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1 The Premier Source of Industry Benchmarks THE MICROBANKING BULLETIN Published by Microfinance Information exchange Issue No. 16 Spring 2008 A publication dedicated to the performance of organizations that provide banking services for the poor

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3 The MicroBanking Bulletin Issue No. 16 Spring 2008 A Publication Dedicated to the Performance of Organizations that Provide Banking Services for the Poor Copyright (c) 2008 Microfinance Information Exchange, Inc. The MicroBanking Bulletin is published twice annually by Microfinance Information Exchange, Inc. ISSN Copyright 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.,

4 We would like to thank the following microfinance institutions for their participation in this issue: REGION COUNTRY # MFIS Name of Participant Africa (51 MFIs) Asia (70 MFIs) ECA (62 MFIs) Benin 3 FECECAM, PADME, Vital Finance Burkina Faso 1 RCPB Ethiopia 13 ACSI, AVFS, BG, DECSI, Eshet, Gasha, Metemamen, OCSSC, OMO, PEACE, SFPI, Wasasa, Wisdom Ghana 5 First Allied, Grameen Ghana, MTA, ProCredit - GHA, SAT Kenya 2 Equity Bank, K-Rep Malawi 1 FINCA - MWI Mali 2 Kafo Jiginew, Nyèsigiso Mozambique 4 FCC, FDM, SOCREMO, Tchuma Nigeria 1 LAPO Rwanda 1 Urwego Senegal 3 ACEP Sénégal, CMS, PAMECAS South Africa 1 SEF - ZAF Tanzania 4 Akiba, FINCA - TZA, PRIDE - TZA, SEDA Togo 2 FUCEC, WAGES Uganda 7 Centenary Bank, CML, Faulu - UGA, FINCA - UGA, MED-Net, UML, U-Trust Zambia 1 CETZAM Afghanistan 3 ARMP, BRAC - AFG, FMFB - AFG Bangladesh 4 ASA, BRAC, BURO, IDF Cambodia 9 ACLEDA, AMK, AMRET, CEB, CREDIT, HKL, PRASAC, TPC, VFC China 1 CZWSDA India 12 AML, Bandhan, BASIX, BSS, Cashpor MC, ESAF, GK, GV, KBSLAB, SHARE, SKS, Spandana Indonesia 10 BRI, LPD Bedha, LPD Buahan, LPD Celuk, LPD Ketewel, LPD Kukuh, LPD Kuta, LPD Panjer, LPD Pecatu, LPD Ubung Nepal 1 Nirdhan Pakistan 6 Asasah, DAMEN, FMFB - Pakistan, Kashf, Khushhali Bank, SAFWCO Philippines 22 1 st Valley Bank, ASHI, Bangko Kabayan, Cantilan Bank, CARD Bank, CARD NGO, CCT, CEVI, CMEDFI, ECLOF - PHL, FCBFI, FICO, Kasagana-Ka, KMBI, MILAMDEC, New RB of Victorias, NWTF, OMB, PALFSI, RB Talisayan, TSKI, TSPI Samoa 1 SPED Vietnam 1 CEP Albania 2 BESA, PSHM Armenia 6 AREGAK, ECLOF - ARM, FINCA - ARM, Horizon, KAMURJ, SEF-ARM Azerbaijan 8 Azercredit, Azeri Star, CredAgro NBCO, FINCA - AZE, FinDev, MFBA, Normicro, Viator Bosnia and Herzegovina 12 BENEFIT, EKI, LOKmicro, MI-BOSPO, MIKRA, Mikro ALDI, MIKROFIN, Partner, PRIZMA, SINERGIJA, Sunrise, Women for Women Bulgaria 3 Mikrofond, Nachala, USTOI Croatia 1 NOA Georgia 5 ImerCredit, Constanta, CREDO, Crystal, FINCA - GEO Kazakhstan 2 ACF, KMF Kosovo 5 AFK, FINCA - KOS, KEP, KosInvest, KRK Ltd Kyrgyzstan 2 BTFF, FMCC Mongolia 1 XacBank Montenegro 1 OBM Romania 2 CAPA, OMRO Russia 8 Alternativa, CEF, FFECC, FORUS, Intellekt, Rost, Sodeystviye, VRFSBS Serbia 2 MDF, OBS Tajikistan 1 IMON Ukraine 1 HOPE

