1. Motivation

The microcredit phenomenon has raised much interest all over the world, especially since the creation of the Grameen Bank. It existed for centuries under very different forms and was ruled by very diverse subjects: institutional and non-institutional, private and public, formal or informal. However, it only became a popular issue in the latest decades, with Muhammad Yunus. That is why I decided to stick to Yunus' definition of microcredit: "it is a system of loan granting with no guarantees, that is able to burst activities which can generate a sufficient income to free the poor from misery" 1. Therefore, when speaking about microcredit I will speak about: • Very small loans. • Loans accorded to someone with no guarantees in return. • Loans generally used for investment projects, or for the acquisition of durable goods, especially in developing countries. • Loans that are usually put in place by non profit organizations, social business companies or ethic banks, with the aim of providing better living standards and social inclusion to the poorest. We can therefore exclude a very common kind of credit that we can often see in developed countries as well: the lending of small amounts of money for consumer goods, at very high interest rates. Literature on microcredit is huge. All kinds of aspects and effects of microcredit and microfinance have been analyzed by economists and social scientists. Results are very controversial: some are strongly optimistic and some are terribly pessimistic. There is however a general agreement on the human and social advantages that microcredit holds in comparison to charity or international aid. Niccoli and Presbitero identify some forces that increase solidarity and interdependence among society members, leading to a boost in trust and social

1 "Un sistema di concessione di prestiti senza garanzia capace di far decollare attività che generino reddito sufficiente a liberare i poveri dalla povertà". M. YUNUS, Un mondo senza povertà, Milano, Feltrinelli, 1998, p. 80.

1 capital. The channels through which credit enhances social capital are: • "The essence of the relationship between the borrower and the lender" 2: such relation is based on interdependence, it is not an impersonal exchange where parts only negotiate the price; both parts know each other personally, and are connected for a long period of time. • The promotion of "new ways of implementation of labour division" 3: credit relations lead to the most important form of specialization, which is important for economic development. • "The role of time" 4: credit relations last for a long period on time. Long run evaluations play a predominant role. The authors also establish several specific channels through which microcredit can lead to a social capital improvement, in addition to those of simple credit. For the sake of simplicity I decided to summarize them in a table.

Single individuals Groups

1. Amount . Very small credit: the loan 1. Group dimensions. Small groups, is just a small part of the project. Suc- direct knowledge of individuals, cess depends on the abilities of the solidarity, interdependence of borrower and the behaviour of family members. and community members. 2. Progress on time. The amount of 2. Frequency of meetings. Very the loan increases on time as it is frequent meetings, meetings not only reimboursed. Importance of long for economic matters but also for period undertakings. community government. 3. Repayment terms. Small tranches, 3. Group guarantees. Trust among no big projects. Attention to local members, peer control mechanisms. matters. 4. Typology of eventual guarantees. Guarantees with emotional value. Importance of non economic aspects of life. 5. Gender effect. Many loans given to women, less conflictive and more generous

2 "La natura dei rapporti tra debitore e creditore" A. NICCOLI, A. F. PRESBITERO, Microcredito e macrosperanze- Opportunità, limiti e responsabilità, Milano, Egea, 2010. 3 "Nuove modalità di attuazione della divisione del lavoro" Ibidem. 4 "Il ruolo del tempo" A. NICCOLI, A. F. PRESBITERO, Microcredito e macrosperanze- Opportunità, limiti e responsabilità, Milano, Egea, 2010.

Leaving social considerations aside, I wanted to focus on the economic effects of microcredit. Measuring the impact of microcredit, however, is not an easy task. It is not always possible to find useful data in developing nations, and local or microcredit institutions may try to manipulate them. Furthermore, research in the economic field faces a serious bias. To produce valid comparisons, experiments require a "treatment group" 5 that possesses the characteristics one wants to analyze, and a "control group" 6, that does not. When trying to spot the outcome of an economic policy it is hard to identify such control group: in the case of microcredit it would be difficult to deduce the consequences of the exclusion from a program for an individual's life. Considering all these reasons, I decided to focus on a possible macroeconomic side effect of microcredit: does it stop or slow down during crisis and recessions? Or does it not? Is microcredit pro-cyclical? If it turned out to be counter-cyclical it would have the further advantaged of stabilizing the business cycle . If it turned out to be pro-cyclical some measures would have to be put in place by institutions or governments to avoid worsening the economical situation in recession periods. Previous literature has diverging conclusions on this field again: traditionally, microfinance assets were believed to be detached from International market trends, but two cases studies proved to have very different implications. That is why I chose to develop an analysis on microcredit and GDP trends that would include not just one country but a wide range of states. I decided to enclose all of the developing countries whose data appears in the yearly reports of the Microcredit Summit Campaign. The data collected in this dissertation and the focus that is used may be useful to extend the analysis to other countries and to build up far more specific and consistent models, to find out causality links between microcredit and GDP trends on a global basis.

5 A. NICCOLI, A. F. PRESBITERO, Microcredito e macrosperanze- Opportunità, limiti e responsabilità, Milano, Egea, 2010. 6 Ibidem

2. Literature Review

The ongoing economic crisis determined a turning point in the analysis of the microcredit phenomenon in relation to the broader economic fundamentals. The first productions were two case studies that analyzed the pro-cyclicality of microcredit institutions and assets in Indonesia (Patten, Rosengard, Johnston 2001) 7 and Bolivia (Marconi, Mosley 2005) 8. Results are antithetical: while in the first case microcredit institutions experienced a growth in their clientele base and assets, in the second one most of them experienced losses and some of them had to quit the market, suggesting that differences in institutional characteristics and their management strategies may matter. In more recent years, but still before the economic crisis spread, Gonzalez (2007) 9 found no substantial evidence of a link between microcredit portfolios performances and economic shocks, while Krauss and Walter (2006) 10 determined a weak link among microcredit assets’ conduct and international market trends, and a relatively low correlation with local markets. As argued by Di Bella (2011) 11 their results may be biased as: “they were based on samples that [...] comprised a relatively short period of time. The period analyzed largely coincided with a period of expansion of the world economy and [...] with what seems to represent a period of “diffusion” of the microfinance industry”. 12 The results in Di Bella’s model highlight a link between real GDP growth and the lending rates of microfinance institutions. An empirical evidence of the impact of microcredit on business cycles can be

7 PATTEN R. ROSENGARD J.K, JOHNSTON D. E. JR, 2001, Microfinance Success Amidst Macroeconomic Failure: the Experience of Bank Rakyat Indonesia During the East Asian Crisis, World Development, Vol. 29, Nr. 6, pp. 1057-1069. 8 REYNALDO M., MOSLEY P., 2005, Bolivia during the global crisis 1998-2004: towards a “macroeconomics of micro finance”. Sheffield Economic Research Paper No 2005007. 9 GONZALEZ A., 2007, Resilience of Microfinance Institutions to National Macroeconomic Events: an Econometric Analysis of MFI Asset Quality, MIX Discussion Paper No. 1. 10 KRAUSS N., WALTER I., 2006, Can Microfinance Reduce Portfolio Volatility?, SSRN id 943786, 2008 Version. 11 DI BELLA G., 2011, The Impact of the Global Financial Crisis on Microfinance and Policy Implications, IMF Working Paper WP/11/175. 12 Ibidem, p. 4.

4 also found in Maksudova’s analysis (Maksudova 2010)13 , that underlines the indirect effects of microfinance on economy through its interaction with the monetary base and commercial banks. I will show the data, methodology and main results of the works mentioned above.

4.1 Patten, Rosengard, Johnston (2001)

Their article Microfinance Success Amidst Macroeconomic Failure: the Experience of Bank Rakyat Indonesia During the East Asian Crisis 14 examines the reasons of the flawless performance of the country’s most important microfinance institution. As reported by the authors “in December 1997 the BRI’S total assets were $ 15 16,7 billion […] and it had 324 branches covering the entire country.” In 1997 the Indonesian Central Bank could not manage to support the exchange rate to the US dollar, thus giving origin to the monetary crisis. The national currency had depreciated in the previous year of 5%, and the open account policy pursued by the Government led to an increase in hot money flowing into the country. Furthermore many large corporations had indebted in dollars and this foreign private debt was more than twice the central bank’s reserves. To worsen the situation a drought wasted a whole crop of rice in 1997/1998. In the same year the Bank Rakyat split up into four business units: SBU Micro banking, SBU Retail Banking, SBU Corporate and SBU Treasury and Investment. The former provided financial services to micro enterprises and households while the Corporate SBU operated with bigger firms, and the Treasury and Investment one was in charge of BRI’s treasury functions.

13 MAKSUDOVA N., 2010, Macroeconomics of Microfinance: how do the cannels work?, CERGE-EI Working Paper Series ISSN 1211-3298, 423. 14 PATTEN R. ROSENGARD J.K, JOHNSTON D. E. JR, 2001, Microfinance Success Amidst Macroeconomic Failure: the Experience of Bank Rakyat Indonesia During the East Asian Crisis, World Development, Vol. 29, Nr. 6, pp. 1057-1069. 15 Ibidem, p. 1057.

The three business units had different repayment paths during the crisis. The worst performances came from the Corporate Unit, since loans could be accorded in dollars as well. With the sharp devaluation of the Rupiah the repayment had become almost impossible. In addition, many of the investments had been made in the hotels sector, which suffered a drastic decline. The Retail and Micro banking Loans had instead great repayment rates. There was no restriction of lending, nor any restructuring action during the years of the crisis, but still 97% of total loans were repaid. The authors ascribe the success of Bank Rakyat to four main factors: • “The microenterprise loans are all instalment loans adjusted to the borrower’s cash flows” 16 . When borrowers pay back their loans they reinvest part of the profit in their own business and thus become less vulnerable to financial shocks. • “The microenterprises are more likely to be engaged in the purchase and sale of domestically-produced essentials” 17 , which have a less cyclical demand and do not depend on imports, in opposition to more sophisticated, largely imported goods demanded by bigger companies. • “The rural sector may be less affected by the monetary crisis than the urban areas but more affected by a severe drought” 18 . However two following rice crops kept agricultural microenterprises alive and lead to an export boom due to the significant devaluation of the national currency. • “The microenterprise borrowers appear to value their access to credit and savings services very highly” 19 . They prefer reducing their consumption in order to repay their instalments on time, rather than breaking bond with the Bank Rakyat. The BRI in return encouraged new borrowing in clients who were in line with repayments and did not restrict its lending activity. This translated into a growing clientele base and

16 PATTEN R. ROSENGARD J.K, JOHNSTON D. E. JR, 2001, Microfinance Success Amidst Macroeconomic Failure: the Experience of Bank Rakyat Indonesia During the East Asian Crisis, World Development, Vol. 29, Nr. 6, p. 1065. 17 Ibidem 18 Ibidem , p. 1066. 19 Ibidem .

excellent repayment terms. The article presents a valid example of the achievement of counter-cyclical effects of microcredit on business cycles through an adequate institutional management strategy.

4.2 Marconi, Mosely 2004

The opposite conclusions are inferred by Marconi and Mosley in their analysis of the Bolivian crisis. With the 1985 hyperinflation consumers lost their trust in the formal financial sector and started to be interested in the services offered by microfinance NGOs. The sector grew rapidly and became very profitable, attracting a new kind of entities into the market: “consumer-credit houses (FFPs de Consumo)” 20 . These new entrants did not offer any collateral services: only credit for larger loans, with higher interest rates and generally for consumer purchases rather than business durables. In their profit-oriented perspective they often undervalued the risk connected to the loan granting activity and the repayment capability of borrowers. In 1998 Hugo Blazer got the power and implemented confused and conflicting economic policies. He promoted microfinance as a determinant tool to alleviate poverty but at the same time he destroyed a big part of the microenterprises market through the reduction of custom duties on many low-cost consumer goods. He also rescheduled and cancelled various debts of parastatal agencies, thus undermining “the repayment ethic for all-including microfinance-borrowers”. 21 Illegal practices in FFPs de Consumo were condoned in a deregulation scheme of the financial sector. The crisis spread in Bolivia in 2002, after Argentina’s collapse.

20 REYNALDO M., MOSLEY P., 2005, Bolivia during the global crisis 1998-2004: towards a “macroeconomics of micro finance”. Sheffield Economic Research Paper No 2005007, p. 3 21 Ibidem, p. 6.

The performance of the different microfinance entities differs strongly. Consumer FFPs shrank soon with high default rates. Commercial banks sharply decreased their lending and continued on this trend during the whole crisis. Microfinance FFPs had steady even if very low growth rates, while NGOs had antithetical trends: two of them continued to grow (Crecer and ProMujer), while the others experienced increasing default rates. Their trends can be clearly seen in Fig.1 22

Fig. 1 Portfolios, arrears rates and estimated investment rates.

The authors attribute the achievements of the NGOs ProMujer and Crecer to

22 REYNALDO M., MOSLEY P., 2005, Bolivia during the global crisis 1998-2004: towards a “macroeconomics of micro finance”. Sheffield Economic Research Paper No 2005007, p. 3, Fig. 1.

8 the fact that they provided smaller credit tranches, mostly to women (that traditionally have higher repayment rates), in village banking methodology schemes with close relationships with the clients. The reasons beyond good performances of FIE and Caja Los Andes, instead, have to be found in their consumer type, generally higher income level individuals, and in their ability to track and monitor their clients. All four institutions have an “integrated lending model” that does not only give access to credit, but provides a whole range of collateral services, including training, technical assistance, insurance-type models etc. The authors believe this strategy to be auspicious in recession times, when clients can choose the institution while institutions cannot choose the client anymore. Integrated-model institutions, with social and human aims that differed from a pure profit-seeking approach gained the loyalty of their borrowers and increased their portfolio values even during the crisis. This intuition is converted into a model that seeks for bonds between microfinance and macroeconomy. Their model is summarized in fig. 2. 23 The macroeconomic policy is treated as exogenous in the model (link n.1). Consumption and imports vary with the income level (link n. 2). The behaviour of the microfinance institutions depends on the demand of the production sector to which the borrowing microenterprises belong; on the external financing and the institution’s attitude to it; on the country’s economic policy and on the default rates, which can be influenced by the economic policy as in the case of Bolivia (links 3a, 3b, 3c). The formal sector financial offer and demand is left exogenous, while the investment in the informal sector depends again on the demand for products of a specific sector, and on the financing options available and future expectations (link n. 4). Microfinance is considered a reduction poverty tool (link n.5) and its impact is both direct, through the income multiplier, and indirect, through its effects on market labours, human capital, training etc (link n.6).

23 REYNALDO M., MOSLEY P., 2005, Bolivia during the global crisis 1998-2004: towards a “macroeconomics of micro finance”. Sheffield Economic Research Paper No 2005007, p. 18, fig. 3.

Fig. 2 Macro-micro linkages: the basic model structure.

Mosley and Marconi focus on the linkages 3 and 4 and estimate total investment by the microfinance sector. Results show a positive and statistically significant correlation between the total investment and demand growth. The presence of insurance schemes does not have relevant effects on total investments but it has a significant positive effect on the rate of investment growth. Using such estimates the authors calculate the contribution of the microfinance sector investment on GNP and evaluate that it is around 4% per year.

Mosley and Marconi also estimate a possible impact of variations in institutional

10 or economic policy. Results are reported in Table 1. 24

Table 1: Estimated effects of ‘design changes’ and other macroeconomic influences on Bolivian GNP

As pointed out by the authors the microenterprise sector’s demand on investment is pro-cyclical by definition, but microfinance may have either a pro- cyclical or a counter-cyclical effect on macroeconomy if “countervailing factors bearing on its investment level” 25 are put in place. Marconi and Mosley conclude their study with a comparative analysis of Bolivia and Indonesia and underline the importance of “conducting a detailed examination of the forces which determine the macroeconomic role of microfinance, rather than expect the relationship between demand and investments to be conventional.” 26

24 REYNALDO M., MOSLEY P., 2005, Bolivia during the global crisis 1998-2004: towards a “macroeconomics of micro finance”. Sheffield Economic Research Paper No 2005007, p. 18, fig. 3. 25 Ibidem p. 23. 26 Ibidem p. 24.

4.3 Gonzalez 2007

In his MIX discussion paper 27 Gonzalez investigates looks for correlation in between economic growth and four different measures of microfinance portfolio risk: • Portfolios at risk over 30 days (PAR-30) • Portfolios at risk over 90 days (PAR-90) • Loan Loss Rate (LLR) • Write-Off Ratio The first two indicators are strongly correlated and the same applies to the latter ones. The author uses data from 639 institutions pooled into 88 countries that reported to the Microfinance Information Exchange (MIX) in the years 1999- 2005. The dataset is unbalanced as some of the institutions did not report every year and some started only from 1996. I will only report tables with fixed effects regression estimates that are related to growth. As we can see in Table 2 28 only the PAR-30 has significant correlation with growth, while PAR-90 does not. Furthermore the coefficient decreases with the lags.

Table 2: Dependent Variables PAR-30 and PAR-90. Fixed effects.

27 GONZALEZ A., 2007, Resilience of Microfinance Institutions to National Macroeconomic Events: an Econometric Analysis of MFI Asset Quality, MIX Discussion Paper No. 1 28 Ibidem p. 20, Table 3.

No significant correlation can be found in the case of LLR and WOR, as shown in Table 3 29 .

Table 3: Dependent Variables LLR and WRO. Fixed effects.

