The ratios were selected based upon input from dozens of practitioners and other industry stakeholders.

Establishing an on-going method for addressing standards in microfinance facilitates regular improvements to reporting. A standards process reduces transaction costs and more efficiently adopts innovations. The SEEP Network, as the Secretariat for the MFI Reporting Standards Initiative, provides these drafts and models to encourage dialogue among industry stakeholders towards a common goal of more accurate and transparent financial reporting standards.

The eight new ratios add significant depth of analysis and new dimensions. The capital adequacy and foreign exchange ratios help better define the well being of the institution and require additional information to do so. As microfinance savings programs are often still

in their infancy, it is critical institutions adopt more precise measures of their expenditure on savings to evaluate the opportunity costs of running these programs. This will be critical to adapting, scaling and creating sustainability. Additionally, tracking savings ratios will help enable an MFI to determine an appropriate and optimal spread between the rate paid out on savings, and the rate charged on loan products.

These changes to the Framework move MFIs to more accepted global accounting guidelines, including Basel II and IFRS, and serve as a ready platform to better align national reporting standards. The proposed revisions are intended not only to accommodate current changes in the microfinance industry but also anticipate evolutions the industry will undergo into the future, thus enabling faster growth and better access to affordable capital for people worldwide. Input and feedback from industry stakeholders is encouraged to the MFI Reporting Standards Initiative.

As the world watched the financial crisis and ensuing economic slowdown unfold in developed economies in late 2008, observers

of microfinance braced themselves for the fallout on microfinance institutions, some of which began to appear by the end of 2008. The exact causes and their contributory impacts will still take time to work out. How did rising food and fuel prices affect credit needs of poor households and their businesses? To what extent did changes in the financial markets impact MFI growth through greater pressure on MFI capital raising and refinancing needs? Would diminished household revenues from slower remittance flows and local economic slowdown put significant pressure on portfolio quality and lead to slowdown in credit growth? Whatever the combination of causes, stress signs appeared in microfinance institutional performance by the end of 2008, as growth rates slowed, profit margins tightened and, in some countries, portfolio quality deteriorated. These Highlights look at the major trends in institutional performance and explore the impact of slowed growth on operating costs.

The 2008 Microfinance Benchmarks capture the operational and financial performance of nearly 1,100 MFIs from just under 100 countries. These reference points mark the first global data set of this magnitude to capture the impact of the crisis and economic slowdown on the operational and financial performance of MFIs. Together, 2008 benchmarked MFIs served 74 million borrowers with 38 billion USD in loans, and collected 23 billion USD in deposits from 67 million depositors. The subsequent analysis also makes use of a trend lines data set of 600 MFIs from 84 countries and representing 89 percent of the borrowers served in the full 2008 benchmarks data set. Taken together, the 2008 benchmarks and 2006-08 historical data offers a robust prism through which to analyze the changes in MFI performance at the onset of the financial crisis and economic downturn.

2008 Performance At-a-GlanceAs global economic growth slowed in 2008, microfinance institutions around the globe began to feel the impact in their own portfolios and performance. The sustained expansion in borrowers served in the first part of the decade ceded to slower growth and rising operating costs by 2008. The following graphics highlight some of the more important trends:

While banks in developed markets severely restrained lending by the end of 2008, microfinance institutions continued to expand access to credit, albeit at lower growth rates than in previous periods. For the typical institution, borrower growth rates (approximately 25 percent per annum up through 2007) slowed to nearly 15 percent in 2008. Loan portfolio growth in USD terms (20 percent) fell to similar levels. Leading markets, however, did not always follow regional trends. In Asia, while borrower growth fell for MFIs in the Philippines and Bangladesh, India’s total outreach actually increased by nearly 65 percent in 2008, up from 50 percent a year earlier. At the other end of the spectrum, the Moroccan market contracted its total credit outreach by just under 10 percent in 2008, faced with overlending and worsening portfolio quality throughout the portfolio, whereas Egypt, Jordan and other countries in the Middle East/North Africa region expanded access, but at slower rates. (Figure 1).

Evidence from past crises has shown that microcredit arrears do rise in periods of economic slowdown, but that these delayed payments do not translate into significant portfolio loss. 2008 MFI repayment performance confirms these findings, as portfolio delinquency increased in several regions during the year; however, a handful of markets represented much of this change.


BULLETIN HIGHLIGHTS

Operating Efficiency: Victim to the Crisis?Blaine Stephens, Chief Operating Officer and Director of Analysis, MIXMICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009

40

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009BULLETIN HIGHLIGHTS


In some high growth markets, like Morocco and Bosnia, delinquency rose in 2008, doubling in both cases, but to levels lower than 5 percent. Other high growth markets, like India, however saw no significant change in delinquency.

Even as delinquency rose in 2008, MFIs carried very low levels of uncovered credit risk exposure. Many regions provisioned at over 100 percent of portfolio at risk over 30 days. This provisioning provided a cushion against immediate loss, with MFIs in markets like Morocco and Bosnia drawing down on the cushion as arrears rose early in 2009. Small scale MFIs proved an exception to this rule and carried the most uncovered credit risk, with risk coverage levels dropping to 80 percent of portfolio at risk over 30 days in 2008, even as these institutions faced higher delinquency levels than their larger peers. (Figure 2)

Profits margins narrowed further in 2008. Changes in MFI funding structures raised financing costs in at least two regions. MFIs in both Eastern Europe and Central Asia (ECA) and in the Middle East and North Africa (MENA) witnessed a one percentage point increase in funding outlays relative to total assets, a trend that continued throughout the period. Other regions, by comparison, experienced increases of less than half that

Figure 1: Growth in borrowers slows, 2006–08

Source: MIX data 2006-08. Data are for a balanced panel of MFIs and represent medians, unless otherwise indicated.

rate. This shift continued to underscore the cross-border debt and local market refinancing activity that has expanded rapidly in both regions in the last few years, replacing subsidized funding from prior periods. (Figure 3, Figure 4)

The persistent decline in microcredit delivery costs slowed by 2007 and actually reversed for most regions in 2008, putting further pressure on profit margins in 2008.

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Figure 2: Arrears rise, but risk coverage remains high, 2006–08


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Figure 3: MFIs continue to leverage capital, 2006–08


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MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009 BULLETIN HIGHLIGHTS


The typical African MFI witnessed the largest increase in operating costs, with costs per borrower rising 15 percent relative to local income levels from 2006 to 2008. Only Asian MFIs held costs steady over the period, but even this flat line masks diverse operating costs across the region. Efficiency gains in Indian and Afghan MFI costs counterbalanced increases in markets like Cambodia. (Figure 5)

Slower Growth Puts Pressure on MFI Operating Models

The strong growth in microfinance borrower outreach over the last decade underlines the mission of MFIs focused on expanding access to financial services, particularly credit, by poor households lacking reliable access to such services. These growth rates inform all aspects of an MFI’s business planning, from projections for growth trends in start-up institutions, to operational planning for new points or services, from planning needs for new financing to the design of incentive systems used to keep staff focused on sustainably expanding the reach of credit services. Raised in a global climate of 25 percent annual expansion in borrowers for most of this decade, MFIs, one can imagine, may have based their planning on similar levels of future growth. But what happens when actual growth slows down, not for a few MFIs, but across the board? Indeed, what does the microfinance business look like when the majority of markets – 60 out of 85 countries tracked

(Figure 6) over the 2006 - 2008 period – experience slower growth rates?

Improved efficiency would appear to be among the first victims of slower growth. Over the last several years, these Highlights and other reviews of global MFI performance data have underscored the gradual improvements in operating costs, which, at nearly two-thirds of total costs, represent the biggest barrier to more affordable access to credit services by microfinance clients. In the 2002–2005 period, for example, global yields on microcredit portfolio rates dropped nearly three percentage points, without loss in profitability, backed by declines in operating costs. Productivity gains played an important part in these gains in efficiency.

In the beginning of the 2006–08 period, operating costs leveled off at a global and regional level. Almost all regions experienced flat cost trends between 2006 and 2007, with the global weighted average staying at 4.5 percent of GNI per capita for both years. By the end of the period, this trend towards greater efficiency may have hit its first peak in this global slowdown of microfinance outreach. For all but a handful of markets that experienced slower growth in borrower outreach in 2008, costs associated with serving a single borrower increased when normalized for differences in local income levels (Figure 6). Is there a link between slowing growth rates and rising operating costs?

Trends in staffing point to one explanation for this reversal of efficiency gains. Microfinance, a

Figure 4: Returns narrow, 2006-08


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Figure 5: Declining costs reverse course, 2006–08


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42



Figure 6: Costs start to rise as growth slows

Growth in borrowers Cost per borrower/GNI per capita

Country 2006–07 2007–08 Trend 2007 2008 Trend

Africa 22% 14% Down 16.0% 18.4% Up

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

Ethiopia 12% 14% Up 4.1% 5.2% Up

Ghana 15% 18% Up 22.6% 25.6% Up

Kenya 57% 14% Down 19.2% 23.1% Up

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

Mozambique 25% 9% Down 76.5% 98.3% Up

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

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

Uganda 13% 9% Down 76.5% 83.5% Up

Asia 23% 22% Down 2.4% 2.9% Up

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

Bangladesh 14% 4% Down 2.1% 2.4% Up

Cambodia 32% 31% Down 13.6% 16.6% Up

India 48% 65% Up 1.4% 1.5% Up

Indonesia 67% 42% Down 1.5% 1.2% Down

Nepal 2% 5% Up 4.4% 6.0% Up

Pakistan 29% 24% Down 5.8% 4.7% Down

Philippines 37% 19% Down 3.2% 3.5% Up

ECA 34% 18% Down 14.8% 17.4% Up

Albania 16% 21% Up 13.4% 15.6% Up

Armenia 34% 32% Down 5.6% 6.5% Up

Azerbaijan 70% 29% Down 8.0% 10.0% Up

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

Bulgaria 25% 4% Down 15.0% 18.6% Up

Georgia 15% 6% Down 15.2% 20.2% Up

Kosovo 38% 26% Down 31.1% 30.4% Down

Kyrgyzstan 48% 35% Down 23.0% 27.1% Up

Russia 25% 11% Down 14.2% 17.1% Up

Tajikistan 94% 24% Down 78.0% 87.8% Up

LAC 19% 11% Down 5.7% 6.6% Up

Bolivia 19% 12% Down 13.9% 17.9% Up

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

Colombia 30% 12% Down 5.6% 6.0% Up

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

Ecuador 14% 14% Up 6.2% 6.3% Up

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

Guatemala 29% 12% Down 4.6% 5.0% Up

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

Mexico 30% 26% Down 1.7% 1.9% Up

Nicaragua 15% 6% Down 16.7% 17.9% Up

Paraguay 7% 23% Up 9.3% 12.7% Up

Peru 28% 4% Down 4.8% 5.9% Up

MENA 34% 6% Down 2.7% 3.1% Up

Egypt 34% 31% Down 2.0% 2.1% Up

Jordan 45% 19% Down 3.4% 3.7% Up

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

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

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009 BULLETIN HIGHLIGHTS


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

high touch business, currently relies on significant human resources to deliver credit to clients. Many MFIs make significant investments in training new staff on the systems and processes that help identify clients, minimize credit risk, and manage service delivery of microloans. This combination of intensive personnel use and extensive training increases the lead time necessary for an MFI to gear up to serve more clients. When slowdowns have a rapid onset, MFIs will likely have already fielded new staff based on earlier projections, leaving the providers overstaffed compared to optimal productivity rates. Staffing and borrower growth trends bear out this analysis: MFI staffing increased faster than growth in borrowers in over two-thirds of all markets where growth rates slowed in 2008. Figure 7 summarizes the impact of this phenomenon on productivity. As business slowed, productivity declined.

Rising arrears offer another explanation for increased operating costs. As delayed repayments rise within a portfolio, staff must shift time from building and maintaining microcredit portfolios to recovering delinquent loans. This resource shift accentuates the trend already highlighted. At a global level, portfolio quality deteriorated by more than 50 percent in 25 markets. Few arrears rates moved into double digits, but such increases represented a departure from historical performance. In all but one of these countries, the cost of serving borrowers also made a marked increase. As Figure 8 shows, countries with pronounced changes in delinquency rates, such as Afghanistan, Bangladesh, Honduras, Kenya, and Tajikistan, all experienced reversals in efficiency gains as portfolio quality deteriorated.

Figure 7: Productivity declines as growth rates slow

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

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Whatever the cause of slower growth rates – whether refinancing constraints from outside the MFI or MFI management reining in growth faced with rising credit risk – the impact on the microfinance business is tangible: an increased cost of delivering loans. To MFI managers, this poses an extra challenge of maintaining their business in difficult times while positioning themselves for growth and recovery as the economy improves. Laying off excess staff would cut costs, but the investment in training and relationships would be difficult to recover when lending opportunities rebound. Likewise, running an overstaffed MFI for more than a year would maintain a springboard for relaunching its growth trajectory, but the increased cost load will either eat into equity or increase costs

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

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44



to clients in the long term. Microfinance analysts should monitor these cost trends in 2009 and 2010 to see whether MFIs manage to resume their

relentless pursuit of lower cost service or if this slowdown in the growth model marks an inflection point for microfinance.

BULLETIN TABLES

Introduction to the Peer Groups and Tables

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009

Setting up Peer Groups

The Bulletin Tables are designed to present performance benchmarks against which managers and directors of microfinance institutions can compare their institution’s performance with that of similar institution. Since the microfinance industry consists of a range of institutions and operating environments, some with very different characteristics, an MFI should be compared to similar institutions for the reference points to be useful.

The Bulletin Tables address this issue with a peer group framework. Peer groups are sets of programs that have similar characteristics—similar enough that their managers find utility in comparing their results with those of other organizations in their peer group. The Bulletin Tables present peer groups on two bases: simple and compound peer groups.

Simple Peer Groups look at MFIs based on a single characteristic. This allows users to analyze performance based on a common factor, such as age, location or scale of operations. MFIs have been grouped according to the following ten characteristics for this edition of the Bulletin:

1) Age: The Bulletin Tables classify MFIs into three categories (new, young, and mature) based on the maturity of their microfinance operations. This is calculated as the difference between the year they started their microfinance operations and the year of data submitted by the institutions.

2) Charter Type: The charter under which the MFIs are registered is used to classify the MFIs as banks, credit unions/cooperatives, NGOs, and non bank financial institutions.

3) Financial Intermediation: This classification measures the extent to which an MFI intermediates between savers and borrowers, funding its assets through mobilized deposits.

It is calculated as a percentage of total assets funded by voluntary savings.

4) Lending Methodology: Performance may vary by the way the institution delivers its loan products and serves borrowers. The Bulletin Tables present MFIs based on the primary methodology used, determined by the number and volume of loans outstanding.

5) Outreach: Scale of outreach is measured as the total number of borrowers served.

6) Profit Status: According to their registration, MFIs are classified as ‘not for profit’ and ‘for profit’ institutions.

7) Region: MFIs are divided into five main geographic region: Africa, Asia, Eastern Europe and Central Asia (ECA), Latin America and the Caribbean (LAC) and Middle East and North Africa (MENA).

8) Scale: Institutional scale is measured by the size of an institution’s loan portfolio in USD. The measure of scale is regionalized to reflect differences in income levels across regions.

9) Sustainability: MFIs are grouped according to their level of financial self-sufficiency, representing their ability to cover all costs on an adjusted basis.

10) Target Market: The Bulletin Tables classify MFIs into three categories—low-end, broad, and high-end—according to the average balance of loans served. For international comparison, this balance is stated as a percentage of local income levels (GNI per capita).

Compound Peer Groups use a more complex set of variables to analyze MFI performance. This creates benchmarks where institutions have a greater number of similar factors affecting performance.


MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009BULLETIN TABLES


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

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 (pages 48–68). 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 IssuesBecause 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

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009 BULLETIN TABLES


2008 MFI Benchmarks - Median ValuesINSTITUTIONAL CHARACTERISTICS FINANCING STRUCTURE

Number of MFIs

Age Total Assets Offices Personnel Capital/Asset Ratio

Debt to Equity

Deposits to Loans

Deposits to Total Assets

Portfolio to Assets

Number of Active

BorrowersPEER GROUP

Units nb USD nb nb % x % % % nbYear: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

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

AgeNew 191 3 2,946,309 5 53 31.9 1.6 6.7 0.7 76.5 3,781 Young 203 7 4,383,587 7 64 23.8 2.7 15.4 6.2 76.7 7,026 Mature 657 14 9,375,210 11 111 21.5 3.5 23.8 12.5 78.5 12,689

Charter Type:Bank 82 11 162,784,104 31 691 15.2 5.3 74.2 48.0 68.8 45,858 Credit Union 182 11 3,581,221 4 24 18.6 3.7 78.0 61.2 80.1 1,850 NBFI 338 8 8,930,595 11 128 24.2 2.9 0.0 0.0 79.9 12,162 NGO 389 12 4,334,131 9 75 33.6 1.7 0.0 0.0 78.2 9,703 Rural Bank 84 21 6,877,332 5 81 13.8 6.2 83.3 61.4 72.1 6,406

Financial IntermediationNon FI 398 10 4,632,395 7 56 33.9 1.8 0.0 0.0 82.3 5,990 Low FI 159 9 6,063,409 11 119 28.0 1.9 12.6 9.4 73.2 13,511 High FI 393 12 8,655,520 10 116 15.7 4.8 77.8 58.7 74.3 12,214

Methodology:Individual 281 10 6,302,049 6 51 20.7 3.6 40.4 27.9 82.8 4,353 Individual/Solidarity 272 11 6,430,106 10 97 23.4 2.8 5.1 2.6 76.1 10,525 Solidarity 67 9 4,360,894 8 80 17.1 3.4 30.4 15.0 73.7 13,161 Village Banking 59 13 6,113,161 14 145 24.0 3.2 0.0 0.0 79.8 17,916

OutreachSmall (Outreach) 553 9 2,226,456 4 30 27.7 2.1 8.1 0.7 78.9 2,417 Medium (Outreach) 241 11 9,524,429 13 142 25.8 2.6 11.6 7.8 77.1 16,077 Large (Outreach) 273 12 47,378,443 41 551 16.4 4.8 30.5 20.5 77.0 70,565

Profit StatusProfit 414 9 11,863,846 12 151 19.0 4.1 35.4 20.8 74.2 12,740 Not for Profit 665 11 4,632,395 7 58 25.6 2.3 6.8 1.4 80.2 6,804

Region:Africa 195 10 4,994,906 8 88 26.1 2.3 53.3 35.0 65.8 9,143 Asia 283 12 7,189,772 12 134 14.9 5.0 30.8 15.9 74.3 17,239 ECA 217 9 4,721,984 6 34 22.9 2.9 0.0 0.0 88.0 2,156 LAC 333 12 8,196,305 9 86 24.9 2.9 0.0 0.0 80.3 9,768 MENA 56 10 9,686,430 10 107 48.5 0.9 0.0 0.0 72.1 11,785

ScaleSmall (Scale) 428 8 1,390,311 3 24 32.7 1.7 2.9 0.0 76.6 2,130 Medium (Scale) 304 10 6,571,742 9 96 23.3 2.7 19.7 12.6 77.3 10,502 Large (Scale) 351 12 46,119,113 28 393 18.7 4.3 33.0 22.2 79.2 44,257

Sustainability:FSS 557 12 9,417,989 11 112 21.5 3.6 17.1 12.4 80.2 13,370 Non-FSS 354 9 4,491,402 9 88 22.9 2.2 3.7 2.1 74.3 8,852

Target Market:Low end 425 9 4,214,670 8 88 28.2 2.0 3.0 0.1 76.3 12,628 Broad 498 11 8,166,527 9 81 20.8 3.6 24.5 11.6 81.1 7,482 High end 78 10 17,156,666 12 113 21.9 3.4 40.4 31.0 76.7 8,735 Small Business 64 8 18,012,390 6 90 17.5 4.4 81.3 48.5 68.2 2,254

COMPOUND PEER GROUPSAfrica Small FSS 16 9 1,362,709 3 24 27.9 2.6 35.8 26.0 74.4 2,570 Africa Small Non FSS 34 9 1,226,420 7 39 33.4 1.4 47.0 27.7 60.2 3,453 Africa Medium FSS 20 10 5,863,743 7 105 35.0 1.9 28.2 20.6 71.0 10,049 Africa Medium Non FSS 29 8 6,063,409 10 134 25.6 1.9 46.5 31.5 58.6 14,259 Africa Large FSS 26 14 39,968,345 35 410 19.2 4.0 72.2 53.5 65.4 34,385 Africa Large Non FSS 19 15 46,551,910 37 428 17.5 3.7 70.2 46.5 73.5 51,580 Asia Small FSS 22 13 1,365,225 5 48 18.7 4.2 44.9 34.8 74.0 3,770 Asia Small Non FSS 21 12 1,175,790 7 55 17.9 3.4 14.2 9.6 69.8 9,046 Asia Medium FSS 45 14 5,573,514 13 126 12.9 6.8 39.6 29.0 76.0 23,134 Asia Medium Non FSS 25 5 6,050,969 23 191 8.3 4.0 13.7 12.0 74.6 36,629 Asia Large FSS 58 15 26,322,242 31 565 15.4 5.5 26.0 18.9 75.5 97,239 Asia Large Non FSS 20 13 29,476,397 73 949 18.4 4.5 6.5 5.3 76.8 160,829 ECA Small FSS 40 5 704,005 2 8 27.7 2.3 0.0 0.0 88.6 367 ECA Small Non FSS 35 5 649,797 1 8 25.7 1.5 0.0 0.0 89.9 328 ECA Medium FSS 23 8 5,253,748 5 40 33.0 2.0 6.4 5.7 90.1 3,143 ECA Medium Non FSS 24 9 4,141,396 7 33 35.3 1.4 0.0 0.0 83.8 1,577 ECA Large FSS 52 10 58,996,434 27 289 18.9 4.3 20.3 16.8 85.9 28,899 ECA Large Non FSS 25 9 42,463,253 17 288 20.7 3.8 0.0 0.0 85.8 12,215 LAC Small FSS 73 12 2,250,396 3 23 43.8 1.3 0.0 0.0 81.2 2,854 LAC Small Non FSS 56 9 1,688,343 3 32 37.0 1.3 0.0 0.0 73.0 2,854 LAC Medium FSS 64 12 8,968,032 8 78 28.5 2.5 0.0 0.0 85.1 9,391 LAC Medium Non FSS 26 13 8,752,111 16 144 18.9 4.3 11.9 9.0 75.8 13,026 LAC Large FSS 88 16 79,476,965 28 439 16.1 5.2 57.5 46.4 82.4 51,902 LAC Large Non FSS 20 12 46,810,343 18 293 21.0 3.2 5.0 3.1 75.3 28,532 MENA Small FSS 7 8 1,088,494 4 54 37.3 1.7 17.8 11.6 63.7 3,133 MENA Small Non-FSS 9 6 1,792,223 4 36 37.8 0.9 3.7 2.1 54.4 2,350 MENA Medium FSS 6 11 5,628,609 10 111 57.6 0.7 0.0 0.0 79.0 15,784 MENA Medium Non-FSS 5 11 4,500,308 9 168 52.5 0.9 0.0 0.0 65.2 17,818 MENA Large FSS 17 12 30,641,608 17 288 47.4 1.1 0.0 0.0 82.9 37,704 MENA Large Non-FSS 6 9 24,671,556 10 325 40.5 1.8 0.1 0.1 73.2 47,744

For definitions of Peer Groups, refer to the Peer Group Classification section on pp45–46. For details on indicator definitions, refer to the Indicator Definitions section on pp 53. “n/a” denotes results for Peer Groups with less than three observations



OUTREACH INDICATORSPercent of

Women Borrowers

Number of Loans

Outstanding

Gross Loan Portfolio

Average Loan

Balance per Borrower

Average Loan

Balance per Borrower/

GNI per Capita

Average Outstanding

Balance

Average Outstanding Balance/GNI per Capita

Number of Depositors

Number of Deposit Accounts

Deposits Average Deposit Balance

per Depositor

PEER GROUPUnits % nb USD USD % US$ % nb nb US$ US$Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

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

AgeNew 66.5 4,220 1,845,751 380 29.4 381 28.9 13 130 39,851 114 Young 57.2 7,074 2,892,796 467 33.5 475 31.2 2,438 3,451 162,514 90 Mature 59.4 12,997 6,577,342 676 40.8 648 38.8 5,169 8,931 445,550 178

Charter Type:Bank 43.5 51,202 103,990,796 2,003 113.0 1,744 109.4 80,741 83,566 59,762,401 733 Credit Union 45.1 1,919 2,273,336 1,509 59.8 1,329 55.3 3,340 3,695 1,418,227 412 NBFI 54.2 12,279 6,299,762 631 48.2 631 47.6 0 72 0 111 NGO 79.1 10,341 2,753,772 251 16.0 242 15.7 0 1,193 0 33 Rural Bank 45.3 7,086 2,936,410 545 41.5 527 41.5 13,865 13,474 2,278,974 175

Financial IntermediationNon FI 62.8 6,035 3,323,830 522 24.5 517 22.8 0 0 0 n/a Low FI 81.6 13,611 4,543,920 233 25.7 227 25.6 10,944 10,646 348,104 35 High FI 52.4 12,336 6,147,891 905 53.1 853 49.5 22,289 23,575 4,690,311 270

Methodology:Individual 46.2 4,429 4,688,212 1,404 51.3 1,292 46.5 1,108 2,445 450,226 561 Individual/Solidarity 64.9 10,336 4,614,081 435 33.6 430 32.7 2,920 5,009 72,516 108 Solidarity 98.7 13,205 2,592,286 111 14.6 110 14.6 9,439 12,380 347,681 29 Village Banking 86.3 18,397 4,892,976 152 14.7 158 15.5 0 0 0 46

OutreachSmall (Outreach) 53.0 2,466 1,388,657 722 42.1 698 40.3 391 1,193 41,128 183 Medium (Outreach) 65.7 16,338 6,998,218 450 35.1 438 35.3 13,039 14,526 338,451 92 Large (Outreach) 70.4 73,508 33,223,939 290 27.6 298 26.8 49,167 72,085 3,179,734 145

Profit StatusProfit 54.2 12,895 7,007,552 680 50.3 684 47.8 8,265 11,512 1,137,548 179 Not for Profit 63.7 7,018 3,068,469 451 30.1 451 28.9 562 2,264 49,980 111

Region:Africa 57.2 9,620 2,708,387 308 67.8 311 64.0 18,336 18,434 1,366,283 98 Asia 93.8 16,483 3,677,827 166 17.8 164 16.7 6,700 7,453 529,766 56 ECA 43.1 2,250 3,949,277 2,174 68.3 2,115 65.1 0 0 0 1,855 LAC 59.6 9,844 6,715,949 780 25.5 739 24.9 950 3,716 0 466 MENA 65.4 12,589 5,153,360 317 15.8 314 15.5 0 2,594 0 26

ScaleSmall (Scale) 63.3 2,183 916,600 348 22.5 349 22.0 147 521 19,063 96 Medium (Scale) 64.1 10,854 4,813,109 485 38.2 472 37.2 10,329 12,311 903,559 93 Large (Scale) 52.5 45,536 32,973,000 1,012 56.0 992 51.5 18,802 37,479 7,614,672 410

Sustainability:FSS 59.2 13,450 7,359,172 764 39.8 738 37.9 3,238 6,959 357,197 261 Non-FSS 62.6 8,712 3,203,964 417 34.5 414 33.4 425 1,844 68,937 105

Target Market:Low end 84.9 12,628 2,575,585 159 11.4 163 11.1 598 3,331 32,561 36 Broad 49.4 7,659 5,476,159 949 54.6 924 51.1 2,875 5,009 463,306 243 High end 40.0 8,746 10,992,551 2,388 190.0 2,148 182.2 13,236 22,167 3,037,117 381 Small Business 35.3 2,302 9,986,706 2,841 402.1 2,638 344.6 6,161 8,154 3,882,179 563

COMPOUND PEER GROUPSAfrica Small FSS 56.3 2,570 1,037,793 235 40.9 267 41.9 3,503 3,503 251,132 51 Africa Small Non FSS 68.7 3,537 658,150 145 35.7 131 34.8 5,009 7,472 214,983 76 Africa Medium FSS 63.7 10,067 3,809,139 446 79.7 446 79.7 24,930 24,930 1,536,943 80 Africa Medium Non FSS 59.6 14,259 3,503,663 246 51.8 244 49.3 20,359 20,412 1,468,928 69 Africa Large FSS 52.3 35,125 25,219,140 930 170.4 930 166.7 148,219 160,278 23,556,784 145 Africa Large Non FSS 43.4 54,425 28,705,034 591 118.2 570 118.2 94,895 98,822 18,253,841 207 Asia Small FSS 77.9 4,162 1,015,750 197 11.9 197 11.9 5,342 6,118 450,226 77 Asia Small Non FSS 86.2 9,046 962,207 131 13.4 131 13.2 4,900 5,156 163,312 44 Asia Medium FSS 100.0 23,134 4,674,894 207 18.1 207 17.6 18,250 18,271 1,556,001 77 Asia Medium Non FSS 98.0 36,629 5,001,148 117 13.7 113 14.4 24,895 24,518 464,930 19 Asia Large FSS 95.5 87,045 20,095,021 150 17.4 150 15.5 19,779 22,147 2,814,977 117 Asia Large Non FSS 96.0 141,435 24,407,361 140 18.9 130 19.2 54,236 27,125 1,486,363 36 ECA Small FSS 54.6 367 588,397 1,526 55.7 1,480 54.4 0 0 0 3,188 ECA Small Non FSS 40.1 328 515,324 1,786 62.9 1,608 55.2 0 0 0 4,134 ECA Medium FSS 47.5 3,143 4,688,212 1,145 57.5 1,132 53.2 0 896 275,060 1,237 ECA Medium Non FSS 43.8 1,740 3,746,608 3,005 66.8 3,005 65.3 0 0 0 3,582 ECA Large FSS 41.6 29,924 51,557,800 2,389 91.9 2,238 88.2 0 6,932 15,195,678 1,558 ECA Large Non FSS 33.7 12,217 34,301,807 3,223 120.0 3,194 104.2 0 0 0 1,576 LAC Small FSS 63.1 2,930 1,724,647 446 14.3 441 13.4 0 0 0 162 LAC Small Non FSS 70.9 2,854 1,218,715 401 8.3 401 7.6 0 0 0 281 LAC Medium FSS 58.1 9,515 7,550,565 841 27.7 810 27.6 100 1,270 0 400 LAC Medium Non FSS 79.4 13,026 6,654,772 449 16.2 432 15.5 12,441 12,835 757,351 78 LAC Large FSS 49.6 57,341 64,934,089 1,611 56.5 1,480 50.1 40,538 52,794 25,510,046 907 LAC Large Non FSS 61.4 28,532 31,759,893 1,146 33.9 1,146 27.4 12,388 20,485 882,311 817 MENA Small FSS 100.0 3,141 662,086 133 12.7 133 12.7 3,314 13,579 59,934 22 MENA Small Non-FSS 82.2 2,350 1,118,154 211 17.7 211 17.7 1,534 1,534 34,318 36 MENA Medium FSS 72.7 15,784 4,404,334 239 12.5 239 12.5 0 0 0 n/a MENA Medium Non-FSS 71.9 17,818 3,703,118 264 12.4 264 12.4 0 n/a 0 n/a MENA Large FSS 58.3 66,182 16,565,033 706 18.4 606 20.6 0 n/a 0 n/a MENA Large Non-FSS 45.0 47,744 18,398,215 667 35.0 651 34.3 187 822 13,077 199


2008 MFI Benchmarks - Median Values



OUTREACH INDICATORS MACROECONOMIC INDICATORS OVERALL FINANCIAL PERFORMANCEAverage Deposit

Balance per Depositor/

GNI per capita

Average Deposit Account Balance

Average Deposit Account Balance/GNI per capita

GNI per Capita

GDP Growth

Rate

Deposit Rate

Inflation Rate

Financial Depth

Return on Assets

Return on Equity

Operational Self-

Sufficiency

PEER GROUPUnits % USD % US$ % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

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

AgeNew 14.0 117 13.5 950 7.5 5.9 7.7 30.9 (1.2) (1.7) 104 Young 10.0 81 9.0 1,600 7.1 5.9 7.0 35.2 0.3 2.5 112 Mature 17.0 176 16.0 1,600 6.4 5.0 6.3 41.7 1.4 7.0 116

Charter Type:Bank 32.0 667 32.0 1,655 7.1 6.8 7.8 31.2 0.6 4.6 109 Credit Union 18.0 390 18.0 3,150 6.2 5.0 6.1 36.6 0.3 2.0 116 NBFI 16.0 109 16.0 1,474 7.8 5.4 7.3 30.9 1.5 7.1 115 NGO 3.0 31 3.0 1,515 6.4 6.0 6.4 43.6 0.9 4.1 110 Rural Bank 15.0 163 14.5 1,600 6.3 3.7 6.1 59.5 1.9 14.5 119

Financial IntermediationNon FI n/a n/a n/a 2,710 7.1 5.9 6.4 40.6 1.4 4.5 113 Low FI 4.0 32 4.0 950 6.3 5.2 6.4 34.3 0.4 4.5 112 High FI 19.0 252 19.0 1,600 6.4 5.0 6.1 36.4 0.9 6.3 112

Methodology:Individual 22.0 518 20.5 3,200 7.1 5.1 6.1 41.7 1.5 7.5 116 Individual/Solidarity 12.5 102 11.0 1,590 6.4 5.4 6.5 35.2 1.2 5.8 113 Solidarity 5.0 21 3.0 770 7.1 6.0 7.0 59.5 (1.1) 2.7 109 Village Banking 7.0 46 7.0 950 8.6 6.0 6.4 36.5 1.3 3.4 116

OutreachSmall (Outreach) 15.0 178 13.0 2,090 6.3 5.1 6.4 36.4 0.4 3.1 113 Medium (Outreach) 11.0 93 10.5 1,595 6.7 5.0 6.1 34.3 0.9 5.8 112 Large (Outreach) 18.5 143 16.0 1,050 7.1 5.3 6.4 43.6 1.4 9.3 116

Profit StatusProfit 20.0 178 20.0 1,600 7.1 5.4 6.3 34.3 1.2 7.3 114 Not for Profit 11.5 106 10.0 1,600 6.6 5.1 6.4 40.6 0.9 4.1 113

Region:Africa 19.0 96 19.0 560 6.1 6.0 8.0 28.1 (0.7) (2.3) 108 Asia 7.0 55 6.0 950 7.1 6.0 6.3 59.5 1.3 9.6 113 ECA 44.0 1,620 41.5 3,780 8.1 5.4 9.0 42.9 0.3 2.8 117 LAC 15.0 439 13.0 3,340 5.7 5.0 4.0 30.9 1.8 7.3 112 MENA 2.0 26 2.0 1,500 5.3 5.8 5.4 96.2 2.4 3.5 119

ScaleSmall (Scale) 10.0 91 9.0 1,650 6.3 5.1 6.4 36.4 0.1 1.1 112 Medium (Scale) 11.0 98 10.0 1,590 6.7 5.2 6.4 40.6 0.9 4.5 113 Large (Scale) 29.5 402 26.0 1,600 7.1 5.1 6.1 38.5 1.4 8.5 115

Sustainability:FSS 16.0 251 15.0 2,090 7.1 5.0 6.1 38.5 2.8 12.2 122 Non-FSS 13.0 100 13.0 1,505 6.3 5.6 7.0 36.0 (4.2) (11.6) 96

Target Market:Low end 4.0 35 3.0 1,600 7.1 5.3 6.3 42.9 1.0 4.1 110 Broad 18.0 231 17.0 1,650 6.8 5.1 6.3 36.0 1.3 6.5 115 High end 36.5 327 34.5 1,175 6.2 4.9 8.6 33.5 0.8 4.2 113 Small Business 82.0 457 73.5 610 7.5 6.0 9.1 29.5 0.3 3.5 117

