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Microfinance on the Cutting Edge

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Microfinance on the Cutting Edge MICROFINANCE NETWORK MICROFINANCE ON THE CUTTING EDGE Summary of the MicroFinance Network Conference on “Microfinance on the Cutting Edge” Convened in Arusha, Tanzania November 8-10, 2004 Edited by Kelly Hattel 2005 MicroFinance Network The MicroFinance Network is a global association of leading microfinance practitioners committed to improving the quality of lives of the poor through the provision of credit, savings, and other financial services. Members of the Network, whether they are NGOs or commercial banks, share the common belief that this sector of the population is best served by sustainable and profitable institutions. The members of the MicroFinance Network believe in using a commercial approach to establish and develop sustainable financial institutions that reach a large number of clients who are excluded from traditional financial institutions. The MicroFinance Network facilitates information flow between microfinance organizations and practitioners, technical exchanges and publication of best practice materials. It also challenges member practitioners to new levels of excellence and, where regulatory frameworks exist, to become regulated financial institutions. Number of Members : 29 microfinance institutions, 1 second-tier institution and 3 non-practitioner members Total Loan Portfolio : $2.8 billion* Total Number Borrowers : 9.9 million Total Number of Deposits** : $3.7 billion Total Number of Depositors**: 37.4 million Steering Committee Maria Otero, ACCION International, Chair; Carlos Labarthe, Compartamos; James Obama, PRIDE Tanzania; Jason Meikle, FINCA Microcredit Company; Yusuf Nawawi, BRI Unit Desa Regulated Financial Institutions Banco ADEMI, Dominican Cooperativa Emprender, Los Andes, Bolivia Republic Colombia*** Mibanco, Peru Banco del Desarrollo, Chile Equity Building Society, Kenya PRIZMA, Bosnia and Herzegovina BancoSol, Bolivia FINAMERICA, Colombia PRODEM FFP, Bolivia BRI Unit Desa, Indonesia FINCA Microcredit Company, Share Microfin Limited, India CERUDEB, Uganda Kyrgyzstan SogeSol, Haiti Citi Savings and Loans, Ghana Kafo Jiginew, Mali XacBank, Mongolia Compartamos, Mexico K-REP Bank, Kenya Non-Governmental Organizations ABA, Egypt Constanta, Georgia TSPI, Philippines Al Amana, Morocco Fundusz Mikro, Poland Uganda Microfinance Union, ASA, Bangladesh PADME, Benin**** Uganda**** BRAC, Bangladesh PRIDE, Tanzania Non-Practitioner Members ACCION International, USA Calmeadow, Canada Citigroup, USA Director Kelly Hattel *All figures for 2003 for MFIs ** Average of 16 MFIs mobilizing voluntary deposits ***Second-tier lending institution ****In the process of transforming to a regulated financial institution Microfinance on the Cutting Edge TABLE OF CONTENTS LIST OF FIGURES..................................................................................................................................2 LIST OF ACRONYMS AND DEFINITIONS ..............................................................................................3 FOREWORD...........................................................................................................................................4 INTRODUCTION.....................................................................................................................................5 WELCOME..............................................................................................................................................7 Official Welcome and Introduction of Participants: ................................................................................7 Official Opening of the 2004 Conference – Guest of Honor...................................................................9 KEY NOTE PRESENTATIONS.............................................................................................................. 13 Global Perspectives on Progress and Challenges Observed in Microfinance. ..................................... 13 Components of the Industry Today ................................................................................................. 13 A Look at Microfinance in Tanzania.................................................................................................... 18 SESSION ONE: PRIDE TANZANIA Branch Visit ................................................................................... 22 PRIDE TANZANIA BRIEF .................................................................................................................. 24 SESSION TWO: TAPPING INTO CAPITAL MARKETS – THINKING LOCALLY .................................... 31 Bond Issuance - Financiera Compartamos, Mexico ........................................................................... 31 BRI (Indonesia) – IPO (Initial Public Offering) Process and Implications/Subordinated bonds in US$ and local currency ..................................................................................................................................... 38 SESSION THREE: WORKING WITH INTERNATIONAL INVESTORS................................................... 48 MFIs and the Formal Financial Sector: What’s Going On Today? ....................................................... 48 International Perspectives on Microfinance......................................................................................... 51 SESSION FOUR: OPEN DISCUSSION ON PRO-CONSUMER POLICIES............................................ 57 Part One: Discussion by MFN Working Group on Pro-Consumer Policies and presentation of draft MFN Pro-Consumer Pledge........................................................................................................................ 57 Part Two: Discussion of International Year of Microcredit and MFN’s role in the year’s activities being coordinated by the United Nations...................................................................................................... 61 SESSION FIVE: INNOVATIONS IN RURAL FINANCE .......................................................................... 62 Rural Finance in Bolivia: The FFP PRODEM S.A. Experience............................................................ 64 Innovative ways to reach rural areas – Franchising: The Experience of XacBank in Mongolia............. 69 SESSION SIX: INFORMATION TECHNOLOGY.................................................................................... 77 Mobile branch-based banking to deepen outreach at Equity Building Society ..................................... 77 Credit Scoring in Practice................................................................................................................... 79 SESSION SEVEN: STAFF INCENTIVE SCHEMES............................................................................... 83 MFN Working Group on Staff Incentives............................................................................................. 83 Role of Incentives in Managing Delinquency – The Case of BancoSol................................................ 87 Incentivising Savings at Kenya Post Office Savings Bank................................................................... 89 Staff Motivation through Incentives at Uganda Microfinance Union ..................................................... 91 CONCURRENT WORKING GROUP MEETINGS: ................................................................................. 93 Working Group Session on Staff Incentives........................................................................................ 94 Working Group Session: Pro-Consumer Policy................................................................................... 96 Working Group on Housing ................................................................................................................ 97 CONCLUSION: ................................................................................................................................... 100 ANNEX I: CONFERENCE AGENDA.................................................................................................... 104 ANNEX II: PARTICIPANT LIST............................................................................................................ 107 ANNEX III: BIOGRAPHIES OF PARTICIPANTS.................................................................................. 108 1 MicroFinance Network LIST OF FIGURES Figure 1: PRIDE Tanzania Core Values................................................................................................. 25 Figure 2: PRIDE Tanzania: Proposed New Organization Chart .............................................................. 26 Figure 3: Map of Tanzania Showing PRIDE Branch Network ................................................................. 29 Figure 4: PRIDE Tanzania Key Statistics 1 ............................................................................................ 30 Figure 5: PRIDE Tanzania Key Statistics 2 ............................................................................................ 30 Figure 6: Compartamos Financing Options ............................................................................................ 32 Figure 7: Compartamos Financing Options ............................................................................................ 33 Figure 8: Compartamos Capital Markets Strategy .................................................................................. 34 Figure 9: BRI Distribution Network ......................................................................................................... 38 Figure
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