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

TheMicroBankingBulletinIssue No. 19December 2009A Publication Dedicated to the Performance ofOrganizations that Provide Banking Services for the PoorCopyright (c) 2009Microfinance 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 arebelieved to be accurate. Such accuracy is not however guaranteed. Feature articles in MBB are the property of the authorsand permission to reprint or reproduce these should be sought from the authors directly. The publisher regrets it cannotenter into correspondence on this matter. Otherwise, no portion of this publication may be reproduced in any formator by any means including electronically or mechanically, by photocopying, recording or by any information storage orretrieval 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

REGION COUNTRY # MFIS Name of ParticipantChile 3 BancoEstado, Credicoop, Fondo EsperanzaColombia 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 CaliCosta Rica 9 ACORDE, ADRI, ASOPROSANRAMON, CREDIMUJER, FIDERPAC, FOMIC, Fundación Mujer,FUNDEBASE, FUNDECOCADominican4 ADOPEM, ASPIRE, Banco ADEMI, Fundación EsperanzaRepublicEcuador 47 Banco Solidario, CACMU, CCC, CEPESIU, CESOL ACJ, COAC 4 de Octubre, COAC AcciónRural, COAC Ambato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema,COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi, COACLa Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COACLa 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, UCADEAmbato, UCADE Guaranda, UCADE Latacunga, UCADE Santo DomingoEl Salvador 13 ACCOVI, AMC de R.L., Apoyo Integral, ASEI, Asociación El Balsamo, CCAMETRO, ENLACE,FADEMYPE, FINCA - SLV, Fundación CAMPO, FUNSALDE, ProCredit - SLV, PADECOMSMGuatemala 16 AGUDESA, ASDIR, Asociación Raíz, AYNLA, CDRO, CRYSOL, FAFIDESS, FAPE, FIACG, FINCA- GTM, FONDESOL, Fundación MICROS, FUNDEA, FUNDESPE, Génesis Empresarial, MUDEHaiti 6 ACME, FINCA - HTI, Fonkoze, MCN, SFF, SOGESOLHonduras 14 ADICH, BanCovelo, CARE - CREEME, FAMA OPDF, FINCA - HND, FINSOL, FUNDAHMICRO,FUNED, HDH OPDF, IDH, Microfinanciera Prisma, ODEF Financiera, ProCredit - HND, WorldRelief - HNDMexico 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, DonApoyo, 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 SolucionesNicaragua 23 ADIM, AFODENIC, ASODENIC, BANEX, Caritas Esteli, CEPRODEL, Coop 20 de Abril, CoopAvances, FDL, Financiera Fama, FINCA - NIC, FODEM, FUDEMI, Fundación 4i-2000,Fundación León 2000, Fundación Nieborowski, FUNDENUSE, FUNDEPYME, FUNDESER,PRESTANIC, ProCredit - NIC, PRODESA, Pro Mujer - NICPanama 3 Coop Juan XXIII, Microserfin, ProCajaParaguay 6 Banco Familiar, FIELCO, Fundación Paraguaya, Interfisa Financiera, Microsol, Visión BancoPeru 60 ADRA - PER, Alternativa Microfinanzas, AMA, ASIDME, Asociación Arariwa, Caritas, CMACArequipa, 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, EDPYMEAcceso 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 - PERVenezuela 2 BanGente, MiBanco VenezuelaMENA(56 MFIs)Egypt 14 ABA, ABWA, Al Tadamun, ASBA, CEOSS, DBACD, ESED, FMF, IDDA, Lead Foundation, NSBA,RADE, SBACD, SCDAIraq 3 Al-Thiqa, CHF Iraq, Izdiharona MicrofinanceJordan 7 Alwatani, AMC, DEF, FINCA - JOR, MEMCO, MFW, TamweelcomLebanon 3 Al Majmoua, Ameen, MakhzoumiMorocco 9 Al Amana, Al Karama, AMOS, AMSSF/MC, ARDI, FBPMC, FONDEP, INMAA, ZakouraPalestine 8 ACAD, Al Rafah Bank, ASALA, FATEN, PARC, Reef, Ryada, UNRWASudan 3 BRAC - SS, PASED, SUMISyria 2 FMFI-SYR, Jabal Al HossTunisia 1 EndaYemen 6 Abyan, Aden, Al Awael, Azal, NMF, SFSDAbbreviations: ECA = Eastern Europe & Central Asia; LAC = Latin America & the Caribbean; MENA = Middle East & North Africa.

The MicroBanking Bulletin (MBB)The MicroBanking Bulletin is one of the principalpublications of MIX (Microfinance Information Exchange,Inc.). MIX is a non-profit company that works to supportthe growth and development of a healthy microfinancesector. MIX is supported by the Consultative Group toAssist the Poor (CGAP), Citi Foundation, Deutsche BankAmericas Foundation, Omidyar Network, Open SocietyInstitute, Rockdale Foundation, and others. To learn moreabout MIX, please visit the website at www.themix.org.PurposeBy collecting financial and portfolio data providedvoluntarily by leading microfinance institutions (MFIs),organizing the database by peer groups, and reportingthis information, MIX is building infrastructure that iscritical to the development of the microfinance sector. Theprimary purpose of this database is to help MFI managersand board members understand their performance incomparison to other MFIs. Secondary objectives includeestablishing industry performance standards, enhancingthe transparency of financial reporting, and improvingthe performance of microfinance institutions.Benchmarking ServicesTo achieve these objectives, MIX provides the followingbenchmarking services: 1) the Bulletin’s Tables; 2)customized financial performance reports; and 3)network services.MFIs participate in the MicroBanking Bulletin benchmarksdatabase on a quid pro quo basis. They provide MIXwith information about their financial and portfolioperformance, as well as details regarding accountingpractices, subsidies, and the structure of their liabilities.Participating MFIs must submit substantiatingdocumentation, such as audited financial statements,annual reports, ratings, institutional appraisals, and othermaterials that help us understand their operations. Withthis information, we apply adjustments for inflation,subsidies and loan loss provisioning in order to createcomparable results. Data are presented in the Bulletinanonymously within peer groups. While MIX performsextensive checks on the consistency of data reported,we do not independently verify the information.In return, participating institutions receive a comparativeperformance report (CPR). These individualizedbenchmark reports, which are an important output ofthe benchmarks database, explain the adjustmentswe made to the data, and compare the institution’sperformance to that of peer institutions. MFI managersand board members use these tools to understand theirinstitution’s performance in a comparative context.The third core service is to work with networks ofmicrofinance institutions (i.e., affiliate, national, regional),central banks, and researchers in general to enhance theirability to collect and manage performance indicators.MIX provides this service in a variety of ways, including1) training these organizations to collect, adjust andreport data on retail MFIs at the local level and useMIX’s performance monitoring and benchmarkingsoftware, 2) collecting data on behalf of a network,and 3) providing customized data analysis to comparemember institutions to peer groups. This service tonetworks, regulatory agencies, and researchers allowsMIX to reach a wider range of MFIs in order to improvetheir financial reporting.New ParticipantsInstitutions that wish to participate in the Bulletindatabase should contact: info@themix.org, Tel +1 202659 9094, Fax +1 202 659 9095. Currently, the onlycriterion for participation is the ability to fulfill fairlyonerous reporting requirements. MIX reserves theright to establish minimum performance criteria forparticipation in the Bulletin database.SubmissionsThe Bulletin welcomes submissions of articles andcommentaries, particularly regarding analyticalwork on the financial and/or social performance ofmicrofinance institutions. Submissions may includereviews or summaries of more extensive workpublished elsewhere. Articles should not exceed 3000words. To submit an article, please contact ElizabethDowns, Managing Editor, at edowns@themix.org.DisclaimerNeither MIX, MBB’s Editorial Board nor MIX’s fundersaccept responsibility for the validity of the informationpresented or consequences resulting from its use bythird parties.

The MicroBanking BulletinIssue No. 19December 2009Dedicated to the performance of organizations that provide banking services to the poor.Editorial StaffPublisher:Marten Leijon, Executive Director, MIXManaging Editor:Elizabeth Downs, Director of Marketing Communications, MIXEditorial BoardCraig F. ChurchillAsad MahmoodJ.D. Von PischkeElisabeth RhyneGabriel SolorzanoInternational Labour OrganizationDeutsche BankFrontier Finance InternationalACCION InternationalBANEXChairman Emeritus:Robert Peck ChristenThe MicroBanking Bulletin is a publication of MIX (Microfinance Information Exchange, Inc.)To learn more about MIX, please visit the MIX website at www.themix.org

Table of ContentsFeature ArticlesScaling Up MicroSavings..................................................................................................................................... 1Christoph Kneiding, Ignacio Mas, Adrian Gonzalez, and Sheila MillerSaving Through the Mobile Phone.................................................................................................................. 7Olga Morawczynski, University of EdinburghThe Case for Pricing Transparency.................................................................................................................15Jessica A. HaeusslerIs Social Performance Profitable?...................................................................................................................22Florent Bédécarrats, Rémy William Angora, Cécile LapenuNew Financial Ratios for Microfinance Reporting....................................................................................30Drew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social Enterprise Associates,for the MFI Reporting Standards Initiative of the SEEP NetworkBulletin HighlightsMFI Benchmark Analysis: Operating Efficiency: Victim to the Crisis?...............................................39Blaine Stephens, COO and Director of Analysis, MIXBulletin TablesIntroduction to the Peer Groups and Tables..............................................................................................452008 MFI Benchmarks........................................................................................................................................47Institutional Characteristics.....................................................................................................................47Financing Structure....................................................................................................................................47Outreach Indicators....................................................................................................................................48Macroeconomic Indicators......................................................................................................................49Overall Financial Performance................................................................................................................49Revenues........................................................................................................................................................50Expenses.........................................................................................................................................................50Efficiency........................................................................................................................................................51Productivity...................................................................................................................................................51Risk and Liquidity........................................................................................................................................52Index of Indicator Definitions..........................................................................................................................53Guide to Peer Groups ........................................................................................................................................54AppendicesAppendix I : Notes, Adjustments and Statistical Issues...........................................................................73Appendix II : Participating MFIs 2008.............................................................................................................76

Letter from the PublisherDear Readers,We are excited to share with you the 19 th Edition ofthe MicroBanking Bulletin. We are delighted to be ableto provide you with important findings from a globalbenchmark data set that covers 1,084 MFIs and a setof compelling articles that addresses some of the mostpressing issues facing microfinance today.The benchmarking data set provides a first-of-its-kindlook into the effects that the economic slowdown ishaving on MFIs across the globe. The analysis exploreshow the slowdown is tightening its squeeze on MFIperformance through rising delinquency levels anddeclining operational efficiency.This edition of the Bulletin also features articles thataddress critical priorities for leaders in microfinance –savings mobilization, pricing transparency, the linkof social and financial performance, and the evolvingstandardization of metrics:• Expanding savings through distribution:Kneiding et al explore MFIs’ ability to scale upmicrosavings, concluding that microfinanceinstitutions in general tend to rely on distributionledgrowth rather than more effective use oftheir existing branches. Morawczynski detailshow mobile services enable savings, outliningopportunities to derive further benefits frommobile services.• Pricing transparency: Jessica Haeusslerinvestigates evidence as to the impact thatinsufficient pricing transparency has on marketefficiency and consumer choice, showing thatan opaque pricing environment does appear tocome at a cost.• Linking social and financial performance:Bédécarrats, Angora and Lapenu test the linkbetween Social Performance Indicators (SPI)and financial performance. Their findings pointto a positive correlation between several SPIand financial outcomes, but also key differencesbetween variables.• Evolving standardization of metrics: Tulchin,Sassman and Wolkomir present eight new ratiosfrom the MFI Reporting Standards Initiative ofthe SEEP Network. The new ratios aim to betterdescribe financial position and performancewith a particular focus on savings and riskexposures.Finally, I want to thank you for your continued interestin and support for the MBB. As we move forward, wewill evaluate how we can improve the contents of theBulletin and our delivery of it to you. We welcome yourfeedback and comments as we begin the evaluationprocess early in 2010.Sincerely yours,Marten LeijonPublisher, MBBExecutive Director, MIX

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Scaling Up Micro Savings: A Matter ofMore Branches or Busier Branches?Christoph Kneiding, Ignacio Mas, Adrian Gonzalez, and Sheila Miller 1The microfinance industry is increasingly focused ondeposit mobilization. On the demand side, there is agrowing sense that poor people should have a broaderrange of financial instruments available to them ratherthan only credit. On the supply side, institutions areincreasingly keen to build a more stable, low-costfunding base from local deposits, especially in theaftermath of the global financial crisis. This renewedinterest in deposit mobilization by microfinanceinstitutions (MFIs) is also fuelled by the high-profilesuccesses 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 millionsavers) and Banco Azteca in Mexico (4.5 million savers).Yet despite these notorious successes, the bulk ofMFIs remain relatively small scale in terms of depositmobilization. This prompts us to look into the growthstrategies pursued by MFIs, large and small. Do thelarger deposit-taking MFIs exhibit a more intensiveutilization of their distribution network in terms ofsavers per branch (giving rise to what we term intensivegrowth), or do they simply have many more branches(which we term extensive or distribution-drivengrowth)? In this respect, we compare the behavior ofMFIs against commercial banks, to see whether theirgrowth dynamics are different. We also compare therelationship between intensity of use of branches andthe total number of customers served by the institutionbetween the savings and lending sides.Data sources and methodologyOur primary dataset is based on MIX Market, an onlinedatabase of financial and operational data from MFIs1 Christoph Kneiding is a Microfinance Analyst at CGAP; Ignacio Masis Deputy Director at the Financial Services for the Poor team at theBill & Melinda Gates Foundation; Adrian Gonzalez is Lead Researcherat Microfinance Information Exchange, Inc. (MIX); and Sheila Milleris Program Coordinator at the Bill & Melinda Gates Foundation. Theauthors wish to thank Blaine Stephens from MIX for very helpfulcomments and suggestions.2 “Banking the Poor: Measuring banking access in 54 Economies”,World Bank, Washington DC.around the globe. From this database we selectedall the MFIs with more than 10,000 savers reportedfor 2007. This gave us information on the number ofsavers and borrowers, the value of the correspondingdeposit and loan portfolios, as well as the number ofbranches, for 165 MFIs. MIX Market defines savers asindividuals who currently have funds on deposit withan MFI, which the MFI is liable to repay. This excludesinvoluntary savings linked to loans.We compare this sample with another one based ona multi-country survey of the largest five commercialbanks by assets compiled by the World Bank andreported in Banking the Poor (BTP). 2 This databasecontains, for each institution, the number and valueof savings and loan accounts, as well as the number ofbranches. The sample covers 235 banks in 54 countriesfor the year 2007. Some banks did not participate inthe survey, and in some countries there were fewerthan five commercial banks. We took the numberof savers to be the larger of the reported numberof checking and savings accounts, in order to avoiddouble-counting. We excluded institutions with fewerthan 10,000 savers, or those with obviously deficientinformation. The resulting sample consists of 149commercial banks from 53 countries.This data has certain limitations. The mappingbetween number of savings (loan) accounts and thenumber or savers (borrowers) is imperfect. On the MFIdata set, we are relying on the institutions´ reportingof customer numbers. On the commercial bank dataset, if for a particular institution some customershad only a checking account and others had only asavings account, the inferred number of savers wouldbe underestimated given that we take the maximumof the two. Also, there is self-selection in the MFIs andbanks that are part of the sample. MFIs that are verysuccessful at deposit mobilization have less incentiveto report to MIX Market, since it is seen primarily as avehicle for demonstrating transparency for MFIs whoare reliant on external sources of funding. Equally,commercial banks’ responses to and participation inthe World Bank survey may have depended on variousMicrofinance Information eXchange, Inc

FEATURE ARTICLESincentives, such as whether they participate in WorldBank-funded lines of credit.Throughout this paper we refer to the institutions inthe 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 trulyreflect the legal status of the specific institutions ineach data set. Some institutions in MIX Market areindeed licensed as commercial banks, and a couple infact appear in both data sets. 3Figures 1 and 2 show the distribution of institutions inthe two samples by size, as measured by the number ofsavers per institution. Both figures are shown on a logscale, which underscores the very large variation in sizeof institutions as measured by the number of savers.Figure 1, which depicts the size ranking of institutionsseparately for the two data sets, shows that MFIs decayin size faster than commercial banks. This reinforces theearlier point that while there are some spectacularlysuccessful MFIs, these are relatively few: only 12 MFIsin our sample have more than half a million depositorsversus 50 in the sample of commercial banks.Figure 2, which shows the combined size rankingsacross both data sets, suggests that commercial banksand MFIs as a whole are roughly of comparable sizes.This is because the MFI data set selects the biggerMFIs globally, while the commercial bank data set isbased on the largest ones per country. Thus, while inour sample commercial banks are typically larger thanMFIs, there is a proportionately higher representationof institutions from small countries in the commercialbank data set.Figure 1: Ranking of Institutions by Numberof SaversNumber of savers3100,000,00010,000,0001,000,000100,00010,0001,00010010MFIsCommercial banks11 51 101 151 201Ranking of institutions by decreasing number of saversThe reason is that an institution can be an MFI according to the MIXMarket classification and at the same time happens to be one of thelargest financial institutions in a country, which makes it eligible forthe BTP dataset.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Scale in deposit mobilizationFigures 3 and 4 depict the relationship betweenthe overall number of savers per institution and thenumber of savers per branch, separately for eachof the two samples. Note that the horizontal axis ismapped on a logarithmic scale in order to show atighter distribution of the points.The median number of savers per branch is more thandouble for commercial banks than for MFIs: 5,400versus 2,300, respectively. Of course, the relative size ofthe median institution is different in both cases, with44,600 savers for MFIs and 116,000 for commercialbanks. For an institution of half a million depositors,the trend lines on Figures 3 and 4 would suggest thatan average MFI would have 5,300 savers per branchwhile an average commercial bank would have 6,400savers per branch. Thus, at that scale (as measured bynumber of savers), MFIs typically operate 20 percentsmaller branches on average than the equivalentsizedcommercial bank.We can also observe that the number of savers perbranch is higher the larger the number of savers,suggesting that larger deposit mobilizing institutions–whether MFIs or banks— are able to make moreeffective use of their branches. But there is a muchstronger correlation between the number of saversand the number of savers per branch for banks than forMFIs (0.26 vs. 0.09, and only significant for commercialbanks). Conversely, the total number of savers showsa higher correlation with the number of branches forMFIs than for banks (0.86 vs. 0.76, respectively).One hypothesis for this difference is that MFIsare less able to realize inter-branch economies ofscale (extensive growth). This might be becausecommercial banks incur larger bank-wide fixedFigure 2: Joint Ranking of Institutions byNumber of SaversNumber of savers100,000,00010,000,0001,000,000100,00010,0001,000100101BanksMFIs0 50 100 150 200 250 300 350 400 450Ranking of institutions by decreasing number of saversMicrofinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 3: Savers per Branch (MFIs)30,000Number of savers per branch25,00020,00015,00010,0005,000010,000 100,000 1,000,000 10,000,000 100,000,000Number of saversFigure 4: Savers per Branch (Commercial Banks)30,00025,000Number of savers per branch20,00015,00010,0005,000010,000 100,000 1,000,000 10,000,000 100,000,000Number of saverscosts in the form of centralized investments in brandbuilding, product development and informationtechnology, to the benefit of all branches. Amortizingthese costs over more customers and branches allowsindividual branches of commercial banks to be morecompetitive and hence acquire more customers perbranch (intensive growth). On the other hand, branchlevelgrowth at MFIs may be more constrained due tounderinvestment in IT or less streamlined processes.It is also possible that MFIs operate in smaller towns,and hence have less room for intensive growthat the branch level. This might be true for BRI andGrameen Bank, for example. However, most MFIs inthe sample operate largely in urban environmentsand hence should face similar market size limitationsas commercial banks.Next we look at how the customer mix varies with sizeof institution, focusing specifically on the MFI dataset, for possible explanations for the different growthdynamics of large versus small MFIs. Size of MFI doesnot seem to have a significant bearing on the size ofMicrofinance Information eXchange, Inc

FEATURE ARTICLESaccounts and the mix between savers and borrowers.Figure 5 shows that the average savings balance perdepositor (expressed as a percent of gross nationalincome per capita) is not at all correlated with the sizeof the MFI. It seems like MFIs do not move upmarket asthey expand their base of savers, which runs counterto the often lamented “mission drift” view. It is likelythat as MFIs grow they simply need to cater to broadermarket segments, both richer and poorer, without anoticeable effect in the average customer size.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 6 shows that larger MFIs have a slight proclivityto grow the number of savers faster than the numberof borrowers (correlation is 0.03 and not statisticallysignificant). This may be because, for a given location,the addressable market of savers is larger than theaddressable market of creditworthy borrowers. Thus,as an institution grows its penetration in a market,it reaches saturation faster in its lending than in itsdeposit-taking activities. This effect may also bedriven by the fact that larger institutions have a biggerFigure 5: Average Savings Account Balance as % of Gross National Income per Capita (MFIs)250200Saving balance (% of GNIpc)15010050010,000 100,000 1,000,000 10,000,000 100,000,000Number of saversFigure 6: Ratio of Savers to Borrowers (MFIs)3025Savers/borrowers2015105010,000 100,000 1,000,000 10,000,000 100,000,000Number of saversMicrofinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009need to self-fund their lending activities in order todrive growth, and hence they may put more effort inbuilding a healthy deposit base.Scale in lending operationsFigures 7 and 8 show the relation between the numberof borrowers per branch and the overall number of saversper institution, separately for each of the two samples.It is again apparent that MFIs used their branches lessFEATURE ARTICLESintensively than commercial banks in terms of lendingoperations as well. In other words, as banks grow largerin the overall number of savers, their branches cater tomore borrowers per branch than MFIs. In the case ofMFIs, growth in total number of borrowers is largelydriven by growth in number of branches rather than inthe number of borrowers per branch.It is also interesting to compare between the saversand borrowers graphs. For both MFIs and commercialFigure 7: Borrowers per Branch (MFIs)8,0007,000Number of borrowers per branch6,0005,0004,0003,0002,0001,000010,000 100,000 1,000,000 10,000,000 100,000,000Number of saversFigure 8: Borrowers per Branch (Commercial Banks)8,0007,000Number of borrowers per branch6,0005,0004,0003,0002,0001,000010,000 100,000 1,000,000 10,000,000 100,000,000 1,000,000,000Number of saversMicrofinance Information eXchange, Inc

FEATURE ARTICLESbanks, the slope and correlation coefficients betweenper branch intensity (both for savers and borrowers)and total savers numbers are significantly weakerfor borrowers than for savers. This suggests that lessintensity of branch use exist on the lending sidethan on the deposit-taking side. This makes sense:corporate-level branding and centralized treasury andrisk management operations are more important forsavings (since the institution needs to build the trustof depositors), while lending requires more local staffto screen, monitor and collect from borrowers.ConclusionsThe evidence presented in this paper points to the factthat MFIs are on average less able to grow intensivelythan commercial banks. MFIs’ growth is largelydependent on greater distribution (more branches)MICROBANKING BULLETIN, Issue 19, DECEMBER 2009rather than at leveraging the use of branches. Theevidence also supports the well established notionthat the potential for intensive use is larger on thedeposit mobilization than the lending side. On theother hand, we do not see a significant relationshipbetween the size of an MFI (as measured by numberof clients) and either the average savings balance orthe ratio of savers to borrowers. It seems that MFIsdo not move upmarket as they expand their base ofsavers, which runs counter to the argument that thoseinstitutions experience a “mission drift” over time.If distribution (extensive growth) is the key growthdriver for MFIs, it is important to find lower-cost waysfor MFIs to deploy their physical presence. Lower-costbranches and branchless banking channels wouldseem to offer large opportunities for MFIs to growscalably.Microfinance Information eXchange, Inc

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Saving Through the Mobile Phone—The Case of M-PESAOlga Morawczynski, University of Edinburgh 1In the past few years there have been attempts tomobilize savings via branchless banking models ingeneral and the mobile phone in particular. There is arecognition that savings, probably more than any otherfinancial service, requires proximity and immediacyfor the customer. There is also the recognition thatsavings could radically improve livelihoods. Accessto appropriate savings mechanisms could helpthe resource poor to recover from shocks, smoothconsumption and broaden investment opportunities.Much of this recent interest towards savings via themobile phone has been sparked by the stunningsuccess of a Kenyan mobile money service called M-PESA. M-PESA is a mobile phone based service forsending and storing money, offered by Safaricom,Kenya’s largest mobile service provider. Safaricomcustomers can register for M-PESA by visiting amerchant who acts as an “agent” for account opening,handling of deposits and withdrawals into theFigure 1: Use of savings instruments in Kenya100%80%60%40%20%0%Bank account Mattress M-PESASource: FSD-Kenya.How Do People Save?Savings instrument by M-PESA userM-PESA usersNon-usersTotalOther1 I would like to thank Ignacio Mas for his substantial contributionto this paper. Also, many thanks to Microsoft Research andthe University of Edinburgh for funding this research.customer’s virtual “wallet,” and customer support.Customers can then use an application on theirmobile phone to check their balance, send money toother people, pay bills and purchase mobile phoneairtime. Customer funds are held in a special trustaccount at the Commercial Bank of Africa. This servicehas acquired over 7 million users and extended itsagent base to over 10,000 since it was introduced inMarch of 2007.Although M-PESA was designed as a money transferservice, there is evidence that it is also being used forsavings. For example, a study funded by FSD-Kenya ofover 3000 households in Kenya revealed that userswere storing money in M-PESA. The research alsorevealed that M-PESA was one of the most popularmechanisms for savings amongst the sample, evenbeating out the mattress for M-PESA users. Theseresults raise some interesting questions. In particular,why did M-PESA beat out the mattress and otherpopular savings mechanisms? Is M-PESA becoming asubstitute for these other mechanisms? How are thesavings patterns of the poor changing as they beginto store money with M-PESA?This paper will address these questions. It uses data froma collection of financial diaries to make its arguments.These diaries captured the savings practices of 14M-PESA users for a period of one month. They werepart of a 14 month ethnographic study that examinedthe adoption, usage and impact of M-PESA in twolocations: an urban slum and a rural village. The paperwill also use the empirical data to suggest how mobilemoney applications can be designed to better suit theneeds and interests of poor savers.Evidence from the FinancialDiaries of M-PESA Users inKenyaThe financial diaries participants were asked to makedaily entries detailing their financial practices for theMicrofinance Information eXchange, Inc

FEATURE ARTICLESperiod of one month. These entries were made intwo columns—money in and money out. They werealso asked to maintain a balance in the two columns.This facilitated the analysis of not only expenditurebut also savings patterns. It must be noted that themajority of the financial diaries participants werefrequent users. These users made several transactionsper week. Some even conducted transactions on adaily basis. The results presented here thus representmore intensive usage patterns than usual. Thedata from the financial diaries will be used tosubstantiate many of the arguments presented here.Table 1 provides more information about theparticipants.The FindingsA variety of savings mechanismswere integrated into the savingsportfolios of the participantsThe diaries revealed that the poor use a combinationof savings mechanisms to manage their limitedincome and to meet their unique savings needs. Theaverage amount of savings mechanisms used by theparticipants for the storage of cash was just over two.The findings further illustrated that the poor were verystrategic when cultivating their savings portfolios. TheMICROBANKING BULLETIN, Issue 19, DECEMBER 2009mechanisms included usually acted as complementsto the others. As will be shown below, most of theparticipants who were banked continued to storemoney at home. These home savings were moreaccessible, and were often used for daily consumption.The bank was appropriate for the accumulation ofsavings over time. This facilitated the purchase offuture items, usually of greater value. It also providedthe participants with an accumulated amount,which could be accessed during an emergency.Table 2 presents the advantages and disadvantagesof the savings mechanisms that were available toKenyans.Many appropriated these various mechanisms to keeptrack of their finances. For example, John used fourmechanisms to store his cash. This includes an MFIaccount, a bank account, M-PESA and the home bank.For John, each of these accounts served a differentfunction and provided him with some type of benefit.For example, the home bank allowed John to haveimmediate access to his cash. The bank gave him aplace where he could save cash for larger purchases.M-PESA facilitated the separation of John’s businessand personal finances. He explained that this madeit easier for him to organize and “keep track” of hisfinances.Some of the informants also appropriated more thanone mechanism to “spread out” their finances andTable 1Financial diaries participantsName Location Job M-PESA User/Non userRelation to DiaryParticipantWyclif Urban- Kibera Barber Non User-sender Married to EuniceEunice Rural- Chamarmar Farm work, fetch water Non user Married to WyclifLawrence Urban-Kibera Painter User-senderBrown Urban-Kibera Security guard User-sender Married to BettyBetty Rural-Bukura Sold goods from farm User-recipient Married to BrownViolet Rural-Bukura Not working User-recipient Betty’s friendGaudezinaRural-Shangalangwi(near Bukura)Sold goods from farm User-recipient Betty’s MotherJohn Urban-Kibera Security guard and shop owner User-senderSylvester Urban-Kibera Security guard and shop owner User-sender Married to ElizabethElizabeth Rural-Sikarira Sold goods on market-tablecloth etc.User-recipientMarried to SylvesterMartin Urban-Kibera Shoe repair User-sender Married to MargaretMargaret Rural-Masiro Sold goods from farm User-recipient Married to MartinJoyce Urban-Kibera Shop owner User-recipientPatrik Urban-Kibera Pastor User-sender andrecipientMicrofinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESTable 2 The savings portfolio of low-income KenyansSavings mechanism Advantages DisadvantagesHome bank - Free to transact and highlyaccessibleROSCA - Allows for the rapid accumulationof funds- Support to save is provided fromother community membersBank - Secure method of savings- Interest provided on savings- Potential for creditM-PESA - Free to deposit and store money- Highly accessible- Secure-customer ID and PIN isneeded to access moneyIn-kind - Material interest gained on someforms of material savings (i.e. Egg,milk)- Risky-money stored in the home can be stolen byhousehold members or outsiders- No interest is gained on the money stored at home- Risky-money can be lost if group dissolves- Time consuming-regular meetings are often requiredby group members- High transaction and maintenance fees- Difficult to access, especially in rural areas- No interest on money stored- Cash shortages in rural areas can sometimes make itdifficult to withdraw money- Not regulated as a savings mechanism, thus funds ofcustomer are not protected- Maintenance fees sometimes required (i.e. animal feed)- Low liquidity on some material savings- Potential loss of value over timeto 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 withdrawa substantial amount from the bank and woulddeposit the money into his M-PESA account. Sylvesterexplained that he did not fully trust the banks in Kenyawith his money. He had heard “stories” that his savingswould be lost if the bank crashed. Sylvester was notalone in his distrust of banks. Many other informantsconfirmed this finding during the fieldwork.This distrust was especially common prior to thepresidential elections of December 2007. This periodwas characterized by heightened tensions betweenethnic communities within the informal settlement.Informants took a variety of measures to protect theircash during the period. Some claimed that they tookmost, and sometimes all, of their savings from thebanks and deposited the money into M-PESA andtheir home bank. They explained that they reducedthe risk of money being lost by spreading out theirsavings.In urban areas, M-PESA and thehome bank were the most popularsavings mechanismsThere were some substantial differences betweenfinancial portfolios in urban centres and rural areas. InKibera, the most widely used mechanism for savingswas M-PESA as well as the home bank. Many of thoseinformants who had a steady flow of income alsohad an account with a formal bank or MFI. However,because there were no formal financial institutionswithin Kibera, the residents had to leave theinformal settlement to transact. Many noted that thiswas a significant disadvantage of having such anaccount.In regards to frequency of transactions, the home bankwas the most popular. All of the urban participantskept some money in their home savings and manywould make daily deposits and withdrawals. Mostoften, the money was used to purchase items forhousehold consumption around Kibera. Lawrencekept nearly half of his income at home because it waseasily accessible. He did not need to leave Kibera totransact. When asked whether he was afraid of losingmoney stored in the home, he said no. He explainedthat he had “hidden the money well” and did not “fear”theft by intruders.Although the number of transactions was higherfor the home bank, the value stored was lower thanM-PESA. The diaries revealed that an average of 4percent of total income was deposited into homesavings. This compares to nearly 18 percent thatwas put into M-PESA. Two of the financial diariesparticipants, Martin and Sylvester, stored nearlyhalf of their income inflows with M-PESA. Both menasserted that they preferred this method because itwas “safer” than the other savings mechanisms.John and Joyce also saved with M-PESA. However, theydeposited a much smaller percentage of their incomeinto their M-PESA accounts. Joyce explained that sheMicrofinance Information eXchange, Inc

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 2: Savings portfolio of urban diarists60%% of income deposited into savings mechanism50%40%30%20%10%0%JohnSylvestaMartinJoyceWyclifLawrenceBrownPatrikBankHome savingsROSCAM-PESApreferred to invest her cash in her small business. Shewould often maintain low balances in all of her savingsmechanisms. She explained that money stored athome was at risk of being stolen by her husband whowas often thirsty for changa [local brew]. She did notkeep too much in her bank account because interestrates were low. The balance in her M-PESA account wasthe highest. She explained that she used this moneyfor daily consumption and the “upkeep” of her ruralrelatives. Because an M-PESA agent was located closeto her home, Joyce was able to accumulate moneythrough weekly deposits. She would remit the moneywhen she met her savings target for the month. Thecash that was left over at month end would be usedfor home consumption. For John the balance was keptlow because, as mentioned above, M-PESA was justone of several mechanisms he used for savings.Four of the urban participants did not use M-PESA forsavings. Wyclif and Lawrence did not know that M-PESA could be used for this purpose. As was mentionedabove, M-PESA was not designed or regulated as asavings mechanism. This is why Safaricom, the mobileservice provider, never advertised this option. Thosewho used M-PESA for savings discovered this functionon their own, or heard about it from friends. Brownand Patrik said that they knew M-PESA could be usedfor savings, but had no use for this mechanism. Theirexisting portfolio of savings mechanisms was enoughto meet their needs.Some of the urban informants kept a bank account.Usually, they used the bank to accumulate moneyfor future expenses. Many also wanted to build arelationship with the financial institution to accesscredit in the future. There were informants whoexplained that they did not keep an account by choice;rather, they had their salaries deposited directly. Theyexplained that banks were too expensive and that feeswere “eating up” their savings. Numerous informantswanted their salaries deposited directly into M-PESA.They explained that they took a risk each time theycarried money from the bank, which was locatedoutside of Kibera, to their homes.In rural areas, many preferred tokeep their money in circulationrather than saving their cashIn the villages, the home bank was the most popularmechanism for savings. On average, 32 percent of ruralhousehold income was deposited into the home bank.Many preferred this method because it was accessible.The majority of banks and MFIs were located in theclosest town, which was more than 20 km away. Manyof 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 toohigh and would quickly wipe out their “small money”.ROSCAs (rotating savings and credit associations), alsoknown as merry-go-rounds, were also popular in thevillages. Four out of the six rural women were involvedin a merry-go-round. However, only 2 percent of ruralinflows were stored in this mechanism. When askedwhy so little was stored, some of the rural respondentssaid that they were part of the merry go round forsocial, rather than, financial reasons. They enjoyed theweekly meetings with the group during which they10Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009would catch up on the village happenings. Others alsomade clear that these groups “forced” them to save.They were less likely to accumulate cash if they “savedalone”. Group savings, however, were also somewhatrisky. Both Betty and Elizabeth had lost money whenprevious groups disbanded without warning. Bettyexplained that because of such risk, it is best to keepsmaller amounts in the merry go round. It is also betterto have “back-up” savings in other mechanisms suchas the home bank.None of the rural participants used M-PESA for savings.Again, most did not know that M-PESA could be usedfor this purpose. Those who did know claimed thatthe application was not suitable for savings. Theynoted frequent cash shortages in rural areas, and wereconcerned that money saved with M-PESA would bedifficult to access. Because the majority of the M-PESAtransactions in rural areas were withdrawals, agentsoften ran out of cash float. Some would maintain thisfloat by making regular trips to the bank to “top up”.Others, however, found such maintenance too costlyand time consuming. They instead chose to top up theirfloat sporadically. This resulted in cash shortages.Because accessibility to cash was vitally important forthe rural dwellers, the home bank was one of the mostpopular 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 foran affordable and accessible savings mechanism. Asin the urban areas, they wanted to remove their cashfrom the household economy where it was prone todemands of relatives and neighbours.Table 3FEATURE ARTICLESNumber of transactions persavings mechanism for M-PESAusersM-PESA Bank Home ROSCAJohn 18 13 15 6Sylvester 25 17 0 31Martin 6 0 24 9Joyce 4 3 32 4Total 53 33 71 50Mean 13 8 18 13Median 16 8 20 8M-PESA acted as a complement,rather than substitute, for many ofthe other mechanisms in the savingsportfolioFor the participants who used M-PESA for savings,an interesting trend was noted. The applicationacted as a complement, rather than a substitute, tothese other mechanisms. It was used in conjunctionwith the bank, home bank and ROSCA. M-PESA hada vital place in the savings portfolio of the poorinformants—somewhere between the bank and thehome bank. Unlike the bank, M-PESA was appropriatefor the accumulation of small savings. There were nofees to deposit money or to maintain the account.The application was also more accessible than thebank. Those living in Kibera did not need to leavethe informal settlement to make deposits or accessFigure 3: Savings portfolio of rural diarists80%% of income deposited into savings mechanism70%60%50%40%30%20%10%BankHome savingsROSCAM-PESA0%BettyElizabethVioletGaudezinaMargaretEuniceMicrofinance Information eXchange, Inc11