COMPOUND PEER GROUPSAfrica Small FSS 10.0 51 10.0 495 4.6 4.7 6.0 31.1 2.5 6.2 124 Africa Small Non FSS 16.0 61 15.0 495 6.1 6.3 10.7 29.5 (8.5) (14.5) 95 Africa Medium FSS 12.0 80 12.0 535 6.2 6.0 10.0 22.7 2.9 8.7 132 Africa Medium Non FSS 17.0 85 17.5 400 6.8 6.8 7.0 28.1 (6.4) (19.2) 93 Africa Large FSS 34.0 145 33.5 600 6.1 6.5 6.1 28.1 1.1 7.8 123 Africa Large Non FSS 35.0 191 35.0 610 4.7 4.1 5.9 31.4 (1.8) (10.2) 98 Asia Small FSS 5.5 77 5.5 1,600 7.1 3.7 6.2 59.5 2.5 12.3 119 Asia Small Non FSS 6.5 44 4.0 1,540 6.8 6.0 6.3 59.5 (8.2) (21.0) 86 Asia Medium FSS 10.0 80 7.0 1,600 7.1 3.7 6.3 59.5 2.1 16.1 119 Asia Medium Non FSS 3.0 21 3.0 950 9.1 6.0 7.6 59.2 (9.7) (12.4) 84 Asia Large FSS 10.5 112 8.0 950 9.1 4.8 6.4 59.5 2.9 14.9 124 Asia Large Non FSS 7.0 35 6.5 860 7.9 6.0 7.6 59.2 (2.7) (16.9) 100 ECA Small FSS 42.5 3,134 41.5 4,970 8.1 5.1 9.0 42.9 2.7 6.8 133 ECA Small Non FSS 55.0 3,676 48.5 4,460 8.1 5.1 9.0 42.9 (5.9) (10.6) 104 ECA Medium FSS 23.0 1,226 18.0 2,710 8.2 6.7 9.0 36.0 5.3 15.8 143 ECA Medium Non FSS 48.0 2,826 38.0 4,460 8.1 5.1 9.0 42.9 (4.8) (7.4) 102 ECA Large FSS 45.0 1,466 38.5 2,710 8.2 5.4 6.4 33.4 2.7 13.0 124 ECA Large Non FSS 51.0 1,576 51.0 3,360 7.9 5.7 9.0 36.6 (2.0) (8.2) 100 LAC Small FSS 5.0 162 5.0 3,340 4.7 5.0 3.6 27.1 3.5 9.5 119 LAC Small Non FSS 9.0 281 9.0 4,100 5.2 5.0 4.0 30.8 (7.4) (15.8) 81 LAC Medium FSS 15.0 299 11.0 3,150 5.7 4.9 4.0 30.9 3.8 10.2 118 LAC Medium Non FSS 3.0 78 3.0 3,175 3.4 5.3 4.5 35.1 (3.3) (15.2) 98 LAC Large FSS 31.0 835 28.0 3,340 6.3 4.7 4.0 30.9 2.4 14.9 118 LAC Large Non FSS 18.0 719 18.0 4,100 6.0 6.3 5.5 30.9 (1.5) (8.9) 98 MENA Small FSS 2.0 22 2.0 1,500 7.1 8.0 7.9 96.2 5.1 5.7 139 MENA Small Non-FSS 2.0 36 2.0 950 3.3 5.0 7.9 35.2 (14.1) (21.0) 85 MENA Medium FSS n/a n/a n/a 1,500 6.8 5.8 7.4 96.2 3.7 6.9 136 MENA Medium Non-FSS n/a n/a n/a 1,500 6.6 5.4 5.4 96.2 (2.3) (10.9) 96 MENA Large FSS n/a n/a n/a 2,625 6.6 5.4 5.4 104.8 3.7 8.9 132 MENA Large Non-FSS 11.0 199 11.0 1,620 2.7 3.7 2.7 80.8 (2.3) (8.9) 80





REVENUES EXPENSESFinancial

Self-Sufficiency

Financial Revenue/

Assets

Profit Margin

Yield on Gross

Portfolio (nominal)

Yield on Gross

Portfolio (real)

Total Expense/

Assets

Financial Expense/

Assets

Provision for Loan

Impairment/Assets

Operating Expense/

Assets

Personnel Expense/

Assets

Administrative Expense/

Assets

PEER GROUPUnits % % % % % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

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

AgeNew 95 28.0 (4.7) 35.5 26.3 32.5 8.0 1.7 21.7 11.7 8.5 Young 103 25.5 2.9 35.0 24.5 26.4 7.8 1.2 15.3 8.8 6.8 Mature 108 25.5 7.3 28.9 21.6 23.0 6.5 1.4 13.3 7.5 5.6

Charter Type:Bank 105 20.5 4.3 27.1 16.3 20.1 7.3 1.4 10.0 5.5 4.7 Credit Union 103 18.1 3.1 21.9 17.5 18.8 5.7 1.3 10.8 5.1 4.8 NBFI 108 27.6 7.6 32.9 24.3 26.0 7.9 1.5 15.7 9.0 6.5 NGO 102 27.3 2.3 33.8 25.5 27.8 6.3 1.6 18.2 10.6 7.3 Rural Bank 115 24.7 13.0 33.0 26.7 22.4 5.3 1.1 12.7 6.5 6.7

Financial IntermediationNon FI 104 27.9 4.1 33.3 24.7 27.0 7.3 1.5 16.4 9.2 6.5 Low FI 105 26.2 4.2 34.0 24.3 27.2 7.6 1.0 17.0 9.7 7.1 High FI 106 21.9 5.9 28.3 21.1 21.8 5.9 1.4 12.1 6.3 5.6

Methodology:Individual 107 23.8 7.3 30.1 21.8 21.9 7.2 1.4 11.6 6.5 5.2 Individual/Solidarity 106 27.6 5.7 34.7 25.9 26.5 6.8 1.5 17.1 9.4 7.1 Solidarity 99 25.0 (0.7) 30.9 20.8 27.8 6.7 0.9 19.2 10.1 7.0 Village Banking 107 27.1 6.4 30.8 24.2 24.8 6.6 0.9 17.8 10.3 6.6

OutreachSmall (Outreach) 103 25.8 3.0 32.5 24.2 26.5 6.6 1.3 14.6 8.4 6.7 Medium (Outreach) 105 27.2 4.4 33.7 24.4 26.8 6.5 1.9 16.6 9.4 7.2 Large (Outreach) 109 24.2 8.4 28.6 21.3 22.2 7.3 1.3 12.5 6.7 5.1

Profit StatusProfit 108 25.8 7.3 31.9 23.8 23.9 7.7 1.3 14.1 7.4 6.1 Not for Profit 103 25.8 3.3 30.6 22.5 25.6 6.5 1.6 14.6 8.5 6.2

Region:Africa 96 25.4 (3.7) 32.6 23.1 27.6 4.8 1.6 18.5 9.2 9.3 Asia 108 24.3 8.0 29.1 20.3 23.5 7.4 0.8 13.9 7.9 5.4 ECA 104 24.4 4.0 29.5 19.3 24.4 8.9 1.3 12.8 7.2 5.1 LAC 107 27.9 6.9 34.0 26.8 26.1 6.6 2.0 15.8 8.7 6.5 MENA 107 22.8 6.8 33.2 22.7 21.6 4.5 0.7 14.6 10.0 4.8

ScaleSmall (Scale) 100 28.0 0.4 35.7 27.3 30.5 5.9 1.3 20.4 10.6 8.3 Medium (Scale) 104 27.0 4.1 33.5 24.0 27.1 7.0 1.6 16.6 9.3 6.8 Large (Scale) 109 23.7 8.4 27.6 20.2 21.6 7.1 1.4 12.1 6.5 5.0

Sustainability:FSS 116 27.2 13.8 31.7 24.2 22.7 6.7 1.2 13.1 7.4 5.6 Non-FSS 81 22.7 (22.0) 30.6 21.1 29.0 7.0 2.3 16.7 9.8 7.3

Target Market:Low end 103 29.7 2.8 37.9 29.2 30.4 7.0 1.2 21.1 12.0 7.8 Broad 107 25.1 6.8 29.3 21.7 23.3 6.8 1.6 13.1 7.2 5.7 High end 106 20.0 6.1 23.2 15.6 19.8 6.5 1.4 11.7 5.5 5.3 Small Business 101 19.1 0.9 23.3 16.6 19.9 7.9 1.4 10.2 5.0 4.5

COMPOUND PEER GROUPSAfrica Small FSS 115 30.8 13.1 36.5 27.8 28.5 3.0 1.7 24.3 10.1 14.3 Africa Small Non FSS 73 26.7 (37.2) 36.0 27.0 32.5 7.0 2.2 25.3 10.0 8.9 Africa Medium FSS 116 25.0 15.9 27.1 22.7 21.6 5.0 0.9 15.2 7.5 7.2 Africa Medium Non FSS 81 24.4 (23.5) 37.5 28.1 32.1 4.7 2.9 26.7 12.1 10.0 Africa Large FSS 109 26.6 7.8 33.1 23.4 23.6 4.7 1.6 17.3 7.6 10.2 Africa Large Non FSS 88 19.0 (13.9) 21.6 16.7 24.4 5.1 1.6 15.6 8.0 7.7 Asia Small FSS 115 36.5 12.9 41.2 35.7 34.4 5.6 1.2 21.1 11.5 11.4 Asia Small Non FSS 76 25.8 (32.0) 32.1 19.1 35.2 6.6 3.1 20.4 12.7 8.2 Asia Medium FSS 116 24.9 14.0 30.6 24.2 20.9 6.6 0.5 11.4 5.8 5.9 Asia Medium Non FSS 77 22.1 (30.1) 28.7 16.6 34.2 7.3 4.2 21.4 12.0 6.6 Asia Large FSS 119 25.4 15.6 29.8 21.8 20.6 8.4 0.5 10.5 6.2 4.5 Asia Large Non FSS 86 17.8 (11.5) 23.9 14.3 22.2 7.3 1.2 12.1 7.0 4.2 ECA Small FSS 118 37.7 14.9 37.8 25.8 31.4 10.4 0.9 17.2 9.1 5.5 ECA Small Non FSS 77 18.7 (29.4) 27.0 14.0 29.4 9.3 1.3 11.4 7.1 5.1 ECA Medium FSS 123 37.9 18.5 40.3 28.5 28.2 11.4 1.3 13.7 9.1 5.7 ECA Medium Non FSS 91 22.0 (10.1) 29.0 21.2 25.1 8.4 1.5 16.3 9.2 5.6 ECA Large FSS 117 23.3 14.6 26.2 17.9 18.7 7.7 1.1 9.6 5.0 4.4 ECA Large Non FSS 93 21.6 (7.6) 26.9 18.3 25.8 8.8 2.5 12.8 7.3 6.1 LAC Small FSS 116 30.4 13.6 44.1 35.2 26.1 4.8 0.9 17.4 9.6 7.1 LAC Small Non FSS 78 28.0 (27.6) 48.9 39.3 34.3 5.0 2.6 26.2 16.4 11.0 LAC Medium FSS 114 32.7 12.5 35.5 29.9 28.6 6.7 1.8 17.7 9.9 7.2 LAC Medium Non FSS 85 36.7 (13.3) 41.1 34.2 46.7 6.8 4.4 31.4 15.3 10.9 LAC Large FSS 115 26.3 12.8 28.9 23.5 22.0 6.9 2.2 12.1 6.2 5.2 LAC Large Non FSS 90 18.1 (11.3) 22.2 15.8 22.0 7.6 2.9 12.8 6.0 5.4 MENA Small FSS 123 22.0 18.9 35.2 23.1 13.6 4.9 0.4 8.0 5.2 6.7 MENA Small Non-FSS 55 22.8 (80.2) 33.2 23.4 41.1 0.7 (0.2) 35.8 17.5 9.8 MENA Medium FSS 113 30.4 11.9 34.8 25.6 25.4 5.8 2.1 20.1 13.3 6.3 MENA Medium Non-FSS 89 21.6 (12.6) 35.4 23.9 24.1 2.1 0.4 17.2 10.8 5.6 MENA Large FSS 121 21.6 17.3 33.2 22.7 17.2 4.3 0.5 14.3 9.2 3.9 MENA Large Non-FSS 80 21.5 (25.4) 21.5 16.5 23.7 5.1 3.7 12.1 6.9 3.4





EFFICIENCY PRODUCTIVITYAdjustment

Expense/Assets

Operating Expense/

Loan Portfolio

Personnel Expense/

Loan Portfolio

Average Salary/GNI per Capita

Cost per Borrower

Cost per Loan

Borrowers per Staff Member

Loans per Staff Member

Borrowers per Loan

Officer

Loans per Loan

Officer

Depositors per Staff Member

PEER GROUPUnits % % % x USD USD nb nb nb nb nbYear: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008

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

AgeNew 2.1 31.2 16.5 3.1 157 141 70 72 179 176 47Young 1.5 22.4 12.0 3.5 148 150 103 104 231 245 81Mature 0.9 17.9 9.6 3.8 136 135 110 113 262 272 124

Charter Type:Bank 0.8 16.3 8.2 5.7 305 288 67 73 238 257 135Credit Union 1.3 13.6 6.9 3.3 191 186 81 82 258 265 226NBFI 1.3 20.6 11.1 4.4 169 164 92 92 226 239 36NGO 1.1 25.1 13.8 3.2 83 82 128 130 258 262 67Rural Bank 0.4 19.0 9.9 3.2 105 111 82 79 251 253 175

Financial IntermediationNon FI 1.1 22.8 12.6 3.1 153 145 103 105 233 243 0Low FI 1.6 24.0 13.4 4.4 82 82 115 115 252 256 109High FI 0.7 17.9 9.0 4.5 166 158 91 93 257 267 187

Methodology:Individual 0.7 15.8 8.6 3.4 233 227 75 79 222 235 63Individual/Solidarity 1.3 24.5 12.6 4.4 118 118 103 107 245 251 88Solidarity 1.4 19.7 10.7 3.2 23 26 156 171 274 278 200Village Banking 0.7 22.3 12.9 3.2 78 69 144 146 336 343 88

OutreachSmall (Outreach) 1.5 21.2 11.5 3.1 181 185 72 76 196 197 79Medium (Outreach) 1.0 21.9 12.0 4.4 135 135 114 115 258 258 108Large (Outreach) 0.8 16.1 9.3 4.3 83 84 156 171 321 343 142

Profit StatusProfit 1.0 20.2 10.4 4.3 172 169 84 84 241 249 104Not for Profit 1.3 20.0 11.3 3.4 123 123 109 114 251 257 102

Region:Africa 2.0 32.7 13.3 10.8 134 132 108 109 288 286 228Asia 0.8 17.2 9.6 2.8 30 31 132 133 272 279 156ECA 2.0 15.0 8.2 3.9 312 293 57 59 167 167 10LAC 0.6 22.3 12.6 3.4 180 167 107 112 262 278 33MENA 0.4 21.4 14.4 3.4 74 71 118 116 211 215 0

ScaleSmall (Scale) 1.7 26.3 14.5 2.5 118 121 87 88 212 213 81Medium (Scale) 1.4 21.9 12.3 3.9 136 135 107 111 253 263 134Large (Scale) 0.8 15.1 8.2 4.5 168 161 112 119 269 281 106

Sustainability:FSS 0.7 17.3 9.6 3.8 146 142 113 115 269 282 94Non-FSS 2.7 26.0 14.6 3.8 151 135 84 86 191 195 81

Target Market:Low end 1.0 27.5 15.9 2.4 64 65 142 143 276 281 98Broad 1.2 17.2 9.2 4.4 169 164 88 90 242 250 108High end 1.3 15.0 7.7 9.2 290 283 58 62 184 185 112Small Business 1.3 15.5 7.3 10.6 406 405 33 35 127 129 88

COMPOUND PEER GROUPSAfrica Small FSS 1.7 27.1 11.9 7.6 68 136 143 132 336 272 216Africa Small Non FSS 6.0 52.0 24.3 8.8 75 65 81 83 209 209 136Africa Medium FSS 1.1 24.9 10.3 9.6 138 138 112 112 335 335 285Africa Medium Non FSS 3.8 42.9 23.9 14.4 133 115 108 108 259 282 204Africa Large FSS 1.4 29.0 12.5 13.5 220 184 83 83 269 304 330Africa Large Non FSS 2.2 23.6 10.7 12.2 134 130 123 127 324 415 204Asia Small FSS 0.6 27.6 13.4 2.3 51 51 85 85 231 236 124Asia Small Non FSS 2.6 24.4 14.6 2.3 41 53 115 115 218 218 115Asia Medium FSS 0.5 16.1 8.9 2.6 35 39 146 153 321 331 244Asia Medium Non FSS 2.8 23.7 15.2 3.4 31 31 141 141 254 254 147Asia Large FSS 0.6 14.6 7.7 3.1 27 29 163 181 334 349 106Asia Large Non FSS 2.1 15.7 10.6 3.1 25 25 155 157 314 316 155ECA Small FSS 3.1 15.3 9.6 2.2 293 329 47 47 135 141 16ECA Small Non FSS 6.2 16.6 11.2 2.5 284 283 39 41 139 139 16ECA Medium FSS 3.1 15.2 9.7 4.1 147 147 94 96 213 245 4ECA Medium Non FSS 3.0 18.0 11.4 3.6 449 445 48 54 146 146 0ECA Large FSS 0.9 12.2 6.6 5.5 249 245 88 90 236 238 7ECA Large Non FSS 1.8 15.7 8.3 4.1 571 518 45 54 119 121 10LAC Small FSS 0.9 26.1 15.0 2.3 136 134 106 114 291 302 0LAC Small Non FSS 1.1 50.8 30.1 2.4 193 188 95 95 178 178 0LAC Medium FSS 0.5 21.7 12.3 3.8 159 152 122 129 295 298 3LAC Medium Non FSS 2.1 46.1 24.9 4.9 167 166 86 87 203 203 64LAC Large FSS 0.2 14.8 7.7 4.5 218 192 120 131 282 309 114LAC Large Non FSS 2.1 16.3 10.9 3.6 286 234 81 84 197 197 49MENA Small FSS 0.3 21.5 15.1 1.4 37 37 108 108 209 209 37MENA Small Non-FSS 9.3 65.9 30.3 4.2 85 85 71 71 147 147 42MENA Medium FSS 2.5 25.0 16.4 3.3 52 28 142 142 253 253 n/aMENA Medium Non-FSS 2.2 32.0 20.7 2.8 69 54 105 105 169 169 0MENA Large FSS 0.1 15.9 12.4 4.0 76 74 154 165 281 292 0MENA Large Non-FSS 0.2 14.4 8.5 3.9 62 60 119 119 264 264 3





PRODUCTIVITY RISK AND LIQUIDITYDeposit

Accounts per Staff Member

Personnel Allocation

Ratio

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

AssetsPEER GROUP

Units nb % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008

All MFIs 136 44.5 3.1 1.6 1.0 0.8 81.0 12.2 SIMPLE PEER GROUPS

AgeNew 80 45.5 2.8 1.2 0.3 0.2 68.6 10.7 Young 123 46.3 2.9 1.3 0.9 0.8 84.0 14.7 Mature 163 43.3 3.2 1.7 1.3 0.9 84.3 12.2

Charter Type:Bank 141 34.2 2.8 1.3 1.2 0.9 100.8 18.6 Credit Union 267 31.8 3.6 2.0 1.0 0.8 54.0 8.9 NBFI 107 45.5 3.2 1.5 0.8 0.7 84.0 10.9 NGO 101 50.9 3.2 1.8 1.3 0.9 83.7 11.8 Rural Bank 184 33.3 1.7 1.1 0.9 0.8 159.9 18.4

Financial IntermediationNon FI 0 46.7 3.2 1.7 1.0 0.8 82.0 9.4 Low FI 109 50.0 3.0 1.4 0.6 0.4 77.8 14.5 High FI 198 36.2 3.2 1.7 1.3 1.1 80.8 15.1

Methodology:Individual 95 36.9 3.4 1.6 1.2 0.9 81.4 9.8 Individual/Solidarity 113 44.9 3.4 1.7 1.3 1.0 69.6 13.3 Solidarity 208 56.2 1.5 0.6 0.2 0.2 112.3 14.4 Village Banking 88 55.9 1.0 0.4 0.5 0.3 147.0 10.3

OutreachSmall (Outreach) 104 40.0 3.7 1.8 0.9 0.7 62.1 10.1 Medium (Outreach) 136 45.5 3.4 1.9 1.8 1.5 90.1 13.5 Large (Outreach) 180 52.8 2.2 1.2 0.9 0.8 108.4 14.4

Profit StatusProfit 127 41.0 2.7 1.3 1.0 0.8 89.9 15.0 Not for Profit 146 46.0 3.3 1.8 1.0 0.9 77.0 10.5

Region:Africa 243 41.4 4.7 2.3 1.6 1.1 57.1 16.1 Asia 169 51.9 1.5 0.6 0.4 0.4 97.9 17.3 ECA 49 36.9 2.0 1.0 0.4 0.3 79.2 5.5 LAC 53 43.8 4.2 2.4 2.3 1.8 93.4 11.0 MENA 67 54.4 2.4 0.8 0.9 0.4 72.5 19.6

ScaleSmall (Scale) 108 44.4 3.7 1.9 0.9 0.7 60.8 11.8 Medium (Scale) 162 45.5 3.1 1.7 1.0 0.9 79.2 11.4 Large (Scale) 150 44.0 2.5 1.3 1.1 0.8 105.0 13.4

Sustainability:FSS 133 43.7 2.4 1.3 0.8 0.7 95.5 11.8 Non-FSS 106 46.3 4.7 2.4 1.9 1.5 66.4 12.3

Target Market:Low end 133 53.8 2.9 1.4 0.8 0.6 79.9 13.3 Broad 140 39.9 3.2 1.8 1.4 1.1 84.8 10.8 High end 171 33.2 4.4 2.6 0.9 0.7 67.8 12.4 Small Business 154 25.0 2.3 1.0 0.7 0.6 71.8 16.3

COMPOUND PEER GROUPSAfrica Small FSS 221 48.6 4.0 1.6 1.0 1.0 53.3 13.5 Africa Small Non FSS 155 45.6 5.9 2.9 2.1 2.1 48.2 16.6 Africa Medium FSS 285 43.8 3.8 2.5 2.8 2.4 64.9 11.3 Africa Medium Non FSS 201 45.1 5.3 2.7 2.3 2.1 74.3 16.6 Africa Large FSS 331 33.5 4.4 1.8 1.2 0.9 50.9 17.9 Africa Large Non FSS 242 31.5 5.5 4.5 2.7 2.7 65.3 13.7 Asia Small FSS 124 47.5 2.2 1.4 0.7 0.7 85.6 18.5 Asia Small Non FSS 124 51.7 4.7 3.3 1.9 2.2 57.7 18.8 Asia Medium FSS 246 54.0 0.6 0.3 0.3 0.3 165.1 16.8 Asia Medium Non FSS 168 58.3 4.0 3.3 0.7 0.7 90.7 17.1 Asia Large FSS 109 53.6 0.4 0.2 0.2 0.1 183.1 17.1 Asia Large Non FSS 159 56.9 2.4 0.7 0.6 0.5 99.6 16.5 ECA Small FSS 21 32.5 1.9 0.9 0.0 0.0 50.0 2.8 ECA Small Non FSS 45 33.3 2.9 1.1 0.4 0.1 50.0 4.4 ECA Medium FSS 91 37.0 1.9 0.5 0.2 0.2 79.7 5.5 ECA Medium Non FSS 47 42.9 3.1 1.0 0.8 0.5 55.5 4.6 ECA Large FSS 164 41.4 1.6 0.8 0.5 0.5 103.1 9.2 ECA Large Non FSS 43 41.0 3.2 1.6 1.4 1.1 96.5 11.6 LAC Small FSS 0 43.0 3.7 2.1 0.9 0.9 100.0 10.7 LAC Small Non FSS 0 48.4 6.1 3.1 4.2 3.7 62.3 12.1 LAC Medium FSS 22 45.2 4.3 2.2 2.3 1.9 95.1 9.5 LAC Medium Non FSS 67 45.7 7.9 4.2 4.6 4.1 63.1 9.3 LAC Large FSS 140 40.4 3.2 1.9 2.0 1.8 116.6 12.6 LAC Large Non FSS 84 43.4 6.9 4.4 2.2 1.8 91.4 10.8 MENA Small FSS 143 43.9 1.6 0.7 0.0 0.0 58.6 29.2 MENA Small Non-FSS 42 55.0 5.7 0.6 5.6 5.6 58.0 23.5 MENA Medium FSS n/a 67.4 3.0 2.6 0.0 0.0 92.1 19.8 MENA Medium Non-FSS n/a 54.4 1.9 0.6 1.8 0.7 63.9 21.9 MENA Large FSS n/a 54.2 1.9 1.2 0.4 0.2 74.9 14.5 MENA Large Non-FSS 22 58.6 1.7 1.0 0.6 0.4 532.1 19.0





Changes to MIX data standards and indicatorsStarting with the 2008 MFI Benchmarks, MIX has made a number of changes to the way MFI data is presented and the processes for recording and transforming that data. Readers will find differences in data due to improved account structuring, consistent with international standards (IFRS), methods for calculating and converting data into USD, and ways in which aggregate data is displayed. Users will find more details about changes to currency translation, averages, financial statement and product data by going to www.mixmarket.org > About MIX Market > About the Data.

INSTITUTIONAL CHARACTERISTICSNumber of MFIs Sample Size of GroupAge Years Functioning as an MFITotal Assets Total Assets, adjusted for Inflation and standardized provisioning for loan impairment and write-offsOffices Number, including head officePersonnel Total number of staff membersFINANCING STRUCTURECapital/Asset Ratio Adjusted Total Equity/Adjusted Total AssetsDebt to Equity Adjusted Total Liabilities/Adjusted Total EquityDeposits to Loans Voluntary Deposits/Adjusted Gross Loan PortfolioDeposits to Total Assets Voluntary Deposits/Adjusted Total AssetsPortfolio to Assets Adjusted Gross Loan Portfolio/Adjusted Total AssetsOUTREACH INDICATORSNumber of Active Borrowers Number of borrowers with loans outstanding, adjusted for standardized write-offsPercent of Women Borrowers Number of active women borrowers/Adjusted Number of Active BorrowersNumber of Loans Outstanding Number of loans outstanding, adjusted for standardized write-offsGross Loan Portfolio Gross Loan Portfolio, adjusted for standardized write-offsAverage Loan Balance per Borrower Adjusted Gross Loan Portfolio/Adjusted Number of Active BorrowersAverage Loan Balance per Borrower/GNI per Capita Adjusted Average Loan Balance per Borrower/GNI per CapitaAverage Outstanding Balance Adjusted Gross Loan Portfolio/Adjusted Number of Loans OutstandingAverage Outstanding Balance/GNI per Capita Adjusted Average Outstanding Balance/GNI per CapitaNumber of Depositors Number of depositors with any type of deposit accountNumber of Deposit Accounts Number of all deposit accountsDeposits Total value of all deposit accountsAverage Deposit Balance per Depositor Deposits/Number of DepositorsAverage Deposit Balance per Depositor/GNI per capita Average Deposit Balance per Depositor/GNI per capitaAverage Deposit Account Balance Depositors/Number of Deposit AccountsAverage Deposit Account Balance/GNI per capita Average Deposit Account Balance/GNI per capitaMACROECONOMIC INDICATORSGNI per Capita Total income generated by a country's residents, irrespective of location/Total number of residents

(World Development Indicators)GDP Growth Rate Annual growth in the total output of goods and services occurring within the territory of a given

country (World Development Indicators)Deposit Rate Interest rate offered to resident customers for demand, time, or savings deposits (IMF/International

Financial Statistics)Inflation Rate Annual change in average consumer prices (IMF/International Financial Statistics)Financial Depth Money aggregate including currency, deposits and electronic currency (M3)/GDP, measuring the

monetization of the economy (IMF/International Financial Statistics)OVERALL FINANCIAL PERFORMANCEReturn on Assets (Adjusted Net Operating Income - Taxes)/Adjusted Average Total AssetsReturn on Equity (Adjusted Net Operating Income - Taxes)/Adjusted Average Total EquityOperational 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)REVENUESFinancial Revenue/Assets Adjusted Financial Revenue/Adjusted Average Total AssetsProfit Margin Adjusted Net Operating Income/Adjusted Financial RevenueYield on Gross Portfolio (nominal) Adjusted Financial Revenue from Loan Portfolio/Adjusted Average Gross Loan PortfolioYield on Gross Portfolio (real) (Adjusted Yield on Gross Portfolio (nominal) - Inflation Rate)/(1 + Inflation Rate)

EXPENSESTotal Expense/Assets Adjusted (Financial Expense + Net Impairment Loss + Operating Expense)/Adjusted Average Total AssetsFinancial Expense/Assets Adjusted Financial Expense/Adjusted Average Total AssetsProvision for Loan Impairment/Assets Adjusted Impairment Losses on Loans/Adjusted Average Total AssetsOperating Expense/Assets Adjusted Operating Expense/Adjusted Average Total AssetsPersonnel Expense/Assets Adjusted Personnel Expense/Adjusted Average Total AssetsAdministrative Expense/Assets Adjusted Administrative Expense/Adjusted Average Total AssetsAdjustment Expense/Assets (Unadjusted Net Operating Income - Adjusted Net Operating Income)/Adjusted Average Total Assets

EFFICIENCYOperating Expense/Loan Portfolio Adjusted Operating Expense/Adjusted Average Gross Loan PortfolioPersonnel Expense/Loan Portfolio Adjusted Personnel Expense/Adjusted Average Gross Loan PortfolioAverage Salary/GNI per Capita Adjusted Average Personnel Expense/GNI per capitaCost per Borrower Adjusted Operating Expense/Adjusted Average Number of Active BorrowersCost per Loan Adjusted Operating Expense/Adjusted Average Number of Loans

PRODUCTIVITYBorrowers per Staff Member Adjusted Number of Active Borrowers/Number of PersonnelLoans per Staff Member Adjusted Number of Loans Outstanding/Number of PersonnelBorrowers per Loan Officer Adjusted Number of Active Borrowers/Number of Loan OfficersLoans per Loan Officer Adjusted Number of Loans Outstanding/Number of Loan OfficersDepositors per Staff Member Number of Depositors/Number of PersonnelDeposit Accounts per Staff Member Number of Deposit Accounts/Number of PersonnelPersonnel Allocation Ratio Number of Loan Officers/Number of PersonnelRISK AND LIQUIDITYPortfolio at Risk > 30 Days Outstanding balance, portfolio overdue> 30 Days + renegotiated portfolio/Adjusted Gross Loan PortfolioPortfolio at Risk > 90 Days Outstanding balance, portfolio overdue> 90 Days + renegotiated portfolio/Adjusted Gross Loan PortfolioWrite-off Ratio Adjusted Value of loans written-off/Adjusted Average Gross Loan PortfolioLoan Loss Rate (Adjusted Write-offs - Value of Loans Recovered)/Adjusted Average Gross Loan PortfolioRisk Coverage Ratio Adjusted Impairment Loss Allowance/PAR > 30 DaysNon-earning Liquid Assets as a % of Total Assets Adjusted Cash and banks/Adjusted Total Assets

Indicator Definitions



PEER GROUP–2008PEER GROUP - 2008 DATA QUALITY †

N * ** *** PARTICIPATING INSTITUTIONS

SIMPLE PEER GROUPS

Age: New(0 to 4 Years)

191 84 95 12 1st MCC, ACB sa, ACFB, ACLEDA Lao, Aden, Agrocredit Plus, Al Rafah Bank, Alliance Group, Alliance MFB, Alternativa 19 del Sur, Al-Thiqa, Alwatani, AMfB, AMFI, Amlok, ANDE, Apoyo Económico, AREGAK UCO, Arnur Credit, Arohan, ASA - GHA, ASA Philippines, ASUSU CIIGABA, Avantaj, Bancamía, Banco Amigo, Rede Novo Sol, Banco Popular do Brasil, Bereke-credit, Berendina Microfinance, BJS, Blago, BMT Kayu Manis, BOM, Borshud, BPR BKK Cilacap, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BRCCC, CAFODEC, CAURIE Micro Finance, CEDEF, Chamroeun, COAC Chone, COAC Fernando Daquilema, COAC Padre Vicente, Columbia Microcreditos, Common Interest, COOPAC Norandino, COOPEC Hinfani Dosso, CRAC Nuestra Gente, Crece Safsa, CrediClub, CrediComún, Créditos Pronegocio, CREDITUYO, Cresol Central, Crezcamos, DAYAQ-Credit, Dirigible, Don Apoyo, DQF, Duterimbere, Ehyoi kuhiston, Elet-Capital, Equitas, Farm Credit Armenia, FinAgro, FINCA - JOR, FINORTE, FMF, FNT Credit, FONDESOL, Forjadores de Negocios, Galaktika, Garant-Invest, GCM, GGEM Microfinance Services Ltd., GOF, Grupo Río La Venta, Harbu, HiH, IMFB, Imodi Hutal, Impuls, Instituto Estrela, Invest Credit, Invest-Credit Moldova, Invirtiendo, IPR, Izdiharona Microfinance, Kashf Bank, KBank, Kemek, Kompanion, KVK-Altay, LAPO-SLE, Letta, LSK, MADRAC, Mahashakti, Maqsadi dasgiri, MCL, MCO ‘Oral’, MiBanco Venezuela, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Mikrokredit Bank, MikroMaliyye Credit, Mimo Finance, MLF Kiropol, MLF Madina, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MoFAD, Mol Bulak Finance, Nadejda, NCS, NEED, Neftegaz, NMFB, Nov Credit, Obereg (Vladivostok), OI China, OISL, Opportunity Finance, Opportunity Kenya, OXUS - AFG, OXUS - KGS, Partner Russia, PAWDEP, PNG Microfinance Ltd, POMFB, Popular SAFI, Povoljye, ProCredit - COL, ProCredit - HND, ProCredit Bank - MDA, ProCredit Bank - SLE, ProCredit Bank- DRC, Progresemos, Pro Mujer - ARG, RAFODE, RCCECG, Red de Vanguardia, REDFunds, Reef, Reliance, Rezerv, Rishenglong, Riverbank, RML, Rus, WMN (Russia), Samasta, Sarala, SEM Fund, SemiSol, SEWA Finance, SFF, SFSD, SOCRED, Sodeystviye-2005, Soluciones Reales, Sonata, SoyuzKredit, Sugd Microfin, Mentors - PER, SFPL, Te Creemos, TMFB, Trident Microfinance, Tsimlyansk, Tujijenge, Turame Community Finance, UCCEC GY, Ujjivan, UMECDES, UNION DES COOPECs UMUTANGUHA, VFM, Vivir Soluciones, Vostok Kapital, WISE, WOCCU - AFG, WWI - AFG

Age: Young(5 to 8 Years)