5 REGION COUNTRY # MFIS Name of Participant LAC (137 MFIs) MENA (20 MFIs) Argentina 2 FIE Gran Poder, Grameen Mendoza Bolivia 12 AgroCapital, Banco Los Andes ProCredit, BancoSol, CRECER, Eco Futuro, Emprender, FADES, FIE, FONCRESOL, IMPRO, PRODEM, ProMujer - BOL Brazil 2 CEAPE Maranhão, CrediAmigo Chile 3 BancoEstado, BanDesarrollo Microempresas, Credicoop Colombia 9 ACTUAR - Tolima, CMM - Bogotá, CMM - Medellín, CONTACTAR, Finamerica, FMM - Bucaramanga, FMM - Popayán, FMSD, WWB - Cali Costa Rica 5 ADRI, CREDIMUJER, FOMIC, Fundación Mujer, FUNDECOCA Dominican Republic 2 ADOPEM, Banco Ademi Ecuador 15 Banco ProCredit - ECU, Banco Solidario, CEPESIU, COAC Acción Rural, COAC Jardín Azuayo, COAC Maquita Cushunchic, COAC Sac Aiet, COAC San José, Credi Fe, D-miro, FED, FINCA - ECU, Fundación Alternativa, Fundación Espoir, INSOTEC El Salvador 8 ACCOVI, AMC de R.L., Apoyo Integral, ASEI, ENLACE, Fundación CAMPO, FUNSALDE, ProCredit - SLV Guatemala 10 AGUDESA, ASDIR, AYNLA, CDRO, CRYSOL, FAFIDESS, FAPE, Friendship Bridge - GTM, Fundación MICROS, Génesis Empresarial Haiti 2 ACME, SOGESOL Honduras 8 FAMA OPDF, FINCA - HND, FINSOL, FUNDAHMICRO, FUNED, Hermandad de Honduras, ODEF OPDF, World Relief - HND Mexico 6 ADMIC, Caja Popular Mexicana, Compartamos, FINCA - MEX, FinComún, ProMujer - MEX Nicaragua 16 ACODEP, ADIM, CEPRODEL, FAMA, FDL, FINDESA, FODEM, FUDEMI, Fundación León 2000, Fundación Nieborowski, FUNDENUSE, FUNDESER, PRESTANIC, ProCredit - NIC, PRODESA, ProMujer - NIC Paraguay 4 FIELCO, Fundación Paraguaya, Interfisa, Visión de Finanzas Peru 32 ADRA Peru, AMA, Banco del Trabajo, Caja Nor Perú, Caritas, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMAC Maynas, CMAC Paita, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COOPAC San Martín, COOPAC Santo Cristo, CRAC Los Andes, EDAPROSPO, EDPYME Alternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Crear Tacna, EDPYME Edyficar, EDPYME Proempresa, FINCA - PER, IDESI La Libertad, IDESI Lambayeque, Manuela Ramos, MiBanco, MIDE, PRISMA, ProMujer - PER Venezuela 1 BanGente Egypt 3 ABA, Al Tadamun, DBACD Jordan 4 AMC, Tamweelcom, MEMCO, MFW Lebanon 2 Al Majmoua, AMEEN Morocco 6 Al Amana, Al Karama, AMSSF/MC, FBPMC, FONDEP, Zakoura Palestine 2 FATEN, UNRWA Tunisia 1 Enda Yemen 2 Azal, NMF Abbreviations: ECA = Eastern Europe & Central Asia; LAC = Latin America & the Caribbean; MENA = Middle East & North Africa.

6 The MicroBanking Bulletin (MBB) The MicroBanking Bulletin is one of the principal publications of MIX (Microfinance Information exchange, Inc.). MIX is a non-profit company that works to support the growth and development of a healthy microfinance sector. MIX is supported by the Consultative Group to Assist the Poor (CGAP), Citi Foundation, Deutsche Bank Americas Foundation, Omidyar Network, Open Society Institute, Rockdale Foundation, and others. To learn more about MIX, please visit the website at Purpose By collecting financial and portfolio data provided voluntarily by leading microfinance institutions (MFIs), organizing the database by peer groups, and reporting this information, MIX is building infrastructure that is critical to the development of the microfinance sector. The primary purpose of this database is to help MFI managers and board members understand their performance in comparison to other MFIs. Secondary objectives include establishing industry performance standards, enhancing the transparency of financial reporting, and improving the performance of microfinance institutions. Benchmarking Services To achieve these objectives, MIX provides the following benchmarking services: 1) the Bulletin s Tables; 2) customized financial performance reports; and 3) network services. MFIs participate in the MicroBanking Bulletin benchmarks database on a quid pro quo basis. They provide MIX with information about their financial and portfolio performance, as well as details regarding accounting practices, subsidies, and the structure of their liabilities. Participating MFIs must submit substantiating documentation, such as audited financial statements, annual reports, ratings, institutional appraisals, and other materials that help us understand their operations. With this information, we apply adjustments for inflation, subsidies and loan loss provisioning in order to create comparable results. Data are presented in the Bulletin anonymously within peer groups. While MIX performs extensive checks on the consistency of data reported, we do not independently verify the information. In return, participating institutions receive a comparative performance report (CPR). These individualized benchmark reports, which are an important output of the benchmarks database, explain the adjustments we made to the data, and compare the institution s performance to that of peer institutions. MFI managers and board members use these tools to understand their institution s performance in a comparative context. The third core service is to work with networks of microfinance institutions (i.e., affiliate, national, regional), central banks, and researchers in general to enhance their ability to collect and manage performance indicators. MIX provides this service in a variety of ways, including 1) training these organizations to collect, adjust and report data on retail MFIs at the local level and use MIX s performance monitoring and benchmarking software, 2) collecting data on behalf of a network, and 3) providing customized data analysis to compare member institutions to peer groups. This service to networks, regulatory agencies, and researchers allows MIX to reach a wider range of MFIs in order to improve their financial reporting. New Participants Institutions that wish to participate in the Bulletin database should contact: Tel , Fax Currently, the only criterion for participation is the ability to fulfill fairly onerous reporting requirements. MIX reserves the right to establish minimum performance criteria for participation in the Bulletin database. Submissions The Bulletin welcomes submissions of articles and commentaries, particularly regarding analytical work on the financial performance of microfinance institutions. Submissions may include reviews or summaries of more extensive work published elsewhere. Articles should not exceed 2,500 words. We also encourage readers to respond to the content of this Bulletin, as well as previous issues. To Purchase For details and conditions, please refer to our website at For any further questions, please contact us: via at by fax at Disclaimer Neither MIX, MBB s Editorial Board nor do MIX s funders accept responsibility for the validity of the information presented or consequences resulting from its use by third parties.