FEATURE ARTICLEStheir cash. They could also check their balance, at anytime, using their mobile phone. Because M-PESA wasaccessible, it was used more often than the bank andROSCA as is shown in Table 3. In some cases, depositsand withdrawals were made nearly every day.Many also noted that M-PESA was safer than theother mechanisms. Safaricom was less likely thanthe bank to crash. Money stored with M-PESA couldalso not be stolen by a husband who was thirstyfor changa [local brew]. The application was furtherused to organize cash. For example, John usedM-PESA to separate his business from his personalsavings. Joyce used the application to accumulatemoney that would be sent to her rural relatives. OnceM-PESA became integrated into the savings portfolioof the poor, there was a re-balancing of amountsin each of the savings mechanisms. For example,Martin began to store more in M-PESA and less in hishome bank. Sylvester took a balance from his bankaccount and kept it with M-PESA. As mentioned above,many wanted to spread out their cash to decreasethe risk of it being lost if one of the mechanismsfailed.It must be noted that M-PESA had some disadvantagesas a savings mechanism. As was explained by John, itwas not appropriate for “big savings”. Interest was notpaid on the money stored. Loans could also be acquiredfrom Safaricom. M-PESA was also dependent on theSafaricom network. Thus, when there were networkissues money could not be accessed. This happenedseveral times throughout the course of the fieldwork.Many informants explained that this dissuaded themfrom keeping larger amounts in M-PESA. Also, asmentioned above, many did not use M-PESA for savingsin the rural areas because of frequent cash shortages.They instead chose to keep cash at home where itwas accessible. John explained that unlike M-PESA, hishome bank “never closed”. Furthermore, money storedin M-PESA was not adequately protected. The servicewas not regulated by the Central Bank of Kenya. Thiswas mainly because M-PESA was never designed tobe a savings mechanism.Safaricom can take various measures to improvethe current M-PESA savings value proposition. Inparticular, there is the opportunity for M-PESA to bemore than just a mechanism in the savings portfolio.The application can become the platform from whichthe entire portfolio of mechanisms can be accessed.This would provide poor savers with a centralizedsavings base on which they could accumulate, track,and manage, their small savings. It would also allowthem to work with two forms of currency whenMICROBANKING BULLETIN, Issue 19, DECEMBER 2009organizing their finances—cash and electronicvalue. The latter would be advantageous because itwould facilitate the movement of value across thenumerous accounts. As was shown in the empiricalfindings, such movement has significant costs (timeand money). The electronic value would also renderwealth invisible, which would make it less prone todemands from friends and family. However, beforeM-PESA becomes a platform for savings, the systemdesign needs to be altered and new partnershipsmust be cultivated.Issuance of M-PESA accounts bybanks or third partiesFor M-PESA to become a centralized base for savingsservices, the opening and maintenance of accountswould have to be outsourced. This would allow banksand MFIs to tap into the M-PESA platform and offerservices at scale. It would also provide customerswith new opportunities to generate interest on theirsavings. Currently, M-PESA accounts are issued bySafaricom and thus not subject to full prudentialscrutiny by bank supervisory authorities. It putsM-PESA in an unstable regulatory position, whichprevents Safaricom from benefiting financially fromthe interest on float held. It further precludes Safaricomfrom paying interest on balances held, or promotingM-PESA as a savings service for fear of incurringmore regulation. If accounts were formally issued inthe name of a bank, or other financial institution, thearrangement would be regulatorily more sustainableas funds held in M-PESA would have the necessaryprudential protections.No change to the design, operation or branding of theservice would be required. Customer contracts wouldbe issued by the bank but processed by Safaricom,in the same way as it processes contracts today.Safaricom would continue transferring all storedfunds through M-PESA with the chosen bank, but nowthey would be stored on behalf of the M-PESA clients,not on behalf of M-PESA itself. Safaricom would stilloperate all individual accounts, and their collectivevalue would be registered as a single line (pooleddeposit account or account payable) in its ledger.This would be following the Smart Money model inthe Philippines, where the service is operated andbranded by mobile operator Smart Communicationsbut the mobile wallet accounts are issued in the nameof bank partner Banco de Oro. To make this possible,the Central Bank of Kenya would need to permit ahigh degree of outsourcing of bank operations to anon-bank.12Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009The customers would benefit from this arrangement.They would be able to access a multitude of savingsaccounts, from different institutions, via their mobilephone. The value of M-PESA as a savings platformwould also grow exponentially as more institutionsuse it to offer their savings products.Creating savings sub-accountsOnce M-PESA becomes a centralized savings base itcould provide a link between people’s goals and theirsavings by compartmentalizing these savings into asystem of sub-accounts. Each of these would have apre-defined purpose. When making a deposit, the agentwould ask customers if they had a special purpose forthe funds. If so, the agent would select the appropriateitem from a limited set of pre-defined options onthe M-PESA menu (home savings, school fees, houserepairs, funeral, remittances, etc.) when requestingauthorization for the deposit. These options couldbe based on the most common savings objectivesaccording to local research. It would also be possiblefor customers to pre-define their own objectives. Whencustomers check balances through their mobile, theirbalance would be itemized by saving purpose (i.e. bysub-account). When making withdrawals or payments,customers would be able to select which sub-accountto withdraw from. A ROSCA account could also beintegrated. This could eliminate the need for cashexchanges at the meetings. The pay-out could also beprovided in electronic value, rather than cash.M-PESA could also facilitate the movement of fundsbetween these various accounts. For example, the payoutfrom the ROSCA could be immediately depositedinto the school fees account. A remittance transfermade into the M-PESA wallet could also be moved intothe account that is allocated to daily consumption.This could eliminate the need to physically move themoney between the different mechanisms. It wouldalso allow the poor to more easily diversify their savingsbase by the appropriation of various mechanisms and,in effect, spread out their risk. Disciplinary techniquescould also be integrated into the system. For example,a text message could be sent to remind a saver who isaccumulating cash that a deposit is due. Mechanismsthat deter withdrawals on some accounts can also beincorporated. These could be in the form of higherwithdrawal fees. They could also be in the form of timerestrictions on withdrawals.Enabling micro-transactionsThe lowest amount that can currently be depositedinto M-PESA is 100 KES (equal to less than 1 euro).FEATURE ARTICLESThis makes it more difficult for M-PESA to beused for the accumulation of “small savings”. Thisis where the home bank, without any minimumdeposit stipulations, has a significant advantage. Bylowering this minimum deposit amount to around10 KES, M-PESA could encourage poor savers tomake more frequent deposits into the system. Thiswould remove money from the household economy,where it is vulnerable to theft and demands fromrelatives.Managing liquidityIf M-PESA is be used as a tool for the mobilizationof savings, one of the greatest challenges forSafaricom would be to ensure the liquidity of M-PESA accounts. As was mentioned in the empiricalfindings, many rural dwellers did not use M-PESAfor savings because of the frequent cash shortages.One strategy that could be taken to manage cashfloat is to increase the number of rural deposits.This could only be done by finding ways in whichM-PESA could beat out the home bank as a savingsmechanism. Facilitating access to accounts offeringinterest, and future loans, would be a good start.Banks could also work with Safaricom to help withliquidity management in rural areas. It is in theirinterest to ensure cash is readily available not onlyto keep customers happy but also to increase thenumber of transactions going through the system.As was made clear above, banks had the lowestnumber of transactions amongst the numeroussavings mechanisms.ConclusionThe empirical findings showed that the poor use avariety of mechanisms to meet their unique savingsneeds. These are combined into a savings portfolio, inwhich each of the mechanisms acts as complement tothe others. M-PESA has a vital role in this portfolio—somewhere between the bank and home bank. It ismore accessible and cheaper than the bank. It alsoprovides additional security to savers by removingthe money from the home and rendering wealthinvisible.The paper further suggested that M-PESA can havea much greater role in the mobilization of savings.Rather than just being a mechanism in the financialportfolio, it can provide a platform on which varioussavings mechanisms can be accessed. This is especiallythe 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 saversMicrofinance Information eXchange, Inc13

FEATURE ARTICLESto organize, and keep track of, their various accounts.Rather than going from one mechanism to the next tocheck balances and make deposits and withdrawals,all the accounts would be centralized and madeaccessible via the mobile. It would also make it easierto move money between accounts. Accumulatedamounts could be moved to a bank account toaccrue interest; money in the bank could be movedto M-PESA for daily consumption. Mechanisms couldalso be built in to instil discipline. For example, a useraccumulating cash could be sent a text message eachtime a payment is due. The user could immediatelymove value from one account to the next in reactionto this electronic reminder.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009There are thus endless possibilities for the formalizationand mobilization of savings with the mobile phone asa platform. Savings services can further replicate theexperience of mobile payments. The frequency ofsavings transactions will most likely increase whilstthe value per transaction will fall. However, beforesuch mobilization occurs several measures must betaken. In particular, Safaricom should strengthen thereliability of the technical platform and the liquidityoptions of users. They should further increase theflexibility of the system. This will provide the resourcepoor with more opportunities to save. It will alsomake it easier for this segment to constitute savingsportfolios that meet their unique needs.14Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009The Case for Pricing TransparencyJessica A. HaeusslerIntroductionAfter decades of innovation and experimentation,microfinance sectors worldwide have achievedimpressive successes. The microfinance communityhas joined efforts to achieve worldwide publicrecognition of microfinance as an effective andsustainable bottom-up approach to economicempowerment and consumption smoothing.The past years have seen equally strong efforts toprovide a business case for microfinance, attractinvestors and access the global capital markets.As a result, the global microfinance industry hasachieved a considerable record of transparency onfinancial performance. The true price of microcreditproducts, however, has never been accuratelyreported. As a double-bottom line industry thatemerged to provide a low-cost alternative to themoneylenders, microfinance today is an industrywhere non-transparent pricing is common. Yetpricing transparency is critical in the marketbasedeconomy, as it promotes efficiency, healthycompetition, innovation and affordable pricesfor millions of clients. For financial markets todevelop sustainably and prosper, transparency isindispensable.The financial crisis that has caused the collapse ofthe global financial system is a prime example formarket failure and dramatically illustrates that nontransparencyis a major market imperfection. Thecurrent crisis is the result of a lack of transparency,adverse incentive structures and inadequatecompetition. It underscores that bad practices canharm clients, responsible lenders, the entire financialsystem and the overall economy. While at the core ofmicrofinance have been principles that could serve asan example for Wall Street, the rapid mainstreamingof microfinance makes the lessons learnt from thecredit crunch ever more relevant. The collapse ofthe global financial system underscores the farreachingrisks associated with non-transparency andoffers an opportunity to reflect upon the principlesof responsible finance and build a solid foundationfor the sustainable and healthy development ofmicrofinance sectors worldwide.The controversial debate on interest rates inmicrofinance has attracted the attention of theglobal community, governments, donors andinvestors in recent years, while the public media hasoften misreported on the interest rates charged inmicrofinance, without providing an explanation of whyinterest rates vary significantly among MFIs. In somemarkets, this has led to a political backlash resultingin counterproductive government intervention withlasting ramifications for the development of localmicrofinance sectors. This is particularly disturbingwhere governments react on negative publicsentiment and intervene without understanding theimplications for sustainable market developments,which is reinforced by an opaque pricing environmentmaking it impossible to draw a line betweenresponsible and irresponsible lending.This article highlights the importance of pricingtransparency for the market-based economy,examines the consequences of non-transparentpricing based on an analysis of industry data andevaluates approaches to pricing transparency atthe government and industry level. The authorwould like to gratefully acknowledge the support ofMFTransparency.Pricing in MicrofinanceAs the goal of MFIs is to provide financial services tomicro-entrepreneurs and low-income householdson a sustainable basis, the interest rates chargedon microloan products have to cover operatingexpenses, the cost of capital, loan loss provisions anda provision for growth. While the financial cost andloan loss provision tend to be relatively flat or thesame percentage irrespective of loan size, operatingexpenses expressed as a percentage of the averageoutstanding loan balance increase significantly as15 Microfinance Information eXchange, IncMicrofinance Information eXchange, Inc15

FEATURE ARTICLESthe loan amount decreases. Given this reality, pricingdifferentiation according to loan size is essential inmicrofinance. Because there is not one interest ratefor every microfinance loan due to varying loanamounts, pricing transparency has been difficult toachieve.The correlation between operating expenses andloan size based on the most recent industry datafrom MIX Market for MFIs in Peru is displayed inFigure 1. It clearly shows that operating expensesvary significantly according to loan size. The preciseoperating cost curve differs across regions andcountries due to the unique economic conditions ofeach country, but the shape of the curve is essentiallythe same for microfinance sectors worldwide.Figure 2 shows portfolio yield relative to loan size andas would be expected, the shape of the yield curveclosely follows that of the operating expense ratio.The majority of MFIs included in this analysis appearsto be generating yields within the average range ofthe Peruvian market, as displayed by the curve. It isinteresting to note that disclosure of effective interestrates is required for regulated MFIs in Peru.A major reason for non-transparent pricing inmicrofinance has been the difficulty of makingthe public understand why MFIs charge a rangeof interest rates on seemingly similar microloanproducts. Inaccurate and inconsistent reporting ofloan prices has been a significant factor underminingtransparency in the microfinance industry. It isimportant to recognize that there is no single marketinterest rate for microloan products. MFIs often offerdifferent types of loan products which – depending onfactors such as product use, loan size and geographiclocations – have to be priced differently.Figure 1: Loan Size and Operating ExpenseRatioOperating Expense Ratio (%)50%40%30%20%10%0%(57) MFIs in Peru0 500 1000 1500 2000 2500 3000Average Loan Balance per Borrower (USD)MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 2: Loan Size and Real Portfolio YieldReal Yield on Gross Portfolio (%)70%60%50%40%30%20%10%0%0 500 1000 1500 2000 2500 3000The Consequences ofNon-Transparent PricingThe following analysis of industry data for the Mexicanmicrofinance sector aims to examine the ramificationsof non-transparent pricing.Hypothesis 1:When product pricing is non-transparent,institutions survive in the market despiteinefficiencies, as they can pass on the highercosts to their clients.Figure 3 shows the correlation of loan size andoperating expenses based on the most recent MIXindustry data for the Mexican sector. An analysis ofefficiency for Mexican MFIs suggests that several MFIsare less efficient than the market average in a givenloan-size category. As the size of the bubbles indicates,some of these inefficient institutions have a relativelylarge number of clients. They seem to attract clientsand grow despite inefficiencies, while a number ofefficient institutions are small in scale.The high yields, as represented by the size of thebubbles in Figure 4, of those MFIs with an operatingexpense ratio above the country-specific averagecurve suggest that inefficient institutions maycompensate for the higher costs associated withinefficiencies by raising prices and passing these costson to the clients.Hypothesis 2:(57) MFIs in PeruAverage Loan Balance per Borrower (USD)When pricing is non-transparent, someinstitutions can generate exceptionally highprofits by charging prices above market rates.16Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 3: Scale and Efficiency180%160%85230 MFIs in Mexico with Microenterprise Loans > 80% of Loan Product140%Operating Expense Ratio (%)120%100%80%60%40%12,31138,981148,73358,50920%0%0 200 400 600 800 1000 1200 1400Average Loan Balance per Borrower (USD)Bubble size - Number of Active BorrowersFigure 4: Loan Size, Operating Expense Ratio and Real Portfolio Yield30 MFIs in Mexico with Microenterprise Loans > 80% of Loan ProductOperating Expense Ratio (%)200%180%160%140%120%100%80%60%40%20%0%87%82% 86%95% 110%99%78%81%86%0 200 400 600 800 1000 1200 1400Average Loan Balance per Borrower (USD)Bubble size - Real Portfolio YieldThe correlation between loan size and portfolio yieldfor the Mexican market is displayed in Figure 5. Theyields on gross portfolio of all MFIs reporting to theMicrofinance Information Exchange, Inc. (MIX) arenow available on MIX Market, which is an excellentadvance. Portfolio yield offers a proxy for interestrates, although it does not consider differentiatedpricing and only provides an average for the grossloan portfolio. For this reason, the present analysisonly includes those MFIs whose microenterpriseloans make up more than 80 percent of all productsoffered. As there is still little product differentiation inMexico as compared to other microfinance sectors inLatin America and the Caribbean, the portfolio yieldprovided in Figure 5 offers a reasonable proxy forinterest rates charged.Figure 5 reveals a wide range of yields on similarlysizedloan products. Several MFIs generate yieldsabove the market average in a given loan-sizeMicrofinance Information eXchange, Inc17

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 5: Loan Size, Portfolio Yield, Number of Active Borrowers120%38,98130 MFIs in Mexico with Microenterprise Loans > 80% of Loan ProductReal Yield on Gross Portfolio (%)100%80%60%40%20%148,7331,155,85058,5090%0 200 400 600 800 1000 1200 1400Average Loan Balance per Borrower (USD)Bubble size - Number of Active Borrowerscategory. As the analysis shows, these high yieldsare generated by both institutions that are relativelysmall in scale and MFIs with a relatively large numberof clients. These findings suggest that institutionsare rewarded by the market and successfully attractclients even where their prices are above market rates.This analysis supports the findings of the 2008 MIXand ProDesarrollo Benchmarking report for Mexico,as it provides additional evidence for the hypothesisthat intensifying competition does not put significantpressure on prices and profit margins, as new MFIstake advantage of the established growth and pricingstrategies of larger MFIs.As Figure 6 shows, the high yields of someinstitutions are not necessarily due to higheroperating expenses. Several MFIs have considerablespreads 1 as represented by the size of the bubbles 2 ,which suggest that they charge prices above marketrates. This strategy allows them to make exceptionallyhigh profits.Hypothesis 3: Non-transparent pricingmay result in adverse selectionAs Figures 3 and 5 suggest, the most inefficientMFIs in the analysis as well as those that appear1Defined as (Real Portfolio Yield – Operating Expense Ratio)2 Note: the white bubbles represent negative spreadsto be generating exceptionally high profits bycharging prices above market rates include severalinstitutions serving a relatively large number ofclients. Asymmetric information is a serious marketimperfection, as it overrides the logics of the market.A lack of transparency undermines healthy consumerchoice and the informed decision-making of a rangeof stakeholders, which can lead to adverse selectionas the allocation of resources is distorted.Stakeholders of the Mexican microfinance sector aswell as other sectors worldwide expect the comingyears will see consolidation of institutions. While thismay generally be desirable in terms of efficiency,growth and value to the client, in non-transparentmarkets this consolidation process may result inadverse selection whereby the responsible andefficient players lose out and inefficient and highprofit players survive. Pricing transparency is thusindispensable in the market-based economy.Alternative Approaches toTransparencyGovernment LevelTruth-in-Lending LegislationWhile interest rates can be legitimately high in lightof financial sustainability, there are various techniques18Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 6: Loan Size, Yield and Spread30 MFIs in Mexico with Microenterprise Loans > 80% of Loan ProductReal Portfolio Yield (%)120%100%80%60%40%20%47%22%23%53%28%15%0%0 200 400 600 800 1000 1200 1400Average Loan Balance per Borrower (USD)Bubble size - Spreadfinancial institutions can use to hide the true loanprices. As a response, governments in many countrieshave passed truth-in-lending legislation, requiringfinancial institutions to disclose the full costs to theborrower in a basic and consistent fashion, so as toallow for comparability among competing creditoffers. The core approach of the Annual PercentageRate (APR) and Effective Interest Rate (EIR) is toconvert all the costs the client pays into an annualizeddeclining balance interest rate 3 . In many countrieswhere microfinance plays an important role, however,such legislation is either not in place or does not coverMFIs, as they operate under various and often speciallegal structures. In the medium-long term effectivetruth-in-lending legislation on a national level willbe critical to ensure transparent pricing and healthyconsumer choice.The Impact of Interest Rate CeilingsInterest rate ceilings have been proposed anddiscussed as a means of consumer protection in manycountries in recent years. Despite good intentions,interest ceilings produce serious impediments tothe development of a sustainable pro-poor financialsector.When the government intervenes in the market,demand and supply cannot freely determine theequilibrium price and quantity. In the case whereartificial ceilings are below the equilibrium price, the3 MFTransparency provides more detailed explanation, aswell as software to calculate both the APR and EIR: www.mftransparency.orgallocation of resources is distorted. As a consequence,people who demand small loans remain withoutaccess to finance, as the interest ceiling makes ituneconomical to serve them, and they are forced toturn to the informal economy. Interest ceilings ignorethe fact that the main reason for high interest rates inmicrofinance is that it is uneconomical and thereforeunsustainable to make small loans at lower interestrates. MFIs may leave the market, be hindered intheir growth and market outreach, and adapt theirproducts in a way that results in limited access, such asincreasing the average loan size. Interest ceilings alsolead to a concentration in geographic areas wherecosts are lowest. This policy may even exacerbatethe lack of pricing transparency, as MFIs may beincentivized to hide the true costs to the borrowerby adding hidden and confusing charges. As a result,this kind of government intervention will not onlylimit access to finance, but also undermine efforts toenhance transparency.An analysis of the Mexican market including all MFIsreporting to the MIX shows that interest rate ceilingsdo not effectively prevent high profits made by unfaircompetition and have the adverse effect of limitingaccess to credit for the poor (Figure 7). The interestrate ceiling would make small loans uneconomicaland force MFIs providing these loans to increase theaverage loan size in order to be sustainable, evenwhere the interest rates charged on these small loanproducts are legitimately high in light of institutionalsustainability. At the same time, the ceiling does notprevent institutions from making exceptionally highprofits, as high spreads can still be generated on largerloans.Microfinance Information eXchange, Inc19

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 7: The Impact of Interest Rate Ceilings120%Loan Size and Real Portfolio Yield( 42 MFIs in Mexico)Real Yield on Gross Portfolio (%)100%80%60%40%20%0%0 200 400 600 800 1000 1200 1400 1600 1800Average Loan Balance per Borrower (USD)Competition determines the price of loan products,not legislation. Rather than regulating interest rates,governments should implement appropriate truth-inlendinglegislation, stimulate competition, promotetransparency and provide adequate consumerprotection.Industry LevelTo ensure the integrity and credibility of themicrofinance industry, industry-based truth-inlendingis indispensable while appropriate legislationis absent.MFTransparency’s Global TransparentPricing InitiativeMFTransparency provides a venue for the microfinanceindustry to implement self-imposed global truthin-lendingstandards and publicly demonstrateits commitment to pricing transparency, integrityand poverty alleviation. MFTransparency addressespricing transparency through three joint initiatives.It facilitates transparent communication aboutloan products and pricing for all microfinancestakeholders by publishing the true prices for eachmicroloan product in a given market in a transparentand consistent fashion. As an equally importantinitiative, MFTransparency develops and disseminateseducational material to provide an advancedunderstanding of product pricing in the microfinanceindustry. MFTransparency also consults governments,regulators, donors, investors and other stakeholderson appropriate consumer protection and pricingtransparency practices.Market-driven IncentivesIn an industry where non-transparent pricing hasbeen practiced for decades, there is no incentivefor any one MFI to take the first step in changingits behavior, even if the majority of MFIs would liketo adopt pricing transparency. As a response to thisfirst-mover problem, MFTransparency provides anopportunity for all MFIs to publish the details oftheir pricing all-at-once and country-by-country. Asdonors and investors choose to allocate their fundsto those MFIs committed to transparency, there isa real incentive for MFIs worldwide to make theirpricing practices transparent. Once transparentMFIs are rewarded by the industry’s stakeholders,pricing transparency can become a real competitiveadvantage. At the same time, adverse behavior – suchas introducing hidden costs, increasing the averageloan size or focusing on areas cheaper to serve – willbe prevented, as the public becomes more educatedon how a variety of factors impact on loan pricesin microfinance and why it is necessary to chargedifferent prices for different microloan products.Historic Data LaunchIn October 2009, MFTransparency launched theworld’s first extensive and accurate publicly availablepricing data for microfinance products in each market,beginning with Bosnia and Herzogovina, Cambodiaand Peru. The pricing data for the pilot countriesconfirms that smaller loans have higher prices. Thedata analysis for these countries also clearly showsthe broad range in quoted prices. Prior to the datalaunch, the microfinance community was unaware of20Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009the market prices of the range of microloan products,as the actual APRs differ significantly from the quotedprices. Before product-specific pricing becamepublicly available with the MFTransparency datalaunch, the global industry relied on total portfolioyield as a proxy for interest rates. As portfolio yieldprovides an average of the different prices charged onall of the lender’s products, it is not a useful indicatorwhere MFIs offer a range of different products.ConclusionAccording to classic economic theory, the price ofa good or service is determined by the basic law ofdemand and supply, where the lender’s willingness tosell converges with the borrowers’ willingness to pay.A situation of information asymmetry, however, wherethe buyer has no chance to access and understandthe information necessary to make a sound decision,constitutes a serious market imperfection. Competitionis generally beneficial for clients, but this is where amarket price is determined by the dynamics of demandand supply. Markets in which non-transparent pricingis common, clearly lack this market price. An opaquepricing environment allows institutions to survivein the market despite inefficiencies or to generateexceptionally high profits.A lack of pricing transparency may adversely affect thedecision making of all industry stakeholders: clientscannot compare competing loan offers and make anFEATURE ARTICLESinformed decision. The price of a given product maynot match the client’s perception of the product’svalue, as she is not aware of the actual price shepays for the benefits of the respective product andthe service with which it is provided. Given the lackof information as a result of non-transparent pricingthat may disguise inefficiencies and exceptionalprofits, donors and investors are unable to allocateresources optimally. Policymakers may intervenein ways that harm responsible lenders, as they areunable to differentiate between responsible and lessresponsible market players. This may consequentlylead to adverse selection: Responsible and efficientlenders are threatened to fall out of business, whileinefficient and high-profit institutions may stay in themarket.The last decade has seen impressive achievementsof transparency in the financial performance of MFIsworldwide. Microfinance is increasingly recognized asan asset class in the global capital markets, achievingboth social and financial returns. Yet despite theindustry’s commitment to a strong social mission anddouble-bottom line aspirations, pricing transparencyhas not been widely practiced. Microfinance is a fastexpandingindustry and as commercial approaches tomicrofinance continue to emerge, it is important thatboth parties gain. An opaque pricing environment,however, undermines equal transactions and consumerchoice. Transparent pricing will harness the power ofthe market to facilitate an equitable exchange.Microfinance Information eXchange, Inc21

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Is Social Performance Profitable?The relationship between social and financialperformance in microfinanceFlorent Bédécarrats, Rémy William Angora, Cécile Lapenuwww.cerise-microfinance.org cerise@globenet.orgOverviewIs social performance profitable? The question maybe cynical, but nevertheless relevant for microfinanceto keep its “promise” of being an economicallyviable development tool (Morduch, 1999). For years,the sector focused on sustainability and growth,measured in terms of financial performance. For themost part, social performance was taken for granted,which led many microfinance institutions (MFIs) toneglect its measure and management. Concerned bythis trend, pioneer practitioners, investors and donorshave taken steps to address social performance bydeveloping tools, methodologies and assessmentframeworks. As criticism of the sector has increased,social performance has been mainstreamed(Copestake, 2007). But has it been at the expense offinancial performance?There are contradicting viewpoints regarding thepairing of financial sustainability and social objectives.Some observers suggest an incompatibility, pointingto problems of mission drift experienced by MFIs thatpursue profitability by insisting on physical guarantees,increasing loan amounts and targeting the better-off(Christen, 2001). Others emphasize synergy, arguingthat social performance improves mutual trust, clientparticipation and satisfaction, which translates intohigher repayment rates and lower transaction costs(Lapenu, 2007). While these assertions draw on casestudies, the research has not been extensive enoughto draw sector-wide conclusions.Insufficient data has long been the main obstacle toanswering this question. Reliable results are simplynot easy to come by. Impact studies are limited, costlyto 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 inadequatesocial performance indicators such as portfoliosize, average loan size or number of women clients(Armendariz & Szafarz, 2009; Dunford, 2002). Theseproxies offer little more than a vague idea of depthof outreach – only one of the many dimensions ofsocial performance. Moreover, they only account forcredit operations, effectively ignoring other aspectsof microfinance.MethodologyCERISE, a microfinance knowledge exchange network,has been developing the SPI (Social PerformanceIndicators) tool to assess social performance since2002. CERISE has worked with the Social PerformanceTask Force to define Social Performance Standards(SPS) for reporting to the MIX Market . Thanksto contributions of practitioners, investors anddonors, CERISE has collected the results of 230 SPIassessments .The Social Performance Task Force defines socialperformance as “the effective implementation ofan institution’s social mission into practice. Thismission may include serving larger numbers of poorand excluded people; delivering high-quality andappropriate financial services; creating benefits forclients; and improving the social responsibility of anMFI” (Hashemi 2007). This notion, at the very heartof microfinance’s mandate (“do good”), goes beyondthe concept of social responsability (“do no harm”).Social responsibility applies to all economic sectorsand refers to an organization’s responsibility for theimpact of its decisions and activities on society andthe environment through transparent and ethicalbehavior (Gendron, 2009).CERISE analyzed the results of 126 social performanceassessments conducted between 2005 and 2008.www.themix.orgCERISE acknowledges the Fondation FPH and Swiss CooperationAgency for their financial support, as well as Foro Lac FR,Oikocredit and the other members of ProsperA for their activeparticipation in gathering SPI data.

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 1: Sample DistributionMFI regionMENA=7Africa=21MFI governance typeBank=4Asia=11Credit Union=29ECA=3LAC=846186NGO=68NBFI=1519271813494136Large Medium Small Mature Young New Rural Mixed UrbanSize Age TypeData sets were selected for their reliability andcomparability . They are representative of the sectoras a whole, as the table below shows.Thirty-nine countries are represented by a wellbalancedmix of rural, urban and mixed MFIs. LatinAmerican institutions and NGOs are nonetheless overrepresented compared to other regions and chartertypes (Figure 1).The SPI collects data on 70 indicators that measurethe objectives, processes and immediate outputsof four key dimensions of social performance. Eachdimension is broken down into twelve criteria .• Targeting and outreach (D1) refer to the MFI’sstrategies to reach the poor and excluded.Targeting can be geographic (1.1), such aswhen an institution decides to operate in anarea where no other financial services areavailable. It can be individual (1.2), when itpurposely selects clients based on povertylevels or exclusion. It can be methodological(1.3), when services are designed specificallyto reach the poor or excluded.• Appropriate services (D2) assess aninstitution’s ability to provide productstailored to clients’ needs. This entails offeringTable 1CERISE sample(Median)Borrowersper StaffMemberPaR-30 (%)OperatingExpensesRatio (%)OSS (%) ROA (%)Numberof ActiveBorrowersTotalPortfolio127 2.6 15.82 111.10 2.55 7,165 4,249,112MBB (Median) 112 2.7 19.20 113.60 0.60 11,041 4,800,765 The assessments used the SPI 2.0. The current version (3.0),released in 2009, was revised to include the Social PerformanceStandards (except for the outcome indicators which are outsideof the SPI’s purview).See details for the indicators at www.cerise-microfinance.orgMicrofinance Information eXchange, Inc23

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 20094. Socialresponsibility1. Targeting poorexcluded100%80%60%40%20%0%2. Products& servicesFigure 2: Means of social performance by region 6 0%4.3 SR/ communityenvironment4.2 SR/clients4.1 SR/employees1.1 Geographictargeting100%80%60%40%20%1.2 individualtargeting1.3 pro-poormethodology2.1 servicediversification3. Social capitalAfrica (N=21)Asia (N=11)LAC (N=84)MENA (N=7)3.3empowerment3.2 participation3.1 transparency-trust2.2 qualityservices2.3 innovative &non-financiala range of financial services (2.1) of highquality (2.2) as well as innovative and nonfinancialservices (2.3).• Some MFIs strive to build social capital (D3) ,by fostering trust and transparency (3.1),encouraging participation (3.2) and developingactivities that promote empowerment (3.3).• Social responsibility (D4) extends to employeesthrough appropriate human resource policies(4.1), to clients by guaranteeing respect ofconsumer protection principles (4.2), to thecommunity and the environment by respectingthe context where the MFI operates (4.3).Financial data from MIX Market and MFIs weve usedto complete social performance data. The followingratios were selected for analysis: Borrowers per staffmembers, Operating expenses ratio (OER), Portfolioat Risk (PAR) Operational Self-Sufficiency (OSS) andReturn on Assets (ROA).This data was only available for roughly 100 MFIsin the sample (see Table 3). Analysis involvedcalculating means for peer groups defined by MBBcriteria, conducting Spearman tests and generating aclassification tree.Social Performance ProfilesRather than focus on the aggregated score for eachinstitution, it is more telling to look at results perdimension. Indeed, it is unrealistic to expect a maximumscore for each criteria. Different institutions prioritizedifferent facets of social performance, depending ontheir objectives and context. For example, analysisshows MFIs operating in remote regions where theyare often the only financial institution, do not targetthe poorest of the poor but are frequently based onparticipatory models. Similarly, institutions targetingthe very poor tend to have a less diversified productmix than those serving higher income populations. Inthe graphs shown here (Figure 2), the total surfacearea represents the MFIs’ efforts to achieve their socialmission, while the diagram shape reveals the natureof their social strategy.Peer group analysis reveals several interestingtrends in terms of region and charter type. LatinAmerican institutions are relatively balanced intheir social performance, while sub-Saharan Africaninstitutions are distinguished by their focus ongeographic targeting and strong participation,and a lack of non-financial/innovative services andweak social responsibility to users. In Asia, targetingis methodological (e.g., small loan amounts, socialcollateral); non-financial and innovative services(insurance, transfers) are well developed.Cooperatives stand out in their efforts to build socialcapital. However, they are less likely to target thevery poor and excluded. Commercial banks scorewell on product diversity and social responsibilityto clients and employees, but do not serve the pooror encourage client participation. NGOs and NBFIshave relatively balanced profiles. The former standout in terms of individual targeting, while the latterdistinguish themselves with high-quality services.This dimension was considerably revised in the SPI’s new version,where it appears as Benefits to Clients. The three criteria areeconomic benefits, client participation and empowerment.Europe and Central Asia were not included in analysis because itwas too small to be significant (3 MFIs).24Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 3: Means of social performance by charter type1. Targeting poorexcluded1.1 Geographictargeting4. Socialresponsibility80%60%40%20%0%2. Products& services4.3 SR/ communityenvironment4.2 SR/clients4.1 SR/employees100%80%60%40%20%0%1.2 individualtargeting1.3 pro-poormethodology2.1 servicediversification3. Social capitalBanks (N=4)Credit unions (N=29)NBFIs (N=15)NGOs (N=68)3.3empowerment3.2 participation3.1 transparency-trust2.2 qualityservices2.3 innovative &non-financialWith regard to interactions between the differentdimensions, analysis of the correlation coefficientsconfirms what some have long predicted (Gonzalez-Vega, 1998). The four dimensions mutually reinforceeach other, just as high productivity and lowPAR often translate into lower costs and higherprofitability. Nonetheless, there are some distincttrends.As Table 2 shows, there is often a trade-off betweengeographic (1.1) and individual targeting (1.2).As some studies suggest (Hirschland et al., 2008),MFIs that target geographically are more likely toemphasize client participation (3.2) to reduce costsand diversify their product mix (2.1) to managerisk . Those that target individually tend to haveless diverse products, but are more likely to offerTable 2Correlation between social and financial performance (results of Spearman testson 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 4.3D1 ++ ++ ++ ++ ++ ++ ++1.1 ++ + ++ ++ ++ + ++1.2 ++ + + +1.3 + -- + -TotalportfolioD2 ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++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-tailledSee Morduch (2000) and Hashemi and Rosenberg (2006) fordiscussion on the challenges of "pro poor" approaches.Microfinance Information eXchange, Inc25

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Table 3Correlation between social and financial performanceBorrowers/staff N=95PaR 30N=100OERN=96OSSN=83RoAN=99TotalportfolioN=1011. Targeting 0.302 0.259 ++1.1 Geographic 0.3811.2 Individual 0.4221.3 Methodological 0.275 0.2432. Services -0.253 0.4262.1 Diversity -0.237 -0.290 0.2042.2 Quality 0.3912.3 Innov. Non. fin.3. Benefits 0.216 -0.2453.1 Transparency-trust -0.326 -0.220 -0.2063.2 Participation -0.2553.3 Empowerment4. CSR -0.275 0.5664.1 SR/staff -0,.200 0.4044.2 SR/clients 0.3534.3 SR/community -0.197 0.376Total 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 - taillednon-financial services (2.3) and actively promoteempowerment (3.3).Some institutions choose to emphasize pro-poormethodologies, although methodological targeting(1.3) does not preclude the other two. MFIs that allowclients to borrow and save very small sums withoutphysical guarantees often using solidarity groupstend to be highly transparent (3.1) and committedto client protection (4.2). Unfortunately, they appearto do so at the expense of social responsibility toemployees (4.1). Nevertheless, institutions tend todrop this approach as their portfolios grow.Analysisof appropriate services (2.2) and social responsibility(D4) confirms the importance of economies ofscale in social performance (Copestake, 2007): largeinstitutions clearly score higher in these areas.Individual targeting is costly,but other aspects of socialperformance are “profitable”By crossing data from SPI audits with financialindicators, it is possible to determine the relationshipbetween social and financial performance.Table 3 confirms what some studies on outreachhave suggested (Cull et al., 2009; Lensink et al., 2009):institutions that actively target the poor tend to havehigher operational costs. Hashemi and Rosenberg(2006) explain this phenomenon by the higher risksand lack of guarantees inherent to this clientele,reticence to join microfinance programs and thechallenges of providing the non-financial support thispopulation requires.The divergence is limited to individual targeting,however. Geographical and methodological targetingapproaches are correlated with higher staff productivity.This is likely because they are often associated withgreater client participation (see Table 2), and theyallow MFIs to operate in less competitive markets.Clearly, when social performance is understood assimply targeting the poor, its value-added is limited(Lapenu, 2007, Armendariz and Szafarz, 2009).Participatory institutions tend to have lower rates ofoperational self-sufficiency, perhaps due to memberpressure to keep interest rates low (Ouatara et al.,1998, p. 3). This finding requires more in-depth analysis.Our analysis confirms Copestake’s (2007) hypothesisregarding the importance of economies of scale for26Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESFigure 4: Factors Determining Borrowers Per Staff Ratio (B/S), organized by classification treeLow: SPI score < 50%Medium: score > 50%; 75%Mean B/S = 140.2MFIs = 91Std. deviation = 92.012Geographic targetingLow and mediumHighMean B/S = 118.2MFIs = 63Mean B/S = 189.6MFIs = 28OutreachService diversificationMedium and largeSmallLow and mediumHighMean B/S = 160.3MFIs = 26Mean B/S = 88.6MFIs = 37Mean B/S = 225MFIs = 13Mean B/S = 133MFIs = 15Service diversificationSocial responsibility. towards. staffLowMedium and highLow and mediumHighMean B/S = 217MFIs = 6Mean B/S = 143.3MFIs = 20Mean B/S = 95.3MFIs = 6Mean B/S = 158.1MFIs = 9improved social performance. MFIs with the largestloan portfolios score highest in range and quality ofservices (2.1 and 2.2) and social responsibility (D4).These same institutions have the best repayment ratesand lowest operational costs. Finally, high scores insocial responsibility, especially to employees and thecommunity, are correlated with lower PAR. It wouldappear that when employees and the community feelrespected by the MFI, they are willing to respect theMFI in return.Crossing variablesSimple correlation analysis of each social and financialvariable is limited. Microfinance institutions mustmake choices based on a multitude of factors thatare intertwined and not necessarily independent ofeach other. Classification trees help make sense of thiscomplexity by selecting variables, taking into accounttheir interactions and combining them to classifyinstitutions into groups.In a classification tree analysis, a dependent variable isidentified along with all the factors likely to influence it.Statistical analysis then ranks the factors with the mostinfluence on the variable. In this example (Figure 4)selected for its performance prediction (84 percentof MFIs in our sample), staff productivity is analyzedbased on institutional characteristics and socialperformance results (by dimension and criteria).Geographic targeting emerges as the main predictorvariable. Institutions in very poor or excluded areasgenerally make efficient use of their workforce: almost189 borrowers per staff member. This ratio rises to 255for MFIs with little diversity and generally no savingsproducts. For institutions with a wider productrange, social responsibility to employees becomes adecisive criteria of effectiveness. Employees of MFIswith an advantageous human resources policy serveAge categories, region, zone of intervention, outreach, chartertype.Microfinance Information eXchange, Inc27