203 62 127 14 ABCRDM, ABWA, Abyan, Abzal Kredit, AccessBank, ADCSI, Adhikar, AFS, Agência do Crédito, Aqrarkredit, Agroinvestbank, A-invest, Akuapem RB, Al Awael, Alternativa Microfinanzas, AMC de R.L., AMEXTRA, AML, AMOS, APED, APROS, Aqroinvest, ARDI, ARMP, Asasah, Asociación El Balsamo, ASP Financiera, ASR, ASTI, ATEMEXPA, Atwima Kwanwoma, Azal, Azeri Star, Bai Tushum, Banco do Vale, BANCRI, Bandhan, BAYOCA, Bereke, BFSBS, Binhminh CDC, BMT Pringsewu, BRAC - AFG, BZMF, CACMU, Capitec Bank, Casa do Microcrédito, CBB, CBIRD, CDM, CEP Long An, CEVI, CFA, CFE, CHF Iraq, Childfund Hoa Binh, CMFinance, COAC Acción Rural, COAC Ambato, COAC Fondvida, COAC Kullki Wasi, COAC Luz del Valle, COAC Santa Anita, COCDEP, Comultrasan, COOPAC Los Andes, COSPEC, CredAgro NBCO, CREDIT, Credit Mongol, CRYSOL, CU Pantai Prigi, CUMO, CZWSDA, DD Bank, Doveriye - Volgograd, ECLOF - ARM, ECLOF - PHL, Edinstvo-Volgograd, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Pro Negocios, Eshet, Crezkamos Kapital, Fácil SCM, FIDEVIE, FIE Gran Poder, FinAmigo, FINCA - AFG, FINCA - DRC, FINCA - KOS, FINCA - TJK, FINCA - ZMB, FinDev, FISUR, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FMFI-SYR, FODEM, FORWARD, Fundación Alternativa, FUNDAHMICRO, FUNDESER, FVP, Grameen Mendoza, Hekima, Hluvuku, Hofokam, Hope for Life, Horizon, Horizonti, ICC Conquista Solidária, ICC MAUCE, IDDA, Indur MACS, Jabal Al Hoss, Joldosh Group, JOVID, KADET, Kakum RB, Kasagana-Ka, Kazama Grameen, KCCDFI, Khushhali Bank, Komak Credit, KosInvest, Kredo, KRK Ltd, Lak Jaya, Lazika Capital, Lead Foundation, LIDER, Life Bank, M7 Ninh Phuoc, Manushi, Marang, Maxima, Mbinga CB, MBK Ventura, MDF, MECBAS, Meklit, MFI, MGPCC DEKAWOWO, Micro Africa, Micro Start, Microinvest, MLF MicroInvest, MLF MWI, Moldir, Moris Rasik, MUL, Narodniy Kredit_Kemerov, NMF, NovoBanco - MOZ, OBS, Faulu - TZA, OIBM, OMB, OMRO, Oportunidad Microfinanzas, Otiv Diana, Parwaz, PASED, PATRA Hunchun, PATRA Yanbian, Plan International, ProCredit - ECU, ProCredit - GHA, ProCredit - NIC, ProCredit Bank - BGR, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, Progresar, Pro Mujer - MEX, Real Microcrédito, Reserv-Altay, São Paulo Confia, Saadhana, SB Bank, SOCIALCRED, Sodruzhestvo, SOGESOL, SolFi, Solución Asea, Soyuz-Khimik, Soyuz-Primoroye, SPBD, SU, SUMI, TFS, Tsaritsinskiy passaj, U-IMCEC, Umid, Umid-Credit, VFC, VRFSBS, Wasasa

Age: Mature(> 8 Years)

657 191 391 75 1st Valley Bank, 3A Entreprises, A3C, ABA, ABS-CBN, ACAD, ACBA, ACCOVI, ACEP Cameroon, ACEP Senegal, ACF, ACLEDA, ACME, ACORDE, ACSI, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADOPEM, ADRA - PER, ADRI, Aetos, AFK, AFODENIC, AGAPE, AgroCapital, Agroimpuls, AgroInvest, AGUDESA, Aiyl Bank, Akiba, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alidé, ALSOL, Alternativa, Alteya, AMA, AMC, Ameen, AMK, AMMACTS, AMRET, AMSSF/MC, ANED, Apoyo Integral, ARD, ARDCI, ASA, ASALA, ASBA, ASC Union, ASDIR, ASEI, ASHI, ASIDME, ASKI, Asociación Arariwa, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, Avanzar, AWS, AYNLA, Azercredit, Azerdemiryolbank, Banco ADEMI, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Banco Familiar, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BANEX, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, Bank of Baku, BASIX, BCB, BCSC, BEES, BESA, Bessfa RB, BFL, BG, BIMAS, BISWA, BMSCCSL, Bonzali RB, BPR AN, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR NSI, BPR Pinang Artha, BPR PKT, BPR Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR Taman Dhana, BRAC, BSS, BTA Bank, BURO Bangladesh, BWDC, CAFASA, Caja Depac Poblana, Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, CAPPED, CARD Bank,



PEER GROUP - 2008 DATA QUALITY †


SIMPLE PEER GROUPS

CARD NGO, CARE - CREEME, Caritas, Caritas Esteli, Cashpor MC, CBDIBA/RENACA, CBMO, CCA, CCC, CDRO, CDS, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CECA, CECIC S.A., CEC-PROM Mature, CEF, Centenary Bank, Central Cresol Baser, CEOSS, CEP, CEP BRVT, CEPESIU, CEPRODEL, CESOL ACJ, CETZAM, CFF, CFPA, Chandeshwori, CHC-Limited, Chita FSBS, CIDRE, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 4 de Octubre, COAC Artesanos, COAC Huaycopungo, COAC Jardín Azuayo, COAC La Benéfica, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, CODESARROLLO, CompartamosBanco, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, CPECG Yete Mali, CRAC Los Andes, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, CRAN, CRECER, Credi Fé, CrediAmigo, CrediAvance, Credi-Capital, Credicoop, CREDIMUJER, Crediscotia, Credisol, CREDO, CReSA, CRG, Crystal, CSD, CU Kosayu, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, DAMEN, DBACD, DEC, DECSI, DEF, DEPROSC-Nepal, Despacho Amador, Diaconia, Dian Mandiri, DINARI, DJOMEC, DSK Dobrich, D-Miro, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, DSPI, ECLOF - ECU, EcoFuturo FFP, EDAPROSPO, Edinstvo Yurga, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Proempresa, EDPYME Raíz, EKI, EKPA, Emprender, Enda, ENLACE, Equity Bank, ESAF, ESED, Espacios Alternativos, Express Finance, FACES, FADEMYPE, FAFIDESS, FAIR Bank, FAM, FAMA OPDF, FAPE, FASL, Fassil FFP, FATEN, Faulu - KEN, Faulu - UGA, FBPMC, AfricaWorks, FDL, FDM, FECECAM, FED, FFECC, FFSA, FIACG, FICO, FIDERPAC, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - ARM, FINCA - AZE, FINCA - ECU, FINCA - GEO, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA - TZA, FINCA - UGA, FinComún, FINCORP, FINSOL, First Macro Bank, Emprenda, FMCC, FMM Bucaramanga, FMM Popayán, FMSD, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESURCO, Fondo Esperanza, Fonkoze, Fortaleza FFP, FORUS, FOVIDA, FRAC, FUBODE, FUCEC Togo, FUDEMI, FULM, FUNBODEM, Fundación 4i-2000, Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, FUNDESPE, Fundusz Mikro, FUNED, FUNHAVI, FUNSALDE, Génesis Empresarial, Gasha, GAWFA, GBNB, General Toshevo, GFSPL, GM Bank, Gorodskoy, GRAINE sarl, Grameen Bank, Green Bank, GU, GV, HEED, HDH OPDF, HKL, HOPE, HSPFI, ICC BluSol, ICMFB, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, IMON, IMPRO, INECO, Inicjatywa Mikro, INMAA, INSOTEC, Intellekt, Interactuar, Interfisa Financiera, Jamii Bora, Janodaya, JCF, Jigiyaso Ba, JSC Bank Constanta, JSCCS, Juaben RB, JVS, Kafo Jiginew, KAMURJ, Kashf Foundation, Kajnardza 96, KBSLAB, KEP, KGMAMF, Khan Bank, KixiCredito, KMB, KMBI, KMF, Kokari, Kondo Jigima, KOPSA, KPOSB, K-Rep, KRUSHI, KSF, KSK RPK, KVK, KWFT, La Community Bank, LAM, LAPO-NGR, LOK Microcredit Foundation, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Uong bi, Maata-N-Tudu, FAF-DC, Mahasemam, Mahila, Mahuli, Makhzoumi, Mallig Plains RB, Manuela Ramos, Maritsa Invest, MC², MCN, MEC AFER, MEC FEPRODES, MECREF, MEDF, MED-Net, MEMCO, MFW, MGBB, MiBanco, MI-BOSPO, Coop MEDA, Microserfin, Microsol, MIDE, MIKRA, Mikro ALDI, Mikrofond, Miselini, Miziya, MLF Chiluchor chashma, MAMIDECOT, Momina Voda, Moznosti, MPGBB, MUDE, MUSCCO, Mutuelle Akwaba, Nachala, Nadejda 96, NBJK, NeRuDO, New RB of Victorias, Nidan, Nirdhan, Normicro, NRDSC, NSBA, Nwabiagya RB, NWTF, Nyesigiso, OBM, OCSSCO, ODEF Financiera, OLC, Opportunity Albania, Otiv Alaotra, Otiv Sambava, Otiv Tana, Otuasekan RB, OXUS - TJK, PADME, PAIDEK, PALFSI, PAMECAS, PAPME, Parabank, PARC, Partner, PASECA - Kayes, PBC, PEACE, Perelik, PGBB, Pomoriiski stopanin, Popular Kasa-Kystendil, PR Bank, PRASAC, PRESTANIC, PRIDE - TZA, Pride Finance, PRISMA, PRIZMA, ProCaja, ProCredit - BOL, ProCredit - MDA, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, PRODEM FFP, PRODESA, Progressive Bank, Pro Mujer - BOL, Pro Mujer - NIC, Pro Mujer - PER, Pushtikar, PWMACS, RADE, Raduga, RASS, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Lebak, RB Mabitac, RB Montevista, RB Oroquieta, RB Placer, RB Siargao, RB Solano, RB Talisayan, RCDS, RCPB, RGVN, ROMCOM, Rost, RSPI, Ryada, Sabaragamuwa, SABR, Saglasie 96, Sahara Mahila, Sajida, Samokov 96, Sanghamithra, Sartawi, Sarvodaya Nano Finance, SAT, Sathapana Limited, SBACD, SBS, SCDA, SCNL, SDBL, SEAP, SED, SEDA, SEEDS, SEF-ARM, SEF-ZAF, Seilanithih, Serviamus, SEWA Bank, SFPI, Shakti, SHARE, SINERGIJA, SIPEM, SKDRDP, SKS, SMEP, Smilyan, SMSS, PADECOMSM, Sodeystviye, SOFINA, Soglasiye, Solidarnost, Soro Yiriwaso, South Akim RB, Spandana, SPGBB, SSS, Stanichnik, Stopanin, Sungi, Sunrise, SWAWS, Tamweelcom, Tchuma, TIAVO, TLM, TPC, TSKI, TYM, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCEC/MK, UNACOOPEC-CI, UNICREICH, Union RB, UNRWA, UOB, Upper Manya RB, USFSBS, USTOI, Finance Trust, Valiant RB, VBSP, VFS, Viator, Visión Banco, Vital Finance, VSSU, VYCCU, WAGES, WDB, Wisdom, WKP, Women for Women, World Relief - HND, WSE, WWB Cali, XacBank, Zakoura,

Charter Type: Bank(Bank)

82 6 62 14 ACBA, AccessBank, ACLEDA, ACLEDA Lao, ADOPEM, Agroinvestbank, Aiyl Bank, Akiba, Al Rafah Bank, AMfB, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Amigo, Banco Familiar, Banco Popular do Brasil, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BanGente, Bank Eskhata, Bank of Baku, BCSC, BOM, BTA Bank, Capitec Bank, Centenary Bank, Columbia Microcreditos, CompartamosBanco, CrediAmigo, Crediscotia, CRG, Equity Bank, FINCA - ECU, FMFB - AFG, FMFB - TJK, FORUS, Grameen Bank, ICMFB, IMFB, INECO, JSC Bank Constanta, KBank, Khan Bank, KMB, KPOSB, K-Rep, La Community Bank, LAPO-SLE, MiBanco, MiBanco Venezuela, Mikrokredit Bank, Nirdhan, NovoBanco - MOZ, OBM, OBS, OIBM, OMB, Parabank, ProCredit - BOL, ProCredit - COL,





SIMPLE PEER GROUPS

ProCredit - ECU, ProCredit - HND, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, SEWA Bank, VBSP, Visión Banco, XacBank

Charter Type: Credit Union(Credit Union)

182 99 72 11 ACEP Senegal, ACFB, Aetos, Agroimpuls, Alternativa, Alteya, AMMACTS, Aqroinvest, ASC Union, ASR, Avantaj, Blago, BMSCCSL, BMT Kayu Manis, BRCCC, CACMU, Caja Depac Poblana, Caja Popular Mexicana, CamCCUL, CCAMETRO, CDM, CECA, CEC-PROM Mature, Central Cresol Baser, Chandeshwori, CMCA, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, Comultrasan, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, Credicoop, Cresol Central, CU Sawiran, DJOMEC, DSK Dobrich, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, EKPA, FAM, FECECAM, FFECC, FUCEC Togo, FULM, Galaktika, General Toshevo, Gorodskoy, Impuls, Indur MACS, Intellekt, Jigiyaso Ba, JSCCS, Kafo Jiginew, Kajnardza 96, Kokari, Komak Credit, Kondo Jigima, Kredo, KSK RPK, KVK, KVK-Altay, LSK, Madfa SACCO, Mahila, Maritsa Invest, MC², MEC AFER, MEC FEPRODES, MECBAS, MECREF, MGPCC DEKAWOWO, Coop MEDA, Miziya, MAMIDECOT, Momina Voda, Moznosti, MUSCCO, Mutuelle Akwaba, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, Neftegaz, Nyesigiso, Obereg (Vladivostok), Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, PAMECAS, Partner Russia, PASECA - Kayes, Perelik, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, Pushtikar, PWMACS, Raduga, RCCECG, RCPB, Reserv-Altay, Rezerv, Riverbank, Rost, Rus, Saglasie 96, Sahara Mahila, Samokov 96, SBS, Smilyan, Sodeystviye, Sodeystviye-2005, Soglasiye, Solidarnost, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, Stopanin, TIAVO, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNION DES COOPECs UMUTANGUHA, Vostok Kapital, VYCCU, WOCCU - AFG

Charter Type: NBFI(Non - Bank Financial Intermediary)

338 99 192 47 1st MCC, 3A Entreprises, Abzal Kredit, ACB sa, ACCOVI, ACF, ACSI, ADCSI, AFS, Aqrarkredit, AgroInvest, A-invest, Al Awael, Alliance Group, Alliance MFB, Alternativa 19 del Sur, Alwatani, AMC, AMC de R.L., Ameen, AMK, AML, Amlok, AMRET, Apoyo Económico, Apoyo Integral, AREGAK UCO, Arnur Credit, Arohan, ASP Financiera, ASTI, ASUSU CIIGABA, AWS, Azercredit, Azeri Star, Bai Tushum, Bandhan, BANEX, BASIX, BAYOCA, Bereke-credit, Berendina Microfinance, BFL, BFSBS, BG, Borshud, CAFASA, CAFODEC, CAPA, CAURIE Micro Finance, CBIRD, CCA, CDS, CECIC S.A., CEF, CETZAM, CFA, CFE, CHC-Limited, Chita FSBS, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMFinance, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crece Safsa, CredAgro NBCO, Credi Fé, CrediAvance, Credi-Capital, CrediClub, CrediComún, CREDIT, Credit Mongol, Créditos Pronegocio, CREDITUYO, CREDO, Crezcamos, Crystal, DAYAQ-Credit, DD Bank, DECSI, Degaf, Despacho Amador, Dirigible, Don Apoyo, Duterimbere, ECLOF - ARM, EcoFuturo FFP, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, Elet-Capital, ENLACE, Equitas, Eshet, Crezkamos Kapital, Fácil SCM, FAMA OPDF, Farm Credit Armenia, FASL, Fassil FFP, FATEN, Faulu - KEN, Faulu - UGA, FFSA, FIE FFP, FIE Gran Poder, FIELCO, FinAgro, FinAmérica, FinAmigo, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - HND, FINCA - Russia, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FinDev, FINORTE, FINSOL, Emprenda, FISUR, FMCC, FMFB - Pakistan, FNT Credit, Forjadores de Negocios, Fortaleza FFP, Fundusz Mikro, Garant-Invest, Gasha, GAWFA, GCM, GFSPL, GOF, GRAINE sarl, Grupo Río La Venta, GV, Harbu, HDH OPDF, HKL, HOPE, Horizon, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, IMON, Inicjatywa Mikro, Interfisa Financiera, Invest Credit, Invest-Credit Moldova, Invirtiendo, IPR, Jamii Bora, Joldosh Group, JOVID, JVS, KADET, KAMURJ, Kashf Bank, Kemek, KEP, Khushhali Bank, KixiCredito, KMF, Kompanion, KOPSA, KRK Ltd, KWFT, Lak Jaya, LAM, Lazika Capital, Letta, LIDER, LOK Microcredit Foundation, MADRAC, Maqsadi dasgiri, Maxima, MCL, MCN, MCO ‘Oral’, Meklit, MFI, MFW, MI-BOSPO, Micro Africa, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, MIKRA, Mikro ALDI, Mikrofond, MikroMaliyye Credit, Mimo Finance, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MoFAD, Mol Bulak Finance, Moldir, MUL, NMFB, Normicro, Nov Credit, OCSSCO, ODEF Financiera, Faulu - TZA, OI China, OISL, OMRO, Oportunidad Microfinanzas, Opportunity Albania, Opportunity Finance, Opportunity Kenya, OXUS - AFG, OXUS - KGS, OXUS - TJK, Partner, PEACE, PNG Microfinance Ltd, POMFB, Popular SAFI, PRASAC, PRIZMA, ProCredit - GHA, ProCredit - MDA, PRODEM FFP, Progresemos, Real Microcrédito, Red de Vanguardia, REDFunds, Reef, Reliance, Rishenglong, RML, WMN (Russia), Sabaragamuwa, Samasta, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, SDBL, SED, SEEDS, SEF-ARM, Seilanithih, SemiSol, SEWA Finance, SFF, SFPI, SHARE, SINERGIJA, SIPEM, SKS, SMEP, SOCIALCRED, PADECOMSM, SOCRED, SOFINA, SOGESOL, SolFi, Solución Asea, Soluciones Reales, Sonata, Spandana, Sugd Microfin, SUMI, Sunrise, SFPL, Tamweelcom, Tchuma, Te Creemos, TFS, TMFB, TPC, Trident Microfinance, Tujijenge, Turame Community Finance, TYM, Ujjivan, Umid-Credit, UNICREICH, UOB, USFSBS, USTOI, Finance Trust, VFC, VFM, VFS, Viator, Vivir Soluciones, VRFSBS, Wasasa, Nationwide Microbank, WDB, Wisdom, WISE, WWI - AFG





SIMPLE PEER GROUPS

Charter Type: NGO(Non Government Organization)

389 114 246 29 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, ACAD, ACEP Cameroon, ACME, ACORDE, Actuar Caldas, Actuar Tolima, Aden, Adhikar, ADICH, ADIM, ADRA - PER, ADRI, AFK, AFODENIC, Agência do Crédito, AGAPE, AgroCapital, Agrocredit Plus, AGUDESA, Al Amana, Al Karama, Al Majmoua, Al Tadamun, Alidé, ALSOL, Alternativa Microfinanzas, Al-Thiqa, AMA, AMEXTRA, AMFI, AMOS, AMSSF/MC, ANDE, ANED, APED, APROS, ARD, ARDCI, ARDI, ARMP, ASA, ASA - GHA, ASA Philippines, ASALA, Asasah, ASBA, ASDIR, ASEI, ASHI, ASIDME, ASKI, Asociación Arariwa, Asociación El Balsamo, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, ATEMEXPA, Avanzar, AYNLA, Azal, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, BANCRI, BEES, Bereke, BESA, BIMAS, Binhminh CDC, BISWA, BJS, BRAC, BRAC - AFG, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BSS, BURO Bangladesh, BWDC, BZMF, CAME, CAPPED, CARD NGO, CARE - CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, Cashpor MC, CBDIBA/RENACA, CCC, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CEDEF, CEOSS, CEP, CEP BRVT, CEP Long An, CEPESIU, CEPRODEL, CESOL ACJ, CEVI, CFF, CFPA, Chamroeun, CHF Iraq, Childfund Hoa Binh, CHWDA, CIDRE, CMEDFI, COCDEP, Common Interest, Conserva, Contactar, CRAN, CRECER, CREDIMUJER, Credisol, CReSA, CRYSOL, CSD, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, CZWSDA, DAMEN, DBACD, DEC, DEPROSC-Nepal, Diaconia, Dian Mandiri, DINARI, D-Miro, DQF, DSPI, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Emprender, Enda, ESAF, ESED, Espacios Alternativos, Express Finance, FACES, FADEMYPE, FAFIDESS, FAPE, FBPMC, AfricaWorks, FDL, FDM, FED, FIACG, FIDERPAC, FIDEVIE, FINCA - DRC, FINCA - GTM, FINCA - HTI, FINCA - JOR, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - SLV, FINCA - TZA, FMF, FMFI-SYR, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESOL, FONDESURCO, Fondo Esperanza, Fonkoze, FORWARD, FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, FUNDESER, FUNDESPE, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GGEM Microfinance Services Ltd., Grameen Mendoza, GU, HEED, Hekima, HiH, Hluvuku, Hofokam, Hope for Life, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDDA, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, IMPRO, INMAA, INSOTEC, Instituto Estrela, Interactuar, Izdiharona Microfinance, Jabal Al Hoss, Janodaya, JCF, JXWDA, Kasagana-Ka, Kashf Foundation, Kazama Grameen, KCCDFI, KGMAMF, KMBI, KosInvest, KRUSHI, KSF, LAPO-NGR, Lead Foundation, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, FAF-DC, Mahasemam, Mahashakti, Mahuli, Makhzoumi, Manuela Ramos, Manushi, Marang, MBK Ventura, MDF, MEDF, MED-Net, MEMCO, Micro Start, Microsol, MIDE, Miselini, MLF MWI, Moris Rasik, MUDE, NBJK, NCS, NEED, NeRuDO, Nidan, NMF, NRDSC, NSBA, NWTF, NYWDA, OLC, PADME, PAIDEK, PALFSI, PAPME, PARC, Parwaz, PASED, PATRA Hunchun, PATRA Yanbian, PAWDEP, PCWDA, Plan International, PRESTANIC, PRIDE - TZA, Pride Finance, PRISMA, ProCaja, PRODESA, Progresar, Pro Mujer - ARG, Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, RADE, RAFODE, RASS, RCDS, RGVN, ROMCOM, RSPI, Ryada, São Paulo Confia, Saadhana, SABR, Sajida, Sanghamithra, Sarala, Sartawi, SAT, SBACD, SCDA, SEAP, SEDA, SEF-ZAF, SEM Fund, Serviamus, SFSD, Shakti, SKDRDP, SMSS, Sodruzhestvo, Soro Yiriwaso, SPBD, SSS, SU, Sungi, Mentors - PER, SWAWS, TLM, TSKI, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, Vital Finance, VSSU, WAGES, WKP, Women for Women, World Relief - HND, WSE, WWB Cali, XXWDA, YYWDA, Zakoura

Charter Type: Rural Bank(Rural Bank)

84 21 62 1 1st Valley Bank, Akuapem RB, Atwima Kwanwoma, Banco Santiago de Libon, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BCB, Bessfa RB, BMT Pringsewu, Bonzali RB, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, Cantilan Bank, CARD Bank, CBB, CBMO, FAIR Bank, FICO, First Macro Bank, GBNB, GM Bank, Green Bank, Juaben RB, Kakum RB, KBSLAB, Mallig Plains RB, Mbinga CB, MGBB, MPGBB, New RB of Victorias, Nwabiagya RB, Otuasekan RB, PBC, PGBB, PR Bank, Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, Siam Bank, South Akim RB, SPGBB, Union RB, Upper Manya RB, Valiant RB

Financial Intermediation: Non FI

(Voluntary Savings/Total Assets = 0)

398 120 243 35 1st MCC, 3A Entreprises, ABA, ACAD, ACF, ACME, ACORDE, Actuar Caldas, Actuar Tolima, Adhikar, ADIM, ADRA - PER, ADRI, Aetos, AFODENIC, AFS, Agência do Crédito, AGAPE, Aqrarkredit, AgroCapital, Agrocredit Plus, Agroimpuls, AgroInvest, AGUDESA, A-invest, Aiyl Bank, Al Awael, Al Karama, Al Majmoua, Al Tadamun, Alliance Group, Alternativa Microfinanzas, Al-Thiqa, AMA, AMC, AMC de R.L., Ameen, AMFI, AML, AMMACTS, AMOS, AMSSF/MC, ANDE, ANED, Apoyo Económico, Apoyo Integral, Aqroinvest, ARDI, AREGAK UCO, ARMP, Arohan, ASBA, ASEI, ASIDME, Asociación El Balsamo, Asociación Raíz, ASOPROSANRAMON, ASP Financiera, ASTI, Avanzar, AWS, AYNLA, Azercredit, Bancamía, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, BANCRI, Bereke-credit, Berendina Microfinance, BESA, BFL, BFSBS, BISWA, BJS, BSS, BWDC, CAFODEC, CAPA, CARE - CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, Cashpor MC, CCC, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CEDEF, CEF, CEOSS, CEPESIU, CESOL ACJ, CFF, CHF Iraq, Chita FSBS, CHWDA, CIDRE, CMFinance, COCDEP, Columbia Microcreditos, Common Interest, CompartamosBanco, Contactar, CRECER, Credi Fé, CrediAmigo, Credi-Capital, CrediClub, CREDIMUJER, Credisol, Créditos Pronegocio, CREDITUYO, CReSA, Crezcamos, CRYSOL, CWCD, DAMEN, DAYAQ-





SIMPLE PEER GROUPS

Credit, DEF, Diaconia, Dirigible, DSK Dobrich, D-Miro, Don Apoyo, ECLOF - ECU, EDAPROSPO, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, Elet-Capital, Emprender, ENLACE, Equitas, ESAF, ESED, Express Finance, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAPE, Farm Credit Armenia, FDL, FED, FIACG, FIDERPAC, FIE Gran Poder, Financiera Fama, Financiera Independencia, FINCA - AFG, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - MEX, FINCA - NIC, FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA - TJK, FINCA - TZA, FINCORP, FinDev, FINORTE, Emprenda, FMCC, FMF, FMM Bucaramanga, FMM Popayán, FMSD, FNT Credit, FODEM, FODEMI, FOMIC, FONDEP, FONDESOL, FONDESURCO, Fondo Esperanza, Forjadores de Negocios, FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, FUNDESER, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GCM, General Toshevo, GGEM Microfinance Services Ltd., GFSPL, GOF, Grameen Mendoza, GV, HiH, HOPE, Hope for Life, ICC BluSol, ICC MAUCE, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDH, ImerCredit, Imkoniyat, Imodi Hutal, IMPRO, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Interactuar, Invest Credit, IPR, Izdiharona Microfinance, Janodaya, Joldosh Group, JXWDA, Kashf Bank, Kajnardza 96, Kemek, Komak Credit, Kompanion, KOPSA, KosInvest, KRK Ltd, LAM, LIDER, FAF-DC, Makhzoumi, Manuela Ramos, Marang, Maxima, MCN, MCO ‘Oral’, MDF, MEDF, MEMCO, MFI, Micro Africa, MicroCred - MDG, MicroCred - MEX, Micredito SAC, Coop MEDA, Microfinanciera Prisma, Microserfin, Microsol, MIDE, MIKRA, Mikro ALDI, MikroMaliyye Credit, Mimo Finance, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF MWI, MLF Vahsh Microfin, MLO ‘Saodat Invest’, MMS, Moldir, Momina Voda, MUDE, MUL, Nachala, Nadejda 96, NBJK, NCS, Nidan, Normicro, Nov Credit, NSBA, OLC, Oportunidad Microfinanzas, Opportunity Albania, Opportunity Finance, OXUS - AFG, OXUS - KGS, PAIDEK, PASED, PATRA Hunchun, Perelik, Pomoriiski stopanin, Popular SAFI, PRESTANIC, PRISMA, PRODESA, Progresar, Progresemos, Pro Mujer - ARG, Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, RASS, RB Placer, Real Microcrédito, Red de Vanguardia, REDFunds, Rishenglong, RML, WMN (Russia), São Paulo Confia, Saadhana, Saglasie 96, Samokov 96, Sanghamithra, Sartawi, Sarvodaya Nano Finance, SCDA, SCNL, SED, SEF-ARM, SEF-ZAF, SEM Fund, SemiSol, SHARE, SINERGIJA, SIPEM, SKDRDP, SKS, SMILE, Smilyan, SMSS, SOCIALCRED, PADECOMSM, SOCRED, Sodruzhestvo, SOGESOL, Soglasiye, Solidarnost, Soluciones Reales, Sonata, Spandana, SSK, Stopanin, Sugd Microfin, Sungi, Mentors - PER, SFPL, SWAWS, TFS, TLM, Tsimlyansk, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, Umid-Credit, UNRWA, USFSBS, USTOI, VFM, VFS, Viator, Vital Finance, Vivir Soluciones, VRFSBS, Women for Women, WWB Cali, WWI - AFG, XXWDA, YYWDA, Zakoura

Financial Intermediation: Low FI

(Voluntary Savings/Total Assets > 0 and < 20%)

159 54 95 10 ABWA, Abyan, AccessBank, ACEP Cameroon, ACEP Senegal, Aden, ADICH, ADOPEM, ALSOL, Alternativa 19 del Sur, AMfB, AMK, AMRET, APROS, ASA - GHA, ASALA, Asasah, ASHI, Asociación Arariwa, ASODENIC, ASPIRE, ATEMEXPA, Azal, Bandhan, BASIX, BG, BOM, BRAC - AFG, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BRCCC, CAFASA, CCAMETRO, CBIRD, CDRO, CEPRODEL, CETZAM, CEVI, CFA, CFPA, CHC-Limited, Conserva, Coop 20 de Abril, COOPAC Norandino, COOPEC Hinfani Dosso, CRAN, Crece Safsa, CrediAvance, CrediComún, CREDIT, CUMO, CZWSDA, DD Bank, DEPROSC-Nepal, Despacho Amador, DINARI, Doveriye- Bulgaria, ECLOF - PHL, Eshet, Crezkamos Kapital, FAMA OPDF, FATEN, Faulu - UGA, FIDEVIE, FinAmigo, Financiera Edyficar, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - MWI, FINCA - ZMB, FISUR, FMFI-SYR, FONCRESOL, FONDECO, FORUS, FUNDEA, FUNED, Galaktika, GRAINE sarl, Grupo Río La Venta, HDH OPDF, HKL, Hluvuku, Hofokam, Horizonti, HSPFI, IDDA, Indur MACS, Invirtiendo, Jabal Al Hoss, JSC Bank Constanta, Kashf Foundation, KGMAMF, Khushhali Bank, KixiCredito, Kokari, KRUSHI, KSF, Letta, Maata-N-Tudu, Madfa SACCO, MADRAC, Maritsa Invest, MBK Ventura, MCL, MED-Net, MGBB, MoFAD, Moznosti, MUSCCO, NEED, NeRuDO, NMF, NWTF, ODEF Financiera, Faulu - TZA, PADME, PAPME, Parwaz, PATRA Yanbian, PGBB, POMFB, PRASAC, Pride Finance, ProCaja, ProCredit - COL, PWMACS, RADE, Reef, RGVN, Sarala, SAT, Sathapana Limited, Seilanithih, SEWA Finance, SFSD, SolFi, Solución Asea, Soro Yiriwaso, SPBD, SPGBB, SU, Tamweelcom, Tchuma, Te Creemos, TPC, Trident Microfinance, TSKI, Turame Community Finance, TYM, Ujjivan, VFC, WISE, WOCCU - AFG, World Relief - HND

Financial Intermediation: High FI

(Voluntary Savings/Total Assets ≥ 20%)

393 120 229 44 1st Valley Bank, A3C, ABCRDM, ABS-CBN, ACB sa, ACBA, ACCOVI, ACFB, ACLEDA, ACSI, Agroinvestbank, Akiba, Akuapem RB, Al Rafah Bank, Alidé, Alliance MFB, Alternativa, Alteya, AMEXTRA, APED, ARD, ASA, ASA Philippines, ASC Union, ASDIR, ASKI, ASR, ASUSU CIIGABA, Atwima Kwanwoma, Avantaj, Azerdemiryolbank, Banco ADEMI, Banco Amigo, Banco Familiar, Banco Popular do Brasil, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BANEX, BanGente, Bangko Kabayan, Bangko Mabuhay, Bank Eskhata, Bank of Baku, BCB, BCSC, BEES, Bessfa RB, BIMAS, Binhminh CDC, Blago, BMT Kayu Manis, BPR AN, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NSI, BPR Pinang Artha, BPR SAS, BPR Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, BRAC, BTA Bank, BURO Bangladesh, CACMU, Caja Depac Poblana, Caja Popular Mexicana, CamCCUL, CAME, Cantilan Bank, Capitec Bank, CAPPED, CARD Bank, CARD NGO, CAURIE Micro Finance, CBDIBA/RENACA, CBMO, CCA, CDM, CDS, CECA, CECIC S.A., CEC-PROM Mature, Centenary Bank, Central Cresol Baser, CEP, Chamroeun, CMAC Arequipa, CMAC Cusco,





SIMPLE PEER GROUPS

CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, Comultrasan, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Credicoop, Crediscotia, Cresol Central, CRG, CSD, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, DEC, DECSI, DJOMEC, Doveriye - Volgograd, Doveriye (Amursk), Doveriye-Altay, DSPI, Duterimbere, EcoFuturo FFP, Edinstvo Yurga, Edinstvo-Volgograd, EKPA, Equity Bank, Espacios Alternativos, FAIR Bank, FAM, FASL, Fassil FFP, Faulu - KEN, FDM, FECECAM, FFECC, FICO, FIE FFP, FIELCO, FinAmérica, FINCA - DRC, FINCA - UGA, FinComún, FINSOL, First Macro Bank, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Fonkoze, Fortaleza FFP, FORWARD, FUCEC Togo, FULM, Gasha, GAWFA, GBNB, GM Bank, Gorodskoy, Grameen Bank, Green Bank, GU, Harbu, HEED, Hekima, IDF, ID-Ghana, IMFB, Impuls, INECO, Intellekt, Interfisa Financiera, Jigiyaso Ba, JSCCS, Juaben RB, JVS, KADET, Kafo Jiginew, Kakum RB, Kasagana-Ka, Kazama Grameen, KBank, KBSLAB, KCCDFI, Khan Bank, KMB, KMBI, Kondo Jigima, KPOSB, Kredo, K-Rep, KVK, KVK-Altay, KWFT, La Community Bank, LAPO-NGR, LAPO-SLE, Life Bank, LSK, Mahasemam, Mahila, Mahuli, Mallig Plains RB, Manushi, Mbinga CB, MC², MEC AFER, MEC FEPRODES, MECBAS, MECREF, MGPCC DEKAWOWO, MiBanco, MiBanco Venezuela, Micro Start, MicroCred - SEN, Mikrokredit Bank, Miselini, Moris Rasik, Mutuelle Akwaba, Nadejda, Narodniy Kredit_Kemerov, Neftegaz, NESDO, New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, Nwabiagya RB, Nyesigiso, Obereg (Vladivostok), OBM, OBS, OIBM, OISL, OMB, Opportunity Kenya, Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, Otuasekan RB, PALFSI, PAMECAS, Parabank, PARC, Partner Russia, PASECA - Kayes, PBC, PEACE, PNG Microfinance Ltd, Popular Kasa-Kystendil, Povoljye, PRIDE - TZA, ProCredit - BOL, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, PRODEM FFP, Progressive Bank, Pushtikar, Raduga, RAFODE, RB Bagac, RB Cainta, RB Camalig, RB Digos, RB Dipolog, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, RB Talisayan, RCCECG, RCPB, Reliance, Reserv-Altay, Rezerv, Rost, RSPI, Sajida, SB Bank, SBS, SEAP, SEDA, SEEDS, Serviamus, SFF, SFPI, Shakti, SMEP, Sodeystviye, Sodeystviye-2005, SOFINA, South Akim RB, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, TIAVO, TMFB, Tsaritsinskiy passaj, Tverskoy, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNICREICH, Union RB, UOB, Upper Manya RB, Finance Trust, Valiant RB, Visión Banco, Vostok Kapital, WAGES, Wasasa, Wisdom, XacBank