The authors conclude that non-positive economic cycles do have a weak impact on the short term repayment rate of microloans, but microfinance institutions still manage to collect their credits in the right terms: that is why there is no increase in the Loan Loss Ratio, nor in the Write Off Ratio. They affirm that negative growth periods may affect microfinance institutions only through higher costs that have to be “compensated with lower profits or higher interest rates” 30 .

4.4 Krauss, Walter 2008

Krauss and Walter point out that Gonzalez’ estimates reported above are only based on domestic market benchmarks, but do not include any global market correlation measure. The aim in their paper Can Microfinance Reduce Portfolio Volatility? 31 is to find out whether there is any correlation between microfinance institutions portfolios and both global capital markets and domestic GDP.

29 GONZALEZ A., 2007, Resilience of Microfinance Institutions to National Macroeconomic Events: an Econometric Analysis of MFI Asset Quality, MIX Discussion Paper No. 1, p. 21, Table 4. 30 Ibidem , p. 6 31 KRAUSS N., WALTER I., 2006, Can Microfinance Reduce Portfolio Volatility?, SSRN id 943786, 2008 Version

The authors check for correlation with the main global stock indexes (S&P 500, MSCI World and MSCI Emerging Markets) of six key variables for microfinance institutions: • Net Operating Income (NOI) • Return On Equity (ROE) • Profit Margin (PM) • Change in Total Assets (TA%) • Change in Gross Loan Portfolio (GLP%) • Loan Portfolio at Risk (PAR) To examine correlation with domestic markets they use GDP instead of local stock indexes. Regression is run with fixed effects and repeated for traditional emerging markets investments (EMIs) and for emerging markets commercial banks (EMCBs) in order to see if microfinance institutions’ portfolios follow general trends of other emerging markets assets. Results show no significant correlation to global market indexes (Tables 4, 5, 6) 32 and significant correlation to domestic markets (Table 7) 33

Table 4: regressions with S&P500 Table 5: regressions with MSCI World

32 KRAUSS N., WALTER I., 2006, Can Microfinance Reduce Portfolio Volatility?, SSRN id 943786, 2008 Version, p. 29-30, Tables 2, 3, 4. 33 Ibidem, p. 30, Table 5.

Table 6: regressions with MSCI Emerging Markets Table 7: regressions with domestic GDP

Results for EMIs and EMCBs show much higher correlation with international markets. The reasons lying beyond this evidence has to be found in the nature of microfinance institutions, which are generally privately owned by shareholders with long term objectives, while other emerging markets investments tend to have a short term, market-oriented perspective that causes higher volatility and correlation to global markets’ trends. Other causes of low systemic risk of MFIs come from the social environment in which they operate, as they provide credit to the “unbanked” that have less choice and often no second chance of getting credit, and mainly to women, who traditionally have very high repayment rates.

4.5 Maksudova 2010

Maksudova verifies the impact of microfinance on growth. The expected causality links are summarized in Fig. 3 34

Fig. 3 Microfinance channels

Microfinance affects growth directly through an increase in production, human capital and the reduction of poverty (A). It also provides access to financial credits to the unbanked, which raises money circulation in the economy (B). Another indirect effect is the possible rival or complementary role of microfinance institution with traditional banks (C). To control for this possible connections the author makes three hypotheses and verifies them: • “H1: Microfinance causes economic growth” 35 . Microfinance indicators are the growth rate of gross loan portfolio and the growth in the number of clients, while growth is captured by real GDP

34 MAKSUDOVA N., 2010, Macroeconomics of Microfinance: how do the cannels work?, CERGE-EI Working Paper Series ISSN 1211-3298, 423, p. 5 Figure 2. 35 Ibidem p.8

growth rate. • “H2: Microfinance causes increase in money supply”36 . The authors monitor the trends of M2 and M3 aggregates. • “H3: Microfinance positively/negatively affects commercial banks”. The presence of commercial banks can be measured by the growth rate of the private credit to GDP ratio (PCredit). The sign of the coefficients can be used to find out whether this relation is complementary o substitutive.

Regression is run with an Arellano-Bond model using a panel data for 102 countries, collected from the MIX database for the years 1995-2009. Results are shown in Table 8 37

Table 8: Microfinance direct and indirect channels.

36 MAKSUDOVA N., 2010, Macroeconomics of Microfinance: how do the cannels work?, CERGE-EI Working Paper Series ISSN 1211-3298, 423, p. 8. 37 Ibidem , p. 25, Table 4.

As can be noticed, both the direct effect on growth and the effect on the monetary base prove to be positive and statistically significant. However the nature of the relation with commercial banks is not clear, as the interaction variable is negative and significant (suggesting a rival relation) while the total effect of microfinance is positive and robust (suggesting collateral links). To further investigate the indirect effects of microfinance, the author implements a Granger-causality test from macroeconomic fundamentals to microfinance and vice versa. Results are clear, as shown in Table 9. 38

Table 9: Granger causality running in both directions.

The test running from macroeconomic fundamentals to microfinance (left side of the table) is invalidated by the Sargan test (high p-values), while microfinance does have positive and significant impact on macroeconomic variables, as seen in the right side of the table. The author concludes that the real world case studies of Indonesia and Bolivia demonstrate that indirect effects of microfinance on real economy could have opposite outcomes and need to be further investigated.

38 MAKSUDOVA N., 2010, Macroeconomics of Microfinance: how do the cannels work?, CERGE-EI Working Paper Series ISSN 1211-3298, 423, p. 27 table 6.

4.6 Di Bella, 2011

Di Bella 39 argues that previous estimates on microfinance portfolios’ systemic risk were based on insufficient time observations, and biased by the fact that they were all collected during expansion periods, with general high growth rates of both domestic markets and microfinance assets.

Table 10: Regression on selected sample

39 DI BELLA G., 2011, The Impact of the Global Financial Crisis on Microfinance and Policy Implications, IMF Working Paper WP/11/175.

The author uses Krauss and Walter’s model 40 with larger time series, collecting MIX data from institutions reporting at least 7 years observations in the period 1998-2009. Another requirement is that institutions should report data for 2007, 2008 and 2009, in order to see the impact of the crisis. MFIs are divided into different categories that take into consideration the macro area of origin, their nature, whether they are regulated or not, profit or non profit and their maturity. Results can be seen in Table 10 in the previous page. 41 MFIs do show systemic risk not only in relation to domestic markets but also to international markets indexes. Systemic risk is higher for countries in the East European and Central America and Caribbean areas, while it is lower for Asia and the Pacific and South America. As it could be expected systemic risk is not very high for NGOs, but it is higher for banks. Non profit institutions are relatively less risky, as well as mature ones. This paper proves the evidence that microfinance assets, in opposition to what was believed before, do show vulnerability in relation to global markets trends.

40 KRAUSS N., WALTER I., 2006, Can Microfinance Reduce Portfolio Volatility?, SSRN id 943786, 2008 Version 41 Ibidem , p. 20, Table 4.

3. Data

To use publicly-avaliable, high standard information I decided to dispose of the yearly reports of the Microcredit Summit Campaign, an organization which collects data from individual institutions and verifies it before divulgation. All of the reports are accessible online at the web page: www.microcreditsummit.org. The MSC data collection process starts with the submission of the "Institutional Action Plans" by the microcredit institutions that are willing to appear in the reports. The information required in such IA PS concerns: "total number of active clients (clients with a current loan); total number of active clients who were among the poorest when they received their first loan; what poverty measurement tool was used, if any, to determine the number of poorest clients;percentage of poorest clients who are women; average size of first loan; total number of active savers; average savings per saver; percentage of poorest clients who have crossed the poverty line; what impact measurement tool was used, if any, to determine the number of clients who were very poor when they took their first loan and have now crossed the poverty line; financial or business development services offered, if any; and percent financial self-sufficiency an institution has reached." 42 The dossiers submitted are then verified by the Micro credit Summit Campaign staff, which ask for clarification when needed: if there is no feedback, data is not included. Every year new institutions undergo the verification procedure. The repo rts are only available for the years: 2001, 2004, 2005, 2006, 2007, 2009, 2010. I decided to use the 2004-2010 reports as 2001 is quite distant in time. At the end of each report you can find a list including the name of each institution, its country, the total number of clients, the total number of poorest clients, the percentage of poorest clients that are women and the name of the person who verified the details.

42 State of the Microcredit Summit Campaign Report 2005, pg. 21.

"The Microcredit Summit Campaign defines “poorest” as those who are in the bottom half of those living below their nation’s poverty line, or any of the 1.2 billion who live on less than US$1 a day adjusted for purchasing power parity (PPP), when they started with a program". 43 I chose to consider the number of clients and poorest clients, regardless of their gender. As it very often happens, the data shown in the reports certainly underestimates the impact of microcredit. The MSC itself recognizes this underestimation and lists the potential clients that are not being counted 44 :

• Clients who graduated successfully from programs. • Clients of large government programs in China and Thailand, which never submitted any IAPS. • Programs not reporting in a certain year: programs are only included when reported, so you may not find any trace of them in a certain year even if they still exist. • Institutions that have not been identified: thousands of small institutions are still not being counted.

The reports only show individual data for each institutions, or aggregate data for macroareas that keep changing their composition. For example in the 2004 report all African countries ar e grouped together, while in the 2005 report Subsaharian Africa is split from North African countries. This makes aggregate data non comparable over time. I decided t o divide all of the institutions by country for each year, and calculate country totals. For every year I will show country data and keep the macroarea division that is used in the reports. After obtaining all country data per year, I gathered global data for each country for the period 2004-2010, excluding 2008. Since observations over time were so few I decided to leave out the countries that did not have complete time series.

43 Ibidem, pg. 1. 44 Ibidem, Which Clients are not being counted? pg. 28.

In the global-data tables I separated countries in three macroareas: Africa, Asia and Latin America. Unfortunately, I could not acquire enough data on Middle East countries. I only used a geographical criterion when allocating countries to a certain macroarea. In the reports Tunisa and Egypt are often put in different cathegories such as "Others" or "Middle East/North Africa." I chose to associate them to the other African countries, to leave aside any cultural, religious or politic al benchmark. For monitoring the trend of business cycles I downloaded per capita GDP data from the World Bank's web page. Myanmar information was missing and I decided to exclude it from the analy sis. I prefered not use alternative sources, not to incur in statistical incongruity. In the final global-data tables I calculated logarithms of the three main variables, in order to have comparable data. The regression is run on such logarithms. Data on single countries for each year will be shown first, presented with the same macroarea division as used in the reports. Global tables will be shown later.

3.1 2004 Data

3.1.a Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Grassroots Health Organization of Nigeria 12152 1240 Nigerian Agricultural Cooperative and Rural 853323 682658 Development Bank Country Women Association of Nigeria 158000 155000 Life Above Poverty Organization 29812 18675 Justice, Development and Peace Commission 12784 12784 Self Reliance Economic Advancement Programme 4206 4206 Partners for Development 5000 4000 Dass Women Multi Purpose Co-Operative 2760 2760

Total Nigeria 1078037 881323

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Share Company 326764 326764 Amhara Credit and Savings Institution 371163 344134 Oromia Credit & Savings Loan 115000 115000 Omo Microfinance Institution 78836 43369 Addis Credit and Saving Institution 31182 24945 Wasasa Microfinance Institution 8949 5369 Africa Village Financial Services 4867 4667

Total Ethiopia 936761 864248

NIGER Number of clients Number of poorest Institution name reported clients reported CARE Niger 85484 55656 Programme Mata Matu Dubar 19375 19375

Total Niger 104859 75031

MALAWI Number of clients Number of poorest Institution name reported clients reported Malawi Rural Finance Company Ltd. 202633 131711 Malawi Union of Savings and Credit Cooperatives 52000 17950 FINCA Malawi 22062 20642

Total Malawi 276695 170303

BURKINA FASO Number of clients Number of poorest Institution name reported clients reported Federation des Caisses Populaires du Burkina 103102 57124 Faso Fonds d' Appui Aux Activités Rémuneratrices des 154920 154920 Femmes (FAARF) Mutualité Femme et Développment 17206 15000

Total Burkina Faso 275228 227044

TANZANIA Number of clients Number of poorest Institution name reported clients reported PRIDE Tanzania 54272 42332 FINCA Tanzania 40495 24297

Total Tanzania 94767 66629

SENEGAL Number of clients Number of poorest Institution name reported clients reported

Reseau des Caisses d' Epargne et Crédit des 27458 27458 Femmes de Dakar Alliance de Crédit et d' Epargne Pour la 95437 83030 Production Féderation des ONG du Sénégal 39328 39328 Femme Développement Enterprise en Afrique 24947 20955 Horizon Verts 4025 4025 MECARUL 3507 2805 UMEC de Sedhiou 3051 2440

Total Senegal 197753 180041

UGANDA Number of clients Number of poorest Institution name reported clients reported PRIDE Uganda 56135 42620 FINCA Uganda 45243 28956 Microcredit Development Trust 7650 7650 Micro Entreprise Development Network 16750 7538

Total Uganda 125778 86764

GHANA Number of clients Number of poorest Institution name reported clients reported

Freedom from Hunger Ghana Development Action 20002 18500 Association Nsoatreman Rural Bank 40200 38500 Kraban Support Foundation 6517 6503 Grameen Ghana 4102 4102

Total Ghana 70821 67605

BENIN Number of clients Number of poorest Institution name reported clients reported

Association pour la promotion et l' Appui au 37661 37661 Développement des Micro-Enterprises

Total Benin 37661 37661

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Gambia Women's Finance Association 22750 19702 The Gambia Social Development Fund 51395 41116 Rural Finance and Community Initiatives Project 39000 35000

Total Gambia 113145 95818

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 186088 176102

Total Mali 186088 176102

GUINEE Number of clients Number of poorest Institution name reported clients reported Credit Rural De Guinee Societé Anonyme 120674 92500

Total Guinee 120674 92500

MOROCCO Number of clients Number of poorest Institution name reported clients reported Zakoura Foundation 174480 88949 Fondation pour le Développement Local et le 24845 14000 Partenariat

Total Morocco 199325 102949

KENYA Number of clients Number of poorest Institution name reported clients reported Kenya Women Finance Trust 89674 44837

Total Kenya 89674 44837

TOGO Number of clients Number of poorest Institution name reported clients reported

Association pour la Promotion des Groupements 26450 22000 Agricoles

Total Togo 26450 22000

ZIMBABWE Number of clients Number of poorest Institution name reported clients reported Zambuko Trust 10252 4000

Total Zimbabwe 10252 4000

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 24593 11695

Total South Africa 24593 11695

MALI Number of clients Number of poorest Institution name reported clients reported

Centre d' Appui Nutritionnel et économique aux 16571 15432 femmes Nyesigiso 20816 14571

Total Mali 37387 30003

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 15946 11162

Total Tunisia 15946 11162

GUINEA Number of clients Number of poorest Institution name reported clients reported Pride/Finance 12276 11136

Total Guinea 12276 11136

COTE D'IVOIRE Number of clients Number of poorest Institution name reported clients reported Réseau CMEC-CI 11418 7000 Caisse d' Epargne Financière pour le 6521 2700 Développement de la Petite Enterprise

Total Cote d'Ivoire 17939 9700

ERITREA Number of clients Number of poorest Institution name reported clients reported Agency for Cooperation and Research in 22465 4493 Development

Total Eritrea 22465 4493

ZAMBIA Number of clients Number of poorest Institution name reported clients reported Micro Bankers Trust (MBT) 3647 3647 Christian Enterprise Trust of Zambia 4677 3538 Pulse Holdings, Ltd. 2806 1550

Total Zambia 11130 8735

3.1.b Asia and the Pacific

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 4060000 4060000 BRAC 3990000 3630000 Association for Social Advancement 2770000 2490000 PROSHIKA, A Center for Human Development 1545130 1236104 Palli Daridro Bimochon Foundation 327604 138939 Rangpur Dinajpur Rural Service 228199 175713 BURO, Tangail 221366 221366 Thengamara Mohila Sabuj Sangha 278516 250664 Shakti Foundation for Disadvantaged Women 102600 102600 United Development Initiatives for Programmed 52259 50259 Actions HEED Bangladesh 49343 42300 Integrated Development Foundation 45294 45294 Jagorani Chakra 99387 82582 PADAKHEP Manabik Unnayan Kendra 108000 38500 Manabik Shahajya Sangstha 59920 29500 Bangladesh Rural Development Board (BRDB) 3713728 3528041 Sonali Bank 3800000 500000 Caritas Bangladesh 284947 251273 Swanirvar Bangladesh 860815 160300 Islami Bank Bangladesh Limited 131102 131102 Bangladesh Extension Education Services 115000 115000 Society for Social Service 106998 106998 Community Development Center (CODEC) 68997 68728 Resource Integration Center 50000 50000 ASHRAI 44507 44507 Welfare Association of Village Environment 40498 33698 Small Farmers Development Project 59304 31940 Noakhali Rural Development Society (NRDS) 31285 31285 Institute of Integrated Rural Development 28967 28967

