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BANKING for IMPACT a Historical Review of Our Partner Financial Institutions, Their Business Models and Key Developments

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BANKING for IMPACT a Historical Review of Our Partner Financial Institutions, Their Business Models and Key Developments WHITE PAPER NOVEMBER 2018 BANKING FOR IMPACT A historical review of our partner financial institutions, their business models and key developments This publication follows of a series of white papers produced by Symbiotics intended to share market intelligence on different topics related to microfinance, financial inclusion and impact investing. Building on our track record of partnering with financial institutions in emerging and frontier markets, we have prepared this paper in order to trace the evolution of the financial inclusion sector. The paper thus offers a broad understanding of the specificities and differences that exist between financial institutions of different regions, types and size. This paper was written by Ramkumar Narayanan. A special thanks to Roland Dominicé, Brendan Mackinnon and Marina Parashkevova Holmegaard for their valuable contributions, as well as to Patrick d’Huart, Duncan Frayne, Vincent Lehner, Yvan Renaud, Jérôme Savelli and Sebastian Sombra for their review and market expertise insights. The publication was proofread by Danielle Carpenter and designed by James Atkins Design Ltd and Pierre Weber. Legal Disclaimer This paper contains general information only. Symbiotics is not by means of this paper rendering professional advice or services. The content of this paper is meant for research purposes, with an aim to broaden and deepen the understanding of financial inclusion in emerging and frontier markets. This paper refers to specific figures, outcomes and performances. Such references are made for research purposes only and are not intended as a solicitation or recommendation to buy or sell any specific investment product or services. Similarly, the information and opinions expressed in the text have been obtained from sources believed to be reliable and in good faith, reflecting the view of the authors on the state of the industry or on the firm’s practice, but no representation or warranty, expressed or implied, is made as to its accuracy or completeness. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. Symbiotics shall not be held responsible for any loss whatsoever sustained by any person who relies on this paper. It is also meant for distribution only under such circumstances as may be permitted by applicable law. 01.1118 CONTENTS FOREWORD: A SENSE OF PURPOSE 5 1. INTRODUCTION 7 1.1. Contextual Background 7 1.2. The MFI Business Case 9 1.3. Definitions and Methodology 15 1.4. The Sample Composition 18 2. REGIONS 22 2.1. Eastern Europe, Central Asia & MENA 23 2.2. Latin America & the Caribbean 32 2.3. South & East Asia 40 2.4. Sub-Saharan Africa 48 3. CLIENTS 55 3.1 Borrowers 56 3.2 Depositors 64 3.3 Products 68 4. ASSETS 74 4.1 Asset Size 75 4.2 Asset Composition 76 4.3 Portfolio Information 79 5. FUNDING 97 5.1 Sources of Capital 98 5.2 Cost of Funds 100 5.3 Leverage 102 5.4 Borrowing Types 104 6. RISK 110 6.1 Liquidity 112 6.2 Reserve Adequacy 116 6.3 Capital Adequacy 120 6.4 Currency Risk Management 122 7. RETURN 127 7.1 Income Composition 128 7.2 Net Interest Margin 130 7.3 Profitability 132 8. CONCLUSION 137 OUTLOOK: SDG INTEGRATION 141 APPENDIX: INDUSTRY BENCHMARK 147 Index of Figures 1 Financial Inclusion Market Size 9 2 Life Cycle of Microfinance Institutions 10 3 Sample Composition 19 4 Active Borrowers 56 5 Average Loan Balance 57 6 Borrowers’ Gender 58 7 Clientele Location 60 8 Sector of Activity 62 9 Active Depositors 64 10 Average Deposit Balance 65 11 Number of Depositors per Borrower 66 12 Credit Offering 68 13 Non-Credit Financial Products 70 14 Non-Financial Products 72 15 Total Assets 75 16 Breakdown of Total Assets 76 17 Loan Portfolio Size 79 18 Loan Methodology 80 19 Asset-Backed Portfolio 82 20 Portfolio Yield 84 21 Portfolio Costs 86 22 Loan Officer Productivity (volume) 88 23 Cost of Borrowers 90 24 Portfolio at Risk > 30 Days (including restructured loans) 92 25 Portfolio at Risk > 90 Days 93 26 Restructured Loans 94 27 Loan Write-Offs 95 28 Funding Sources 98 29 Cost of Funds 100 30 Debt-to-Equity Ratio 102 31 Short- vs Long-Term Borrowings 104 32 Foreign vs Local Borrowings 106 33 Concessional vs Commercial Borrowings 108 34 Credit Risk Ratings 111 35 Loan-to-Deposit Ratio 112 36 Current Ratio 114 37 Risk Coverage 116 38 Uncovered Capital Ratio 118 39 Capital Adequacy Ratio 120 40 Currency Misbalance to Equity 123 41 Currency Breakdown of Liabilities and Equity 124 42 Income Composition 128 43 Net Interest Margin 130 44 Net Profit Margin 132 45 Return on Assets 134 46 Return on Equity 135 Index of Tables 1 Clients Indicators, All FIs 11 2 Assets Indicators, All FIs 12 3 Funding Indicators, All FIs 13 4 Risk Indicators, All FIs 13 5 Return