Methodology: Individual 281 88 161 32 1st Valley Bank, Abzal Kredit, ACAD, AccessBank, ACCOVI, ACLEDA Lao, ACME, Actuar Caldas, ADRI, AFK, AFODENIC, AgroInvest, Agroinvestbank, Alliance Group, Alternativa, Alteya, Alwatani, AMA, AMC, AMC de R.L., Ameen, AMfB, Aqroinvest, ASA - GHA, ASA Philippines, ASC Union, ASDIR, ASOPROSANRAMON, ASPIRE, ASR, Avanzar, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco da Familia, Banco do Empreendedor, Rede Novo Sol, Banco do Vale, Banco Familiar, Banco Solidario, BancoEstado, BANCRI, BANEX, Bank Eskhata, BCB, Berendina Microfinance, BESA, BJS, Blago, BMT Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, BPR Artadamas Mandiri, BPR BBTM, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NSI, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BRCCC, BTA Bank, BZMF, Caja Depac Poblana, CAPA, Capitec Bank, CARD Bank, CARD NGO, Casa do Microcrédito, CBDIBA/RENACA, CCC, CECA, CEF, Centenary Bank, CEP, CEPRODEL, Chamroeun, CHF Iraq, Chita FSBS, CMAC Arequipa, CMAC Del Santa, CMAC Ica, CMAC Pisco, CMCA, CMEDFI, CMFinance, COAC Ambato, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Pallatanga, COAC San Antonio, COAC San José, COAC Santa Ana, Columbia Microcreditos, Coop Avances, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC Los Andes, COOPAC Norandino, COOPAC Santo Cristo, COOPAC Santo Domingo, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, CredAgro NBCO, Credi Fé, Credicoop, CREDIMUJER, Credisol, CREDO, Cresol Central, Crezcamos, CU Pantai Prigi, CU Sawiran, DEF, Doveriye - Volgograd, Doveriye (Amursk), Doveriye-Altay, Edinstvo Yurga, Edinstvo-Volgograd, EDPYME Acceso Crediticio, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, Express Finance, Fácil SCM, Farm Credit Armenia, Fassil FFP, FICO, FIDERPAC, FIE Gran Poder, FinAgro, FinAmérica, FMF, FMM Bucaramanga, FOMIC, FONDESURCO, Fortaleza FFP, FORUS, FULM, FUNBODEM, Fundación CAMPO, Fundación Nieborowski, FUNDEBASE, FUNDECOCA, Fundusz Mikro, Galaktika, Gorodskoy, GV, Hluvuku, HOPE, Horizon, ICC MAUCE, IDER CV, ImerCredit, Impuls, INECO, Inicjatywa Mikro, INSOTEC, Interactuar, Interfisa Financiera, Jabal Al Hoss, Juaben RB, Kafo Jiginew, Kashf Foundation, Kashf Bank, Khan Bank, Komak Credit, KosInvest, Kredo, KSK RPK, KVK, KVK-Altay, La Community Bank, Lak Jaya, LAM, Life Bank, FAF-DC, Makhzoumi, MCN, MDF, MiBanco Venezuela, MicroCred - MEX, Coop MEDA, Microserfin, Microsol, Mikro ALDI, Mikrofond, Mikrokredit Bank, MLF Vahsh Microfin, MUL, Nachala, Nadejda, Narodniy Kredit_Kemerov, Neftegaz, New RB of Victorias, OBM, OBS, OMRO, Opportunity Albania,





SIMPLE PEER GROUPS

Opportunity Finance, PARC, Partner, Partner Russia, PATRA Hunchun, Popular Kasa-Kystendil, Popular SAFI, PRESTANIC, ProCaja, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, PRODESA, Pushtikar, PWMACS, Raduga, RB Bagac, RB Cainta, RB Camalig, RB Digos, RB Dipolog, RB Lebak, RB Pagbilao, Reliance, Reserv-Altay, Rezerv, ROMCOM, Rost, Rus, WMN (Russia), Ryada, SBS, SCDA, Siam Bank, SINERGIJA, SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, SOGESOL, Soglasiye, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, TFS, TMFB, Tsaritsinskiy passaj, Tverskoy, Umid, VBSP, Vostok K apital, VRFSBS, WWB Cali, Zakoura

Methodology: Individual/Solidarity

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

272 62 186 24 ACEP Senegal, ACF, ACLEDA, ACSI, ADCSI, Aden, ADICH, ADOPEM, Agência do Crédito, AGAPE, Aqrarkredit, AGUDESA, A-invest, Aiyl Bank, Al Awael, Al Majmoua, Alidé, Alliance MFB, AMFI, AMK, AML, AMOS, AMRET, ANDE, ANED, Apoyo Integral, ASKI, Asociación El Balsamo, Asociación Raíz, ASODENIC, ASTI, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco Santiago de Libon, BanCovelo, BanGente, Bangko Kabayan, Bangko Mabuhay, BASIX, Bereke, BOM, BPR CAS, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR SAS, BPR Wahana Sentra Artha, BRAC, BRAC - AFG, BRAC - UGA, BSS, CACMU, CAFODEC, Caja Popular Mexicana, CamCCUL, Cantilan Bank, CAPPED, CARE - CREEME, Caritas, Caritas Esteli, CCA, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CEDEF, CEOSS, CEPESIU, CESOL ACJ, CETZAM, CHC-Limited, CIDRE, CMAC Sullana, COAC 4 de Octubre, COAC Acción Rural, COAC Artesanos, COAC Huaycopungo, COAC Padre Vicente, COAC Sac Aiet, COAC San Gabriel, COAC Santa Anita, CODESARROLLO, Contactar, COOPEC/ACCO, CRAN, CrediAmigo, CREDIT, Crystal, CVECA Kita/Bafoulabé, CWCD, DBACD, DECSI, Dian Mandiri, DINARI, D-Miro, DSPI, ECLOF - ARM, EDAPROSPO, EDPYME Credivisión, Elet-Capital, Emprender, Enda, Equity Bank, ESAF, ESED, FADEMYPE, FAFIDESS, FAIR Bank, FAM, FAMA OPDF, FAPE, FASL, FATEN, AfricaWorks, FDL, FIDEVIE, Financiera Edyficar, Financiera Fama, FINCA - ARM, FINCA - JOR, FINCA - PER, FINCA - Russia, FINCORP, FinDev, FINSOL, First Macro Bank, FMFB - TJK, FODEM, FODEMI, FONCRESOL, FONDEP, FUBODE, FUCEC Togo, FUDEMI, Fundación 4i-2000, Fundación Alternativa, Fundación Esperanza, Fundación MICROS, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEPYME, FUNDESPE, FUNSALDE, Génesis Empresarial, GM Bank, Grameen Mendoza, Grameen Sahara, Green Bank, Harbu, HDH OPDF, HKL, Hofokam, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, IDESPA, IDF, ID-Ghana, IDH, IMFB, Imkoniyat, Imodi Hutal, INMAA, Instituto Estrela, IPR, Izdiharona Microfinance, KBank, KBSLAB, KEP, KixiCredito, KMF, Kompanion, K-Rep, KSF, KWFT, LAPO-NGR, Lazika Capital, Lead Foundation, LIDER, LSK, MADRAC, Mallig Plains RB, Marang, MED-Net, Meklit, MiBanco, Microfinanciera Prisma, MIDE, Miselini, MLF MicroInvest, MLO HUMO, Mol Bulak Finance, Moris Rasik, MUDE, MUSCCO, Mutuelle Akwaba, NMF, NMFB, Normicro, Nwabiagya RB, Nyesigiso, ODEF Financiera, OIBM, OISL, OLC, OMB, Opportunity Kenya, OXUS - AFG, OXUS - KGS, OXUS - TJK, Parabank, Parwaz, PASED, PAWDEP, PRASAC, PRIDE - TZA, Pride Finance, PRODEM FFP, Progressive Bank, Pro Mujer - NIC, RADE, RB Liloy, RB Mabitac, RB Oroquieta, RB Placer, RB Siargao, RCCECG, RCPB, Real Microcrédito, Reef, RSPI, Sajida, Sathapana Limited, SB Bank, SBACD, SCNL, SEAP, SEDA, Seilanithih, SFF, SFSD, Mentors - PER, SFPL, SWAWS, TLM, TPC, TSKI, Tujijenge, TYM, UCADE Guaranda, UCADE Latacunga, UCCEC GY, UCEC/MK, UNICREICH, UNION DES COOPECs UMUTANGUHA, USTOI, Finance Trust, VFC, VFM, Viator, WAGES, Wisdom, World Relief - HND

Methodology: Solidarity 67 20 45 2 ABS-CBN, ABWA, Abyan, Adhikar, ARDCI, Arohan, Asasah, AWS, BEES, Bessfa RB, BG, BIMAS, Bonzali RB, BRAC - LKA, CBB, CEP BRVT, CEVI, CFA, CFF, Childfund Hoa Binh, CrediComún, CSD, DQF, Equitas, Eshet, Fonkoze, FORWARD, IDDA, IDYDC, Jamii Bora, JVS, Kakum RB, KAMURJ, KGMAMF, KMBI, KRK Ltd, M7 Can Loc, M7 DB District, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, Maata-N-Tudu, Madfa SACCO, Mahuli, Manushi, MLF Chiluchor chashma, MLF MWI, MMS, NCS, NESDO, NRDSC, Faulu - TZA, PALFSI, PBC, Plan International, Povoljye, RASS, RB Montevista, RB Talisayan, São Paulo Confia, SABR, SEF-ZAF, Serviamus, SPBD, SSS, Union RB, VFS

Methodology: Village Banking 59 11 43 5 ADRA - PER, AgroCapital, Alternativa Microfinanzas, AMMACTS, ASA, ASEI, ASIDME, Asociación Arariwa, Atwima Kwanwoma, BISWA, BWDC, COOPROGRESO, CReSA, CUMO, Diaconia, EDPYME Confianza, FED, FIACG, FINCA - AZE, FINCA - ECU, FINCA - HTI, FINCA - KOS, FINCA - MWI, FINCA - TJK, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FMCC, FONDECO, Fondo Esperanza, Fundación Espoir, Fundación Mujer, GRAINE sarl, GU, Hekima, Indur MACS, Janodaya, KOPSA, KRUSHI, Manuela Ramos, MEDF, MFI, Mimo Finance, NBJK, Nidan, Pro Mujer - ARG, Pro Mujer - BOL, RAFODE, REDFunds, RGVN, Saadhana, Sarvodaya Nano Finance, SEEDS, SKDRDP, SMSS, South Akim RB, SSK, UCADE Ambato, Upper Manya RB

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

553 238 289 26 1st MCC, 3A Entreprises, A3C, Abyan, Abzal Kredit, ACAD, ACB sa, ACCOVI, ACEP Cameroon, ACF, ACORDE, Actuar Caldas, Actuar Tolima, Aden, ADICH, ADIM, ADRI, Aetos, AFK, AFODENIC, Agência do Crédito, AGAPE, Aqrarkredit, Agrocredit Plus, Agroimpuls, AGUDESA, A-invest, Akuapem RB, Al Awael, Al Rafah Bank, Alidé, Alliance Group, Alliance MFB, Alternativa, Alternativa 19 del Sur, Alternativa Microfinanzas, Alteya, Al-Thiqa, AMA, AMC, AMEXTRA, AMfB, AMFI, Amlok, AMOS, ANED, Aqroinvest, Arnur Credit, ASALA, ASDIR, ASEI, ASIDME, Asociación El Balsamo, ASOPROSANRAMON, ASR, ASTI, ATEMEXPA, Avantaj, Avanzar, Azal, Azeri Star, Banco da Familia, Banco do Empreendedor, Rede Novo Sol, Banco do Vale, BANCRI, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BAYOCA, BCB, Bereke, Bereke-credit, BFSBS, BIMAS, Binhminh CDC, BJS, Blago, BMSCCSL, BMT Pringsewu, BOM, Borshud, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR CAS, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Taman Dhana, BPR Wahana Sentra Artha, BRCCC, BZMF, CACMU, CAFASA, Caja Depac Poblana, CAPA, CAPPED, CARE - CREEME, Caritas Esteli,





SIMPLE PEER GROUPS

Casa do Microcrédito, CBIRD, CBMO, CCC, CDM, CDRO, CEADe, CEAPE BA, CEAPE PE, CEAPE PI, CECA, CECIC S.A., CEC-PROM Mature, CEDEF, CEF, CEP BRVT, CEP Long An, CEPESIU, CESOL ACJ, CETZAM, CFE, CFF, Chamroeun, Chandeshwori, Childfund Hoa Binh, Chita FSBS, CHWDA, CIDRE, CMAC Pisco, CMCA, CMEDFI, CMMB, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, Columbia Microcreditos, Common Interest, Coop Avances, Coop Fátima, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC Los Andes, COOPAC Norandino, COOPAC Santo Domingo, COOPAC Tocache, COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COSPEC, CPECG Yete Mali, CRAC Sipán, CRAN, CrediAvance, Credicoop, CREDIMUJER, Credisol, Credit Mongol, CREDITUYO, Crezcamos, CRG, Crystal, CU Kosayu, CU Pantai Prigi, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, CZWSDA, DAYAQ-Credit, Degaf, Despacho Amador, DINARI, Dirigible, DJOMEC, DSK Dobrich, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, DQF, ECLOF - ARM, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo Yurga, Edinstvo-Volgograd, EDPYME Acceso Crediticio, EDPYME Pro Negocios, Ehyoi kuhiston, Elet-Capital, Emprender, Espacios Alternativos, Crezkamos Kapital, Express Finance, Fácil SCM, FACES, FADEMYPE, FAM, FAPE, Farm Credit Armenia, FATEN, AfricaWorks, FDM, FFECC, FIACG, FIDERPAC, FIDEVIE, FIE Gran Poder, FinAgro, FINCA - JOR, FINCORP, FinDev, FINORTE, First Macro Bank, Emprenda, FISUR, FNT Credit, FODEM, FOMIC, FONCRESOL, FONDESURCO, Fortaleza FFP, FOVIDA, FUDEMI, FULM, FUNBODEM, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación MICROS, Fundación Mujer, FUNDAMIC, FUNDEBASE, FUNDECOCA, FUNDEPYME, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Galaktika, Garant-Invest, Gasha, General Toshevo, GGEM Microfinance Services Ltd., Gorodskoy, Grameen Mendoza, Grameen Sahara, Grupo Río La Venta, Hekima, HDH OPDF, Hluvuku, HOPE, Hope for Life, Horizon, Horizonti, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, ICMFB, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, IMPRO, Impuls, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Intellekt, Invest Credit, Invest-Credit Moldova, IPR, Izdiharona Microfinance, Jabal Al Hoss, Joldosh Group, JOVID, Juaben RB, JXWDA, Kakum RB, Kajnardza 96, Kemek, KGMAMF, KixiCredito, Komak Credit, KosInvest, KPOSB, Kredo, KRK Ltd, KSF, KSK RPK, KVK, KVK-Altay, La Community Bank, LAM, LAPO-SLE, Lazika Capital, Letta, LIDER, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Madfa SACCO, FAF-DC, Makhzoumi, Manushi, Maqsadi dasgiri, Maritsa Invest, Mbinga CB, MCL, MCN, MCO ‘Oral’, MDF, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MEDF, MED-Net, MGPCC DEKAWOWO, MiBanco Venezuela, Micro Africa, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, Microsol, MIDE, Mikro ALDI, Mikrofond, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MAMIDECOT, MMS, Mol Bulak Finance, Moldir, Momina Voda, Moznosti, MUDE, MUL, Mutuelle Akwaba, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, NBJK, NCS, Neftegaz, NeRuDO, NESDO, New RB of Victorias, NMFB, Nov Credit, NSBA, Nwabiagya RB, NYWDA, Obereg (Vladivostok), OBS, Faulu - TZA, OI China, OLC, OMRO, Oportunidad Microfinanzas, Opportunity Finance, Otiv Diana, Otiv Sambava, Otuasekan RB, OXUS - KGS, OXUS - TJK, Parabank, PARC, Partner Russia, Parwaz, PASECA - Kayes, PASED, PATRA Hunchun, PATRA Yanbian, PCWDA, Perelik, Plan International, PNG Microfinance Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, Popular SAFI, Povoljye, Pride Finance, ProCaja, ProCredit - COL, ProCredit - HND, ProCredit Bank - MDA, ProCredit Bank - SLE, ProCredit Bank- DRC, Progresar, Pro Mujer - ARG, Pushtikar, Raduga, RAFODE, RB Cainta, RB Cotabato, RB Digos, RB Lebak, RB Liloy, RB Oroquieta, RB Pagbilao, RB Placer, RB Siargao, RCCECG, Red de Vanguardia, REDFunds, Reef, Reliance, Reserv-Altay, Rezerv, Rishenglong, Riverbank, RML, ROMCOM, Rost, Rus, WMN (Russia), Ryada, São Paulo Confia, SABR, Saglasie 96, Sahara Mahila, Samasta, Samokov 96, Sartawi, SBS, SCDA, SED, SEF-ARM, Seilanithih, SEM Fund, SemiSol, Serviamus, SEWA Finance, SFSD, Siam Bank, SIPEM, Smilyan, SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, SOFINA, Soglasiye, Solidarnost, Solución Asea, Soluciones Reales, South Akim RB, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, SPGBB, SSK, Stanichnik, Stopanin, Sugd Microfin, SUMI, Sungi, Mentors- PER, SFPL, TFS, TIAVO, Tsaritsinskiy passaj, Tsimlyansk, Tujijenge, Tverskoy, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCCEC GY, UMECDES, Umid, Umid-Credit, UNICREICH, UNION DES COOPECs UMUTANGUHA, Union RB, Upper Manya RB, USFSBS, USTOI, VFM, Viator, Vital Finance, Vivir Soluciones, Vostok Kapital, VRFSBS, VSSU, VYCCU, Nationwide Microbank, WISE, WKP, WOCCU - AFG, XXWDA, YYWDA

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

241 56 158 27 ABWA, ACEP Senegal, ACFB, ACME, ADRA - PER, AFS, AgroCapital, Agroinvestbank, Akiba, Al Karama, Al Majmoua, ALSOL, Alwatani, AMC de R.L., Ameen, AMSSF/MC, ANDE, APED, Apoyo Integral, APROS, ARD, ARDCI, AREGAK UCO, ARMP, ASA - GHA, Asasah, ASC Union, ASHI, Asociación Arariwa, Asociación Raíz, ASP Financiera, ASPIRE, Atwima Kwanwoma, AYNLA, Azercredit, Bai Tushum, Banco Amigo, Banco Santiago de Libon, BanCovelo, Bank Eskhata, Berendina Microfinance, BESA, Bonzali RB, BPR NBP 11, BPR Surya Yudha Kencana, BRAC - SS, BTA Bank, BWDC, CAFODEC, CCAMETRO, Cantilan Bank, Caritas, CAURIE Micro Finance, CBDIBA/RENACA, CEAPE MA, CEPRODEL, CEVI, CFA, CFPA, CHC-Limited, CHF Iraq, CMAC Del Santa, CMAC Maynas, CMAC Paita, COAC Jardín Azuayo, COCDEP, CODESARROLLO, Conserva, Contactar, Coop 20 de Abril, Coop Jesús Nazareno, COOPAC León XIII, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPROGRESO, CRAC Los Andes, CRAC Profinanzas, Crece Safsa, CredAgro NBCO, CrediClub, CrediComún, Créditos Pronegocio, CREDO,





SIMPLE PEER GROUPS

CRYSOL, CSD, CUMO, DD Bank, DEF, Dian Mandiri, Don Apoyo, Duterimbere, EDPYME Alternativa, EDPYME Credivisión, EDPYME Nueva Visión, EKPA, ENLACE, Eshet, FAFIDESS, FAMA OPDF, FASL, Fassil FFP, Faulu - UGA, FED, FFSA, FICO, FinAmigo, FINCA - ARM, FINCA - GEO, FINCA - HND, FINCA - HTI, FINCA - KOS, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - Russia, FINCA - SLV, FINCA - TJK, FINCA - ZMB, FINSOL, FMF, FMFB - TJK, FMFI-SYR, FODEMI, FONDECO, FONDESOL, Fondo Esperanza, Fonkoze, Forjadores de Negocios, FORUS, FRAC, FUBODE, Fundación Esperanza, Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO, FUNDEA, FUNDENUSE, Fundusz Mikro, FUNED, GAWFA, GCM, GM Bank, GRAINE sarl, Harbu, Hofokam, HSPFI, IDDA, IMFB, IMON, Indur MACS, INMAA, Invirtiendo, Janodaya, Jigiyaso Ba, JSC Bank Constanta, JVS, KADET, KAMURJ, Kasagana-Ka, Kashf Bank, Kazama Grameen, KBank, KCCDFI, KEP, KMF, Kondo Jigima, KOPSA, Maata-N-Tudu, MADRAC, Mahuli, Mallig Plains RB, Manuela Ramos, Marang, MC², Meklit, MEMCO, Micro Start, Coop MEDA, MIKRA, Miselini, MLF MicroInvest, MLF MWI, MoFAD, Moris Rasik, MPGBB, NEED, Nidan, NMF, Normicro, NovoBanco - MOZ, NRDSC, Nyesigiso, ODEF Financiera, OMB, Opportunity Albania, Opportunity Kenya, Otiv Alaotra, Otiv Tana, OXUS - AFG, PAIDEK, PALFSI, PAPME, PEACE, PR Bank, PRESTANIC, PRISMA, ProCredit - GHA, ProCredit - MDA, PRODESA, Progresemos, Progressive Bank, Pro Mujer - MEX, Pro Mujer - NIC, RADE, RB Camalig, RB Mabitac, RB Montevista, RB Talisayan, RSPI, SBACD, SEDA, SEWA Bank, SFPI, SINERGIJA, SOGESOL, Sunrise, Tchuma, Te Creemos, Turame Community Finance, UCEC/MK, U-IMCEC, UNRWA, Finance Trust, Valiant RB, WAGES, Women for Women, World Relief - HND, WSE, WWI - AFG

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

273 45 181 47 1st Valley Bank, ABA, ABCRDM, ABS-CBN, ACBA, AccessBank, ACLEDA, ACSI, ADCSI, Adhikar, ADOPEM, AgroInvest, Aiyl Bank, Al Amana, Al Tadamun, AMK, AML, AMMACTS, AMRET, Apoyo Económico, ARDI, Arohan, ASA, ASA Philippines, ASBA, ASKI, ASODENIC, ASUSU CIIGABA, AWS, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Familiar, Banco Popular do Brasil, Banco Solidario, BancoEstado, BancoSol, Bandhan, BANEX, BanGente, Bank of Baku, BASIX, BCSC, BEES, Bessfa RB, BFL, BG, BISWA, BRAC, BRAC - AFG, BRAC - LKA, BRAC - TZA, BRAC - UGA, BSS, BURO Bangladesh, Caja Popular Mexicana, CamCCUL, CAME, Capitec Bank, CARD Bank, CARD NGO, Cashpor MC, CBB, CCA, CDS, Centenary Bank, Central Cresol Baser, CEOSS, CEP, CMAC Arequipa, CMAC Cusco, CMAC Huancayo, CMAC Ica, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMFinance, CMS, COAC Mushuc Runa, COAC La Nacional, CompartamosBanco, Comultrasan, CRAC Nuestra Gente, CRAC Señor de Luren, CRECER, Credi Fé, CrediAmigo, Credi-Capital, Crediscotia, CREDIT, CReSA, Cresol Central, DAMEN, DBACD, DEC, DECSI, DEPROSC-Nepal, Diaconia, D-Miro, DSPI, EcoFuturo FFP, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Efectiva, EDPYME Proempresa, EDPYME Raíz, EKI, Enda, Equitas, Equity Bank, ESAF, ESED, FAIR Bank, Faulu - KEN, FBPMC, FDL, FECECAM, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - AFG, FINCA - AZE, FINCA - DRC, FINCA - ECU, FINCA - GTM, FINCA - MEX, FINCA - TZA, FINCA - UGA, FinComún, FMCC, FMFB - AFG, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, FORWARD, FUCEC Togo, Fundación Espoir, Fundación Paraguaya, FUNDESER, Génesis Empresarial, GBNB, GFSPL, GOF, Grameen Bank, Green Bank, GU, GV, HEED, HiH, HKL, IDF, INECO, Interactuar, Interfisa Financiera, Jamii Bora, JCF, Kafo Jiginew, Kashf Foundation, KBSLAB, Khan Bank, Khushhali Bank, KMB, KMBI, Kokari, Kompanion, K-Rep, KRUSHI, KWFT, Lak Jaya, LAPO-NGR, Lead Foundation, Life Bank, LOK Microcredit Foundation, Mahasemam, MBK Ventura, MFI, MFW, MGBB, MiBanco, MI-BOSPO, Mikrokredit Bank, Mimo Finance, MUSCCO, Nirdhan, NWTF, OBM, OCSSCO, OIBM, OISL, PADME, PAMECAS, Partner, PAWDEP, PBC, PGBB, PRASAC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit - ECU, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, PRODEM FFP, Pro Mujer - BOL, Pro Mujer - PER, PWMACS, RASS, RCPB, Real Microcrédito, RGVN, Saadhana, Sabaragamuwa, Sajida, Sanghamithra, Sarala, Sarvodaya Nano Finance, SAT, Sathapana Limited, SB Bank, SCNL, SDBL, SEAP, SEEDS, SEF-ZAF, SFF, Shakti, SHARE, SKDRDP, SKS, SMEP, SMILE, SMSS, SolFi, Sonata, Soro Yiriwaso, Spandana, SSS, SU, SWAWS, Tamweelcom, TMFB, TPC, Trident Microfinance, TSKI, TYM, Ujjivan, UNACOOPEC-CI, UOB, VBSP, VFC, VFS, Visión Banco, Wasasa, WDB, Wisdom, WWB Cali, XacBank, Zakoura

Profit Status: Profit 414 99 268 47 1st MCC, 1st Valley Bank, 3A Entreprises, Abzal Kredit, ACB sa, ACBA, AccessBank, ACCOVI, ACLEDA, ACLEDA Lao, ACSI, ADCSI, ADOPEM, Aqrarkredit, AgroInvest, Agroinvestbank, A-invest, Aiyl Bank, Akiba, Akuapem RB, Al Rafah Bank, Alliance Group, Alliance MFB, Alternativa 19 del Sur, AMC de R.L., Ameen, AMfB, AMK, AML, Amlok, AMRET, Apoyo Económico, Apoyo Integral, AREGAK UCO, Arnur Credit, Arohan, ASP Financiera, ASUSU CIIGABA, Atwima Kwanwoma, AWS, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Amigo, Banco Familiar, Banco Popular do Brasil, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, Bandhan, BANEX, BanGente, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, Bank Eskhata, Bank of Baku, BASIX, BAYOCA, BCB, BCSC, Bereke-credit, Berendina Microfinance, Bessfa RB, BFL, BG, BMT Pringsewu, BOM, Bonzali RB, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, BTA Bank, CAFASA, CAFODEC, Cantilan Bank, Capitec Bank, CARD Bank, CAURIE Micro Finance, CBB, CBIRD, CBMO, CCA, CDS, CECIC S.A., Centenary Bank, CETZAM, CFE, CHC-Limited, CMFinance, Columbia Microcreditos, CompartamosBanco, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crece Safsa, Credi Fé, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Crediscotia, CREDIT, Credit Mongol, Créditos Pronegocio, CREDITUYO, Crezcamos, CRG, Crystal, CU Kosayu, CU Pantai Prigi, DD Bank, DECSI, Degaf, Despacho Amador, Dirigible, Don Apoyo, Duterimbere, ECLOF - ARM,





SIMPLE PEER GROUPS

EcoFuturo FFP, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Elet-Capital, ENLACE, Equitas, Equity Bank, Eshet, Crezkamos Kapital, Fácil SCM, FAIR Bank, Farm Credit Armenia, FASL, Fassil FFP, Faulu - UGA, FFSA, FICO, FIE FFP, FIE Gran Poder, FIELCO, FinAgro, FinAmérica, FinAmigo, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - AZE, FINCA - ECU, FINCA - HND, FINCA - Russia, FINCA - TJK, FINCA - UGA, FINCA - ZMB, FinComún, FINCORP, FINORTE, FINSOL, First Macro Bank, Emprenda, FISUR, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, Forjadores de Negocios, Fortaleza FFP, FORUS, Garant-Invest, GAWFA, GBNB, GCM, GFSPL, GM Bank, GOF, GRAINE sarl, Grameen Bank, Green Bank, Grupo Río La Venta, GV, Harbu, HKL, Horizon, ICMFB, IFDP, IMFB, IMON, INECO, Inicjatywa Mikro, Interfisa Financiera, Invest Credit, Invest-Credit Moldova, Invirtiendo, IPR, Jamii Bora, Joldosh Group, JSC Bank Constanta, Juaben RB, JVS, KADET, Kakum RB, Kashf Bank, KBank, KBSLAB, Kemek, Khan Bank, Khushhali Bank, KixiCredito, KMB, KMF, Komak Credit, KPOSB, K-Rep, KWFT, La Community Bank, Lak Jaya, LAM, LAPO-SLE, Letta, Mahila, Mallig Plains RB, Maqsadi dasgiri, Maxima, Mbinga CB, MCL, MCN, MCO ‘Oral’, Meklit, MFI, MGBB, MiBanco, MiBanco Venezuela, Micro Africa, MicroCred - MDG, MicroCred - MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Microinvest, Microserfin, Mikrofond, Mikrokredit Bank, Mimo Finance, MLO HUMO, MLO ‘Saodat Invest’, Mol Bulak Finance, Moldir, MPGBB, MUL, New RB of Victorias, Nirdhan, NMFB, NovoBanco - MOZ, Nwabiagya RB, OBM, OBS, OCSSCO, ODEF Financiera, OI China, OIBM, OISL, OMB, Oportunidad Microfinanzas, Opportunity Finance, Opportunity Kenya, Otuasekan RB, OXUS - KGS, Parabank, PBC, PEACE, PGBB, PNG Microfinance Ltd, POMFB, Popular SAFI, PR Bank, PRASAC, ProCredit - BOL, ProCredit - COL, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit - MDA, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, PRODEM FFP, Progresemos, Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, Real Microcrédito, Red de Vanguardia, REDFunds, Reef, Reliance, Rishenglong, RML, WMN (Russia), Sabaragamuwa, Samasta, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, SDBL, SED, SEF-ARM, Seilanithih, SemiSol, SEWA Bank, SEWA Finance, SFF, SFPI, SHARE, Siam Bank, SIPEM, SKS, SOCIALCRED, PADECOMSM, SOCRED, SOFINA, SOGESOL, SolFi, Solución Asea, Soluciones Reales, Sonata, South Akim RB, Spandana, SPGBB, SUMI, SFPL, Te Creemos, TFS, TMFB, TPC, Trident Microfinance, Tujijenge, Turame Community Finance, Ujjivan, Umid-Credit, UNICREICH, Union RB, Upper Manya RB, Finance Trust, Valiant RB, VFC, VFS, Visión Banco, Vivir Soluciones, Wasasa, Nationwide Microbank, WDB, WISE, XacBankk

Profit Status: Not for Profit 665 242 368 55 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, ACAD, ACEP Cameroon, ACEP Senegal, ACF, ACFB, ACME, ACORDE, Actuar Caldas, Actuar Tolima, Aden, Adhikar, ADICH, ADIM, ADRA - PER, ADRI, Aetos, AFK, AFODENIC, AFS, Agência do Crédito, AGAPE, AgroCapital, Agrocredit Plus, Agroimpuls, AGUDESA, Al Amana, Al Awael, Al Karama, Al Majmoua, Al Tadamun, Alidé, ALSOL, Alternativa, Alternativa Microfinanzas, Alteya, Al-Thiqa, Alwatani, AMA, AMC, AMEXTRA, AMFI, AMMACTS, AMOS, AMSSF/MC, ANDE, ANED, APED, APROS, Aqroinvest, ARD, ARDCI, ARDI, ARMP, ASA, ASA - GHA, ASA Philippines, ASALA, Asasah, ASBA, ASC Union, ASDIR, ASEI, ASHI, ASIDME, ASKI, Asociación Arariwa, Asociación El Balsamo, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, ASR, ASTI, ATEMEXPA, Avantaj, Avanzar, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, BANCRI, BEES, Bereke, BESA, BFSBS, BIMAS, Binhminh CDC, BISWA, BJS, Blago, BMSCCSL, BMT Kayu Manis, Borshud, BRAC, BRAC - AFG, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BRCCC, BSS, BURO Bangladesh, BWDC, BZMF, CACMU, Caja Depac Poblana, Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, CAPA, CAPPED, CARD NGO, CARE - CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, Cashpor MC, CBDIBA/RENACA, CCC, CDM, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CECA, CEC-PROM Mature, CEDEF, CEF, Central Cresol Baser, CEOSS, CEP, CEP BRVT, CEP Long An, CEPESIU, CEPRODEL, CESOL ACJ, CEVI, CFA, CFF, CFPA, Chamroeun, Chandeshwori, CHF Iraq, Childfund Hoa Binh, Chita FSBS, CHWDA, CIDRE, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, COCDEP, CODESARROLLO, Common Interest, Comultrasan, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, CRAN, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, Credisol, CREDO, CReSA, Cresol Central, CRYSOL, CSD, CU Sawiran, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, CZWSDA, DAMEN, DAYAQ-Credit, DBACD, DEC, DEF, DEPROSC-Nepal, Diaconia, Dian Mandiri, DINARI, DJOMEC, DSK Dobrich, D-Miro, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, DQF, DSPI, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo Yurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Emprender, Enda, ESAF, ESED,