South Asia Partnership-Bangladesh 27000 27000 Centre for Development Innovation and Practices 29773 26595 Association for Realisation of Basic Needs 31662 25330 Coastal Association for Social Transformation 27943 22354 People's Oriented Program Implementation 65370 22320 Rural Reconstruction Centre 42297 21148 Dushtha Shasthya Kendra 47935 20588 Assistance for Social Organization and 19716 19716 Development Desha Sechsashebi Artho Samajik Unnayan O 29058 19000 Manobik Kallyan Uttara Development Program Society 27634 18500 Juba Jiban Advancement Committee 17622 17622 Christian Service Society 27821 16700 Srizony Bangladesh 28012 16490 Bangladesh Rural Integrated Development for 16274 16274 Grub-Street Economy (BRIDGE) Eco Social Development Organisation 20251 16200 Eskander Welfare Foundation 13574 13574 Annesha Foundation 25073 13255 Village Education Resource Center 17355 13114 The Institute of Rural Development (IRD) 13002 13002 Bangladesh Association for Social Advancement 24510 13000 Centre for Mass Education in Science 31919 12448 PAGE Development Centre 18321 12214 Nowabenki Gonomukhi Samabay Samity 54239 11121 Social Upliftment Society 23314 10540 Palli Mongol Karmosuchi 42041 10510 Unnayan 10793 10139 Gram Unnayan Karma 12563 10050 Jatiyo Kallyan Sangstha-Jakas 9735 9735 Gono Kallayan Trust 12000 9200 Sabalamby Unnayan Samity 13093 9165 Voluntary Association for Rural Development 8849 8406 Dudumari Gram Unnayan Shangstha 7922 7922 ATMABISWAS 7500 7500 BWDA Finance Limited (BFL) 7222 7149 Centre for Action Research Barind 10986 7146 Development Association for Basic Improvement 17927 7099 Sheva Nari O, Shishu Kallyan Kendra 11779 7067 Pally Bikash Kendra 19094 6700 NIJPATH 12560 6280 Joypurhat Rural Development Movement 6234 6234 Samannita Unnayan Seba Sangathan 6850 5982 Association for Rural Advancement in Bangladesh 11950 5800

Samaj Kallyan Sanstha 15696 5625 MAMATA 13652 5313 Voluntary Rural Development Society 5249 5197 Association for Community Development 5548 5000 BASTOB-Initiative for People's Self-Development 5394 5000 Development Organisation of the Rural Poor 9026 4964 Society for Development Initiatives 16327 4896 Hilful Fuzul Samaj Kallyan Sangstha 5623 4800 Koinonia 10588 4788 Centre for Advanced Research and Social Action 4723 4723 Alternative Develpoment Initiative 7746 4580 Association for Renovation of Community Health 4443 4443 Education Services Concern for Environmental Development and 5554 4165 Research Naria Unnaayan Samity 4080 4080 Somaj O Jati Gathan 5045 4036 Dak Diye Jai 12959 3629 Centre for Rehabilitation Education & Earning 3730 3506 Development Social Upliftment Foundation 3500 3500 GHASHFUL 9795 3500 Sangkalpa Trust 10991 3297 Life Association 3218 3218 PRISM Bangladesh 3093 3695 Mukti Cox's Bazar 3283 2970 Society Development Committee 16538 2655 Prodipan 11916 2433 Palashipara Samaj Kallayan Samity 8399 2099 Self-Help and Rehabilitation Programme 2527 1997 PROGRESS- Akti Samaj Unnayan Mulak 4637 1854 Sangstha Shariatpur Development Society 8865 1790 Bedo 3098 1487 Shaplaful 4500 1350 Bandhu Kallayan Sanstha 15227 15227

Total Bangladesh 24427509 18365666

THAILAND

Institution Number of clients Number of poorest reported clients reported Association of Asian Confederation of Credit 3137398 3137398 Unions

Total Thailand 3137398 3137398

INDIA

Institution Number of clients Number of poorest reported clients reported National Bank for Agriculture and Rural 24277140 19421070 Development Society for Empowerment of Rural Poor (formerly Comissionerate of Women Empowerment and Self 6941228 5552982 Employment) Working Women's Forum 378033 378033 Share Microfin Limited 328846 328846 Development of Humane Action Foundation 250827 250827 Spandana 241214 174673 Friends of Women's World Banking 193715 174343 U.P. Bhumi Sudhur Nigam 181761 136321 CARE India 185270 129689 All India Association for Micro-Enterprise 150000 120000 Development Cauvery Grameena Bank 136900 116300 Professional Assistance for Development Action 86240 81350 Swayam Krishi Sangam 68648 65778 Mahila Arthik Vikas Mahamandal Ltd. 55677 55677 Asmitha Microfin Limited 69415 54938 CASHPOR Financial &Techincal Services 54467 54467 Activists for Social Alternatives, The 68187 53876 Karnataka Regional Organisation for Social 80000 52000 Service Sreema Mahila Samity 46265 43951 People's Rural Education Movement 42995 42995 League for Education and Development 44843 40807 People's Multipurpose Development Society 50000 40000 Grama Siri 45303 39161 North Malabar Gramin Bank 40739 36600 Bandhan-Konnagar 33574 33574 Peermade Development Society 34450 33160 Rashtriya Gramin Vikas Nidhi 31498 31498 Bharati Integrated Rural Development Society 28900 28900 BAIF Institute for Rural Development-Karnataka 30800 23100 Holy Cross Social Service Centre 23700 18000 OUTREACH, Association of Volunteers for Rural 17380 17380 Development The Bridge Foundation/Opportunity Microfinance 15174 15174 India Ltd. Mahasemam Trust 26017 14395 All India Women's Conference 31210 13871 Village Welfare Society 18279 13784 Grameen Kota 12967 12967

Development Promotion Group 17450 12450 Star Youth Association 13886 10355 Bharatha Swamukti Samsthe 11131 10000 Palli Unnayan Samiti Baruipur 9500 9500 Ramakrishna Mission Lokasiksha Parishad 9000 9000 Bullock-cart Workers Development Association 8983 8983 Development Support Team (Community Aid 14797 8758 Abroad) Centre for Overall Development 7786 7500 Liberation Movement for Women 20000 7500 New Life 12290 6400 Rashtriya Seva Samithi 8581 6110 Maharshi Sambamurthy Institute of Social and 5144 4644 Development Studies GRAM UTTHAN 6876 4194 Association of Development for Economic and 4645 3299 Social Help SNEHA MACS, Ltd. 2573 2573 South Asia Research Society 6893 2560 Guidance Society for Labor, Orhpans & Women 4050 1202 Bharat Integrated Social Welfare Agency 1019 1019 Deshabandhu Club 2825 724

Total India 34489091 27817258

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported China Association for Microfinance 85021 40000 Heifer Project International China 46328 35000 Funding for the Poor Cooperative- Chinese 15735 7800 Academy of Social Sciences

Total China 147084 82800

VIETNAM

Institution Number of clients Number of poorest reported clients reported Central People's Credit Fund 1120000 505000 Capital Aid Fund for Employment of the Poor 49330 16607 Vietnam Bank for Social Policies (Vietnam Bank 3740179 1100000 for the Poor)

Total Vietnam 4909509 1621607

INDONESIA

Institution Number of clients Number of poorest reported clients reported P4k-III/Rural Income Generation Project 640000 640000 Bank Rakyat Indonesia 3210678 321625 Yayasan Bina Swadaya 34621 27281 Christian Children's Fund, Inc. 10447 9961 Yayasan Wahana Kria Putri-Foundation 3618 3527 National Family Planning Coordinating Board 5210675 5210675

Total Indonesia 3899364 1002394

NEPAL

Institution Number of clients Number of poorest reported clients reported Agricultural Development Bank 160000 128000 Paschimanchal Grameen Bikas Bank 39293 39293 Grameen Bank Biratnagar Nepal 50737 38052 Madhyamanchal Grameen Bikas Bank (Mid- 36500 36500 Region Rural Development Bank) Nirdhan Utthan Bank Limited 32678 32678 Centre for Micro-Finance, Nepal 29769 20838 Swabalamban Bikas Bank 30359 20680 Sudur Paschimanchal Grameen Bikas Bank 11132 11132 Deprosc Development Bank Limited 10964 10964 Development Project Service Centre, Nepal 10183 10183 Canadian Centre for International Studies and 37142 9285 Cooperation, Nepal Rural Reconstruction Nepal 12700 9120 Nepal Rural Development Society Centre 9010 9010 Nari Bikash Sangh 8000 6500 Centre for Self-Help Development 4514 4288 Rastriya Banijya Bank 63227 47400

Total Nepal 546208 433923

MYANMAR

Institution Number of clients Number of poorest reported clients reported Pact Myanmar 51169 51169 Microfinance Delta Project 39668 39668

Total Myanmar 90837 90837

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 467565 467565 Sarvodaya Economic Enterprises Development 435181 261108 Services Samastha Lanka Praja Sanwardana Mandalaya 43212 32468 Agro Micro Finance 23562 9750 Christian Children's Fund Sri Lanka, Inc. 3000 3000

Total Sri Lanka 972520 773891

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 54863 52120 Center for Agriculture and Rural Development 109580 109580 TSPI Development Corporation 97295 97021 WOCCU/CUES Philippines 38761 38761 Norfil Foundation, Inc. 14002 1120 Producers Rural Banking Corporation 39963 29570 Alalay Sa Kaunlaran Sa Gitnang Luzon, Inc. 22392 21272 Community Economic Ventures 15767 15767 Ahon Sa Hirap Inc. 12065 12065 Talete King Panyulung Kampampangan 11588 10800 Rural Bank of Montevista 10665 10665 Kazama-Grameen 15709 10367 Hagdan Sa Pag-uswag Foundation 14115 9800 Milamdec Foundation, Inc. 9525 9525 Serviamus Foundation Incorporated Project: Small 8863 8863 Enterprise Development Program Peoples Bank of Caraga 11690 7599 Rural Bank of Pres. M.A. Roxas 2990 2840

Total Philippines 489833 447735

CAMBODIA

Institution Number of clients Number of poorest reported clients reported Angkor Mikroheranhvatho Kampuchea Co., Ltd. 20502 19066 National Bank of Cambodia 322056 322056 ACLEDA Bank, Ltd. 122173 91566

Total Cambodia 464731 432688

MALAYSIA

Institution Number of clients Number of poorest reported clients reported Credit Union Promotion Centre/ Koperasi Kredit 42708 42708 Rakyat Amanah Ikthiar Malaysia (AIM) 123289 92974

Total Malaysia 165997 135682

PAKISTAN

Institution Number of clients Number of poorest reported clients reported Sudar Paschimandal G Bank 79489 63590 Kashf Foundation 67552 15530 Orix Leasing Pakistan Limited 3000 2700 Development Action for Mobilization and 6980 2620 Emancipation

Total Pakistan 157021 84440

MYANMAR

Institution Number of clients Number of poorest reported clients reported Pact Myanmar 51169 51169 Microfinance Delta Project 39668 39668

Total Myanmar 90837 90837

3.1.c Latin America and The Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Corporacion Viviendas Hogar de Cristo 15748 15748 Fondo Ecuatoriano Populorum Progresivo 32000 30000 FINCA Ecuador 42676 12376 Fundacion para el Desarrollo Integral Espoir 11251 8440

Total Ecuador 101675 66564

COLOMBIA Number of clients Number of poorest Institution reported clients reported Caja de Compensacion Familiar de Antioquia 106888 79097 Oportunidad Latinoamericana Colombia 10951 10951 Corporacion Mundial de la Mujer 21468 3023 Bancolombia 5500 2750 Fundacion Mando Mujer 86816 30000

Total Colombia 231623 125821

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundacion Boliviana para el Desarrollo 7853 3926 Pro Mujer- Bolivia 48496 38796 Fundacion para Alternativas de Desarrollo 21405 21405 Credito con Educacion Rural (CRECER)/ Freedom 51471 19867 from Hunger

Total Bolivia 129225 83994

DOMINICAN REPUBLIC Number of clients Number of poorest Institution reported clients reported Asociacon Dominicana para el Desarrollo de la 39933 20039 Mujer

Total Dominican Republic 39933 20039

NICARAGUA Number of clients Number of poorest Institution reported clients reported Asociacion de Oportunidad y Desarrollo de 31884 25250 Nicaragua Fondo de Desarrollo Local 33676 16446 Financiera Nicaraguense de Desarrollo 25621 10000 Fundacion PRODESA 9923 6946 Fundacion Jose Nieborowski 14873 4462

Total Nicaragua 115977 63104

HONDURAS Number of clients Number of poorest Institution reported clients reported World Relief Honduras 14762 9389 Organizacion de Desarrollo Empresarial Femenino 13800 8280 Fundacion para el Desarrollo de Honduras 11253 7500 Asociacion PILAHR 5500 3575 Fundacion Jose Maria Covelo 14407 2962

Total Honduras 59722 31706

GUATEMALA Number of clients Number of poorest Institution reported clients reported

Fundacion para el Desarrollo Integral de 20946 16757 Programas Socioeconomicos GENESIS Empresarial 42491 9860 Fundacion de Asesoria Financiera a Instituciones 8439 6329 de Desarrollo y Servicio Social Catholic Relief Services 10508 6305 Instituto para la Superacion de la Miseria Urbana 20000 5100 FUNDEA- Fundacion de Desarrollo Empresarial y 9013 2703 Agricola

Total Guatemala 111397 47054

PERU Number of clients Number of poorest Institution reported clients reported

Consorcio PROMUC, Promocion de la Mujer y la 27851 17611 Comunidad Edpyme Edyficar 47122 14750 Pro Mujer Perù 22871 7204 Equipo de Educacion y Autogestion Social 6005 4500 Consorcio de Organizaciones no Gubernamentales de Promocion y Desarrollo de la 2968 1484 Libertad

Total Perù 106817 45549

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze Shoulder to Shoulder Foundation 28183 20000

Total Haiti 28183 20000

MEXICO Number of clients Number of poorest Institution reported clients reported Fondo para el Desarrollo Social de la Ciudad de Mexico 115089 103580 Centro de Apoyo al Microempresario 59037 56085 Instituto para el Desarrollo de la Mixteca A.C. 19020 15900 Asociacion PROMUJER de México 9386 5585

Total Mexico 202532 181150

BRAZIL Number of clients Number of poorest Institution reported clients reported

CREDIAMIGO- Programa de Microcredito do 162868 146644 Banco do Nordeste

Total Brazil 162868 146644

VENEZUELA Number of clients Number of poorest Institution reported clients reported BANGENTE 13500 6750

Total Venezuela 13500 6750

3.1.d Others

YEMEN Number of clients Number of poorest Institution reported clients reported Social Fund for Development-Yemen 18245 16420

Total Yemen 18245 16420

JORDAN Number of clients Number of poorest Institution reported clients reported Jordan Micro Credit Company 8352 6246

Total Jordan 8352 6246

UZBEKISTAN Number of clients Number of poorest Institution reported clients reported DAULET (NGO Daulet) 3249 3054

Total Uzbekistan 3249 3054

EGYPT Number of clients Number of poorest Institution reported clients reported Alexandria Business Association 38446 17853 Dakahlya Businessmen's Association for 32571 14385 Community Development Al Tadamun Microfinance Program 9232 9232

Total Egypt 80249 41470

3.2 2005 Data

3.2.a Sub-Saharan Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Freedom from Poverty Project 14500 14500 Nigerian Agricultural Cooperative and Rural 883320 706656 Development Bank Justice, Development and Peace Commission 14183 14183 Lift Above Poverty Organization 43699 27093

Total Nigeria 955702 762432

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Share Company 419052 419502 Amhara Credit and Savings Institution 485642 467790 Oromia Credit & Savings Loan 168393 168393 Omo Microfinance Institution 82400 61800 Addis Credit and Saving Institution 58126 47260 WISDOM Micro Financing Institution 29685 16627 PEACE Micro Finance Institution 13728 13728 Gasha Micro-financing S.C. 6383 2553

Total Ethiopia 1263409 1197653

MALAWI Number of clients Number of poorest Institution name reported clients reported Malawi Rural Finance Company Ltd. 160108 104070 Malawi Union of Savings and Credit Cooperatives 45000 5200 FINCA Malawi 19000 4180 Concern Universal Microfinance Operations 9556 4396

Total Malawi 233664 117846

BURKINA FASO Number of clients Number of poorest Institution name reported clients reported Federation des Caisses Populaires du Burkina 123873 59185 Faso Union des Coopératives d' Epargne et de Credit 16671 4501 du Zoundweogo, UCE/Z

Total Burkina Faso 140544 63686

TANZANIA Number of clients Number of poorest Institution name reported clients reported PRIDE Tanzania 61168 47711 FINCA Tanzania 44744 4922

Total Tanzania 105912 52633

SENEGAL Number of clients Number of poorest Institution name reported clients reported Féderation des ONG du Sénégal 43738 43738 Alliance de Crédit et d' Epargne Pour la 108468 81351 Production Horizon Verts 4025 4025

Total Senegal 156231 129114

UGANDA Number of clients Number of poorest Institution name reported clients reported The Hunger Project Uganda 6181 5000

FINCA Uganda 42382 8476

Microcredit Development Trust 5326 5326

Total Uganda 53889 18802

BURUNDI Number of clients Number of poorest Institution name reported clients reported

Fédération Nationale des Cooperatives d'Epargne 27210 3265 et de Crédit du Burundi

Total Burundi 27210 3265

GHANA Number of clients Number of poorest Institution name reported clients reported

Freedom from Hunger Ghana Development Actio n 25000 24000 Association Sinapi Aba Trust 32632 23500 Kraban Support Foundation 6517 6503

Total Ghana 64149 54003

BENIN Number of clients Number of poorest Institution name reported clients reported

Association pour la promotion et l' Appui au 36758 12239 Développement des Micro-Enterprises FECECAM 73273 14541 Association pour la Promotion et l'Appui aux 12794 2907 Petites et Moyennes Enterprises

Total Benin 122825 29687

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Gambia Women's Finance Association 21590 18892 The Gambia Social Development Fund 91659 54995

Total Gambia 113249 73887

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 205694 205694 Centre d'Appui Nutritionnel et Economique aux 25390 23132 Femmes