7 The MicroBanking Bulletin Issue No. 16 Spring 2008 Dedicated to the performance of organizations that provide banking services to the poor. Editorial Staff Publisher: Peter Wall, Executive Director, MIX Managing Editor: Elizabeth Downs, Communications Manager, MIX Editorial Board Craig F. Churchill Asad Mahmood J.D. Von Pischke Elisabeth Rhyne Gabriel Solorzano International Labour Organization Deutsche Bank Frontier Finance International ACCION International FINDESA 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

8 Table of Contents Feature Articles Microfinance Banana Skins... 1 David Lascelles, Center for the Study of Financial Innovation Competing Business Models and the Microfinance Double Bottom Line... 6 Marc de Sousa Shields, Director, Small Enterprise and Capital Markets Unit, Enterprising Solutions Global Consulting Economic Exposure of Microfinance Institutions...12 Peter R. Crabb, School of Business and Economics, Northwest Nazarene University Bulletin Highlights A Transformative Period for Microfinance...16 Blaine Stephens, Chief Operating Officer and Director of Analysis, MIX International Comparisons of Loan Balances per Borrower...23 Adrian Gonzalez, Lead Researcher, MIX Bulletin Tables Introduction to the Peer Groups and Tables...28 Trend Lines Institutional Characteristics...30 Financing Structure...31 Outreach Indicators...32 Macroeconomic Indicators...36 Overall Financial Performance...37 Revenues...38 Expenses...39 Efficiency...40 Productivity...41 Risk and Liquidity...42 Index of Terms and Definitions...44 Index of Indicators and Definitions...46 Guide to Peer Groups...48 Appendices Appendix I : Notes, Adjustments and Statistical Issues...69 Appendix II : Participating MFIs Trend Line

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11 FEATURE ARTICLES MICROBANKING BULLETIN, Issue 16, Spring 2008 Microfinance Banana Skins David Lascelles, Center for the Study of Financial Innovation With more than a billion dollars of outside investment pouring in each year, it might seem out of place to question the future of microfinance. Yet it is at times such as these, when an industry is riding the crest of a wave, that prudent folk begin to ask awkward questions. Can this industry really deliver on its promises with so much now riding on it? An exploration of the risks in microfinance has just been completed to answer some of these questions and provide pointers to what might happen next. It is called Microfinance Banana Skins 2008, and the banana skins are the slippery objects that lie in microfinance s path. The survey was commissioned by Citigroup, the commercial bank which is active in the microfinance market, and the Consultative Group to Assist the Poor (CGAP), an agency which advises the microfinance industry. It was carried out by the Centre for the Study of Financial Innovation, an independent London think tank which specialises in analysing risks in the finance industry: the CSFI has been carrying out regular surveys of mainstream banking for the last 10 years. The background to the survey was growing concern about the huge rush of interest in microfinance by philanthropic and commercial investors, as well as by mainstream financial institutions. According to CGAP research, the stock of foreign capital investment in the sector more than tripled to $ 4 billion between 2004 and 2006, much of it drawn by MF s strong profit growth and reputation for doing good. This interest is driving big changes in the industry: it is forcing microfinance institutions (MFIs) to become more commercial, to restructure themselves, to come to terms with a wider world. Is all this a good or a bad thing? Where might it lead? The survey s focus was particularly on the prospects for larger MFIs ($ 5 million or more in assets) which were profitable and capable of being scaled up into larger businesses. According to MIX s calculations, there are about 350 of these, accounting for the bulk of microfinance assets worldwide. The Banana Skins technique asks practitioners and close observers of the scene, such as investors and analysts, how they see the risks facing the industry, and to give them a score. The results are then tabulated along with their comments. The survey was carried out at the end of last year and received over 300 responses from 74 countries and multinational institutions all over the world. A third of the respondents were practitioners, a quarter investors, and the remainder analysts, consultants, regulators etc with a professional interest in the sector. The results can be seen in Figure 1. Broadly, these highlight typical concerns about a fast-growing industry: resources are stretched, competition is heating up, the entry of profit-driven investors is changing the character of the business in a radical way, and the operating environment, particularly regulation, is not keeping pace. The biggest risk facing the industry is seen to be the quality of its management: the ability of MFIs to handle a rapidly changing environment to deal with the growing complexity and the pressures of commercialisation and competition. In fact, of the top 10 risks, six reflect some aspect of the management of MFIs: corporate governance, cost control, staffing, managing technology, and managing credit risk. A US official who funds MFIs commented: MFIs which lack management breadth and depth will remain higher risk institutions and are not likely to emerge as winners in an increasingly competitive environment. Respondents gave broadly two reasons for this. One was that many MFIs remain relatively unsophisticated with a philanthropic rather than business culture which may have to change. The other has to do with growth: the sector is now expanding so fast, in size as well as range, that many MFIs have become tightly, if not over-stretched. Good managers and staff are 1