SIMPLE PEER GROUPS

Espacios Alternativos, Express Finance, FACES, FADEMYPE, FAFIDESS, FAM, FAMA OPDF, FAPE, FATEN, Faulu - KEN, FBPMC, AfricaWorks, FDL, FDM, FECECAM, FED, FFECC, FIACG, FIDERPAC, FIDEVIE, FINCA - AFG, FINCA - ARM, FINCA - DRC, FINCA - GEO, FINCA - GTM, FINCA - HTI, FINCA - JOR, FINCA - KOS, FINCA - MEX, FINCA - MWI, FINCA - NIC, FINCA - PER, FINCA - SLV, FINCA - TZA, FinDev, FMF, FMFI-SYR, FMM Bucaramanga, FMM Popayán, FMSD, FNT Credit, FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESOL, FONDESURCO, Fondo Esperanza, Fonkoze, FORWARD, FOVIDA, FRAC, FUBODE, FUCEC Togo, FUDEMI, FULM, FUNBODEM, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, FUNDESER, FUNDESPE, Fundusz Mikro, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, Galaktika, Gasha, General Toshevo, GGEM Microfinance Services Ltd., Gorodskoy, Grameen Mendoza, GU, HEED, Hekima, HDH OPDF, HiH, Hluvuku, Hofokam, HOPE, Hope for Life, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDDA, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, ImerCredit, Imkoniyat, Imodi Hutal, IMPRO, Impuls, Indur MACS, INMAA, INSOTEC, Instituto Estrela, Intellekt, Interactuar, Izdiharona Microfinance, Jabal Al Hoss, Janodaya, JCF, Jigiyaso Ba, JOVID, JSCCS, JXWDA, Kafo Jiginew, KAMURJ, Kasagana-Ka, Kashf Foundation, Kajnardza 96, Kazama Grameen, KCCDFI, KEP, KGMAMF, KMBI, Kokari, Kompanion, Kondo Jigima, KOPSA, KosInvest, Kredo, KRK Ltd, KRUSHI, KSF, KSK RPK, KVK, KVK-Altay, LAPO-NGR, Lazika Capital, Lead Foundation, LIDER, Life Bank, LOK Microcredit Foundation, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, Madfa SACCO, MADRAC, FAF-DC, Mahasemam, Mahashakti, Mahuli, Makhzoumi, Manuela Ramos, Manushi, Marang, Maritsa Invest, MBK Ventura, MC², MDF, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MEDF, MED-Net, MEMCO, MFW, MGPCC DEKAWOWO, MI-BOSPO, Micro Start, Coop MEDA, Microsol, MIDE, MIKRA, Mikro ALDI, MikroMaliyye Credit, Miselini, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF MWI, MLF Vahsh Microfin, MAMIDECOT, MoFAD, Momina Voda, Moris Rasik, Moznosti, MUDE, MUSCCO, Mutuelle Akwaba, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, NBJK, NCS, NEED, Neftegaz, NeRuDO, Nidan, NMF, Normicro, Nov Credit, NRDSC, NSBA, NWTF, Nyesigiso, NYWDA, Obereg (Vladivostok), Faulu - TZA, OLC, OMRO, Opportunity Albania, Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, OXUS - AFG, OXUS - TJK, PADME, PAIDEK, PALFSI, PAMECAS, PAPME, PARC, Partner, Partner Russia, Parwaz, PASECA - Kayes, PASED, PATRA Hunchun, PATRA Yanbian, PAWDEP, PCWDA, Perelik, Plan International, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, PRESTANIC, PRIDE - TZA, Pride Finance, PRISMA, PRIZMA, ProCaja, PRODESA, Progresar, Pro Mujer - ARG, Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, Pushtikar, PWMACS, RADE, Raduga, RAFODE, RASS, RCCECG, RCDS, RCPB, Reserv-Altay, Rezerv, RGVN, Riverbank, ROMCOM, Rost, RSPI, Rus, Ryada, São Paulo Confia, Saadhana, SABR, Saglasie 96, Sahara Mahila, Sajida, Samokov 96, Sanghamithra, Sarala, Sartawi, SAT, SBACD, SBS, SCDA, SEAP, SEDA, SEEDS, SEF-ZAF, SEM Fund, Serviamus, SFSD, Shakti, SINERGIJA, SKDRDP, SMEP, Smilyan, SMSS, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, Soglasiye, Solidarnost, Soro Yiriwaso, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, SSS, Stanichnik, Stopanin, SU, Sugd Microfin, Sungi, Sunrise, Mentors - PER, SWAWS, Tamweelcom, Tchuma, TIAVO, TLM, Tsaritsinskiy passaj, Tsimlyansk, TSKI, Tverskoy, TYM, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNION DES COOPECs UMUTANGUHA, UNRWA, UOB, USFSBS, USTOI, VBSP, VFM, Viator, Vital Finance, Vostok Kapital, VRFSBS, VSSU, VYCCU, WAGES, Wisdom, WKP, WOCCU - AFG, Women for Women, World Relief - HND, WSE, WWB Cali, WWI - AFG, XXWDA, YYWDA, Zakoura

Region: Africa(Sub - Saharan Africa)

195 62 130 3 3A Entreprises, A3C, ACB sa, ACEP Cameroon, ACEP Senegal, ACFB, ACSI, ADCSI, Akiba, Akuapem RB, Alidé, Alliance MFB, AMfB, APED, ARD, ASA - GHA, ASUSU CIIGABA, Atwima Kwanwoma, Bessfa RB, BG, BIMAS, BOM, Bonzali RB, BRAC - TZA, BRAC - UGA, CAFODEC, CamCCUL, Capitec Bank, CAPPED, CAURIE Micro Finance, CBDIBA/RENACA, CCA, CDM, CDS, CECA, CECIC S.A., CEC-PROM Mature, CEDEF, Centenary Bank, CETZAM, CFE, CFF, CMCA, CMMB, CMS, COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COSPEC, CPECG Yete Mali, CRAN, CRG, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, DEC, DECSI, Degaf, DJOMEC, DQF, Duterimbere, Equity Bank, Eshet, FAM, FASL, Faulu - KEN, Faulu - UGA, AfricaWorks, FDM, FECECAM, FIDEVIE, FINCA - DRC, FINCA - MWI, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FINCORP, FUCEC Togo, Gasha, GAWFA, GGEM Microfinance Services Ltd., GRAINE sarl, Harbu, Hekima, Hluvuku, Hofokam, ICMFB, ID-Ghana, IDYDC, IMFB, Jamii Bora, Jigiyaso Ba, Juaben RB, KADET, Kafo Jiginew, Kakum RB, KixiCredito, Kokari, Kondo Jigima, KPOSB, K-Rep, KSF, KWFT, La Community Bank, LAPO-NGR, LAPO-SLE, Letta, LSK, Maata-N-Tudu, Madfa SACCO, Marang, Mbinga CB, MC², MCL, MEC AFER, MEC FEPRODES, MECBAS, MECREF, MED-Net, Meklit, MGPCC DEKAWOWO, Micro Africa, Micro Start, MicroCred - MDG, MicroCred - SEN, Miselini, MLF MWI, MAMIDECOT, MUL, MUSCCO, Mutuelle Akwaba, NovoBanco - MOZ, Nwabiagya RB, Nyesigiso, OCSSCO, Faulu - TZA, OIBM, OISL, Opportunity Finance, Opportunity Kenya, Otiv Alaotra, Otiv Diana, Otiv Sambava, Otiv Tana, Otuasekan RB, PADME, PAIDEK, PAMECAS, PAPME, PASECA - Kayes, PAWDEP, PEACE, PRIDE - TZA, Pride Finance, ProCredit - GHA, ProCredit Bank - SLE, ProCredit Bank- DRC, RAFODE, RCCECG, RCPB, REDFunds, Reliance, Riverbank, RML, SAT, SEAP, SEDA, SEF-ZAF, SEM Fund, SFPI, SIPEM, SMEP, SOFINA, Soro Yiriwaso, South Akim RB, Tchuma, TIAVO, Tujijenge, Turame Community Finance, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, UNACOOPEC-CI, UNION DES COOPECs UMUTANGUHA, Union RB, UOB, Upper Manya RB, Finance Trust, Vital Finance, WAGES, Wasasa, Wisdom, WISE





SIMPLE PEER GROUPS

Region: Asia(South & East Asia)

283 91 183 9 1st Valley Bank, ABCRDM, ABS-CBN, ACLEDA, ACLEDA Lao, Adhikar, AFS, AMFI, AMK, AML, AMMACTS, AMRET, ARDCI, ARMP, Arohan, ASA, ASA Philippines, Asasah, ASHI, ASKI, AWS, Banco Santiago de Libon, Bandhan, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, BASIX, BAYOCA, BCB, BEES, Berendina Microfinance, BFL, Binhminh CDC, BISWA, BJS, BMSCCSL, BMT Kayu Manis, BMT Pringsewu, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPR PKT, BPR SAS, BPR Sukawati Pancakanti, BPR SKA, BPR Surya Yudha Kencana, BPR Taman Dhana, BPR Wahana Sentra Artha, BRAC, BRAC - AFG, BRAC - LKA, BSS, BURO Bangladesh, BWDC, Cantilan Bank, CARD Bank, CARD NGO, Cashpor MC, CBB, CBIRD, CBMO, CEP, CEP BRVT, CEP Long An, CEVI, CFA, CFPA, Chamroeun, Chandeshwori, CHC-Limited, Childfund Hoa Binh, CHWDA, CMEDFI, Common Interest, CREDIT, CReSA, CSD, CU Kosayu, CU Pantai Prigi, CU Sawiran, CWCD, CZWSDA, DAMEN, DD Bank, DEPROSC-Nepal, Dian Mandiri, DINARI, DSPI, ECLOF - PHL, Equitas, ESAF, FAIR Bank, FICO, FINCA - AFG, First Macro Bank, FMFB - AFG, FMFB - Pakistan, FORWARD, Fund for Women Development - HCM, GBNB, GFSPL, GM Bank, GOF, Grameen Bank, Grameen Sahara, Green Bank, GU, GV, HEED, HiH, HKL, Hope for Life, HSPFI, IDF, IFDP, Indur MACS, IPR, Janodaya, JCF, JSCCS, JVS, JXWDA, Kasagana-Ka, Kashf Foundation, Kashf Bank, Kazama Grameen, KBank, KBSLAB, KCCDFI, Khushhali Bank, KMBI, KOPSA, KRUSHI, Lak Jaya, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, MADRAC, Mahasemam, Mahashakti, Mahila, Mahuli, Mallig Plains RB, Manushi, Maxima, MBK Ventura, MEDF, MFI, MGBB, Mimo Finance, MMS, MoFAD, Moris Rasik, MPGBB, NBJK, NCS, NEED, NeRuDO, NESDO, New RB of Victorias, Nidan, Nirdhan, NMFB, NRDSC, NWTF, NYWDA, OI China, OMB, OXUS - AFG, PALFSI, Parwaz, PATRA Hunchun, PATRA Yanbian, PBC, PCWDA, PGBB, Plan International, PNG Microfinance Ltd, POMFB, PR Bank, PRASAC, Progressive Bank, Pushtikar, PWMACS, RASS, RB Bagac, RB Cainta, RB Camalig, RB Cotabato, RB Digos, RB Dipolog, RB Guinobatan, RB Lebak, RB Liloy, RB Mabitac, RB Montevista, RB Oroquieta, RB Pagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, RCDS, RGVN, Rishenglong, RSPI, Saadhana, Sabaragamuwa, Sahara Mahila, Sajida, Samasta, Sanghamithra, Sarala, Sarvodaya Nano Finance, Sathapana Limited, SB Bank, SCNL, SDBL, SED, SEEDS, Seilanithih, Serviamus, SEWA Bank, SEWA Finance, Shakti, SHARE, Siam Bank, SKDRDP, SKS, SMILE, SMSS, Sonata, Spandana, SPBD, SPGBB, SSK, SSS, SU, Sungi, SFPL, SWAWS, TLM, TMFB, TPC, Trident Microfinance, TSKI, TYM, Ujjivan, Valiant RB, VBSP, VFC, VFS, VSSU, VYCCU, Nationwide Microbank, WDB, WKP, WOCCU - AFG, WSE, WWI - AFG, XXWDA, YYWDA

Region: ECA(Eastern Europe & Central Asia)

217 96 106 15 1st MCC, Abzal Kredit, ACBA, AccessBank, ACF, Aetos, AFK, Aqrarkredit, Agrocredit Plus, Agroimpuls, AgroInvest, Agroinvestbank, A-invest, Aiyl Bank, Alliance Group, Alternativa, Alteya, Amlok, Aqroinvest, AREGAK UCO, Arnur Credit, ASC Union, ASR, ASTI, Avantaj, Azercredit, Azerdemiryolbank, Azeri Star, Bai Tushum, Bank Eskhata, Bank of Baku, Bereke, Bereke-credit, BESA, BFSBS, Blago, Borshud, BRCCC, BTA Bank, BZMF, CAPA, CEF, Chita FSBS, CMFinance, CredAgro NBCO, Credit Mongol, CREDO, Crystal, DAYAQ-Credit, Dirigible, DSK Dobrich, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Doveriye-Altay, ECLOF - ARM, Edinstvo Yurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Elet-Capital, Express Finance, Farm Credit Armenia, FFECC, FFSA, FinAgro, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - Russia, FINCA - TJK, FinDev, FMCC, FMFB - TJK, FNT Credit, FORUS, FULM, Fundusz Mikro, Galaktika, Garant-Invest, General Toshevo, Gorodskoy, HOPE, Horizon, Horizonti, ImerCredit, Imkoniyat, Imodi Hutal, IMON, Impuls, INECO, Inicjatywa Mikro, Intellekt, Invest Credit, Invest-Credit Moldova, Joldosh Group, JOVID, JSC Bank Constanta, KAMURJ, Kajnardza 96, Kemek, KEP, KGMAMF, Khan Bank, KMB, KMF, Komak Credit, Kompanion, KosInvest, Kredo, KRK Ltd, KSK RPK, KVK, KVK-Altay, LAM, Lazika Capital, LIDER, LOK Microcredit Foundation, FAF-DC, Maqsadi dasgiri, Maritsa Invest, MCO ‘Oral’, MDF, MI-BOSPO, Microinvest, MIKRA, Mikro ALDI, Mikrofond, Mikrokredit Bank, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, Mol Bulak Finance, Moldir, Momina Voda, Moznosti, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, Neftegaz, Normicro, Nov Credit, Obereg (Vladivostok), OBM, OBS, OMRO, Opportunity Albania, OXUS - KGS, OXUS - TJK, Parabank, Partner, Partner Russia, Perelik, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, PRIZMA, ProCredit - MDA, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank Serbia, Raduga, Reserv-Altay, Rezerv, ROMCOM, Rost, Rus, WMN (Russia), SABR, Saglasie 96, Samokov 96, SBS, SEF-ARM, SINERGIJA, Smilyan, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, Soglasiye, Solidarnost, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, Stopanin, Sugd Microfin, Sunrise, TFS, Tsaritsinskiy passaj, Tsimlyansk, Tverskoy, Umid, Umid-Credit, USFSBS, USTOI, VFM, Viator, Vostok Kapital, VRFSBS, Women for Women, XacBank

Region: LAC(Latin America & the Caribbean)

333 81 180 72 ACCOVI, ACME, ACORDE, Actuar Caldas, Actuar Tolima, ADICH, ADIM, ADOPEM, ADRA - PER, ADRI, AFODENIC, Agência do Crédito, AGAPE, AgroCapital, AGUDESA, ALSOL, Alternativa 19 del Sur, Alternativa Microfinanzas, AMA, AMC de R.L., AMEXTRA, ANDE, ANED, Apoyo Económico, Apoyo Integral, APROS, ASDIR, ASEI, ASIDME, Asociación Arariwa, Asociación El Balsamo, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASP Financiera, ASPIRE, ATEMEXPA, Avanzar, AYNLA, Bancamía, Banco ADEMI, Banco Amigo, Banco da Familia, Banco do Empreendedor, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, Banco Familiar, Banco Popular do Brasil, Banco Solidario, BancoEstado, BancoSol, BanCovelo, BANCRI, BANEX, BanGente, BCSC, CACMU, CAFASA, Caja Depac Poblana, Caja Popular Mexicana, CAME, CCAMETRO, CARE - CREEME, Caritas, Caritas Esteli, Casa do Microcrédito, CCC, CDRO, CEADe, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, Central Cresol Baser, CEPESIU, CEPRODEL, CESOL ACJ, CIDRE, CMAC Arequipa, CMAC Cusco,





SIMPLE PEER GROUPS

CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, COCDEP, CODESARROLLO, Columbia Microcreditos, CompartamosBanco, Comultrasan, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPROGRESO, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Crece Safsa, CRECER, Credi Fé, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Credicoop, CREDIMUJER, Crediscotia, Credisol, Créditos Pronegocio, CREDITUYO, Cresol Central, Crezcamos, CRYSOL, Despacho Amador, Diaconia, D-Miro, Don Apoyo, ECLOF - ECU, EcoFuturo FFP, EDAPROSPO, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Emprender, ENLACE, Espacios Alternativos, Crezkamos Kapital, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL, FED, FIACG, FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, FinAmigo, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - MEX, FINCA - NIC, FINCA - PER, FINCA - SLV, FinComún, FINORTE, FINSOL, Emprenda, FISUR, FMM Bucaramanga, FMM Popayán, FMSD, FODEM, FODEMI, FOMIC, FONCRESOL, FONDECO, FONDESOL, FONDESURCO, Fondo Esperanza, Fonkoze, Forjadores de Negocios, Fortaleza FFP, FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, Fundación León 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME, FUNDESER, FUNDESPE, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GCM, Grameen Mendoza, Grupo Río La Venta, HDH OPDF, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDH, IMPRO, INSOTEC, Instituto Estrela, Interactuar, Interfisa Financiera, Invirtiendo, Manuela Ramos, MCN, MiBanco, MiBanco Venezuela, MicroCred - MEX, Micredito SAC, Coop MEDA, Microfinanciera Prisma, Microserfin, Microsol, MIDE, MUDE, ODEF Financiera, OLC, Oportunidad Microfinanzas, Popular SAFI, PRESTANIC, PRISMA, ProCaja, ProCredit - BOL, ProCredit - COL, ProCredit - ECU, ProCredit - HND, ProCredit - NIC, ProCredit - SLV, PRODEM FFP, PRODESA, Progresar, Progresemos, Pro Mujer - ARG, Pro Mujer - BOL, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, Real Microcrédito, Red de Vanguardia, São Paulo Confia, Sartawi, SemiSol, SFF, SOCIALCRED, PADECOMSM, SOCRED, SOGESOL, SolFi, Solución Asea, Soluciones Reales, Mentors - PER, Te Creemos, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UNICREICH, Visión Banco, Vivir Soluciones, World Relief - HND, WWB Cali

Region: MENA(Middle East & North Africa)

56 15 38 3 ABA, ABWA, Abyan, ACAD, Aden, Al Amana, Al Awael, Al Karama, Al Majmoua, Al Rafah Bank, Al Tadamun, Al-Thiqa, Alwatani, AMC, Ameen, AMOS, AMSSF/MC, ARDI, ASALA, ASBA, Azal, BRAC - SS, CEOSS, CHF Iraq, DBACD, DEF, Enda, ESED, FATEN, FBPMC, FINCA - JOR, FMF, FMFI-SYR, FONDEP, IDDA, INMAA, Izdiharona Microfinance, Jabal Al Hoss, Lead Foundation, Makhzoumi, MEMCO, MFW, NMF, NSBA, PARC, PASED, RADE, Reef, Ryada, SBACD, SCDA, SFSD, SUMI, Tamweelcom, UNRWA, Zakoura

Scale: Small(GLP in USD, LAC < 4,000,000; Others < 2,000,000)

428 216 201 11 3A Entreprises, A3C, ABWA, Abyan, Abzal Kredit, ACB sa, ACLEDA Lao, Actuar Caldas, Aden, ADICH, ADIM, ADRA - PER, Aetos, Agência do Crédito, AGAPE, Agrocredit Plus, Agroimpuls, AGUDESA, A-invest, Al Awael, Alidé, Alliance MFB, ALSOL, Alternativa, Alternativa 19 del Sur, Alternativa Microfinanzas, Alteya, AMA, AMEXTRA, AMFI, Amlok, AMOS, APED, APROS, ARD, ASA - GHA, ASALA, ASEI, ASIDME, Asociación El Balsamo, ASOPROSANRAMON, ASPIRE, ASTI, ATEMEXPA, Avantaj, Avanzar, Azal, Banco do Povo ACP, Rede Novo Sol, Banco do Vale, Banco Santiago de Libon, BANCRI, BAYOCA, Bereke-credit, Berendina Microfinance, Bessfa RB, Binhminh CDC, BJS, Blago, BMSCCSL, BMT Kayu Manis, BMT Pringsewu, Borshud, BPR AN, BPR Aditama Arta, BPR Artadamas Mandiri, BPR BBTM, BPR CAS, BPR Citama, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 30, BPR Pinang Artha, BPR SAS, BPR SKA, BPR Taman Dhana, BPR Wahana Sentra Artha, BRAC - SS, BRCCC, BWDC, CACMU, CAFASA, CAFODEC, CAPPED, CARE - CREEME, Caritas Esteli, Casa do Microcrédito, CBIRD, CCC, CDM, CEADe, CEAPE BA, CEAPE PE, CEAPE PI, CEC-PROM Mature, CEDEF, CEP BRVT, CEP Long An, CEPESIU, CESOL ACJ, CEVI, CFF, Chamroeun, Childfund Hoa Binh, Chita FSBS, CHWDA, CMEDFI, CMMB, COAC 4 de Octubre, COAC Artesanos, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Minga, COAC Padre Vicente, COAC Pallatanga, COAC San Antonio, COAC San Gabriel, COAC Santa Ana, COAC Santa Anita, COCDEP, Columbia Microcreditos, COOPAC Chiquinquira, COOPAC Norandino, COOPEC Hinfani Dosso, COOPEC/ACCO, COSPEC, CPECG Yete Mali, CRAN, CrediClub, CREDIMUJER, Credisol, CREDITUYO, Crezcamos, CRG, CU Kosayu, CU Pantai Prigi, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM, CWCD, CZWSDA, DAYAQ-Credit, Degaf, Dian Mandiri, DINARI, Dirigible, DJOMEC, DSK Dobrich, Don Apoyo, Doveriye - Volgograd, Doveriye- Bulgaria, Doveriye-Altay, DQF, ECLOF - ARM, ECLOF - ECU, ECLOF - PHL, EDAPROSPO, Edinstvo-Volgograd, EDPYME Pro Negocios, Ehyoi kuhiston, Elet-Capital, Emprender, Espacios Alternativos, Fácil SCM, FACES, FADEMYPE, FAM, FAPE, Farm Credit Armenia, AfricaWorks, FDM, FIACG, FIDERPAC, FIDEVIE, FINCA - HTI, FINCA - PER, FINCA - ZMB, FINORTE, Emprenda, FISUR, FNT Credit, FOMIC, FONCRESOL,





SIMPLE PEER GROUPS

Forjadores de Negocios, FOVIDA, FUDEMI, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación Esperanza, Fundación MICROS, Fundación Mujer, FUNDAMIC, FUNDEBASE, FUNDECOCA, FUNDEPYME, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Galaktika, Garant-Invest, Gasha, GAWFA, GCM, General Toshevo, GGEM Microfinance Services Ltd., GRAINE sarl, Grameen Mendoza, Grameen Sahara, Grupo Río La Venta, Harbu, Hekima, Hluvuku, Hope for Life, HSPFI, ICC Conquista Solidária, ICC MAUCE, ICMFB, IDDA, IDER CV, IDESI Lambayeque, IDESPA, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, Imodi Hutal, IMPRO, Impuls, Instituto Estrela, Intellekt, Invest Credit, Invest-Credit Moldova, Izdiharona Microfinance, Jabal Al Hoss, Joldosh Group, JOVID, JSCCS, JXWDA, Kasagana-Ka, Kajnardza 96, Kemek, Komak Credit, KOPSA, KPOSB, KSF, KVK, KVK-Altay, LAPO-SLE, Letta, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, Madfa SACCO, Mahashakti, Mahila, Mahuli, Makhzoumi, Manushi, Maqsadi dasgiri, Maxima, Mbinga CB, MCL, MCO ‘Oral’, MEC AFER, MEC FEPRODES, MECBAS, MEDF, MED-Net, Meklit, MGPCC DEKAWOWO, Micro Start, MicroCred - MEX, MicroCred - SEN, Micredito SAC, Microfinanciera Prisma, Microsol, MIDE, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLF Madina, MLF MWI, MLF Vahsh Microfin, MLO ‘Saodat Invest’, MAMIDECOT, MMS, Moldir, Momina Voda, MUDE, MUL, Mutuelle Akwaba, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, NBJK, NCS, Neftegaz, NeRuDO, NESDO, New RB of Victorias, Nidan, NMF, NMFB, Nov Credit, NSBA, NYWDA, Obereg (Vladivostok), Faulu - TZA, OI China, OLC, OMB, Oportunidad Microfinanzas, Otiv Sambava, OXUS - KGS, PAIDEK, Partner Russia, Parwaz, PASED, PATRA Hunchun, PATRA Yanbian, PCWDA, Perelik, Plan International, PNG Microfinance Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, Pride Finance, ProCaja, Progresar, Progresemos, Pro Mujer - ARG, Pro Mujer - MEX, Raduga, RAFODE, RB Bagac, RB Cotabato, RB Liloy, RB Pagbilao, RB Placer, RB San Jacinto, RCCECG, RCDS, Red de Vanguardia, REDFunds, Reef, Rezerv, Riverbank, RML, RSPI, São Paulo Confia, SABR, Saglasie 96, Sahara Mahila, Samasta, Samokov 96, Sartawi, SCDA, SED, SEM Fund, SemiSol, Serviamus, SEWA Finance, SFSD, Smilyan, SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye-2005, Sodruzhestvo, SOFINA, Solidarnost, Solución Asea, Soluciones Reales, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, SPBD, SPGBB, SSK, Stanichnik, Stopanin, Sugd Microfin, SUMI, Sungi, Mentors - PER, SFPL, TLM, Tsimlyansk, Tujijenge, Turame Community Finance, Tverskoy, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCCEC GY, Umid, Umid-Credit, UNION DES COOPECs UMUTANGUHA, Union RB, Vivir Soluciones, Vostok Kapital, VRFSBS, VSSU, VYCCU, WISE, WKP, WSE, WWI - AFG, XXWDA, YYWDA

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

304 82 195 27 ABCRDM, ABS-CBN, ACAD, ACF, ACFB, ACME, Actuar Tolima, Adhikar, ADRI, AFODENIC, AFS, Akuapem RB, Al Karama, Al Tadamun, Alliance Group, AMC, AMfB, AMSSF/MC, ANDE, ANED, Aqroinvest, ARDCI, Arnur Credit, ASA Philippines, Asasah, ASDIR, ASHI, Asociación Arariwa, ASODENIC, ASR, ASUSU CIIGABA, AWS, AYNLA, Azeri Star, Banco Amigo, Banco da Familia, Banco do Empreendedor, Banco Popular do Brasil, Bangko Mabuhay, BCB, BEES, Bereke, BFSBS, BG, BIMAS, BOM, Bonzali RB, BPR AK, BPR BKK Cilacap, BPR NBP 11, BPR NBP 2, BPR NSI, BPR PKT, BPR Sukawati Pancakanti, BRAC - LKA, BRAC - TZA, BRAC - UGA, BZMF, Caja Depac Poblana, CAURIE Micro Finance, CBDIBA/RENACA, CDRO, CEAPE MA, CECA, CECIC S.A., CEF, CEOSS, CEPRODEL, CETZAM, CFA, CFE, Chandeshwori, CHC-Limited, CIDRE, CMAC Pisco, CMCA, COAC Acción Rural, COAC Ambato, COAC Chone, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Sac Aiet, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Juan XXIII, COOPAC León XIII, COOPAC Los Andes, COOPAC Tocache, COOPEDU-Kigali, CRAC Los Andes, CRAC Sipán, Crece Safsa, CrediAvance, Credi-Capital, CrediComún, Credicoop, Credit Mongol, CReSA, CRYSOL, Crystal, CSD, CU Sawiran, DAMEN, DD Bank, DEC, DEPROSC-Nepal, Despacho Amador, Doveriye (Amursk), DSPI, Duterimbere, Edinstvo Yurga, EDPYME Acceso Crediticio, EDPYME Credivisión, ENLACE, Eshet, FAFIDESS, FAMA OPDF, Faulu - UGA, FED, FFECC, FIE Gran Poder, FinAgro, FinAmigo, FINCA - AFG, FINCA - GTM, FINCA - HND, FINCA - JOR, FINCA - MWI, FINCA - NIC, FINCA - SLV, FINCA - TJK, FINCA - TZA, FinDev, FMF, FODEM, FODEMI, FONDECO, FONDESOL, FONDESURCO, Fondo Esperanza, Fonkoze, FORWARD, FRAC, FUBODE, FULM, FUNBODEM, Fundación Amanecer, Fundación CAMPO, Fundación León 2000, Fundación Paraguaya, FUNDAHMICRO, FUNDENUSE, FUNED, GOF, Gorodskoy, HEED, HDH OPDF, HiH, Hofokam, HOPE, Horizon, Horizonti, ICC BluSol, IDEPRO, IDF, Indur MACS, INMAA, INSOTEC, Invirtiendo, IPR, Janodaya, Jigiyaso Ba, Juaben RB, JVS, KADET, Kakum RB, Kashf Bank, Kazama Grameen, KBank, KCCDFI, KGMAMF, KixiCredito, Kokari, KosInvest, Kredo, KRUSHI, KSK RPK, La Community Bank, Lak Jaya, LAM, Lazika Capital, MADRAC, Mahasemam, Mallig Plains RB, Manuela Ramos, Marang, Maritsa Invest, MBK Ventura, MCN, MDF, MECREF, MGBB, Micro Africa, MicroCred - MDG, Microserfin, Mikro ALDI, Mikrofond, Mimo Finance, Miselini, MLO HUMO, MoFAD, Mol Bulak Finance, Moris Rasik, MUSCCO, Nachala, NEED, NRDSC, Nwabiagya RB, Opportunity Finance, Opportunity Kenya, Otiv Diana, Otiv Tana, Otuasekan RB, OXUS - AFG, OXUS - TJK, PALFSI, PARC, PASECA - Kayes, PAWDEP, PEACE, PGBB, POMFB, Popular SAFI, PRISMA, ProCredit Bank - SLE, Progressive Bank, Pro Mujer - NIC, Pro Mujer - PER, PWMACS, RADE, RB Cainta, RB Camalig, RB Digos, RB Guinobatan, RB Lebak, RB Mabitac, RB Montevista, RB Oroquieta, RB Siargao, RB Solano, RB Talisayan, Reliance, Reserv-Altay, RGVN, Rishenglong, ROMCOM, Rost, Rus, Sarala, SB Bank, SBACD, SBS, SEAP, SEDA, SEF-ARM, Seilanithih, SEWA Bank, SFF, SFPI, Siam Bank, SIPEM, SMSS, Sodeystviye, SOGESOL, Soglasiye, SolFi, Sonata, Soro Yiriwaso, South Akim RB, SU, Tchuma, Te Creemos, TFS, TIAVO, Tsaritsinskiy passaj, UCEC/MK, U-IMCEC, UMECDES, UNICREICH, UOB, Upper Manya RB, USTOI, VFM, VFS, Viator, Vital Finance, Wasasa, Nationwide Microbank, WOCCU - AFG, World Relief - HND





SIMPLE PEER GROUPS

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

351 47 240 64 1st MCC, 1st Valley Bank, ABA, ACBA, AccessBank, ACCOVI, ACEP Cameroon, ACEP Senegal, ACLEDA, ACORDE, ACSI, ADCSI, ADOPEM, AFK, Aqrarkredit, AgroCapital, AgroInvest, Agroinvestbank, Aiyl Bank, Akiba, Al Amana, Al Majmoua, Al Rafah Bank, Al-Thiqa, Alwatani, AMC de R.L., Ameen, AMK, AML, AMMACTS, AMRET, Apoyo Económico, Apoyo Integral, ARDI, AREGAK UCO, ARMP, Arohan, ASA, ASBA, ASC Union, ASKI, Asociación Raíz, ASP Financiera, Atwima Kwanwoma, Azercredit, Azerdemiryolbank, Bai Tushum, Bancamía, Banco ADEMI, Banco Familiar, Banco Solidario, BancoEstado, BancoSol, BanCovelo, Bandhan, BANEX, BanGente, Bangko Kabayan, Bangko Luzon, Bank Eskhata, Bank of Baku, BASIX, BCSC, BESA, BFL, BISWA, BPR Surya Yudha Kencana, BRAC, BRAC - AFG, BSS, BTA Bank, BURO Bangladesh, Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, Capitec Bank, CARD Bank, CARD NGO, Caritas, Cashpor MC, CBB, CBMO, CCA, CDS, Centenary Bank, Central Cresol Baser, CEP, CFPA, CHF Iraq, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMFinance, CMS, COAC Jardín Azuayo, COAC Mushuc Runa, COAC La Nacional, COAC San José, CODESARROLLO, CompartamosBanco, Comultrasan, Coop Fátima, Coop Jesús Nazareno, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPROGRESO, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRECER, CredAgro NBCO, Credi Fé, CrediAmigo, Crediscotia, CREDIT, Créditos Pronegocio, CREDO, Cresol Central, DBACD, DECSI, DEF, Diaconia, D-Miro, EcoFuturo FFP, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Proempresa, EDPYME Raíz, EKI, EKPA, Enda, Equitas, Equity Bank, ESAF, ESED, Crezkamos Kapital, Express Finance, FAIR Bank, FASL, Fassil FFP, FATEN, Faulu - KEN, FBPMC, FDL, FECECAM, FFSA, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, Financiera Independencia, FINCA - ARM, FINCA - AZE, FINCA - DRC, FINCA - ECU, FINCA - GEO, FINCA - KOS, FINCA - MEX, FINCA - Russia, FINCA - UGA, FinComún, FINCORP, FINSOL, First Macro Bank, FMCC, FMFB - AFG, FMFB - Pakistan, FMFB - TJK, FMFI-SYR, FMM Bucaramanga, FMM Popayán, FMSD, FONDEP, Fortaleza FFP, FORUS, FUCEC Togo, Fundación Espoir, Fundación Nieborowski, FUNDEA, FUNDESER, Fundusz Mikro, Génesis Empresarial, GBNB, GFSPL, GM Bank, Grameen Bank, Green Bank, GU, GV, HKL, IMFB, IMON, INECO, Inicjatywa Mikro, Interactuar, Interfisa Financiera, Jamii Bora, JCF, JSC Bank Constanta, Kafo Jiginew, KAMURJ, Kashf Foundation, KBSLAB, KEP, Khan Bank, Khushhali Bank, KMB, KMBI, KMF, Kompanion, Kondo Jigima, K-Rep, KRK Ltd, KWFT, LAPO-NGR, Lead Foundation, LIDER, Life Bank, LOK Microcredit Foundation, FAF-DC, MC², MEMCO, MFI, MFW, MiBanco, MiBanco Venezuela, MI-BOSPO, Coop MEDA, Microinvest, MIKRA, Mikrokredit Bank, MLF MicroInvest, Moznosti, MPGBB, Nirdhan, Normicro, NovoBanco - MOZ, NWTF, Nyesigiso, OBM, OBS, OCSSCO, ODEF Financiera, OIBM, OISL, OMRO, Opportunity Albania, Otiv Alaotra, PADME, PAMECAS, PAPME, Parabank, Partner, PBC, PR Bank, PRASAC, PRESTANIC, PRIDE - TZA, PRIZMA, ProCredit - BOL, ProCredit - COL, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCredit - MDA, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - BIH, ProCredit Bank - GEO, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - MKD, ProCredit Bank - ROM, ProCredit Bank - UKR, ProCredit Bank- DRC, ProCredit Bank Serbia, PRODEM FFP, PRODESA, Pro Mujer - BOL, Pushtikar, RASS, RB Dipolog, RCPB, Real Microcrédito, WMN (Russia), Ryada, Saadhana, Sabaragamuwa, Sajida, Sanghamithra, Sarvodaya Nano Finance, SAT, Sathapana Limited, SCNL, SDBL, SEEDS, SEF-ZAF, Shakti, SHARE, SINERGIJA, SKDRDP, SKS, SMEP, SMILE, Spandana, SSS, Sunrise, SWAWS, Tamweelcom, TMFB, TPC, Trident Microfinance, TSKI, TYM, Ujjivan, UNACOOPEC-CI, UNRWA, USFSBS, Finance Trust, Valiant RB, VBSP, VFC, Visión Banco, WAGES, WDB, Wisdom, Women for Women, WWB Cali, XacBank, Zakoura

Sustainability: FSS(Financial Self-Sufficiency > 100%))

557 123 347 87 [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)