Total Mali 231084 228826

KENYA Number of clients Number of poorest Institution name reported clients reported Faulu Kenya Ltd. 31110 25000

Total Kenya 31110 25000

TOGO Number of clients Number of poorest Institution name reported clients reported Fédération des Unions Coopératives Epargne et 260000 250000 Credit

Total Togo 260000 250000

ZIMBABWE Number of clients Number of poorest Institution name reported clients reported Zambuko Trust 4462 2500 Self Employed Women's Association of Zimbabwe 5213 5213 Nissi Finance 9997 3550

Total Zimbabwe 19672 11263

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 35054 22497

Total South Africa 35054 22497

GUINEA Number of clients Number of poorest Institution name reported clients reported Pride/Finance 8054 7444 Crédit Rural De Guinée Société Anonyme 93920 70440

Total Guinea 101974 77884

COTE D'IVOIRE Number of clients Number of poorest Institution name reported clients reported

Fédération Nationale des Coopératives d'Epargne et 20819 16936 de Crédit de CI, FENACOOPEC

Total Cote d'Ivoire 20819 16936

D.R. CONGO Number of clients Number of poorest Institution name reported clients reported FINCA D.R. CONGO 16013 2722

Total D.R. Congo 16013 2722

ZAMBIA Number of clients Number of poorest Institution name reported clients reported FINCA Zambia 15441 5404 PRIDE Zambia 4556 2660

Total Zambia 19997 8064

NAMIBIA Number of clients Number of poorest Institution name reported clients reported

Rural Peoples Institute for Social Empowerment in 2286 1500 Namibia

Total Namibia 2286 1500

SWAZILAND Number of clients Number of poorest Institution name reported clients reported Swaziland Development Finance Corporation 18300 10000

Total Swaziland 18300 10000

CAMEROON Number of clients Number of poorest Institution name reported clients reported Crédit du Sahel 30704 24000 Crédit Communautaire d'Afrique 10385 5000

Total Cameroon 41089 29000

3.2.b Middle East and North Africa (MENA)

MOROCCO Number of clients Number of poorest Institution name reported clients reported Zakoura Foundation 198301 92210 Fondation pour le Développement Local et le 24500 14000 Partenariat Association de Microfinance Oued Srou 5080 3048 Institution Marocaine d'Appui a la Micro-enterprise 6239 1560

Total Morocco 234120 110818

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 25018 8500

Total Tunisia 25018 8500

EGYPT Number of clients Number of poorest Institution reported clients reported Alexandria Business Association 49642 26273 Dakahlya Businessmen's Association for 56370 38620 Community Development Egyptian Small Enterprise Development 74184 38000 Foundation Sharkia Business Association for Community 26568 12735 Development LEAD Foundation (Egyptian Foundation for 39375 34004 Enterprise Development)

Total Egypt 246139 149632

SUDAN Number of clients Number of poorest Institution name reported clients reported Port Sudan Small Scale Enterprise Program 3551 3190

Total Sudan 3551 3190

3.2.c Asia and the Pacific

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 5580000 5580000 Bangladesh Rural Development Board 4015467 3814693 Association for Social Advancement 4180000 3760000 BRAC 4160000 3670000 Proshika Manobik Unnayan Kendra 1587166 1269733 Palli Daridra Bimochon Foundation 428945 386050 Thengamara Mohila Sabuj Sangha 398494 338720 Swanirvar Bangladesh 450602 325850 BURO, Tangail 273268 273268 Rangpur Dinajpur Rural Service 257102 231392 Islami Bank Bangladesh Limited 164116 164116 Society for Social Service 145315 145315 Jagorani Chakra 141593 127433 Shakti Foundation for Disadvantaged Women 143747 143747 Community Development Center 75063 74266 Bangladesh Extension Education Services 80720 68648 United Development Initiatives for Programmed 65753 65753 Actions Assistance for Social Organization and 60446 60446 Development Ad-Win Welfare Centre 74892 55169 HEED Bangladesh 56771 51094 Integrated Development Foundation 49829 49829 Sajida Foundation 41976 41976 Ansar- VDP Unnayan Bank 93936 41332 PADAKHEP Manabik Unnayan Kendra 128413 47708 Manabik Shahajya Sangstha 67435 42100 People's Oriented Program Implementation 100000 40000 Resource Integration Centre 39670 39670 Eco-social Development Organization 58097 38646 Coastal Association for Social Transformation 45301 34960 Samaj Kallyan Sangstha 43119 33955 Desha Sechsashebi Artho Samajik Unnayan O 41443 33848 Manobik Kallyan Sangstha Noakhali Rural Development Society 32082 32082 Dushtha Shashtya Kendra 69839 30128 The Institute of Rural Development 85800 30000 Centre for Development Innovation and Practices 32064 29650 CONCERN Bangladesh 33700 28500

South Asia Partnership-Bangladesh 29500 28000 Christian Service Society 28049 25200 Bangladesh Association for Social Advancement 33294 24606 Rural Reconstruction Foundation 46182 23052 Surjamukhi Sangstha 30000 23000 Association for Realisation of Basic Needs 27677 22141 Muslim Aid Bangladesh 22462 20974 Ashrai 67305 20500 Palli Manabik Unnayan Sangstha 22000 20000 Gram Unnayan Karma 20652 18586 Srizony Bangladesh 24339 17594 Village Education Resource Center 22380 16778 Bandhu Kallayan Sanstha 16475 16475 Institute of Integrated Rural Development 16217 16217 Nowabenki Gonomukhi Foundation, Samabay 19961 15968 Samity Eskander Welfare Foundation 15763 15763 Jatiyo Kallyan Sangstha-Jakas 15064 15064 Dak Diye Jai 14853 14110 Sangkalpa Trust 16265 13825 Annesha Foundation 26720 13419 Bangladesh Rural Integrated Development for 13263 13263 Grub-Street Economy Sabalamby Unnayan Samity 18274 13157 Voluntary Association for Rural Development 15340 13039 Programmes for Peoples Development 13023 13023 PAGE Development Centre 25808 12904 Unnayan 11354 11354 Somaj O Jati Gathan 13989 11191 Centre for Mass Education in Science 33868 11050 Centre for Community Development Assistance 31004 10850 Centre for Advanced Research and Social Action 10748 10748 National Development Society 12000 10733 Palli Mongol Karmosuchi 42041 10510 Prottyashi 22535 10500 Al Falah Aam Unnayan Sangstha 10389 10389 MAMATA 14823 10376 Mohila Bohumukhi Shikkha Kendra 10188 10188 Samannita Unnayan Seba Sangathan 11396 10001 Gono Kallyan Trust 11250 10000 Pachtara Sangstha 13000 10000 Participatory Development Initiatives of the 14210 9870 Masses Social Upliftment Society 19763 9800 Muktipath Unnayan Kendra 9755 9755

Gram Bikash Kendra 28008 9353 Poribor Unnayon Songstha 9000 9000 Dudumari Gram Unnayan Shangstha 8685 8685 Young Power in Social Action 9065 8650 Joypurhat Rural Development Movement 8099 8099 ATMABISWAS 8080 8080 Bangladesh Development Society 15566 7890 Development Center International 10980 7795 Alternative Development Initiative 9704 7250 Development Association for Basic Improvement 17668 7067 Pally Bikash Kendra 28152 7038 Nabolok 8766 6838 Polli Sree 8511 6808 Naria Unnaayan Samity 6789 6789 Association for Rural Advancement in Bangladesh 14300 6770 Centre for Action Research-Barind 13745 6742 Palashipara Samaj Kallayan Samity 9586 6675 Nijpath 13200 6500 Sakthira Unnayan Sangstha 6714 6378 Development Organisation of the Rural Poor 12408 6328 Resource Development Foundation 7595 6000 Sheva Nari O Shishu Kallyan Kendra 12545 6000 Association for Renovation of Community Health 5863 5863 Education Services DWIP Unnayon Songs Tha 9484 5850 Grassroots Health and Rural Organization for 6001 5846 Nutrition Initiative Grameen Manobic Unnayan Sangstha 7394 5813 Hilful Fuzul Samaj Kallyan Sangstha 7635 5726 Society for Development Inititatives 18346 5503 Social Advancement Through Unity 20543 5500 BASTOB-Initiatives for People's Self-Development 5441 5300 Karmojibi Kallyan Sangstha 6430 5225 Rural Organisation for Voluntary Activities 5746 5208 Society for Project Implementation Research 6545 4945 Evaluation and Training Concern for Environmental Development and 6124 4593 Research Social Upliftment Foundation 4730 4320 New Era Foundation 5022 4292 Carsa Foundation 5651 4285 Prodipan 9584 4210 Koinonia 16767 4191 Palli Progoti Shahayak Samity 33421 4010 Ghashful, MCH FP & FW Association 13540 4000 AGRAGATI 3934 3934

Agroforestry Seed Production & Development 12879 3895 Association SOLIDARITY 4154 3703 Association for Community Development 3650 3650 Prism Bangladesh 4417 3517 Society Development Commitee 25051 3507 Life Association 3389 3389 Samannita Somay Unnayan Sangstha/ Integrated 6103 3286 Community Development Association Association of Development for Economic and 5124 3248 Social Help Shetu Bangladesh 5515 3235 Voluntary Paribar Kalyan Association 6355 3200 Centre for Rehabilitation Education Earning 3369 3167 Development Development Initiative for Social Advancement 3613 3160 PROGRESS (Akti Samaj Unnayan Mulak 12004 3113 Sangstha) MOUSUMI 4383 3098 World Concern Bangladesh 6688 3010 Rural Development and Welfare Foundation 3000 3000 Unnayan Prochesta 3074 2980 Bangladesh Association of Women for Self- 2935 2935 Empowerment Self-Help and Rehabilitation Programme 3500 2900 Organisation for Social Advancement and Cultural 4400 2800 Activities Shariatpur Development Society 11772 2708 Ananya Samaj Kallyan Sangostha 16388 2631 Banaful Social Welfare Organization 5317 2600 Village Development Association 3900 2400 Ahead Social Organization 2235 2235 Progoti Samajakallyan Sangstha 2586 2198 Gono Unnayan Prochesta 10386 2077 Barendrabhumi Social Development Organization 4340 2053 Sagarika Samaj Unnayan Sangstha 6895 2000 NOWZUWAN 3241 1944 Samadhan 2680 1875 Community Development and Health Care 1332 1332 Jana Kallyan Sangstha 3556 1245 Rural Development Initiative 3347 1008 Peoples' Integer Progressive Association for 4643 890 Social Activities Shishu Niloy 13683 425 Caritas Bangladesh 263367 250000 Welfare Association of Village Environment, 41655 34157 WAVE Foundation

Small Farmers Development Project 60100 32100

Total Bangladesh 25245736 22494070

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported China International Centre for Technical & 56000 39200 Economic Exchanges Heifer Project International China 52030 41000 Funding for the Poor Cooperative- Chinese 14150 7100 Academy of Social Sciences China Foundation for Poverty Alleviation 13438 13438 Association for Rural Development of Poor Areas 4036 3620 in Sichuan

Total China 139654 104358

THAILAND

Institution Number of clients Number of poorest reported clients reported Association of Asian Confederation of Credit 5069184 5069184 Unions

Total Thailand 5069184 5069184

VIETNAM

Institution Number of clients Number of poorest reported clients reported Central People's Credit Fund 1210000 585000 Capital Aid Fund for Employment of the Poor 59869 18559 Vietnam Bank for Social Policies (Vietnam Bank 4125000 1200000 for the Poor) Quy Khuyen Khich Tu Lap 7000 5000 Vietnam Women's Union, TYM Fund (Tao Yeu 21303 21303 May Fund) ACTIONAID, Vietnam 21734 19561

Total Vietnam 5444906 1849423

INDIA

Institution Number of clients Number of poorest reported clients reported National Bank for Agriculture and Rural 33578475 26862780 Development Swayam Krishi Sangam Microfinance Pvt. Ltd. 134346 121530 Working Women's Forum 422857 422857 Share Microfin Limited 368996 368996 Shree Kshethra Dharmasthala Rural Development 172861 103609 Project Professional Assistance for Development Action 95633 90850 Friends of Women's World Banking 234858 223115 U.P. Bhumi Sudhur Nigam 190198 142649 CARE India 208991 156743 Sanghmitra Rural Finance 82358 82358 CASHPOR Microcredit 103714 76749 Activists for Social Alternatives 65016 65016 Karnataka Regional Organisation for Social 90000 56000 Service Bandhan-Konnagar 51023 51023 Shri Mahila SEWA Sahakari Bank Ltd. 64000 51200 Peolpe's Multipurpose Development Society 52000 50000 League for Education and Development 49267 44340 Acts Mahila Mutually Aided Cooperative Thrift 47151 40078 Society Sreema Mahila Samity 37368 37368 Village Welfare Society 54543 35350 Mahasemam Trust 42519 29638 The Bridge Foundation, Opportunity Microdinance 26435 26435 India Ltd. Grameen Koota 25899 25899 Rashtriya Seva Samithi 23412 23412 Holy Cross Social Service Centre 26000 22000 Saadhana Microfin Society 21733 21733 Bharatha Swamukti Samsthe 20488 18000 Uttara Development Program 32577 15958 Grama Siri 15799 15799 Development Support Team 16906 12430 Development Promotion Group 18900 12000 Welfare Services Ernakulam 17205 10667 Rashtriya Gramin Vikas Nidhi 11061 10618 Liberation Movement for Women 21000 9000 Swayamshree Micro Credit Services 8701 8701 Star Microfinance Service Society 7075 7075 GRAM UTTHAN 14200 6978

The Organization for Development of Human 5538 5538 Abilities and Environment Modern Architects for Rural India 7333 5133 Nav Bharat Jagriti Kendra 5034 5034 Inter-Mission Industrial Development Association 5300 4500 Community Development Society 4400 4000 Guidance Society for Labour Orphans and Women 7500 3500 Bullock-cart Workers Development Association 8792 3480 Anisha Microfin Association 5263 3157 Vivekananda Seva Kendra O Sishu Uddyan 3850 3100 Council for Socio Economics Benevolent Action 3000 3000 Pahal 3800 3000 Centre for Rural Health and Social Education 11840 2960 Community Action for Rural Development 4806 2952 Janodaya Trust 3200 2880 People's Action for Transformation 2948 2500 Society for Micro Economy Development Activities 2295 2295 Payyavoor Community Development Project 2200 1650 Community Development Centre 5282 528 Asmitha Microfin Limited 359055 359055 Mahila Arthik Vikas Mahamandal Ltd. 288697 288697 All India Association for Micro-Enterprise 200015 160012 Development Pioneer Trad (Missed Trust) 7000 5000

Total India 37400713 30230925

INDONESIA

Institution Number of clients Number of poorest reported clients reported National Family Planning Coordinating Board 2334387 1777358 Bank Rakyat Indonesia 3313532 557297 Mitra Usaha Foundation 13004 11704 Ganesha Microfinance Foundation 12335 11101

Total Indonesia 5673258 2357460

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 640104 640104 Sarvodaya Economic Enterprises Development 152325 86825 Services Samastha Lanka Praja Sanwardana Mandalaya 21324 18733 Kandurata Development Bank 111099 89615 Christian Children's Fund Sri Lanka, Inc. 7935 5000

Total Sri Lanka 932787 840277

NEPAL

Institution Number of clients Number of poorest reported clients reported Agricultural Development Bank 175000 140000 Paschimanchal Grameen Bikas Bank 40404 40404 Purwanchal Grameen Bikas Bank Ltd. (Bittiya 49650 39720 Sanstha) Central Office Birantnagar Madhymanchal Grameen Bikas Bank (Mid-Region 40243 40243 Rural Development Bank) Nirdhan Utthan Bank Limited 50063 45057 Centre for Micro-Finance, Nepal 24888 17422 Swabalamban Bikas Bank 40054 28037 Sudur Paschimanchal Grameen Bikas Bank 12062 12602 Deprosc Development Bank Limited 15832 13450 Development Project Service Centre, Nepal 16253 16253 Nepal Rural Development Society Centre 16053 16053 Sahara Nepal Saving and Credit Co-Operative 5760 5340 Society Ltd. Centre for Self-Help Development 9556 9078 Chhimek Bikas Bank Ltd. 19400 19329 Jeevan Bikas Samaj 5359 4984 Forum for Rural Women Ardency Development 8317 4719 Community Women Development Centre 3500 3500 MANUSHI Gyaneswhor 1859 1859 Neighborhood Society Service Center 10414 1562 Women Development Center of Nepal 1280 1280 Rural Self Reliance Fund 9915 9915

Total Nepal 555862 470807

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 65112 30602 Center for Agriculture and Rural Development 108477 108477 TSPI Development Corporation 125298 125086 WOCCU/CUES Philippines 39862 39862 Alalay Sa Kaunlaran Sa Gitnang Luzon, Inc. 31099 29545 Community Economic Ventures 16606 16606 Ahon Sa Hirap Inc. 15841 7500 Talete King Panyulung Kampampangan 12492 11575 Kazama-Grameen 15709 15709 Peoples Bank of Caraga 20181 8364 Rural Bank of Pres. M.A. Roxas 3844 3652 Kalibakat Para Sa Maunlad Na Buhay, Inc. 88812 88812 Enterprise Bank Inc. 21432 21432 ABS-CBN foundation 30653 16929 First Agro-Industrial Rural Bank, Inc. 13272 11945 Progressive Bank Inc. 10477 10477 Ad Jesum Development Foundation, Inc. 9587 9587 Kasagana KA Development Center, Inc. 8500 8500 Cooperative Bank of Tarlac 7460 7460 Lipa Public Bank 9491 6644 G7 Bank (Rural Bank of Nabua, Inc.) 3507 3000 Mallig Plains Rural Bank (Isabela), Inc. 13560 2300 Producers Rural Banking Corporation 27384 20538