12 FEATURE ARTICLES MICROBANKING BULLETIN, Issue 16, Spring 2008 Figure 1: Microfinance Banana Skins 2008 Biggest risks Fastest risers 1 Management quality 1 Competition 2 Corporate governance 2 Staffing 3 Inappropriate regulation 3 Political interference 4 Cost control 4 Too much funding 5 Staffing 5 Credit risk 6 Interest rates 6 Strategy 7 Competition 7 Mission drift 8 Managing technology 8 Ownership 9 Political interference 9 Interest rates 10 Credit risk 10 Unrealisable expectations 11 Transparency 11 Reputation 12 Foreign exchange 12 Corporate governance 13 Unrealisable expectations 13 Managing technology 14 Mission drift 14 Fraud 15 Fraud 15 Natural catastrophes 16 Strategy 16 Cost control 17 Ownership 17 Management quality 18 Back office operations 18 Foreign exchange 19 Reputation 19 Product development 20 Liquidity 20 Profitability 21 Too much funding 21 Inappropriate regulation 22 Profitability 22 Distribution channels 23 Macro-economic trends 23 Liquidity 24 Product development 24 Macro-economic trends 25 Capital availability 25 Back office operations 26 Distribution channels 26 Transparency 27 Natural catastrophes 27 Refinancing 28 Refinancing 28 Capital availability 29 Too little funding 29 Too little funding in short supply, corporate governance may be oldfashioned, internal controls weak, with new challenges such as technology adding to the strain. These concerns are not universal, of course. Many MFIs, particularly large ones, are very professionally managed. Concern about management quality was also most marked among outsiders to the industry: investors and observers in North America and Europe rather than practitioners. Too often, basic concepts of corporate governance are little known or neglected, said Geert Peetermans, chief investment officer of Incofin in Belgium. As Figure 2 shows, risk rankings varied strikingly among different types of respondents. Practitioners put management risks lower down the list. Their main concern was clear: the growth of competition and the pressure this was putting on credit standards, prices and recruitment. They were particularly concerned about competition from outsiders, i.e. commercial banks entering the sector, or new MFIs established by commercial investors. The growth of competition was blamed, ironically, on the commercial success achieved by many MFIs, and the strong appeal of flotations such as Compartamos in Mexico. A related concern among practitioners was that the influx of hot money was driven by unrealistic expectations about what the sector could deliver in profits and growth. If results were disappointing, investment might easily walk off and leave microfinance 2

13 MICROBANKING BULLETIN, Issue 16, Spring 2008 FEATURE ARTICLES Figure 2: Who Said What Biggest risks Fastest risers Practitioners 1 Competition 1 Competition 2 Cost control 2 Mission drift 3 Inappropriate regulation 3 Credit risk 4 Interest rates 4 Political interference 5 Credit risk 5 Staffing 6 Mission drift 6 Strategy 7 Management quality 7 Managing technology 8 Managing technology 8 Ownership 9 Staffing 9 Interest rates 10 Corporate governance 10 Management quality Analysts Investors Observers 1 Corporate governance 1 Competition 2 Management quality 2 Too much funding 3 Interest rates 3 Interest rates 4 Managing technology 4 Unrealisable expectations 5 Unrealisable expectations 5 Natural catastrophes 6 Mission drift 6 Strategy 7 Inappropriate regulation 7 Staffing 8 Ownership 8 Managing technology 9 Strategy 9 Mission drift 10 Transparency 10 Foreign exchange 1 Management quality 1 Too much funding 2 Corporate governance 2 Competition 3 Foreign exchange 3 Political interference 4 Inappropriate regulation 4 Reputation 5 Staffing 5 Staffing 6 Too much funding 6 Credit risk 7 Political interference 7 Unrealisable expectations 8 Managing technology 8 Strategy 9 Interest rates 9 Ownership 10 Unrealisable expectations 10 Interest rates 1 Corporate governance 1 Competition 2 Staffing 2 Staffing 3 Management quality 3 Ownership 4 Transparency 4 Corporate governance 5 Inappropriate regulation 5 Political interference 6 Interest rates 6 Strategy 7 Competition 7 Interest rates 8 Cost control 8 Reputation 9 Managing technology 9 Too much funding 10 Strategy 10 Unrealisable expectations 3