425 155 252 18 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, Actuar Tolima, Aden, Adhikar, ADIM, ADOPEM, ADRA - PER, Agência do Crédito, AGAPE, AGUDESA, Al Awael, Al Karama, Al Majmoua, Al Tadamun, ALSOL, Alternativa 19 del Sur, Alternativa Microfinanzas, Alteya, AMA, Ameen, AMEXTRA, AMK, AML, AMMACTS, AMOS, AMSSF/MC, ANDE, APED, Apoyo Económico, APROS, ARD, ARDCI, ARDI, Arohan, ASA, ASA - GHA, ASA Philippines, Asasah, ASBA, ASEI, ASHI, ASIDME, ASKI, Asociación Arariwa, Asociación El Balsamo, ASODENIC, ASP Financiera, ASPIRE, ASUSU CIIGABA, ATEMEXPA, Avantaj, Avanzar, AWS, Azal, Azeri Star, Banco Amigo, Banco da Familia, Rede Novo Sol, Banco Popular do Brasil, Banco Santiago de Libon, Bandhan, BASIX, BAYOCA, BEES, Bereke, Berendina Microfinance, Bessfa RB, BFL, BG, Binhminh CDC, BISWA, BJS, Blago, BMT Pringsewu, BPR CAS, BPR NBP 11, BPR NSI, BPR SKA, BPR Wahana Sentra Artha, BRAC, BRAC - LKA, BRAC - SS, BRAC - TZA, BRAC - UGA, BSS, BURO Bangladesh, BWDC, CAFASA, CAFODEC, Caja Depac Poblana, Caja Popular Mexicana, CAME, Capitec Bank, CARD Bank, CARD NGO, Caritas, Cashpor MC, CBB, CDM, CEAPE BA, CEAPE MA, CEAPE PE, CEAPE PI, CEDEF, CEOSS, CEP BRVT, CEP Long An, CEPESIU, CESOL ACJ, CEVI, CFF, Chamroeun, Childfund Hoa Binh, CHWDA, CMEDFI, CMFinance, COCDEP, Columbia Microcreditos, CompartamosBanco, Conserva, Contactar, COOPAC Norandino, COOPEC/ACCO, Crece Safsa, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Credicoop, CREDIMUJER, Créditos Pronegocio, CREDITUYO, CReSA, Crezcamos, CRYSOL, CSD, CUMO, CVECA Pays Dogon, CZWSDA, DAMEN, DAYAQ-Credit, DBACD, DEC, Degaf, Despacho Amador, Dian Mandiri, DINARI, Don Apoyo, Doveriye-Altay, DQF, DSPI, EDAPROSPO, Edinstvo Yurga, EDPYME Credivisión, EDPYME Efectiva, Enda, ENLACE, Equitas,





SIMPLE PEER GROUPS

ESAF, ESED, Eshet, Espacios Alternativos, FAPE, FIACG, FIDERPAC, FIDEVIE, FinAmigo, Financiera Independencia, FINCA - AFG, FINCA - ECU, FINCA - GTM, FINCA - HND, FINCA - HTI, FINCA - JOR, FINCA - MEX, FINCA - MWI, FINCA - PER, FINCA - SLV, FINCA - TZA, FINCA - ZMB, FinComún, FINORTE, Emprenda, FISUR, FMF, FMFB - Pakistan, FMM Bucaramanga, FMM Popayán, FMSD, FODEMI, FONDESOL, Fondo Esperanza, Forjadores de Negocios, FORWARD, FRAC, Fundación Esperanza, Fundación Espoir, Fundación MICROS, Fundación Mujer, Fundación Paraguaya, FUNDAMIC, FUNDECOCA, FUNDESPE, FUNHAVI, FUNSALDE, FVP, Galaktika, GAWFA, GCM, GGEM Microfinance Services Ltd., GFSPL, GOF, GRAINE sarl, Grameen Bank, Grameen Mendoza, Grameen Sahara, Grupo Río La Venta, GU, GV, Harbu, HEED, Hekima, HiH, Hope for Life, HSPFI, ICC Conquista Solidária, ICC MAUCE, IDDA, IDER CV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, Impuls, Indur MACS, INMAA, Instituto Estrela, Invest-Credit Moldova, Invirtiendo, Jabal Al Hoss, Jamii Bora, Janodaya, JCF, JVS, JXWDA, Kasagana-Ka, Kashf Foundation, Kazama Grameen, KBank, KCCDFI, Khushhali Bank, KMBI, Kokari, KOPSA, KRUSHI, KSF, KVK-Altay, Lak Jaya, LAPO-NGR, LAPO-SLE, Lead Foundation, Life Bank, M7 Can Loc, M7 DB District, M7 DBP City, M7 Dong Trieu, M7 Mai Son, M7 Ninh Phuoc, M7 Uong bi, Maata-N-Tudu, Madfa SACCO, Mahasemam, Mahuli, Makhzoumi, Mallig Plains RB, Manuela Ramos, Manushi, Marang, Mbinga CB, MBK Ventura, MECBAS, MEDF, Meklit, MFI, MFW, MGBB, Micro Start, MicroCred - MEX, Micredito SAC, Coop MEDA, Microserfin, MIDE, MikroMaliyye Credit, Mimo Finance, MLF MWI, MMS, Moris Rasik, MUDE, MUSCCO, Nadejda, Narodniy Kredit_Kemerov, NBJK, NCS, NEED, Neftegaz, NESDO, Nidan, NMF, NRDSC, NSBA, NWTF, NYWDA, OLC, OMB, Oportunidad Microfinanzas, Opportunity Finance, PAIDEK, PALFSI, Partner Russia, PATRA Yanbian, PAWDEP, PBC, PCWDA, Plan International, Povoljye, PRISMA, ProCaja, Progresar, Progresemos, Progressive Bank, Pro Mujer - ARG, Pro Mujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, PWMACS, RADE, RAFODE, RB Liloy, RB Montevista, RB Placer, RB Talisayan, Real Microcrédito, Red de Vanguardia, Reserv-Altay, Rezerv, RGVN, Riverbank, RSPI, São Paulo Confia, Saadhana, Sabaragamuwa, Sajida, Samasta, Sanghamithra, Sarala, Sarvodaya Nano Finance, SB Bank, SBACD, SEAP, SED, SEEDS, SEF-ZAF, SEM Fund, SemiSol, Serviamus, SEWA Finance, SFPI, Shakti, SHARE, SKDRDP, SKS, SMILE, SMSS, SolFi, Solución Asea, Soluciones Reales, Sonata, Soro Yiriwaso, Soyuz-Khimik, SoyuzKredit, Spandana, SPBD, SSK, Stanichnik, SU, SUMI, Sungi, Mentors - PER, SFPL, SWAWS, Tamweelcom, Te Creemos, Trident Microfinance, TSKI, Tujijenge, Turame Community Finance, UCADE Ambato, UCADE Guaranda, UCADE Latacunga, UCADE Santo Domingo, UCCEC GY, Ujjivan, Umid-Credit, UNICREICH, UOB, VFS, Viator, Vivir Soluciones, VSSU, Wasasa, Wisdom, WISE, WKP, WSE, XXWDA, YYWDA, Zakoura

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

498 145 284 69 1st MCC, 1st Valley Bank, ACAD, ACBA, AccessBank, ACF, ACFB, ACME, ACSI, Actuar Caldas, ADCSI, ADICH, Aetos, AFS, AgroCapital, Agrocredit Plus, Agroimpuls, AgroInvest, A-invest, Al Amana, Alidé, Alliance MFB, Alternativa, Al-Thiqa, Alwatani, AMC, AMC de R.L., AMfB, AMFI, AMRET, ANED, Apoyo Integral, Aqroinvest, AREGAK UCO, Arnur Credit, ASALA, ASC Union, ASDIR, Asociación Raíz, ASOPROSANRAMON, ASTI, Atwima Kwanwoma, AYNLA, Azercredit, Bancamía, Banco ADEMI, Banco do Empreendedor, Banco do Vale, Banco Familiar, Banco Solidario, BancoEstado, BANCRI, BanGente, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, Bank of Baku, BCB, BCSC, BESA, BFSBS, BIMAS, BMSCCSL, BOM, Bonzali RB, Borshud, BPR AN, BPR Aditama Arta, BPR AK, BPR Artadamas Mandiri, BPR BBTM, BPR DMG, BPR Eka Ayu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR Pinang Artha, BPR SAS, BPR Sukawati Pancakanti, BPR Surya Yudha Kencana, BPR Taman Dhana, BRAC - AFG, BRCCC, CACMU, CCAMETRO, Cantilan Bank, CAPA, CAPPED, CARE - CREEME, Caritas Esteli, Casa do Microcrédito, CAURIE Micro Finance, CBDIBA/RENACA, CBIRD, CBMO, CCA, CCC, CDRO, CDS, CEADe, CEF, Central Cresol Baser, CEP, CEPRODEL, CETZAM, CFA, CFPA, CHC-Limited, CHF Iraq, Chita FSBS, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMMB, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COAC La Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, CODESARROLLO, Comultrasan, Coop 20 de Abril, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII, COOPAC Los Andes, COOPAC San Cristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPROGRESO, CPECG Yete Mali, CRAC Los Andes, CRAC Nuestra Gente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, CRAN, CRECER, CredAgro NBCO, Credi Fé, Crediscotia, Credisol, CREDIT, CREDO, Cresol Central, CRG, Crystal, CU Kosayu, CU Pantai Prigi, CU Sawiran, CVECA Kita/Bafoulabé, CVECA SOUM, CWCD, DD Bank, DEF, DEPROSC-Nepal, Diaconia, DJOMEC, D-Miro, Doveriye - Volgograd, Doveriye (Amursk), Doveriye- Bulgaria, Duterimbere, ECLOF - ARM, ECLOF - ECU, ECLOF - PHL, EcoFuturo FFP, Edinstvo-Volgograd, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, EKPA, Elet-Capital, Emprender, Crezkamos Kapital, Express Finance, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAIR Bank, FAMA OPDF, Faulu - KEN, Faulu - UGA, FBPMC, AfricaWorks, FDL, FDM, FED, FFECC, FFSA, FICO, FIE Gran Poder, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, FINCA - ARM, FINCA - AZE, FINCA - GEO, FINCA - KOS, FINCA - NIC, FINCA - Russia, FINCA - TJK, FINCA - UGA, FinDev, FINSOL, First Macro Bank, FMCC, FMFI-SYR, FODEM, FOMIC, FONCRESOL, FONDECO, FONDEP, FONDESURCO, Fonkoze, FORUS, FOVIDA, FUBODE, FUDEMI, FULM, FUNBODEM, Fund for Women Development - HCM, Fundación 4i-2000, Fundación Alternativa, Fundación Amanecer, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO, FUNDEA, FUNDEBASE, FUNDENUSE, FUNDEPYME, FUNDESER, Fundusz Mikro, FUNED, Génesis





SIMPLE PEER GROUPS

Empresarial, Garant-Invest, GBNB, GM Bank, Gorodskoy, Green Bank, HDH OPDF, HKL, Hluvuku, Hofokam, HOPE, Horizon, Horizonti, ICC BluSol, ICMFB, IFDP, ImerCredit, IMFB, Imkoniyat, Imodi Hutal, IMPRO, INECO, Inicjatywa Mikro, INSOTEC, Interactuar, Interfisa Financiera, Invest Credit, Izdiharona Microfinance, Jigiyaso Ba, JSC Bank Constanta, Juaben RB, KADET, Kafo Jiginew, Kakum RB, KAMURJ, Kashf Bank, Kajnardza 96, KBSLAB, Kemek, KGMAMF, Khan Bank, KixiCredito, KMF, Komak Credit, Kompanion, Kondo Jigima, KosInvest, KVK, KWFT, La Community Bank, LAM, Lazika Capital, LIDER, LOK Microcredit Foundation, LSK, MADRAC, FAF-DC, Maqsadi dasgiri, Maritsa Invest, MC², MCL, MCO ‘Oral’, MDF, MEC AFER, MEC FEPRODES, MED-Net, MEMCO, MiBanco, MiBanco Venezuela, MI-BOSPO, MicroCred - SEN, Microfinanciera Prisma, Microsol, MIKRA, Mikro ALDI, Mikrofond, Miselini, Miziya, MLF Kiropol, MLF Madina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MAMIDECOT, MoFAD, Mol Bulak Finance, Moldir, Momina Voda, Mutuelle Akwaba, Nachala, Nadejda 96, NeRuDO, New RB of Victorias, Nirdhan, NMFB, Normicro, Nov Credit, Nwabiagya RB, Obereg (Vladivostok), OBM, OCSSCO, ODEF Financiera, Faulu - TZA, OISL, OMRO, Opportunity Albania, Opportunity Kenya, Otiv Sambava, Otiv Tana, Otuasekan RB, OXUS - AFG, OXUS - KGS, PADME, PAMECAS, PARC, Partner, Parwaz, PASECA - Kayes, PASED, PATRA Hunchun, PEACE, Perelik, PGBB, PNG Microfinance Ltd, Pomoriiski stopanin, Popular Kasa-Kystendil, PRASAC, PRESTANIC, PRIDE - TZA, Pride Finance, PRIZMA, ProCredit - COL, ProCredit - ECU, ProCredit - HND, ProCredit - SLV, ProCredit Bank - BIH, ProCredit Bank - ROM, ProCredit Bank Serbia, PRODESA, Pro Mujer - BOL, Raduga, RASS, RB Camalig, RB Cotabato, RB Digos, RB Lebak, RB Mabitac, RB Oroquieta, RB Pagbilao, RB Siargao, RCCECG, REDFunds, Rost, Rus, WMN (Russia), SABR, Saglasie 96, Sahara Mahila, Samokov 96, Sartawi, SAT, SBS, SCDA, SCNL, SDBL, SEDA, SEF-ARM, Seilanithih, SEWA Bank, SFF, SFSD, Siam Bank, SINERGIJA, SMEP, Smilyan, SOCIALCRED, PADECOMSM, SOCRED, Sodeystviye, Sodeystviye-2005, Sodruzhestvo, SOFINA, Soglasiye, Solidarnost, South Akim RB, Soyuz-Primoroye, SPGBB, SSS, Stopanin, Sugd Microfin, Sunrise, Tchuma, TFS, TIAVO, TMFB, TPC, Tsimlyansk, Tverskoy, TYM, UCEC/MK, U-IMCEC, UNACOOPEC-CI, UNRWA, Upper Manya RB, USTOI, Valiant RB, VBSP, VFC, VFM, Vostok Kapital, VRFSBS, VYCCU, Nationwide Microbank, WDB, Women for Women, World Relief - HND, WWB Cali, WWI - AFG, XacBank

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

78 22 47 9 Abzal Kredit, ACB sa, ACCOVI, ACEP Cameroon, ACEP Senegal, AFK, AFODENIC, Alliance Group, Amlok, ARMP, Azerdemiryolbank, BancoSol, BanCovelo, BPR PKT, BZMF, CamCCUL, CIDRE, CMS, Coop Avances, Credit Mongol, DECSI, DSK Dobrich, Equity Bank, FAM, FASL, Fassil FFP, FATEN, FECECAM, FIE FFP, FinAgro, FINCA - DRC, FINCORP, Gasha, General Toshevo, IDEPRO, IMON, Intellekt, IPR, JOVID, KEP, Kredo, K-Rep, KRK Ltd, MCN, MECREF, Micro Africa, MLF Chiluchor chashma, Moznosti, MPGBB, Nyesigiso, OBS, OI China, Otiv Alaotra, Otiv Diana, OXUS - TJK, PAPME, Popular SAFI, PR Bank, ProCredit - BOL, ProCredit - GHA, ProCredit - MDA, ProCredit - NIC, ProCredit Bank - ALB, ProCredit Bank - BGR, ProCredit Bank - GEO, ProCredit Bank - MKD, PRODEM FFP, Pushtikar, Reef, Ryada, Sathapana Limited, SOGESOL, Tsaritsinskiy passaj, UNION DES COOPECs UMUTANGUHA, Finance Trust, Visión Banco, Vital Finance, WOCCU - AFG

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

64 16 44 4 3A Entreprises, ACLEDA, ACORDE, ADRI, Aqrarkredit, Agroinvestbank, Aiyl Bank, Akiba, Akuapem RB, Al Rafah Bank, ASR, Bai Tushum, BANEX, Bank Eskhata, Bereke-credit, BTA Bank, CECA, CECIC S.A., CEC-PROM Mature, Centenary Bank, CFE, Chandeshwori, CMCA, Coop Fátima, Coop Jesús Nazareno, COOPEC Hinfani Dosso, COOPEDU-Kigali, COSPEC, Dirigible, Farm Credit Armenia, FMFB - AFG, FMFB - TJK, FNT Credit, Fortaleza FFP, FUCEC Togo, Joldosh Group, KMB, KSK RPK, Letta, MGPCC DEKAWOWO, MicroCred - MDG, Microinvest, Mikrokredit Bank, MUL, NovoBanco - MOZ, OIBM, Parabank, ProCredit Bank - KOS, ProCredit Bank - MDA, ProCredit Bank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, RB Cainta, RCPB, Reliance, Rishenglong, RML, ROMCOM, SIPEM, UMECDES, Umid, Union RB, USFSBS, WAGES

COMPOUND PEER GROUPS

Africa Large FSS(Africa; GLP > $8,000,000; Financial Self-Sufficiency > 100%)


Africa Large Non FSS(Africa; GLP > $8,000,000; Financial Self-Sufficiency < 100%)


Africa Medium FSS(Africa; GLP ≥ $2,000,000 and ≤ $8,000,000; Financial Self-Sufficiency > 100%)


Africa Medium Non FSS(Africa; GLP ≥ $2,000,000 and ≤ $8,000,000; Financial Self-Sufficiency < 100%)


Africa Small FSS(Africa; GLP < $2,000,000; Financial Self-Sufficiency > 100%)






SIMPLE PEER GROUPS

Africa Small Non FSS(Africa; GLP < $2,000,000; Financial Self-Sufficiency < 100%)


Asia Large FSS(Asia; GLP > $8,000,000; Financial Self-Sufficiency > 100%)


Asia Large Non FSS(Asia; GLP > $8,000,000; Financial Self-Sufficiency < 100%)


Asia Medium FSS(Asia; GLP ≥ $2,000,000 and $8,000,000; Financial Self-Sufficiency > 100%)


Asia Medium Non FSS(Asia; GLP ≥ $2,000,000 and $8,000,000; Financial Self-Sufficiency < 100%)


Asia Small FSS(Asia; GLP < $2,000,000; Financial Self-Sufficiency > 100%)


Asia Small Non FSS(Asia; GLP < $2,000,000; Financial Self-Sufficiency < 100%)


ECA Large FSS(ECA; GLP > $8,000,000; Financial Self-Sufficiency >100%)


ECA Large Non FSS(ECA; GLP > $8,000,000; Financial Self-Sufficiency <100%)


ECA Medium FSS(ECA; GLP $2,000,000 and $8,000,000; Financial Self-Sufficiency > 100%)


ECA Medium Non FSS(ECA; GLP ≥ $2,000,000 and ≤ $8,000,000; Financial Self-Sufficiency < 100%)


ECA Small FSS(ECA; GLP < $2,000,000; Financial Self-Sufficiency >100%)


ECA Small Non FSS(ECA; GLP < $2,000,000; Financial Self-Sufficiency <100%)


LAC Large FSS(LAC; GLP > $15,000,000; Financial Self-Sufficiency > 100%)


LAC Large Non FSS(LAC; GLP > $15,000,000; Financial Self-Sufficiency <100%)


LAC Medium FSS(LAC; GLP ≥ $4,000,000 and ≤ $15,000,000; Financial Self-Sufficiency > 100%)


LAC Medium Non FSS(LAC; GLP ≥ $4,000,000 and ≤ $15,000,000; Financial Self-Sufficiency < 100%)






SIMPLE PEER GROUPS

LAC Small FSS(LAC; GLP < $4,000,000; Financial Self-Sufficiency >100%)


LAC Small Non FSS(LAC; GLP < $4,000,000; Financial Self-Sufficiency <100%)


MENA Large FSS(MENA; GLP > $8,000,000)


MENA Large Non FSS(MENA; GLP < $2,000,000)


MENA Medium FSS(MENA; GLP ≥ $2,000,000 and ≤ $8,000,000)


MENA Medium Non FSS(Africa; GLP > $8,000,000; Financial Self-Sufficiency >100%)


MENA Small FSS(MENA; GLP < $2,000,000)


MENA Small Non FSS(Africa; GLP > $8,000,000; Financial Self-Sufficiency <100%)


† 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.

APPENDICES

Appendix I: Notes, Adjustments and Statistical Issues

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 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 by the current year’s inflation

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


74

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009APPENDICES


rate, which results in inflation adjustment income, offsetting to some degree the expense generated by adjusting equity.2 On the balance sheet, this inflation adjustment results in a reordering of equi ty accounts: profits are redistributed between real profit and the nominal profits required to maintain the real value of equity.

MFIs that borrow from banks or mobilize savings have an actual interest expense, which is an operating cost. In comparison, similar MFIs that lend only their equity have no interest expense and therefore have lower operating costs. If an MFI focuses on sustainability and the maintenance of its capital/asset ratio, it must increase the size of its equity in nominal terms to continue to make the same value of loans in real (inflation-adjusted) terms. Inflation increases the cost of tangible items over time, so that a borrower needs more money to purchase them. MFIs that want to maintain their support to clients must therefore offer larger loans. Employees’ salaries go up with inflation, so the average loan balance and portfolio must increase to compensate, assuming no increase in interest margin. Therefore, an institution that funds its loans with its equity must maintain the real value of that equity, and pass along the cost of doing so to the client. This expectation implies MFIs should charge interest rates that include the inflation adjustment expense as a cost of funds, even if this cost is not actually paid to anyone outside the institution.

Some countries with high or volatile levels of inflation require businesses to use inflation-based accounting on their audited financial statements. We use a proxy of this same technique in the Bulletin. Of course, we understand that in countries where high or volatile inflation is a new experience, MFIs may find it difficult to pass on the full cost of inflation to clients. These adjustments not do reflect policy recommendations; rather, they provide a common analytical framework that compares real financial performance meaningfully.

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.

MICROBANKING BULLETIN, ISSUE 19, DECEMBER 2009 APPENDICES


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, reflect-ing 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, espe-cially in high inflation countries.

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

Decreases concessional loan account and increases eq-uity account; increases inflation adjustment on income statement and balance sheet.

NGOs that have very long-term, very low-interest “loans” from interna-tional agencies that function more as donations than loans, or trans-formed institutions with subordi-nated debt.

Cost of funds adjustment Increases financial expense on income statement to the extent that the MFI’s liabilities carry a below-mar-ket rate of interest. Decreases net income and increas-es subsidy adjustment account on balance sheet.

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

Reclassification of dona-tions below net operating income

Reduces net operating income on the income state-ment. 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, in-creases 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 income 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

Apendix II: Participating Institutions

MICROBANKING BULLETIN, IssUE 19, DECEMBER 2009

APPENDICEs

76 Microfinance Information eXchange, Inc

ACRONYM NAME COUNTRY DATA QUALITY Year

1st MCC First MicroCredit Company (FMCC) Kyrgyzstan ** 2008

1st Valley Bank 1st Valley Bank (formerly Rural Bank of Kapatagan Valley, Inc). Philippines ** 2008

3A Entreprises 3A Entreprises Guinea * 2008

A3C A3C (Association des CVECA et CECA du Centre) Cameroon ** 2008

ABA Alexandria Business Association Egypt ** 2008

ABCRDM All Backward Class Relief and Development Mission India * 2008

ABS-CBN ABS-CBN Bayan Foundation, Inc. Philippines ** 2008

ABWA Assiut Business Women's Association Egypt ** 2008

Abyan Abyan Program Yemen ** 2008

Abzal Kredit Abzal Kredit Microfinance Organization Kazakhstan * 2008

ACAD Arab Center for Agricultural Development Palestine ** 2008

ACB sa AMASEZERANO COMMUNITY BANKING Rwanda ** 2008

ACBA Agricultural Cooperative Bank of Armenia Armenia ** 2008

AccessBank AccessBank Azerbaijan ** 2008

ACCOVI Asociación Cooperativa de Ahorro y Crédito Vicentina de R.L. El Salvador ** 2008

ACEP Cameroon Agence de Crédit pour l'Entreprise Privée Cameroun Cameroon ** 2008

ACEP Senegal Alliance de Credit et d'Epargne pour la Production Senegal * 2008

ACF Asian Credit Fund Kazakhstan * 2008

ACFB Association des Caisses de Financement à la Base Benin ** 2008

ACLEDA ACLEDA Bank Plc. Cambodia ** 2008

ACLEDA Lao ACLEDA Bank Lao Ltd Laos ** 2008

ACME Association Pour la Cooperation avec la Micro Enterprise Haiti ** 2008

ACORDE Asociación Costarricense para organizaciones de Desarrollo Costa Rica ** 2008

ACSI Amhara Credit and Savings Institution Ethiopia ** 2008

Actuar Caldas Corporación Acción Por Caldas ACTUAR Famiempresas Colombia ** 2008

Actuar Tolima ACTUAR Famiempresas - Tolima Colombia ** 2008

ADCSI Addis Credit & Savings Institution Ethiopia * 2008

Aden Aden Microfinance Foundation Yemen * 2008

Adhikar Adhikar India ** 2008

ADICH Asociación para el Desarrollo Integral Comunitario de Honduras Honduras * 2008

ADIM Asociación Alternativa Para el Desarrollo Integral de las Mujeres Nicaragua ** 2008

ADOPEM Asociación Dominicana para el Desarrollo de la Mujer Dominican Republic ** 2008

ADRA - PER Adventist Development and Relief Agency International - Peru Peru *** 2008

ADRI Asociación ADRI Costa Rica ** 2008

Aetos Rural Credit Cooperative 'Aetos' Bulgaria * 2008

AFK Agency for Finance in Kosovo Kosovo ** 2008

AFODENIC Asociacion para el Fomento al Desarrollo de Nicaragua Nicaragua ** 2008

AFS Ariana Financial Services (Mercy Corps) Afghanistan * 2008

Agência do Crédito Agência do Crédito Brazil * 2008

AGAPE Asociación General Para Asesorar Pequeñas Empresas Colombia ** 2008

MICROBANKING BULLETIN, IssUE 19, DECEMBER 2009 APPENDICEs



Aqrarkredit Aqrarkredit Azerbaijan ** 2008

AgroCapital Fundación AgroCapital Bolivia *** 2008

Agrocredit Plus MCA "Agrocredit Plus" Kyrgyzstan ** 2008

Agroimpuls Riral Credit Cooperative 'Agroimpuls' Bulgaria * 2008

AgroInvest AgroInvest Serbia ** 2008

Agroinvestbank OJSC Agroinvestbank Tajikistan ** 2008

AGUDESA Asociación Guatemalteca para el Desarrollo Guatemala ** 2008

A-invest MCO A-invest Kazakhstan ** 2008

Aiyl Bank Aiyl Bank (formerly KAFC) Kyrgyzstan ** 2008

Akiba Akiba Commercial Bank Ltd Tanzania ** 2008

Akuapem RB Akuapem RB Ghana * 2008

Al Amana Association Al Amana for the Promotion of Micro-Enterprises Morocco Morocco *** 2008

Al Awael Al Awael Microfinance Company Yemen * 2008

Al Karama Association Al Karama de Micro Credit Morocco ** 2008

Al Majmoua Lebanese Association for Development – Al Majmoua Lebanon ** 2008

Al Rafah Bank Rafah Bank for Microfinance Palestine ** 2008

Al Tadamun Al Tadamun Microfinance Program Egypt ** 2008

Alidé Association de Lutte pour la promotion des Initiatives de Développement Benin ** 2008

Alliance Group Microfinance Organization Alliance Group Georgia * 2008

Alliance MFB Alliance Microfinance Bank Limited Nigeria * 2008

ALSOL Alternativa Solidaria Chiapas Mexico ** 2008

Alternativa CC Alternativa Russia * 2008

Alternativa 19 del Sur Alternativa 19 del Sur, S.A. de C.V. SOFOM E.N.R. Mexico * 2008

Alternativa Microfinanzas

Alternativa, Centro de Investigación Social y Educación Popular Peru ** 2008

Alteya Credit Consumer Cooperative Credit Union "Alteya" Russia * 2008

Al-Thiqa Al-Thiqa Micro Finance and Small Business Loan Iraq ** 2008

Alwatani National Microfinance Bank Jordan Jordan ** 2008

AMA Asociación Mujeres en Acción Peru ** 2008

AMC Ahli Microfinancing Company Jordan ** 2008

AMC de R.L. Sociedad Cooperativa de Ahorro y Crédito AMC de R.L. El Salvador ** 2008

Ameen CHF International / Ameen Lebanon ** 2008

AMEXTRA AMEXTRA Mexico * 2008

AMfB Accion Microfinance Bank Ltd Nigeria ** 2008

AMFI Afghanistan Microfinance Initiative (CHF International) Afghanistan * 2008

AMK Angkor Mikroheranhvatho Kampuchea Cambodia ** 2008

AML Asmitha Microfin Ltd. India ** 2008

Amlok Microdeposit Organization "Amlok" Tajikistan * 2008

AMMACTS Acts Mahila Mutually Aided Coop Thrift Society India ** 2008

AMOS Association Microfinance Oued Srou Morocco ** 2008

AMRET AMRET Co. Ltd. - formerly EMT Cambodia ** 2008

AMSSF/MC Association Marocaine Societe Sans Frontieres / Micro-redit Morocco ** 2008

ANDE Agência Nacional de Desenvolvimento Microempresarial Brazil *** 2008

ANED ANED Bolivia * 2008

APED Association of Progressive Entrepreneurs in Development Ghana ** 2008

Apoyo Económico APOYO ECONOMICO FAMILIAR, S.A. DE C.V. Mexico ** 2008

Apoyo Integral Apoyo Integral S.A. de C.V. El Salvador ** 2008

APROS Ámbito Productivo Mexico * 2008

Aqroinvest Aqroinvest Credit Union Azerbaijan ** 2008

ARD Association for Rural Development Sierra Leone ** 2008

ARDCI Agriculture and Rural Development for Catanduanes, Inc. Philippines ** 2008

ARDI Fondation ARDI Morocco ** 2008

78

MICROBANKING BULLETIN, IssUE 19, DECEMBER 2009APPENDICEs



AREGAK UCO AREGAK Universal Credit Organization CJSC Armenia ** 2008

ARMP Afghanistan Rural Microcredit Programme (Aga Khan Development Network) Afghanistan * 2008

Arnur Credit TOO MCO Arnur Credit Kazakhstan ** 2008

Arohan Arohan India *** 2008

ASA ASA Bangladesh * 2008

ASA - GHA ASA Ghana Ghana ** 2008

ASA Philippines ASA Philippines Philippines ** 2008

ASALA Palestinian Businesswomen's Association Palestine ** 2008

Asasah Asasah Pakistan ** 2008

ASBA Assiut Businessmen Association Egypt ** 2008

ASC Union ASC Union (formerly Rural Financial Fund) Albania ** 2008

ASDIR Asociación de Desarrollo Integral Rural Guatemala ** 2008

ASEI Asociación de Extensionistas Empresariales del INCAE El Salvador ** 2008

ASHI Ahon Sa Hirap Inc. Philippines ** 2008

ASIDME Acción de Servicio y Desarrollo para la Micro Empresa Peru * 2008

ASKI Alalay Sa Kaunlaran, Inc. Philippines * 2008

Asociación Arariwa Asociación Arariwa Peru ** 2008

Asociación El Balsamo

Asociación El Balsamo El Salvador ** 2008

Asociación Raíz Asociación para el Desarrollo RAIZ Guatemala * 2008

ASODENIC Asociación de Oportunidad y Desarrollo Económico de Nicaragua Nicaragua * 2008

ASOPROSANRAMON Asociación Pro fomento de Proyectos Productivos de la Sub Región de San Ramón

Costa Rica ** 2008

ASP Financiera ASP, Consultores & Representación, S.A. de C.V. SOFOM E.N.R. Mexico *** 2008

ASPIRE Asociación Para Inversión y Empleos Dominican Republic * 2008

ASR Credit Union 'ASR' Uzbekistan * 2008

ASTI Microloan Fund ASTI Tajikistan ** 2008

ASUSU CIIGABA ASUSU CIIGABA Niger ** 2008

ATEMEXPA Asesoría Técnica Especializada de México en Palma de Aceite, S.C. Mexico * 2008

Atwima Kwanwoma Atwima Kwanwoma Ghana ** 2008

Avantaj CCCC 'Avantaj' Russia * 2008

Avanzar Asociacion Civil Avanzar por el Desarrollo Humano Argentina * 2008

AWS Aadarsha Welfare Society India ** 2008

AYNLA Asociación Ayudense y Nosotros les Ayudaremos Guatemala ** 2008

Azal Sanaa Microfinance Project (Azal) Yemen * 2008

Azercredit VF AzerCredit LLC Azerbaijan ** 2008

Azerdemiryolbank Azerdemiryolbank Azerbaijan *** 2008

Azeri Star Azeri Star Microfinance Azerbaijan *** 2008

Bai Tushum Bai Tushum and Partners Kyrgyzstan ** 2008

Bancamía Bancamía S.A., Banco de las Microfinanzas Colombia ** 2008

Banco ADEMI Banco ADEMI Dominican Republic ** 2008

Banco Amigo Banco Amigo, S.A. Institución de Banca Múltiple Mexico ** 2008

Banco da Familia Associacao Brasileira para o Desenvolvimento da Familia Brazil ** 2008

Banco do Empreendedor

Banco do Empreendedor Brazil ** 2008

Banco do Povo ACP Associação de Crédito Popular Banco do Povo Brazil * 2008

Rede Novo Sol Rede Sócio Econ. Popular e Solidária de Desenv. Sustentável Novo Sol - Banco do Povo de Nova Ipixuna

Brazil * 2008

Banco do Vale CREDIVALE Agência Metropolitana de Microcrédito Brazil ** 2008

Banco Familiar Banco Familiar Paraguay *** 2008

Banco Popular do Brasil

Banco Popular do Brasil S.A. Brazil ** 2008

Banco Santiago de Libon

Rural Bank of Santiago Libon (Albay) Inc. Philippines ** 2008




Banco Solidario Banco Solidario Ecuador *** 2008

BancoEstado BancoEstado Chile * 2008

BancoSol BancoSol Bolivia *** 2008

BanCovelo Banco Popular Covelo Honduras ** 2008

BANCRI BANCRI - Banco de Crédito Popular Brazil * 2008

Bandhan Bandhan India ** 2008

BANEX Banco del Exito, ex FINDESA Nicaragua *** 2008

BanGente Banco De La Gente Emprendedora Venezuela *** 2008

Bangko Kabayan Bangko Kabayan (Ibaan Rural Bank Inc.) Philippines ** 2008

Bangko Luzon Bangko Luzon Philippines ** 2008

Bangko Mabuhay Bangko Mabuhay (RB Tanza Inc.) Philippines ** 2008

Bank Eskhata Bank Eskhata Tajikistan ** 2008

Bank of Baku Bank of Baku Azerbaijan ** 2008

BASIX Bhartiya Samruddhi Finance Limited India ** 2008

BAYOCA Bhagawan Youth Club, Alapot, Ktm Nepal ** 2008

BCB Bukidnon Cooperative Bank Philippines ** 2008

BCSC Banco Caja Social Colombia Colombia *** 2008

BEES Bangladesh Extension Education Services Bangladesh * 2008

Bereke Kazakhstan Microcredit Organization Bereke Kazakhstan ** 2008

Bereke-credit MCC Bereke-credit Kyrgyzstan * 2008

Berendina Microfinance

Berendina Microfinance Institute (Guarantee) Ltd. Sri Lanka ** 2008

BESA BESA Foundation Albania ** 2008

Bessfa RB Bessfa Rural Bank Ghana ** 2008

BFL BWDA Finance Ltd. India ** 2008

BFSBS BFSBS Russia * 2008

BG Buusaa Gonofaa Ethiopia ** 2008

BIMAS Business Initiative and Management Assistance Services Kenya *** 2008

Binhminh CDC Binhminh Community Development Consulting Company, Ltd. Vietnam ** 2008

BISWA Bharat Integrated Social Welfare Agency India ** 2008

BJS Belgharia Janakalyan Samity India ** 2008

Blago CCCC 'Blago' Russia * 2008

BMSCCSL Buddha Mahila Savings and Credit Cooperative Society Ltd. Nepal ** 2008

BMT Kayu Manis BMT Kayu Manis Indonesia * 2008

BMT Pringsewu Sharia Cooperative Baitul Mal Wat Tamwil Pringsewu Indonesia * 2008