Total Philippines 698656 604602

CAMBODIA

Institution Number of clients Number of poorest reported clients reported Angkor Mikroheranhvatho Kampuchea Co., Ltd. 36221 32563 National Bank of Cambodia 377505 377505 ACLEDA Bank, Ltd. 140920 33389 Thankea Phum Cambodia 43196 32397 Vision Fund Cambodia Ltd. 25347 21998

Total Cambodia 623189 497852

MALAYSIA

Institution Number of clients Number of poorest reported clients reported Amanah Ikhtiar Malaysia 120602 36180

Total Malaysia 120602 36180

PAKISTAN

Institution Number of clients Number of poorest reported clients reported National Rural Support Programme 126086 99230 Kashf Foundation 75194 67675 Punjab Rural Support Programme-Lahore 42249 42249 Development Action for Mobilization and 15568 10068 Emancipation Thardeep Rural Development Program 41238 39176 The First Microfinance Bank Ltd. 17088 13670 Sidh Agricultural and Forestry Workers 9012 6337 Coordinating Organization Sarhad Rural Support Programme 6512 4559 Orangi Pilot Project 7698 4342 Akhuwat 4614 3230

Total Pakistan 345259 290536

MYANMAR

Institution Number of clients Number of poorest reported clients reported Pact Myanmar 81260 81260 Microfinance Delta Project 66500 66500 Dawn Microfinance Program 9656 4200

Total Myanmar 157416 151960

AFGHANISTAN

Institution Number of clients Number of poorest reported clients reported BRAC Afghanistan 55572 55250 FINCA Afghanistan 9549 3342

Total Afghanistan 65121 58592

3.2.d Latin America and the Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Fondo Ecuatoriano Populorum Progressio 28610 1500 FINCA Ecuador 43140 13805 Fundacion para el Desarrollo Integral Espoir 13886 10415

Total Ecuador 85636 25720

COLOMBIA Number of clients Number of poorest Institution reported clients reported Red de Microcrédito de Medellìn 34519 18490 Oportunidad Latinoamericana Colombia 6250 6250 Corporacion Mundial de la Mujer Colombia-Bogotà 47196 34547 Financiera Comultrasan 11715 4604 Fundacion Mando Mujer 105000 30000 Corporacion Mundial de la Mujer Medellìn 24600 24108

Total Colombia 229280 117999

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Diaconia FRIF 26838 16103 Pro Mujer- Bolivia 64517 51614 Fundacion para Alternativas de Desarrollo 20728 10859 Credito con Educacion Rural (CRECER)/ Freedom 74003 72558 from Hunger Fondo Financiero Privado, FIE 56446 7202 Fondo de Desarrollo Comunal 6167 3791

Total Bolivia 248699 162127

PARAGUAY Number of clients Number of poorest Institution reported clients reported Fundacion Paraguaya de Cooperacion y Desarrollo 9297 7437

Total Paraguay 9297 7437

NICARAGUA Number of clients Number of poorest Institution reported clients reported Asociacion de Oportunidad y Desarrollo de 33971 21258 Nicaragua Fondo de Desarrollo Local 52049 31087 Financiera Nicaraguense de Desarrollo 29561 12588 Asociacion de Consultores para el Desarrollo de la 52650 37382 Pequena, Mediana y Microempresa Fundacion Jose Nieborowski 19790 4947 Pro Mujer-Nicaragua 13805 12387 FINCA Nicaragua 26112 4961

Total Nicaragua 227938 124610

HONDURAS Number of clients Number of poorest Institution reported clients reported World Relief Honduras 15799 10427 Organizacion de Desarrollo Empresarial Femenino 13800 8280 Fundacion para el Desarrollo de Honduras 11577 7700 Fundacion para el Desarrollo de la Vivienda 17902 17902 Social, Urbana y Rural (FUNDEVI) Asociacion de Familia y Medio Ambiente 13681 13681 FINCA Honduras 14581 4960

Total Honduras 72759 57990

GUATEMALA Number of clients Number of poorest Institution reported clients reported The Friendship Bridge 7150 5863 GENESIS Empresarial 55184 15780 FINCA Guatemala 14129 2260

Total Guatemala 76463 23903

PERU Number of clients Number of poorest Institution reported clients reported

Consorcio PROMUC, Promocion de la Mujer y la 31530 18700 Comunidad Movimiento Manueal Ramos 9784 8806 Asociacion Benéfica PRISMA 15222 6537

Total Perù 56536 34043

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze Shoulder to Shoulder Foundation 31090 29816 Groupe d'Appui pour l'Integration de la Femme du 3155 1500 Secteur Informel FINCA Haiti 13719 1372

Total Haiti 47964 32688

MEXICO Number of clients Number of poorest Institution reported clients reported Fondo para el Desarrollo Social de la Ciudad de Mexico 134683 114480 Alternativa Solidaria Chiapas 5932 5932 FINCA México A.C. 41142 15634

Total Mexico 181757 136046

PANAMA Number of clients Number of poorest Institution reported clients reported Asociacion para el Desarrollo de las Cajas Rurales 2944 2500

Total Panama 2944 2500

EL SALVADOR Number of clients Number of poorest Institution reported clients reported

FINCA El Salvador (Centro de Apoyo a la 8613 3273 Microempresa) Caja de Crédito Metropolitana 9506 2927 Fundacion para el Auto Desarrollo de la Micro y 1264 1074 Pequena Empresa

Total El Salvador 19383 7274

3.2.e Eastern Europe and Central Asia

MONGOLIA Number of clients Number of poorest Institution reported clients reported XacBank 50101 13823

Total Mongolia 50101 13823

BOSNIA AND HERZEGOVINA Number of clients Number of poorest Institution reported clients reported Microcredit Organization MIKROFIN 20399 8071

Total Bosnia and Herzegovina 20399 8071

UZBEKISTAN Number of clients Number of poorest Institution reported clients reported FINCA Uzbekistan 9943 696

Total Uzbekistan 9943 696

KYRGYZSTAN Number of clients Number of poorest Institution reported clients reported FINCA Kyrgyzstan 26217 5243

Total Kyrgyzstan 26217 5243

AZERBAIJAN Number of clients Number of poorest Institution reported clients reported FINCA Azerbaijan 28872 1155

Total Azerbaijan 28872 1155

KOSOVO Number of clients Number of poorest Institution reported clients reported FINCA Kosovo 4801 816

Total Kosovo 4801 816

R. OF GEORGIA Number of clients Number of poorest Institution reported clients reported FINCA Georgia 15607 780

Total Georgia 15607 780

3.3 2006 Data

3.3.a Sub-Saharan Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Farmers' Development Union 100695 84753 Nigerian Agricultural Cooperative and Rural 883953 707162 Development Bank Self Reliance Economic Advancement Programme 5820 5820 Lift Above Poverty Organization 84006 46203

Total Nigeria 1074474 843938

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Share Company 392693 392693 Amhara Credit and Savings Institution 587752 528977 Oromia Credit & Savings Loan 180377 180377 Omo Microfinance Institution 106460 97945 Addis Credit and Saving Institution 58710 50000 WISDOM Micro Financing Institution 44166 34972 PEACE Micro Finance Institution 19260 19260 Gasha Micro-financing S.C. 13204 5282

Total Ethiopia 1402622 1309506

MALAWI Number of clients Number of poorest Institution name reported clients reported Concern Universal Microfinance Operation 15369 15369

Total Malawi 15369 15369

BURKINA FASO Number of clients Number of poorest Institution name reported clients reported

Fonds d'Appui aux Activites Remuneratrices des 688199 550559 Femmes

Total Burkina Faso 688199 550559

SENEGAL Number of clients Number of poorest Institution name reported clients reported Féderation des ONG du Sénégal 30948 5951 Alliance de Crédit et d' Epargne Pour la 129857 94795 Production Caurie Micro Finance 11100 3725 Réseau des Caisses d'Epargne et Crédit des 2500 2500 Femmes de Dakar

Total Senegal 174405 106971

UGANDA Number of clients Number of poorest Institution name reported clients reported Pearl Microfiance Limited 17720 8860 BRAC Uganda 5808 5808

Total Uganda 23528 14668

GHANA Number of clients Number of poorest Institution name reported clients reported

Freedom from Hunger Ghana Devel opment Action 28500 28000 Association Sinapi Aba Trust 51686 42610 Kraban Support Foundation 7052 7052 ADRA Ghana Microfinance Foundation 7996 2519 Aidez Small Project International 3604 2470

Total Ghana 98838 82651

BENIN Number of clients Number of poorest Institution name reported clients reported

Association pour la promotion et l' Appui au 32686 32686 Développement des Micro-Enterprises Association des Caisses de Financement a la 9532 7844 Base

Total Benin 42218 40530

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Gambia Rural Development Agency 52250 44200 The Gambia Social Development Fund 99471 99471 Rural Finance Project 4254 4254

Total Gambia 155975 147925

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 223517 223517

Total Mali 223517 223517

KENYA Number of clients Number of poorest Institution name reported clients reported Jamii Bora 170000 153000

Total Kenya 170000 153000

TOGO Number of clients Number of poorest Institution name reported clients reported

Fédération des Unions Coopératives Epargne et 26166 15700 Credit Women and Associations for Gain both Economic 8825 5295 and Social (WAGES)

Total Togo 34991 20995

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 37986 27855

Total South Africa 37986 27855

GUINEA Number of clients Number of poorest Institution name reported clients reported Crédit Rural De Guinée Société Anonyme 80582 60436

Total Guinea 80582 60436

COTE D'IVOIRE Number of clients Number of poorest Institution name reported clients reported Afrique Emergence et Investissement 4012 3854

Total Cote d'Ivoire 4012 3854

RWANDA Number of clients Number of poorest Institution name reported clients reported Union des Banques Populaires du Rwanda 84964 38064 Union des COOPECs Umutanguha 2612 2513

Total Rwanda 87576 40577

NIGER Number of clients Number of poorest Institution name reported clients reported Institution Nigerienne de Microfinance ASUSU- 24483 23259 CIIGABA

Total Niger 24483 23259

SWAZILAND Number of clients Number of poorest Institution name reported clients reported Swaziland Development Finance Corporation 12061 3000

Total Swaziland 12061 3000

CAMEROON Number of clients Number of poorest Institution name reported clients reported Crédit du Sahel 22799 17737 Crédit Communautaire d'Afrique 34625 13842 MC2 Network- ADAF 162368 107162 SOS Women- Cooperative Feminine d'Epargne et 4000 3000 de Crédit

Total Cameroon 223792 141741

3.3.b Middle East and North Africa

MOROCCO Number of clients Number of poorest Institution name reported clients reported Zakoura Foundation 367744 171007 Fondation pour le Développement Local et le 76376 34369 Partenariat

Total Morocco 444120 205376

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 39130 12521

Total Tunisia 39130 12521

EGYPT Number of clients Number of poorest Institution reported clients reported Alexandria Business Association 59526 36447 Dakahlya Businessmen's Association for 68911 47016 Community Development Egyptian Small Enterprise Development 81316 33663 Foundation LEAD Foundation (Egyptian Foundation for 57143 52904 Enterprise Development)

Total Egypt 266896 170030

SUDAN Number of clients Number of poorest Institution name reported clients reported Port Sudan Small Scale Enterprise Program 4000 3000

Total Sudan 4000 3000

JORDAN Number of clients Number of poorest Institution name reported clients reported Tamweelcom 17729 15053

Total Jordan 17729 15053

3.3.c Asia and the Pacific

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 6910000 6910000 Bangladesh Rural Development Board 4367468 4149094 Association for Social Advancement 5160000 4489200 BRAC 4550000 3910000 Proshika Manobik Unnayan Kendra 1674580 1339664 Palli Daridra Bimochon Foundation 540000 193000 Thengamara Mohila Sabuj Sangha 444767 378052 Swanirvar Bangladesh 1067005 406400 BURO, Tangail 331329 331329 Rangpur Dinajpur Rural Service 307482 276734 Islami Bank Bangladesh Limited 295012 292525

Society for Social Service 206055 47812 Jagorani Chakra 205760 164608 Shakti Foundation for Disadvantaged Women 150402 150402 Welfare Association of Village Environment 55556 38889 Bangladesh Extension Education Services 100093 95088 United Development Initiatives for Programmed 92651 90797 Actions Assistance for Social Organization and 65796 43009 Development Ad-Win Welfare Centre 88287 66215 HEED Bangladesh 59642 53678 Integrated Development Foundation 62781 62781 Sajida Foundation 45510 39594 Ansar- VDP Unnayan Bank 90687 42623 PADAKHEP Manabik Unnayan Kendra 205000 152000 Manabik Shahajya Sangstha 80201 50200 People's Oriented Program Implementation 130107 48994 Resource Integration Centre 46050 46050 Eco-social Development Organization 73298 43114 Coastal Association for Social Transformation 51447 39897 Samaj Kallyan Sangstha 59624 13117 Sonali Bank 4180000 505000 Noakhali Rural Development Society 20007 20007 Dushtha Shashtya Kendra 100339 37159 The Institute of Rural Development 125000 125000 Centre for Development Innovation and Practices 49346 44415 Bangladesh Krishi Bank 655739 445204 Caritas Bangladesh 267058 253700 Christian Service Society 34133 29695 Bangladesh Association for Social Advancement 29187 13134 Rural Reconstruction Foundation 87927 23171 Surjamukhi Sangstha 30000 23000 Association for Realisation of Basic Needs 24664 22300 Muslim Aid Bangladesh 25737 23830 Ashrai 61590 19710 Uttara Development Program Society 63089 24456 Gram Unnayan Karma 33138 19129 Srizony Bangladesh 37778 18889 Village Education Resource Center 23539 12300 Juba Jiban Advancement Committee 18641 18326 Institute of Integrated Rural Development 22155 13310 Nowabenki Gonomukhi Foundation, Samabay 35093 12379 Samity National Development Society 19808 17645 Jatiyo Kallyan Sangstha-Jakas 21167 18797

Dak Diye Jai 20832 17707 Community Development Center Microcredit 91957 13836 Development Program Annesha Foundation 24833 16100 Bangladesh Rural Integrated Development for 13123 13123 Grub-Street Economy Sabalamby Unnayan Samity 18274 13157 MAMATA 15650 12520 Al Falah Aam Unnayan Sangstha 14853 11882 PAGE Development Centre 39866 19933 Unnayan 13500 13000 Somaj O Jati Gathan 19091 12721 Centre for Mass Education in Science 33763 6500 Naria Unnaayan Samity 10781 10781 Society Development Committee 36994 9965 Society for Development Initiatives 26836 9040 Pally Bikash Kendra 32693 8500 Integrated Social Development Effort 12120 8475 Development Association for Basic Improvement 21028 8411 Sakthira Unnayan Sangstha 9291 8361 Grameen Jano Unnayan Sangstha 10190 8082 Gono Kallyan Trust 8336 8000 Prodipan 37426 7900 PRISM Bangladesh 8260 7502 Social Upliftment Society 19906 7000 Association for Rural Advancement in Bangladesh 14900 6900 Resource Development Foundation 7550 6040 Sheva Nari O Shishu Kallyan Kendra 13838 6000 Social Upliftment Foundation 6100 6000 Centre for Action Research-Barind 19277 5750 Ghashful 17108 5500 Development Initiative for Social Advancement 7681 5142 Palli Mongol Karmosuchi 81672 5000 BASTOB-Initiative for People's Self-Development 5812 4049 Bangladesh Development Society 19489 3923 Progoti Samajakallyan Sangstha 3432 3089 Environment Council Bangladesh 10338 2800 Palashipara Samaj Kallyan Samity 9594 2388 Poverty Elimination Organization 2200 2000 Samadhan 3540 1947 Gono Unnayan Prochesta 15501 1593 NOWZUWAN 6497 1030

Total Bangladesh 34265857 26027069

INDIA

Institution Number of clients Number of poorest reported clients reported National Bank for Agriculture and Rural 40949622 32759697 Development Swayam Krishi Sangam Microfinance Pvt. Ltd. 367600 352896 Working Women's Forum 438218 438218 Share Microfin Limited 814156 814256 Shree Kshethra Dharmasthala Rural Development 345535 224597 Project Professional Assistance for Development Action 95500 90750 Friends of Women's World Banking 286875 286875 South Malabar Gramin Bank 672476 107598 Society for Elimination of Rural Poverty 8021036 6246077 Sanghmitra Rural Finance 84000 84000 CASHPOR Microcredit 173776 173776 Activists for Social Alternatives 137548 137548 Karnataka Regional Organisation for Social 116000 87000 Service Bandhan-Konnagar 352843 352843 Tamil Nadu Corporation for Development of 5700000 5700000 Women Peolpe's Multipurpose Development Society 53000 51000 League for Education and Development 23721 17816 Spandana Sphoorty Innovative Financial Services 822915 814864 Ltd. Mahila Arthik Vikas Mahamandal Ltd. 417970 417970 Asmitha Microfin Limited 405068 405068 Access Development Services 562714 337628 The Bridge Foundation, Opportunity Microdinance 18148 18148 India Ltd. Grameen Koota 73123 73123 Cauvery Grameen Bank 277590 277590 Holy Cross Social Service Centre 28000 25000 Saadhana Microfin Society 50541 50541 Bharatha Swamukti Samsthe 47554 40000 All India Association for Micro-Enterprise 250000 225000 Development Uttar Pradesh Bhumi Sudhar Nigam 183899 137924 Development Support Team 23763 9505 Development Promotion Group 35000 24000 Welfare Services Ernakulam 20078 13050 North Malabar Gramin Bank 72200 68500 Liberation Movement for Women 22000 6600 BAIF Institute of Rural Development-Karnataka 31000 25000 Star Microfinance Service Society 29427 29427 GRAM UTTHAN 28513 17456