FEATURE ARTICLESan average of 158 borrowers compared to 95 for theothers.For institutions that do not work in marginalized areas,size is crucial. Staff productivity at smaller institutionsreaches only 89 borrowers per staff member.Conversely, MFIs with over 10,000 borrowers, limitedproduct mix and no savings manage to reach 217 peremployee while large MFIs with a more diversifiedoffer reach 143 borrowers per staff member.Looking aheadThanks to recently developed simple and reliablemethods to assess social performance, we can nowevaluate microfinance's ability to achieve the doublebottom line.This analysis confirms what many studies havesuggested based on incomplete data: socialperformance and financial performance arecompatible. Targeting the poor clearly implies highercosts for MFIs. However other aspects of socialperformance—namely geographical targeting whenassociated with participatory models, well-adaptedloan technologies and social responsibility—arepositively correlated with good operational andfinancial performance. The correlation is even strongerfor large MFIs, which benefit from economies of scale.Further analysis is needed to clarify the relationshipbetween social performance and more complexfinancial performance indicators like OSS, ROE andROA. Nonetheless, our analysis echoes the call to go“back to the basics”: the pillars of microfinance’s socialutility (include the excluded, offer appropriate services,benefit clients) clearly impact the fundamentals offinancial sustainability: productivity, efficiency andportfolio quality.CERISE will continue to refine this research agenda,as our database of social performance assessementsgrows and the new social performance reportingformat on MIX Market gets underway . Themicrofinance industry must now rise to the challengeof finding ways to exploit synergies between socialand financial performance in order to truly achievethe “revolution” (Robinson, 2001).BibliographyArmendáriz Beatriz, Szafarz Ariane, On Mission Drift inMicrofinance Institutions, Bruxelles, EMP, 2009.Because the CERISE SPI is fully compatible with the MIX SPS format,MFIs conducting an SPI audit can easily report to the MIX Market.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Christen Robert, Commercialization and MissionDrift: The Transformation of Microfinance in LatinAmerica, Washington DC, CGAP, Occasional paper,2001.Copestake James, Simple standards or burgeoningbenchmarks ? Institutionalising social performancemonitoring, 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? FreedomFrom Hunger, 2002Gendron C., ISO 26000: Towards aSocial Definition of Corporate Social Responsibility,Chair of Social Responsibility and SustainableDevelopment, UQAM, 2009.Gonzalez-Vega Claudio, Microfinance: Broaderachievements and new challenges, Columbus, OhioState University, Economics and Sociology OccasionalPaper, 1998.Gutiérrez-Nieto Begoña, Serrano-Cinca Carlos, MarMolinero Cecílio, “Microfinance Institutions andEfficiency”, Omega, 35, 04 2007, pp. 131-142.Hashemi Syed, Beyond Good Intentions: Measuringthe Social Performance of Microfinance Institutions,Washington DC, CGAP, May 2007.Hashemi Syed, Rosenberg Richard, Graduating thePoorest into Microfinance: Linking Safety Nets andFinancial Services, Washington DC, CGAP, Focus Note,2006.Hirschland M., R. Chao-Béroff Renée, M. Harper, N. Lee,2008. Reaching the Hard to Reach: Comparative Studyof Member-Owned Financial Institutions in RemoteRural Areas, Coady International Institute.Lapenu Cécile, “Performances socialesversus performances financières : peut-onêtre rentable en s'adressant à des populationspauvres?”, Horizons Bancaires, 334, December 2007,pp. 55–66.Lensink Robert, Hermes Niels, Outreach, FinancialDevelopment, and Efficiency of MicrofinanceInstitutions, University of Groningen, 2007.Mersland R., Strøm R. Ø. , “Microfinance mission drift?”,World Development, 2009.28Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Morduch, J. (1999), “The Microfinance Promise” Journalof Economy Literature, pp. 1569–1614Morduch Jonathan, “The Microfinance Schism”, WorldDevelopment, 28(4), April l 2000, pp. 617–629.Navajas, S., J. Conning and C. Gonzalez-Vega(2003) “Lending Technologies, Competition andFEATURE ARTICLESConsolidation in the Market for Microfinance inBolivia”, Journal of International Development, 15, pp.747–770.Robinson Marguerite S., The Microfinance Revolution,Washington DC, World Bank-Open Society Institute,2001.Microfinance Information eXchange, Inc29

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009New Financial Ratios for MicrofinanceReportingDrew Tulchin, Reid Sassman, Elizabeth Wolkomir: Social EnterpriseAssociates, for the MFI Reporting Standards Initiative of the SEEPNetworkContributions from: Ruth Dueck Mbeba (MEDA), Blaine Stephens(Mix), and Maria Stephens (USAID)OverviewOver the past decade, there has been an industrywideeffort to identify and implement financialreporting standards for microfinance institutions. Theobjective is to provide uniform financial informationfor all MFIs, regardless of size, maturity or geographiclocation to managers and stakeholders includinginvestors, donors, raters, MIS software developers, andassociations. This promotes transparency, facilitatescomparability, improves decision-making, andincreases investment by making it easier to observeand understand an MFI’s financial health.After extensive industry collaboration, the SEEPNetwork released a milestone document in2005: Measuring Performance of MicrofinanceInstitutions, a Framework for Reporting, Analysis,and Monitoring (the Framework). The Frameworkincludes foundational information for uniformfinancial statements and 18 ratios designed tomeasure MFI performance in four areas: 1)sustainability/profitability; 2) asset and liabilitymanagement; 3) portfolio quality; and 4) efficiency/productivity. Such information is used on MIX Market,the FRAME tool, investors/donors, MIS softwarevendors, raters, regulators, auditors, etc. The originalFramework was tailored to credit-only institutions.The MFI Reporting Standards Initiative (the Initiative)seeks to keep the Framework up to date with theevolving microfinance landscape. Its ‘Secretariat’is hosted by the SEEP Network. Practitionerinvolvement is facilitated by the Financial ServicesWorking Group (FSWG), with input provided byrepresentatives from a range of microfinanceindustry stakeholders. The reporting standardsadoption process follows a multi-stage model,based upon that of the International AccountingStandards Board (IASB), which allows for publicWebsite: http://seepnetwork.org/Pages/Initiatives/FinancialReportingStandardInitiative.aspx.input and transparency. The goal is to provide aformal mechanism for all MFI industry efforts to beguided by uniform standards. Financial reporting isthe first effort, but the process also lends itself tosocial performance, donor reporting, and uniformgeneral ledgers, among others.For the first time in nearly five years, the Initiative isleading an organized process to make enhancementsto the Framework. In addition to correcting minorerrata, eight new ratios are presented to better conveyfinancial position and performance. Four ratios focuson savings, addressing the gap for savings groups,credit unions, and the trend of MFIs transforming intodeposit-taking institutions. Further, increased privateinvestment and the global economic downturnhighlight the need for better information on capitaladequacy, capital quality, and foreign exchange, risksparticularly associated with increased integrationin the global capital markets. The ratios incorporaterecent developments in international accountingand financial reporting, including new standards andguidelines from IASB, Basel II, and IFRS. In the shortrun, this will likely add obligations to MFIs, particularlyfor disclosure, financial statement preparation, andreporting. It is a necessary step that ultimately willmake reporting easier for MFIs. The MFI ReportingStandards Initiative seeks to ensure microfinancereporting is in line with other standards, complieswith international best practices and keeps pace withprogress in the field.This article describes each of the eight new ratios. Ina uniform format, the ratio name, framework number,and mathematical equations are provided. NarrativeFor more details of the adoption process, see “MFI ReportingStandards and Adoption Process” available in English, Spanish,French or Arabic from the website cited in footnote #1Please refer to each of these entities for their specific standardsand requirements: International Accounting Standards Board(www.iasb.org), International Financial Reporting Standards(www.ifrs.com), and eXtensible Business Reporting Language(www.xbrl.org)

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009follows detailing why the ratio is important, and howit is interpreted.To more fully understand the implications of the ratios,specific examples are provided with calculations usingdata from Banco ProCredit Nicaragua (ProCredit Nic).ProCredit Nic was chosen as an illustrative examplebecause it is a well-established, deposit-taking MFIwith a gross portfolio of more than USD132 millionand 80,000 active borrowers. Nicaragua has acompetitive market with active foreign investmentand multiple years of data, enabling comparisons toother MFIs.The new ratios presented here are proposed as draftsper the industry adoption process for public input.Proposed revisions are intended to address currentindustry evolution, address the gaps of the 2005Framework, and anticipate advances in microfinancein the coming years. Input and feedback from industrystakeholders is encouraged to the MFI ReportingStandards Initiative (email: reportingstandards@seepnetwork.org).New Ratios for MFI Reporting1) Capital Adequacy Ratio: InstitutionalSolvencyTermCapital Adequacy Ratio (CAR)CalculationTotal CapitalRisk Weighted AssetsWhy this ratio is importantCapital Adequacy Ratio (CAR) measures an institution’ssolvency. The indicator provides information aboutability to meet long-term expenses and obligationsas well as absorb unanticipated future commitments.It provides better information than the existing R8:Liquid Ratio. CAR measures an institution’s resiliencyagainst both expected and unexpected losses, whichmay result from endogenous and exogenous causes.It is in line with Basel II calculations.How it is interpretedMany institutions have approximated capitaladequacy by calculating total equity relative to totalassets. CAR takes one more step, adjusting for risklevel of asset holdings. In accordance with Basel IIguidelines, CAR uses Total Capital in the numerator asMIX Market, www.mixmarket.org/mfi/procredit-nic.FEATURE ARTICLESa more complete picture of the MFI’s resources. Thisincludes supplementary capital sources, such as loanloss reserves, asset reserves and subordinated debt.It subtracts goodwill to gauge tangible capital. Thedenominator is a risk-weighted aggregate of assets.Riskier assets require the institution to hold highercapital reserves, including those as a factor to providemore precise solvency than a simple liquid ratio,in which current assets are compared with currentliabilities. Calculating Total Capital will be new tosome MFIs and require more detailed evaluation oftheir financial statements, as well as more accuratetracking of adjustments. Higher CARs generally signify more capital, meaningan institution is better positioned to meet financialobligations and address unexpected losses. Forregulated institutions, regulators often establish CARfloors that MFIs must maintain.CAR is particularly informative when compared toregional benchmarks. An appropriate level oftendepends upon the size and maturity of an MFI, aswell as differing socio-political or economic contexts.For example, Nigerian MFIs are more at risk fromthe country’s tenuous socio-political climate thanan MFI located in Costa Rica, where political unrestis less likely. Nigerian MFIs are therefore encouragedto target a higher CAR. National authorities in eachcountry set minimum levels of capital for regulatedinstitutions. In most jurisdictions, it is around 8 – 9percent. This is a particular improvement for investors/donors, but also valuable for national associationsand managers.Specific calculationIn 2004, ProCredit Nic’s CAR was 14.08 percent. Theratio has consistently declined between 2005 and2008, at which time it reported a CAR of 9.82 percent.The mathematical calculations for these years are onthe following page. This is consistent with similarly sized NicaraguanMFIs. BANEX, with a comparably sized loan portfolio,had 9.35 percent CAR. Nicaraguan MFIs with smallerportfolios but similar numbers of borrowers postedhigher CARs. FDL and ACODEP had ratios aboveAn extensive dissemination campaign will be needed to educatethe MFI industry and help MFI managers make appropriateadvancements.Most MFIs, including ProCredit Nic, currently report unadjustedsolvency, measured by total equity to total assets. The examplecalculates unadjusted rates, based upon available data.Microfinance Information eXchange, Inc31

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Table 1 Calculations - Capital Adequacy RatioRatio 2004 2005 2006 2007 2008Capital Adequacy Ratio (%) (Calculated using Total Equity/Total Assets)Total Equity 7,424,151 13,416,553 13,629,654 18,640,607 16,790,418÷ Total Assets 52,736,154 81,200,105 112,702,315 149,823,237 170,953,075= Capital Adequacy Ratio 14.08% 16.52% 12.09% 12.44% 9.82%17 percent. Given all of these institutions operatein Nicaragua, the exogenous variables provide lesscontrast than internal factors to assess performancegiven these ratios.2) Uncovered Capital Ratio: PortfolioQuality and VulnerabilityTermUncovered CapitalRatio (UCR)CalculationPAR>30 days – Impairment LossAllowanceTotal CapitalWhy this ratio is importantUncovered Capital Ratio (UCR) provides a moredetailed indication of an MFI’s portfolio quality. It isrecommended as an enhancement to the existingR9, (Adjusted) Portfolio at Risk Ratio. UCR is a morerevealing ratio to assess vulnerability and potentialloss whereas the previous ratio considered loans inarrears compared with the gross portfolio.How it is interpretedUncovered Capital Ratio is calculated byobtaining the Portfolio at Risk (PAR) greater thanthirty days minus impairment loss allowancedivided by total capital. When considered inconjunction with the capital adequacy ratio, UCRallows an additional dimension for understandingcapital sufficiency.A low ratio suggests better risk management,indicating the MFI is less susceptible to losses abovewhat it has already provisioned. MFIs should aim tomaintain UCR as low as possible, certainly less than25 percent. As more extensive comparative data isanalyzed, more revealing benchmarks will be available.This ratio is a more detailed assessment of the risksfaced by a portfolio than the previous PAR>30 days,which will interest managers and investors.Specific calculationIn 2008, ProCredit Nic’s UCR was -5.86 percent.Mathematical calculations for ProCredit Nic’s UCRbetween 2004 and 2008 are as follows.Between 2004 and 2008, ProCredit Nic maintainedUCR ranging from -18.31 percent to -5.86 percent,showing ‘improvements’ from 2004-07 as theorganization had more than adequate impairmentallowances compared with the PAR>30 day. Portfolioquality decreased heavily in 2008, the allowancewas still more than sufficient. The ratio also impliesits CAR may reflect understated solvency. Theinstitution likely has sufficient capital to insulate itfrom high, unexpected losses given current portfolioquality.Table 2 Calculations - Uncovered Capital RatioRatio 2004 2005 2006 2007 2008Uncovered Capital Ratio (%) (Calculated using Total Equity)PAR> 30 Days 589,690 1,243,369 1,599,649 1,816,406 6,415,863- Impairment Allowances 1,437,806 2,860,024 3,705,435 5,229,575 7,399,503Total 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 16,790,418Uncovered Capital Ratio -11.42% -12.05% -15.45% -18.31% -5.86%These percentages result from unadjusted Uncovered CapitalRatio computations. Total Equity was used in place of TotalCapital in the equation’s denominator based on the dataavailable. A more accurate measure would be to conduct theadjustments to arrive at Total Capital.32Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLES3) Foreign Currency Risk Ratio:Susceptibility to Shocks for ForeignExchangeTermForeign CurrencyRisk RatioCalculationWhy this ratio is important(Total Foreign Currency A Assets –Total Foreign Currency ALiabilities)/ Total EquityThe Foreign Currency Risk Ratio measures therelationship between an MFI’s net foreign currencyassets and its equity for each foreign currency on thebalance sheet. By documenting foreign exchange (f/x)exposure, an MFI more transparently reveals its risk tosuch shocks.Calculating this ratio will require MFIs to computeand report net foreign currency assets for eachforeign currency in which it holds assets orliabilities. This may result in additional administrativeeffort, at least initially, but it is an essential part ofmanaging foreign currency risk. Reporting thisadditional data is critical in helping the institutionmange its f/x exposure and helping investorsunderstand the type of capital, which could reactto liquidity or other crises in the wake of suddenrate shifts.How it is interpretedThe lower foreign currency risk ratio a MFImaintains, the more limited its vulnerability tochanges in foreign currency values. The higher itsf/x ratio is, the more risk the MFI faces, which mayor may not lead to negative performance. Formalindustry benchmarks have yet to be established;however, a rule of thumb of no more than 20 percentceiling has been cited, although the amount willvary depending on currency stability and may belower. Local regulatory bodies may have specificrequirements.Specific calculationThe majority of MFIs, including ProCredit Nic, do notcurrently report foreign currency risk measures. Thishighlights a troubling gap in transparency, which thisratio seeks to fill. Because many MFIs have internationalcash flows, they may hold assets and liabilities in othercurrencies. An MFI with robust measures of CapitalAdequacy and Uncovered Capital may still faceinsolvency risk due to f/x exposure. Stakeholders andinvestors have a particular interest in this new ratio.To provide an illustrative mathematical example,we performed calculations assuming ProCredit Nicmaintains a 12 percent f/x exposure in each year.4) Average Deposits Balance per Account:Client Profile & Savings ProgramTake-upTermAverage Deposits Balanceper Deposit AccountAverage Deposits Balanceper Deposit AccountHolderCalculationTotal DepositsNumber of Deposit AccountsTotal DepositsNumber of Deposit AccountHoldersWhy this ratio is importantThis new ratio, Average Deposits Balance per DepositAccount (Holder), helps an institution gauge its clientbase in terms of the amount of savings placed in theinstitution. It also reflects the degree to which savingsproducts address client needs. Evaluation of thisratio provides insights into average deposit accountsize, a proxy for client wealth. Considering a client’seconomic profile contributes to an MFI assessingmission adherence.How it is interpretedAverage Deposits Balance can be expressed perdeposit account or deposit account holder. It isTable 3 Calculations - Ratio on Foreign Currency RiskRatio 2004 2005 2006 2007 2008Ratio 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 16,790,418Ratio on Foreign Currency Risk 12.00% 12.00% 12.00% 12.00% 12.00%See Women’s World Banking Financial Management, discussionwith investors, due diligence standards of investors, etc.Microfinance Information eXchange, Inc33

FEATURE ARTICLEScalculated by dividing the total amount of depositsheld by the institution by the number of accountsit manages, or alternatively, the number of accountholders it serves.An appropriate average deposits balance target willdepend on an institution’s mission and objectives.Trends over time will provide insightful informationfor managers, particularly as they test different savingsproducts and move into different regions. Ratio resultscan also be cross-indexed with non-financial data,such as GNI per capita to allow for comparison acrosscountries.Multiple possible explanations for ratio changes overtime require managers to apply qualitative analyticsto the interpretation of ratio outcomes to understandwhy a trend is up or down. In most cases, an institutionwould hope to see a positive trend, implying clientsare increasingly using savings products and have moredisposable capital to save. A decreasing trend couldindicate savers pulling money out or a bad economy.But there could be explanations for a desirabledecreasing trend in average deposits balance, suchas high numbers of new account holders or aninstitution going ‘down market’. This contributes torisk management, as a smaller average loan amountindicates a more disperse deposit base which impliesmore widespread savers/less concentration, andtherefore lower risk of deposit flight.Specific calculationProCredit Nic’s average deposit account balancedeclined over 2004-08, as indicated in thecalculations.The decrease is consistent when calculating averagebalance per depositor and per deposit account,suggesting most depositors hold a single account.Managers may initially be concerned over thisMICROBANKING BULLETIN, Issue 19, DECEMBER 2009decrease as a potential sign the MFI is failing to offerdesirable products. However, the total number ofdeposit accounts grew exponentially, from 5,329 in2004 to 276,088 in 2008.We could see this as a highly positive trend if weassume that ProCredit is seeking to provide relevantsavings products to a large, low-income client-base.As the savings program matured, and likely cultivatedconsumer confidence, it was able to attract a larger,relatively less wealthy client-base. These individualsare more inclined to hold smaller deposit balances.5) Yield on Liquidity andInvestments: Efficiency in ManagingCash and InvestmentsTermYield on Liquidityand InvestmentsWhy this ratio is importantCalculationFinancial Revenue from InvestmentsAverage Cash + Average TradeInvestments + Average OtherInvestmentsYield on Liquidity and Investment Ratio indicates thelevel of returns an institution is generating from itscash holdings and investments averaged over a givenperiod. It provides a meaningful measure of efficiencyin managing cash flows and investments.How it is interpretedThe yield on liquidity and investments is particularlyinsightful when compared to prevailing local marketrates. It reveals how well the MFI generates revenuefrom its resources outside of its loan portfolio. Ahigher ratio indicates comparatively higher returns.Benchmarks are best taken at the national level andvary by country and region.Table 4 Calculations - Average Deposit Balance per Depositor and Deposit accountRatio 2004 2005 2006 2007 2008Average Deposits Balance per DepositorTotal Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671÷ Number of Depositors 5,392 35,471 84,925 121,783 276,088= Average Deposits Balance per Depositor 3,026 700 507 473 272Average Deposit Balance per Deposit AccountTotal Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671÷ Number of deposit accounts 5,392 43,175 112,335 158,318 276,088= Average Deposits Balance per DepositAccount3,026 575 383 364 27234Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009FEATURE ARTICLESSpecific calculationProCredit Nic, on average, earned less than 1 percenton its capital and investments over the period2004-08. Its highest yield was in 2004, at 0.5 percent.According to the data, the MFI is holding increasingamounts of cash over the period and decreasingfinancial revenue from investments. As theorganization grows, it is logical it requires more cashon hand. However, that money does not appear togenerate income for the organization.The yield on liquidity and investments ratio wascomputed for two other Nicaraguan MFIs. Banexearned at least one percent from 2005 through2008. 2006 was its best year, with a 1.55 percentyield. FDL earned as high as 9.9 percent in oneyear. This suggests that ProCredit is less efficient inleveraging its liquidity and investments to producerevenue. Ninety day Nicaraguan interest rates wereoften above 8 percent over that time, providing atheoretical alternative. Even overnight bank rateswere generating 2 percent in local currency. The MFIdid not appear to be putting its money to work foritself. More investigation into the reason for that maybe warranted, particularly into its treasury policies.6) Savings Liquidity: Institutional Abilityto Cover WithdrawalsWhy this ratio is importantSavings Liquidity ratio measures an institution’s abilityto accommodate withdrawals from deposits. If anMFI does not hold an adequate level of cash to coverlarge or unanticipated withdrawals from its depositaccounts, it risks a liquidity crunch or even insolvency.The ability to cover sudden, substantive withdrawalsis particularly important for MFIs serving clients withlumpy consumption patterns, regular loan cycles,seasonal impacts and/or economic crises.How it is interpretedThis ratio documents the amount of liquid assetsheld per unit of deposits. Regulated institutionsare generally required to hold a specified minimumof total demand deposits in reserves by their localregulators. MFIs not required to hold reservesagainst demand deposits should maintain cash in anappropriate amount given deposit levels. Appropriatetargets are derived through historical experienceof the institution, local operating conditions, andnational environmental factors. This ratio supportscompliance with international banking standards. Thereserve requirement on deposits varies widely acrosscountries – from 2 percent in the Euro zone to 19percent in Croatia to 80 percent in Jordan. MFIs havetended to maintain levels higher than local banks, toguard against a weaker reputation and provide clientconfidence.TermRatio on SavingsLiquidityCalculationReserves against deposits asrequired by regulator plusunrestricted cash + undrawn portionTotal Demand DepositsSpecific calculationThe Framework, given its focus on credit, did notaccount for any savings ratios. The data is notcurrently presented by MIX Market, but it canTable 5 Calculations - Yield on Liquidity and InvestmentsRatio 2004 2005 2006 2007 2008Yield on Liquidity and Investments (%)Financial revenue from44,858 46,477 38,621 67,089 15,823investmentsCash and cash equivalents 7,002,690 10,405,297 15,139,023 18,233,458 24,898,459Total trade and receivables 1,893,110 3,497,496 6,060,768 7,751,731 7,387,874Other investments 0 0 0 0 0÷ Sum of Cash, Trade and Other 8,895,800 13,902,793 21,199,791 25,985,189 32,286,333Investments= Yield on Liquidity andInvestments0.5043% 0.3343% 0.1822% 0.2582% 0.0490%Central Bank data.Microfinance Information eXchange, Inc35

FEATURE ARTICLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Table 6 Calculations - Ratio on Saving LiquidityRatio 2004 2005 2006 2007 2008Ratio on Savings LiquidityCash and cash equivalents 7,002,690 10,405,297 15,139,023 18,233,458 24,898,459÷ Total Demand Deposits 16,317,259 24,813,799 43,069,463 57,606,043 74,999,671= Ratio on Savings Liquidity 0.429158476 0.419335105 0.351502479 0.316519883 0.33198091readily be added. For the purposes of this analysis,an approximated measure of savings liquidity wasderived by determining the institution’s cash and cashequivalents holdings per demand deposit. By thisgauge, ProCredit Nic savings liquidity ratio fell fromUSD$0.43 to USD$0.33 over 2004-08.At any given time, the institution can accommodatewithdrawals between 31 percent and 43 percent ofits total demand deposits. As a point of comparison,BANEX’s approximated ratio on savings liquidityfor the same period using the same analysis rangesbetween USD 0.61 and USD 1.09. Ratios over USD 1.00demonstrate enough liquidity to cover all deposits,which may indicate excessive cash. BANEX wouldbe able to accommodate a higher percentage ofwithdrawals than ProCredit Nic. Economic instability,reputation risk, and other factors influence whatappropriate levels are. The comparative analysis isinteresting, as is the trend over time. They requirelocal knowledge to consider this performance versusnormal or healthy. 107) Effective Financial Expense of Savings:Cost of Interest Payments on DepositsTermEffective FinancialExpense of SavingsWhy this ratio is importantCalculationTotal Interest Expense of SavingsAverage Savings BalanceThe Effective Financial Expense of Savings ratiomeasures how much interest an MFI pays out forsavings. It is computed based on the total savingsinterest expense and the average savings balancebetween beginning and end of period. This considersthe effective interest rate the savings pays. It allowscomparison between institutions within a givenmarket and comparison to a market benchmark.It is also an important check between the statedinterest rate paid to depositors and the actual interestexpense.How it is interpretedThe numerical value of this ratio has little meaning inand of itself. When weighed against interest expensepresented by other options, it allows an institution toevaluate the opportunity cost of its current savingsprogram. If the savings program incurs higherexpense than other market opportunities, managersmay consider lowering interest rates they offer ondeposits or restructuring their program. In assessingappropriate savings offerings, managers mustconsider product financial viability.Specific calculationIn 2008, ProCredit Nic reported Effective FinancialExpense on Savings Ratio of .05. This is based uponthe following calculation.This implies the MFI paid USD .05 in interest todepositors for each dollar held. To evaluate marketappropriateness, management could compare thisratio to interest expense they would incur fromalternate activities. Management could track thisrate to local prevailing interest rates, to see how wellTable 7 Calculations - Effective Financial Expense of SavingRatio 2008Effective Financial Expense of SavingsInterest expense on deposits 3,844,198÷ Average Total Deposits Balance 75,095,936= Effective Financial Expense on Savings 0.0510 These computations are rough proxies only and underscore theneed for more accurate, standardized calculation.36Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009their institution does in the marketplace in terms ofcompetition (and also in terms of the next alternativeinvestment choice).8) Effective Operating Expense of Savings:Cost of Running Savings ProgramTermEffective OperatingExpense of SavingsCalculationWhy this ratio is importantDirect and Indirect OperatingExpenses Allocated to SavingsAverage Savings BalanceThe Effective Operating Expense of Savings Ratio tellsan MFI how expensive it is to run its savings programin terms of all non-interest expenditures, includingadministrative fees and personnel wages. This ratioindicates if an MFI accrues gains or losses fromdeposit mobilization for costs incurred administeringsavings.How it is interpretedThe total cost of the institution’s savings programper deposit, or the combined financial and operatingexpenses, should be compared to other liabilityand equity options to evaluate the opportunitycost of savings. If the cost relative to other optionsis too high, the MFI can adjust the interest it payson deposit accounts to lower its total expenditureon savings, seek to conduct its operations moreefficiently, or cut programmatic costs. A high ratiomay indicate prohibitively high staff time requiredfor savings. Tracking the ratio over time couldmeasure if adopted operational and process flowchanges have shown results. There is not one specific‘right’ amount, as savings may be worth offering ata avariety of expense levels. However, it is valuableto differentiate costs by product and track trends toassess performance.Specific calculationFEATURE ARTICLESCurrently, most MFIs do not report differentiatedoperating expenses but rather an aggregate measureof operating expense. Given ProCredit Nic’s currentreporting on MIX Market, it is not possible to make anexact calculation for this ratio. This ratio will requireeither some form of activity based costing or fairlyreliable allocation of operating expenses. MFIs enteringdeposit mobilization will need this information forboth planning and monitoring purposes.To provide a mathematical example, an approximationis offered here based on data ProCredit Nic doesprovide.An approximation is provided using totaloperating expenses allocated per unit of savingsheld, which fell from USD 0.44 to 0.26 over 2004-08. Assuming the savings expense is 40 percentof the total operating budget, ProCredit Nic ratiofell from USD 0.18 to 0.10 over that period. Given2008 financial expenditure on savings (USD .05)and the estimated operating expenditure onsavings (.11), the institution’s approximated totalexpenditure on savings per unit of deposits was0.16. Such tracking of the performance of savingsprograms is a new opportunity for managers withthese new ratios. As the number of deposit holdinginstitutions increases, understanding their efficiencyand effectiveness at that part of the business isincreasingly important.Summary and Road ForwardFor the first time since initial publication of theFramework, industry stakeholders are proposingamendments to microfinance financial reportingstandards. The drafted eight new ratios and relateddisclosures presented in this paper seek to increaseinformative measures of capital adequacy positionsand savings. Developing these new ratios relies onTable 8 Calculations - Effective Operating Expense of SavingRatio 2004 2005 2006 2007 2008Effective Operating Expense of Saving (Assuming 40% of Total Operating Expense)Operating expense 7,176,474 9,423,456 14,828,347 18,024,910 19,822,929÷ Total Demand Deposits 16,317,259 24,825,625 43,024,305 57,627,752 75,095,936= Effective Total Operating Expense0.44 0.38 0.34 0.31 0.26per Depositx 0.40 0.40 0.40 0.40 0.40= Effective Total Operating Expenseof Savings0.18 0.15 0.14 0.13 0.11Microfinance Information eXchange, Inc37

FEATURE ARTICLESadditional disclosures around currency exposuresand funding costs tracked by product. The ratioswere selected based upon input from dozens ofpractitioners and other industry stakeholders.Establishing an on-going method for addressingstandards in microfinance facilitates regularimprovements to reporting. A standards processreduces transaction costs and more efficiently adoptsinnovations. The SEEP Network, as the Secretariat forthe MFI Reporting Standards Initiative, provides thesedrafts and models to encourage dialogue amongindustry stakeholders towards a common goal ofmore accurate and transparent financial reportingstandards.The eight new ratios add significant depth of analysisand new dimensions. The capital adequacy and foreignexchange ratios help better define the well being ofthe institution and require additional information todo so. As microfinance savings programs are often stillMICROBANKING BULLETIN, Issue 19, DECEMBER 2009in their infancy, it is critical institutions adopt moreprecise measures of their expenditure on savingsto evaluate the opportunity costs of running theseprograms. This will be critical to adapting, scalingand creating sustainability. Additionally, trackingsavings ratios will help enable an MFI to determinean appropriate and optimal spread between the ratepaid out on savings, and the rate charged on loanproducts.These changes to the Framework move MFIs to moreaccepted global accounting guidelines, includingBasel II and IFRS, and serve as a ready platform to betteralign national reporting standards. The proposedrevisions are intended not only to accommodatecurrent changes in the microfinance industry but alsoanticipate evolutions the industry will undergo into thefuture, thus enabling faster growth and better accessto affordable capital for people worldwide. Input andfeedback from industry stakeholders is encouraged tothe MFI Reporting Standards Initiative.38Microfinance Information eXchange, Inc

BULLETIN HIGHLIGHTSMICROBANKING BULLETIN, Issue 19, December 2009Operating Efficiency: Victim tothe Crisis?Blaine Stephens, Chief Operating Officer andDirector of Analysis, MIXAs the world watched the financial crisis andensuing economic slowdown unfold indeveloped economies in late 2008, observersof microfinance braced themselves for the fallouton microfinance institutions, some of which beganto appear by the end of 2008. The exact causes andtheir contributory impacts will still take time towork out. How did rising food and fuel prices affectcredit needs of poor households and theirbusinesses? To what extent did changes in thefinancial markets impact MFI growth throughgreater pressure on MFI capital raising andrefinancing needs? Would diminished householdrevenues from slower remittance flows and localeconomic slowdown put significant pressure onportfolio quality and lead to slowdown in creditgrowth? Whatever the combination of causes,stress signs appeared in microfinance institutionalperformance by the end of 2008, as growth ratesslowed, profit margins tightened and, in somecountries, portfolio quality deteriorated. TheseHighlights look at the major trends in institutionalperformance and explore the impact of slowedgrowth on operating costs.The 2008 Microfinance Benchmarks capture theoperational and financial performance of nearly1,100 MFIs from just under 100 countries. Thesereference points mark the first global data set ofthis magnitude to capture the impact of the crisisand economic slowdown on the operational andfinancial performance of MFIs. Together, 2008benchmarked MFIs served 74 million borrowerswith 38 billion USD in loans, and collected 23billion USD in deposits from 67 million depositors.The subsequent analysis also makes use of atrend lines data set of 600 MFIs from 84 countriesand representing 89 percent of the borrowersserved in the full 2008 benchmarks data set. Takentogether, the 2008 benchmarks and 2006-08 historicaldata offers a robust prism through which to analyzethe changes in MFI performance at the onset of thefinancial crisis and economic downturn.2008 Performance At-a-GlanceAs global economic growth slowed in 2008,microfinance institutions around the globe began tofeel the impact in their own portfolios and performance.The sustained expansion in borrowers served in thefirst part of the decade ceded to slower growth andrising operating costs by 2008. The following graphicshighlight some of the more important trends:• While banks in developed markets severelyrestrained lending by the end of 2008,microfinance institutions continued toexpand access to credit, albeit at lowergrowth rates than in previous periods. Forthe typical institution, borrower growth rates(approximately 25 percent per annum upthrough 2007) slowed to nearly 15 percentin 2008. Loan portfolio growth in USD terms(20 percent) fell to similar levels. Leadingmarkets, however, did not always followregional trends. In Asia, while borrower growthfell for MFIs in the Philippines and Bangladesh,India’s total outreach actually increased bynearly 65 percent in 2008, up from 50 percenta year earlier. At the other end of the spectrum,the Moroccan market contracted its totalcredit outreach by just under 10 percent in2008, faced with overlending and worseningportfolio quality throughout the portfolio,whereas Egypt, Jordan and other countries inthe Middle East/North Africa region expandedaccess, but at slower rates. (Figure 1).• Evidence from past crises has shown thatmicrocredit arrears do rise in periodsof economic slowdown, but that thesedelayed payments do not translate intosignificant portfolio loss. 2008 MFI repaymentperformance confirms these findings, asportfolio delinquency increased in severalregions during the year; however, a handfulof markets represented much of this change.Microfinance Information eXchange, Inc39

BULLETIN HIGHLIGHTSMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 1: Growth in borrowers slows, 2006–0860%50%40%30%20%10%0%2007200820072008200720082007200820072008Africa Asia ECA LAC MENAFigure 2: Arrears rise, but risk coverageremains high, 2006–086%5%4%3%2%1%0%200620072008200620072008200620072008200620072008200620072008140%120%100%80%60%40%20%0%Middle 50%Growth, borrowers (median)Growth, borrowers (total)Source: MIX data 2006-08. Data are for a balanced panel of MFIs andrepresent medians, unless otherwise indicated.Africa Asia ECA LAC MENAPAR>30 Write-off Risk coverageSource: MIX data 2006-08. Data are for a balanced panel of MFIs andrepresent medians, unless otherwise indicated.In some high growth markets, like Moroccoand Bosnia, delinquency rose in 2008,doubling in both cases, but to levels lowerthan 5 percent. Other high growth markets,like India, however saw no significant changein delinquency.• Even as delinquency rose in 2008, MFIscarried very low levels of uncovered creditrisk exposure. Many regions provisionedat over 100 percent of portfolio at risk over30 days. This provisioning provided a cushionagainst immediate loss, with MFIs in marketslike Morocco and Bosnia drawing down onthe cushion as arrears rose early in 2009.Small scale MFIs proved an exception to thisrule and carried the most uncovered creditrisk, with risk coverage levels dropping to80 percent of portfolio at risk over 30 days in2008, even as these institutions faced higherdelinquency levels than their larger peers.(Figure 2)• Profits margins narrowed further in 2008.Changes in MFI funding structures raisedfinancing costs in at least two regions. MFIsin both Eastern Europe and Central Asia(ECA) and in the Middle East and North Africa(MENA) witnessed a one percentage pointincrease in funding outlays relative to totalassets, a trend that continued throughoutthe period. Other regions, by comparison,experienced increases of less than half thatrate. This shift continued to underscorethe cross-border debt and local marketrefinancing activity that has expandedrapidly in both regions in the last few years,replacing subsidized funding from priorperiods. (Figure 3, Figure 4)• The persistent decline in microcreditdelivery costs slowed by 2007 and actuallyreversed for most regions in 2008, puttingfurther pressure on profit margins in 2008.Figure 3: MFIs continue to leverage capital,2006–0870%60%50%40%30%20%10%0%20062007200820062007200820062007200820062007200820062007Africa Asia ECA LAC MENACapital/AssetsDebt-to-equity (x)2008Deposits-to-loansSource: MIX data 2006-08. Data are for a balanced panel of MFIs andrepresent medians, unless otherwise indicated.654321040Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 4: Returns narrow, 2006-0835%30%25%20%15%10%5%0%BULLETIN HIGHLIGHTSFigure 5: Declining costs reverse course,2006–0835%30%25%20%15%10%5%0%200620072008200620072008200620072008200620072008200620072008200620072008200620072008200620072008200620072008200620072008Africa Asia ECA LAC MENAAfrica Asia ECA LAC MENAOperating ExpenseFinancial ExpenseImpairment LossFinancial RevenueCost per borrower/GNI per capitaOperating Expense/GLPSource: MIX data 2006-08. Data are for a balanced panel of MFIs andrepresent medians, unless otherwise indicated.Source: MIX data 2006-08. Data are for a balanced panel of MFIs andrepresent medians, unless otherwise indicated.The typical African MFI witnessed thelargest increase in operating costs, withcosts per borrower rising 15 percent relativeto local income levels from 2006 to 2008.Only Asian MFIs held costs steady over theperiod, but even this flat line masks diverseoperating costs across the region. Efficiencygains in Indian and Afghan MFI costscounterbalanced increases in markets likeCambodia. (Figure 5)Slower Growth Puts Pressureon MFI Operating ModelsThe strong growth in microfinance borroweroutreach over the last decade underlines the missionof MFIs focused on expanding access to financialservices, particularly credit, by poor householdslacking reliable access to such services. These growthrates inform all aspects of an MFI’s business planning,from projections for growth trends in start-upinstitutions, to operational planning for new pointsor services, from planning needs for new financingto the design of incentive systems used to keepstaff focused on sustainably expanding the reachof credit services. Raised in a global climate of 25percent annual expansion in borrowers for most ofthis decade, MFIs, one can imagine, may have basedtheir planning on similar levels of future growth. Butwhat happens when actual growth slows down, notfor a few MFIs, but across the board? Indeed, whatdoes the microfinance business look like when themajority of markets – 60 out of 85 countries tracked(Figure 6) over the 2006 - 2008 period – experienceslower growth rates?Improved efficiency would appear to be among thefirst victims of slower growth. Over the last severalyears, these Highlights and other reviews of globalMFI performance data have underscored the gradualimprovements in operating costs, which, at nearlytwo-thirds of total costs, represent the biggestbarrier to more affordable access to credit servicesby microfinance clients. In the 2002–2005 period, forexample, global yields on microcredit portfolio ratesdropped nearly three percentage points, without lossin profitability, backed by declines in operating costs.Productivity gains played an important part in thesegains in efficiency.In the beginning of the 2006–08 period, operatingcosts leveled off at a global and regional level. Almostall regions experienced flat cost trends between2006 and 2007, with the global weighted averagestaying at 4.5 percent of GNI per capita for both years.By the end of the period, this trend towards greaterefficiency may have hit its first peak in this globalslowdown of microfinance outreach. For all but ahandful of markets that experienced slower growthin borrower outreach in 2008, costs associated withserving a single borrower increased when normalizedfor differences in local income levels (Figure 6). Isthere a link between slowing growth rates and risingoperating costs?Trends in staffing point to one explanation forthis reversal of efficiency gains. Microfinance, aMicrofinance Information eXchange, Inc41