BOM Banco Oportunidade de Moçambique Mozambique ** 2008

Bonzali RB Bonzali Rural Bank Ltd. Ghana * 2008

Borshud MLF Borshud Tajikistan * 2008

BPR AN KBPR Arta Nawa Indonesia * 2008

BPR Aditama Arta PT. BPP Aditama Arta Indonesia ** 2008

BPR AK KBPR Arta Kencana Indonesia * 2008

BPR Artadamas Mandiri

BPR Artadamas Mandiri Indonesia * 2008

BPR BBTM BPR Bekasi Binatanjung Makmur Indonesia * 2008

BPR BKK Cilacap BPR BKK Cilacap Indonesia * 2008

BPR CAS PT. BPR Citra Artha Sedana Indonesia ** 2008

BPR Citama PT. BPR Cita Makmur Lestari Indonesia * 2008

BPR DMG BPR Dana Multi Guna Indonesia ** 2008

BPR Eka Ayu PT BPR Eka Ayu Artha Buwana Indonesia * 2008

BPR Eka Usaha BPR Eka Usaha Indonesia * 2008

BPR Hitamajaya PT. BPR Hitamajaya Argamandiri Indonesia ** 2008

BPR NBP 11 PT. BPR NBP 11 Indonesia ** 2008


80






BPR NSI PT BPR Nur Semesta Indah Indonesia * 2008

BPR Pinang Artha BPR Pinang Artha Indonesia * 2008

BPR PKT PT BPR Parta Kencana Tohpati Indonesia ** 2008

BPR SAS PT. BPR Sejahtera Artha Sembada Indonesia ** 2008

BPR Sukawati Pancakanti

BPR Sukawati Pancakanti Indonesia * 2008

BPR SKA BPR Sukma Kemang Agung Indonesia ** 2008

BPR Surya Yudha Kencana

PT. BPR Surya Yudha Kencana Indonesia * 2008

BPR Taman Dhana PT. BPR Taman Dhana Indonesia * 2008

BPR Wahana Sentra Artha

PT.BPR Wahana Sentra Artha Indonesia ** 2008

BRAC Bangladesh Rural Advancement Committee Bangladesh * 2008

BRAC - AFG BRAC Afghanistan Afghanistan ** 2008

BRAC - LKA BRAC Sri Lanka Sri Lanka ** 2008

BRAC - SS BRAC Southern Sudan Sudan * 2008

BRAC - TZA BRAC Tanzania Tanzania ** 2008

BRAC - UGA BRAC Uganda Uganda ** 2008

BRCCC Bolschemurtinskyi RCCC Russia * 2008

BSS Bharatha Swamukti Samsthe India ** 2008

BTA Bank BTA Bank (formerly Ineximbank) Kyrgyzstan ** 2008

BURO Bangladesh BURO Bangladesh, formerly BURO Tangail Bangladesh ** 2008

BWDC Bharathi Women Development Centre India * 2008

BZMF Beselidhja/Zavet Microfinance Kosovo ** 2008

CACMU COOPERATIVA DE AHORRO Y CRÉDITO MUJERES UNIDAS Ecuador ** 2008

CAFASA Consultores Agropecuarios y Forestales Asociados, S.A. de C.V. Mexico * 2008

CAFODEC Centre d'Appui et de formation pour le développement, l'Epargne et le Credit et l'éducation Civique

Guinea * 2008

Caja Depac Poblana Caja Depac Poblana SC de RL Mexico ** 2008

Caja Popular Mexicana

Caja Popular Mexicana Mexico ** 2008

CamCCUL CamCCUL Cameroon * 2008

CAME CAME Mexico * 2008

CCAMETRO Caja de Crédito Metropolitana El Salvador ** 2008

Cantilan Bank Cantilan Bank, Inc. Philippines ** 2008

CAPA CAPA Finance S.A. Romania ** 2008

Capitec Bank Capitec Bank South Africa ** 2008

CAPPED Caisse de Participation à la Promotion des Entreprises et à leur Développement

Congo, Republic of the ** 2008

CARD Bank CARD Bank, Inc. Philippines ** 2008

CARD NGO Center for Agriculture and Rural Development, Inc. Philippines ** 2008

CARE - CREEME CARE de Honduras Programa de Crecimiento Económico de Microempresas (CREEME)

Honduras * 2008

Caritas Caritas Peru ** 2008

Caritas Esteli Caritas Esteli Nicaragua * 2008

Casa do Microcrédito Casa do Microcrédito Brazil ** 2008

Cashpor MC Cashpor Microcredit India ** 2008

CAURIE Micro Finance

Caisse AUtonome pour le Renforcement des Initiatives Économiques par la Micro finance

Senegal * 2008

CBB Chhimek Bikas Bank Ltd. Nepal ** 2008

CBDIBA/RENACA CBDIBA/RENACA Benin * 2008

CBIRD Cambodia Business Integrated in Rural Development Cambodia ** 2008

CBMO Cooperative Bank of Misamis Oriental Inc. Philippines ** 2008




CCA Crédit Communautaire d'Afrique Cameroon ** 2008

CCC La Casa Campesina Cayambe Ecuador ** 2008

CDM Crédit de développement mutuel Cameroon * 2008

CDRO Asociación Cooperación para el Desarrollo Rural de Occidente Guatemala ** 2008

CDS Crédit du Sahel Cameroon * 2008

CEADe Centro Ecumênico de Apoio ao Desenvolvimento Brazil * 2008

CEAPE BA Centro de Apoio aos Pequenos Empreendimentos da Bahia Brazil ** 2008

CEAPE MA Centro de Apoio aos Pequenos Empreendimentos do Maranhão Brazil ** 2008

CEAPE PE Centro de Apoio aos Pequeno Empreendimentos de Pernambuco Brazil ** 2008

CEAPE PI Centro de Apoio aos Pequenos Empreendimentos do Piauí Brazil ** 2008

CECA Coopérative d'Epargne et de Crédit des Artisans Togo ** 2008

CECIC S.A. CECIC S.A. Cameroon ** 2008

CEC-PROM Mature Coopératives d'Epargne et de Crédit des Promotrices Cameroon ** 2008

CEDEF Calvary Enterprise Development Foundation Ghana ** 2008

CEF Counterpart Enterprise Fund Russia * 2008

Centenary Bank Centenary Rural Development Bank Ltd. Uganda ** 2008

Central Cresol Baser Central Cresol Baser Brazil ** 2008

CEOSS Coptic Evangelical Organization for Social Services Egypt ** 2008

CEP Capital Aid Fund for Employment of the Poor Vietnam *** 2008

CEP BRVT CEP Ba Ria - vung Tau Vietnam ** 2008

CEP Long An CEP Long An Vietnam ** 2008

CEPESIU Centro De Promoción y Empleo Para el Sector Informal Urbano Ecuador *** 2008

CEPRODEL Centro de Promoción del Desarrollo Local Nicaragua *** 2008

CESOL ACJ CESOL ACJ Ecuador ** 2008

CETZAM CETZAM Opportunity Microfinance Ltd. Zambia ** 2008

CEVI Community Economic Ventures, Inc. Philippines ** 2008

CFA Child Fund Afghanistan Afghanistan ** 2008

CFE Centre Financier aux Entrepreneurs S.A. AGASEKE Rwanda * 2008

CFF Cedi Finance Foundation Ghana ** 2008

CFPA China Fund for Poverty Alleviation China, People's Republic of

* 2008

Chamroeun Chamroeun Microfinance - Entrepreneurs du Monde Cambodia ** 2008

Chandeshwori Chandeshwori Saving and Credit Co-operative Society, Ltd. Nepal ** 2008

CHC-Limited CHC-Limited Cambodia *** 2008

CHF Iraq CHF Iraq Iraq ** 2008

Childfund Hoa Binh Childfund Hoa Binh Vietnam * 2008

Chita FSBS Fund for Small Business Support in the Chita Region Russia * 2008

CHWDA Chun Hua Women's Development Assosication China, People's Republic of

** 2008

CIDRE CIDRE Bolivia ** 2008

CMAC Arequipa Caja Municipal de Ahorro y Crédito - Arequipa Peru *** 2008

CMAC Cusco Caja Municipal de Ahorro y Crédito - Cusco Peru *** 2008

CMAC Del Santa Caja Municipal de AHorro y Crédito Del Santa Peru ** 2008

CMAC Huancayo Caja Municipal de AHorro y Crédito de Huancayo Peru *** 2008

CMAC Ica Caja Municipal de Ahorro y Crédito - ICA Peru *** 2008

CMAC Maynas Caja Municipal de Ahorro y Crédito de Maynas Peru * 2008

CMAC Paita Caja Municipal de Ahorro y Crédito de Paita Peru ** 2008

CMAC Pisco Caja Municipal de Ahorro y Crédito de Pisco Peru * 2008

CMAC Piura CMAC Piura Peru *** 2008

CMAC Sullana Caja Municipal de Ahorro y Crédito de Sullana S.A. Peru *** 2008

CMAC Tacna Caja Municipal de Ahorro y Crédito de Tacna Peru *** 2008

CMAC Trujillo Caja Municipal de Ahorro y Crédito de Trujillo Peru *** 2008

CMCA Crédit Mutuel de Centrafrique Central African Republic * 2008

82




CMEDFI Cebu Micro-Enterprise Development Foundation Inc. Philippines ** 2008

CMFinance Center for Microfinance Russia * 2008

CMMB Caisse du Mouvement Mutualiste Béninois Benin ** 2008

CMS Crédit Mutuel du Sénégal Senegal * 2008

COAC 4 de Octubre Cooperativa de Ahorro y Crédito 4 de Octubre Ecuador ** 2008

COAC Acción Rural Cooperativa Acción Rural Ecuador ** 2008

COAC Ambato Cooperativa de Ahorro y Crédito Ambato Ltda. Ecuador ** 2008

COAC Artesanos COAC Artesanos Ltda Ecuador ** 2008

COAC Chone COAC Chone Ecuador *** 2008

COAC Fernando Daquilema

Cooperativa de Ahorro y Crédito Fernando Daquilema Ecuador ** 2008

COAC Fondvida Cooperativa de Ahorro y Crédito Fondvida Ecuador ** 2008

COAC Huaycopungo COAC Huaycopungo Ecuador * 2008

COAC Jardín Azuayo Cooperativa de Ahorro y Crédito Jardín Azuayo Ecuador *** 2008

COAC Kullki Wasi COAC Kullki Wasi Ecuador ** 2008

COAC La Benéfica COAC La Benéfica Ecuador * 2008

COAC Luz del Valle COAC Luz del Valle Ecuador ** 2008

COAC MCCH Cooperativa de Ahorro y Crédito Maquita Cushunchic Ecuador *** 2008

COAC Minga Cooperativa de Ahorro y Crédito Minga Ltda Ecuador * 2008

COAC Mushuc Runa COAC Mushuc Runa Ltda. Ecuador ** 2008

COAC La Nacional COAC La Nacional Ecuador ** 2008

COAC Padre Vicente Cooperativa de Ahorro y Crédito Padre Vicente Ponce Rubio Ecuador ** 2008

COAC Pallatanga COAC San Miguel de Pallatanga Ecuador ** 2008

COAC Sac Aiet Cooperativa de Ahorro y Crédito Sac Aiet Ecuador ** 2008

COAC San Antonio COAC San Antonio Ecuador ** 2008

COAC San Gabriel COAC San Gabriel Ecuador ** 2008

COAC San José Cooperativa de Ahorro y Crédito - San José Ecuador *** 2008

COAC Santa Ana COAC Santa Ana Ecuador *** 2008

COAC Santa Anita COAC Santa Anita Ecuador ** 2008

COCDEP Consultoría y Capacitación para el Desarrollo Productivo, S.C. Mexico * 2008

CODESARROLLO CODESARROLLO Ecuador *** 2008

Columbia Microcreditos

Banco Columbia División Microcreditos Argentina * 2008

Common Interest Common Interest International Thailand ** 2008

CompartamosBanco Banco Compartamos S.A. Institución de Banca Múltiple Mexico *** 2008

Comultrasan Cooperativa de Ahorro y Crédito de Santander Ltda. "Financiera Comultrasan"

Colombia ** 2008

Conserva Conserva Mexico * 2008

Contactar Corporación Nariño Empresa y Futuro Colombia * 2008

Coop 20 de Abril Cooperativa de Servicios Múltiples 20 de Abril R.L. Nicaragua ** 2008

Coop Avances Cooperativa de Ahorro y Credito Financiera Avances R.L. Nicaragua ** 2008

Coop Fátima Cooperativa Fátima Bolivia *** 2008

Coop Jesús Nazareno Cooperativa Jesús Nazareno Ltda. Bolivia *** 2008

Coop Juan XXIII Cooperativa de Servicios Múltiples Juan XXIII. R.L. Panama * 2008

COOPAC Chiquinquira

Cooperativa de Ahorro y Crédito Chiquinquira Peru * 2008

COOPAC León XIII COOPAC León XIII Peru * 2008

COOPAC Los Andes Cooperativa de Ahorro y Crédito Los Andes Cotarusi Aymaraes Peru *** 2008

COOPAC Norandino COOPAC Norandino Ltda. Peru ** 2008

COOPAC San Cristóbal

COOPAC San Cristóbal de Huamanga Peru * 2008

COOPAC San Martín COOPAC San Martin de Porres - PER Peru ** 2008

COOPAC Santa Maria Cooperativa de Ahorro y Crédito Santa Maria Magdalena Peru * 2008

COOPAC Santo Cristo COOPAC Santo Cristo de Bagazán Peru ** 2008




COOPAC Santo Domingo

Cooperativa de Ahorro y Crédito Santo Domingo de Guzmán Peru ** 2008

COOPAC Tocache Cooperativa de Ahorro y Crédito Tocache Peru ** 2008

COOPEC Hinfani Dosso

COOPEC Hinfani Dosso Niger * 2008

COOPEC/ACCO Cooperative d'epargne et de credit de l'assciation des chauffeurs du congo Congo, Democratic Republic of the

* 2008

COOPEDU-Kigali COOPEDU-Kigali Rwanda ** 2008

COOPROGRESO COOPROGRESO Ecuador *** 2008

COSPEC Coopérative Solidarité avec les Paysans pour l'Epargne et le Crédit à Cibitoke Burundi ** 2008

CPECG Yete Mali CPECG Yete Mali Guinea * 2008

CRAC Los Andes Caja Rural de Ahorro y Crédito Los Andes Peru *** 2008

CRAC Nuestra Gente Caja Rural de Ahorro y Crédito Nuestra Gente Peru *** 2008

CRAC Profinanzas Caja Rural de Ahorro y Crédito Profinanzas Peru *** 2008

CRAC Señor de Luren Caja Rural de Ahorro y Crédito Señor de Luren Peru *** 2008

CRAC Sipán Caja Rural de Ahorro y Crédito Sipán S.A. Peru *** 2008

CRAN Christian Rural Aid Network Ghana ** 2008

Crece Safsa Crece Safsa, S.A. de C.V. Mexico * 2008

CRECER Crédito con Educación Rural Bolivia *** 2008

CredAgro NBCO CredAgro Non-Banking Credit Institution Azerbaijan ** 2008

Credi Fé Credi Fé Desarrollo Microempresarial S.A. Ecuador ** 2008

CrediAmigo Banco do Nordeste do Brasil S/A Brazil ** 2008

CrediAvance CrediAvance, S.A. de C.V. SOFOM E.N.R. (antes DESPENO) Mexico * 2008

Credi-Capital CREDI-CAPITAL, S.A. de C.V. SOFOM E.N.R (antes ASEA) Mexico * 2008

CrediClub CrediClub, S.A. de C.V., SOFOM E.N.R. Mexico * 2008

CrediComún Servicios para el Desarollo Comunitario, S.A. de C.V. Mexico ** 2008

Credicoop Cooperativa Credicoop Ltda. Chile ** 2008

CREDIMUJER Credito para la Microempresa y el Desarrollo Social Costa Rica ** 2008

Crediscotia Crediscotia Financiera Peru *** 2008

Credisol Instituição de Crédito Solidário Credisol Brazil ** 2008

CREDIT CREDIT MFI Cambodia ** 2008

Credit Mongol Credit Mongol Mongolia ** 2008

Créditos Pronegocio Créditos Pronegocio, S.A. de C.V. SOFOL, Grupo Financiero Norte Mexico * 2008

CREDITUYO Servicios Financieros de Desarrollo Comunitario, S.A. de C.V. SOFOM E.N.R. Mexico ** 2008

CREDO LLC "MFO CREDO" Georgia ** 2008

CReSA Centre for Rural Reconstruction Through Social Action India * 2008

Cresol Central Cresol Central SC/RS - Cooperativa Central de Crédito Rural com Interação Solidária

Brazil ** 2008

Crezcamos Crezcamos S.A. Colombia ** 2008

CRG Credit Rural de Guinée Guinea ** 2008

CRYSOL Fundación CRYSOL Guatemala *** 2008

Crystal JSC MFO Crystal (formerly Crystal Fund) Georgia ** 2008

CSD Centre for Self-help Development Nepal ** 2008

CU Kosayu CU Kosayu Indonesia * 2008

CU Pantai Prigi Credit Union Pantai Prigi Indonesia * 2008

CU Sawiran Koperasi Kredit Sawiran Indonesia * 2008

CUMO CUMO Microfinance Limited Malawi ** 2008

CVECA Kita/Bafoulabé

CVECA Kita/Bafoulabé Mali * 2008

CVECA Pays Dogon CVECA Pays Dogon Mali * 2008

CVECA SOUM Caisses villageoises d'épargne et de credit autogérées du Soum Burkina Faso * 2008

CWCD Centre for Woman Co-operative Development Pakistan ** 2008

CZWSDA Chifeng Zhaowuda Women's Sustainable Development Association China, People's Republic of

* 2008

84




DAMEN Development Action for Mobilization and Emancipation Pakistan ** 2008

DAYAQ-Credit NBCO "DAYAQ-Credit" LLC Azerbaijan * 2008

DBACD Dakahlya Businessmen's Association for Community Development Egypt ** 2008

DD Bank Deprosc Development Bank Ltd. Nepal ** 2008

DEC Development Exchange Center Nigeria ** 2008

DECSI Dedebit Credit and Savings Institution Ethiopia ** 2008

DEF Development and Employment Fund Jordan ** 2008

Degaf Degaf Ethiopia * 2008

DEPROSC-Nepal Development Project Service Centre - Nepal Nepal * 2008

Despacho Amador Despacho Alfonso Amador Mexico * 2008

Diaconia FRIF Diaconia Bolivia ** 2008

Dian Mandiri Dian Mandiri Foundation Indonesia ** 2008

DINARI Dian Bhuana Lestari Foundation Indonesia ** 2008

Dirigible Microcredit Company 'Dirigible' Kyrgyzstan * 2008

DJOMEC DJOMEC Senegal * 2008

DSK Dobrich DSK Dobrich Bulgaria * 2008

D-Miro D-miro Ecuador *** 2008

Don Apoyo Don Apoyo S.A. de C.V. Mexico * 2008

Doveriye - Volgograd Doveriye Consumer Credit Cooperative of Citizens Russia * 2008

Doveriye (Amursk) Credit Union 'Doveriye' (Amursk) Russia * 2008

Doveriye- Bulgaria Rural Credit Cooperative 'Doveriye' Bulgaria * 2008

Doveriye-Altay Consumer Credit Cooperative 'Doveriye-Altay' Russia * 2008

DQF Daasgift Quality Foundation Ghana ** 2008

DSPI Daan Sa Pag-unlad Inc. Philippines * 2008

Duterimbere Duterimbere Rwanda ** 2008

ECLOF - ARM Ecumenical Church Loan Fund - ARM Armenia ** 2008

ECLOF - ECU Ecumenical Church Loan Fund - Ecuador Ecuador ** 2008

ECLOF - PHL ECLOF Philippines Foundation, Inc. Philippines ** 2008

EcoFuturo FFP Eco Futuro Fondo Financiero Privado Bolivia *** 2008

EDAPROSPO EDAPROSPO Peru ** 2008

Edinstvo Yurga CCC 'Edinstvo Yurga' Russia * 2008

Edinstvo-Volgograd CCC 'Edinstvo-Volgograd' Russia * 2008

EDPYME Acceso Crediticio

EDPYME Acceso Crediticio Peru * 2008

EDPYME Alternativa EDPYME Alternativa Peru *** 2008

EDPYME Confianza EDPYME Confianza Peru *** 2008

EDPYME Crear Arequipa

EDPYME Crear Arequipa Peru *** 2008

EDPYME Credivisión EDPYME Credivisión Peru *** 2008

EDPYME Efectiva EDPYME Efectiva Peru ** 2008

EDPYME Nueva Visión

EDPYME Nueva Visión Peru *** 2008

EDPYME Pro Negocios

EDPYME Pro Negocios Peru * 2008

EDPYME Proempresa EDPYME Proempresa Peru ** 2008

EDPYME Raíz EDPYME Raíz Peru *** 2008

Ehyoi kuhiston Microloan Fund Ehyoi kuhiston Tajikistan * 2008

EKI EKI Bosnia and Herzegovina

*** 2008

EKPA Consumer Credit Union 'Economic Partnership' Russia * 2008

Elet-Capital MCC Elet-Capital Kyrgyzstan *** 2008

Emprender EMPRENDER Bolivia Bolivia *** 2008

Enda Enda Inter-Arabe Tunisia *** 2008

ENLACE ENLACE - Servicios Financieros S.A de C.V. El Salvador ** 2008




Equitas Equitas Micro Finance India India ** 2008

Equity Bank Equity Bank Kenya ** 2008

ESAF ESAF Microfinance and Investments (P) Ltd. India ** 2008

ESED Egyptian Small Enterprise Development Foundation Egypt * 2008

Eshet Eshet Ethiopia ** 2008

Espacios Alternativos Espacios Alternativos, S.C. Mexico * 2008

Crezkamos Kapital Crezkamos Kapital Eurekasoli, S. A. de C.V. Mexico * 2008

Express Finance Express Finance IFN SA (formerly CHF - ROM) Romania ** 2008

Fácil SCM Fácil Sociedade de Crédito ao Microempreendedor Ltda Brazil * 2008

FACES FACES Ecuador *** 2008

FADEMYPE Fundación para el Auto Desarrollo de la Micro y Pequeña Empresa El Salvador ** 2008

FAFIDESS Fundación de Asesoría Financiera a Instituciones de Desarrollo y Servicio Social

Guatemala * 2008

FAIR Bank First Agro-Industrial Rural Bank Philippines ** 2008

FAM Fonds d'Actions Mutuelles Congo, Republic of the ** 2008

FAMA OPDF Familia y Medio Ambiente OPDF Honduras ** 2008

FAPE Fundacion de Asistencia para la Pequeña Empresa Guatemala * 2008

Farm Credit Armenia Farm Credit Armenia UCO CC Armenia ** 2008

FASL First Allied Savings & Loans Ghana ** 2008

Fassil FFP Fondo FASSIL Bolivia *** 2008

FATEN Palestine for Credit & Development Palestine ** 2008

Faulu - KEN Faulu Kenya Deposit Taking Microfinance Limited Kenya ** 2008

Faulu - UGA Faulu - Uganda Uganda ** 2008

FBPMC Fondation Banque Populaire pour le Micro-Credit Morocco ** 2008

AfricaWorks AfricaWorks Mozambique * 2008

FDL Fondo de Desarrollo Local Nicaragua ** 2008

FDM Group-Guaranteed Lending and Savings - Fundo de Desenvolvimento da Mulher Mozambique ** 2008

FECECAM Fédération des caisses d'épargne et de crédit agricole mutuel Benin * 2008

FED Fundación Ecuatoriana de Desarrollo Ecuador ** 2008

FFECC First Far Eastern Credit Cooperative Russia * 2008

FFSA Fund for Financial Support of Agriculture Kazakhstan ** 2008

FIACG Fundación Internacional para la Asistencia Comunitaria de Guatemala Guatemala ** 2008

FICO First Isabela Cooperative Bank Philippines ** 2008

FIDERPAC Fundación Integral de Desarrollo Rural del Pacífico Central Costa Rica ** 2008

FIDEVIE FIDEVIE Benin * 2008

FIE FFP Fondo Financiero Privado para el Fomento a Iniciativas Economicas Bolivia *** 2008

FIE Gran Poder FIE Gran Poder S.A. Argentina *** 2008

FIELCO Financiera El Comercio Paraguay *** 2008

FinAgro FinAgro Georgia *** 2008

FinAmérica Financiera América Colombia ** 2008

FinAmigo Financiera Mexicana para el Desarrollo Rural, S.A. DE C.V., S.F.P. Mexico * 2008

Financiera Edyficar Financiera Edyficar S.A. Peru *** 2008

Financiera Fama Financiera Fama S.A. Nicaragua ** 2008

Financiera Independencia

Financiera Independencia, S.A.B. de C.V. SOFOM E.N.R. Mexico *** 2008

FINCA - AFG FINCA Afghanistan Afghanistan * 2008

FINCA - ARM FINCA Armenia Armenia ** 2008

FINCA - AZE FINCA Azerbaijan Azerbaijan ** 2008

FINCA - DRC FINCA Democratic Republic of Congo Congo, Democratic Republic of the

** 2008

FINCA - ECU FINCA Ecuador Ecuador ** 2008

FINCA - GEO FINCA Georgia Georgia ** 2008

FINCA - GTM FINCA Guatemala Guatemala ** 2008

86




FINCA - HND Financiera FINCA Honduras S.A. Honduras ** 2008

FINCA - HTI FINCA - Haiti Haiti * 2008

FINCA - JOR FINCA Jordan Jordan ** 2008

FINCA - KOS FINCA - Kosovo Kosovo ** 2008

FINCA - MEX Fundación Integral Comunitaria, A.C. - FINCA México Mexico ** 2008

FINCA - MWI FINCA Malawi Malawi * 2008

FINCA - NIC Fundación Internacional para la Asistencia Comunitaria - Nicaragua Nicaragua ** 2008

FINCA - PER FINCA Peru Peru *** 2008

FINCA - Russia FINCA - Russia Russia ** 2008

FINCA - SLV Fundación Internacional para la Asistencia Comunitaria El Salvador ** 2008

FINCA - TJK FINCA Tajikistan Tajikistan ** 2008

FINCA - TZA FINCA Tanzania Tanzania ** 2008

FINCA - UGA FINCA Uganda Uganda ** 2008

FINCA - ZMB FINCA Zambia Zambia ** 2008

FinComún Servicios Financieros Comunitarios, S.A. de C.V. SFP Mexico ** 2008

FINCORP FINCORP Swaziland ** 2008

FinDev Finance for Development LLC Azerbaijan ** 2008

FINORTE Financiera del Norte, S.A. de C.V. SOFOM E.N.R. Mexico * 2008

FINSOL Financiera Solidaria Honduras Honduras ** 2008

First Macro Bank First Macro Bank (Rural Bank of Pateros) Philippines ** 2008

Emprenda FIS - Empresa Social S.A. Argentina ** 2008

FISUR Fomento e Impulso del Sur S.A. de C.V. Mexico * 2008

FMCC FINCA MicroCredit Company - formerly FINCA Kyrgyzstan Kyrgyzstan ** 2008

FMF First Microfinance Foundation - Aga Khan Egypt Egypt ** 2008

FMFB - AFG The First MicroFinanceBank - Afghanistan Afghanistan ** 2008

FMFB - Pakistan First MicroFinanceBank Ltd - Pakistan Pakistan ** 2008

FMFB - TJK The First MicroFinanceBank - Tajikistan Tajikistan ** 2008

FMFI-SYR Frst Micro Finance Institution, Syria Syria ** 2008

FMM Bucaramanga Fundación Mundial de la Mujer Bucaramanga Colombia ** 2008

FMM Popayán Fundación Mundo Mujer Popayán Colombia ** 2008

FMSD Fundación Mario Santo Domingo Colombia ** 2008

FNT Credit FNT Credit Kyrgyzstan * 2008

FODEM Fondo de Desarrollo para la Mujer Nicaragua ** 2008

FODEMI Fondo de Desarrollo Microempresarial Ecuador ** 2008

FOMIC Fondo de Microproyectos Costarricenses Sociedad Civil Costa Rica ** 2008

FONCRESOL FONCRESOL Bolivia ** 2008

FONDECO Fondo de Desarrollo Comunal Bolivia *** 2008

FONDEP Fondation pour le Development Local et le Partenariat Micro-Crédit Morocco *** 2008

FONDESOL FONDESOL Guatemala ** 2008

FONDESURCO Fondo de Desarrollo Regional Peru *** 2008

Fondo Esperanza Fondo Esperanza Chile ** 2008

Fonkoze Fondasyon Kole Zepòl Haiti * 2008

Forjadores de Negocios

Forjadores de Negocios, S. A. de C.V. SOFOM E.N.R Mexico ** 2008

Fortaleza FFP Fortaleza FFP Bolivia ** 2008

FORUS FORUS Bank Russia *** 2008

FORWARD Forum for Rural Women Ardency Development Nepal ** 2008

FOVIDA Fomento de la Vida Peru ** 2008

FRAC Fundación Realidad, A.C. Mexico *** 2008

FUBODE Fundación Boliviana para el Desarrollo Bolivia ** 2008

FUCEC Togo Faitière des Unités Coopératives d'Epargne et de Crédit du Togo Togo * 2008

FUDEMI Fundación para el Desarrollo de la Microempresa Nicaragua * 2008

FULM Saving House FULM Macedonia ** 2008




FUNBODEM Fundación Boliviana para el Desarrollo de la Mujer Bolivia *** 2008

Fund for Women Development - HCM

Fund for Women Development - HCM Vietnam * 2008

Fundación 4i-2000 Fundación 4i-2000 Nicaragua ** 2008

Fundación Alternativa

Fundación Alternativa Ecuador *** 2008

Fundación Amanecer Fundación Amanecer Colombia ** 2008

Fundación CAMPO Fundación CAMPO El Salvador ** 2008

Fundación Esperanza Fundación Esperanza Internacional Dominican Republic ** 2008

Fundación Espoir Fundación Espoir Ecuador ** 2008

Fundación León 2000 Fundación León 2000 Nicaragua ** 2008

Fundación MICROS Fundación para el Desarrollo de la Microempresa MICROS Guatemala ** 2008

Fundación Mujer Fundación Mujer Costa Rica ** 2008

Fundación Nieborowski

Fundación José Nieborowski Nicaragua * 2008

Fundación Paraguaya

Fundación Paraguaya de Cooperación y Desarrollo Paraguay ** 2008

FUNDAHMICRO Fundación Hondureña para el Desarrollo de la Microempresa Honduras ** 2008

FUNDAMIC Fundación de Ayuda Microempresarial Ecuador ** 2008

FUNDEA Fundación para el Desarrollo Empresarial y Agrícola Guatemala ** 2008

FUNDEBASE Fundación para el Desarrollo de Base Costa Rica ** 2008

FUNDECOCA Fundación Unión y Desarrollo de Comunidades Campesinas Costa Rica ** 2008

FUNDENUSE Fundación para el Desarrollo de Nueva Segovia) Nicaragua ** 2008

FUNDEPYME Fundación de Desarrollo Empresarial de la Pequeña y Mediana Empresa Nicaragua * 2008

FUNDESER Fundación para el Desarrollo Socioeconómico Rural Nicaragua *** 2008

FUNDESPE Fundacion para el Desarrollo de la Pequeña Empresa Guatemala ** 2008

Fundusz Mikro Fundusz Mikro Poland ** 2008

FUNED Fundación para el Desarrollo de Honduras Honduras ** 2008

FUNHAVI Fundación Habitat y Vivienda, A.C. Mexico * 2008

FUNSALDE Fundación Salvadoreña para el Desarrollo El Salvador * 2008

FVP Fundacion para La Vivienda Progresiva A.C. Mexico * 2008

Génesis Empresarial Fundación Génesis Empresarial Guatemala ** 2008

Galaktika CCC Galaktika Russia * 2008

Garant-Invest Garant-Invest Uzbekistan ** 2008

Gasha Gasha Ethiopia * 2008

GAWFA GAMBIA WOMEN'S FINANCE ASSOCIATION Gambia, The * 2008

GBNB Grameen Bank Nepal Biratnagar Nepal ** 2008

GCM Grupo Consultor para La Microempresa, S.A. de C.V., SOFOM, E.N.R. Mexico ** 2008

General Toshevo Rural Credit Cooperative 'General Toshevo' Bulgaria * 2008

GGEM Microfinance Services Ltd.