People's Education and Development 20670 20670 Organisation Palli Unnayan Samiti Baruipur 12160 12160 Nav Bharat Jagriti Kendra 10095 7975 Peermade Development Society 36800 10900 Community Development Society 4600 4100 Ramakrishna Mission Lokasiksha Parishad 10000 10000 Centre for Overall Development 8519 8400 Nidan 15419 7510 Grameen Development Services 7500 6750 Council for Socio Economics Benevolent Action 4000 4000 Pahal 3100 2700 Centre for Rural Health and Social Education 10904 4260 Vayalar Memorial Youht Club 6000 6000 Janodaya Trust 7500 6900 Bodhana-Tiruvalla Social Service Society 7400 4760 Deshabandhu Club 1995 700

Total India 62198071 51059126

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported Association for Rural Development of Poor Areas 4675 2858 in Sichuan Heifer Project International China 15440 13800 Funding for the Poor Cooperative- Chinese 14450 7500 Academy of Social Sciences China Foundation for Poverty Alleviation 15052 6000

Total China 49617 30158

WESTERN SAMOA

Institution Number of clients Number of poorest reported clients reported South Pacific Business Development 2500 2500

Total Western Samoa 2500 2500

MALAYSIA

Institution Number of clients Number of poorest reported clients reported Amanah Ikhtiar Malaysia 144879 8809

Total Malaysia 144879 8809

VIETNAM

Institution Number of clients Number of poorest reported clients reported Central People's Credit Fund 1265000 609000 Capital Aid Fund for Employment of the Poor 64233 19270 Vietnam Bank for Social Policies (Vietnam Bank 4695986 1500000 for the Poor) Quy Khuyen Khich Tu Lap 7759 4732 Vietnam Women's Union, TYM Fund (Tao Yeu 22497 15748 May Fund) ACTIONAID, Vietnam 21272 19144 Income and Employment Generation Programme- 6063 3637 NAPA Quang Binh

Total Vietnam 6082810 2171531

INDONESIA

Institution Number of clients Number of poorest reported clients reported BKKBN: State Ministry of National Development 2593800 1411528 Planning Bank Rakyat Indonesia 3455894 553646 Mitra Usaha Foundation 12186 11576 Mitra Bisnis Keluarga Ventura (Family Business 27372 21899 Partners) Yayasan Bina Swadaya 42852 16108 Centre for Women Resources Development 8000 4300 Perkumpulan Sada Ahmo 2900 2900 Mitra Dhu'afa Foundation 2604 2604 Yayasan Indonesia Sejahtera 1712 1499

Total Indonesia 6147320 2026060

MYANMAR

Institution Number of clients Number of poorest reported clients reported Microfinance Delta Project 92000 92000

Total Myanmar 92000 92000

NEPAL

Institution Number of clients Number of poorest reported clients reported Karnali Saving and Credit Co-operative Ltd. 2848 2848 Paschimanchal Grameen Bikas Bank 39680 39680 World Education-Nepal 4025 4025 Mahuli Community Development Center 5993 3595 Nirdhan Utthan Bank Limited 58679 58679 Rural Reconstruction Nepal 16000 13000 Swabalamban Bikas Bank 52717 36901 Development Project Service Centre, Nepal 25441 25441 Nepal Rural Development Society Centre 20667 20667 Sahara Nepal Saving and Credit Co-Operative 10043 4200 Society Ltd. Centre for Self-Help Development 15984 15185 Chhimek Bikas Bank Ltd. 25012 24761 Jeevan Bikas Samaj 13051 4829 Forum for Rural Women Ardency Development 14770 14770 Community Women Development Centre 4757 4757 MANUSHI 2926 2926 Neighborhood Society Service Center 14139 2120 Women Cooperative Society Ltd. 7053 7053

Total Nepal 333785 285437

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 681000 681000 Sarvodaya Economic Enterprises Development 166036 10792 Services Samastha Lanka Praja Sanwardana Mandalaya 24331 21897 Christian Children's Fund Sri Lanka, Inc. 8691 6518

Total Sri Lanka 880058 720207

AFGHANISTAN

Institution Number of clients Number of poorest reported clients reported BRAC Afghanistan 131395 128558 Afghanistan Microfinance Institution 2977 2680

Total Afghanistan 134372 131238

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 66530 20000 Center for Agriculture and Rural Development 247782 148669 TSPI Development Corporation 115370 115119 Bukidnon Integrated Network of Home Industries 7064 7016 Alalay Sa Kaunlaran Sa Gitnang Luzon, Inc. 43259 39366 Serviamus Foundation Incorporated 7466 6720 Ahon Sa Hirap Inc. 26856 10000 Talete King Panyulung Kampampangan 18486 15716 Kazama-Grameen 24140 10863 Kalibakat Para Sa Maunlad Na Buhay, Inc. 89628 68476

Total Philippines 646581 441945

CAMBODIA

Institution Number of clients Number of poorest reported clients reported Angkor Mikroheranhvatho Kampuchea Co., Ltd. 67006 32470 National Bank of Cambodia 471009 471009 Cambodian Community Savings Federation 7104 5680 Thaneakea Phum Cambodia 55869 47488 Vision Fund Cambodia Ltd. 35289 30444

Total Cambodia 636277 587091

PAKISTAN

Institution Number of clients Number of poorest reported clients reported National Rural Support Programme 191818 152111 Punjab Rural Support Programme-Lahore 42249 42249 Thardeep Rural Development Program 46099 46099 Sidh Agricultural and Forestry Workers 14059 10404 Coordinating Organization

Total Pakistan 294225 250863

3.3.d Latin America and the Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Fondo Ecuatoriano Populorum Progresivo 14600 14600 FINCA Ecuador 51195 25597 Union Catolica de Apoyo al Desarrollo 12517 10013 Cooperativa Mushuc Runa 23362 8177 Cooperativa Jardin Azuayo 21035 7782 Cooperativa de Ahorro y Credito Desarrollo de los 24000 7200 Pueblos Cooperativa de Ahorro y Crédito Juventud 19417 5630 Ecuatoriana Progresista Credife Dessarrollo Micro Empresarial- Banco 66379 5000 Pchincha

Total Ecuador 232505 83999

COLOMBIA Number of clients Number of poorest Institution reported clients reported Fundacion Mando Mujer Popayan 145000 32500 5653 2826 Oportunidad Latinoamericana Colombia Corporacion Mundial de la Mujer Bucaramanga 98457 43187 Banco de los Pobres de Medellin 6240 3120

Total Colombia 255350 81633

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Diaconia FRIF 30120 15060 Pro Mujer- Bolivia 74106 59285 Fundacion para Alternativas de Desarrollo 20983 12315 Credito con Educacion Rural (CRECER)/ Freedom 88435 34136 from Hunger Fondo Financiero Privado, FIE 71334 9273 Fundaciòn Boliviana para el Desarrollo de la 10619 4247 Microempresa Emprender 3391 2882

Total Bolivia 298988 137198

NICARAGUA Number of clients Number of poorest Institution reported clients reported Fundaciò para el Desarrollo de Nueva Segovia 14864 11300 Fondo de Desarrollo Local 62529 45000 Fundaciòn PRODESA 16033 11000 Asociacion de Consultores para el Desarrollo de la 66943 47530 Pequena, Mediana y Microempresa Fundaciòn para el Desarrollo Socio-economico 12569 8000 Rural (FUNDESER) Pro Mujer-Nicaragua 19641 17676 Nicaraguan Community Development LoanFund 9219 6890 (PRESTANIC) Fundaciòn para el Desarrollo de la Microempresa 5253 4800 Cooperativa de Servicios Multiples 20 de Abril 5722 4100 R.L. Centro de Promocion del Desarrollo Local 11868 3560 Cooperativa de Ahorro y Crédito- Caja Rural 7245 2890 Nacional R.L. Asociaciòn para el Fomento al) Desarrollo de 3924 2750 Nicaragua (AFODENIC

Total Nicaragua 235810 165496

HONDURAS Number of clients Number of poorest Institution reported clients reported World Relief Honduras 15309 12600 Organizacion de Desarrollo Empresarial Femenino 17024 11065 Fundacion para el Desarrollo de Honduras 10691 8841 Hermandad de Honduras HDH 9686 6500 Asociacion de Familia y Medio Ambiente 13631 7800 CARE Honduras 4077 3900 Fundaciòn Adelante 4921 3800 Fundaciòn Hondureña para el Desarrollo de la 10957 2879 Micro Empresa Agencia Adventista para el Desarrollo y Recursos 3030 2757 Asistenciales

Total Honduras 89326 60142

GUATEMALA Number of clients Number of poorest Institution reported clients reported

Fundaciòn para el Desarrollo Integral de 28000 21000 Programas Socioeconomicos Fundaciòn de Desarrollo Empresarial y Agricola 12219 5300 (FUNDEA) Asociaciòn Guatemalteca del Desarrollo Integral 2705 2705

Total Guatemala 42924 29005

PERU Number of clients Number of poorest Institution reported clients reported EDPYME Edyficar 86450 21615 Pro Mujer Perù 33650 15150 Caja Municipal de Ahorro Y Crédito de Huancayo 56864 13187 Movimiento Manuela Ramos 10692 7484 Asociaciòn Benefica PRISMA 15625 7031 FINCA Perù 8000 4800 EDPYME Nueva Visiòn S.A. 8747 3812 Microcrédito para el Desarrollo 3824 3209 Instituto para el Desarrollo, Educaciòn, Salud y 1418 1200 Pacificaciòn Grupo Consultivo para el Desarrollo Alternativo 2697 1100

Total Perù 227967 78588

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze Shoulder to Shoulder Foundation 43615 22000

Total Haiti 43615 22000

BRAZIL Number of clients Number of poorest Institution reported clients reported Cresol 41040 12300

Total Brazil 41040 12300

MEXICO Number of clients Number of poorest Institution reported clients reported ASP Financiera 7625 5335 Alternativa Solidaria Chiapas 10821 3571 FINCA México A.C. 63614 54072 Microbancos Rurales 9500 7600

Total Mexico 91560 70578

3.3.e Eastern Europe and Central Asia

TURKEY Number of clients Number of poorest Institution reported clients reported Turkey Grameen Microcredit Project 4050 4050

Total Turkey 4050 4050

3.4 2007 Data

3.3.a Sub-Saharan Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Grassroots Health Organization of Nigeria 15700 14600 Lift Above Poverty Organization 130979 65490 Self Reliance Economic Advancement Programme 14044 14044

Total Nigeria 160723 94134

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Institution Share Company 423830 423830 Amhara Credit and Savings Institution 643226 611064 Oromia Credit & Savings Share Company 255887 255887 Omo Microfinance Institution 120277 115465 PEACE Micro Finance Institution Poverty 19471 19374 Eradication and Community Empowerment

Total Ethiopia 1462691 1425620

MALAWI Number of clients Number of poorest Institution name reported clients reported Concern Universal Microfinance Operation 20603 20603 Opportunity International Bank of Malawi 17313 12119

Total Malawi 37916 32722

CHAD Number of clients Number of poorest Institution name reported clients reported

Union des Clubs d' Epargne et de Credit Du Mayo- 15348 13813 Kebbi

Total Chad 15348 13813

SENEGAL Number of clients Number of poorest Institution name reported clients reported Féderation des ONG du Sénégal 63250 47586 Caurie Micro Finance 14738 8843

Total Senegal 77988 56429

GHANA Number of clients Number of poorest Institution name reported clients reported Kraban Support Foundation 7500 7000 Sinapi Aba Trust 56879 50622

Total Ghana 64379 57622

UGANDA Number of clients Number of poorest Institution name reported clients reported Pearl Microfiance Limited 18674 8120 BRAC Uganda 36452 36452 Micro Credit for Development And Transformation 4217 4217 Cooperative Savings And Credit Society Ltd

Total Uganda 59343 48789

BENIN Number of clients Number of poorest Institution name reported clients reported Association des Caisses de Financement a la 13884 9570 Base

Total Benin 13884 9570

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Gambia Social Development Fund 102000 76500

Total Gambia 102000 76500

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 239511 239511

Total Mali 239511 239511

KENYA Number of clients Number of poorest Institution name reported clients reported Jamii Bora 48518 31537 Pamoja Women Development Programme 40000 32000

Total Kenya 88518 63537

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 45740 30063

Total South Africa 45740 30063

GUINEA Number of clients Number of poorest Institution name reported clients reported Crédit Rural De Guinée Société Anonyme 78326 58745

Total Guinea 78326 58745

RWANDA Number of clients Number of poorest Institution name reported clients reported Union des COOPECs Umutanguha 11511 8500

Total Rwanda 11511 8500

NIGER Number of clients Number of poorest Institution name reported clients reported

Institution Nigerienne de Microfinance ASUSU- 73546 63000 CIIGABA CARE International Au Niger 50869 50869

Total Niger 124415 113869

3.3.b Middle East and North Africa

TURKEY Number of clients Number of poorest Institution name reported clients reported Turkey Grameen Microcredit Project 7397 7397

Total Turkey 7397 7397

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 63794 12750 Banque Tunisienne de Solidarité 380000 362000

Total Tunisia 443794 374750

EGYPT Number of clients Number of poorest Institution reported clients reported

Alexandria Business Association- Small and Micro 70975 62788 Enterprise LEAD Foundation (Egyptian Foundation for 106321 98250 Enterprise Development)

Total Egypt 177296 161038

SUDAN Number of clients Number of poorest Institution name reported clients reported Port Sudan Small Scale Enterprise Program 4200 2940

Total Sudan 4200 2940

JORDAN Number of clients Number of poorest Institution name reported clients reported Jordan Microcredit Company/Tamweelcom 31407 26357 Microfund for Women 34713 29223 Development and Employment Fund/ Reyada 16262 12000

Total Jordan 82382 67580

AFGHANISTAN

Institution Number of clients Number of poorest reported clients reported BRAC Afghanistan 143097 137016 Microfinance Investment Support Facility for 365145 216781 Afghanistan Microfinance Agency for Development and 14222 10887 Rehabilitation of Afghan Community OXUS Afghanistan 11026 9372

Total Afghanistan 533490 374056

Israel was also included in the report but its data had a mistake: the number of poorest clients was 3900 and the number of total clients was 715. I decided to exclude it.

3.3.c Asia

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 7410000 7410000 Bangladesh Rural Development Board 4724698 4488463 Association for Social Advancement 5430000 4615500 Bangladesh Rural Advancement Committee 6400000 4560000 Proshika Manobik Unnayan Kendra 1740126 1392100 Bangladesh Krishi Bank 521419 365123 Thengamara Mohila Sabuj Sangha 535148 374604 Swanirvar Bangladesh 1087255 413157 BURO Bangladesh 376710 376710 Rangpur Dinajpur Rural Service 257292 229300 Islami Bank Bangladesh Limited 350278 347325 CARITAS Bangladesh 298479 263400 Jagorani Chakra Foundation 251281 201024 Shakti Foundation for Disadvantaged Women 140955 140955 Palli Daridro Bimochon Foundation 545013 195000 Bangladesh Extension Education Services 92214 87603 United Development Initiatives for Programmed 145983 143355 Actions Welfare Association of Village Environment, 70595 57000 WAVE Foundation Ad-Win Welfare Centre-Jessore 92287 67860 HEED Bangladesh 60920 54772 Integrated Development Foundation 68193 68193 Society for Social Service 249210 57580 Ansar- VDP Unnayan Bank 84145 37865 PADAKHEP Manabik Unnayan Kendra 275000 214500 Manabik Shahajya Sangstha 78868 49400 People's Oriented Program Implementation 163556 49480 Resource Integration Centre 57181 57181 Eco-social Development Organization 104966 54176 Coastal Association for Social Transformation 55112 49898 Samaj Kallyan Sangstha 70754 70754

AGRAGATI 5623 5623 Bikalpa Unnayan Karmasuchi 10500 5050 Good Earth, The 3154 2839 Progoti Samajkallyan Sangstha 2820 2820 Centre for Development Innovation and Practices 53719 49123 Sajida Foundation 51579 43842 South Asia Partnership-Bangladesh 22592 5791 NOWZUWAN 3945 2512 Bangladesh Association for Social Advancement 32269 6454 Rural Reconstruction Foundation 143312 23171 Association for Realisation of Basic Needs 21107 16800 Gram Unnayan Karma 36095 28705 Srizony Bangladesh 44479 20184 Village Education Resource Center 28852 13400 Bandhu Kallayan Foundation 33537 33537 Institute of Rural Development, The 40000 40000 Nowabenki Gonomukhi Foundation, Samabay 39760 13288 Samity Muslim Aid UK-Bangladesh Field Office 27473 3000 Jatiyo Kallyan Sangstha 37555 21031 Dak Diye Jai 24084 16859 Sangkalpa Trust 32840 25943 Annesha Foundation 29433 17710 Bangladesh Rural Integrated Development for 13617 13617 Grub-Street Economy Sabalamby Unnayan Samity 21674 15604 Voluntary Association for Rural Development 33293 29963 Banaful Social Welfare Organization 6138 3069 PAGE Development Centre 52179 23980 Unnayan 12876 12876 Somaj O Jati Gathan 25442 14372 Shataphool Bangladesh 3924 3165 Assistance for Social Organization and 55898 30387 Development Uttara Development Program Society 107822 26962 National Development Society 25000 22384 Palli Mongol Karmosuchi 83795 20950 Shangathita Gramunnyan Karnasuchi 19790 16887 Al Falah Aam Unnayan Sangstha 26391 20900 MAMATA 19303 18710 Joypurhat Rural Development Movement 28312 15650 Social Upliftment Society 18229 7300 Dhaka Ahsania Mission 26161 4379 Bangladesh Development Society 22629 4512 Poribar Unnayon Songstha 12473 3172