BULLETIN HIGHLIGHTSMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Figure 6: Costs start to rise as growth slowsGrowth in borrowersCost per borrower/GNI per capitaCountry 2006–07 2007–08 Trend 2007 2008 TrendAfrica 22% 14% Down 16.0% 18.4% UpBenin -5% 28% Up 34.8% 30.2% DownEthiopia 12% 14% Up 4.1% 5.2% UpGhana 15% 18% Up 22.6% 25.6% UpKenya 57% 14% Down 19.2% 23.1% UpMali -2% -1% Up 12.3% 14.8% UpMozambique 25% 9% Down 76.5% 98.3% UpSenegal 7% -4% Down 18.0% 26.7% UpTanzania -3% 13% Up 29.7% 33.8% UpUganda 13% 9% Down 76.5% 83.5% UpAsia 23% 22% Down 2.4% 2.9% UpAfghanistan 23% -1% Down 22.7% 30.8% UpBangladesh 14% 4% Down 2.1% 2.4% UpCambodia 32% 31% Down 13.6% 16.6% UpIndia 48% 65% Up 1.4% 1.5% UpIndonesia 67% 42% Down 1.5% 1.2% DownNepal 2% 5% Up 4.4% 6.0% UpPakistan 29% 24% Down 5.8% 4.7% DownPhilippines 37% 19% Down 3.2% 3.5% UpECA 34% 18% Down 14.8% 17.4% UpAlbania 16% 21% Up 13.4% 15.6% UpArmenia 34% 32% Down 5.6% 6.5% UpAzerbaijan 70% 29% Down 8.0% 10.0% UpBosnia and Herzegovina 53% 22% Down 6.4% 6.4% DownBulgaria 25% 4% Down 15.0% 18.6% UpGeorgia 15% 6% Down 15.2% 20.2% UpKosovo 38% 26% Down 31.1% 30.4% DownKyrgyzstan 48% 35% Down 23.0% 27.1% UpRussia 25% 11% Down 14.2% 17.1% UpTajikistan 94% 24% Down 78.0% 87.8% UpLAC 19% 11% Down 5.7% 6.6% UpBolivia 19% 12% Down 13.9% 17.9% UpBrazil -27% -2% Up 1.8% 2.4% UpColombia 30% 12% Down 5.6% 6.0% UpCosta Rica 10% 8% Down 6.4% 7.3% UpEcuador 14% 14% Up 6.2% 6.3% UpEl Salvador 23% 8% Down 7.0% 7.5% UpGuatemala 29% 12% Down 4.6% 5.0% UpHonduras 22% -8% Down 9.1% 10.6% UpMexico 30% 26% Down 1.7% 1.9% UpNicaragua 15% 6% Down 16.7% 17.9% UpParaguay 7% 23% Up 9.3% 12.7% UpPeru 28% 4% Down 4.8% 5.9% UpMENA 34% 6% Down 2.7% 3.1% UpEgypt 34% 31% Down 2.0% 2.1% UpJordan 45% 19% Down 3.4% 3.7% UpMorocco 34% -6% Down 2.5% 3.1% UpSource: MIX data 2006–2008. Data are for a balance panel of MFIs and represent weighted averages by region and country for all countries with morefive or more MFIs reporting over the period.42Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009high touch business, currently relies on significanthuman resources to deliver credit to clients.Many MFIs make significant investments in trainingnew staff on the systems and processes that helpidentify clients, minimize credit risk, and manageservice delivery of microloans. This combinationof intensive personnel use and extensive trainingincreases the lead time necessary for an MFI to gearup to serve more clients. When slowdowns havea rapid onset, MFIs will likely have already fieldednew staff based on earlier projections, leavingthe providers overstaffed compared to optimalproductivity rates. Staffing and borrower growthtrends bear out this analysis: MFI staffing increasedfaster than growth in borrowers in over twothirdsof all markets where growth rates slowedin 2008. Figure 7 summarizes the impact of thisphenomenon on productivity. As business slowed,productivity declined.Rising arrears offer another explanation for increasedoperating costs. As delayed repayments rise withina portfolio, staff must shift time from building andmaintaining microcredit portfolios to recoveringdelinquent loans. This resource shift accentuates thetrend already highlighted. At a global level, portfolioquality deteriorated by more than 50 percent in25 markets. Few arrears rates moved into doubledigits, but such increases represented a departurefrom historical performance. In all but one of thesecountries, the cost of serving borrowers also made amarked increase. As Figure 8 shows, countries withpronounced changes in delinquency rates, suchas Afghanistan, Bangladesh, Honduras, Kenya, andTajikistan, all experienced reversals in efficiency gainsas portfolio quality deteriorated.BULLETIN HIGHLIGHTSFigure 7: Productivity declines as growthrates slowChange in growth in borrowers100%80%60%40%20%0%-100% -50% -20% 0% 50% 100%-40%-60%-80%-100%Change in productivitySource: MIX data 2006–2008. Data are for a balance panel of MFIs andrepresent weighted averages by country.Whatever the cause of slower growth rates – whetherrefinancing constraints from outside the MFI orMFI management reining in growth faced withrising credit risk – the impact on the microfinancebusiness is tangible: an increased cost of deliveringloans. To MFI managers, this poses an extrachallenge of maintaining their business in difficulttimes while positioning themselves for growthand recovery as the economy improves. Laying offexcess staff would cut costs, but the investmentin training and relationships would be difficultto recover when lending opportunities rebound.Likewise, running an overstaffed MFI for morethan a year would maintain a springboard forrelaunching its growth trajectory, but the increasedcost load will either eat into equity or increase costsFigure 8: Slowed growth with rising PAR push up operating costs100%80%60%40%20%0%-20%10.0%8.0%6.0%4.0%2.0%0.0%-2.0%200720082007200820072008200720082007200820072008200720082007200820072008Afghanistan Bangladesh El Salvador Guatemala Honduras Kenya Morocco Russia TajikistanGrowth in Borrowers Cost per Borrower/GNI per capita PAR > 30 daysSource: MIX data 2006–2008. Data are for a balance panel of MFIs and represent weighted averages by country.Microfinance Information eXchange, Inc43

BULLETIN HIGHLIGHTSto clients in the long term. Microfinance analystsshould monitor these cost trends in 2009 and2010 to see whether MFIs manage to resume theirMICROBANKING BULLETIN, Issue 19, DECEMBER 2009relentless pursuit of lower cost service or if thisslowdown in the growth model marks an inflectionpoint for microfinance.44Microfinance Information eXchange, Inc

BULLETIN TABLESIntroduction to the Peer Groupsand TablesMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Setting up Peer GroupsThe Bulletin Tables are designed to presentperformance benchmarks against which managersand directors of microfinance institutions can comparetheir institution’s performance with that of similarinstitution. Since the microfinance industry consistsof a range of institutions and operating environments,some with very different characteristics, an MFI shouldbe compared to similar institutions for the referencepoints to be useful.The Bulletin Tables address this issue with a peergroup framework. Peer groups are sets of programsthat have similar characteristics—similar enough thattheir managers find utility in comparing their resultswith 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 asingle characteristic. This allows users to analyzeperformance based on a common factor, such asage, location or scale of operations. MFIs have beengrouped according to the following ten characteristicsfor this edition of the Bulletin:1) Age: The Bulletin Tables classify MFIs into threecategories (new, young, and mature) based onthe maturity of their microfinance operations.This is calculated as the difference betweenthe year they started their microfinanceoperations and the year of data submitted bythe institutions.2) Charter Type: The charter under which theMFIs are registered is used to classify the MFIsas banks, credit unions/cooperatives, NGOs,and non bank financial institutions.3) Financial Intermediation: This classificationmeasures the extent to which an MFIintermediates between savers and borrowers,funding its assets through mobilized deposits.It is calculated as a percentage of total assetsfunded by voluntary savings.4) Lending Methodology: Performance may varyby the way the institution delivers its loanproducts and serves borrowers. The BulletinTables present MFIs based on the primarymethodology used, determined by the numberand volume of loans outstanding.5) Outreach: Scale of outreach is measured asthe total number of borrowers served.6) Profit Status: According to their registration,MFIs are classified as ‘not for profit’ and ‘forprofit’ institutions.7) Region: MFIs are divided into five maingeographic region: Africa, Asia, Eastern Europeand Central Asia (ECA), Latin America and theCaribbean (LAC) and Middle East and NorthAfrica (MENA).8) Scale: Institutional scale is measured by thesize of an institution’s loan portfolio in USD.The measure of scale is regionalized to reflectdifferences in income levels across regions.9) Sustainability: MFIs are grouped accordingto their level of financial self-sufficiency,representing their ability to cover all costs onan adjusted basis.10) Target Market: The Bulletin Tables classifyMFIs into three categories—low-end, broad,and high-end—according to the averagebalance of loans served. For internationalcomparison, this balance is stated as apercentage of local income levels (GNI percapita).Compound Peer Groups use a more complex set ofvariables to analyze MFI performance. This createsbenchmarks where institutions have a greater numberof similar factors affecting performance.Microfinance Information eXchange, Inc45

BULLETIN TABLESThe Bulletin Tables present compound peer groupsbased on three main factors: (1) Region; (2) Scale; (3)Sustainability.Peer Group CompositionThe quantitative criteria used to categorize thesegroups are summarized in Table 1. The entire sample ofinstitutions that fall into these categories is located in theguide to the peer groups (pages 48–68). Confidentialitylimits the publication of names of financially selfsufficientMFIs included in the database.More detailed information about each institution canbe found in Appendix II.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009Data Quality and StatisticalIssuesBecause the Bulletin tables rely primarily on selfreporteddata, we grade the quality of the informationbased on the degree to which we have independentverification of its reliability. The data quality gradeis not a rating of the institution’s performance.Additionally, in the statistical tables that follow, themedian values are displayed for each indicator. Formore details on both Data Quality and StatisticalIssues, see Appendix I.Table 1Peer Group CriteriaGroup Categories CriteriaAgeCharter TypeFinancial IntermediationLending MethodologyOutreachProfit StatusRegionScale(Gross Loan Portfolio, in USD)SustainabilityTarget Market(Depth = Average Loan Balanceper Borrower/GNI per Capita)NewYoungMatureBankCredit UnionNBFINGORural BankNon FILow FIHigh FIIndividualSolidarity GroupIndividual/SolidarityVillage BankingLargeMediumSmallFor ProfitNot for ProfitAfricaAsiaECALACMENALargeMediumSmallNon FSSFSSLow endBroadHigh endSmall Business1 to 4 years5 to 8 yearsover 8 yearsNo voluntary savingsVoluntary savings < 20% of total assetsVoluntary savings > 20 % of total assetsNumber of Borrowers > 30,000Number of Borrowers > 10,000 and < 30,000Number of Borrowers < 10,000Registered as a for profit institutionRegistered in a non profit statusSub-Saharan AfricaSouth & East AsiaEastern Europe & Central AsiaLatin America & the CaribbeanMiddle East & North AfricaAfrica, Asia, ECA, MENALatin AmericaAfrica, Asia, ECA, MENALatin AmericaAfrica, Asia, ECA, MENALatin AmericaFinancial Self-Sufficiency < 100%Financial Self-Sufficiency > 100%> 8 million> 15 million2 million to 8 million4 million to 15 million< 2 million< 4 milliondepth < 20% OR average loan size < USD150depth 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 Organization46Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLES2008 MFI Benchmarks - Median ValuesNumber ofMFIsINSTITUTIONAL CHARACTERISTICSAge Total Assets Offices Personnel Capital/Asset RatioDebt toEquityFINANCING STRUCTUREDeposits to DepositsLoans to TotalAssetsPortfolio toAssetsNumberof ActiveBorrowersPEER GROUPUnits nb USD nb nb % x % % % nbYear: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 1,084 11 6,434,037 9 87 22.3 3.1 16.7 9.1 78.0 9,013SIMPLE PEER GROUPSAgeNew 191 3 2,946,309 5 53 31.9 1.6 6.7 0.7 76.5 3,781Young 203 7 4,383,587 7 64 23.8 2.7 15.4 6.2 76.7 7,026Mature 657 14 9,375,210 11 111 21.5 3.5 23.8 12.5 78.5 12,689Charter Type:Bank 82 11 162,784,104 31 691 15.2 5.3 74.2 48.0 68.8 45,858Credit Union 182 11 3,581,221 4 24 18.6 3.7 78.0 61.2 80.1 1,850NBFI 338 8 8,930,595 11 128 24.2 2.9 0.0 0.0 79.9 12,162NGO 389 12 4,334,131 9 75 33.6 1.7 0.0 0.0 78.2 9,703Rural Bank 84 21 6,877,332 5 81 13.8 6.2 83.3 61.4 72.1 6,406Financial IntermediationNon FI 398 10 4,632,395 7 56 33.9 1.8 0.0 0.0 82.3 5,990Low FI 159 9 6,063,409 11 119 28.0 1.9 12.6 9.4 73.2 13,511High FI 393 12 8,655,520 10 116 15.7 4.8 77.8 58.7 74.3 12,214Methodology:Individual 281 10 6,302,049 6 51 20.7 3.6 40.4 27.9 82.8 4,353Individual/Solidarity 272 11 6,430,106 10 97 23.4 2.8 5.1 2.6 76.1 10,525Solidarity 67 9 4,360,894 8 80 17.1 3.4 30.4 15.0 73.7 13,161Village Banking 59 13 6,113,161 14 145 24.0 3.2 0.0 0.0 79.8 17,916OutreachSmall (Outreach) 553 9 2,226,456 4 30 27.7 2.1 8.1 0.7 78.9 2,417Medium (Outreach) 241 11 9,524,429 13 142 25.8 2.6 11.6 7.8 77.1 16,077Large (Outreach) 273 12 47,378,443 41 551 16.4 4.8 30.5 20.5 77.0 70,565Profit StatusProfit 414 9 11,863,846 12 151 19.0 4.1 35.4 20.8 74.2 12,740Not for Profit 665 11 4,632,395 7 58 25.6 2.3 6.8 1.4 80.2 6,804Region:Africa 195 10 4,994,906 8 88 26.1 2.3 53.3 35.0 65.8 9,143Asia 283 12 7,189,772 12 134 14.9 5.0 30.8 15.9 74.3 17,239ECA 217 9 4,721,984 6 34 22.9 2.9 0.0 0.0 88.0 2,156LAC 333 12 8,196,305 9 86 24.9 2.9 0.0 0.0 80.3 9,768MENA 56 10 9,686,430 10 107 48.5 0.9 0.0 0.0 72.1 11,785ScaleSmall (Scale) 428 8 1,390,311 3 24 32.7 1.7 2.9 0.0 76.6 2,130Medium (Scale) 304 10 6,571,742 9 96 23.3 2.7 19.7 12.6 77.3 10,502Large (Scale) 351 12 46,119,113 28 393 18.7 4.3 33.0 22.2 79.2 44,257Sustainability:FSS 557 12 9,417,989 11 112 21.5 3.6 17.1 12.4 80.2 13,370Non-FSS 354 9 4,491,402 9 88 22.9 2.2 3.7 2.1 74.3 8,852Target Market:Low end 425 9 4,214,670 8 88 28.2 2.0 3.0 0.1 76.3 12,628Broad 498 11 8,166,527 9 81 20.8 3.6 24.5 11.6 81.1 7,482High end 78 10 17,156,666 12 113 21.9 3.4 40.4 31.0 76.7 8,735Small Business 64 8 18,012,390 6 90 17.5 4.4 81.3 48.5 68.2 2,254COMPOUND PEER GROUPSAfrica Small FSS 16 9 1,362,709 3 24 27.9 2.6 35.8 26.0 74.4 2,570Africa Small Non FSS 34 9 1,226,420 7 39 33.4 1.4 47.0 27.7 60.2 3,453Africa Medium FSS 20 10 5,863,743 7 105 35.0 1.9 28.2 20.6 71.0 10,049Africa Medium Non FSS 29 8 6,063,409 10 134 25.6 1.9 46.5 31.5 58.6 14,259Africa Large FSS 26 14 39,968,345 35 410 19.2 4.0 72.2 53.5 65.4 34,385Africa Large Non FSS 19 15 46,551,910 37 428 17.5 3.7 70.2 46.5 73.5 51,580Asia Small FSS 22 13 1,365,225 5 48 18.7 4.2 44.9 34.8 74.0 3,770Asia Small Non FSS 21 12 1,175,790 7 55 17.9 3.4 14.2 9.6 69.8 9,046Asia Medium FSS 45 14 5,573,514 13 126 12.9 6.8 39.6 29.0 76.0 23,134Asia Medium Non FSS 25 5 6,050,969 23 191 8.3 4.0 13.7 12.0 74.6 36,629Asia Large FSS 58 15 26,322,242 31 565 15.4 5.5 26.0 18.9 75.5 97,239Asia Large Non FSS 20 13 29,476,397 73 949 18.4 4.5 6.5 5.3 76.8 160,829ECA Small FSS 40 5 704,005 2 8 27.7 2.3 0.0 0.0 88.6 367ECA Small Non FSS 35 5 649,797 1 8 25.7 1.5 0.0 0.0 89.9 328ECA Medium FSS 23 8 5,253,748 5 40 33.0 2.0 6.4 5.7 90.1 3,143ECA Medium Non FSS 24 9 4,141,396 7 33 35.3 1.4 0.0 0.0 83.8 1,577ECA Large FSS 52 10 58,996,434 27 289 18.9 4.3 20.3 16.8 85.9 28,899ECA Large Non FSS 25 9 42,463,253 17 288 20.7 3.8 0.0 0.0 85.8 12,215LAC Small FSS 73 12 2,250,396 3 23 43.8 1.3 0.0 0.0 81.2 2,854LAC Small Non FSS 56 9 1,688,343 3 32 37.0 1.3 0.0 0.0 73.0 2,854LAC Medium FSS 64 12 8,968,032 8 78 28.5 2.5 0.0 0.0 85.1 9,391LAC Medium Non FSS 26 13 8,752,111 16 144 18.9 4.3 11.9 9.0 75.8 13,026LAC Large FSS 88 16 79,476,965 28 439 16.1 5.2 57.5 46.4 82.4 51,902LAC Large Non FSS 20 12 46,810,343 18 293 21.0 3.2 5.0 3.1 75.3 28,532MENA Small FSS 7 8 1,088,494 4 54 37.3 1.7 17.8 11.6 63.7 3,133MENA Small Non-FSS 9 6 1,792,223 4 36 37.8 0.9 3.7 2.1 54.4 2,350MENA Medium FSS 6 11 5,628,609 10 111 57.6 0.7 0.0 0.0 79.0 15,784MENA Medium Non-FSS 5 11 4,500,308 9 168 52.5 0.9 0.0 0.0 65.2 17,818MENA Large FSS 17 12 30,641,608 17 288 47.4 1.1 0.0 0.0 82.9 37,704MENA Large Non-FSS 6 9 24,671,556 10 325 40.5 1.8 0.1 0.1 73.2 47,744For 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 pp53. “n/a” denotes results for Peer Groups with less than three observationsMicrofinance Information eXchange, Inc47

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 20092008 MFI Benchmarks - Median ValuesPercent ofWomenBorrowersNumber Gross Loanof Loans PortfolioOutstandingAverageLoanBalance perBorrowerOUTREACH INDICATORSAverageOutstandingBalanceAverageLoanBalance perBorrower/GNI perCapitaAverageOutstandingBalance/GNIper CapitaNumber ofDepositorsNumberof DepositAccountsDepositsAverageDepositBalanceperDepositorPEER GROUPUnits % nb USD USD % US$ % nb nb US$ US$Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 60.0 9,234 4,128,377 525 36.5 527 35.4 2,547 5,262 263,063 145SIMPLE PEER GROUPSAgeNew 66.5 4,220 1,845,751 380 29.4 381 28.9 13 130 39,851 114Young 57.2 7,074 2,892,796 467 33.5 475 31.2 2,438 3,451 162,514 90Mature 59.4 12,997 6,577,342 676 40.8 648 38.8 5,169 8,931 445,550 178Charter Type:Bank 43.5 51,202 103,990,796 2,003 113.0 1,744 109.4 80,741 83,566 59,762,401 733Credit Union 45.1 1,919 2,273,336 1,509 59.8 1,329 55.3 3,340 3,695 1,418,227 412NBFI 54.2 12,279 6,299,762 631 48.2 631 47.6 0 72 0 111NGO 79.1 10,341 2,753,772 251 16.0 242 15.7 0 1,193 0 33Rural Bank 45.3 7,086 2,936,410 545 41.5 527 41.5 13,865 13,474 2,278,974 175Financial IntermediationNon FI 62.8 6,035 3,323,830 522 24.5 517 22.8 0 0 0 n/aLow FI 81.6 13,611 4,543,920 233 25.7 227 25.6 10,944 10,646 348,104 35High FI 52.4 12,336 6,147,891 905 53.1 853 49.5 22,289 23,575 4,690,311 270Methodology:Individual 46.2 4,429 4,688,212 1,404 51.3 1,292 46.5 1,108 2,445 450,226 561Individual/Solidarity 64.9 10,336 4,614,081 435 33.6 430 32.7 2,920 5,009 72,516 108Solidarity 98.7 13,205 2,592,286 111 14.6 110 14.6 9,439 12,380 347,681 29Village Banking 86.3 18,397 4,892,976 152 14.7 158 15.5 0 0 0 46OutreachSmall (Outreach) 53.0 2,466 1,388,657 722 42.1 698 40.3 391 1,193 41,128 183Medium (Outreach) 65.7 16,338 6,998,218 450 35.1 438 35.3 13,039 14,526 338,451 92Large (Outreach) 70.4 73,508 33,223,939 290 27.6 298 26.8 49,167 72,085 3,179,734 145Profit StatusProfit 54.2 12,895 7,007,552 680 50.3 684 47.8 8,265 11,512 1,137,548 179Not for Profit 63.7 7,018 3,068,469 451 30.1 451 28.9 562 2,264 49,980 111Region:Africa 57.2 9,620 2,708,387 308 67.8 311 64.0 18,336 18,434 1,366,283 98Asia 93.8 16,483 3,677,827 166 17.8 164 16.7 6,700 7,453 529,766 56ECA 43.1 2,250 3,949,277 2,174 68.3 2,115 65.1 0 0 0 1,855LAC 59.6 9,844 6,715,949 780 25.5 739 24.9 950 3,716 0 466MENA 65.4 12,589 5,153,360 317 15.8 314 15.5 0 2,594 0 26ScaleSmall (Scale) 63.3 2,183 916,600 348 22.5 349 22.0 147 521 19,063 96Medium (Scale) 64.1 10,854 4,813,109 485 38.2 472 37.2 10,329 12,311 903,559 93Large (Scale) 52.5 45,536 32,973,000 1,012 56.0 992 51.5 18,802 37,479 7,614,672 410Sustainability:FSS 59.2 13,450 7,359,172 764 39.8 738 37.9 3,238 6,959 357,197 261Non-FSS 62.6 8,712 3,203,964 417 34.5 414 33.4 425 1,844 68,937 105Target Market:Low end 84.9 12,628 2,575,585 159 11.4 163 11.1 598 3,331 32,561 36Broad 49.4 7,659 5,476,159 949 54.6 924 51.1 2,875 5,009 463,306 243High end 40.0 8,746 10,992,551 2,388 190.0 2,148 182.2 13,236 22,167 3,037,117 381Small Business 35.3 2,302 9,986,706 2,841 402.1 2,638 344.6 6,161 8,154 3,882,179 563COMPOUND PEER GROUPSAfrica Small FSS 56.3 2,570 1,037,793 235 40.9 267 41.9 3,503 3,503 251,132 51Africa Small Non FSS 68.7 3,537 658,150 145 35.7 131 34.8 5,009 7,472 214,983 76Africa Medium FSS 63.7 10,067 3,809,139 446 79.7 446 79.7 24,930 24,930 1,536,943 80Africa Medium Non FSS 59.6 14,259 3,503,663 246 51.8 244 49.3 20,359 20,412 1,468,928 69Africa Large FSS 52.3 35,125 25,219,140 930 170.4 930 166.7 148,219 160,278 23,556,784 145Africa Large Non FSS 43.4 54,425 28,705,034 591 118.2 570 118.2 94,895 98,822 18,253,841 207Asia Small FSS 77.9 4,162 1,015,750 197 11.9 197 11.9 5,342 6,118 450,226 77Asia Small Non FSS 86.2 9,046 962,207 131 13.4 131 13.2 4,900 5,156 163,312 44Asia Medium FSS 100.0 23,134 4,674,894 207 18.1 207 17.6 18,250 18,271 1,556,001 77Asia Medium Non FSS 98.0 36,629 5,001,148 117 13.7 113 14.4 24,895 24,518 464,930 19Asia Large FSS 95.5 87,045 20,095,021 150 17.4 150 15.5 19,779 22,147 2,814,977 117Asia Large Non FSS 96.0 141,435 24,407,361 140 18.9 130 19.2 54,236 27,125 1,486,363 36ECA Small FSS 54.6 367 588,397 1,526 55.7 1,480 54.4 0 0 0 3,188ECA Small Non FSS 40.1 328 515,324 1,786 62.9 1,608 55.2 0 0 0 4,134ECA Medium FSS 47.5 3,143 4,688,212 1,145 57.5 1,132 53.2 0 896 275,060 1,237ECA Medium Non FSS 43.8 1,740 3,746,608 3,005 66.8 3,005 65.3 0 0 0 3,582ECA Large FSS 41.6 29,924 51,557,800 2,389 91.9 2,238 88.2 0 6,932 15,195,678 1,558ECA Large Non FSS 33.7 12,217 34,301,807 3,223 120.0 3,194 104.2 0 0 0 1,576LAC Small FSS 63.1 2,930 1,724,647 446 14.3 441 13.4 0 0 0 162LAC Small Non FSS 70.9 2,854 1,218,715 401 8.3 401 7.6 0 0 0 281LAC Medium FSS 58.1 9,515 7,550,565 841 27.7 810 27.6 100 1,270 0 400LAC Medium Non FSS 79.4 13,026 6,654,772 449 16.2 432 15.5 12,441 12,835 757,351 78LAC Large FSS 49.6 57,341 64,934,089 1,611 56.5 1,480 50.1 40,538 52,794 25,510,046 907LAC Large Non FSS 61.4 28,532 31,759,893 1,146 33.9 1,146 27.4 12,388 20,485 882,311 817MENA Small FSS 100.0 3,141 662,086 133 12.7 133 12.7 3,314 13,579 59,934 22MENA Small Non-FSS 82.2 2,350 1,118,154 211 17.7 211 17.7 1,534 1,534 34,318 36MENA Medium FSS 72.7 15,784 4,404,334 239 12.5 239 12.5 0 0 0 n/aMENA Medium Non-FSS 71.9 17,818 3,703,118 264 12.4 264 12.4 0 n/a 0 n/aMENA Large FSS 58.3 66,182 16,565,033 706 18.4 606 20.6 0 n/a 0 n/aMENA Large Non-FSS 45.0 47,744 18,398,215 667 35.0 651 34.3 187 822 13,077 199For 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 pp53. “n/a” denotes results for Peer Groups with less than three observations48Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLES2008 MFI Benchmarks - Median ValuesOUTREACH INDICATORS MACROECONOMIC INDICATORS OVERALL FINANCIAL PERFORMANCEAverageGNI per GDP Deposit Inflation Financial Return on Return on OperationalDepositCapita Growth Rate Rate Depth Assets Equity Self-AccountRateSufficiencyBalanceAverageDepositBalance perDepositor/GNI percapitaAverageDepositAccountBalance/GNI percapitaPEER GROUPUnits % USD % US$ % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 14.0 138 13.0 1,600 6.8 5.1 6.4 38.5 1.0 5.4 113.1SIMPLE PEER GROUPSAgeNew 14.0 117 13.5 950 7.5 5.9 7.7 30.9 (1.2) (1.7) 104Young 10.0 81 9.0 1,600 7.1 5.9 7.0 35.2 0.3 2.5 112Mature 17.0 176 16.0 1,600 6.4 5.0 6.3 41.7 1.4 7.0 116Charter Type:Bank 32.0 667 32.0 1,655 7.1 6.8 7.8 31.2 0.6 4.6 109Credit Union 18.0 390 18.0 3,150 6.2 5.0 6.1 36.6 0.3 2.0 116NBFI 16.0 109 16.0 1,474 7.8 5.4 7.3 30.9 1.5 7.1 115NGO 3.0 31 3.0 1,515 6.4 6.0 6.4 43.6 0.9 4.1 110Rural Bank 15.0 163 14.5 1,600 6.3 3.7 6.1 59.5 1.9 14.5 119Financial IntermediationNon FI n/a n/a n/a 2,710 7.1 5.9 6.4 40.6 1.4 4.5 113Low FI 4.0 32 4.0 950 6.3 5.2 6.4 34.3 0.4 4.5 112High FI 19.0 252 19.0 1,600 6.4 5.0 6.1 36.4 0.9 6.3 112Methodology:Individual 22.0 518 20.5 3,200 7.1 5.1 6.1 41.7 1.5 7.5 116Individual/Solidarity 12.5 102 11.0 1,590 6.4 5.4 6.5 35.2 1.2 5.8 113Solidarity 5.0 21 3.0 770 7.1 6.0 7.0 59.5 (1.1) 2.7 109Village Banking 7.0 46 7.0 950 8.6 6.0 6.4 36.5 1.3 3.4 116OutreachSmall (Outreach) 15.0 178 13.0 2,090 6.3 5.1 6.4 36.4 0.4 3.1 113Medium (Outreach) 11.0 93 10.5 1,595 6.7 5.0 6.1 34.3 0.9 5.8 112Large (Outreach) 18.5 143 16.0 1,050 7.1 5.3 6.4 43.6 1.4 9.3 116Profit StatusProfit 20.0 178 20.0 1,600 7.1 5.4 6.3 34.3 1.2 7.3 114Not for Profit 11.5 106 10.0 1,600 6.6 5.1 6.4 40.6 0.9 4.1 113Region:Africa 19.0 96 19.0 560 6.1 6.0 8.0 28.1 (0.7) (2.3) 108Asia 7.0 55 6.0 950 7.1 6.0 6.3 59.5 1.3 9.6 113ECA 44.0 1,620 41.5 3,780 8.1 5.4 9.0 42.9 0.3 2.8 117LAC 15.0 439 13.0 3,340 5.7 5.0 4.0 30.9 1.8 7.3 112MENA 2.0 26 2.0 1,500 5.3 5.8 5.4 96.2 2.4 3.5 119ScaleSmall (Scale) 10.0 91 9.0 1,650 6.3 5.1 6.4 36.4 0.1 1.1 112Medium (Scale) 11.0 98 10.0 1,590 6.7 5.2 6.4 40.6 0.9 4.5 113Large (Scale) 29.5 402 26.0 1,600 7.1 5.1 6.1 38.5 1.4 8.5 115Sustainability:FSS 16.0 251 15.0 2,090 7.1 5.0 6.1 38.5 2.8 12.2 122Non-FSS 13.0 100 13.0 1,505 6.3 5.6 7.0 36.0 (4.2) (11.6) 96Target Market:Low end 4.0 35 3.0 1,600 7.1 5.3 6.3 42.9 1.0 4.1 110Broad 18.0 231 17.0 1,650 6.8 5.1 6.3 36.0 1.3 6.5 115High end 36.5 327 34.5 1,175 6.2 4.9 8.6 33.5 0.8 4.2 113Small Business 82.0 457 73.5 610 7.5 6.0 9.1 29.5 0.3 3.5 117COMPOUND PEER GROUPSAfrica Small FSS 10.0 51 10.0 495 4.6 4.7 6.0 31.1 2.5 6.2 124Africa Small Non FSS 16.0 61 15.0 495 6.1 6.3 10.7 29.5 (8.5) (14.5) 95Africa Medium FSS 12.0 80 12.0 535 6.2 6.0 10.0 22.7 2.9 8.7 132Africa Medium Non FSS 17.0 85 17.5 400 6.8 6.8 7.0 28.1 (6.4) (19.2) 93Africa Large FSS 34.0 145 33.5 600 6.1 6.5 6.1 28.1 1.1 7.8 123Africa Large Non FSS 35.0 191 35.0 610 4.7 4.1 5.9 31.4 (1.8) (10.2) 98Asia Small FSS 5.5 77 5.5 1,600 7.1 3.7 6.2 59.5 2.5 12.3 119Asia Small Non FSS 6.5 44 4.0 1,540 6.8 6.0 6.3 59.5 (8.2) (21.0) 86Asia Medium FSS 10.0 80 7.0 1,600 7.1 3.7 6.3 59.5 2.1 16.1 119Asia Medium Non FSS 3.0 21 3.0 950 9.1 6.0 7.6 59.2 (9.7) (12.4) 84Asia Large FSS 10.5 112 8.0 950 9.1 4.8 6.4 59.5 2.9 14.9 124Asia Large Non FSS 7.0 35 6.5 860 7.9 6.0 7.6 59.2 (2.7) (16.9) 100ECA Small FSS 42.5 3,134 41.5 4,970 8.1 5.1 9.0 42.9 2.7 6.8 133ECA Small Non FSS 55.0 3,676 48.5 4,460 8.1 5.1 9.0 42.9 (5.9) (10.6) 104ECA Medium FSS 23.0 1,226 18.0 2,710 8.2 6.7 9.0 36.0 5.3 15.8 143ECA Medium Non FSS 48.0 2,826 38.0 4,460 8.1 5.1 9.0 42.9 (4.8) (7.4) 102ECA Large FSS 45.0 1,466 38.5 2,710 8.2 5.4 6.4 33.4 2.7 13.0 124ECA Large Non FSS 51.0 1,576 51.0 3,360 7.9 5.7 9.0 36.6 (2.0) (8.2) 100LAC Small FSS 5.0 162 5.0 3,340 4.7 5.0 3.6 27.1 3.5 9.5 119LAC Small Non FSS 9.0 281 9.0 4,100 5.2 5.0 4.0 30.8 (7.4) (15.8) 81LAC Medium FSS 15.0 299 11.0 3,150 5.7 4.9 4.0 30.9 3.8 10.2 118LAC Medium Non FSS 3.0 78 3.0 3,175 3.4 5.3 4.5 35.1 (3.3) (15.2) 98LAC Large FSS 31.0 835 28.0 3,340 6.3 4.7 4.0 30.9 2.4 14.9 118LAC Large Non FSS 18.0 719 18.0 4,100 6.0 6.3 5.5 30.9 (1.5) (8.9) 98MENA Small FSS 2.0 22 2.0 1,500 7.1 8.0 7.9 96.2 5.1 5.7 139MENA Small Non-FSS 2.0 36 2.0 950 3.3 5.0 7.9 35.2 (14.1) (21.0) 85MENA Medium FSS n/a n/a n/a 1,500 6.8 5.8 7.4 96.2 3.7 6.9 136MENA Medium Non-FSS n/a n/a n/a 1,500 6.6 5.4 5.4 96.2 (2.3) (10.9) 96MENA Large FSS n/a n/a n/a 2,625 6.6 5.4 5.4 104.8 3.7 8.9 132MENA Large Non-FSS 11.0 199 11.0 1,620 2.7 3.7 2.7 80.8 (2.3) (8.9) 80For 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 pp53. “n/a” denotes results for Peer Groups with less than three observationsMicrofinance Information eXchange, Inc49