14 FEATURE ARTICLES stranded. Commercial pressures were also driving MFIs away from their original social purpose, a process which has a name: mission drift. This in turn could damage the industry s reputation and expose it to political interference or investor disappointment. Ganhuyag Ch. Hutagt, CEO of XacBank in Mongolia, said that competitive pressures were pushing MFIs out of their traditional market [with] abandonment of the poor as a result. In fact the abundance of investment in the sector emerged from the survey as a distinctly mixed blessing. On the one hand, it is forcing MFIs to adopt better business practices, good controls, high levels of transparency and accountability. Competition is driving down prices and spurring innovation, which is good for the customer. On the other hand, it is seen as the driver of potentially damaging change: excessive capacity and competition, even the loss of financial services to the poor where these cannot be delivered commercially. In fact one surprising finding is that credit is seen as a high and rising risk for MFIs. Traditionally, MFI borrowers have been good credit risks because of the strong social sanctions and group guarantees against default. But competition is eroding credit standards, and creating a more cynical attitude among borrowers about the obligation to repay. A Mexican analyst warned: As markets become increasingly saturated, the risk of default is rising. Not surprisingly perhaps, the risk that capital might be in short supply an assumption held by many outside the industry was a very low order risk, in fact it came at the bottom of the list. However this broad statement needs to be nuanced. While it may be true that the microfinance sector as a whole is suffering from too much investment, the responses showed that in some geographical areas, for example Africa and the less developed parts of India, it is still in critically short supply, usually because MFIs in those regions have not attained commercial status. The responses also showed that capital does not always come in the right form: there is plenty of debt capital, less equity capital, and a lot of it comes with strings attached. Among other market risks, there was a similar story with interest rates. Traditionally, MFIs have been protected from interest rate movements by the insensitivity of their borrowers to loan pricing. But as competition grows and borrowers become financially more literate this protection disappears, exposing MFIs to stronger rate pressures. Some MFIs even face foreign exchange risk, for example if they fund themselves in foreign currency, which many of them do because of a lack of MICROBANKING BULLETIN, Issue 16, Spring 2008 local money markets. Some respondents felt that MFIs were not equipped to handle this sort of risk. The much higher profile that microfinance enjoys also cuts two ways. It is a consequence of success, but it attracts unwelcome attention. Political interference is a growing problem: in reference to governments who impose caps on loan rates, who direct lending or subsidise competition. Again, this is not universal, but in countries where it happens, it can severely damage MFI health. Both these risks also raise MFIs exposure to developments at the macro-economic level, something from which they have traditionally been insulated. The pace of change creates another form of conflict with the official world: regulation. In many countries, regulation of MFIs is not keeping up with their growth; in some it is even non-existent. Many respondents felt that the sector s prospects were threatened by the absence of appropriate regulatory regimes, or by regulatory quirks which made it attractive for commercial banks to transform themselves into MFIs and escape mainstream regulation. Alejandro Soriano, deputy director of the Corporación Andina de Fomento in Venezuela, said: Many countries do not progress due to a lack of prudential regulation, a view which was widely echoed elsewhere. The question that comes out of the survey is how serious are these risks? The greatest danger seems to be one of overheating, of outside investment fuelling a rate of growth that becomes unsustainable because the microfinance sector lacks the skills to develop in a balanced way. If the sector s reputation becomes tarnished by disappointing returns or failure to meet its social goals, there could be damaging repercussions: loss of investor confidence and business, even political recriminations. Anne Hastings, director of Fonkoze in Haiti, said microfinance s biggest risk was that it will not be able to produce credible evidence that it does indeed reduce poverty. In order to head off these risks, it seems vital that investors be realistic about the amount of growth that microfinance can handle, and that MFIs be clear about their capabilities and goals. An investment officer with a G7 aid agency said: This is increasingly becoming a critical issue. MFIs need the capacity to effectively deploy funds on a commercially sustainable basis. If funders focus their attention on a small group of MFIs, there is a risk that these MFIs will lack the systems, technology, management capability and other resources to prudently deploy this capital. Several respondents said this showed that the need 4

15 MICROBANKING BULLETIN, Issue 16, Spring 2008 was not for more money, but for a greater number of commercial MFIs. Is this likely? A final survey question asked respondents how well prepared they thought MFIs were to handle the risks they had identified. Just over a quarter of the respondents thought they were well prepared with good management and sound strategies. Only 5 per cent thought they were poorly prepared, usually because they lacked management skills or sound funding. Over two thirds gave a mixed response, mainly because they differentiated between large MFIs which were on the whole better prepared than small ones, or because they saw some countries offering a better operating environment than others. So, a mixed picture, though that should be no surprise for a sector that is so diverse, and in all these responses FEATURE ARTICLES we should discount the interests of the respondents themselves: investors justifying their strategies, MFIs playing up the discomforts of competition. Even so, microfinance is in many ways a victim of its success. Many of the stresses identified by the survey follow directly from the huge inflow of capital, some of it based on unrealistic expectations. This is causing strains and distortions among the recipients of that capital. Growth in the microfinance sector will doubtless continue, but the message of the survey is that it should do so with greater caution and a firmer eye on the risks. David Lascelles runs the Banana Skins programme at the Centre for the Study of Financial Innovation in London. Microfinance Banana Skins 2008 can be downloaded free of charge from 5