Samadhan 6553 3604 Carsa Foundation 17312 14189 Proyas Manobik Unnayan Society 11446 11446 Environment Council Bangladesh 10272 3787 Association for Rural Advancement in Bangladesh 13156 7500 Shariatpur Development Society 31885 11314 Sagarika Samaj Unnayan Sangstha 16065 4000 Bangladesh Environment Development 9556 3882 Organisation Society for Development Initiatives 41661 4686 Rural Organisation for Voluntary Activities 5437 4721 Self-Help and Rehabilitation Programme 10082 4794 Sheva Nari O Shishu Kallyan Kendra 14239 5000 Pally Bikash Kendra 39161 9790 BASTOB-Initiatives for People's Self-Development 6267 5000 Development Initiative for Social Advancement 12265 10123 Aspada Paribesh Unnaya Foundation 33250 9975 SETU 56116 9794 Grameen Manobic Unnayan Sangstha 11092 9350 Annanyo Samak Kallyan Sangostha 31986 8989 Grameen Jano Unnayan Sangstha 10287 8984 National Development Program 23594 8875 Ensure Development Activitites for Vulnerable 9133 8220 Unpriviledged Rural People Sammanita Unnayan Seba Sangstha 7984 7500 Ghashful, MCH & FW Association 24099 7230 Progress (Akti Samaj Unnayan Mulak Sangstha) 20053 7066 Association for Renovation of Community Health 6834 6834 Education Services Alternative Development Initiative 16947 6500 MOUSUMI 10412 6459 Centre for Action Research-Barind 29199 6450 Palli Progoti Shahayak Samity 53422 6000 Concern for Environmental Development and 7449 5960 Research World Concern Bangladesh 12372 5846 Karmojibi Kallyan Sangstha 6720 5800 ASHROY 54009 27004

Total Bangladesh 33747627 27465471

INDIA

Institution Number of clients Number of poorest reported clients reported National Bank for Agriculture and Rural 48691510 38953208 Development Swayam Krishi Sangam Microfinance Pvt. Ltd. 1459512 1401131 Working Women's Forum 449057 449057 Share Microfin Limited 989637 989637 Shri Kshethra Dharmasthala Rural Development 546791 382754 Project Professional Assistance for Development Action 120500 113850 Friends of Women's World Banking 644140 579726 South Malabar Gramin Bank 785631 113852 BWDA Finance Limited (Bullock-cart Workers 223974 75970 Development Association Finance Ltd.) Shri Mahila Sewa Sahakari Bank, Ltd. 103679 62200 CASHPOR Microcredit 273052 273052 Activists for Social Alternatives 206771 206771 Karnataka Regional Organisation for Social 125000 100000 Service Bandhan 761567 421648 Sreema Mahila Organisation 60095 54086 Peolpe's Multipurpose Development Society 56000 53500 People's Rural Education Movement 45788 45788 Spandana Sphoorty Innovative Financial Services 1050193 1049756 Ltd. Mahila Arthik Vikas Mahamandal Ltd. 659299 659299 Asmitha Microfin Limited 539491 539491 Access Development Services 1414241 1018254 The Bridge Foundation, Opportunity Microdinance 21078 21078 India Ltd. Grameen Koota 109886 109886 Cauvery Kalpatharu Grameen Bank 327041 327041 ESAF Microfinance & Investments Ltd 138484 38430 Network of Entrepreneurship & Economic 18500 16000 Development Bharatha Swamukti Samsthe/BSS Microfinance 116423 90000 Private Limited All India Association for Micro-Enterprise 350000 315000 Development Krushi (NGO-MFI), Karimnagar, Andhra Pradesh, 38053 30442 India Development Support Team 24952 10929 Development Promotion Group 39375 29495 Welfare Services Ernakulam 27978 18500 North Malabar Gramin Bank 90250 81200 Liberation Movement for Women 23000 11000 Village Financial Services Private Limited 31719 9516

Star Microfin Service Society 26159 26159 GRAM UTTHAN 52586 22086 People's Institute for Operational Research 8500 5950 Training and Development Kerala Rural Development Society 7994 7702 Nav Bharat Jagriti Kendra 10676 8540 Peermade Development Society 34200 10450 Council for Socio Economic Benevolent Action 5000 5000 Growing Opportunity Finance 13880 5552 Community Development Society 4900 4200 Sarvodaya Trust 13000 7000 Grameen Development Services 8000 7000 Council of Professional Social Workers 8531 8531 HOPE Foundation 5443 3450 Centre for Rural Health and Social Education 11600 4550 Vayalar Memorial Youht Club 8000 8000 Janodaya Trust 18000 17640 Swayamsree Micro Credit Services 24085 3000 Planned Social Concern 2535 2535 Mahasemam Trust 151226 106226 Vayalar Memorial Youth Club 8000 8000

Total India 60984982 48923118

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported Association for Rural Development of Poor Areas 5000 3000 in Sichuan Heifer Project International China 18340 16300 Nigxia Yanchi County Ass. for the Advancement of 2906 2665 Women China Foundation for Poverty Alleviation 24735 22261

Total China 50981 44226

THAILAND

Institution Number of clients Number of poorest reported clients reported Association of Asian Confederation of Credit 5871137 5871137 Unions

Total Thailand 5871137 5871137

VIETNAM

Institution Number of clients Number of poorest reported clients reported Central People's Credit Fund 1300000 618000 Capital Aid Fund for Employment of the Poor 74360 18590 Vietnam Bank for Social Policies (Vietnam Bank 5648000 3900000 for the Poor) Quy Khuyen Khich Tu Lap 11992 6052 Vietnam Women's Union, TYM Fund (Tao Yeu 26768 18738 May Fund) Binh Minh Community Development Consulting 4068 2848 Company

Total Vietnam 7065188 4564228

INDONESIA

Institution Number of clients Number of poorest reported clients reported State Ministry of National Family Planning 1268007 1268007 Coordinating Board, Indonesia Bank Rakyat Indonesia 3615812 715645 Dian Mandiri Foundation 23109 10440 Mitra Bisnis Keluarga Ventura (Family Business 64548 19364 Partners) Yayasan Bina Swadaya 27036 6759 Dian Bhuana Lestari Foundation 9267 2759

Total Indonesia 5007779 2022974

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 666159 666159 Sarvodaya Economic Enterprises Development 172205 90787 Services Samastha Lanka Praja Sanwardana Mandalaya 17889 12546 Christian Children's Fund Sri Lanka, Inc. 6780 6780 BRAC Sri Lanka 34537 3454

Total Sri Lanka 897570 779726

EAST TIMOR

Institution Number of clients Number of poorest reported clients reported Moris Rasik Timor 10189 9349

Total East Timor 10189 9349

NEPAL

Institution Number of clients Number of poorest reported clients reported Rural Self Reliance Fund 11253 11253 National Education and Social Development 10211 10211 Organization Women Cooperative Society Ltd 8834 8834 Nirdhan Utthan Bank Limited 58354 58354 Nerude Laghubitta Bikas Bank Ltd. 25404 25404 Swabalamban Laghubitta Bikas Bank Ltd 58383 40868 Sahara Nepal Saving and Credit Co-Operative 23459 16500 Society Ltd. Centre for Self-Help Development 22503 21377 Chhimek Bikas Bank Ltd. 55680 55379 Jeevan Bikas Samaj 24397 24397 Forum for Rural Women Ardency Development 23272 23272 Community Women Development Centre 7244 7244 MANUSHI 5279 5279 Development Project Service Centre, Nepal 34892 34892

Total Nepal 369165 343264

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 76203 21337 Center for Agriculture and Rural Development 468313 468313 Mutually Reinforcing Institutions (CARD) TSPI Development Corporation 135117 134847 Ad Jesum Development Foundation, Inc. 13386 2677 Kazama Grameen Inc 24140 24140 Peoples Bank of Caraga, Inc. 31183 17498 Hagdan Sa Pag-Uswag Foundation 12914 11780

Total Philippines 761256 680592

PAKISTAN

Institution Number of clients Number of poorest reported clients reported National Rural Support Programme 328786 263686 The First Microfinance Bank Ltd. 102578 76933 Development Action for Mobilization and 32627 14682 Emancipation Sidh Agricultural and Forestry Workers 16742 13393 Coordinating Organization Akhuwat 10194 8665 Sarhad Rural Support Programme 10000 5000 Community Support Concern 15523 4657 Rural Community Development Society 8574 4216 Jinnah Welfare Society 4942 2500

Total Pakistan 529966 393732

MYANMAR

Institution Number of clients Number of poorest reported clients reported Pact Myanmar Microfinance 261728 157037

Total Myanmar 261728 157037

3.4.d Latin America and The Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Corporacion Viviendas Hogar de Cristo 23012 12546 Cooperativa de Ahorro y Credito Desarrollo de los 13057 4605 Pueblos

Total Ecuador 36069 17151

COLOMBIA Number of clients Number of poorest Institution reported clients reported Caja de Compensaciòn Familiar de Antioquia 117750 96555 Oportunidad Latinoamericana Colombia 7200 3600

Total Colombia 124950 100155

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Diaconia FRIF 35589 16704 Ecofuturo S.A. Fondo Financiero Privado 21463 13950

Total Bolivia 57052 30654

NICARAGUA Number of clients Number of poorest Institution reported clients reported

Fundaciòn para la Promociòn y Desarrollo De 19003 5701 Chontales

Total Nicaragua 19003 5701

HONDURAS Number of clients Number of poorest Institution reported clients reported Asociacion de Familia y Medio Ambiente 14722 7361 Organizacion de Desarrollo Empresarial Femenino 22401 13441

Total Honduras 37123 20802

PERU Number of clients Number of poorest Institution reported clients reported UMF Arariwa 12726 7500 Pro Mujer Perù 39731 4767 Equipo de Educaciòn y Autogestiòn Social 5663 4500 Movimiento Manuela Ramos 13402 7560 Asociaciòn Benefica PRISMA 19919 7170 ADRA Perù 8781 2637

Total Perù 100222 34134

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze- Fondasyon Kole Zepòl 49959 25000

Total Haiti 49959 25000

MEXICO Number of clients Number of poorest Institution reported clients reported Patrimonio Hoy 184500 175000 Santa Fe de Guanajuato A.C. 11384 3984

Total Mexico 195884 178984

BRAZIL Number of clients Number of poorest Institution reported clients reported

CREDIAMIGO- Programa de Microcrédito do 299975 283454 Banco do Nordeste do Brasil

Total Brazil 299975 283454

EL SALVADOR Number of clients Number of poorest Institution reported clients reported Sociedad Cooperativa de Ahorro y Crédito AMC 14799 10341 de RL

Total El Salvador 14799 10341

3.4.e Eastern Europe and Central Asia

BOSNIA AND HERZEGOVINA Number of clients Number of poorest Institution reported clients reported Microcredit Organization EKI 41222 21934

Total Bosnia and Herzegovina 41222 21934

ALBANIA Number of clients Number of poorest Institution reported clients reported Opportunity Albania 13308 7942

Total Albania 13308 7942

ARMENIA Number of clients Number of poorest Institution reported clients reported Microenterprise Development Fund KAMURJ 10861 7500

Total Armenia 10861 7500

3.5 2009 Data

3.5.a Sub-Saharan Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Farmers' Development Union 136660 116951 Nigerian Agricultural Cooperative and Rural 871697 247562 Development Bank Self Reliance Economic Advancement Programme 116808 93446 Lift Above Poverty Organization 243055 12153 Grooming People for Better Livelihood Centre 47000 47000 Centre for Grassroots Economic Empowerment 51130 40234 Grassroots Health Organization of Nigeria 18000 17600 NALT- NUSHO Foundation 6550 6550

Total Nigeria 1490900 581496

MALAWI Number of clients Number of poorest Institution name reported clients reported Concern Universal Microfinance Operation 36261 30328 Malawi Rural Finance Company, Ltd. 87371 65500 Opportunity International Bank of Malawi 45013 26987

Total Malawi 168645 122815

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Institution Share Company 407780 377692 Amhara Credit and Savings Institution 775518 772636 Oromia Credit & Savings Share Company 351519 316367 Omo Microfinance Institution S.C. 266240 226304 Addis Credit and Saving Institution 120021 111600 Wasasa Microfinance Institution 43275 32456 Poverty Eradication And Community 20933 20933 Empowerment MFI S. CO Gasha Micro-financing S.C. 9235 8135

Total Ethiopia 1994521 1866123

BURKINA FASO Number of clients Number of poorest Institution name reported clients reported

Fonds d'Appui aux Activites Remuneratrices des 75000 60000 Femmes Fédération des Caisses Populaires du Burkina 177325 33450

Total Burkina Faso 252325 93450

SENEGAL Number of clients Number of poorest Institution name reported clients reported Féderation des ONG du Sénégal 26250 23127 L'Union des Mutuelles du Partenariat pour la 66424 29216 Mobilisation de l' Epargne et du Crédit au Sénégal Caurie Micro Finance 31714 14271 Oxfam America (Senegal) 21949 12239

Total Senegal 146337 78853

UGANDA Number of clients Number of poorest Institution name reported clients reported FINCA Uganda 43135 33851 BRAC Uganda 101170 47550 Opportunity Uganda 19761 8750 The Hunger Project Uganda 5206 5000 CARE International in Uganda 169702 59396

Total Uganda 338974 154547

GHANA Number of clients Number of poorest Institution name reported clients reported Ghana Cooperative Susu Collections Associations 306833 46000 Sinapi Aba Trust 92650 74120 Kraban Support Foundation 9606 7781 ASA Ghana 19740 19740 Aidez Small Project International 3864 2770 Grameen Ghana 8207 7386

Total Ghana 440900 157797

BENIN Number of clients Number of poorest Institution name reported clients reported

Association pour la promotion et l' Appui au 48962 22548 Développement des Micro-Enterprises Association des Caisses de Financement a la 25997 5199 Base

Total Benin 74959 27747

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Rural Finance Project 4106 4106 Social Development Fund 85050 73000

Total Gambia 89156 77106

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 273524 259848 Oxfam America (Mali) 149357 83281 Réseau des Caisses d'Epargne et de Crédit 31138 22854 Nyèsigiso CAMEC Nationale 14870 8386

Total Mali 468889 374369

KENYA Number of clients Number of poorest Institution name reported clients reported Equity Bank Limited 482780 231777 CARE International in Kenya 66625 33313 Pamoja Women Development Programme 27624 24862 Opportunity Kenya Ltd. 6758 6758

Total Kenya 583787 296710

TOGO Number of clients Number of poorest Institution name reported clients reported

Fédération des Unions Coopératives Epargne et 79121 40000 Credit Women and Associations for Gain both Economic 16004 6200 and Social FECECAV-Togo 10900 5340

Total Togo 106025 51540

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 62133 47842 Women's Development Businesses 48931 48931

Total South Africa 111064 96773

GUINEA Number of clients Number of poorest Institution name reported clients reported Crédit Rural De Guinée Société Anonyme 63414 47560

Total Guinea 63414 47560

COTE D'IVOIRE Number of clients Number of poorest Institution name reported clients reported

Union Nationale des Coopératives d'Epargne et 44692 33519 de Crédit de Cote d'Ivoire

Total Cote d'Ivoire 44692 33519

RWANDA Number of clients Number of poorest Institution name reported clients reported CARE International in Rwanda 44868 26921

Total Rwanda 44868 26921

NIGER Number of clients Number of poorest Institution name reported clients reported Système Financier Décentralisé ASUSU S. A. 46847 36135 CARE International Au Niger 27412 18366

Total Niger 74259 54501

CHAD Number of clients Number of poorest Institution name reported clients reported

Union des Clubs d'Epargne et de Crédit Du 18835 16301 Moyen-Kebbi

Total Chad 18835 16301

CAMEROON Number of clients Number of poorest Institution name reported clients reported MC2 Network- ADAF 185230 112138 Crédit Communautaire d'Afrique 57285 28000

Total Cameroon 242515 140138

TANZANIA Number of clients Number of poorest Institution name reported clients reported BRAC Tanzania 89818 88710 CARE International in Tanzania 71997 25919

Total Tanzania 161815 114629

BURUNDI Number of clients Number of poorest Institution name reported clients reported Caisse Coopérative d' Epargne et de Crédit 38004 33063 Mutuel

Total Burundi 38004 33063

ZIMBABWE Number of clients Number of poorest Institution name reported clients reported A Self-Help Assistance Program Zimbabwe 18679 18679

Total Zimbabwe 18769 18769

SIERRA LEONE Number of clients Number of poorest Institution name reported clients reported BRAC Microfinance Limited Sierra Leone 8274 8274

Total Sierra Leone 8274 8274

3.5.b Middle East and North Africa

TURKEY Number of clients Number of poorest Institution name reported clients reported Turkish Grameen Microcredit Project 29077 29077