Indicators, All FIs 14 6 Key Statistics – Eastern Europe, Central Asia & MENA 26 7 Key Statistics – Latin America & the Caribbean 35 8 Key Statistics – South & East Asia 43 9 Key Statistics – Sub-Saharan Africa 51 10 SDG Integration Investment Strategy for Impact Investors 142 11 Benchmark, All FIs (Weighted Average vs. Median) 148 Index of Boxes 1 The Microfinance Crisis in Nicaragua 34 2 The Andhra Pradesh Microfinance Crisis 42 Acronyms ATM automated teller machine MIV microfinance investment vehicle BOP bottom of the pyramid MIX Microfinance Information Exchange CAGR compound annual growth rate MNO mobile network operator CAM Central America, Mexico & the Caribbean MSME micro-, small and medium enterprise CAR capital adequacy ratio N/A not applicable CEE Central & Eastern Europe NBFC non-bank financial company CGAP Consultative Group to Assist the Poor NBFI non-bank financial institution COC cost of clients NGO non-governmental organization COF cost of funds NIM net interest margin CPP client protection principles NPM net profit margin D/E debt-to-equity P2P peer-to-peer DFI development finance institution PAR30 portfolio at risk > 30 Days DH Moroccan dirham PAR90 portfolio at risk > 90 Days DRC Democratic Republic of the Congo RCCA Russia, Caucasus & Central Asia DTI deposit-taking institution ROA return on assets EAP East Asia & the Pacific ROE return on equity ECAM Eastern Europe, Central Asia & MENA SACCO savings and credit cooperative EE Eastern Europe SAM South America EIU Economist Intelligence Unit SAS South Asia EUR euros SDG Sustainable Development Goals FI financial institution SEA South & East Asia Fintech financial technology SME small and medium enterprise FX foreign exchange SSA Sub-Saharan Africa GLP gross loan portfolio Sym-All the Symbiotics universe of investees L&E liabilities and equity TA total assets LAC Latin America & the Caribbean TCX The Currency Exchange Fund LC local currency TechFin technology finance LMIH low- and middle-income household UCR uncovered capital ratio LTD loan-to-deposit UN United Nations MENA Middle East & North Africa USD U.S. dollars MF microfinance USSR Union of Soviet Socialist Republics MFI microfinance institution WCCU World Council of Credit Unions FOREWORD: A SENSE OF PURPOSE By Roland Dominicé, CEO We believe in pushing money to where it normally doesn’t flow. Putting our beliefs into action, we have built the leading market access platform for impact investing. After almost 15 years of practice, Symbiotics can claim USD 5 billion of investments into 80 low- and middle-income countries that are largely out of the scope of traditional investment portfolios, reaching as far as possible into least developed economies. And in those markets, we have pushed our capital as deep as possible into the bottom of the pyramid. Over that period, we have analyzed more than 1,000 local financing intermediaries, all focusing on financial inclusion for micro-, small and medium enterprises and low- and middle-income households. We ended up investing in more than 300 of them, enabling them to service the financial needs of millions of small businesses and families. With average financing fluctuating between USD 1,000 and USD 1,500, this capital has empowered over 3 million borrowers, their employees and relatives, providing them with the credit they needed to further their livelihoods. It represents over 4,000 transactions that we sourced, structured and pushed out in capital markets across Europe, as well as exposing North American and East Asian investors to these opportunities. That’s about one debt transaction issued every business day since inception, on average, coming out of our deal-making operations. Today these are split equally between single loans to about 25 investment funds and syndicated impact bond issuances, bringing a much larger crowd of professional investors on board. The intent was clear from the start but the magnitude of the output, and the operations built to sustain it, have grown beyond our wildest dreams. Could we have known 15 years ago that with a simple idea, we would get caught in a much larger tide beyond our control? It became clear early on that we were at the right place at the right time with the right proposition. During this period, we certainly witnessed investors of all kinds who were unhappy with the disconnect between socio-economic dynamics at home and abroad and the way their money was managed and put to work by their bankers, the scandals they were exposing them to. We have seen these change-making investors, conscious of the power of their capital and asset allocation decisions, come to us, test our products, enjoy them and return. They have grown with us and, unsurprisingly, asked for more. We knew that our promise to expose their portfolios to simple, tangible, transparent and effective value propositions outside of known territories and into the real economy where there are the strongest capital needs made sense.
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