16 FEATURE ARTICLES MICROBANKING BULLETIN, Issue 16, Spring 2008 Competing Business Models and the Microfinance Double Bottom Line Excerpts from Microfinance and the Double Bottom Line in the Post Social Enterprise Era Marc de Sousa Shields, Director, Small Enterprise and Capital Markets Unit, Enterprising Solutions Global Consulting The first crisis of conscience in microfinance did not revolve around mission drift towards larger loans and serving less poor clients as many expected. Instead, it came from a clash of ethics over the production and distribution of profits associated with the Compartamos public share offering in At the heart of the discord were interest rates of over 80 percent generating return on equity over 50 percent, and leading to original investors earning 270 times their investments. Some cheered these results as proof positive microfinance could integrate successfully in conventional financial systems while others were outraged that so much was made by so few from lending to poor rural Mexican women. The almost unquestioned principles of microfinance are now being parsed as is the presumed relationship between social and financial objectives. The level of debate has been exceptional. Is there an unacceptable level of profitability? Can high loan prices be justified? What is the sector s responsibility towards its clients? Answers to these questions are elemental to defining the sector s double bottom line aspirations and potential. Responding to these challenging questions is doubly important given the influence of private capital on the sector in its inexorable march towards commercialization. Capital and commercialization are having two broad impacts on the sector. First, private capital is having profound influence on the way MFIs are managed and financial performance expectations are set. Second, as microfinance becomes a proven market, new capital will enter the sector with little or no poverty alleviation agenda. Pioneer MFIs are finding that newer, commercially-oriented MFIs play a type The international development community has largely moved beyond the double bottom line concept to embrace triple bottom line objectives. Because few MFIs use triple bottom lines, however, this paper focuses primarily on financial and social performance, or double bottom line issues. Triple bottom line considerations are raised as they will certainly become important to microfinance as the sector and institutions grow. of competitive hard ball not widely seen before in microfinance. The sector, once characterized almost uniformly by a Social Enterprise (SE) MFI business model is now seeing the emergence of the Corporate Social Responsibility (CSR) model, and laissez-faire base of the pyramid businesses. Social Enterprise Model Social enterprises are social mission driven businesses that trade in goods or services for a social purpose. A defining feature of social enterprise is that success is measured in both social and financial terms. Typically started by business visionaries and financed by founders savings, families, friends, and the occasional angel investor, the strength of social enterprise is its dynamic entrepreneurial zeal combined with a highly motivating social mission. Historically, SE businesses have been relatively small though some such as the Body Shop or Ben and Jerry s have grown to considerable size. Among commercial banks only ShoreBank (USA) and Triodos Bank (Netherlands) stand out as financial social enterprise with scale, although with assets of around $2 billion and $ 4.3 billion under management respectively they are dwarfed by most banks. VanCity Credit Union, one of the largest free standing credit unions in the world, is also noted for its social enterprise focus, yet at $10 billion in assets it controls less than 1 percent of the banking system assets in Canada (itself a relatively small financial market globally). SE MFIs in some developing countries have reached unprecedented scale relative to other financial institutions in their markets. ACLEDA Bank in Cambodia, Equity Bank in Kenya, MiBanco in Peru, AgBank in Armenia, and XAC and Khan in Mongolia all stand out. Rich Rosenberg of CGAP also argues alternative financial institutions with some sort of social mission serve some 750 million clients in the

