Microfinance Banana Skins 2008 - Citigroup

C S F I / New York CSFINorth America South America Europe AfricaBiggest risks1 Corporate governance Competition Management quality Too little funding2 Management quality Interest rates Corporate governance Management quality3 Inappropriate regulation Political interference Inappropriate regulation Credit risk4 Staffing Inappropriate regulation Staffing Managing technology5 Transparency Cost control Cost control Inappropriate regulation6 Interest rates Credit risk Fraud Corporate governance7 Unrealisable expectations Capital availability Managing technology Staffing8 Foreign exchange Profitability Too much funding Cost control9 Back office operations Product development Transparency Profitability10 Managing technology Managing technology Strategy Strategy11 Political interference Macro-economic trends Back office operations Capital availability12 Reputation Strategy Unrealisable expectations Distribution channels13 Cost control Natural catastrophes Competition Foreign exchange14 Too much funding Transparency Interest rates Macro-economic trends15 Ownership Staffing Credit risk Unrealisable expectations16 Liquidity Management quality Ownership Competition17 Competition Mission drift Foreign exchange Interest rates18 Fraud Corporate governance Reputation Political interference19 Credit risk Too little funding Profitability Fraud20 Mission drift Ownership Mission drift Liquidity21 Strategy Liquidity Macro-economic trends Mission drift22 Distribution channels Unrealisable expectations Political interference Ownership23 Profitability Distribution channels Liquidity Product development24 Refinancing Foreign exchange Capital availability Transparency25 Product development Fraud Product development Back office operations26 Natural catastrophes Reputation Distribution channels Reputation27 Macro-economic trends Back office operations Refinancing Natural catastrophes28 Capital availability Refinancing Natural catastrophes Refinancing29 Too little funding Too much funding Too little funding Too much fundingFastest risers1 Competition Competition Competition Competition2 Too much funding Political interference Too much funding Corporate governance3 Unrealisable expectations Strategy Credit risk Management quality4 Reputation Credit risk Unrealisable expectations Managing technology5 Political interference Interest rates Staffing Staffing6 Staffing Natural catastrophes Interest rates Distribution channels7 Ownership Foreign exchange Political interference Product development8 Interest rates Staffing Mission drift Profitability9 Strategy Ownership Reputation Strategy10 Mission drift Fraud Corporate governance Back office operations11 Corporate governance Mission drift Cost control Cost control12 Managing technology Capital availability Fraud Inappropriate regulation13 Credit risk Managing technology Strategy Mission drift14 Distribution channels Cost control Ownership Ownership15 Foreign exchange Product development Managing technology Transparency16 Management quality Refinancing Profitability Credit risk17 Inappropriate regulation Macro-economic trends Natural catastrophes Natural catastrophes18 Transparency Profitability Management quality Political interference19 Fraud Inappropriate regulation Product development Refinancing20 Natural catastrophes Distribution channels Macro-economic trends Reputation21 Liquidity Reputation Back office operations Unrealisable expectations22 Back office operations Transparency Liquidity Foreign exchange23 Cost control Too little funding Distribution channels Fraud24 Profitability Management quality Foreign exchange Interest rates25 Macro-economic trends Corporate governance Inappropriate regulation Liquidity26 Product development Liquidity Transparency Capital availability27 Refinancing Unrealisable expectations Refinancing Too little funding28 Capital availability Back office operations Capital availability Macro-economic trends29 Too little funding Too much funding Too little funding Too much fundingCSFI / New York CSFI E-mail: info@csfi.org.uk Web: www.csfi.org.uk 39