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 20092008 MFI Benchmarks - Median ValuesFinancialSelf-SufficiencyFinancialRevenue/AssetsREVENUESProfitMarginYield onGrossPortfolio(nominal)Yield onGrossPortfolio(real)TotalExpense/AssetsFinancialExpense/AssetsProvisionfor LoanImpairment/AssetsEXPENSESOperatingExpense/AssetsPersonnelExpense/AssetsAdministrativeExpense/AssetsPEER GROUPUnits % % % % % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 105.6 25.8 5.4 31.1 22.8 24.6 6.8 1.4 14.5 8.2 6.1SIMPLE PEER GROUPSAgeNew 95 28.0 (4.7) 35.5 26.3 32.5 8.0 1.7 21.7 11.7 8.5Young 103 25.5 2.9 35.0 24.5 26.4 7.8 1.2 15.3 8.8 6.8Mature 108 25.5 7.3 28.9 21.6 23.0 6.5 1.4 13.3 7.5 5.6Charter Type:Bank 105 20.5 4.3 27.1 16.3 20.1 7.3 1.4 10.0 5.5 4.7Credit Union 103 18.1 3.1 21.9 17.5 18.8 5.7 1.3 10.8 5.1 4.8NBFI 108 27.6 7.6 32.9 24.3 26.0 7.9 1.5 15.7 9.0 6.5NGO 102 27.3 2.3 33.8 25.5 27.8 6.3 1.6 18.2 10.6 7.3Rural Bank 115 24.7 13.0 33.0 26.7 22.4 5.3 1.1 12.7 6.5 6.7Financial IntermediationNon FI 104 27.9 4.1 33.3 24.7 27.0 7.3 1.5 16.4 9.2 6.5Low FI 105 26.2 4.2 34.0 24.3 27.2 7.6 1.0 17.0 9.7 7.1High FI 106 21.9 5.9 28.3 21.1 21.8 5.9 1.4 12.1 6.3 5.6Methodology:Individual 107 23.8 7.3 30.1 21.8 21.9 7.2 1.4 11.6 6.5 5.2Individual/Solidarity 106 27.6 5.7 34.7 25.9 26.5 6.8 1.5 17.1 9.4 7.1Solidarity 99 25.0 (0.7) 30.9 20.8 27.8 6.7 0.9 19.2 10.1 7.0Village Banking 107 27.1 6.4 30.8 24.2 24.8 6.6 0.9 17.8 10.3 6.6OutreachSmall (Outreach) 103 25.8 3.0 32.5 24.2 26.5 6.6 1.3 14.6 8.4 6.7Medium (Outreach) 105 27.2 4.4 33.7 24.4 26.8 6.5 1.9 16.6 9.4 7.2Large (Outreach) 109 24.2 8.4 28.6 21.3 22.2 7.3 1.3 12.5 6.7 5.1Profit StatusProfit 108 25.8 7.3 31.9 23.8 23.9 7.7 1.3 14.1 7.4 6.1Not for Profit 103 25.8 3.3 30.6 22.5 25.6 6.5 1.6 14.6 8.5 6.2Region:Africa 96 25.4 (3.7) 32.6 23.1 27.6 4.8 1.6 18.5 9.2 9.3Asia 108 24.3 8.0 29.1 20.3 23.5 7.4 0.8 13.9 7.9 5.4ECA 104 24.4 4.0 29.5 19.3 24.4 8.9 1.3 12.8 7.2 5.1LAC 107 27.9 6.9 34.0 26.8 26.1 6.6 2.0 15.8 8.7 6.5MENA 107 22.8 6.8 33.2 22.7 21.6 4.5 0.7 14.6 10.0 4.8ScaleSmall (Scale) 100 28.0 0.4 35.7 27.3 30.5 5.9 1.3 20.4 10.6 8.3Medium (Scale) 104 27.0 4.1 33.5 24.0 27.1 7.0 1.6 16.6 9.3 6.8Large (Scale) 109 23.7 8.4 27.6 20.2 21.6 7.1 1.4 12.1 6.5 5.0Sustainability:FSS 116 27.2 13.8 31.7 24.2 22.7 6.7 1.2 13.1 7.4 5.6Non-FSS 81 22.7 (22.0) 30.6 21.1 29.0 7.0 2.3 16.7 9.8 7.3Target Market:Low end 103 29.7 2.8 37.9 29.2 30.4 7.0 1.2 21.1 12.0 7.8Broad 107 25.1 6.8 29.3 21.7 23.3 6.8 1.6 13.1 7.2 5.7High end 106 20.0 6.1 23.2 15.6 19.8 6.5 1.4 11.7 5.5 5.3Small Business 101 19.1 0.9 23.3 16.6 19.9 7.9 1.4 10.2 5.0 4.5COMPOUND PEER GROUPSAfrica Small FSS 115 30.8 13.1 36.5 27.8 28.5 3.0 1.7 24.3 10.1 14.3Africa Small Non FSS 73 26.7 (37.2) 36.0 27.0 32.5 7.0 2.2 25.3 10.0 8.9Africa Medium FSS 116 25.0 15.9 27.1 22.7 21.6 5.0 0.9 15.2 7.5 7.2Africa Medium Non FSS 81 24.4 (23.5) 37.5 28.1 32.1 4.7 2.9 26.7 12.1 10.0Africa Large FSS 109 26.6 7.8 33.1 23.4 23.6 4.7 1.6 17.3 7.6 10.2Africa Large Non FSS 88 19.0 (13.9) 21.6 16.7 24.4 5.1 1.6 15.6 8.0 7.7Asia Small FSS 115 36.5 12.9 41.2 35.7 34.4 5.6 1.2 21.1 11.5 11.4Asia Small Non FSS 76 25.8 (32.0) 32.1 19.1 35.2 6.6 3.1 20.4 12.7 8.2Asia Medium FSS 116 24.9 14.0 30.6 24.2 20.9 6.6 0.5 11.4 5.8 5.9Asia Medium Non FSS 77 22.1 (30.1) 28.7 16.6 34.2 7.3 4.2 21.4 12.0 6.6Asia Large FSS 119 25.4 15.6 29.8 21.8 20.6 8.4 0.5 10.5 6.2 4.5Asia Large Non FSS 86 17.8 (11.5) 23.9 14.3 22.2 7.3 1.2 12.1 7.0 4.2ECA Small FSS 118 37.7 14.9 37.8 25.8 31.4 10.4 0.9 17.2 9.1 5.5ECA Small Non FSS 77 18.7 (29.4) 27.0 14.0 29.4 9.3 1.3 11.4 7.1 5.1ECA Medium FSS 123 37.9 18.5 40.3 28.5 28.2 11.4 1.3 13.7 9.1 5.7ECA Medium Non FSS 91 22.0 (10.1) 29.0 21.2 25.1 8.4 1.5 16.3 9.2 5.6ECA Large FSS 117 23.3 14.6 26.2 17.9 18.7 7.7 1.1 9.6 5.0 4.4ECA Large Non FSS 93 21.6 (7.6) 26.9 18.3 25.8 8.8 2.5 12.8 7.3 6.1LAC Small FSS 116 30.4 13.6 44.1 35.2 26.1 4.8 0.9 17.4 9.6 7.1LAC Small Non FSS 78 28.0 (27.6) 48.9 39.3 34.3 5.0 2.6 26.2 16.4 11.0LAC Medium FSS 114 32.7 12.5 35.5 29.9 28.6 6.7 1.8 17.7 9.9 7.2LAC Medium Non FSS 85 36.7 (13.3) 41.1 34.2 46.7 6.8 4.4 31.4 15.3 10.9LAC Large FSS 115 26.3 12.8 28.9 23.5 22.0 6.9 2.2 12.1 6.2 5.2LAC Large Non FSS 90 18.1 (11.3) 22.2 15.8 22.0 7.6 2.9 12.8 6.0 5.4MENA Small FSS 123 22.0 18.9 35.2 23.1 13.6 4.9 0.4 8.0 5.2 6.7MENA Small Non-FSS 55 22.8 (80.2) 33.2 23.4 41.1 0.7 (0.2) 35.8 17.5 9.8MENA Medium FSS 113 30.4 11.9 34.8 25.6 25.4 5.8 2.1 20.1 13.3 6.3MENA Medium Non-FSS 89 21.6 (12.6) 35.4 23.9 24.1 2.1 0.4 17.2 10.8 5.6MENA Large FSS 121 21.6 17.3 33.2 22.7 17.2 4.3 0.5 14.3 9.2 3.9MENA Large Non-FSS 80 21.5 (25.4) 21.5 16.5 23.7 5.1 3.7 12.1 6.9 3.4For 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 pp53. “n/a” denotes results for Peer Groups with less than three observations50Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLES2008 MFI Benchmarks - Median ValuesAdjustmentExpense/AssetsOperatingExpense/LoanPortfolioPersonnelExpense/LoanPortfolioEFFICIENCYAverageSalary/GNIper CapitaCost perBorrowerCost perLoanBorrowersper StaffMemberLoansper StaffMemberPRODUCTIVITYBorrowersper LoanOfficerLoansper LoanOfficerDepositorsper StaffMemberPEER GROUPUnits % % % x USD USD nb nb nb nb nbYear: 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 1.1 20.0 10.9 3.7 139 139 100 103 245 252 104SIMPLE PEER GROUPSAgeNew 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 124Charter 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 175Financial 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 187Methodology: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 88OutreachSmall (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 142Profit 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 102Region: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 0ScaleSmall (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 106Sustainability: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 81Target 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 88COMPOUND 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 3For 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 pp53. “n/a” denotes results for Peer Groups with less than three observationsMicrofinance Information eXchange, Inc51

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 20092008 MFI Benchmarks - Median ValuesDepositAccounts perStaff MemberPRODUCTIVITYPersonnelAllocationRatioPortfolio atRisk > 30 DaysPortfolio atRisk > 90 DaysRISK AND LIQUIDITYWrite-off Ratio Loan Loss Rate Risk CoverageRatioNon-earningLiquid Assetsas a % of TotalAssetsPEER GROUPUnits nb % % % % % % %Year: 2008 2008 2008 2008 2008 2008 2008 2008All MFIs 136 44.5 3.1 1.6 1.0 0.8 81.0 12.2SIMPLE PEER GROUPSAgeNew 80 45.5 2.8 1.2 0.3 0.2 68.6 10.7Young 123 46.3 2.9 1.3 0.9 0.8 84.0 14.7Mature 163 43.3 3.2 1.7 1.3 0.9 84.3 12.2Charter Type:Bank 141 34.2 2.8 1.3 1.2 0.9 100.8 18.6Credit Union 267 31.8 3.6 2.0 1.0 0.8 54.0 8.9NBFI 107 45.5 3.2 1.5 0.8 0.7 84.0 10.9NGO 101 50.9 3.2 1.8 1.3 0.9 83.7 11.8Rural Bank 184 33.3 1.7 1.1 0.9 0.8 159.9 18.4Financial IntermediationNon FI 0 46.7 3.2 1.7 1.0 0.8 82.0 9.4Low FI 109 50.0 3.0 1.4 0.6 0.4 77.8 14.5High FI 198 36.2 3.2 1.7 1.3 1.1 80.8 15.1Methodology:Individual 95 36.9 3.4 1.6 1.2 0.9 81.4 9.8Individual/Solidarity 113 44.9 3.4 1.7 1.3 1.0 69.6 13.3Solidarity 208 56.2 1.5 0.6 0.2 0.2 112.3 14.4Village Banking 88 55.9 1.0 0.4 0.5 0.3 147.0 10.3OutreachSmall (Outreach) 104 40.0 3.7 1.8 0.9 0.7 62.1 10.1Medium (Outreach) 136 45.5 3.4 1.9 1.8 1.5 90.1 13.5Large (Outreach) 180 52.8 2.2 1.2 0.9 0.8 108.4 14.4Profit StatusProfit 127 41.0 2.7 1.3 1.0 0.8 89.9 15.0Not for Profit 146 46.0 3.3 1.8 1.0 0.9 77.0 10.5Region:Africa 243 41.4 4.7 2.3 1.6 1.1 57.1 16.1Asia 169 51.9 1.5 0.6 0.4 0.4 97.9 17.3ECA 49 36.9 2.0 1.0 0.4 0.3 79.2 5.5LAC 53 43.8 4.2 2.4 2.3 1.8 93.4 11.0MENA 67 54.4 2.4 0.8 0.9 0.4 72.5 19.6ScaleSmall (Scale) 108 44.4 3.7 1.9 0.9 0.7 60.8 11.8Medium (Scale) 162 45.5 3.1 1.7 1.0 0.9 79.2 11.4Large (Scale) 150 44.0 2.5 1.3 1.1 0.8 105.0 13.4Sustainability:FSS 133 43.7 2.4 1.3 0.8 0.7 95.5 11.8Non-FSS 106 46.3 4.7 2.4 1.9 1.5 66.4 12.3Target Market:Low end 133 53.8 2.9 1.4 0.8 0.6 79.9 13.3Broad 140 39.9 3.2 1.8 1.4 1.1 84.8 10.8High end 171 33.2 4.4 2.6 0.9 0.7 67.8 12.4Small Business 154 25.0 2.3 1.0 0.7 0.6 71.8 16.3COMPOUND PEER GROUPSAfrica Small FSS 221 48.6 4.0 1.6 1.0 1.0 53.3 13.5Africa Small Non FSS 155 45.6 5.9 2.9 2.1 2.1 48.2 16.6Africa Medium FSS 285 43.8 3.8 2.5 2.8 2.4 64.9 11.3Africa Medium Non FSS 201 45.1 5.3 2.7 2.3 2.1 74.3 16.6Africa Large FSS 331 33.5 4.4 1.8 1.2 0.9 50.9 17.9Africa Large Non FSS 242 31.5 5.5 4.5 2.7 2.7 65.3 13.7Asia Small FSS 124 47.5 2.2 1.4 0.7 0.7 85.6 18.5Asia Small Non FSS 124 51.7 4.7 3.3 1.9 2.2 57.7 18.8Asia Medium FSS 246 54.0 0.6 0.3 0.3 0.3 165.1 16.8Asia Medium Non FSS 168 58.3 4.0 3.3 0.7 0.7 90.7 17.1Asia Large FSS 109 53.6 0.4 0.2 0.2 0.1 183.1 17.1Asia Large Non FSS 159 56.9 2.4 0.7 0.6 0.5 99.6 16.5ECA Small FSS 21 32.5 1.9 0.9 0.0 0.0 50.0 2.8ECA Small Non FSS 45 33.3 2.9 1.1 0.4 0.1 50.0 4.4ECA Medium FSS 91 37.0 1.9 0.5 0.2 0.2 79.7 5.5ECA Medium Non FSS 47 42.9 3.1 1.0 0.8 0.5 55.5 4.6ECA Large FSS 164 41.4 1.6 0.8 0.5 0.5 103.1 9.2ECA Large Non FSS 43 41.0 3.2 1.6 1.4 1.1 96.5 11.6LAC Small FSS 0 43.0 3.7 2.1 0.9 0.9 100.0 10.7LAC Small Non FSS 0 48.4 6.1 3.1 4.2 3.7 62.3 12.1LAC Medium FSS 22 45.2 4.3 2.2 2.3 1.9 95.1 9.5LAC Medium Non FSS 67 45.7 7.9 4.2 4.6 4.1 63.1 9.3LAC Large FSS 140 40.4 3.2 1.9 2.0 1.8 116.6 12.6LAC Large Non FSS 84 43.4 6.9 4.4 2.2 1.8 91.4 10.8MENA Small FSS 143 43.9 1.6 0.7 0.0 0.0 58.6 29.2MENA Small Non-FSS 42 55.0 5.7 0.6 5.6 5.6 58.0 23.5MENA Medium FSS n/a 67.4 3.0 2.6 0.0 0.0 92.1 19.8MENA Medium Non-FSS n/a 54.4 1.9 0.6 1.8 0.7 63.9 21.9MENA Large FSS n/a 54.2 1.9 1.2 0.4 0.2 74.9 14.5MENA Large Non-FSS 22 58.6 1.7 1.0 0.6 0.4 532.1 19.0For 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 pp53. “n/a” denotes results for Peer Groups with less than three observations52Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESIndicator DefinitionsChanges 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 intoUSD, and ways in which aggregate data is displayed. Users will find more details about changes to currency translation, averages, financial statement and product data bygoing to www.mixmarket.org > About MIX Market > About the Data.INSTITUTIONAL CHARACTERISTICSNumber of MFIsAgeTotal AssetsOfficesPersonnelFINANCING STRUCTURECapital/Asset RatioDebt to EquityDeposits to LoansDeposits to Total AssetsPortfolio to AssetsOUTREACH INDICATORSNumber of Active BorrowersPercent of Women BorrowersNumber of Loans OutstandingGross Loan PortfolioAverage Loan Balance per BorrowerAverage Loan Balance per Borrower/GNI per CapitaAverage Outstanding BalanceAverage Outstanding Balance/GNI per CapitaNumber of DepositorsNumber of Deposit AccountsDepositsAverage Deposit Balance per DepositorAverage Deposit Balance per Depositor/GNI per capitaAverage Deposit Account BalanceAverage Deposit Account Balance/GNI per capitaMACROECONOMIC INDICATORSGNI per CapitaGDP Growth RateDeposit RateInflation RateFinancial DepthOVERALL FINANCIAL PERFORMANCEReturn on AssetsReturn on EquityOperational Self-SufficiencyFinancial Self-SufficiencyREVENUESFinancial Revenue/AssetsProfit MarginYield on Gross Portfolio (nominal)Yield on Gross Portfolio (real)EXPENSESTotal Expense/AssetsFinancial Expense/AssetsProvision for Loan Impairment/AssetsOperating Expense/AssetsPersonnel Expense/AssetsAdministrative Expense/AssetsAdjustment Expense/AssetsEFFICIENCYOperating Expense/Loan PortfolioPersonnel Expense/Loan PortfolioAverage Salary/GNI per CapitaCost per BorrowerCost per LoanPRODUCTIVITYBorrowers per Staff MemberLoans per Staff MemberBorrowers per Loan OfficerLoans per Loan OfficerDepositors per Staff MemberDeposit Accounts per Staff MemberPersonnel Allocation RatioRISK AND LIQUIDITYPortfolio at Risk > 30 DaysPortfolio at Risk > 90 DaysWrite-off RatioLoan Loss RateRisk Coverage RatioNon-earning Liquid Assets as a % of Total AssetsSample Size of GroupYears Functioning as an MFITotal Assets, adjusted for Inflation and standardized provisioning for loan impairment and write-offsNumber, including head officeTotal number of staff membersAdjusted Total Equity/Adjusted Total AssetsAdjusted Total Liabilities/Adjusted Total EquityVoluntary Deposits/Adjusted Gross Loan PortfolioVoluntary Deposits/Adjusted Total AssetsAdjusted Gross Loan Portfolio/Adjusted Total AssetsNumber of borrowers with loans outstanding, adjusted for standardized write-offsNumber of active women borrowers/Adjusted Number of Active BorrowersNumber of loans outstanding, adjusted for standardized write-offsGross Loan Portfolio, adjusted for standardized write-offsAdjusted Gross Loan Portfolio/Adjusted Number of Active BorrowersAdjusted Average Loan Balance per Borrower/GNI per CapitaAdjusted Gross Loan Portfolio/Adjusted Number of Loans OutstandingAdjusted Average Outstanding Balance/GNI per CapitaNumber of depositors with any type of deposit accountNumber of all deposit accountsTotal value of all deposit accountsDeposits/Number of DepositorsAverage Deposit Balance per Depositor/GNI per capitaDepositors/Number of Deposit AccountsAverage Deposit Account Balance/GNI per capitaTotal income generated by a country's residents, irrespective of location/Total number of residents(World Development Indicators)Annual growth in the total output of goods and services occurring within the territory of a givencountry (World Development Indicators)Interest rate offered to resident customers for demand, time, or savings deposits (IMF/InternationalFinancial Statistics)Annual change in average consumer prices (IMF/International Financial Statistics)Money aggregate including currency, deposits and electronic currency (M3)/GDP, measuring themonetization of the economy (IMF/International Financial Statistics)(Adjusted Net Operating Income - Taxes)/Adjusted Average Total Assets(Adjusted Net Operating Income - Taxes)/Adjusted Average Total EquityFinancial Revenue/(Financial Expense + Impairment Losses on Loans + Operating Expense)Adjusted Financial Revenue/Adjusted (Financial Expense + Impairment Losses on Loans + OperatingExpense)Adjusted Financial Revenue/Adjusted Average Total AssetsAdjusted Net Operating Income/Adjusted Financial RevenueAdjusted Financial Revenue from Loan Portfolio/Adjusted Average Gross Loan Portfolio(Adjusted Yield on Gross Portfolio (nominal) - Inflation Rate)/(1 + Inflation Rate)Adjusted (Financial Expense + Net Impairment Loss + Operating Expense)/Adjusted Average Total AssetsAdjusted Financial Expense/Adjusted Average Total AssetsAdjusted Impairment Losses on Loans/Adjusted Average Total AssetsAdjusted Operating Expense/Adjusted Average Total AssetsAdjusted Personnel Expense/Adjusted Average Total AssetsAdjusted Administrative Expense/Adjusted Average Total Assets(Unadjusted Net Operating Income - Adjusted Net Operating Income)/Adjusted Average Total AssetsAdjusted Operating Expense/Adjusted Average Gross Loan PortfolioAdjusted Personnel Expense/Adjusted Average Gross Loan PortfolioAdjusted Average Personnel Expense/GNI per capitaAdjusted Operating Expense/Adjusted Average Number of Active BorrowersAdjusted Operating Expense/Adjusted Average Number of LoansAdjusted Number of Active Borrowers/Number of PersonnelAdjusted Number of Loans Outstanding/Number of PersonnelAdjusted Number of Active Borrowers/Number of Loan OfficersAdjusted Number of Loans Outstanding/Number of Loan OfficersNumber of Depositors/Number of PersonnelNumber of Deposit Accounts/Number of PersonnelNumber of Loan Officers/Number of PersonnelOutstanding balance, portfolio overdue> 30 Days + renegotiated portfolio/Adjusted Gross Loan PortfolioOutstanding balance, portfolio overdue> 90 Days + renegotiated portfolio/Adjusted Gross Loan PortfolioAdjusted Value of loans written-off/Adjusted Average Gross Loan Portfolio(Adjusted Write-offs - Value of Loans Recovered)/Adjusted Average Gross Loan PortfolioAdjusted Impairment Loss Allowance/PAR > 30 DaysAdjusted Cash and banks/Adjusted Total AssetsMicrofinance Information eXchange, Inc53

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSAge: New(0 to 4 Years)Age: Young(5 to 8 Years)Age: Mature(> 8 Years)PEER GROUP–2008N * ** *** PARTICIPATING INSTITUTIONS191 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, ApoyoEconómico, 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, ColumbiaMicrocreditos, Common Interest, COOPAC Norandino, COOPEC Hinfani Dosso, CRAC NuestraGente, 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, MicreditoSAC, Microfinanciera Prisma, Mikrokredit Bank, MikroMaliyye Credit, Mimo Finance, MLFKiropol, MLF Madina, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, MoFAD, Mol BulakFinance, Nadejda, NCS, NEED, Neftegaz, NMFB, Nov Credit, Obereg (Vladivostok), OI China, OISL,Opportunity Finance, Opportunity Kenya, OXUS - AFG, OXUS - KGS, Partner Russia, PAWDEP, PNGMicrofinance Ltd, POMFB, Popular SAFI, Povoljye, ProCredit - COL, ProCredit - HND, ProCreditBank - 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, TeCreemos, TMFB, Trident Microfinance, Tsimlyansk, Tujijenge, Turame Community Finance, UCCECGY, Ujjivan, UMECDES, UNION DES COOPECs UMUTANGUHA, VFM, Vivir Soluciones, VostokKapital, WISE, WOCCU - AFG, WWI - AFG203 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, AMCde R.L., AMEXTRA, AML, AMOS, APED, APROS, Aqroinvest, ARDI, ARMP, Asasah, Asociación ElBalsamo, 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, COACFondvida, 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, EDPYMEPro 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, KomakCredit, KosInvest, Kredo, KRK Ltd, Lak Jaya, Lazika Capital, Lead Foundation, LIDER, Life Bank, M7Ninh 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, PATRAYanbian, 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, Wasasa657 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, ApoyoIntegral, ARD, ARDCI, ASA, ASALA, ASBA, ASC Union, ASDIR, ASEI, ASHI, ASIDME, ASKI, AsociaciónArariwa, Asociación Raíz, ASODENIC, ASOPROSANRAMON, ASPIRE, Avanzar, AWS, AYNLA,Azercredit, Azerdemiryolbank, Banco ADEMI, Banco da Familia, Banco do Empreendedor, Bancodo 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, BPRTaman Dhana, BRAC, BSS, BTA Bank, BURO Bangladesh, BWDC, CAFASA, Caja Depac Poblana,Caja Popular Mexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, CAPPED, CARD Bank,54Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSCharter Type: Bank(Bank)N * ** *** PARTICIPATING INSTITUTIONSCARD 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-PROMMature, 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, CMACPisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC4 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 SacAiet, 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 SanCristóbal, COOPAC San Martín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC SantoDomingo, COOPAC Tocache, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, CPECG YeteMali, 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 PaysDogon, CVECA SOUM, CWCD, DAMEN, DBACD, DEC, DECSI, DEF, DEPROSC-Nepal, DespachoAmador, Diaconia, Dian Mandiri, DINARI, DJOMEC, DSK Dobrich, D-Miro, Doveriye (Amursk),Doveriye- Bulgaria, Doveriye-Altay, DSPI, ECLOF - ECU, EcoFuturo FFP, EDAPROSPO, EdinstvoYurga, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYME Proempresa,EDPYME Raíz, EKI, EKPA, Emprender, Enda, ENLACE, Equity Bank, ESAF, ESED, EspaciosAlternativos, 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, FondoEsperanza, Fonkoze, Fortaleza FFP, FORUS, FOVIDA, FRAC, FUBODE, FUCEC Togo, FUDEMI,FULM, FUNBODEM, Fundación 4i-2000, Fundación Amanecer, Fundación CAMPO, FundaciónEsperanza, 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, GénesisEmpresarial, 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, InterfisaFinanciera, Jamii Bora, Janodaya, JCF, Jigiyaso Ba, JSC Bank Constanta, JSCCS, Juaben RB, JVS, KafoJiginew, 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, MECAFER, MEC FEPRODES, MECREF, MEDF, MED-Net, MEMCO, MFW, MGBB, MiBanco, MI-BOSPO, CoopMEDA, Microserfin, Microsol, MIDE, MIKRA, Mikro ALDI, Mikrofond, Miselini, Miziya, MLF Chiluchorchashma, 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, OpportunityAlbania, Otiv Alaotra, Otiv Sambava, Otiv Tana, Otuasekan RB, OXUS - TJK, PADME, PAIDEK, PALFSI,PAMECAS, PAPME, Parabank, PARC, Partner, PASECA - Kayes, PBC, PEACE, Perelik, PGBB, Pomoriiskistopanin, 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, Samokov96, 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, UCADEAmbato, 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, Womenfor Women, World Relief - HND, WSE, WWB Cali, XacBank, Zakoura,82 6 62 14 ACBA, AccessBank, ACLEDA, ACLEDA Lao, ADOPEM, Agroinvestbank, Aiyl Bank, Akiba, Al RafahBank, AMfB, Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Amigo, Banco Familiar, BancoPopular 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,Microfinance Information eXchange, Inc55

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSCharter Type: Credit Union(Credit Union)Charter Type: NBFI(Non - Bank FinancialIntermediary)N * ** *** PARTICIPATING INSTITUTIONSProCredit - ECU, ProCredit - HND, ProCredit - NIC, ProCredit - SLV, ProCredit Bank - ALB, ProCreditBank - 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, XacBank182 99 72 11 ACEP Senegal, ACFB, Aetos, Agroimpuls, Alternativa, Alteya, AMMACTS, Aqroinvest, ASCUnion, ASR, Avantaj, Blago, BMSCCSL, BMT Kayu Manis, BRCCC, CACMU, Caja Depac Poblana,Caja Popular Mexicana, CamCCUL, CCAMETRO, CDM, CECA, CEC-PROM Mature, Central CresolBaser, Chandeshwori, CMCA, CMMB, CMS, COAC 4 de Octubre, COAC Acción Rural, COACAmbato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COACHuaycopungo, 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, COACPallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC SantaAna, COAC Santa Anita, CODESARROLLO, Comultrasan, Coop 20 de Abril, Coop Avances, CoopFátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC León XIII,COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC San Martín, COOPACSanta Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPECHinfani 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, Nadejda96, Narodniy Kredit_Kemerov, Neftegaz, Nyesigiso, Obereg (Vladivostok), Otiv Alaotra, OtivDiana, Otiv Sambava, Otiv Tana, PAMECAS, Partner Russia, PASECA - Kayes, Perelik, Pomoriiskistopanin, 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 - AFG338 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, AREGAKUCO, Arnur Credit, Arohan, ASP Financiera, ASTI, ASUSU CIIGABA, AWS, Azercredit, Azeri Star, BaiTushum, 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, EDPYMEAlternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Credivisión, EDPYMEEfectiva, EDPYME Nueva Visión, EDPYME Pro Negocios, EDPYME Proempresa, EDPYME Raíz,Ehyoi kuhiston, EKI, Elet-Capital, ENLACE, Equitas, Eshet, Crezkamos Kapital, Fácil SCM, FAMAOPDF, 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, FortalezaFFP, Fundusz Mikro, Garant-Invest, Gasha, GAWFA, GCM, GFSPL, GOF, GRAINE sarl, Grupo RíoLa 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, KhushhaliBank, 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, MLFMicroInvest, 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, OpportunityKenya, 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, VivirSoluciones, VRFSBS, Wasasa, Nationwide Microbank, WDB, Wisdom, WISE, WWI - AFG56Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSCharter Type: NGO(Non Government Organization)Charter Type: Rural Bank(Rural Bank)Financial Intermediation:Non FI(Voluntary Savings/Total Assets= 0)N * ** *** PARTICIPATING INSTITUTIONS389 114 246 29 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, ACAD, ACEP Cameroon, ACME, ACORDE, ActuarCaldas, 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, RedeNovo 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, CEAPEPI, 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, CommonInterest, 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, FundaciónLeón 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, Fundación Paraguaya,FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEBASE, FUNDECOCA, FUNDENUSE, FUNDEPYME,FUNDESER, FUNDESPE, FUNED, FUNHAVI, FUNSALDE, FVP, Génesis Empresarial, GGEMMicrofinance Services Ltd., Grameen Mendoza, GU, HEED, Hekima, HiH, Hluvuku, Hofokam, Hopefor Life, Horizonti, HSPFI, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, IDDA, IDEPRO, IDERCV, IDESI Lambayeque, IDESPA, IDF, ID-Ghana, IDH, IDYDC, IMPRO, INMAA, INSOTEC, InstitutoEstrela, 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 MaiSon, 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, UCADEGuaranda, UCADE Latacunga, UCADE Santo Domingo, Vital Finance, VSSU, WAGES, WKP, Womenfor Women, World Relief - HND, WSE, WWB Cali, XXWDA, YYWDA, Zakoura84 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, BPRAditama 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, CARDBank, 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, NwabiagyaRB, Otuasekan RB, PBC, PGBB, PR Bank, Progressive Bank, RB Bagac, RB Cainta, RB Camalig, RBCotabato, 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, SiamBank, South Akim RB, SPGBB, Union RB, Upper Manya RB, Valiant RB398 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, AiylBank, 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, BerendinaMicrofinance, 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-Microfinance Information eXchange, Inc57

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSFinancial Intermediation:Low FI(Voluntary Savings/Total Assets> 0 and < 20%)N * ** *** PARTICIPATING INSTITUTIONSCredit, 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, EDPYMEProempresa, 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, FundaciónLeón 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, FundaciónParaguaya, 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 forLife, ICC BluSol, ICC MAUCE, IDEPRO, IDER CV, IDESI Lambayeque, IDESPA, IDH, ImerCredit,Imkoniyat, Imodi Hutal, IMPRO, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Interactuar, InvestCredit, 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, MicrofinancieraPrisma, 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, PATRAHunchun, 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, UCADEAmbato, 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, Zakoura159 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, AsociaciónArariwa, 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 AlHoss, 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, SEWAFinance, SFSD, SolFi, Solución Asea, Soro Yiriwaso, SPBD, SPGBB, SU, Tamweelcom, Tchuma, TeCreemos, TPC, Trident Microfinance, TSKI, Turame Community Finance, TYM, Ujjivan, VFC, WISE,WOCCU - AFG, World Relief - HNDFinancial 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 ofBaku, BCB, BCSC, BEES, Bessfa RB, BIMAS, Binhminh CDC, Blago, BMT Kayu Manis, BPR AN, BPRAK, BPR Artadamas Mandiri, BPR BBTM, BPR BKK Cilacap, BPR CAS, BPR Citama, BPR DMG, BPRHitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NSI, BPR Pinang Artha, BPR SAS, BPRSukawati 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, CAURIEMicro 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,58Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSN * ** *** PARTICIPATING INSTITUTIONSCMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMACPiura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, CMCA, CMEDFI, CMMB, CMS, COAC 4 deOctubre, COAC Acción Rural, COAC Ambato, COAC Artesanos, COAC Chone, COAC FernandoDaquilema, COAC Fondvida, COAC Huaycopungo, COAC Jardín Azuayo, COAC Kullki Wasi,COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COAC Minga, COAC Mushuc Runa, COACLa Nacional, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COACSan 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, COOPACSanta Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache, COOPEC/ACCO,COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG Yete Mali, CRAC Los Andes, CRAC NuestraGente, CRAC Profinanzas, CRAC Señor de Luren, CRAC Sipán, Credicoop, Crediscotia, CresolCentral, 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, JuabenRB, 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, LaCommunity Bank, LAPO-NGR, LAPO-SLE, Life Bank, LSK, Mahasemam, Mahila, Mahuli, MalligPlains RB, Manushi, Mbinga CB, MC², MEC AFER, MEC FEPRODES, MECBAS, MECREF, MGPCCDEKAWOWO, 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, OtivSambava, 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, SouthAkim RB, Soyuz-Khimik, SoyuzKredit, Soyuz-Primoroye, Stanichnik, TIAVO, TMFB, Tsaritsinskiypassaj, 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, XacBankMethodology: 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, BerendinaMicrofinance, 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, COACMushuc Runa, COAC La Nacional, COAC Pallatanga, COAC San Antonio, COAC San José, COACSanta 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 ProNegocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, Express Finance, FácilSCM, 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, JuabenRB, 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, MikroALDI, Mikrofond, Mikrokredit Bank, MLF Vahsh Microfin, MUL, Nachala, Nadejda, NarodniyKredit_Kemerov, Neftegaz, New RB of Victorias, OBM, OBS, OMRO, Opportunity Albania,Microfinance Information eXchange, Inc59

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSMethodology: Individual/Solidarity(Individual & Solidarity; orIndividual, Solidarity & VillageBanking)N * ** *** PARTICIPATING INSTITUTIONSOpportunity Finance, PARC, Partner, Partner Russia, PATRA Hunchun, Popular Kasa-Kystendil,Popular SAFI, PRESTANIC, ProCaja, ProCredit - ECU, ProCredit - GHA, ProCredit - HND, ProCreditBank - 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, Zakoura272 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, AsociaciónRaíz, ASODENIC, ASTI, AYNLA, Azal, Azercredit, Azeri Star, Bai Tushum, Banco Santiago de Libon,BanCovelo, BanGente, Bangko Kabayan, Bangko Mabuhay, BASIX, Bereke, BOM, BPR CAS, BPRNBP 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, CEAPEPE, 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 PadreVicente, 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 MacroBank, FMFB - TJK, FODEM, FODEMI, FONCRESOL, FONDEP, FUBODE, FUCEC Togo, FUDEMI,Fundación 4i-2000, Fundación Alternativa, Fundación Esperanza, Fundación MICROS, FundaciónParaguaya, FUNDAHMICRO, FUNDAMIC, FUNDEA, FUNDEPYME, FUNDESPE, FUNSALDE, GénesisEmpresarial, 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 - HNDMethodology: 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 NinhPhuoc, 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, VFSMethodology: Village Banking 59 11 43 5 ADRA - PER, AgroCapital, Alternativa Microfinanzas, AMMACTS, ASA, ASEI, ASIDME, AsociaciónArariwa, Atwima Kwanwoma, BISWA, BWDC, COOPROGRESO, CReSA, CUMO, Diaconia, EDPYMEConfianza, FED, FIACG, FINCA - AZE, FINCA - ECU, FINCA - HTI, FINCA - KOS, FINCA - MWI, FINCA- TJK, FINCA - TZA, FINCA - UGA, FINCA - ZMB, FMCC, FONDECO, Fondo Esperanza, FundaciónEspoir, 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, SouthAkim RB, SSK, UCADE Ambato, Upper Manya RBOutreach: 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, Agênciado Crédito, AGAPE, Aqrarkredit, Agrocredit Plus, Agroimpuls, AGUDESA, A-invest, AkuapemRB, Al Awael, Al Rafah Bank, Alidé, Alliance Group, Alliance MFB, Alternativa, Alternativa 19del 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, BangkoLuzon, 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, BPRArtadamas 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 SukawatiPancakanti, BPR SKA, BPR Taman Dhana, BPR Wahana Sentra Artha, BRCCC, BZMF, CACMU,CAFASA, Caja Depac Poblana, CAPA, CAPPED, CARE - CREEME, Caritas Esteli,60Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSOutreach: Medium(Number of Borrowers ≥ 10,000and ≤ 30,000)N * ** *** PARTICIPATING INSTITUTIONSCasa do Microcrédito, CBIRD, CBMO, CCC, CDM, CDRO, CEADe, CEAPE BA, CEAPE PE, CEAPEPI, CECA, CECIC S.A., CEC-PROM Mature, CEDEF, CEF, CEP BRVT, CEP Long An, CEPESIU, CESOLACJ, CETZAM, CFE, CFF, Chamroeun, Chandeshwori, Childfund Hoa Binh, Chita FSBS, CHWDA,CIDRE, CMAC Pisco, CMCA, CMEDFI, CMMB, COAC 4 de Octubre, COAC Acción Rural, COACAmbato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COACHuaycopungo, COAC Kullki Wasi, COAC La Benéfica, COAC Luz del Valle, COAC MCCH, COACMinga, COAC Padre Vicente, COAC Pallatanga, COAC Sac Aiet, COAC San Antonio, COAC SanGabriel, COAC San José, COAC Santa Ana, COAC Santa Anita, Columbia Microcreditos, CommonInterest, Coop Avances, Coop Fátima, Coop Juan XXIII, COOPAC Chiquinquira, COOPAC LosAndes, 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, CUKosayu, CU Pantai Prigi, CU Sawiran, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECA SOUM,CWCD, CZWSDA, DAYAQ-Credit, Degaf, Despacho Amador, DINARI, Dirigible, DJOMEC, DSKDobrich, 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 GranPoder, 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, GrameenMendoza, Grameen Sahara, Grupo Río La Venta, Hekima, HDH OPDF, Hluvuku, HOPE, Hope forLife, Horizon, Horizonti, ICC BluSol, ICC Conquista Solidária, ICC MAUCE, ICMFB, IDEPRO, IDERCV, IDESI Lambayeque, IDESPA, ID-Ghana, IDH, IDYDC, IFDP, ImerCredit, Imkoniyat, Imodi Hutal,IMPRO, Impuls, Inicjatywa Mikro, INSOTEC, Instituto Estrela, Intellekt, Invest Credit, Invest-CreditMoldova, 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, MLFKiropol, 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, NewRB 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, SoluciónAsea, 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, UCADELatacunga, 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, YYWDA241 56 158 27 ABWA, ACEP Senegal, ACFB, ACME, ADRA - PER, AFS, AgroCapital, Agroinvestbank, Akiba, AlKarama, Al Majmoua, ALSOL, Alwatani, AMC de R.L., Ameen, AMSSF/MC, ANDE, APED, ApoyoIntegral, 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, BTABank, BWDC, CAFODEC, CCAMETRO, Cantilan Bank, Caritas, CAURIE Micro Finance, CBDIBA/RENACA, CEAPE MA, CEPRODEL, CEVI, CFA, CFPA, CHC-Limited, CHF Iraq, CMAC Del Santa, CMACMaynas, CMAC Paita, COAC Jardín Azuayo, COCDEP, CODESARROLLO, Conserva, Contactar, Coop20 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,Microfinance Information eXchange, Inc61