17 MICROBANKING BULLETIN, Issue 16, Spring 2008 developing world, many of considerable size. These institutions include many state-owned banks (e.g., postal banks and state retail savings banks etc.). While they do not always have the dynamic zeal of a SE and a driving commitment to social goals, they often offer important services with significant social impacts (e.g., affordable savings accounts, access to financial, and services in rural areas). History implies, however, most social enterprise will stay relatively small, become the property of larger businesses, or simply fade away. 2 Those that do grow will be challenged by non-socially driven competition to the extent that they will either cease to be independent businesses or be driven to become more conventional. The unique nature of microfinance suggests it is plausible that a very well managed MFI could be become a financial sector leader and maintain intense social enterprise ethos. This will be the exception and it is more likely that as MFIs grow they will become more conventional in their approach to business. Capital will be particularly influential in shaping MFIs and the sector. As SE MFIs grow and debt capital needs expand, donor capacity will be outstripped. Because savings account for less than 60 percent of MFI portfolio capital world-wide, private debt capital will be extremely important and influential as MFIs adapt to attract it. Equally important is the sector s need to raise an estimated $ 50 billion or so in capital required to back and expand portfolio growth. Many in the sector erroneously believe that social investment (variously defined) will provide funding on a less intrusive basis. Unfortunately, over 99.5 percent of the $ 2 trillion in social investment capital in the world is allocated on the basis of the same regulatory rule and investment practices as conventional capital. 3 This means if microfinance is to reach billions of clients, private capital will be the ultimate arbitrager of social impact. CSR Model From the earliest efforts of companies in the late 19 th century to establish utopian communities around their 2 See de Sousa-Shields, Marc forthcoming Microfinance and the Double Bottom Line in the Post Social Enterprise Era, USAID AMAP. 3 See de Sousa-Shields, Marc and Cheryl Frankiewicz, (2005) Financing Microfinance Institutions: The Context for Transitions to Private Capital is available at = 5967_ 201&ID2=DO_TOPIC Under Theme 5, Access to Capital. See also de Sousa-Shields et al. (2004) et al Sustainable and Responsible Investment in Emerging Markets, International Finance Corporation of the World Bank. FEATURE ARTICLES industrial sites to British Petrol s recently re-branding as an alternative energy company, Corporate Social Responsibility (CSR) has in many guises been a feature of modern economics. CSR also goes by many names and has been defined in innumerable ways. 4 For the purposes of this paper, CSR describes a company s attitude towards its social and environmental responsibilities and how this translates into social and environment impacts. A central feature of CSR is stakeholder management, the best practice of which requires companies to balance the needs and priorities of all stakeholders. The key difference between a SE and a CSR model is that the latter seeks profit for profit sake, but recognizes the importance of managing its social impact. CSR firms do not seek to change the world per se but do recognize that by minding their impacts the world indeed will be changed for the better. The raison d etre for SEs, by contrast is to change the world and profit maximization may or may not be a primary driver. Managing stakeholders will become increasingly important in microfinance as MFIs integrate into risk intolerant conventional financial systems. There will be strong pressure for MFIs to move from a singular poverty focus to a broader CSR modality as the pressure and influence of conventional capital and regulation will encourage operational standards to conform to a fairly conventional business model. Stakeholders of CSR firms tend toward financial stability and profit maximizing over social impact. Base of the Pyramid Model An estimated 4 billion people around the world live on less than $ 2 per day. Ignored for the most part by the formal economy, this is the base of the economic pyramid (BoP) a market recently made popular by C. K. Prahalad who views the poor as a market opportunity second to none. The sheer size of the BoP market is exciting corporate interest but it is management and technology innovations that are enabling firms to sell at the base. Some BOP theorists claim that simply serving the base will alleviate poverty as it helps to integrate the poor into the formal economy. Competition will encourage more appropriate and higher quality products and 4 See Hopkins, Michael (2007) Corporate Social Responsibility and International Development, EarthScan, Sterling, Virginia, USA., for a serious discussion on the definition of CSR and how it has affected the nature and scope of corporation s concern for and attempts to control their impact on society and the environment. See also www. mallenbaker.net. 7

18 FEATURE ARTICLES services at lower prices, offsetting the so-called poverty penalty or the fact that currently the poor pay more and suffer lower quality for most of life s basics food, water and medicine. 5 N.E. Landrum argues that the poverty impact of BoP is largely serendipitous and that it is impractical to think BoP strategies alone will alleviate poverty. 5 As we are seeing in the US today, consumption driven economics rarely builds lasting wealth and income gains. Easing the poverty penalty through lower cost consumer items will have some impact, but it is hard to image more than marginal gains given the multidimensional nature of poverty. Moreover, consumers at the base the poor have little consumer protection and are exposed to all sorts of exploitation despite their collective market significance (as some claim to be the case in microfinance). Unfortunately, there has proven to be few sectors as amenable to the kind of multi-stakeholder best practice approach found in microfinance. 6 Some products certainly have important impacts on the poor, but few hold the promise to self-perpetuate poverty alleviation as microfinance portends. This said, the few BoP MFIs that have entered the sector MICROBANKING BULLETIN, Issue 16, Spring 2008 are for the most part profit maximizing and are not overtly mission driven. Some of the best examples of this can be found in Mexico, where Banco Azteca, WalMart and FinSol have entered the low-income market, each with a conventional business model and grown at exceptional rates. Indeed, in less than three years, Banco Azteca has captured 5 percent of the savings market and is the largest low income consumer lender with over 2 million clients. 7 Convergence and Divergence: New Models for Microfinance? Are new business models with divergent double bottom line objectives evolving in the sector? This is a critical question because if the structure of microfinance is changing so to might its potential social impact. A survey of 27 MFIs drawn from 269 institutions on MIX Market with a five diamond rating for transparency suggests that each of the three business models are present in the sector. (See Table 1). Almost 60 percent of the sample had poverty alleviation as a mission compared to 42 percent claiming access as a mission. Table 1 MFI Missions and Business Models Institutional Objective (N 27) Poverty Mission 58% Access Mission 42% MFI Enterprise Model (N 27) Percentage of Sample Poverty Access Social Enterprise 78% 67% 33% Corporate Social Responsibility 19% 20% 80% Base of the Pyramid 4% 0% 100% MFI Asset Size (N 27) Institutional Objective MFI Enterprise Mode Asset Size % Sample Poverty Access Social Corporate Social Base of the Enterprise Responsibility Pyramid 1 20 million 70% 63% 32% 94% 6% 0% 20 + to 100 million 15% 50% 50% 60% 40% 0% million 15% 0% 100% 50% 25% 25% Data from the Mix Market and MFI websites. Sample drawn from a population of 269 MFIs through a stratified selection. See Appendix One for more details on survey method. 5 Landrum, N.E., (2007) Advancing the Base of the Pyramid available at viewfile/12/16 Both the relatively small size and nature of data interpretation cautions readers to interpret findings as general observations rather than precise findings. Analysis assessed mission and vision statements listed on each institution s Mix profile and was supplemented by deeper analysis of webpages and or other documentation. See Appendix One for more details on sample and definitions. 8