Grassroots Gender Empowerment Movement Microfinance Services Ltd. Sierra Leone ** 2008

GFSPL Grameen Financial Services Pvt. Ltd. India ** 2008

GM Bank GM Bank Philippines ** 2008

GOF Growing Opportunity Finance India ** 2008

Gorodskoy Consumer Credit Cooperative 'Gorodskoy' Russia * 2008

GRAINE sarl GRoupe d'Accompagnement à l'INvestissement et à l'Epargne Burkina Faso * 2008

Grameen Bank Grameen Bank Bangladesh ** 2008

Grameen Mendoza Fundación Grameen Mendoza Argentina ** 2008

Grameen Sahara Grameen Sahara Matia Goalpara India ** 2008

Green Bank Rural Green Bank of Caraga, Inc. Philippines ** 2008

Grupo Río La Venta Grupo Consultor Río la Venta S.A. de C.V. SOFOM E.N.R. Mexico * 2008

GU Gram-Utthan India ** 2008

GV Grama Vidiyal India ** 2008

Harbu Harbu Micro Finance Institution Share Company Ethiopia ** 2008

88




HEED HEED Bangladesh Bangladesh * 2008

Hekima Hekima Congo, Democratic Republic of the

** 2008

HDH OPDF Fundación Microfinanciera Hermandad de Honduras OPDF Honduras ** 2008

HiH Hand in Hand India * 2008

HKL Hattha Kaksekar Ltd. Cambodia *** 2008

Hluvuku Hluvuku-Adsema Fundo de Credito Male yeru Mozambique ** 2008

Hofokam Hofokam Uganda * 2008

HOPE HOPE Ukraine Ukraine ** 2008

Hope for Life Hope for Life Afghanistan ** 2008

Horizon Horizon fund Armenia ** 2008

Horizonti Foundation Horizonti Skopje Macedonia ** 2008

HSPFI Hagdan Sa Pag-uswag Foundation Inc. Philippines * 2008

ICC BluSol Instituição Comunitária de Crédito Blumenau Solidariedade Brazil ** 2008

ICC Conquista Solidária

Instituição Comunitária de Crédito Conquista Solidária Brazil * 2008

ICC MAUCE Instituição Comunitária de Crédito do Médio Alto Uruguai e Região Celeiro Brazil * 2008

ICMFB IC Microfinance Bank Nigeria Nigeria ** 2008

IDDA Industrial District Development Association Egypt * 2008

IDEPRO Instituto para el Desarrollo de la Pequeña Unidad Productiva Bolivia ** 2008

IDER CV IDER Cesar Vallejo Peru * 2008

IDESI Lambayeque Instituto de Desarrollo del Sector Informal para Lambayeque Peru * 2008

IDESPA IDESPA Peru * 2008

IDF Integrated Development Foundation Bangladesh * 2008

ID-Ghana Initiative Development Ghana Ghana ** 2008

IDH Instituto para el Desarrollo Hondureno Honduras ** 2008

IDYDC Iringa Development of Youth, Disabled and Children Care Tanzania ** 2008

IFDP Institution Financier de Developpement de Phongsaly Laos * 2008

ImerCredit MFI ImerCredit Ltd. (formerly BAI) Georgia * 2008

IMFB Integrated Microfinance Bank Nigeria *** 2008

Imkoniyat Microlending Foundation Imkoniyat Tajikistan * 2008

Imodi Hutal Microloan Fund Imodi Hutal Tajikistan * 2008

IMON LLC Microlending organization IMON INTERNATIONAL Tajikistan *** 2008

IMPRO Asociación Incubadora de Microempresas Productivas Bolivia *** 2008

Impuls Consumer Credit Cooperative " Russia * 2008

Indur MACS Indur Intideepam Mutually Aided Thrift & Credit Cooperatives' Federation Limited

India ** 2008

INECO INECO Bank Armenia ** 2008

Inicjatywa Mikro Inicjatywa Mikro Poland ** 2008

INMAA Institution Marocaine d'Appui a la Micro-entreprise Morocco * 2008

INSOTEC Instituto de Investigaciones Socioeconómicas y Tecnológicas Ecuador *** 2008

Instituto Estrela Instituto Estrela de Fomento ao Microcrédito Brazil * 2008

Intellekt Consumer Credit Cooperative of Citizens 'Intellekt' Russia * 2008

Interactuar Interactuar Colombia *** 2008

Interfisa Financiera Grupo Internacional de Finanzas SAECA Paraguay ** 2008

Invest Credit Invest Credit LLC NBCO Azerbaijan ** 2008

Invest-Credit Moldova

Invest-Credit Moldova Moldova * 2008

Invirtiendo Invirtiendo S.A. de C.V. Mexico * 2008

IPR Intean Poalroath RongRoeurng LTD Cambodia ** 2008

Izdiharona Microfinance

Relief International - Izdiharona Microfinance Iraq * 2008

Jabal Al Hoss UNDP Rural Community Development in Jabal Al Hoss Syria * 2008




Jamii Bora Jamii Bora Kenya Ltd. Kenya * 2008

Janodaya Janodaya Public Trust India ** 2008

JCF Jagorani Chakra Foundation Bangladesh * 2008

Jigiyaso Ba Jigiyaso Ba Mali * 2008

Joldosh Group MCC Joldosh Group Kyrgyzstan * 2008

JOVID Micro-loan fund 'JOVID' Tajikistan *** 2008

JSC Bank Constanta JSC Bank Constanta Georgia ** 2008

JSCCS Janasachetan Saving and Credit Cooperative Society Ltd. Nepal ** 2008

Juaben RB Juaben Rural Bank Ghana ** 2008

JVS Jeevum Vikas Samaj Nepal ** 2008

JXWDA Jia Xian Women's Development Association China, People's Republic of

** 2008

KADET Kenya Agency to Development of Enterprise and Technology Kenya * 2008

Kafo Jiginew Kafo Jiginew Mali ** 2008

Kakum RB Kakum RB Ghana ** 2008

KAMURJ Microenterprise Development Fund Kamurj Armenia ** 2008

Kasagana-Ka Kasagana-Ka Development Foundation, Inc. Philippines ** 2008

Kashf Foundation Kashf Foundation Pakistan ** 2008

Kashf Bank Kashf Microfinance Bank Pakistan * 2008

Kajnardza 96 Rural Credit Cooperative 'Kajnardza 96' Bulgaria * 2008

Kazama Grameen Kazama Grameen, Inc. Philippines ** 2008

KBank Kauswagan Bank Philippines ** 2008

KBSLAB Krishna Bhima Samruddhi Local Area Bank Limited India ** 2008

KCCDFI Kasanyangan-Mindanao Foundation, Inc. Philippines ** 2008

Kemek MCO Kemek Kazakhstan * 2008

KEP Kosovo Enterprise Program Kosovo ** 2008

KGMAMF Kosovo Grameen Missione Arcobaleno Kosovo ** 2008

Khan Bank Khan Bank (Agricultural Bank of Mongolia LLP) Mongolia ** 2008

Khushhali Bank Khushhali Bank Pakistan ** 2008

KixiCredito KixiCredito Angola * 2008

KMB KMB Bank Russia ** 2008

KMBI Kabalikat para sa Maunlad na Buhay, Inc. Philippines ** 2008

KMF Kazmicrofinance, LLC (formerly KLF) Kazakhstan ** 2008

Kokari Kokari Niger * 2008

Komak Credit Komak Credit Union Azerbaijan ** 2008

Kompanion Kompanion Financial Group Microfinance Closed Joint Stock Company Kyrgyzstan ** 2008

Kondo Jigima Kondo Jigima Mali * 2008

KOPSA KOPSA India ** 2008

KosInvest KosInvest Kosovo ** 2008

KPOSB Kenya Post Office Savings Bank Kenya * 2008

Kredo Kredo Bulgaria ** 2008

K-Rep K-Rep Bank Kenya ** 2008

KRK Ltd Kreditimi Rural i Kosoves LLC (formerly Rural Finance Project of Kosovo)

Kosovo ** 2008

KRUSHI KRUSHI India ** 2008

KSF Kraban Support Foundation Ghana * 2008

KSK RPK KSK RPK Bulgaria ** 2008

KVK CU 'Cash Department of Mutual Credit' Russia * 2008

KVK-Altay Consumer Credit Cooperative 'KVK-Altay' Russia * 2008

KWFT Kenya Women Finance Trust Kenya ** 2008

La Community Bank La Community Bank Ghana ** 2008

Lak Jaya Lak Jaya Micro Finance Ltd. Sri Lanka * 2008

90




LAM LAM Rural Microfinance PLC Romania ** 2008

LAPO-NGR Lift Above Poverty Organisation Nigeria ** 2008

LAPO-SLE LAPO-SLE Sierra Leone * 2008

Lazika Capital Small Business Development Foundation Georgia *** 2008

Lead Foundation Lead Foundation Egypt ** 2008

Letta Letta Micro Finance Institution Share Company Ethiopia ** 2008

LIDER LIDER Bosnia and Herzegovina

** 2008

Life Bank Life Bank Foundation, Inc. Philippines ** 2008

LOK Microcredit Foundation

LOK Microcredit Foundation Bosnia and Herzegovina

*** 2008

LSK Laafi Sira Kwieogo Burkina Faso ** 2008

M7 Can Loc M7 Can Loc M7 Can Loc (or Pro-poor Center - PPC Ha Tinh) Vietnam * 2008

M7 DB District M7 HuyÇn iÇn Biên Vietnam * 2008

M7 DBP City M7 TP iÇn Biên Vietnam * 2008

M7 Dong Trieu M7 ông TriÁu, Qu£ng Ninh Vietnam * 2008

M7 Mai Son M7 Mai S¡n, S¡n La Vietnam * 2008

M7 Ninh Phuoc M7 Ninh Phuoc Vietnam * 2008

M7 Uong bi M7 Uông Bí, Qu£ng Ninh Vietnam * 2008

Maata-N-Tudu Maata-N-Tudu Association Ghana ** 2008

Madfa SACCO Madfa Cooperative Savings and Credit Society Uganda ** 2008

MADRAC Microfinance Agency for Development and Rehabilitation of Afghan Communities

Afghanistan ** 2008

FAF-DC The First Albanian Financial Developme Albania ** 2008

Mahasemam Mahasemam India ** 2008

Mahashakti Mahashakti Foundation India ** 2008

Mahila Mahila Women Cooperative Society Ltd. Nepal ** 2008

Mahuli Mahuli Samudyik Bikas Kendra Nepal ** 2008

Makhzoumi Makhzoumi Foundation Lebanon ** 2008

Mallig Plains RB Mallig Plains Rural Bank (Isabela), Inc. Philippines ** 2008

Manuela Ramos Movimiento Manuela Ramos Peru ** 2008

Manushi Manushi Nepal ** 2008

Maqsadi dasgiri MLF Maqsadi dasgiri Tajikistan * 2008

Marang Marang Financial Services Ltd. South Africa ** 2008

Maritsa Invest Rural Credit Cooperative 'Maritsa Invest' Bulgaria * 2008

Maxima Maxima Cambodia *** 2008

Mbinga CB Mbinga Community Bank Tanzania ** 2008

MBK Ventura PT Mitra Bisnis Keluarga Ventura (formerly Ganesha) Indonesia *** 2008

MC² Réseau MC² Cameroon * 2008

MCL Molyn Credit Limited Kenya ** 2008

MCN Micro Crédit National Haiti * 2008

MCO 'Oral' MCO 'Oral' Kazakhstan * 2008

MDF Micro Development Fund Serbia ** 2008

MEC AFER Mutuelle d'Epargne et de Crédit de l'Association Femmes Entreprises Rurales du Nord

Senegal ** 2008

MEC FEPRODES MEC Fédération des groupements et associations des femmes productrices de la région de Saint-Louis

Senegal ** 2008

MECBAS Mutuelle d'Epargne et de Crédit du Bassin Arachidier et de la Zone Sylvo Pastorale

Senegal * 2008

MECREF Mutuelle d'Epargne et de Crédit des Femmes Niger * 2008

MEDF Mindanao Enterprise Development Foundation Philippines ** 2008

MED-Net Micro Enterprise Development Network Uganda ** 2008

Meklit Meklit Ethiopia ** 2008

MEMCO Middle East Microcredit Company Jordan ** 2008




MFI Microcredit Foundation of India India ** 2008

MFW Microfund for Women Jordan ** 2008

MGBB Madhyamanchal Grameen Bikas Bank Ltd. Nepal ** 2008

MGPCC DEKAWOWO Mutuelle des Groupements de Producteurs de Café et Cacao Togo ** 2008

MiBanco MiBanco Banco de la Microempresa SA Peru *** 2008

MiBanco Venezuela MiBanco Banco de Desarrollo, CA Venezuela ** 2008

MI-BOSPO MI-BOSPO Tuzla Bosnia and Herzegovina

*** 2008

Micro Africa Micro Africa Limited Kenya ** 2008

Micro Start Micro Start Burkina Faso ** 2008

MicroCred - MDG MicroCred Madagascar Madagascar ** 2008

MicroCred - MEX MicroCred Mexico SAPI de CV SOFOM ENR Mexico ** 2008

MicroCred - SEN MicroCred Senegal Senegal * 2008

Micredito SAC Micredito SAC Peru ** 2008

Coop MEDA Cooperativa de Ahorro y Crédito MICROEMPRESAS DE ANTIOQUIA AC Colombia *** 2008

Microfinanciera Prisma

Micro Financiera Prisma de Honduras, S.A. Honduras ** 2008

Microinvest JV MFO Microinvest LLC Moldova ** 2008

Microserfin Soluciones de Microfinanzas S.A. Panama ** 2008

Microsol Fundación Microsol Paraguay ** 2008

MIDE MICROCREDITO PARA EL DESARROLLO Peru ** 2008

MIKRA MIKRA Bosnia and Herzegovina ** 2008

Mikro ALDI Mikro ALDI Bosnia and Herzegovina

** 2008

Mikrofond Mikrofond Bulgaria ** 2008

Mikrokredit Bank Mikrokredit Bank of Uzbekistan Uzbekistan ** 2008

MikroMaliyye Credit MikroMaliyye Credit Institution Azerbaijan * 2008

Mimo Finance Mimo Finance India ** 2008

Miselini Miselini Mali * 2008

Miziya Rural Credit Cooperative 'Miziya' Bulgaria * 2008

MLF Chiluchor chashma

MLF Chiluchor chashma Tajikistan * 2008

MLF Kiropol Microloan Fund Kiropol Tajikistan * 2008

MLF Madina Microloan Fund Madina Tajikistan * 2008

MLF MicroInvest MLF MicroInvest Tajikistan ** 2008

MLF MWI Microloan Foundation Malawi Malawi ** 2008

MLF Vahsh Microfin Microloan Fund Vahsh Microfin Tajikistan * 2008

MLO HUMO Microloan Organization 'HUMO and Partners' Tajikistan *** 2008

MLO 'Saodat Invest' Microloan Organization 'Saodat Invest' Tajikistan * 2008

MAMIDECOT Masaka Microfinance Development Cooperative Trust Ltd. Uganda ** 2008

MMS Yayasan Mitra Masyarakat Sejahtera Indonesia * 2008

MoFAD Micro Finance Agency for Development (CARE) Afghanistan * 2008

Mol Bulak Finance MCC Mol-Bulak Kyrgyzstan *** 2008

Moldir MCO Moldir Kazakhstan ** 2008

Momina Voda Rural Credit Cooperative 'Momina Voda' Bulgaria * 2008

Moris Rasik Moris Rasik East Timor ** 2008

Moznosti Savings House Moznosti LLC Skopje Macedonia ** 2008

MPGBB Madhya Pashimanchal Grameen Bikash Bank Nepal * 2008

MUDE Asociación de Mujeres Desarrollo Guatemala * 2008

MUL Micro Uganda Ltd Uganda ** 2008

MUSCCO Malawi Union of Savings and Credit Cooperatives Malawi ** 2008

Mutuelle Akwaba Mutuelle Akwaba Togo ** 2008

Nachala Nachala Cooperative Bulgaria ** 2008

92




Nadejda CCCC 'Nadejda' Russia * 2008

Nadejda 96 Rural credit cooperative 'Nadejda 96' Bulgaria * 2008

Narodniy Kredit_Kemerov

Narodniy Kredit_Kemerov Russia * 2008

NBJK Nav Bharat Jagriti Kendra India * 2008

NCS Nirantara Community Services India ** 2008

NEED Network of Entrepreneurship and Economic Development India ** 2008

Neftegaz Neftegaz Russia * 2008

NeRuDO Nepal Rural Development Organization Nepal ** 2008

NESDO National Educational & Social Development Organization Nepal * 2008

New RB of Victorias

New Rural Bank of Victorias Inc. Philippines ** 2008

Nidan Nidan India ** 2008

Nirdhan Nirdhan Utthan Bank Ltd. Nepal ** 2008

NMF National Microfinance Foundation Yemen ** 2008

NMFB Network Microfinance Bank Limited Pakistan ** 2008

Normicro Norwegian Microcredit LLC Azerbaijan ** 2008

Nov Credit Microloan Fund Nov Credit Tajikistan * 2008

NovoBanco - MOZ NovoBanco Mozambique Mozambique ** 2008

NRDSC Nepal Rural Development Society Centre Nepal * 2008

NSBA North Sinai Businessmen Association Egypt * 2008

Nwabiagya RB Nwabiagya Rural Bank Ghana ** 2008

NWTF Negros Women for Tomorrow Foundation, Inc. Philippines ** 2008

Nyesigiso Nyesigiso Mali ** 2008

NYWDA Ningxia Yanchi Women's Development Association China, People's Republic of

* 2008

Obereg (Vladivostok) Obereg (Vladivostok) Russia * 2008

OBM Opportunity Bank Montenegro Montenegro ** 2008

OBS Opportunity Bank Serbia Serbia ** 2008

OCSSCO Oromia Credit and Saving Share Company Ethiopia * 2008

ODEF Financiera Organización de Desarollo Empresarial Femenino Financiera S.A. Honduras ** 2008

Faulu - TZA Faulu Tanzania Limited Tanzania ** 2008

OI China Opportunity International China China, People's Republic of

* 2008

OIBM Opportunity International Bank of Malawi Malawi ** 2008

OISL Opportunity International Savings and Loans - Ghana Ghana ** 2008

OLC Oportunidad Latinoamerica Colombia (OLC) Colombia * 2008

OMB Opportunity Microfinance Bank Inc. Philippines * 2008

OMRO Opportunity Microfinance Romania Romania ** 2008

Oportunidad Microfinanzas

Oportunidad Microfinanzas Mexico ** 2008

Opportunity Albania Opportunity Albania (formerly PSHM) Albania ** 2008

Opportunity Finance Opportunity Finance South Africa ** 2008

Opportunity Kenya Opportunity Kenya Ltd. Kenya ** 2008

Otiv Alaotra Otiv Alaotra Madagascar ** 2008

Otiv Diana Otiv Diana Madagascar ** 2008

Otiv Sambava Otiv Sambava Madagascar * 2008

Otiv Tana Otiv Tana Madagascar * 2008

Otuasekan RB Otuasekan RB Ghana ** 2008

OXUS - AFG OXUS Afghanistan Afghanistan ** 2008

OXUS - KGS OXUS Kyrgyzstan Kyrgyzstan ** 2008

OXUS - TJK Micro-Lending Fund 'OXUS' Tajikistan ** 2008

PADME Association pour la Promotion et l' Appui au Développement de MicroEntreprises

Benin * 2008




PAIDEK PAIDEK Congo, Democratic Republic of the

** 2008

PALFSI People's Alternative Livelihood Foundation of Sorsogon, Inc. Philippines ** 2008

PAMECAS Programme d'Appui aux Mutuelles d'Épargne et de Crédit au Sénégal Senegal ** 2008

PAPME Agence pour la Promotion et l'Appui aux Petites et Moyennes Entreprises Benin ** 2008

Parabank Parabank Azerbaijan ** 2008

PARC Palestinian Agricultural Relief Committees Palestine * 2008

Partner Partner Bosnia and Herzegovina

** 2008

Partner Russia Partner Russia Russia * 2008

Parwaz Parwaz MicroFinance Institution Afghanistan * 2008

PASECA - Kayes Programme d'Appui à la mise en place d'un Système d'Epargne et de Crédit Autogéré - Kayes

Mali * 2008

PASED Port Sudan Association for Small Enterprise Development Sudan ** 2008

PATRA Hunchun PATRA Hunchun China, People's Republic of

* 2008

PATRA Yanbian PATRA Yanbian China, People's Republic of

* 2008

PAWDEP PAMOJAWOMEN DEVELOPMENT PROGRAMME Kenya ** 2008

PBC People's Bank of Caraga (RB of Talacogon) Philippines ** 2008

PCWDA Pu Cheng Women's Development Organization China, People's Republic of

** 2008

PEACE Poverty Eradication & Community Empowerment Ethiopia ** 2008

Perelik Rural Credit Cooperative 'Perelik' Bulgaria * 2008

PGBB Western Region Grameen Bikas Bank Nepal ** 2008

Plan International Plan International Vietnam Vietnam * 2008

PNG Microfinance Ltd

PNG Microfinance Limited Papua New Guinea ** 2008

POMFB Pak-Oman Microfinance Bank Pakistan ** 2008

Pomoriiski stopanin Rural Credit Cooperative 'Pomoriiski stopanin' Bulgaria * 2008

Popular Kasa-Kystendil

Popular Kasa-Kystendil Bulgaria * 2008

Popular SAFI Popular S.A - Sociedad Administradora de Fondos de Inversión Peru ** 2008

Povoljye CCCC 'Povoljye' Russia * 2008

PR Bank Philippine Rural Banking Corp. Philippines * 2008

PRASAC PRASAC MFI Ltd. Cambodia ** 2008

PRESTANIC Asociación Fondo Nicaraguense para el Desarrollo Comunitario Nicaragua ** 2008

PRIDE - TZA PRIDE Tanzania Tanzania ** 2008

Pride Finance PRIDE Finance Guinea * 2008

PRISMA Asociación Benefica Prisma Peru *** 2008

PRIZMA PRIZMA Bosnia and Herzegovina

** 2008

ProCaja Asociación para el Desarrollo de las Cajas Rurales Panama ** 2008

ProCredit - BOL Banco Los Andes ProCredit Bolivia ** 2008

ProCredit - COL Banco ProCredit Colombia SA Colombia ** 2008

ProCredit - ECU Banco ProCredit S.A. (Ex Sociedad Financiera Ecuatorial S.A. SFE) Ecuador ** 2008

ProCredit - GHA ProCredit SLC Ghana Ghana ** 2008

ProCredit - HND Banco ProCredit Honduras Honduras ** 2008

ProCredit - MDA ProCredit Moldova - formerly MEC Moldova ** 2008

ProCredit - NIC Banco ProCredit Nicaragua Nicaragua *** 2008

ProCredit - SLV Banco ProCredit El Salvador El Salvador *** 2008

ProCredit Bank - ALB ProCredit Bank Albania - formerly FEFAD Bank Albania ** 2008

ProCredit Bank - BGR ProCredit Bank Bulgaria Bulgaria ** 2008

ProCredit Bank - BIH ProCredit Bank Bosnia and Herzego vina Bosnia and Herzegovina

** 2008

94




ProCredit Bank - GEO ProCredit Bank Georgia - formerly MBG Georgia ** 2008

ProCredit Bank - KOS ProCredit Bank Kosovo - formerly MEB Kosovo ** 2008

ProCredit Bank- MDA ProCredit Bank - MDA Moldova * 2008

ProCredit Bank- MKD ProCredit Bank Macedonia Macedonia ** 2008

ProCredit Bank- ROM ProCredit Bank Romania - formerly Miro Bank Romania ** 2008

ProCredit Bank - SLE ProCredit Bank Sierra Leone Sierra Leone ** 2008

ProCredit Bank - UKR ProCredit Bank Ukraine - formerly Microfinance Bank Ukraine ** 2008

ProCredit Bank- DRC ProCredit Bank Congo Congo, Democratic Republic of the

** 2008

ProCredit Bank Serbia ProCredit Bank Serbia - formerly MFB Serbia ** 2008

PRODEM FFP Fondo Financiero Privado PRODEM Bolivia ** 2008

PRODESA Fundacion Para La Promocion y el Desarrollo Nicaragua ** 2008

Progresar Fundación Progresar Argentina * 2008

Progresemos Financiamiento Progresemos S.A. de C.V. SOFOM ENR Mexico ** 2008

Progressive Bank Progressive Bank, Inc. Philippines ** 2008

Pro Mujer - ARG ProMujer - ARG Argentina ** 2008

Pro Mujer - BOL Programas para la Mujer - Bolivia Bolivia ** 2008

Pro Mujer - MEX Asociación Pro Mujer de Mexico A.C. Mexico ** 2008

Pro Mujer - NIC Programas para la Mujer - Nicaragua Nicaragua ** 2008

Pro Mujer - PER Programas para la Mujer - Peru Peru ** 2008

Pushtikar Pustikar Laghu VPBSSS Ltd. India * 2008

PWMACS Payakaraopeta Women's Mutually Aided Co-operative Thrift and Credit Society

India ** 2008

RADE Regional Association to Develop Enterprise in Sohag Egypt * 2008

Raduga Raduga Russia * 2008

RAFODE Rural Agency for Development Kenya ** 2008

RASS Rashtriya Seva Samithi India ** 2008

RB Bagac Rural Bank of Bagac Philippines * 2008

RB Cainta Rural Bank of Cainta Philippines ** 2008

RB Camalig Rural Bank of Camalig (Albay), Inc. Philippines ** 2008

RB Cotabato Rural Bank of Cotabato, Inc. Philippines ** 2008

RB Digos Rural Bank of Digos Inc. Philippines ** 2008

RB Dipolog Rural Bank of Dipolog Philippines *** 2008

RB Guinobatan Rural Bank of Guinobatan, Inc. Philippines ** 2008

RB Lebak Rural Bank of Lebak (Sultan Kudarat), Inc. Philippines ** 2008

RB Liloy Rural Bank of Liloy, Inc. Philippines ** 2008

RB Mabitac Rural Bank of Mabitac Inc. Philippines ** 2008

RB Montevista Rural Bank of Montevista Philippines ** 2008

RB Oroquieta Rural Bank of Oroquieta (Miss. Occ.), Inc. Philippines ** 2008

RB Pagbilao Rural Bank of Pagbilao, Inc. Philippines ** 2008

RB Placer Rural Bank of Placer Philippines * 2008

RB San Jacinto Rural Bank of San Jacinto, Inc. Philippines ** 2008

RB Siargao Rural Bank of Siargao Philippines ** 2008

RB Solano Rural Bank of Solano Inc. Philippines ** 2008

RB Talisayan Rural Bank of Talisayan - Misamis Oriental Inc. Philippines ** 2008

RCCECG Réseau des Caisses Communautaires de Crédit et d'Epargne de Guinée Guinea ** 2008

RCDS RCDS Pakistan ** 2008

RCPB Réseau des caisses populaires du Burkina Faso Burkina Faso ** 2008

Real Microcrédito Real Microcrédito Assessoria Financeira S.A. Brazil ** 2008

Red de Vanguardia Red de Vanguardia, S.A. DE C.V. Mexico * 2008

REDFunds REDFunds Africa Uganda ** 2008

Reef Reef Finance Co. Palestine ** 2008

Reliance Reliance Financial Services Company Limited Gambia, The ** 2008




Reserv-Altay Consumer Credit Cooperative 'Reserv-Altay' Russia * 2008

Rezerv CCC "Rezerv" Russia * 2008

RGVN Rashtriya Gramin Vikas Nidhi India ** 2008

Rishenglong Rishenglong MicroCredit Company China, People's Republic of

* 2008

Riverbank Riverbank Credit SACCO Limited Kenya * 2008

RML Rwanda Microfinance Limited Rwanda ** 2008

ROMCOM ROMCOM Romania *** 2008

Rost Consumer Credit Cooperative 'Rost' Russia * 2008

RSPI Rangtay Sa Pagrangay Inc Philippines * 2008

Rus CCC 'Rus' Russia * 2008

WMN (Russia) ZAO NDCO Women's Microfinance Network Russia *** 2008

Ryada Ryada - CHF International Palestine ** 2008

São Paulo Confia Crédito Popular Solidário - São Paulo Confia Brazil ** 2008

Saadhana Saadhana Microfin India ** 2008

Sabaragamuwa Sabaragamuwa Development Bank Sri Lanka * 2008

SABR SABR Uzbekistan * 2008

Saglasie 96 Rural credit cooperative 'Saglasie 96' Bulgaria * 2008

Sahara Mahila Sahara Mahila Saving & Credit Cooperative Society Ltd. Nepal * 2008

Sajida Sajida Foundation Bangladesh * 2008

Samasta Samasta Microfinance Ltd. India * 2008

Samokov 96 Rural Credit Cooperative 'Samokov 96' Bulgaria * 2008

Sanghamithra Sanghamitra Rural Financial Service India * 2008

Sarala Sarala Women Welfare Society India ** 2008

Sartawi Fundación SARTAWI Bolivia ** 2008

Sarvodaya Nano Finance

Sarvodaya Nano Finance Limited India * 2008

SAT Sinapi Aba Trust Ghana ** 2008

Sathapana Limited Sathapana Limited (formerly CEB) Cambodia ** 2008

SB Bank Swabalamban Bikas Bank Ltd. Nepal ** 2008

SBACD Sharkia Businessmen's Association for Community Development Egypt ** 2008

SBS Union of Bank Workers Russia * 2008

SCDA Sohag Community Development and Children with Special Needs Association

Egypt * 2008

SCNL Satin Creditcare Network Limited India ** 2008

SDBL Sanasa Development Bank Ltd. Sri Lanka ** 2008

SEAP Self-Reliance Economic Advancement Programme Nigeria ** 2008

SED Small Enterprise Development (SED) Company Ltd. Thailand ** 2008

SEDA Small Enterprise Development Agency Tanzania *** 2008

SEEDS Sarvodaya Economic Enterprise Development Services Sri Lanka * 2008

SEF-ARM SEF International Universal Credit Organization - Armenia Armenia ** 2008

SEF-ZAF Small Enterprise Foundation (South Africa) South Africa * 2008

Seilanithih Seilanithih Cambodia ** 2008

SEM Fund Sénégal Ecovillage Microfinance Senegal * 2008

SemiSol Semilla Solidaria, S.A. de C.V. Mexico * 2008

Serviamus Serviamus Foundation Philippines ** 2008

SEWA Bank Shri Mahila Sewa Sahakari Bank Ltd. India ** 2008

SEWA Finance SEWA Finance Sri Lanka * 2008

SFF Sevis Finansye Fonkoze Haiti * 2008

SFPI Specialized Financial and Promotional Institution Ethiopia ** 2008

SFSD Social Foundation for Sustainable Development Yemen * 2008

Shakti Shakti Foundation for Disadvanatged Women Bangladesh ** 2008

SHARE SHARE Microfin Ltd. India ** 2008

96




Siam Bank Siam Bank Philippines ** 2008

SINERGIJA SINERGIJAplus Bosnia and Herzegovina

** 2008

SIPEM Société d'Investissement pour la Promotion des Entreprises à Madagascar Madagascar ** 2008

SKDRDP Shri Kshetra Dharmasthala Rural Development Project India ** 2008

SKS SKS Microfinance Private Limited India ** 2008

SMEP Small and Micro Enterprise Project Kenya ** 2008

SMILE SMILE India * 2008

Smilyan Rural Credit Cooperative 'Smilyan' Bulgaria * 2008

SMSS Star MicroFin Service Society, formerly SYA India ** 2008

SOCIALCRED SOCIALCRED - Sociedade de Crédito ao Microempreendedor S/A Brazil ** 2008

PADECOMSM Sociedad Cooperativa PADECOMSM Credito de RL de CV El Salvador ** 2008

SOCRED SOCRED S/A - Sociedade de Crédito ao Microempreededor Ltda. Brazil * 2008

Sodeystviye Consumer Credit Cooperative of Citizens 'Sodeystviye' Russia * 2008

Sodeystviye-2005 Consumer Credit Cooperative of Citizens 'Sodeystviye-2005' Russia * 2008

Sodruzhestvo Sodruzhestvo Russia ** 2008

SOFINA SOFINA Cameroon ** 2008

SOGESOL Société Générale Haitïenne de Solidarité Haiti * 2008

Soglasiye Soglasiye Russia * 2008

SolFi Soluciones Financieras S.C. Mexico * 2008

Solidarnost Solidarnost Bulgaria * 2008

Solución Asea Solución Asea S.A. de C.V. Sociedad Financiera Popular Mexico * 2008

Soluciones Reales Soluciones Reales del Norte, SA DE CV Mexico * 2008

Sonata Sonata Finance Private Ltd. India * 2008

Soro Yiriwaso Soro Yiriwaso Mali * 2008

South Akim RB South Akim RB Ghana ** 2008

Soyuz-Khimik Soyuz-Khimik Russia * 2008

SoyuzKredit SoyuzKredit Russia * 2008

Soyuz-Primoroye Soyuz-Primoroye Russia * 2008

Spandana Spandana Sphoorty Innovative Financial Services Ltd. India ** 2008

SPBD South Pacific Business Development Samoa ** 2008

SPGBB Sudur Pashimanchal Grameen Bikash Bank Nepal * 2008

SSK Sakhi Samudaya Kosh India * 2008

SSS Society for Social Services Bangladesh * 2008

Stanichnik Consumer Credit Cooperative of Citizens Stanichnik Russia * 2008

Stopanin Credit Cooperative 'Stopanin' Bulgaria * 2008

SU Sahara Uttarayan India ** 2008

Sugd Microfin Microloan Fund Sugd Microfin Tajikistan * 2008

SUMI SUMI Sudan * 2008

Sungi Sungi Development Foundation Pakistan * 2008

Sunrise Microcredit Foundation Sunrise Bosnia and Herzegovina

** 2008

Mentors - PER Mentors Peru - Enterprise Mentors International Peru ** 2008

SFPL Swadhaar FinServe Pvt. Ltd. India ** 2008

SWAWS Sharada's Womes's Association for Weaker Section India ** 2008

Tamweelcom Tamweelcom, formerly JMCC Jordan ** 2008

Tchuma Tchuma Cooperativa de Crédito e Poupança Mozambique ** 2008

Te Creemos Te Creemos, S.A. de C.V. SFP Mexico *** 2008

TFS Transcapital Financial Services Co. Ltd. Mongolia ** 2008

TIAVO TIAVO Madagascar * 2008

TLM Tanaoba Lais Manekat Indonesia * 2008

TMFB Tameer Microfinance Bank Pakistan ** 2008




TPC THANEAKEA PHUM (CAMBODIA) LTD. Cambodia ** 2008

Trident Microfinance Annapurna Financial Services Private Limited India ** 2008

Tsaritsinskiy passaj Tsaritsinskiy passaj Russia * 2008

Tsimlyansk Tsimlyansk Credit Cooperative Russia * 2008

TSKI Taytay Sa Kauswagan Inc. Philippines * 2008

Tujijenge Tujijenge Tanzania Tanzania * 2008

Turame Community Finance

Turame Community Finance Burundi ** 2008

Tverskoy Tverskoy Russia * 2008

TYM TYM FUND Vietnam *** 2008

UCADE Ambato Proyecto de Salud y Crédito Comunitario de la Diocesis de Ambato - UCADE - CRS

Ecuador ** 2008

UCADE Guaranda Fundación Promoción Humana Diocesana de Guaranda - UCADE - CRS Ecuador ** 2008

UCADE Latacunga Proyecto Salud y Crédito Comunitario Diocesis de Latacunga - UCADE - CRS Ecuador ** 2008

UCADE Santo Domingo

FUNDACIÓN ACCIÓN SOCIAL CARITAS FASCA PROMUJER SOLIDARIA - DIOCESIS DE SANTO DOMINGO - UCADE - CRS

Ecuador ** 2008

UCCEC GY Union des Caisses Communautaires d'Epargne et de Crédit de Guimballa - Youwarou

Mali * 2008

UCEC/MK Union des Clubs d'Epargne et de Crédit du Mayo-Kebbi Chad ** 2008

U-IMCEC Union des Institutions Mutualiste Communautaire d'Epargne et de Credit DAKAR

Senegal ** 2008

Ujjivan Ujjivan Financial Services Pvt. Ltd. India *** 2008

UMECDES Union des Mutuelles d'Epargne et de Crédit pour l'Entreprenariat au Sénégal Senegal * 2008

Umid CU Umid Uzbekistan * 2008

Umid-Credit Umid-Credit (Umid HSSC) Azerbaijan * 2008

UNACOOPEC-CI Union Nationale des Coopératives d’Epargne et de Crédit de Côte d’Ivoire Cote d'Ivoire (Ivory Coast)

* 2008

UNICREICH Union de Crédito Interestatal Chiapas, S.A. de C.V. Mexico ** 2008

UNION DES COOPECs UMUTANGUHA

UNION DES COOPECs UMUTANGUHA Rwanda ** 2008

Union RB Union RB Ghana ** 2008

UNRWA UNRWA Microfinance and Microenterprise Department Palestine ** 2008

UOB Urwego Opportunity Bank Rwanda ** 2008

Upper Manya RB Upper Manya Kro Rural Bank Limited Ghana ** 2008

USFSBS Udmurt State Fund for Small Business Support Russia * 2008

USTOI USTOI Bulgaria ** 2008

Finance Trust Uganda Finance Trust Limited - formerly Uganda Women's Finance Trust Uganda ** 2008

Valiant RB Valiant Rural Bank (Iloilo City) Inc. Philippines ** 2008

VBSP Vietnam Bank for Social Policies Vietnam ** 2008

VFC VisionFund Cambodia Ltd. - formerly MED program Cambodia ** 2008

VFM Vision Fund Mongolia Mongolia ** 2008

VFS Village Financial Services Private Ltd. India ** 2008

Viator Viator Microcredit Azerbaijan LLC Azerbaijan ** 2008

Visión Banco Visión Banco S.A.E.C.A. Paraguay *** 2008

Vital Finance Vital Finance Benin ** 2008

Vivir Soluciones Vivir Soluciones Financieras, SA de CV, SOFOM ER, BanRegio Grupo Financiero Mexico * 2008

Vostok Kapital Citizens' Credit Consumer Cooperative 'Vostok Kapital' Russia * 2008

VRFSBS Voronezh Regional Fund for Small Business Support Russia * 2008

VSSU Vivekananda Sevakendra-o- Sishu Uddyan India * 2008

VYCCU VYCCU Savings and Credit Cooperative Society Ltd. Nepal ** 2008

WAGES Women and Associations for Gain both Economic and Social Togo ** 2008

Wasasa Wasasa Ethiopia ** 2008

Nationwide Microbank

Nationwide Microbank Ltd, (formerly Wau Microbank) Papua New Guinea ** 2008

98




WDB Wayamba Development Bank Sri Lanka * 2008

Wisdom Wisdom Ethiopia ** 2008

WISE WISE Burundi * 2008

WKP Wahana Kria Putri Indonesia * 2008

WOCCU - AFG WOCCU Afghanistan Afghanistan * 2008

Women for Women MCO Women for Women International Bosnia and Herzegovina

** 2008

World Relief - HND World Relief Honduras Honduras ** 2008

WSE Welfare Services Ernakulam India * 2008

WWB Cali Women's World Banking - Cali Colombia ** 2008

WWI - AFG Women for Women - Afghanistan Afghanistan * 2008

XacBank XacBank Mongolia ** 2008

XXWDA XI Xiang Women's Development Association China, People's Republic of

** 2008

YYWDA Yu Yang Women's Development Association China, People's Republic of

** 2008

Zakoura Fondation Zakoura Morocco ** 2008

The

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Industr

y Benchmarks

THEMICROBANKINGBULLETIN No.19

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