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSOutreach: Large(Number of Borrowers> 30,000)N * ** *** PARTICIPATING INSTITUTIONSCRYSOL, 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, FondoEsperanza, Fonkoze, Forjadores de Negocios, FORUS, FRAC, FUBODE, Fundación Esperanza,Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO, FUNDEA, FUNDENUSE, FunduszMikro, 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 - AFG273 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, ApoyoEconómico, ARDI, Arohan, ASA, ASA Philippines, ASBA, ASKI, ASODENIC, ASUSU CIIGABA, AWS,Azerdemiryolbank, Bancamía, Banco ADEMI, Banco Familiar, Banco Popular do Brasil, BancoSolidario, 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, CARDNGO, Cashpor MC, CBB, CCA, CDS, Centenary Bank, Central Cresol Baser, CEOSS, CEP, CMACArequipa, 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, EDPYMEEfectiva, EDPYME Proempresa, EDPYME Raíz, EKI, Enda, Equitas, Equity Bank, ESAF, ESED, FAIRBank, 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, LOKMicrocredit 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, ProCreditBank - 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, SoroYiriwaso, 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, ZakouraProfit 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 delSur, 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 doBrasil, Banco Santiago de Libon, Banco Solidario, BancoEstado, BancoSol, BanCovelo, Bandhan,BANEX, BanGente, Bangko Kabayan, Bangko Luzon, Bangko Mabuhay, Bank Eskhata, Bank ofBaku, 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, BPRHitamajaya, BPR NBP 11, BPR NBP 19, BPR NBP 2, BPR NBP 30, BPR NSI, BPR Pinang Artha, BPRPKT, 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, CARDBank, 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, CrediFé, CrediAmigo, CrediAvance, Credi-Capital, CrediClub, CrediComún, Crediscotia, CREDIT, CreditMongol, Créditos Pronegocio, CREDITUYO, Crezcamos, CRG, Crystal, CU Kosayu, CU Pantai Prigi,DD Bank, DECSI, Degaf, Despacho Amador, Dirigible, Don Apoyo, Duterimbere, ECLOF - ARM,62Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSN * ** *** PARTICIPATING INSTITUTIONSEcoFuturo FFP, EDPYME Acceso Crediticio, EDPYME Alternativa, EDPYME Confianza, EDPYMECrear Arequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME ProNegocios, 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, FinancieraEdyficar, 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, Forjadoresde 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-CreditMoldova, 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, MikrokreditBank, 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 MicrofinanceLtd, POMFB, Popular SAFI, PR Bank, PRASAC, ProCredit - BOL, ProCredit - COL, ProCredit - ECU,ProCredit - GHA, ProCredit - HND, ProCredit - MDA, ProCredit - NIC, ProCredit - SLV, ProCreditBank - 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, RBPagbilao, RB Placer, RB San Jacinto, RB Siargao, RB Solano, RB Talisayan, Real Microcrédito, Redde 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, TridentMicrofinance, Tujijenge, Turame Community Finance, Ujjivan, Umid-Credit, UNICREICH, UnionRB, Upper Manya RB, Finance Trust, Valiant RB, VFC, VFS, Visión Banco, Vivir Soluciones, Wasasa,Nationwide Microbank, WDB, WISE, XacBankkProfit 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, AgrocreditPlus, 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, RedeNovo 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 DepacPoblana, 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, CMACMaynas, 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 JardínAzuayo, 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 deAbril, Coop Avances, Coop Fátima, Coop Jesús Nazareno, Coop Juan XXIII, COOPAC Chiquinquira,COOPAC León XIII, COOPAC Los Andes, COOPAC Norandino, COOPAC San Cristóbal, COOPAC SanMartín, COOPAC Santa Maria, COOPAC Santo Cristo, COOPAC Santo Domingo, COOPAC Tocache,COOPEC Hinfani Dosso, COOPEC/ACCO, COOPEDU-Kigali, COOPROGRESO, COSPEC, CPECG YeteMali, CRAN, CRECER, CredAgro NBCO, Credicoop, CREDIMUJER, Credisol, CREDO, CReSA, CresolCentral, CRYSOL, CSD, CU Sawiran, CUMO, CVECA Kita/Bafoulabé, CVECA Pays Dogon, CVECASOUM, 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, EdinstvoYurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Emprender, Enda, ESAF, ESED,Microfinance Information eXchange, Inc63

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSRegion: Africa(Sub - Saharan Africa)N * ** *** PARTICIPATING INSTITUTIONSEspacios 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, FundaciónLeón 2000, Fundación MICROS, Fundación Mujer, Fundación Nieborowski, FundaciónParaguaya, 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, ImodiHutal, IMPRO, Impuls, Indur MACS, INMAA, INSOTEC, Instituto Estrela, Intellekt, Interactuar,Izdiharona Microfinance, Jabal Al Hoss, Janodaya, JCF, Jigiyaso Ba, JOVID, JSCCS, JXWDA, KafoJiginew, 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, LifeBank, LOK Microcredit Foundation, LSK, M7 Can Loc, M7 DB District, M7 DBP City, M7 DongTrieu, 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, MLFKiropol, 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, PartnerRussia, 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, SaharaMahila, 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, UCADESanto Domingo, UCCEC GY, UCEC/MK, U-IMCEC, UMECDES, Umid, UNACOOPEC-CI, UNION DESCOOPECs UMUTANGUHA, UNRWA, UOB, USFSBS, USTOI, VBSP, VFM, Viator, Vital Finance, VostokKapital, VRFSBS, VSSU, VYCCU, WAGES, Wisdom, WKP, WOCCU - AFG, Women for Women, WorldRelief - HND, WSE, WWB Cali, WWI - AFG, XXWDA, YYWDA, Zakoura195 62 130 3 3A Entreprises, A3C, ACB sa, ACEP Cameroon, ACEP Senegal, ACFB, ACSI, ADCSI, Akiba, AkuapemRB, 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, CapitecBank, 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, COOPECHinfani 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, MGPCCDEKAWOWO, 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, OtivDiana, 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, FinanceTrust, Vital Finance, WAGES, Wasasa, Wisdom, WISE64Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSRegion: Asia(South & East Asia)Region: ECA(Eastern Europe & Central Asia)Region: LAC(Latin America & the Caribbean)N * ** *** PARTICIPATING INSTITUTIONS283 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, BMTKayu 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 TamanDhana, 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, CUSawiran, 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, M7Ninh Phuoc, M7 Uong bi, MADRAC, Mahasemam, Mahashakti, Mahila, Mahuli, Mallig PlainsRB, Manushi, Maxima, MBK Ventura, MEDF, MFI, MGBB, Mimo Finance, MMS, MoFAD, MorisRasik, 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, PATRAYanbian, PBC, PCWDA, PGBB, Plan International, PNG Microfinance Ltd, POMFB, PR Bank,PRASAC, Progressive Bank, Pushtikar, PWMACS, RASS, RB Bagac, RB Cainta, RB Camalig, RBCotabato, 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, YYWDA217 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, EdinstvoYurga, Edinstvo-Volgograd, Ehyoi kuhiston, EKI, EKPA, Elet-Capital, Express Finance, Farm CreditArmenia, 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, KSKRPK, KVK, KVK-Altay, LAM, Lazika Capital, LIDER, LOK Microcredit Foundation, FAF-DC, Maqsadidasgiri, Maritsa Invest, MCO ‘Oral’, MDF, MI-BOSPO, Microinvest, MIKRA, Mikro ALDI, Mikrofond,Mikrokredit Bank, MikroMaliyye Credit, Miziya, MLF Chiluchor chashma, MLF Kiropol, MLFMadina, MLF MicroInvest, MLF Vahsh Microfin, MLO HUMO, MLO ‘Saodat Invest’, Mol BulakFinance, Moldir, Momina Voda, Moznosti, Nachala, Nadejda, Nadejda 96, Narodniy Kredit_Kemerov, Neftegaz, Normicro, Nov Credit, Obereg (Vladivostok), OBM, OBS, OMRO, OpportunityAlbania, OXUS - KGS, OXUS - TJK, Parabank, Partner, Partner Russia, Perelik, Pomoriiski stopanin,Popular Kasa-Kystendil, Povoljye, PRIZMA, ProCredit - MDA, ProCredit Bank - ALB, ProCreditBank - 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, Samokov96, 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, XacBank333 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, ApoyoIntegral, APROS, ASDIR, ASEI, ASIDME, Asociación Arariwa, Asociación El Balsamo, AsociaciónRaíz, ASODENIC, ASOPROSANRAMON, ASP Financiera, ASPIRE, ATEMEXPA, Avanzar, AYNLA,Bancamía, Banco ADEMI, Banco Amigo, Banco da Familia, Banco do Empreendedor, Bancodo Povo ACP, Rede Novo Sol, Banco do Vale, Banco Familiar, Banco Popular do Brasil, BancoSolidario, BancoEstado, BancoSol, BanCovelo, BANCRI, BANEX, BanGente, BCSC, CACMU, CAFASA,Caja Depac Poblana, Caja Popular Mexicana, CAME, CCAMETRO, CARE - CREEME, Caritas, CaritasEsteli, 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,Microfinance Information eXchange, Inc65

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSRegion: MENA(Middle East & North Africa)Scale: Small(GLP in USD, LAC < 4,000,000;Others < 2,000,000)N * ** *** PARTICIPATING INSTITUTIONSCMAC Del Santa, CMAC Huancayo, CMAC Ica, CMAC Maynas, CMAC Paita, CMAC Pisco, CMACPiura, CMAC Sullana, CMAC Tacna, CMAC Trujillo, COAC 4 de Octubre, COAC Acción Rural, COACAmbato, COAC Artesanos, COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COACHuaycopungo, 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, COACPallatanga, COAC Sac Aiet, COAC San Antonio, COAC San Gabriel, COAC San José, COAC SantaAna, COAC Santa Anita, COCDEP, CODESARROLLO, Columbia Microcreditos, CompartamosBanco,Comultrasan, Conserva, Contactar, Coop 20 de Abril, Coop Avances, Coop Fátima, Coop JesúsNazareno, 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 LosAndes, 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 CrearArequipa, EDPYME Credivisión, EDPYME Efectiva, EDPYME Nueva Visión, EDPYME Pro Negocios,EDPYME Proempresa, EDPYME Raíz, Emprender, ENLACE, Espacios Alternativos, CrezkamosKapital, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAMA OPDF, FAPE, Fassil FFP, FDL, FED, FIACG,FIDERPAC, FIE FFP, FIE Gran Poder, FIELCO, FinAmérica, FinAmigo, Financiera Edyficar, FinancieraFama, 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, FortalezaFFP, FOVIDA, FRAC, FUBODE, FUDEMI, FUNBODEM, Fundación 4i-2000, Fundación Alternativa,Fundación Amanecer, Fundación CAMPO, Fundación Esperanza, Fundación Espoir, FundaciónLeón 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, GrameenMendoza, 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, ProMujer - MEX, Pro Mujer - NIC, Pro Mujer - PER, Real Microcrédito, Red de Vanguardia, São PauloConfia, Sartawi, SemiSol, SFF, SOCIALCRED, PADECOMSM, SOCRED, SOGESOL, SolFi, SoluciónAsea, Soluciones Reales, Mentors - PER, Te Creemos, UCADE Ambato, UCADE Guaranda, UCADELatacunga, UCADE Santo Domingo, UNICREICH, Visión Banco, Vivir Soluciones, World Relief- HND, WWB Cali56 15 38 3 ABA, ABWA, Abyan, ACAD, Aden, Al Amana, Al Awael, Al Karama, Al Majmoua, Al Rafah Bank, AlTadamun, 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, Zakoura428 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, BancoSantiago de Libon, BANCRI, BAYOCA, Bereke-credit, Berendina Microfinance, Bessfa RB,Binhminh CDC, BJS, Blago, BMSCCSL, BMT Kayu Manis, BMT Pringsewu, Borshud, BPR AN, BPRAditama Arta, BPR Artadamas Mandiri, BPR BBTM, BPR CAS, BPR Citama, BPR DMG, BPR EkaAyu, BPR Eka Usaha, BPR Hitamajaya, BPR NBP 19, BPR NBP 30, BPR Pinang Artha, BPR SAS, BPRSKA, 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, CUKosayu, 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, Ehyoikuhiston, 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,66Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSScale: Medium(GLP in USD,LAC ≥ 4,000,000 and≤ 15,000,000;Others ≥ 2,000,000 and≤ 8,000,000)N * ** *** PARTICIPATING INSTITUTIONSForjadores de Negocios, FOVIDA, FUDEMI, Fund for Women Development - HCM, Fundación4i-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 ServicesLtd., 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, IzdiharonaMicrofinance, 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, NarodniyKredit_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 MicrofinanceLtd, Pomoriiski stopanin, Popular Kasa-Kystendil, Povoljye, Pride Finance, ProCaja, Progresar,Progresemos, Pro Mujer - ARG, Pro Mujer - MEX, Raduga, RAFODE, RB Bagac, RB Cotabato, RBLiloy, 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, UCADELatacunga, UCADE Santo Domingo, UCCEC GY, Umid, Umid-Credit, UNION DES COOPECsUMUTANGUHA, Union RB, Vivir Soluciones, Vostok Kapital, VRFSBS, VSSU, VYCCU, WISE, WKP,WSE, WWI - AFG, XXWDA, YYWDA304 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, BPRNSI, BPR PKT, BPR Sukawati Pancakanti, BRAC - LKA, BRAC - TZA, BRAC - UGA, BZMF, CajaDepac 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, FundaciónCAMPO, 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, MBKVentura, 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, ProgressiveBank, Pro Mujer - NIC, Pro Mujer - PER, PWMACS, RADE, RB Cainta, RB Camalig, RB Digos, RBGuinobatan, RB Lebak, RB Mabitac, RB Montevista, RB Oroquieta, RB Siargao, RB Solano, RBTalisayan, 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 - HNDMicrofinance Information eXchange, Inc67

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSScale: Large(GLP in USD, LAC> 15,000,000;Others > 8,000,000)Sustainability: FSS(Financial Self-Sufficiency> 100%))Sustainability: Non-FSS(Financial Self-Sufficiency< 100%))Target Market: Low End(Avg. Balance per Borrower/GNIper Capita < 20% and Avg.Balance per Borrower< USD 150)N * ** *** PARTICIPATING INSTITUTIONS351 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 PopularMexicana, CamCCUL, CAME, CCAMETRO, Cantilan Bank, CAPA, Capitec Bank, CARD Bank, CARDNGO, 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, CMACMaynas, 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, EDPYMEProempresa, EDPYME Raíz, EKI, EKPA, Enda, Equitas, Equity Bank, ESAF, ESED, CrezkamosKapital, Express Finance, FAIR Bank, FASL, Fassil FFP, FATEN, Faulu - KEN, FBPMC, FDL, FECECAM,FFSA, FICO, FIE FFP, FIELCO, FinAmérica, Financiera Edyficar, Financiera Fama, FinancieraIndependencia, 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, GreenBank, GU, GV, HKL, IMFB, IMON, INECO, Inicjatywa Mikro, Interactuar, Interfisa Financiera, JamiiBora, 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, MikrokreditBank, MLF MicroInvest, Moznosti, MPGBB, Nirdhan, Normicro, NovoBanco - MOZ, NWTF,Nyesigiso, OBM, OBS, OCSSCO, ODEF Financiera, OIBM, OISL, OMRO, Opportunity Albania, OtivAlaotra, 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, ValiantRB, VBSP, VFC, Visión Banco, WAGES, WDB, Wisdom, Women for Women, WWB Cali, XacBank,Zakoura557 123 347 87 [These names are held confidential]354 130 209 15 [These names are held confidential]425 155 252 18 A3C, ABA, ABCRDM, ABS-CBN, ABWA, Abyan, Actuar Tolima, Aden, Adhikar, ADIM, ADOPEM, ADRA- PER, Agência do Crédito, AGAPE, AGUDESA, Al Awael, Al Karama, Al Majmoua, Al Tadamun,ALSOL, Alternativa 19 del Sur, Alternativa Microfinanzas, Alteya, AMA, Ameen, AMEXTRA, AMK,AML, AMMACTS, AMOS, AMSSF/MC, ANDE, APED, Apoyo Económico, APROS, ARD, ARDCI, ARDI,Arohan, ASA, ASA - GHA, ASA Philippines, Asasah, ASBA, ASEI, ASHI, ASIDME, ASKI, AsociaciónArariwa, Asociación El Balsamo, ASODENIC, ASP Financiera, ASPIRE, ASUSU CIIGABA, ATEMEXPA,Avantaj, Avanzar, AWS, Azal, Azeri Star, Banco Amigo, Banco da Familia, Rede Novo Sol, BancoPopular do Brasil, Banco Santiago de Libon, Bandhan, BASIX, BAYOCA, BEES, Bereke, BerendinaMicrofinance, 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, CajaPopular 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, DespachoAmador, Dian Mandiri, DINARI, Don Apoyo, Doveriye-Altay, DQF, DSPI, EDAPROSPO, EdinstvoYurga, EDPYME Credivisión, EDPYME Efectiva, Enda, ENLACE, Equitas,68Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSTarget Market: Broad(Avg. Balance per Borrower/GNIper Capita ≥ 20% and ≤ 150%)N * ** *** PARTICIPATING INSTITUTIONSESAF, ESED, Eshet, Espacios Alternativos, FAPE, FIACG, FIDERPAC, FIDEVIE, FinAmigo, FinancieraIndependencia, 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, FundaciónEsperanza, 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, ICCConquista 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 AlHoss, 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 DongTrieu, 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, MBKVentura, MECBAS, MEDF, Meklit, MFI, MFW, MGBB, Micro Start, MicroCred - MEX, Micredito SAC,Coop MEDA, Microserfin, MIDE, MikroMaliyye Credit, Mimo Finance, MLF MWI, MMS, MorisRasik, MUDE, MUSCCO, Nadejda, Narodniy Kredit_Kemerov, NBJK, NCS, NEED, Neftegaz, NESDO,Nidan, NMF, NRDSC, NSBA, NWTF, NYWDA, OLC, OMB, Oportunidad Microfinanzas, OpportunityFinance, PAIDEK, PALFSI, Partner Russia, PATRA Yanbian, PAWDEP, PBC, PCWDA, Plan International,Povoljye, PRISMA, ProCaja, Progresar, Progresemos, Progressive Bank, Pro Mujer - ARG, ProMujer - 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, TridentMicrofinance, 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, Zakoura498 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, AlAmana, 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, BancoSolidario, 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, BPREka 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 doMicrocrédito, CAURIE Micro Finance, CBDIBA/RENACA, CBIRD, CBMO, CCA, CCC, CDRO, CDS,CEADe, CEF, Central Cresol Baser, CEP, CEPRODEL, CETZAM, CFA, CFPA, CHC-Limited, CHFIraq, Chita FSBS, CMAC Arequipa, CMAC Cusco, CMAC Del Santa, CMAC Huancayo, CMACIca, CMAC Maynas, CMAC Paita, CMAC Pisco, CMAC Piura, CMAC Sullana, CMAC Tacna, CMACTrujillo, CMMB, COAC 4 de Octubre, COAC Acción Rural, COAC Ambato, COAC Artesanos,COAC Chone, COAC Fernando Daquilema, COAC Fondvida, COAC Huaycopungo, COAC JardínAzuayo, 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, COOPACSanta 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, EDPYMEAlternativa, EDPYME Confianza, EDPYME Crear Arequipa, EDPYME Nueva Visión, EDPYMEPro Negocios, EDPYME Proempresa, EDPYME Raíz, Ehyoi kuhiston, EKI, EKPA, Elet-Capital,Emprender, Crezkamos Kapital, Express Finance, Fácil SCM, FACES, FADEMYPE, FAFIDESS, FAIRBank, 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, FundaciónAmanecer, Fundación CAMPO, Fundación León 2000, Fundación Nieborowski, FUNDAHMICRO,FUNDEA, FUNDEBASE, FUNDENUSE, FUNDEPYME, FUNDESER, Fundusz Mikro, FUNED, GénesisMicrofinance Information eXchange, Inc69

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSTarget Market: High End(Avg. Balance per Borrower/GNIper Capita > 150% and ≤ 250%)Target Market: Small Business(Avg. Balance per Borrower/GNIper Capita > 250%)COMPOUND PEER GROUPSAfrica 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%)N * ** *** PARTICIPATING INSTITUTIONSEmpresarial, 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, KhanBank, KixiCredito, KMF, Komak Credit, Kompanion, Kondo Jigima, KosInvest, KVK, KWFT, LaCommunity 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, MicrofinancieraPrisma, 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, RBMabitac, 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,XacBank78 22 47 9 Abzal Kredit, ACB sa, ACCOVI, ACEP Cameroon, ACEP Senegal, AFK, AFODENIC, AllianceGroup, 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, ProCreditBank - MKD, PRODEM FFP, Pushtikar, Reef, Ryada, Sathapana Limited, SOGESOL, Tsaritsinskiypassaj, UNION DES COOPECs UMUTANGUHA, Finance Trust, Visión Banco, Vital Finance,WOCCU - AFG64 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 CreditArmenia, 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, ProCreditBank - SLE, ProCredit Bank - UKR, ProCredit Bank- DRC, RB Cainta, RCPB, Reliance, Rishenglong,RML, ROMCOM, SIPEM, UMECDES, Umid, Union RB, USFSBS, WAGES26 5 20 1 [These names are held confidential]19 6 13 0 [These names are held confidential]20 4 16 0 [These names are held confidential]29 8 19 2 [These names are held confidential]16 5 11 0 [These names are held confidential]70Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009BULLETIN TABLESPeer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSAfrica 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%)N * ** *** PARTICIPATING INSTITUTIONS34 10 24 0 [These names are held confidential]58 6 47 5 [These names are held confidential]39 7 12 20 [These names are held confidential]45 8 35 2 [These names are held confidential]50 10 15 25 [These names are held confidential]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 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 $15,000,000;Financial Self-Sufficiency> 100%)LAC Large Non FSS(LAC; GLP > $15,000,000;Financial Self-Sufficiency 100%)LAC Medium Non FSS(LAC; GLP ≥ $4,000,000 and≤ $15,000,000; Financial Self-Sufficiency < 100%)22 6 15 1 [These names are held confidential]42 8 13 21 [These names are held confidential]52 3 44 5 [These names are held confidential]25 0 23 2 [These names are held confidential]23 6 13 4 [These names are held confidential]24 9 13 2 [These names are held confidential]40 34 4 2 [These names are held confidential]35 29 6 0 [These names are held confidential]88 5 41 42 [These names are held confidential]20 3 12 5 [These names are held confidential]64 11 38 15 [These names are held confidential]26 9 15 2 [These names are held confidential]Microfinance Information eXchange, Inc71

BULLETIN TABLESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009Peer Group - 2008 DATA QUALITY †SIMPLE PEER GROUPSLAC Small FSS(LAC; GLP < $4,000,000;Financial Self-Sufficiency>100%)LAC Small Non FSS(LAC; GLP < $4,000,000;Financial Self-Sufficiency $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

APPENDICESAppendix I: Notes, Adjustmentsand Statistical IssuesMICROBANKING BULLETIN, Issue 19, December 2009The MicroBanking Bulletin is open to all MFIs thatare willing to disclose financial data that meeta simple quality test. Participating MFIs typicallyhave three characteristics: 1) they are willing to betransparent by submitting their performance datato an independent agency; 2) they display a strongsocial orientation by providing financial services tolow-income persons; and 3) they are able to answerall the questions needed for our analysis.Data Quality IssuesThe Bulletin has a data quality grade to represent thedegree to which we have independent verification ofan MFI’s data. Three star information (***) has beenindependently generated through a detailed financialanalysis by an independent third party, such as aCAMEL evaluation, a CGAP appraisal, or assessmentsby reputable rating agencies. Two star information(**) is backed by accompanying documentation, suchas audited financial statements, annual reports, andindependent program evaluations that provide areasonable degree of confidence for our adjustments.One star information (*) is from MFIs that have limitedthemselves to completing our questionnaire. Thesegrades signify confidence levels on the reliability ofthe information; and in no way represent a rating ofthe financial performance of the MFIs.The criteria used in constructing the statistical tablesare important for understanding and interpreting theinformation presented. Given the voluntary nature andorigin of the data, the Bulletin staff, Editorial Board andfunders cannot accept responsibility for the validity ofthe results presented, or for consequences resultingfrom their use. The data quality grade makes tentativedistinctions about the quality of data presented tous, and we include only information for which wehave a reasonable level of comfort. However, wecannot exclude the possibility of misrepresented selfreportedresults.There can also be inaccuracies in reporting the costsof financial services in multipurpose institutions thatalso provide non-financial services, in part because ofdifficulties in assigning overhead costs. These risks arehighest for younger institutions, and for institutionswith a record of optimistic statement of results. If wehave grounds for caution about the reliability of anMFI’s disclosure, we will not include its information ina peer group unless it has been externally validatedby a third party in which we have confidence.Adjustments to Financial DataThe Bulletin adjusts the financial data it receives toensure comparable results. The financial statementsof each organization are converted to the standardfinancial statement presentation used by the Bulletin.This presentation can be simpler than that usedby most MFIs; so, the conversion consists mainly ofconsolidation into fewer, more general accounts. Insome instances, and where the original accounts didnot have appropriate disclosure, the Bulletin’s accountsreveal more details on the financial service operationsthan did the originals. After this reclassification,three analytical adjustments are applied to producea 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 theseadjusted results.InflationThe Bulletin reports the net effect of inflation bycalculating increases in expenses and revenues due toinflation. Inflation decreases the value of net monetaryassets, represented by the Bulletin as the differencebetween equity and fixed assets. This erosion in thevalue of net monetary assets is obtained by multiplyingthe prior year-end equity balance by the current-yearinflation rate. 1 Fixed asset accounts, on the other hand,are revalued upward by the current year’s inflationPotential distortions may arise from: (1) unreportedsubsidies and (2) misrepresented loan portfolio quality.1Inflation data are obtained from line 64x of the InternationalFinancial Statistics, International Monetary Fund, various years.Microfinance Information eXchange, Inc73

APPENDICESrate, which results in inflation adjustment income,offsetting to some degree the expense generated byadjusting equity. 2 On the balance sheet, this inflationadjustment results in a reordering of equi ty accounts:profits are redistributed between real profit and thenominal profits required to maintain the real valueof equity.MFIs that borrow from banks or mobilize savings havean actual interest expense, which is an operating cost.In comparison, similar MFIs that lend only their equityhave no interest expense and therefore have loweroperating costs. If an MFI focuses on sustainabilityand the maintenance of its capital/asset ratio, itmust increase the size of its equity in nominal termsto continue to make the same value of loans in real(inflation-adjusted) terms. Inflation increases thecost of tangible items over time, so that a borrowerneeds more money to purchase them. MFIs that wantto maintain their support to clients must thereforeoffer larger loans. Employees’ salaries go up withinflation, so the average loan balance and portfoliomust increase to compensate, assuming no increasein interest margin. Therefore, an institution that fundsits loans with its equity must maintain the real value ofthat equity, and pass along the cost of doing so to theclient. This expectation implies MFIs should chargeinterest rates that include the inflation adjustmentexpense as a cost of funds, even if this cost is notactually paid to anyone outside the institution.Some countries with high or volatile levels of inflationrequire businesses to use inflation-based accountingon their audited financial statements. We use a proxyof this same technique in the Bulletin. Of course, weunderstand that in countries where high or volatileinflation is a new experience, MFIs may find it difficultto pass on the full cost of inflation to clients. Theseadjustments not do reflect policy recommendations;rather, they provide a common analytical framework thatcompares real financial performance meaningfully.SubsidiesWe adjust participating institutions’ financialstatements for the effect of subsidies by presentingthem as they would look on an unsubsidized basis.These adjustments do not intend to suggest that MFIsshould or should not be subsidized. Rather, they allowthe Bulletin to see how each MFI would look withoutsubsidies for comparative purposes. Most of theparticipating MFIs indicate a desire to grow beyond2In fact, an institution that holds fixed assets equal to its equityavoids the cost of inflation that affects MFIs which hold much oftheir equity in financial form.MICROBANKING BULLETIN, Issue 19, DECEMBER 2009the limitations imposed by subsidized funding. Thesubsidy adjustment permits an MFI to judge whetherit is on track toward such an outcome. A focus onsustainable expansion suggests that subsidies shouldbe used to defray start-up costs or support innovation.The subsidy adjustment simply indicates the extentto which the subsidy is being passed on to clientsthrough lower interest rates or whether it is buildingthe MFI’s capital base for further expansion.The Bulletin adjusts for three types of subsidies:(1) a cost-of-funds subsidy from loans at belowmarketrates, (2) current-year cash donations to fundportfolio and cover expenses, and (3) in-kind subsidies,such as rent-free office space or the services ofpersonnel who are not paid by the MFI and thus notreflected on its income statement. Additionally, formultipurpose institutions, the MicroBanking Bulletinattempts to isolate the performance of the financialservices program, removing the effect of any crosssubsidization.The cost-of-funds adjustment reflects the impact of softloans on the financial performance of the institution.The Bulletin calculates the difference between whatthe MFI actually paid in interest on its subsidizedliabilities and what it would have paid at market terms. 3This difference represents the value of the subsidy,which we treat as an additional financial expense. Weapply this subsidy adjustment to the average balanceof borrowings carried by the MFI over the year. Thedecreased profit is offset by generating a “cost of fundsadjustment” account on the balance sheet.If the MFI passes on the interest rate subsidy to itsclients through a lower final rate of interest, thisadjustment may result in an operating loss. If the MFIdoes not pass on this subsidy, but instead uses it toincrease its equity base, the adjustment indicatesthe amount of the institution’s profits that wereattributable to the subsidy rather than operations.Loan Loss ProvisioningFinally, we apply standardized policies for loan lossprovisioning and write-off. MFIs vary tremendously3Data for shadow interest rates are obtained from line 60l ofthe International Financial Statistics, IMF, various years. Thedeposit rate is used because it is a published benchmark inmost countries. Sound arguments can be made for use ofdifferent shadow interest rates. NGOs that wish to borrow frombanks would face interest significantly higher than the depositrate. A licensed MFI, on the other hand, might mobilize savingsat a lower financial cost than the deposit rate, but reserverequirements and administrative costs would drive up theactual cost of such liabilities.74Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009in accounting for loan delinquency. Some count theentire loan balance as overdue the day a paymentis missed. Others do not consider a loan delinquentuntil its full term has expired. Some MFIs write offbad debt within one year of the initial delinquency,while others never write off bad loans, thus carryingforward a defaulted loan that they have little chanceof ever recovering.We classify as “at risk” any loan with a payment over 90days late. We provision 50 percent of the outstandingbalance for loans between 90 and 180 days late, and 100percent for loans over 180 days late. Some institutionsalso renegotiate (refinance or reschedule) delinquentloans. As these loans present a higher probability ofdefault, we provision all renegotiated balances at 50APPENDICESpercent. Wherever we have adequate information,we adjust to assure that all loans are fully written offwithin one year of their becoming delinquent. (Note:We apply these provisioning and write-off policies forbenchmarking purposes only. We do not recommendthat all MFIs use exactly the same policies.) In mostcases, these adjustments are a rough approximationof risk. They are intended only to create a minimaleven playing field for cross institutional comparisonand benchmarking. Nevertheless, most participatingMFIs have high-quality loan portfolios; so, loan lossprovision expense is not an important contributor totheir overall cost structure. If we felt that a program didnot fairly represent its general level of delinquency,and we were unable to adjust it accordingly, we wouldsimply exclude it from the peer group.Table 1Financial statement adjustments and their effectsAdjustment Effect on Financial Statements Type of Institution MostAffected by AdjustmentInflation adjustment ofequity (minus net fixedassets)Reclassification of certainlong term liabilities intoequity, and subsequentinflation adjustmentCost of funds adjustmentReclassification of donationsbelow net operatingincomeIn-kind subsidy adjustment(e.g., donation ofgoods or services: linestaff paid for by technicalassistance providers)Loan loss provisioningadjustmentWrite-off adjustmentIncreases financial expense accounts on incomestatement, to some degree offset by inflation incomeaccount for revaluation of fixed assets. Generates areserve in the balance sheet’s equity account, reflectingthat portion of the MFI’s retained earnings that hasbeen consumed by the effects of inflation. Decreasesprofitability and “real” retained earnings.Decreases concessional loan account and increases equityaccount; increases inflation adjustment on incomestatement and balance sheet.Increases financial expense on income statement tothe extent that the MFI’s liabilities carry a below-marketrate of interest. Decreases net income and increasessubsidy adjustment account on balance sheet.Reduces net operating income on the income statement.Increases accumulated donations accountunder equity on the balance sheet.Increases administrative expense on income statementto the extent that the MFI is receiving subsidized ordonated goods or services. Decreases net income, increasessubsidy adjustment account on balance sheet.Usually increases loan loss provision expense onincome statement and loan loss reserve on balancesheet.On balance sheet, reduces gross loan portfolio andloan loss reserve by an equal amount, so that neithernet loan portfolio nor total assets is affected.MFIs funded more by equity than byliabilities will be hardest hit, especiallyin high inflation countries.NGOs that have very long-term, verylow-interest “loans” from internationalagencies that function moreas donations than loans, or transformedinstitutions with subordinateddebt.MFIs with heavily subsidized loans(i.e., large lines of credit from governmentsor international agenciesat highly subsidized rates).NGOs during their start-up phase.This adjustment is relatively lessimportant for mature institutions.MFIs using goods or services forwhich they are not paying a marketbasedcost (i.e., MFIs during theirstart-up phase).MFIs that have unrealistic loan lossprovisioning policies.MFIs that leave non-performingloans on their books for over a year.Microfinance Information eXchange, Inc75

APPENDICESMICROBANKING BULLETIN, Issue 19, December 2009Apendix II: ParticipatingInstitutionsACRONYM NAME COUNTRY DATA QUALITY Year1st MCC First MicroCredit Company (FMCC) Kyrgyzstan ** 20081st Valley Bank 1st Valley Bank (formerly Rural Bank of Kapatagan Valley, Inc). Philippines ** 20083A Entreprises 3A Entreprises Guinea * 2008A3C A3C (Association des CVECA et CECA du Centre) Cameroon ** 2008ABA Alexandria Business Association Egypt ** 2008ABCRDM All Backward Class Relief and Development Mission India * 2008ABS-CBN ABS-CBN Bayan Foundation, Inc. Philippines ** 2008ABWA Assiut Business Women's Association Egypt ** 2008Abyan Abyan Program Yemen ** 2008Abzal Kredit Abzal Kredit Microfinance Organization Kazakhstan * 2008ACAD Arab Center for Agricultural Development Palestine ** 2008ACB sa AMASEZERANO COMMUNITY BANKING Rwanda ** 2008ACBA Agricultural Cooperative Bank of Armenia Armenia ** 2008AccessBank AccessBank Azerbaijan ** 2008ACCOVI Asociación Cooperativa de Ahorro y Crédito Vicentina de R.L. El Salvador ** 2008ACEP Cameroon Agence de Crédit pour l'Entreprise Privée Cameroun Cameroon ** 2008ACEP Senegal Alliance de Credit et d'Epargne pour la Production Senegal * 2008ACF Asian Credit Fund Kazakhstan * 2008ACFB Association des Caisses de Financement à la Base Benin ** 2008ACLEDA ACLEDA Bank Plc. Cambodia ** 2008ACLEDA Lao ACLEDA Bank Lao Ltd Laos ** 2008ACME Association Pour la Cooperation avec la Micro Enterprise Haiti ** 2008ACORDE Asociación Costarricense para organizaciones de Desarrollo Costa Rica ** 2008ACSI Amhara Credit and Savings Institution Ethiopia ** 2008Actuar Caldas Corporación Acción Por Caldas ACTUAR Famiempresas Colombia ** 2008Actuar Tolima ACTUAR Famiempresas - Tolima Colombia ** 2008ADCSI Addis Credit & Savings Institution Ethiopia * 2008Aden Aden Microfinance Foundation Yemen * 2008Adhikar Adhikar India ** 2008ADICH Asociación para el Desarrollo Integral Comunitario de Honduras Honduras * 2008ADIM Asociación Alternativa Para el Desarrollo Integral de las Mujeres Nicaragua ** 2008ADOPEM Asociación Dominicana para el Desarrollo de la Mujer Dominican Republic ** 2008ADRA - PER Adventist Development and Relief Agency International - Peru Peru *** 2008ADRI Asociación ADRI Costa Rica ** 2008Aetos Rural Credit Cooperative 'Aetos' Bulgaria * 2008AFK Agency for Finance in Kosovo Kosovo ** 2008AFODENIC Asociacion para el Fomento al Desarrollo de Nicaragua Nicaragua ** 2008AFS Ariana Financial Services (Mercy Corps) Afghanistan * 2008Agência do Crédito Agência do Crédito Brazil * 2008AGAPE Asociación General Para Asesorar Pequeñas Empresas Colombia ** 200876 Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearAqrarkredit Aqrarkredit Azerbaijan ** 2008AgroCapital Fundación AgroCapital Bolivia *** 2008Agrocredit Plus MCA "Agrocredit Plus" Kyrgyzstan ** 2008Agroimpuls Riral Credit Cooperative 'Agroimpuls' Bulgaria * 2008AgroInvest AgroInvest Serbia ** 2008Agroinvestbank OJSC Agroinvestbank Tajikistan ** 2008AGUDESA Asociación Guatemalteca para el Desarrollo Guatemala ** 2008A-invest MCO A-invest Kazakhstan ** 2008Aiyl Bank Aiyl Bank (formerly KAFC) Kyrgyzstan ** 2008Akiba Akiba Commercial Bank Ltd Tanzania ** 2008Akuapem RB Akuapem RB Ghana * 2008Al Amana Association Al Amana for the Promotion of Micro-Enterprises Morocco Morocco *** 2008Al Awael Al Awael Microfinance Company Yemen * 2008Al Karama Association Al Karama de Micro Credit Morocco ** 2008Al Majmoua Lebanese Association for Development – Al Majmoua Lebanon ** 2008Al Rafah Bank Rafah Bank for Microfinance Palestine ** 2008Al Tadamun Al Tadamun Microfinance Program Egypt ** 2008Alidé Association de Lutte pour la promotion des Initiatives de Développement Benin ** 2008Alliance Group Microfinance Organization Alliance Group Georgia * 2008Alliance MFB Alliance Microfinance Bank Limited Nigeria * 2008ALSOL Alternativa Solidaria Chiapas Mexico ** 2008Alternativa CC Alternativa Russia * 2008Alternativa 19 del Sur Alternativa 19 del Sur, S.A. de C.V. SOFOM E.N.R. Mexico * 2008AlternativaMicrofinanzasAlternativa, Centro de Investigación Social y Educación Popular Peru ** 2008Alteya Credit Consumer Cooperative Credit Union "Alteya" Russia * 2008Al-Thiqa Al-Thiqa Micro Finance and Small Business Loan Iraq ** 2008Alwatani National Microfinance Bank Jordan Jordan ** 2008AMA Asociación Mujeres en Acción Peru ** 2008AMC Ahli Microfinancing Company Jordan ** 2008AMC de R.L. Sociedad Cooperativa de Ahorro y Crédito AMC de R.L. El Salvador ** 2008Ameen CHF International / Ameen Lebanon ** 2008AMEXTRA AMEXTRA Mexico * 2008AMfB Accion Microfinance Bank Ltd Nigeria ** 2008AMFI Afghanistan Microfinance Initiative (CHF International) Afghanistan * 2008AMK Angkor Mikroheranhvatho Kampuchea Cambodia ** 2008AML Asmitha Microfin Ltd. India ** 2008Amlok Microdeposit Organization "Amlok" Tajikistan * 2008AMMACTS Acts Mahila Mutually Aided Coop Thrift Society India ** 2008AMOS Association Microfinance Oued Srou Morocco ** 2008AMRET AMRET Co. Ltd. - formerly EMT Cambodia ** 2008AMSSF/MC Association Marocaine Societe Sans Frontieres / Micro-redit Morocco ** 2008ANDE Agência Nacional de Desenvolvimento Microempresarial Brazil *** 2008ANED ANED Bolivia * 2008APED Association of Progressive Entrepreneurs in Development Ghana ** 2008Apoyo Económico APOYO ECONOMICO FAMILIAR, S.A. DE C.V. Mexico ** 2008Apoyo Integral Apoyo Integral S.A. de C.V. El Salvador ** 2008APROS Ámbito Productivo Mexico * 2008Aqroinvest Aqroinvest Credit Union Azerbaijan ** 2008ARD Association for Rural Development Sierra Leone ** 2008ARDCI Agriculture and Rural Development for Catanduanes, Inc. Philippines ** 2008ARDI Fondation ARDI Morocco ** 2008Microfinance Information eXchange, Inc77