19 MICROBANKING BULLETIN, Issue 16, Spring 2008 While there are no statistics available for historical analysis, a historical review of a small sample of MFIs indicates that poverty alleviation was once an almost uniform goal among MFIs. 7 The survey also shows SE models are much more likely to be small and to have overt poverty alleviation goals (70 percent) than CSR MFIs (20 percent) or BoP (none) model. CSR and BoP models are also typically larger than their SE counterparts as predicted and are more likely to have a modified social performance expectation and have access to financial services as a mission over a poverty alleviation goal. Conclusion While the evidence suggests that the once predominate SE model is now giving way to a CSR model, the real question may not be which model will predominate but what roles can each model take to best advance the sector? Iconic social enterprise firms such as ShoreBank, VanCity Credit Union, Triodos Bank demonstrate the merits of a strong social focus that leads to continuous product and service innovation advancing social and financial performance. Despite seeming size limitations, well run social enterprise MFIs are highly responsive to the needs of its market and to taking risk. It may be SE MFIs are better suited to developing more sophisticated poverty alleviation products the areas of housing, community and household economy development. FEATURE ARTICLES CGAP are currently doing but perhaps with greater resources). BoP business will push competition like never before and should lead to lower prices, broader product offerings, and improve market penetration. Actions All the best intentions to maximize the poverty alleviation effect of microfinance may be for naught if poverty alleviation is the natural outcome of client focused financial services for the poor. If this is true, it may not matter how microfinance is delivered and on what terms and SM proponent critiques of profit maximization may, as some cynics claim, may be more one of preservation than development effectiveness. Conversely, if economic development or some other factor is far more important to poverty alleviation, anything done in microfinance to maximize impact may only have marginal effects and not merit such attention. As most things economic, however, half truths apply, so much critical work remains in the post MFI social enterprise era to ensure healthy and fair competition maximizes returns to the poor. This challenge is as vital as it will be difficult, particularly if sustainable or market based social performance standards and benchmark for poverty alleviation impacts are to be created. Actions towards this aim include:. Measure and benchmark poverty alleviation to prove the nature and depth of poverty reduction associated with microfinance; CSR business pushing a broader impact agenda will likewise raise social impact expectations while offering a more attractive model for private capital. The CSR model will divide attention to various social impacts but will allow for faster growth. CSR MFIs can also tap into a large and fast growing global network of firms with similar visions and needs. Developing or signing onto one or more of the most appropriate codes of conduct will help cement in place some minimal impact standards for low income financial market participants. If the poverty impact of microfinance turns out to be a natural outcome of serving the base, BoP businesses should be encouraged to form (e.g., as IFC and Raise the bar on social performance management through significant investments in social performance management for all three business models; Integrate microfinance in global SE and CSR networks; Improve social performance management transparency and reporting; Join or create finance sector social impact benchmark and codes of conduct; Support competition among the three business models; 7 See de Sousa-Shields, Marc forthcoming Microfinance and the Double Bottom Line in the Post Social Enterprise Era, USAID AMAP. See also de Sousa-Shields, Marc forthcoming Case Studies in Microfinance and the Double Bottom Line in the Post Social Enterprise Era, USAID AMAP. 7. Donors should concentrate on building microfinance sectors including financial infrastructure such as credit bureaus and consumer protection agencies etc.; 9

20 FEATURE ARTICLES MICROBANKING BULLETIN, Issue 16, Spring Continue to work on strengthen microfinance regulations. sector s systemic poverty alleviation impacts is a vital element to this challenge. 8 Determining the truth of what the sector offers as impact and what it has Solidifying microfinance s poverty alleviation brand as the sector adapts to private capital is the critical double bottom line challenge. Unassailably establishing the delivered will not only establish the sector s poverty alleviation bona fides, but clarify and benchmark future double bottom line expectations. 8 Some within the World Bank, for example, that the only/most effective means to poverty alleviation is economic growth and microfinance has only minimal effects. 10

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