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearAREGAK UCO AREGAK Universal Credit Organization CJSC Armenia ** 2008ARMP Afghanistan Rural Microcredit Programme (Aga Khan Development Network) Afghanistan * 2008Arnur Credit TOO MCO Arnur Credit Kazakhstan ** 2008Arohan Arohan India *** 2008ASA ASA Bangladesh * 2008ASA - GHA ASA Ghana Ghana ** 2008ASA Philippines ASA Philippines Philippines ** 2008ASALA Palestinian Businesswomen's Association Palestine ** 2008Asasah Asasah Pakistan ** 2008ASBA Assiut Businessmen Association Egypt ** 2008ASC Union ASC Union (formerly Rural Financial Fund) Albania ** 2008ASDIR Asociación de Desarrollo Integral Rural Guatemala ** 2008ASEI Asociación de Extensionistas Empresariales del INCAE El Salvador ** 2008ASHI Ahon Sa Hirap Inc. Philippines ** 2008ASIDME Acción de Servicio y Desarrollo para la Micro Empresa Peru * 2008ASKI Alalay Sa Kaunlaran, Inc. Philippines * 2008Asociación Arariwa Asociación Arariwa Peru ** 2008Asociación ElBalsamoAsociación El Balsamo El Salvador ** 2008Asociación Raíz Asociación para el Desarrollo RAIZ Guatemala * 2008ASODENIC Asociación de Oportunidad y Desarrollo Económico de Nicaragua Nicaragua * 2008ASOPROSANRAMONAsociación Pro fomento de Proyectos Productivos de la Sub Región deSan RamónCosta Rica ** 2008ASP Financiera ASP, Consultores & Representación, S.A. de C.V. SOFOM E.N.R. Mexico *** 2008ASPIRE Asociación Para Inversión y Empleos Dominican Republic * 2008ASR Credit Union 'ASR' Uzbekistan * 2008ASTI Microloan Fund ASTI Tajikistan ** 2008ASUSU CIIGABA ASUSU CIIGABA Niger ** 2008ATEMEXPA Asesoría Técnica Especializada de México en Palma de Aceite, S.C. Mexico * 2008Atwima Kwanwoma Atwima Kwanwoma Ghana ** 2008Avantaj CCCC 'Avantaj' Russia * 2008Avanzar Asociacion Civil Avanzar por el Desarrollo Humano Argentina * 2008AWS Aadarsha Welfare Society India ** 2008AYNLA Asociación Ayudense y Nosotros les Ayudaremos Guatemala ** 2008Azal Sanaa Microfinance Project (Azal) Yemen * 2008Azercredit VF AzerCredit LLC Azerbaijan ** 2008Azerdemiryolbank Azerdemiryolbank Azerbaijan *** 2008Azeri Star Azeri Star Microfinance Azerbaijan *** 2008Bai Tushum Bai Tushum and Partners Kyrgyzstan ** 2008Bancamía Bancamía S.A., Banco de las Microfinanzas Colombia ** 2008Banco ADEMI Banco ADEMI Dominican Republic ** 2008Banco Amigo Banco Amigo, S.A. Institución de Banca Múltiple Mexico ** 2008Banco da Familia Associacao Brasileira para o Desenvolvimento da Familia Brazil ** 2008Banco doEmpreendedorBanco do Empreendedor Brazil ** 2008Banco do Povo ACP Associação de Crédito Popular Banco do Povo Brazil * 2008Rede Novo SolRede Sócio Econ. Popular e Solidária de Desenv. Sustentável Novo Sol - Bancodo Povo de Nova IpixunaBrazil * 2008Banco do Vale CREDIVALE Agência Metropolitana de Microcrédito Brazil ** 2008Banco Familiar Banco Familiar Paraguay *** 2008Banco Popular doBrasilBanco Santiago deLibonBanco Popular do Brasil S.A. Brazil ** 2008Rural Bank of Santiago Libon (Albay) Inc. Philippines ** 200878Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearBanco Solidario Banco Solidario Ecuador *** 2008BancoEstado BancoEstado Chile * 2008BancoSol BancoSol Bolivia *** 2008BanCovelo Banco Popular Covelo Honduras ** 2008BANCRI BANCRI - Banco de Crédito Popular Brazil * 2008Bandhan Bandhan India ** 2008BANEX Banco del Exito, ex FINDESA Nicaragua *** 2008BanGente Banco De La Gente Emprendedora Venezuela *** 2008Bangko Kabayan Bangko Kabayan (Ibaan Rural Bank Inc.) Philippines ** 2008Bangko Luzon Bangko Luzon Philippines ** 2008Bangko Mabuhay Bangko Mabuhay (RB Tanza Inc.) Philippines ** 2008Bank Eskhata Bank Eskhata Tajikistan ** 2008Bank of Baku Bank of Baku Azerbaijan ** 2008BASIX Bhartiya Samruddhi Finance Limited India ** 2008BAYOCA Bhagawan Youth Club, Alapot, Ktm Nepal ** 2008BCB Bukidnon Cooperative Bank Philippines ** 2008BCSC Banco Caja Social Colombia Colombia *** 2008BEES Bangladesh Extension Education Services Bangladesh * 2008Bereke Kazakhstan Microcredit Organization Bereke Kazakhstan ** 2008Bereke-credit MCC Bereke-credit Kyrgyzstan * 2008BerendinaMicrofinanceBerendina Microfinance Institute (Guarantee) Ltd. Sri Lanka ** 2008BESA BESA Foundation Albania ** 2008Bessfa RB Bessfa Rural Bank Ghana ** 2008BFL BWDA Finance Ltd. India ** 2008BFSBS BFSBS Russia * 2008BG Buusaa Gonofaa Ethiopia ** 2008BIMAS Business Initiative and Management Assistance Services Kenya *** 2008Binhminh CDC Binhminh Community Development Consulting Company, Ltd. Vietnam ** 2008BISWA Bharat Integrated Social Welfare Agency India ** 2008BJS Belgharia Janakalyan Samity India ** 2008Blago CCCC 'Blago' Russia * 2008BMSCCSL Buddha Mahila Savings and Credit Cooperative Society Ltd. Nepal ** 2008BMT Kayu Manis BMT Kayu Manis Indonesia * 2008BMT Pringsewu Sharia Cooperative Baitul Mal Wat Tamwil Pringsewu Indonesia * 2008BOM Banco Oportunidade de Moçambique Mozambique ** 2008Bonzali RB Bonzali Rural Bank Ltd. Ghana * 2008Borshud MLF Borshud Tajikistan * 2008BPR AN KBPR Arta Nawa Indonesia * 2008BPR Aditama Arta PT. BPP Aditama Arta Indonesia ** 2008BPR AK KBPR Arta Kencana Indonesia * 2008BPR ArtadamasMandiriBPR Artadamas Mandiri Indonesia * 2008BPR BBTM BPR Bekasi Binatanjung Makmur Indonesia * 2008BPR BKK Cilacap BPR BKK Cilacap Indonesia * 2008BPR CAS PT. BPR Citra Artha Sedana Indonesia ** 2008BPR Citama PT. BPR Cita Makmur Lestari Indonesia * 2008BPR DMG BPR Dana Multi Guna Indonesia ** 2008BPR Eka Ayu PT BPR Eka Ayu Artha Buwana Indonesia * 2008BPR Eka Usaha BPR Eka Usaha Indonesia * 2008BPR Hitamajaya PT. BPR Hitamajaya Argamandiri Indonesia ** 2008BPR NBP 11 PT. BPR NBP 11 Indonesia ** 2008BPR NBP 19 PT. BPR NBP 19 Indonesia ** 2008Microfinance Information eXchange, Inc79

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearBPR NBP 2 PT. BPR NBP 2 Indonesia ** 2008BPR NBP 30 PT. BPR NBP 30 Indonesia ** 2008BPR NSI PT BPR Nur Semesta Indah Indonesia * 2008BPR Pinang Artha BPR Pinang Artha Indonesia * 2008BPR PKT PT BPR Parta Kencana Tohpati Indonesia ** 2008BPR SAS PT. BPR Sejahtera Artha Sembada Indonesia ** 2008BPR SukawatiPancakantiBPR Sukawati Pancakanti Indonesia * 2008BPR SKA BPR Sukma Kemang Agung Indonesia ** 2008BPR Surya YudhaKencanaPT. BPR Surya Yudha Kencana Indonesia * 2008BPR Taman Dhana PT. BPR Taman Dhana Indonesia * 2008BPR Wahana SentraArthaPT.BPR Wahana Sentra Artha Indonesia ** 2008BRAC Bangladesh Rural Advancement Committee Bangladesh * 2008BRAC - AFG BRAC Afghanistan Afghanistan ** 2008BRAC - LKA BRAC Sri Lanka Sri Lanka ** 2008BRAC - SS BRAC Southern Sudan Sudan * 2008BRAC - TZA BRAC Tanzania Tanzania ** 2008BRAC - UGA BRAC Uganda Uganda ** 2008BRCCC Bolschemurtinskyi RCCC Russia * 2008BSS Bharatha Swamukti Samsthe India ** 2008BTA Bank BTA Bank (formerly Ineximbank) Kyrgyzstan ** 2008BURO Bangladesh BURO Bangladesh, formerly BURO Tangail Bangladesh ** 2008BWDC Bharathi Women Development Centre India * 2008BZMF Beselidhja/Zavet Microfinance Kosovo ** 2008CACMU COOPERATIVA DE AHORRO Y CRÉDITO MUJERES UNIDAS Ecuador ** 2008CAFASA Consultores Agropecuarios y Forestales Asociados, S.A. de C.V. Mexico * 2008CAFODECCentre d'Appui et de formation pour le développement, l'Epargne et le Creditet l'éducation CiviqueGuinea * 2008Caja Depac Poblana Caja Depac Poblana SC de RL Mexico ** 2008Caja PopularMexicanaCaja Popular Mexicana Mexico ** 2008CamCCUL CamCCUL Cameroon * 2008CAME CAME Mexico * 2008CCAMETRO Caja de Crédito Metropolitana El Salvador ** 2008Cantilan Bank Cantilan Bank, Inc. Philippines ** 2008CAPA CAPA Finance S.A. Romania ** 2008Capitec Bank Capitec Bank South Africa ** 2008CAPPEDCaisse de Participation à la Promotion des Entreprises et à leurDéveloppementCongo, Republic of the ** 2008CARD Bank CARD Bank, Inc. Philippines ** 2008CARD NGO Center for Agriculture and Rural Development, Inc. Philippines ** 2008CARE - CREEMECARE de Honduras Programa de Crecimiento Económico de Microempresas(CREEME)Honduras * 2008Caritas Caritas Peru ** 2008Caritas Esteli Caritas Esteli Nicaragua * 2008Casa do Microcrédito Casa do Microcrédito Brazil ** 2008Cashpor MC Cashpor Microcredit India ** 2008CAURIE MicroFinanceCaisse AUtonome pour le Renforcement des Initiatives Économiques par laMicro financeSenegal * 2008CBB Chhimek Bikas Bank Ltd. Nepal ** 2008CBDIBA/RENACA CBDIBA/RENACA Benin * 2008CBIRD Cambodia Business Integrated in Rural Development Cambodia ** 2008CBMO Cooperative Bank of Misamis Oriental Inc. Philippines ** 200880Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearCCA Crédit Communautaire d'Afrique Cameroon ** 2008CCC La Casa Campesina Cayambe Ecuador ** 2008CDM Crédit de développement mutuel Cameroon * 2008CDRO Asociación Cooperación para el Desarrollo Rural de Occidente Guatemala ** 2008CDS Crédit du Sahel Cameroon * 2008CEADe Centro Ecumênico de Apoio ao Desenvolvimento Brazil * 2008CEAPE BA Centro de Apoio aos Pequenos Empreendimentos da Bahia Brazil ** 2008CEAPE MA Centro de Apoio aos Pequenos Empreendimentos do Maranhão Brazil ** 2008CEAPE PE Centro de Apoio aos Pequeno Empreendimentos de Pernambuco Brazil ** 2008CEAPE PI Centro de Apoio aos Pequenos Empreendimentos do Piauí Brazil ** 2008CECA Coopérative d'Epargne et de Crédit des Artisans Togo ** 2008CECIC S.A. CECIC S.A. Cameroon ** 2008CEC-PROM Mature Coopératives d'Epargne et de Crédit des Promotrices Cameroon ** 2008CEDEF Calvary Enterprise Development Foundation Ghana ** 2008CEF Counterpart Enterprise Fund Russia * 2008Centenary Bank Centenary Rural Development Bank Ltd. Uganda ** 2008Central Cresol Baser Central Cresol Baser Brazil ** 2008CEOSS Coptic Evangelical Organization for Social Services Egypt ** 2008CEP Capital Aid Fund for Employment of the Poor Vietnam *** 2008CEP BRVT CEP Ba Ria - vung Tau Vietnam ** 2008CEP Long An CEP Long An Vietnam ** 2008CEPESIU Centro De Promoción y Empleo Para el Sector Informal Urbano Ecuador *** 2008CEPRODEL Centro de Promoción del Desarrollo Local Nicaragua *** 2008CESOL ACJ CESOL ACJ Ecuador ** 2008CETZAM CETZAM Opportunity Microfinance Ltd. Zambia ** 2008CEVI Community Economic Ventures, Inc. Philippines ** 2008CFA Child Fund Afghanistan Afghanistan ** 2008CFE Centre Financier aux Entrepreneurs S.A. AGASEKE Rwanda * 2008CFF Cedi Finance Foundation Ghana ** 2008CFPA China Fund for Poverty Alleviation China, People'sRepublic of* 2008Chamroeun Chamroeun Microfinance - Entrepreneurs du Monde Cambodia ** 2008Chandeshwori Chandeshwori Saving and Credit Co-operative Society, Ltd. Nepal ** 2008CHC-Limited CHC-Limited Cambodia *** 2008CHF Iraq CHF Iraq Iraq ** 2008Childfund Hoa Binh Childfund Hoa Binh Vietnam * 2008Chita FSBS Fund for Small Business Support in the Chita Region Russia * 2008CHWDA Chun Hua Women's Development Assosication China, People'sRepublic of** 2008CIDRE CIDRE Bolivia ** 2008CMAC Arequipa Caja Municipal de Ahorro y Crédito - Arequipa Peru *** 2008CMAC Cusco Caja Municipal de Ahorro y Crédito - Cusco Peru *** 2008CMAC Del Santa Caja Municipal de AHorro y Crédito Del Santa Peru ** 2008CMAC Huancayo Caja Municipal de AHorro y Crédito de Huancayo Peru *** 2008CMAC Ica Caja Municipal de Ahorro y Crédito - ICA Peru *** 2008CMAC Maynas Caja Municipal de Ahorro y Crédito de Maynas Peru * 2008CMAC Paita Caja Municipal de Ahorro y Crédito de Paita Peru ** 2008CMAC Pisco Caja Municipal de Ahorro y Crédito de Pisco Peru * 2008CMAC Piura CMAC Piura Peru *** 2008CMAC Sullana Caja Municipal de Ahorro y Crédito de Sullana S.A. Peru *** 2008CMAC Tacna Caja Municipal de Ahorro y Crédito de Tacna Peru *** 2008CMAC Trujillo Caja Municipal de Ahorro y Crédito de Trujillo Peru *** 2008CMCA Crédit Mutuel de Centrafrique Central African Republic * 2008Microfinance Information eXchange, Inc81

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearCMEDFI Cebu Micro-Enterprise Development Foundation Inc. Philippines ** 2008CMFinance Center for Microfinance Russia * 2008CMMB Caisse du Mouvement Mutualiste Béninois Benin ** 2008CMS Crédit Mutuel du Sénégal Senegal * 2008COAC 4 de Octubre Cooperativa de Ahorro y Crédito 4 de Octubre Ecuador ** 2008COAC Acción Rural Cooperativa Acción Rural Ecuador ** 2008COAC Ambato Cooperativa de Ahorro y Crédito Ambato Ltda. Ecuador ** 2008COAC Artesanos COAC Artesanos Ltda Ecuador ** 2008COAC Chone COAC Chone Ecuador *** 2008COAC FernandoDaquilemaCooperativa de Ahorro y Crédito Fernando Daquilema Ecuador ** 2008COAC Fondvida Cooperativa de Ahorro y Crédito Fondvida Ecuador ** 2008COAC Huaycopungo COAC Huaycopungo Ecuador * 2008COAC Jardín Azuayo Cooperativa de Ahorro y Crédito Jardín Azuayo Ecuador *** 2008COAC Kullki Wasi COAC Kullki Wasi Ecuador ** 2008COAC La Benéfica COAC La Benéfica Ecuador * 2008COAC Luz del Valle COAC Luz del Valle Ecuador ** 2008COAC MCCH Cooperativa de Ahorro y Crédito Maquita Cushunchic Ecuador *** 2008COAC Minga Cooperativa de Ahorro y Crédito Minga Ltda Ecuador * 2008COAC Mushuc Runa COAC Mushuc Runa Ltda. Ecuador ** 2008COAC La Nacional COAC La Nacional Ecuador ** 2008COAC Padre Vicente Cooperativa de Ahorro y Crédito Padre Vicente Ponce Rubio Ecuador ** 2008COAC Pallatanga COAC San Miguel de Pallatanga Ecuador ** 2008COAC Sac Aiet Cooperativa de Ahorro y Crédito Sac Aiet Ecuador ** 2008COAC San Antonio COAC San Antonio Ecuador ** 2008COAC San Gabriel COAC San Gabriel Ecuador ** 2008COAC San José Cooperativa de Ahorro y Crédito - San José Ecuador *** 2008COAC Santa Ana COAC Santa Ana Ecuador *** 2008COAC Santa Anita COAC Santa Anita Ecuador ** 2008COCDEP Consultoría y Capacitación para el Desarrollo Productivo, S.C. Mexico * 2008CODESARROLLO CODESARROLLO Ecuador *** 2008ColumbiaMicrocreditosBanco Columbia División Microcreditos Argentina * 2008Common Interest Common Interest International Thailand ** 2008CompartamosBanco Banco Compartamos S.A. Institución de Banca Múltiple Mexico *** 2008ComultrasanCooperativa de Ahorro y Crédito de Santander Ltda. "FinancieraComultrasan"Colombia ** 2008Conserva Conserva Mexico * 2008Contactar Corporación Nariño Empresa y Futuro Colombia * 2008Coop 20 de Abril Cooperativa de Servicios Múltiples 20 de Abril R.L. Nicaragua ** 2008Coop Avances Cooperativa de Ahorro y Credito Financiera Avances R.L. Nicaragua ** 2008Coop Fátima Cooperativa Fátima Bolivia *** 2008Coop Jesús Nazareno Cooperativa Jesús Nazareno Ltda. Bolivia *** 2008Coop Juan XXIII Cooperativa de Servicios Múltiples Juan XXIII. R.L. Panama * 2008COOPACChiquinquiraCooperativa de Ahorro y Crédito Chiquinquira Peru * 2008COOPAC León XIII COOPAC León XIII Peru * 2008COOPAC Los Andes Cooperativa de Ahorro y Crédito Los Andes Cotarusi Aymaraes Peru *** 2008COOPAC Norandino COOPAC Norandino Ltda. Peru ** 2008COOPAC SanCristóbalCOOPAC San Cristóbal de Huamanga Peru * 2008COOPAC San Martín COOPAC San Martin de Porres - PER Peru ** 2008COOPAC Santa Maria Cooperativa de Ahorro y Crédito Santa Maria Magdalena Peru * 2008COOPAC Santo Cristo COOPAC Santo Cristo de Bagazán Peru ** 200882Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearCOOPAC SantoDomingoCooperativa de Ahorro y Crédito Santo Domingo de Guzmán Peru ** 2008COOPAC Tocache Cooperativa de Ahorro y Crédito Tocache Peru ** 2008COOPEC HinfaniDossoCOOPEC Hinfani Dosso Niger * 2008COOPEC/ACCO Cooperative d'epargne et de credit de l'assciation des chauffeurs du congo Congo, DemocraticRepublic of the* 2008COOPEDU-Kigali COOPEDU-Kigali Rwanda ** 2008COOPROGRESO COOPROGRESO Ecuador *** 2008COSPEC Coopérative Solidarité avec les Paysans pour l'Epargne et le Crédit à Cibitoke Burundi ** 2008CPECG Yete Mali CPECG Yete Mali Guinea * 2008CRAC Los Andes Caja Rural de Ahorro y Crédito Los Andes Peru *** 2008CRAC Nuestra Gente Caja Rural de Ahorro y Crédito Nuestra Gente Peru *** 2008CRAC Profinanzas Caja Rural de Ahorro y Crédito Profinanzas Peru *** 2008CRAC Señor de Luren Caja Rural de Ahorro y Crédito Señor de Luren Peru *** 2008CRAC Sipán Caja Rural de Ahorro y Crédito Sipán S.A. Peru *** 2008CRAN Christian Rural Aid Network Ghana ** 2008Crece Safsa Crece Safsa, S.A. de C.V. Mexico * 2008CRECER Crédito con Educación Rural Bolivia *** 2008CredAgro NBCO CredAgro Non-Banking Credit Institution Azerbaijan ** 2008Credi Fé Credi Fé Desarrollo Microempresarial S.A. Ecuador ** 2008CrediAmigo Banco do Nordeste do Brasil S/A Brazil ** 2008CrediAvance CrediAvance, S.A. de C.V. SOFOM E.N.R. (antes DESPENO) Mexico * 2008Credi-Capital CREDI-CAPITAL, S.A. de C.V. SOFOM E.N.R (antes ASEA) Mexico * 2008CrediClub CrediClub, S.A. de C.V., SOFOM E.N.R. Mexico * 2008CrediComún Servicios para el Desarollo Comunitario, S.A. de C.V. Mexico ** 2008Credicoop Cooperativa Credicoop Ltda. Chile ** 2008CREDIMUJER Credito para la Microempresa y el Desarrollo Social Costa Rica ** 2008Crediscotia Crediscotia Financiera Peru *** 2008Credisol Instituição de Crédito Solidário Credisol Brazil ** 2008CREDIT CREDIT MFI Cambodia ** 2008Credit Mongol Credit Mongol Mongolia ** 2008Créditos Pronegocio Créditos Pronegocio, S.A. de C.V. SOFOL, Grupo Financiero Norte Mexico * 2008CREDITUYO Servicios Financieros de Desarrollo Comunitario, S.A. de C.V. SOFOM E.N.R. Mexico ** 2008CREDO LLC "MFO CREDO" Georgia ** 2008CReSA Centre for Rural Reconstruction Through Social Action India * 2008Cresol CentralCresol Central SC/RS - Cooperativa Central de Crédito Rural com InteraçãoSolidáriaBrazil ** 2008Crezcamos Crezcamos S.A. Colombia ** 2008CRG Credit Rural de Guinée Guinea ** 2008CRYSOL Fundación CRYSOL Guatemala *** 2008Crystal JSC MFO Crystal (formerly Crystal Fund) Georgia ** 2008CSD Centre for Self-help Development Nepal ** 2008CU Kosayu CU Kosayu Indonesia * 2008CU Pantai Prigi Credit Union Pantai Prigi Indonesia * 2008CU Sawiran Koperasi Kredit Sawiran Indonesia * 2008CUMO CUMO Microfinance Limited Malawi ** 2008CVECA Kita/BafoulabéCVECA Kita/Bafoulabé Mali * 2008CVECA Pays Dogon CVECA Pays Dogon Mali * 2008CVECA SOUM Caisses villageoises d'épargne et de credit autogérées du Soum Burkina Faso * 2008CWCD Centre for Woman Co-operative Development Pakistan ** 2008CZWSDA Chifeng Zhaowuda Women's Sustainable Development Association China, People'sRepublic of* 2008Microfinance Information eXchange, Inc83

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearDAMEN Development Action for Mobilization and Emancipation Pakistan ** 2008DAYAQ-Credit NBCO "DAYAQ-Credit" LLC Azerbaijan * 2008DBACD Dakahlya Businessmen's Association for Community Development Egypt ** 2008DD Bank Deprosc Development Bank Ltd. Nepal ** 2008DEC Development Exchange Center Nigeria ** 2008DECSI Dedebit Credit and Savings Institution Ethiopia ** 2008DEF Development and Employment Fund Jordan ** 2008Degaf Degaf Ethiopia * 2008DEPROSC-Nepal Development Project Service Centre - Nepal Nepal * 2008Despacho Amador Despacho Alfonso Amador Mexico * 2008Diaconia FRIF Diaconia Bolivia ** 2008Dian Mandiri Dian Mandiri Foundation Indonesia ** 2008DINARI Dian Bhuana Lestari Foundation Indonesia ** 2008Dirigible Microcredit Company 'Dirigible' Kyrgyzstan * 2008DJOMEC DJOMEC Senegal * 2008DSK Dobrich DSK Dobrich Bulgaria * 2008D-Miro D-miro Ecuador *** 2008Don Apoyo Don Apoyo S.A. de C.V. Mexico * 2008Doveriye - Volgograd Doveriye Consumer Credit Cooperative of Citizens Russia * 2008Doveriye (Amursk) Credit Union 'Doveriye' (Amursk) Russia * 2008Doveriye- Bulgaria Rural Credit Cooperative 'Doveriye' Bulgaria * 2008Doveriye-Altay Consumer Credit Cooperative 'Doveriye-Altay' Russia * 2008DQF Daasgift Quality Foundation Ghana ** 2008DSPI Daan Sa Pag-unlad Inc. Philippines * 2008Duterimbere Duterimbere Rwanda ** 2008ECLOF - ARM Ecumenical Church Loan Fund - ARM Armenia ** 2008ECLOF - ECU Ecumenical Church Loan Fund - Ecuador Ecuador ** 2008ECLOF - PHL ECLOF Philippines Foundation, Inc. Philippines ** 2008EcoFuturo FFP Eco Futuro Fondo Financiero Privado Bolivia *** 2008EDAPROSPO EDAPROSPO Peru ** 2008Edinstvo Yurga CCC 'Edinstvo Yurga' Russia * 2008Edinstvo-Volgograd CCC 'Edinstvo-Volgograd' Russia * 2008EDPYME AccesoCrediticioEDPYME Acceso Crediticio Peru * 2008EDPYME Alternativa EDPYME Alternativa Peru *** 2008EDPYME Confianza EDPYME Confianza Peru *** 2008EDPYME CrearArequipaEDPYME Crear Arequipa Peru *** 2008EDPYME Credivisión EDPYME Credivisión Peru *** 2008EDPYME Efectiva EDPYME Efectiva Peru ** 2008EDPYME NuevaVisiónEDPYME ProNegociosEDPYME Nueva Visión Peru *** 2008EDPYME Pro Negocios Peru * 2008EDPYME Proempresa EDPYME Proempresa Peru ** 2008EDPYME Raíz EDPYME Raíz Peru *** 2008Ehyoi kuhiston Microloan Fund Ehyoi kuhiston Tajikistan * 2008EKI EKI Bosnia andHerzegovina*** 2008EKPA Consumer Credit Union 'Economic Partnership' Russia * 2008Elet-Capital MCC Elet-Capital Kyrgyzstan *** 2008Emprender EMPRENDER Bolivia Bolivia *** 2008Enda Enda Inter-Arabe Tunisia *** 2008ENLACE ENLACE - Servicios Financieros S.A de C.V. El Salvador ** 200884Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearEquitas Equitas Micro Finance India India ** 2008Equity Bank Equity Bank Kenya ** 2008ESAF ESAF Microfinance and Investments (P) Ltd. India ** 2008ESED Egyptian Small Enterprise Development Foundation Egypt * 2008Eshet Eshet Ethiopia ** 2008Espacios Alternativos Espacios Alternativos, S.C. Mexico * 2008Crezkamos Kapital Crezkamos Kapital Eurekasoli, S. A. de C.V. Mexico * 2008Express Finance Express Finance IFN SA (formerly CHF - ROM) Romania ** 2008Fácil SCM Fácil Sociedade de Crédito ao Microempreendedor Ltda Brazil * 2008FACES FACES Ecuador *** 2008FADEMYPE Fundación para el Auto Desarrollo de la Micro y Pequeña Empresa El Salvador ** 2008FAFIDESSFundación de Asesoría Financiera a Instituciones de Desarrollo y ServicioSocialGuatemala * 2008FAIR Bank First Agro-Industrial Rural Bank Philippines ** 2008FAM Fonds d'Actions Mutuelles Congo, Republic of the ** 2008FAMA OPDF Familia y Medio Ambiente OPDF Honduras ** 2008FAPE Fundacion de Asistencia para la Pequeña Empresa Guatemala * 2008Farm Credit Armenia Farm Credit Armenia UCO CC Armenia ** 2008FASL First Allied Savings & Loans Ghana ** 2008Fassil FFP Fondo FASSIL Bolivia *** 2008FATEN Palestine for Credit & Development Palestine ** 2008Faulu - KEN Faulu Kenya Deposit Taking Microfinance Limited Kenya ** 2008Faulu - UGA Faulu - Uganda Uganda ** 2008FBPMC Fondation Banque Populaire pour le Micro-Credit Morocco ** 2008AfricaWorks AfricaWorks Mozambique * 2008FDL Fondo de Desarrollo Local Nicaragua ** 2008FDM Group-Guaranteed Lending and Savings - Fundo de Desenvolvimento da Mulher Mozambique ** 2008FECECAM Fédération des caisses d'épargne et de crédit agricole mutuel Benin * 2008FED Fundación Ecuatoriana de Desarrollo Ecuador ** 2008FFECC First Far Eastern Credit Cooperative Russia * 2008FFSA Fund for Financial Support of Agriculture Kazakhstan ** 2008FIACG Fundación Internacional para la Asistencia Comunitaria de Guatemala Guatemala ** 2008FICO First Isabela Cooperative Bank Philippines ** 2008FIDERPAC Fundación Integral de Desarrollo Rural del Pacífico Central Costa Rica ** 2008FIDEVIE FIDEVIE Benin * 2008FIE FFP Fondo Financiero Privado para el Fomento a Iniciativas Economicas Bolivia *** 2008FIE Gran Poder FIE Gran Poder S.A. Argentina *** 2008FIELCO Financiera El Comercio Paraguay *** 2008FinAgro FinAgro Georgia *** 2008FinAmérica Financiera América Colombia ** 2008FinAmigo Financiera Mexicana para el Desarrollo Rural, S.A. DE C.V., S.F.P. Mexico * 2008Financiera Edyficar Financiera Edyficar S.A. Peru *** 2008Financiera Fama Financiera Fama S.A. Nicaragua ** 2008FinancieraIndependenciaFinanciera Independencia, S.A.B. de C.V. SOFOM E.N.R. Mexico *** 2008FINCA - AFG FINCA Afghanistan Afghanistan * 2008FINCA - ARM FINCA Armenia Armenia ** 2008FINCA - AZE FINCA Azerbaijan Azerbaijan ** 2008FINCA - DRC FINCA Democratic Republic of Congo Congo, DemocraticRepublic of the** 2008FINCA - ECU FINCA Ecuador Ecuador ** 2008FINCA - GEO FINCA Georgia Georgia ** 2008FINCA - GTM FINCA Guatemala Guatemala ** 2008Microfinance Information eXchange, Inc85

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearFINCA - HND Financiera FINCA Honduras S.A. Honduras ** 2008FINCA - HTI FINCA - Haiti Haiti * 2008FINCA - JOR FINCA Jordan Jordan ** 2008FINCA - KOS FINCA - Kosovo Kosovo ** 2008FINCA - MEX Fundación Integral Comunitaria, A.C. - FINCA México Mexico ** 2008FINCA - MWI FINCA Malawi Malawi * 2008FINCA - NIC Fundación Internacional para la Asistencia Comunitaria - Nicaragua Nicaragua ** 2008FINCA - PER FINCA Peru Peru *** 2008FINCA - Russia FINCA - Russia Russia ** 2008FINCA - SLV Fundación Internacional para la Asistencia Comunitaria El Salvador ** 2008FINCA - TJK FINCA Tajikistan Tajikistan ** 2008FINCA - TZA FINCA Tanzania Tanzania ** 2008FINCA - UGA FINCA Uganda Uganda ** 2008FINCA - ZMB FINCA Zambia Zambia ** 2008FinComún Servicios Financieros Comunitarios, S.A. de C.V. SFP Mexico ** 2008FINCORP FINCORP Swaziland ** 2008FinDev Finance for Development LLC Azerbaijan ** 2008FINORTE Financiera del Norte, S.A. de C.V. SOFOM E.N.R. Mexico * 2008FINSOL Financiera Solidaria Honduras Honduras ** 2008First Macro Bank First Macro Bank (Rural Bank of Pateros) Philippines ** 2008Emprenda FIS - Empresa Social S.A. Argentina ** 2008FISUR Fomento e Impulso del Sur S.A. de C.V. Mexico * 2008FMCC FINCA MicroCredit Company - formerly FINCA Kyrgyzstan Kyrgyzstan ** 2008FMF First Microfinance Foundation - Aga Khan Egypt Egypt ** 2008FMFB - AFG The First MicroFinanceBank - Afghanistan Afghanistan ** 2008FMFB - Pakistan First MicroFinanceBank Ltd - Pakistan Pakistan ** 2008FMFB - TJK The First MicroFinanceBank - Tajikistan Tajikistan ** 2008FMFI-SYR Frst Micro Finance Institution, Syria Syria ** 2008FMM Bucaramanga Fundación Mundial de la Mujer Bucaramanga Colombia ** 2008FMM Popayán Fundación Mundo Mujer Popayán Colombia ** 2008FMSD Fundación Mario Santo Domingo Colombia ** 2008FNT Credit FNT Credit Kyrgyzstan * 2008FODEM Fondo de Desarrollo para la Mujer Nicaragua ** 2008FODEMI Fondo de Desarrollo Microempresarial Ecuador ** 2008FOMIC Fondo de Microproyectos Costarricenses Sociedad Civil Costa Rica ** 2008FONCRESOL FONCRESOL Bolivia ** 2008FONDECO Fondo de Desarrollo Comunal Bolivia *** 2008FONDEP Fondation pour le Development Local et le Partenariat Micro-Crédit Morocco *** 2008FONDESOL FONDESOL Guatemala ** 2008FONDESURCO Fondo de Desarrollo Regional Peru *** 2008Fondo Esperanza Fondo Esperanza Chile ** 2008Fonkoze Fondasyon Kole Zepòl Haiti * 2008Forjadores deNegociosForjadores de Negocios, S. A. de C.V. SOFOM E.N.R Mexico ** 2008Fortaleza FFP Fortaleza FFP Bolivia ** 2008FORUS FORUS Bank Russia *** 2008FORWARD Forum for Rural Women Ardency Development Nepal ** 2008FOVIDA Fomento de la Vida Peru ** 2008FRAC Fundación Realidad, A.C. Mexico *** 2008FUBODE Fundación Boliviana para el Desarrollo Bolivia ** 2008FUCEC Togo Faitière des Unités Coopératives d'Epargne et de Crédit du Togo Togo * 2008FUDEMI Fundación para el Desarrollo de la Microempresa Nicaragua * 2008FULM Saving House FULM Macedonia ** 200886Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearFUNBODEM Fundación Boliviana para el Desarrollo de la Mujer Bolivia *** 2008Fund for WomenDevelopment - HCMFund for Women Development - HCM Vietnam * 2008Fundación 4i-2000 Fundación 4i-2000 Nicaragua ** 2008FundaciónAlternativaFundación Alternativa Ecuador *** 2008Fundación Amanecer Fundación Amanecer Colombia ** 2008Fundación CAMPO Fundación CAMPO El Salvador ** 2008Fundación Esperanza Fundación Esperanza Internacional Dominican Republic ** 2008Fundación Espoir Fundación Espoir Ecuador ** 2008Fundación León 2000 Fundación León 2000 Nicaragua ** 2008Fundación MICROS Fundación para el Desarrollo de la Microempresa MICROS Guatemala ** 2008Fundación Mujer Fundación Mujer Costa Rica ** 2008FundaciónNieborowskiFundaciónParaguayaFundación José Nieborowski Nicaragua * 2008Fundación Paraguaya de Cooperación y Desarrollo Paraguay ** 2008FUNDAHMICRO Fundación Hondureña para el Desarrollo de la Microempresa Honduras ** 2008FUNDAMIC Fundación de Ayuda Microempresarial Ecuador ** 2008FUNDEA Fundación para el Desarrollo Empresarial y Agrícola Guatemala ** 2008FUNDEBASE Fundación para el Desarrollo de Base Costa Rica ** 2008FUNDECOCA Fundación Unión y Desarrollo de Comunidades Campesinas Costa Rica ** 2008FUNDENUSE Fundación para el Desarrollo de Nueva Segovia) Nicaragua ** 2008FUNDEPYME Fundación de Desarrollo Empresarial de la Pequeña y Mediana Empresa Nicaragua * 2008FUNDESER Fundación para el Desarrollo Socioeconómico Rural Nicaragua *** 2008FUNDESPE Fundacion para el Desarrollo de la Pequeña Empresa Guatemala ** 2008Fundusz Mikro Fundusz Mikro Poland ** 2008FUNED Fundación para el Desarrollo de Honduras Honduras ** 2008FUNHAVI Fundación Habitat y Vivienda, A.C. Mexico * 2008FUNSALDE Fundación Salvadoreña para el Desarrollo El Salvador * 2008FVP Fundacion para La Vivienda Progresiva A.C. Mexico * 2008Génesis Empresarial Fundación Génesis Empresarial Guatemala ** 2008Galaktika CCC Galaktika Russia * 2008Garant-Invest Garant-Invest Uzbekistan ** 2008Gasha Gasha Ethiopia * 2008GAWFA GAMBIA WOMEN'S FINANCE ASSOCIATION Gambia, The * 2008GBNB Grameen Bank Nepal Biratnagar Nepal ** 2008GCM Grupo Consultor para La Microempresa, S.A. de C.V., SOFOM, E.N.R. Mexico ** 2008General Toshevo Rural Credit Cooperative 'General Toshevo' Bulgaria * 2008GGEM MicrofinanceServices Ltd.Grassroots Gender Empowerment Movement Microfinance Services Ltd. Sierra Leone ** 2008GFSPL Grameen Financial Services Pvt. Ltd. India ** 2008GM Bank GM Bank Philippines ** 2008GOF Growing Opportunity Finance India ** 2008Gorodskoy Consumer Credit Cooperative 'Gorodskoy' Russia * 2008GRAINE sarl GRoupe d'Accompagnement à l'INvestissement et à l'Epargne Burkina Faso * 2008Grameen Bank Grameen Bank Bangladesh ** 2008Grameen Mendoza Fundación Grameen Mendoza Argentina ** 2008Grameen Sahara Grameen Sahara Matia Goalpara India ** 2008Green Bank Rural Green Bank of Caraga, Inc. Philippines ** 2008Grupo Río La Venta Grupo Consultor Río la Venta S.A. de C.V. SOFOM E.N.R. Mexico * 2008GU Gram-Utthan India ** 2008GV Grama Vidiyal India ** 2008Harbu Harbu Micro Finance Institution Share Company Ethiopia ** 2008Microfinance Information eXchange, Inc87

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearHEED HEED Bangladesh Bangladesh * 2008Hekima Hekima Congo, DemocraticRepublic of the** 2008HDH OPDF Fundación Microfinanciera Hermandad de Honduras OPDF Honduras ** 2008HiH Hand in Hand India * 2008HKL Hattha Kaksekar Ltd. Cambodia *** 2008Hluvuku Hluvuku-Adsema Fundo de Credito Male yeru Mozambique ** 2008Hofokam Hofokam Uganda * 2008HOPE HOPE Ukraine Ukraine ** 2008Hope for Life Hope for Life Afghanistan ** 2008Horizon Horizon fund Armenia ** 2008Horizonti Foundation Horizonti Skopje Macedonia ** 2008HSPFI Hagdan Sa Pag-uswag Foundation Inc. Philippines * 2008ICC BluSol Instituição Comunitária de Crédito Blumenau Solidariedade Brazil ** 2008ICC ConquistaSolidáriaInstituição Comunitária de Crédito Conquista Solidária Brazil * 2008ICC MAUCE Instituição Comunitária de Crédito do Médio Alto Uruguai e Região Celeiro Brazil * 2008ICMFB IC Microfinance Bank Nigeria Nigeria ** 2008IDDA Industrial District Development Association Egypt * 2008IDEPRO Instituto para el Desarrollo de la Pequeña Unidad Productiva Bolivia ** 2008IDER CV IDER Cesar Vallejo Peru * 2008IDESI Lambayeque Instituto de Desarrollo del Sector Informal para Lambayeque Peru * 2008IDESPA IDESPA Peru * 2008IDF Integrated Development Foundation Bangladesh * 2008ID-Ghana Initiative Development Ghana Ghana ** 2008IDH Instituto para el Desarrollo Hondureno Honduras ** 2008IDYDC Iringa Development of Youth, Disabled and Children Care Tanzania ** 2008IFDP Institution Financier de Developpement de Phongsaly Laos * 2008ImerCredit MFI ImerCredit Ltd. (formerly BAI) Georgia * 2008IMFB Integrated Microfinance Bank Nigeria *** 2008Imkoniyat Microlending Foundation Imkoniyat Tajikistan * 2008Imodi Hutal Microloan Fund Imodi Hutal Tajikistan * 2008IMON LLC Microlending organization IMON INTERNATIONAL Tajikistan *** 2008IMPRO Asociación Incubadora de Microempresas Productivas Bolivia *** 2008Impuls Consumer Credit Cooperative " Russia * 2008Indur MACSIndur Intideepam Mutually Aided Thrift & Credit Cooperatives'Federation LimitedIndia ** 2008INECO INECO Bank Armenia ** 2008Inicjatywa Mikro Inicjatywa Mikro Poland ** 2008INMAA Institution Marocaine d'Appui a la Micro-entreprise Morocco * 2008INSOTEC Instituto de Investigaciones Socioeconómicas y Tecnológicas Ecuador *** 2008Instituto Estrela Instituto Estrela de Fomento ao Microcrédito Brazil * 2008Intellekt Consumer Credit Cooperative of Citizens 'Intellekt' Russia * 2008Interactuar Interactuar Colombia *** 2008Interfisa Financiera Grupo Internacional de Finanzas SAECA Paraguay ** 2008Invest Credit Invest Credit LLC NBCO Azerbaijan ** 2008Invest-CreditMoldovaInvest-Credit Moldova Moldova * 2008Invirtiendo Invirtiendo S.A. de C.V. Mexico * 2008IPR Intean Poalroath RongRoeurng LTD Cambodia ** 2008IzdiharonaMicrofinanceRelief International - Izdiharona Microfinance Iraq * 2008Jabal Al Hoss UNDP Rural Community Development in Jabal Al Hoss Syria * 200888Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearJamii Bora Jamii Bora Kenya Ltd. Kenya * 2008Janodaya Janodaya Public Trust India ** 2008JCF Jagorani Chakra Foundation Bangladesh * 2008Jigiyaso Ba Jigiyaso Ba Mali * 2008Joldosh Group MCC Joldosh Group Kyrgyzstan * 2008JOVID Micro-loan fund 'JOVID' Tajikistan *** 2008JSC Bank Constanta JSC Bank Constanta Georgia ** 2008JSCCS Janasachetan Saving and Credit Cooperative Society Ltd. Nepal ** 2008Juaben RB Juaben Rural Bank Ghana ** 2008JVS Jeevum Vikas Samaj Nepal ** 2008JXWDA Jia Xian Women's Development Association China, People'sRepublic of** 2008KADET Kenya Agency to Development of Enterprise and Technology Kenya * 2008Kafo Jiginew Kafo Jiginew Mali ** 2008Kakum RB Kakum RB Ghana ** 2008KAMURJ Microenterprise Development Fund Kamurj Armenia ** 2008Kasagana-Ka Kasagana-Ka Development Foundation, Inc. Philippines ** 2008Kashf Foundation Kashf Foundation Pakistan ** 2008Kashf Bank Kashf Microfinance Bank Pakistan * 2008Kajnardza 96 Rural Credit Cooperative 'Kajnardza 96' Bulgaria * 2008Kazama Grameen Kazama Grameen, Inc. Philippines ** 2008KBank Kauswagan Bank Philippines ** 2008KBSLAB Krishna Bhima Samruddhi Local Area Bank Limited India ** 2008KCCDFI Kasanyangan-Mindanao Foundation, Inc. Philippines ** 2008Kemek MCO Kemek Kazakhstan * 2008KEP Kosovo Enterprise Program Kosovo ** 2008KGMAMF Kosovo Grameen Missione Arcobaleno Kosovo ** 2008Khan Bank Khan Bank (Agricultural Bank of Mongolia LLP) Mongolia ** 2008Khushhali Bank Khushhali Bank Pakistan ** 2008KixiCredito KixiCredito Angola * 2008KMB KMB Bank Russia ** 2008KMBI Kabalikat para sa Maunlad na Buhay, Inc. Philippines ** 2008KMF Kazmicrofinance, LLC (formerly KLF) Kazakhstan ** 2008Kokari Kokari Niger * 2008Komak Credit Komak Credit Union Azerbaijan ** 2008Kompanion Kompanion Financial Group Microfinance Closed Joint Stock Company Kyrgyzstan ** 2008Kondo Jigima Kondo Jigima Mali * 2008KOPSA KOPSA India ** 2008KosInvest KosInvest Kosovo ** 2008KPOSB Kenya Post Office Savings Bank Kenya * 2008Kredo Kredo Bulgaria ** 2008K-Rep K-Rep Bank Kenya ** 2008KRK LtdKreditimi Rural i Kosoves LLC (formerly Rural Finance Project ofKosovo)Kosovo ** 2008KRUSHI KRUSHI India ** 2008KSF Kraban Support Foundation Ghana * 2008KSK RPK KSK RPK Bulgaria ** 2008KVK CU 'Cash Department of Mutual Credit' Russia * 2008KVK-Altay Consumer Credit Cooperative 'KVK-Altay' Russia * 2008KWFT Kenya Women Finance Trust Kenya ** 2008La Community Bank La Community Bank Ghana ** 2008Lak Jaya Lak Jaya Micro Finance Ltd. Sri Lanka * 2008Microfinance Information eXchange, Inc89

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearLAM LAM Rural Microfinance PLC Romania ** 2008LAPO-NGR Lift Above Poverty Organisation Nigeria ** 2008LAPO-SLE LAPO-SLE Sierra Leone * 2008Lazika Capital Small Business Development Foundation Georgia *** 2008Lead Foundation Lead Foundation Egypt ** 2008Letta Letta Micro Finance Institution Share Company Ethiopia ** 2008LIDER LIDER Bosnia andHerzegovina** 2008Life Bank Life Bank Foundation, Inc. Philippines ** 2008LOK MicrocreditFoundationLOK Microcredit FoundationBosnia andHerzegovina*** 2008LSK Laafi Sira Kwieogo Burkina Faso ** 2008M7 Can Loc M7 Can Loc M7 Can Loc (or Pro-poor Center - PPC Ha Tinh) Vietnam * 2008M7 DB District M7 HuyÇn iÇn Biên Vietnam * 2008M7 DBP City M7 TP iÇn Biên Vietnam * 2008M7 Dong Trieu M7 ông TriÁu, Qu£ng Ninh Vietnam * 2008M7 Mai Son M7 Mai S¡n, S¡n La Vietnam * 2008M7 Ninh Phuoc M7 Ninh Phuoc Vietnam * 2008M7 Uong bi M7 Uông Bí, Qu£ng Ninh Vietnam * 2008Maata-N-Tudu Maata-N-Tudu Association Ghana ** 2008Madfa SACCO Madfa Cooperative Savings and Credit Society Uganda ** 2008MADRACMicrofinance Agency for Development and Rehabilitation of AfghanCommunitiesAfghanistan ** 2008FAF-DC The First Albanian Financial Developme Albania ** 2008Mahasemam Mahasemam India ** 2008Mahashakti Mahashakti Foundation India ** 2008Mahila Mahila Women Cooperative Society Ltd. Nepal ** 2008Mahuli Mahuli Samudyik Bikas Kendra Nepal ** 2008Makhzoumi Makhzoumi Foundation Lebanon ** 2008Mallig Plains RB Mallig Plains Rural Bank (Isabela), Inc. Philippines ** 2008Manuela Ramos Movimiento Manuela Ramos Peru ** 2008Manushi Manushi Nepal ** 2008Maqsadi dasgiri MLF Maqsadi dasgiri Tajikistan * 2008Marang Marang Financial Services Ltd. South Africa ** 2008Maritsa Invest Rural Credit Cooperative 'Maritsa Invest' Bulgaria * 2008Maxima Maxima Cambodia *** 2008Mbinga CB Mbinga Community Bank Tanzania ** 2008MBK Ventura PT Mitra Bisnis Keluarga Ventura (formerly Ganesha) Indonesia *** 2008MC² Réseau MC² Cameroon * 2008MCL Molyn Credit Limited Kenya ** 2008MCN Micro Crédit National Haiti * 2008MCO 'Oral' MCO 'Oral' Kazakhstan * 2008MDF Micro Development Fund Serbia ** 2008MEC AFERMEC FEPRODESMECBASMutuelle d'Epargne et de Crédit de l'Association Femmes Entreprises Ruralesdu NordMEC Fédération des groupements et associations des femmes productricesde la région de Saint-LouisMutuelle d'Epargne et de Crédit du Bassin Arachidier et de la Zone SylvoPastoraleSenegal ** 2008Senegal ** 2008Senegal * 2008MECREF Mutuelle d'Epargne et de Crédit des Femmes Niger * 2008MEDF Mindanao Enterprise Development Foundation Philippines ** 2008MED-Net Micro Enterprise Development Network Uganda ** 2008Meklit Meklit Ethiopia ** 2008MEMCO Middle East Microcredit Company Jordan ** 200890Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearMFI Microcredit Foundation of India India ** 2008MFW Microfund for Women Jordan ** 2008MGBB Madhyamanchal Grameen Bikas Bank Ltd. Nepal ** 2008MGPCC DEKAWOWO Mutuelle des Groupements de Producteurs de Café et Cacao Togo ** 2008MiBanco MiBanco Banco de la Microempresa SA Peru *** 2008MiBanco Venezuela MiBanco Banco de Desarrollo, CA Venezuela ** 2008MI-BOSPO MI-BOSPO Tuzla Bosnia andHerzegovina*** 2008Micro Africa Micro Africa Limited Kenya ** 2008Micro Start Micro Start Burkina Faso ** 2008MicroCred - MDG MicroCred Madagascar Madagascar ** 2008MicroCred - MEX MicroCred Mexico SAPI de CV SOFOM ENR Mexico ** 2008MicroCred - SEN MicroCred Senegal Senegal * 2008Micredito SAC Micredito SAC Peru ** 2008Coop MEDA Cooperativa de Ahorro y Crédito MICROEMPRESAS DE ANTIOQUIA AC Colombia *** 2008MicrofinancieraPrismaMicro Financiera Prisma de Honduras, S.A. Honduras ** 2008Microinvest JV MFO Microinvest LLC Moldova ** 2008Microserfin Soluciones de Microfinanzas S.A. Panama ** 2008Microsol Fundación Microsol Paraguay ** 2008MIDE MICROCREDITO PARA EL DESARROLLO Peru ** 2008MIKRA MIKRA Bosnia and Herzegovina ** 2008Mikro ALDI Mikro ALDI Bosnia andHerzegovina** 2008Mikrofond Mikrofond Bulgaria ** 2008Mikrokredit Bank Mikrokredit Bank of Uzbekistan Uzbekistan ** 2008MikroMaliyye Credit MikroMaliyye Credit Institution Azerbaijan * 2008Mimo Finance Mimo Finance India ** 2008Miselini Miselini Mali * 2008Miziya Rural Credit Cooperative 'Miziya' Bulgaria * 2008MLF ChiluchorchashmaMLF Chiluchor chashma Tajikistan * 2008MLF Kiropol Microloan Fund Kiropol Tajikistan * 2008MLF Madina Microloan Fund Madina Tajikistan * 2008MLF MicroInvest MLF MicroInvest Tajikistan ** 2008MLF MWI Microloan Foundation Malawi Malawi ** 2008MLF Vahsh Microfin Microloan Fund Vahsh Microfin Tajikistan * 2008MLO HUMO Microloan Organization 'HUMO and Partners' Tajikistan *** 2008MLO 'Saodat Invest' Microloan Organization 'Saodat Invest' Tajikistan * 2008MAMIDECOT Masaka Microfinance Development Cooperative Trust Ltd. Uganda ** 2008MMS Yayasan Mitra Masyarakat Sejahtera Indonesia * 2008MoFAD Micro Finance Agency for Development (CARE) Afghanistan * 2008Mol Bulak Finance MCC Mol-Bulak Kyrgyzstan *** 2008Moldir MCO Moldir Kazakhstan ** 2008Momina Voda Rural Credit Cooperative 'Momina Voda' Bulgaria * 2008Moris Rasik Moris Rasik East Timor ** 2008Moznosti Savings House Moznosti LLC Skopje Macedonia ** 2008MPGBB Madhya Pashimanchal Grameen Bikash Bank Nepal * 2008MUDE Asociación de Mujeres Desarrollo Guatemala * 2008MUL Micro Uganda Ltd Uganda ** 2008MUSCCO Malawi Union of Savings and Credit Cooperatives Malawi ** 2008Mutuelle Akwaba Mutuelle Akwaba Togo ** 2008Nachala Nachala Cooperative Bulgaria ** 2008Microfinance Information eXchange, Inc91

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearNadejda CCCC 'Nadejda' Russia * 2008Nadejda 96 Rural credit cooperative 'Nadejda 96' Bulgaria * 2008Narodniy Kredit_KemerovNarodniy Kredit_Kemerov Russia * 2008NBJK Nav Bharat Jagriti Kendra India * 2008NCS Nirantara Community Services India ** 2008NEED Network of Entrepreneurship and Economic Development India ** 2008Neftegaz Neftegaz Russia * 2008NeRuDO Nepal Rural Development Organization Nepal ** 2008NESDO National Educational & Social Development Organization Nepal * 2008New RB ofVictoriasNew Rural Bank of Victorias Inc. Philippines ** 2008Nidan Nidan India ** 2008Nirdhan Nirdhan Utthan Bank Ltd. Nepal ** 2008NMF National Microfinance Foundation Yemen ** 2008NMFB Network Microfinance Bank Limited Pakistan ** 2008Normicro Norwegian Microcredit LLC Azerbaijan ** 2008Nov Credit Microloan Fund Nov Credit Tajikistan * 2008NovoBanco - MOZ NovoBanco Mozambique Mozambique ** 2008NRDSC Nepal Rural Development Society Centre Nepal * 2008NSBA North Sinai Businessmen Association Egypt * 2008Nwabiagya RB Nwabiagya Rural Bank Ghana ** 2008NWTF Negros Women for Tomorrow Foundation, Inc. Philippines ** 2008Nyesigiso Nyesigiso Mali ** 2008NYWDA Ningxia Yanchi Women's Development Association China, People'sRepublic of* 2008Obereg (Vladivostok) Obereg (Vladivostok) Russia * 2008OBM Opportunity Bank Montenegro Montenegro ** 2008OBS Opportunity Bank Serbia Serbia ** 2008OCSSCO Oromia Credit and Saving Share Company Ethiopia * 2008ODEF Financiera Organización de Desarollo Empresarial Femenino Financiera S.A. Honduras ** 2008Faulu - TZA Faulu Tanzania Limited Tanzania ** 2008OI China Opportunity International China China, People'sRepublic of* 2008OIBM Opportunity International Bank of Malawi Malawi ** 2008OISL Opportunity International Savings and Loans - Ghana Ghana ** 2008OLC Oportunidad Latinoamerica Colombia (OLC) Colombia * 2008OMB Opportunity Microfinance Bank Inc. Philippines * 2008OMRO Opportunity Microfinance Romania Romania ** 2008OportunidadMicrofinanzasOportunidad Microfinanzas Mexico ** 2008Opportunity Albania Opportunity Albania (formerly PSHM) Albania ** 2008Opportunity Finance Opportunity Finance South Africa ** 2008Opportunity Kenya Opportunity Kenya Ltd. Kenya ** 2008Otiv Alaotra Otiv Alaotra Madagascar ** 2008Otiv Diana Otiv Diana Madagascar ** 2008Otiv Sambava Otiv Sambava Madagascar * 2008Otiv Tana Otiv Tana Madagascar * 2008Otuasekan RB Otuasekan RB Ghana ** 2008OXUS - AFG OXUS Afghanistan Afghanistan ** 2008OXUS - KGS OXUS Kyrgyzstan Kyrgyzstan ** 2008OXUS - TJK Micro-Lending Fund 'OXUS' Tajikistan ** 2008PADMEAssociation pour la Promotion et l' Appui au Développement deMicroEntreprisesBenin * 200892Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearPAIDEK PAIDEK Congo, DemocraticRepublic of the** 2008PALFSI People's Alternative Livelihood Foundation of Sorsogon, Inc. Philippines ** 2008PAMECAS Programme d'Appui aux Mutuelles d'Épargne et de Crédit au Sénégal Senegal ** 2008PAPME Agence pour la Promotion et l'Appui aux Petites et Moyennes Entreprises Benin ** 2008Parabank Parabank Azerbaijan ** 2008PARC Palestinian Agricultural Relief Committees Palestine * 2008Partner Partner Bosnia andHerzegovina** 2008Partner Russia Partner Russia Russia * 2008Parwaz Parwaz MicroFinance Institution Afghanistan * 2008PASECA - KayesProgramme d'Appui à la mise en place d'un Système d'Epargne et de CréditAutogéré - KayesMali * 2008PASED Port Sudan Association for Small Enterprise Development Sudan ** 2008PATRA Hunchun PATRA Hunchun China, People'sRepublic ofPATRA Yanbian PATRA Yanbian China, People'sRepublic of* 2008* 2008PAWDEP PAMOJAWOMEN DEVELOPMENT PROGRAMME Kenya ** 2008PBC People's Bank of Caraga (RB of Talacogon) Philippines ** 2008PCWDA Pu Cheng Women's Development Organization China, People'sRepublic of** 2008PEACE Poverty Eradication & Community Empowerment Ethiopia ** 2008Perelik Rural Credit Cooperative 'Perelik' Bulgaria * 2008PGBB Western Region Grameen Bikas Bank Nepal ** 2008Plan International Plan International Vietnam Vietnam * 2008PNG MicrofinanceLtdPNG Microfinance Limited Papua New Guinea ** 2008POMFB Pak-Oman Microfinance Bank Pakistan ** 2008Pomoriiski stopanin Rural Credit Cooperative 'Pomoriiski stopanin' Bulgaria * 2008Popular Kasa-KystendilPopular Kasa-Kystendil Bulgaria * 2008Popular SAFI Popular S.A - Sociedad Administradora de Fondos de Inversión Peru ** 2008Povoljye CCCC 'Povoljye' Russia * 2008PR Bank Philippine Rural Banking Corp. Philippines * 2008PRASAC PRASAC MFI Ltd. Cambodia ** 2008PRESTANIC Asociación Fondo Nicaraguense para el Desarrollo Comunitario Nicaragua ** 2008PRIDE - TZA PRIDE Tanzania Tanzania ** 2008Pride Finance PRIDE Finance Guinea * 2008PRISMA Asociación Benefica Prisma Peru *** 2008PRIZMA PRIZMA Bosnia andHerzegovina** 2008ProCaja Asociación para el Desarrollo de las Cajas Rurales Panama ** 2008ProCredit - BOL Banco Los Andes ProCredit Bolivia ** 2008ProCredit - COL Banco ProCredit Colombia SA Colombia ** 2008ProCredit - ECU Banco ProCredit S.A. (Ex Sociedad Financiera Ecuatorial S.A. SFE) Ecuador ** 2008ProCredit - GHA ProCredit SLC Ghana Ghana ** 2008ProCredit - HND Banco ProCredit Honduras Honduras ** 2008ProCredit - MDA ProCredit Moldova - formerly MEC Moldova ** 2008ProCredit - NIC Banco ProCredit Nicaragua Nicaragua *** 2008ProCredit - SLV Banco ProCredit El Salvador El Salvador *** 2008ProCredit Bank - ALB ProCredit Bank Albania - formerly FEFAD Bank Albania ** 2008ProCredit Bank - BGR ProCredit Bank Bulgaria Bulgaria ** 2008ProCredit Bank - BIH ProCredit Bank Bosnia and Herzego vina Bosnia andHerzegovina** 2008Microfinance Information eXchange, Inc93

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearProCredit Bank - GEO ProCredit Bank Georgia - formerly MBG Georgia ** 2008ProCredit Bank - KOS ProCredit Bank Kosovo - formerly MEB Kosovo ** 2008ProCredit Bank- MDA ProCredit Bank - MDA Moldova * 2008ProCredit Bank- MKD ProCredit Bank Macedonia Macedonia ** 2008ProCredit Bank- ROM ProCredit Bank Romania - formerly Miro Bank Romania ** 2008ProCredit Bank - SLE ProCredit Bank Sierra Leone Sierra Leone ** 2008ProCredit Bank - UKR ProCredit Bank Ukraine - formerly Microfinance Bank Ukraine ** 2008ProCredit Bank- DRC ProCredit Bank Congo Congo, DemocraticRepublic of the** 2008ProCredit Bank Serbia ProCredit Bank Serbia - formerly MFB Serbia ** 2008PRODEM FFP Fondo Financiero Privado PRODEM Bolivia ** 2008PRODESA Fundacion Para La Promocion y el Desarrollo Nicaragua ** 2008Progresar Fundación Progresar Argentina * 2008Progresemos Financiamiento Progresemos S.A. de C.V. SOFOM ENR Mexico ** 2008Progressive Bank Progressive Bank, Inc. Philippines ** 2008Pro Mujer - ARG ProMujer - ARG Argentina ** 2008Pro Mujer - BOL Programas para la Mujer - Bolivia Bolivia ** 2008Pro Mujer - MEX Asociación Pro Mujer de Mexico A.C. Mexico ** 2008Pro Mujer - NIC Programas para la Mujer - Nicaragua Nicaragua ** 2008Pro Mujer - PER Programas para la Mujer - Peru Peru ** 2008Pushtikar Pustikar Laghu VPBSSS Ltd. India * 2008PWMACSPayakaraopeta Women's Mutually Aided Co-operative Thrift andCredit SocietyIndia ** 2008RADE Regional Association to Develop Enterprise in Sohag Egypt * 2008Raduga Raduga Russia * 2008RAFODE Rural Agency for Development Kenya ** 2008RASS Rashtriya Seva Samithi India ** 2008RB Bagac Rural Bank of Bagac Philippines * 2008RB Cainta Rural Bank of Cainta Philippines ** 2008RB Camalig Rural Bank of Camalig (Albay), Inc. Philippines ** 2008RB Cotabato Rural Bank of Cotabato, Inc. Philippines ** 2008RB Digos Rural Bank of Digos Inc. Philippines ** 2008RB Dipolog Rural Bank of Dipolog Philippines *** 2008RB Guinobatan Rural Bank of Guinobatan, Inc. Philippines ** 2008RB Lebak Rural Bank of Lebak (Sultan Kudarat), Inc. Philippines ** 2008RB Liloy Rural Bank of Liloy, Inc. Philippines ** 2008RB Mabitac Rural Bank of Mabitac Inc. Philippines ** 2008RB Montevista Rural Bank of Montevista Philippines ** 2008RB Oroquieta Rural Bank of Oroquieta (Miss. Occ.), Inc. Philippines ** 2008RB Pagbilao Rural Bank of Pagbilao, Inc. Philippines ** 2008RB Placer Rural Bank of Placer Philippines * 2008RB San Jacinto Rural Bank of San Jacinto, Inc. Philippines ** 2008RB Siargao Rural Bank of Siargao Philippines ** 2008RB Solano Rural Bank of Solano Inc. Philippines ** 2008RB Talisayan Rural Bank of Talisayan - Misamis Oriental Inc. Philippines ** 2008RCCECG Réseau des Caisses Communautaires de Crédit et d'Epargne de Guinée Guinea ** 2008RCDS RCDS Pakistan ** 2008RCPB Réseau des caisses populaires du Burkina Faso Burkina Faso ** 2008Real Microcrédito Real Microcrédito Assessoria Financeira S.A. Brazil ** 2008Red de Vanguardia Red de Vanguardia, S.A. DE C.V. Mexico * 2008REDFunds REDFunds Africa Uganda ** 2008Reef Reef Finance Co. Palestine ** 2008Reliance Reliance Financial Services Company Limited Gambia, The ** 200894Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearReserv-Altay Consumer Credit Cooperative 'Reserv-Altay' Russia * 2008Rezerv CCC "Rezerv" Russia * 2008RGVN Rashtriya Gramin Vikas Nidhi India ** 2008Rishenglong Rishenglong MicroCredit Company China, People'sRepublic of* 2008Riverbank Riverbank Credit SACCO Limited Kenya * 2008RML Rwanda Microfinance Limited Rwanda ** 2008ROMCOM ROMCOM Romania *** 2008Rost Consumer Credit Cooperative 'Rost' Russia * 2008RSPI Rangtay Sa Pagrangay Inc Philippines * 2008Rus CCC 'Rus' Russia * 2008WMN (Russia) ZAO NDCO Women's Microfinance Network Russia *** 2008Ryada Ryada - CHF International Palestine ** 2008São Paulo Confia Crédito Popular Solidário - São Paulo Confia Brazil ** 2008Saadhana Saadhana Microfin India ** 2008Sabaragamuwa Sabaragamuwa Development Bank Sri Lanka * 2008SABR SABR Uzbekistan * 2008Saglasie 96 Rural credit cooperative 'Saglasie 96' Bulgaria * 2008Sahara Mahila Sahara Mahila Saving & Credit Cooperative Society Ltd. Nepal * 2008Sajida Sajida Foundation Bangladesh * 2008Samasta Samasta Microfinance Ltd. India * 2008Samokov 96 Rural Credit Cooperative 'Samokov 96' Bulgaria * 2008Sanghamithra Sanghamitra Rural Financial Service India * 2008Sarala Sarala Women Welfare Society India ** 2008Sartawi Fundación SARTAWI Bolivia ** 2008Sarvodaya NanoFinanceSarvodaya Nano Finance Limited India * 2008SAT Sinapi Aba Trust Ghana ** 2008Sathapana Limited Sathapana Limited (formerly CEB) Cambodia ** 2008SB Bank Swabalamban Bikas Bank Ltd. Nepal ** 2008SBACD Sharkia Businessmen's Association for Community Development Egypt ** 2008SBS Union of Bank Workers Russia * 2008SCDASohag Community Development and Children with Special NeedsAssociationEgypt * 2008SCNL Satin Creditcare Network Limited India ** 2008SDBL Sanasa Development Bank Ltd. Sri Lanka ** 2008SEAP Self-Reliance Economic Advancement Programme Nigeria ** 2008SED Small Enterprise Development (SED) Company Ltd. Thailand ** 2008SEDA Small Enterprise Development Agency Tanzania *** 2008SEEDS Sarvodaya Economic Enterprise Development Services Sri Lanka * 2008SEF-ARM SEF International Universal Credit Organization - Armenia Armenia ** 2008SEF-ZAF Small Enterprise Foundation (South Africa) South Africa * 2008Seilanithih Seilanithih Cambodia ** 2008SEM Fund Sénégal Ecovillage Microfinance Senegal * 2008SemiSol Semilla Solidaria, S.A. de C.V. Mexico * 2008Serviamus Serviamus Foundation Philippines ** 2008SEWA Bank Shri Mahila Sewa Sahakari Bank Ltd. India ** 2008SEWA Finance SEWA Finance Sri Lanka * 2008SFF Sevis Finansye Fonkoze Haiti * 2008SFPI Specialized Financial and Promotional Institution Ethiopia ** 2008SFSD Social Foundation for Sustainable Development Yemen * 2008Shakti Shakti Foundation for Disadvanatged Women Bangladesh ** 2008SHARE SHARE Microfin Ltd. India ** 2008Microfinance Information eXchange, Inc95

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearSiam Bank Siam Bank Philippines ** 2008SINERGIJA SINERGIJAplus Bosnia andHerzegovina** 2008SIPEM Société d'Investissement pour la Promotion des Entreprises à Madagascar Madagascar ** 2008SKDRDP Shri Kshetra Dharmasthala Rural Development Project India ** 2008SKS SKS Microfinance Private Limited India ** 2008SMEP Small and Micro Enterprise Project Kenya ** 2008SMILE SMILE India * 2008Smilyan Rural Credit Cooperative 'Smilyan' Bulgaria * 2008SMSS Star MicroFin Service Society, formerly SYA India ** 2008SOCIALCRED SOCIALCRED - Sociedade de Crédito ao Microempreendedor S/A Brazil ** 2008PADECOMSM Sociedad Cooperativa PADECOMSM Credito de RL de CV El Salvador ** 2008SOCRED SOCRED S/A - Sociedade de Crédito ao Microempreededor Ltda. Brazil * 2008Sodeystviye Consumer Credit Cooperative of Citizens 'Sodeystviye' Russia * 2008Sodeystviye-2005 Consumer Credit Cooperative of Citizens 'Sodeystviye-2005' Russia * 2008Sodruzhestvo Sodruzhestvo Russia ** 2008SOFINA SOFINA Cameroon ** 2008SOGESOL Société Générale Haitïenne de Solidarité Haiti * 2008Soglasiye Soglasiye Russia * 2008SolFi Soluciones Financieras S.C. Mexico * 2008Solidarnost Solidarnost Bulgaria * 2008Solución Asea Solución Asea S.A. de C.V. Sociedad Financiera Popular Mexico * 2008Soluciones Reales Soluciones Reales del Norte, SA DE CV Mexico * 2008Sonata Sonata Finance Private Ltd. India * 2008Soro Yiriwaso Soro Yiriwaso Mali * 2008South Akim RB South Akim RB Ghana ** 2008Soyuz-Khimik Soyuz-Khimik Russia * 2008SoyuzKredit SoyuzKredit Russia * 2008Soyuz-Primoroye Soyuz-Primoroye Russia * 2008Spandana Spandana Sphoorty Innovative Financial Services Ltd. India ** 2008SPBD South Pacific Business Development Samoa ** 2008SPGBB Sudur Pashimanchal Grameen Bikash Bank Nepal * 2008SSK Sakhi Samudaya Kosh India * 2008SSS Society for Social Services Bangladesh * 2008Stanichnik Consumer Credit Cooperative of Citizens Stanichnik Russia * 2008Stopanin Credit Cooperative 'Stopanin' Bulgaria * 2008SU Sahara Uttarayan India ** 2008Sugd Microfin Microloan Fund Sugd Microfin Tajikistan * 2008SUMI SUMI Sudan * 2008Sungi Sungi Development Foundation Pakistan * 2008Sunrise Microcredit Foundation Sunrise Bosnia andHerzegovina** 2008Mentors - PER Mentors Peru - Enterprise Mentors International Peru ** 2008SFPL Swadhaar FinServe Pvt. Ltd. India ** 2008SWAWS Sharada's Womes's Association for Weaker Section India ** 2008Tamweelcom Tamweelcom, formerly JMCC Jordan ** 2008Tchuma Tchuma Cooperativa de Crédito e Poupança Mozambique ** 2008Te Creemos Te Creemos, S.A. de C.V. SFP Mexico *** 2008TFS Transcapital Financial Services Co. Ltd. Mongolia ** 2008TIAVO TIAVO Madagascar * 2008TLM Tanaoba Lais Manekat Indonesia * 2008TMFB Tameer Microfinance Bank Pakistan ** 200896Microfinance Information eXchange, Inc

MICROBANKING BULLETIN, Issue 19, DECEMBER 2009APPENDICESACRONYM NAME COUNTRY DATA QUALITY YearTPC THANEAKEA PHUM (CAMBODIA) LTD. Cambodia ** 2008Trident Microfinance Annapurna Financial Services Private Limited India ** 2008Tsaritsinskiy passaj Tsaritsinskiy passaj Russia * 2008Tsimlyansk Tsimlyansk Credit Cooperative Russia * 2008TSKI Taytay Sa Kauswagan Inc. Philippines * 2008Tujijenge Tujijenge Tanzania Tanzania * 2008Turame CommunityFinanceTurame Community Finance Burundi ** 2008Tverskoy Tverskoy Russia * 2008TYM TYM FUND Vietnam *** 2008UCADE Ambato Proyecto de Salud y Crédito Comunitario de la Diocesis de Ambato -UCADE - CRSEcuador ** 2008UCADE Guaranda Fundación Promoción Humana Diocesana de Guaranda - UCADE - CRS Ecuador ** 2008UCADE Latacunga Proyecto Salud y Crédito Comunitario Diocesis de Latacunga - UCADE - CRS Ecuador ** 2008UCADE SantoDomingoUCCEC GYFUNDACIÓN ACCIÓN SOCIAL CARITAS FASCA PROMUJER SOLIDARIA- DIOCESIS DE SANTO DOMINGO - UCADE - CRSUnion des Caisses Communautaires d'Epargne et de Crédit de Guimballa- YouwarouEcuador ** 2008Mali * 2008UCEC/MK Union des Clubs d'Epargne et de Crédit du Mayo-Kebbi Chad ** 2008U-IMCECUnion des Institutions Mutualiste Communautaire d'Epargne et deCredit DAKARSenegal ** 2008Ujjivan Ujjivan Financial Services Pvt. Ltd. India *** 2008UMECDES Union des Mutuelles d'Epargne et de Crédit pour l'Entreprenariat au Sénégal Senegal * 2008Umid CU Umid Uzbekistan * 2008Umid-Credit Umid-Credit (Umid HSSC) Azerbaijan * 2008UNACOOPEC-CI Union Nationale des Coopératives d’Epargne et de Crédit de Côte d’Ivoire Cote d'Ivoire(Ivory Coast)* 2008UNICREICH Union de Crédito Interestatal Chiapas, S.A. de C.V. Mexico ** 2008UNION DES COOPECsUMUTANGUHAUNION DES COOPECs UMUTANGUHA Rwanda ** 2008Union RB Union RB Ghana ** 2008UNRWA UNRWA Microfinance and Microenterprise Department Palestine ** 2008UOB Urwego Opportunity Bank Rwanda ** 2008Upper Manya RB Upper Manya Kro Rural Bank Limited Ghana ** 2008USFSBS Udmurt State Fund for Small Business Support Russia * 2008USTOI USTOI Bulgaria ** 2008Finance Trust Uganda Finance Trust Limited - formerly Uganda Women's Finance Trust Uganda ** 2008Valiant RB Valiant Rural Bank (Iloilo City) Inc. Philippines ** 2008VBSP Vietnam Bank for Social Policies Vietnam ** 2008VFC VisionFund Cambodia Ltd. - formerly MED program Cambodia ** 2008VFM Vision Fund Mongolia Mongolia ** 2008VFS Village Financial Services Private Ltd. India ** 2008Viator Viator Microcredit Azerbaijan LLC Azerbaijan ** 2008Visión Banco Visión Banco S.A.E.C.A. Paraguay *** 2008Vital Finance Vital Finance Benin ** 2008Vivir Soluciones Vivir Soluciones Financieras, SA de CV, SOFOM ER, BanRegio Grupo Financiero Mexico * 2008Vostok Kapital Citizens' Credit Consumer Cooperative 'Vostok Kapital' Russia * 2008VRFSBS Voronezh Regional Fund for Small Business Support Russia * 2008VSSU Vivekananda Sevakendra-o- Sishu Uddyan India * 2008VYCCU VYCCU Savings and Credit Cooperative Society Ltd. Nepal ** 2008WAGES Women and Associations for Gain both Economic and Social Togo ** 2008Wasasa Wasasa Ethiopia ** 2008NationwideMicrobankNationwide Microbank Ltd, (formerly Wau Microbank) Papua New Guinea ** 2008Microfinance Information eXchange, Inc97

APPENDICESMICROBANKING BULLETIN, Issue 19, DECEMBER 2009ACRONYM NAME COUNTRY DATA QUALITY YearWDB Wayamba Development Bank Sri Lanka * 2008Wisdom Wisdom Ethiopia ** 2008WISE WISE Burundi * 2008WKP Wahana Kria Putri Indonesia * 2008WOCCU - AFG WOCCU Afghanistan Afghanistan * 2008Women for Women MCO Women for Women International Bosnia andHerzegovina** 2008World Relief - HND World Relief Honduras Honduras ** 2008WSE Welfare Services Ernakulam India * 2008WWB Cali Women's World Banking - Cali Colombia ** 2008WWI - AFG Women for Women - Afghanistan Afghanistan * 2008XacBank XacBank Mongolia ** 2008XXWDA XI Xiang Women's Development Association China, People'sRepublic ofYYWDA Yu Yang Women's Development Association China, People'sRepublic of** 2008** 2008Zakoura Fondation Zakoura Morocco ** 200898Microfinance Information eXchange, Inc

ABOUT MIXThe 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.Microfinance Information Exchange, Inc.1901 Pennsylvania Avenue, NW Suite 307Washington, DC 20006Tel: +1 202 659 9094Fax: +1 202 659 9095e-mail: info@themix.orgwebsite: www.themix.org