Total Turkey 29077 29077

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 123041 65212 Banque Tunisienne de Solidarité 550581 504000

Total Tunisia 673622 569212

EGYPT Number of clients Number of poorest Institution reported clients reported

Alexandria Business Association- Small and Micro 137701 92863 Enterprise LEAD Foundation (Egyptian Foundation for 172691 155422 Enterprise Development) Al-Tadamum Microfinance Foundation 90714 90714 Dakahlya Businessmen's Association for 104175 78520 Community Development

Total Egypt 505281 417519

JORDAN Number of clients Number of poorest Institution name reported clients reported Jordan Microcredit Company/Tamweelcom 38941 33099 National Microfinance Bank/ Watani 23687 10000

Total Jordan 62628 43099

AFGHANISTAN

Institution Number of clients Number of poorest reported clients reported BRAC Afghanistan 149407 118978 ChildFund Afghanistan Microfinance 11662 9329

Total Afghanistan 161069 128307

YEMEN Number of clients Number of poorest Institution name reported clients reported Al-Amal Microfinance Bank 4769 4365

Total Yemen 4769 4365

3.5.c Asia and the Pacific

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 7970000 7970000 Bangladesh Rural Development Board 5402610 5132479 Association for Social Advancement (ASA 4000401 3000301 Bangladesh) Centre for Mass Education in Science 29466 14362 Proyas Manobik Unnayan Society 12285 8000 Bangladesh Krishi Bank 514213 362815 Thengamara Mohila Sabuj Sangha (TMSS) 503978 327586 Swanirvar Bangladesh 1155300 18045 BURO Bangladesh 746938 746938 Rangpur Dinajpur Rural Service 284431 219011 Islami Bank Bangladesh Limited 312036 292967 CARITAS Bangladesh 158469 137868 Jagorani Chakra Foundation 264057 211250 Shakti Foundation for Disadvantaged Women 336515 336515 Palli Daridro Bimochon Foundation 451570 198690 Bangladesh Extension Education Services 95041 90284 United Development Initiatives for Programmed 196385 117831 Actions Welfare Association of Village Environment, 76161 42750 WAVE Foundation Ad-Win Welfare Centre-Jessore 86101 57990 HEED Bangladesh 76677 69009 Integrated Development Foundation 78690 78690 Society for Social Service 252873 26321 Ansar- VDP Unnayan Bank 93887 42249 PADAKHEP Manabik Unnayan Kendra 325000 292500 Manabik Shahajya Sangstha 93996 58747 People's Oriented Program Implementation 160829 23818 Resource Integration Centre 108740 108740 Eco-social Development Organization 121931 75497 Coastal Association for Social Transformation 55974 52984 Trust National Development Programme 38922 8628 Self-Help and rehabilitation Programme 16121 8500 Ashrai 48329 48329 Social Upliftment Society 20839 6500 BRAC 6240000 4210000 Centre for Development Innovation and Practices 58994 53095 Sajida Foundation 94567 69628

Dushtha Shasthya Kendra 91217 87989 SKS Foundation 89600 46079 Bangladesh Association for Social Advancement 82000 30340 Rural Reconstruction Foundation 181972 37936 Small Farmers Development Foundation 67110 37890 Gram Unnayan Karma 63068 18920 Srizony Bangladesh 37284 22520 Village Education Resource Center 41354 19500 Bandhu Kallayan Foundation 27518 23398 Institute of Rural Development, The 48000 33600 Nowabenki Gonomukhi Foundation 29311 9965 Muslim Aid UK-bangladesh Field Office 56746 53466 Shishu Niloy Foundation 23749 23749 Dak Diye Jai 31968 21169 Noakhali Rural Development Society 19099 19099 Annesha Foundation 21047 12210 Young Power in Social Action 11543 9748 Sabalamby Unnayan Samity 33997 16450 Voluntary Association for Rural Development 32520 26016 Hilful Fuzul Samaj Kallyan Sangstha 10765 9760 PAGE Development Centre 55685 26278 Unnayan 13044 13000 Somaj O Jati Gathan 32549 16500 Uttara Development Program Society 250000 35000 National Development Society 36398 33213 Palli Mongal Karmosuchi 100733 90659 Assistance for Social Organization and 59620 32813 Development Al Falah Aam Unnayan Sangstha 26814 21451 MAMATA 27973 17623 Joypurhat Rural Development Movement 23859 12406 Gono Unnayan Prochesta 9488 8888 ATMABISWAS 22194 17755 DWIP Unnayan Sangstha 15361 2697 Shariatpur Development Society 40737 19200 Pally Bikash Kendra 36510 11000 BASTOB-Initiatives for People's Self-Development 7020 5795 Development Initiative for Social Advancement 15696 13298 Aspada Paribesh Unnaya Foundation 45000 10000 Shangathita Gramunnyan Karnasuchi 37198 6108 Grameen Manobic Unnayan Sangstha 22977 6350 World Concern Bangladesh 11599 5613 Grameen Jano Unnayan Sangstha 14417 10378 Society Development Committee 45366 17239

100

Ensure Development Activitites for Vulnerable 8532 7717 Unpriviledged Rural People Bangladesh Development Society 14562 5242 Ghashful, MCH & FW Association 26662 8500 Progress (Akti Samaj Unnayan Mulak Sangstha) 25426 9946 BRIDGE- Bangladesh Rural Integrated 11434 11434 Development for Grub-Street Economy Society for Development Initiatives 46425 5152 MOUSUMI 11157 7500 Sammanita Unnayan Seba Sagnathan 5536 4840 Nabolok Parishad 13229 10206 Bangladesh Environment Development 13443 13443 Organisation Gono Kallyan Trust 21033 14700 Naria Unnayan Samity 17255 17255 Dhaka Ahsania Mission 34399 5159

Total Bangladesh 32681525 25633079

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported Funding the Poor Cooperative-Chinese Accademy 17328 10400 of Social Sciences Heifer Project International China 22000 20000 China Foundation for Poverty Alleviation 36428 32785

Total China 75756 63185

THAILAND

Institution Number of clients Number of poorest reported clients reported Association of Asian Confederation of Credit 6949000 5601064 Unions

Total Thailand 6949000 5601064

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 784080 729000

Total Sri Lanka 784080 729000

101

INDIA

Institution Number of clients Number of poorest reported clients reported National Bank for Agriculture and Rural 67914000 54330000 Development SKS Microfinance Ltd. 6100000 5466960 Working Women's Forum 503777 503777 Share Microfin Limited 1987883 1987883 Shri Kshethra Dharmasthala Rural Development 1197494 1029247 Project Professional Assistance for Development Action 170700 162000 BSS Microfinance Private Limited 180214 130000 South Malabar Gramin Bank 820000 125000 BWDA Finance Limited (Bullock-cart Workers 358841 122237 Development Association Finance Ltd.) Madura Micro Finance, Ltd. 247734 123867 CASHPOR Microcredit 362880 362880 Ujjivan Financial Services Pvt. Ltd. 503377 120105 Sanghamitra Rural Finance Services 128576 115718 Bandhan Financial Services Pvt. Ltd. 2016518 1451893 Karnataka Regional Organisation for Social 125000 100000 Service Saadhana Microfin Society 87604 87604 People's Multipurpose Development Society 60400 60400 Spandana Sphoorty Innovative Financial Services 3360223 3290000 Ltd. Mahila Arthik Vikas Mahamandal Ltd. 659098 560240 Asmitha Microfin Limited 1340288 1300079 Access Development Services 2748826 2336502 Ananya Finance for Inclusive Growth Pvt. Ltd. 1268747 1014998 People's Rural Education Movement 51370 51100 Cauvery Kalpatharu Grameen Bank 295410 295410 ESAF Microfinance & Investments Ltd 184894 25885 Network of Entrepreneurship & Economic 50000 46000 Development Equitas Micro Finance India Private Limited 700000 700000 All India Association for Micro-Enterprise 500000 450000 Development Nano Financial Services India Private Limited 29943 22756 Adhikar 54508 37672 Holy Cross Social Service Centre 32000 32000 Welfare Services Ernakulam 38374 23408 North Malabar Gramin Bank 103965 99806 Sonata Finance Private Limited 77735 31094 Village Financial Services Private Limited 150354 45483 Star Microfin Service Society 36742 26783 Liberation Movement for Women 24200 24200

102

Council for Socio Economic Benevolent Action 5000 5000 Grameen Financial Services Services Pvt. Ltd. 268983 163531 Grameen Development Services 9000 7500 CRESA Financial Services (CF) Privated Ltd. 35118 17559 Grama Siri, Andra Pradesh 20036 20036 Mahasemam Trust 245146 115238 Grama Vidiyal Micro Finance Limited 586177 586177

Total India 95641135 77608028

VIETNAM

Institution Number of clients Number of poorest reported clients reported Community Finance Resource Centre 35132 23569 Capital Aid Fund for Employment of the Poor-Ho 134141 7350 Chi Minh City Vietnam Bank for Social Policies (Vietnam Bank 7536960 3709136 for the Poor) Fund for the Encouragement of Self-Reliance 14158 7918 Vietnam Women's Union, TYM Fund (Tao Yeu 40433 26281 May Fund)

Total Vietnam 7760824 3774254

INDONESIA

Institution Number of clients Number of poorest reported clients reported State Ministry of National Family Planning 278088 278088 Coordinating Board, Indonesia Central Credit Union of Swadaya Utama 78023 59297 Mitra Dhu' afa Foundation 27610 18775 Mitra Bisnis Keluarga Ventura (Family Business 141876 106407 Partners)

Total Indonesia 525597 462567

MYANMAR

Institution Number of clients Number of poorest reported clients reported United Nations Development Program Microfinance Project Executed by Pact Institute in 329603 197762 Myanmar

Total Myanmar 329603 197762

103

NEPAL

Institution Number of clients Number of poorest reported clients reported Women Cooperative Society Ltd 8931 8931 Shrijana Community Development Center 6152 6152 Nirdhan Utthan Bank Limited 79636 79636 Nerude Laghubitta Bikas Bank Ltd. 37088 37088 Swabalamban Laghubitta Bikas Bank Ltd 64733 45313 Sahara Nepal Saving and Credit Co-Operative 34930 34930 Society Ltd. Centre for Self-Help Development 32404 32404 Chhimek Bikas Bank Ltd. 84781 84175 Jeevan Bikas Samaj 40076 40076 Forum for Rural Women Ardency Development 36799 36799 Community Women Development Centre 6166 6166 MANUSHI 7803 7803 Development Project Service Centre, Nepal 46200 46200 Deprosc Development Bank Ltd. 37175 36282 Pashchimanchal Grameen Bikas Bank Limited 35871 35871 Butwal

Total Nepal 558745 537826

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 78025 50716 Center for Agriculture and Rural Development 967963 967963 Mutually Reinforcing Institutions (CARD) TSPI Development Corporation 264089 262857 Alalay Sa Kaunlaran Sa Gitnang Luzon, Inc. 57979 41000 Kazama Grameen Inc 26462 26462 UCPB- CIIF Finance and Development 44701 38336 Corporation Hagdan Sa Pag-Uswag Foundation 16336 14871 Enterprise Mentors Philippines 30046 30046 PAGASA Lending Company 61236 27597 Serviamus Foundation Incorporated 9506 8555

Total Philippines 1556343 1468403

104

CAMBODIA

Institution Number of clients Number of poorest reported clients reported Hattha Kaksekar Limited 41110 34943 National Bank of Cambodia 904298 52208 Vision Fund Cambodia Ltd. 98777 28645 Association of Cambodian Local Economic 247987 51403 Development Agencies Bank Ltd. Oxfam America (Cambodia) 47831 26671

Total Cambodia 1340003 193870

PAKISTAN

Institution Number of clients Number of poorest reported clients reported National Rural Support Programme 417506 335674 The First Microfinance Bank Ltd. 206978 155234 Development Action for Mobilization and 44912 10669 Emancipation Sidh Agricultural and Forestry Workers 21283 13834 Coordinating Organization Akhuwat 15390 13851 Punjab Rural Support Programme-Lahore 80456 9996 Community Support Concern 13963 3475 Rural Community Development Society 19239 4560 Krushhali Bank Limited 393942 393942 Kashf Foundation 294724 221043 Thardeep Rural Development Program 44783 44783 BRAC Pakistan 45011 36000 ASA Pakistan 18283 14626 Orix Leasing Pakistan Limited 15450 11580 OPP-Orangi Charitable Trust 40137 6824 Jinnah Welfare Society 10447 5653

Total Pakistan 1682504 1281744

105

3.5.d Latin America and the Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Corporacion Viviendas Hogar de Cristo 10874 10874 Uniòn Catòlica de Apoyo al Desarrollo 14694 9552 Comunitario (UCADE) Banco FINCA 53334 5483

Total Ecuador 78902 25909

COLOMBIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Mundial de la Mujer Bucaramanga 145875 16084 Oportunidad Latinoamericana Colombia 6452 6452 Fundaciòn Mundo Mujer- Popayàn 310000 30000 Banco de las Microfinanzas Bancamìa S.A. 285769 49089

Total Colombia 748096 101625

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Diaconia FRIF 44565 20047 Pro Mujer-Bolivia 80618 64500 Crédito con Educaciòn Rural 101212 39454

Total Bolivia 226395 124001

NICARAGUA Number of clients Number of poorest Institution reported clients reported Fundaciò para el Desarrollo de Nueva Segovia 12732 11253 Fondo de Desarrollo Local 76689 31547 FINCA Nicaragua 19528 2335 Asociacion de Oportunidad y Desarrollo 30100 18060 Econòmico de Nicaragua Fundaciòn para el Desarrollo Socio-economico 30768 6126 Rural Pro Mujer-Nicaragua 24475 22027

Total Nicaragua 194292 91348

106

HONDURAS Number of clients Number of poorest Institution reported clients reported Financiera FINCA Honduras 10080 324 Organizacion de Desarrollo Empresarial Femenino 28956 12161 Asociacion de Familia y Medio Ambiente 12625 6312 Enterprise Mentors Honduras 105 105 FUNED VisionFund OPDF 14378 8483

Total Honduras 66144 27385

PERU Number of clients Number of poorest Institution reported clients reported

Consorcio de ONGs Promociòn de la Mujer y la 138303 115000 Comunidad Pro Mujer Perù 50988 4767 Caja Municipal de Ahorro Y Crédito de Huancayo 86339 55524 Caja Municipal de Ahorro Y Crédito de Sullana 83707 19621 Asociaciòn Benefica PRISMA 21796 7803 Microfinanzas Arariwa 16951 7932 ADRA Perù 14967 4190 Equipo de Educaciòn y Autogestiòn Social 4427 1820 Caja Municipal de Ahorro Y Crédito de Maynas 31785 1589 Caja Municipal de Ahorro Y Crédito de Cusco 63057 1432 Enterprise Mentors Perù 1179 1179

Total Perù 513499 220857

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze- Fondasyon Kole Zepòl 45344 27604 FINCA Haiti 12396 1519

Total Haiti 57740 29123

DOMINICAN REPUBLIC Number of clients Number of poorest Institution reported clients reported Esperanza Internacional 8221 6500 Banco de Ahorro y Crédito ADOPEM, S.A. 112058 100852

Total Dominican Republic 120279 107352

107

MEXICO Number of clients Number of poorest Institution reported clients reported

Financiera Compartamos, S.A., Instituciòn de 1503006 290080 Banca Mùltiple Santa Fe de Guanajuato A.C. 12332 6166 Fondo para el Desarrollo Social de la Ciudad de 62600 50080 México, FONDESO FINCA México, S.A. 118419 11206 Fundaciòn Realidad A.C. 17000 5100

Total Mexico 1713357 362632

BRAZIL Number of clients Number of poorest Institution reported clients reported CREDIAMIGO -Banco do Nordeste do Brasil S/A 528792 84622 AgroAMIGO - Banco do Nordeste do Brasil S/A 484261 484261

Total Brazil 1013053 568883

EL SALVADOR Number of clients Number of poorest Institution reported clients reported Enterprise Mentors El Salvador 2374 2374 FINCA El Salvador 8357 880 Oxfam America (El Salvador) 641 357

Total El Salvador 11372 3611

GUATEMALA Number of clients Number of poorest Institution reported clients reported FINCA Guatemala 22258 2093 Organizacion de Mujeres en Desarrollo-MUDE 4599 3983 Banrural Grameen Microfinanzas 18343 18343 Enterprise Mentors Guatemala 2134 2134 Fundaciòn para el Desarrollo Integral de 36055 27050 Programas Socioeconòmicos

Total Guatemala 83389 53603

108

COSTA RICA Number of clients Number of poorest Institution reported clients reported Asociaciòn Costa Rica Grameen 8031 8031

Total Costa Rica 8031 8031

3.5.e Eastern Europe and Central Asia

BOSNIA AND HERZEGOVINA Number of clients Number of poorest Institution reported clients reported Microcredit Organization EKI 54520 28900

Total Bosnia and Herzegovina 54520 28900

KYRGYZSTAN Number of clients Number of poorest Institution reported clients reported

Closed Joint-Stock Company “FINCA Microcredit 108102 36000 Company”

Total Kyrgyzstan 108102 36000

109

3.6 2010 Data

3.6.a Sub-Saharan Africa

NIGERIA Number of clients Number of poorest Institution name reported clients reported Farmers' Development Union 157159 128646 COWAN African Responsive Banking Micro 360000 345000 Finance Bank Bank of Agriculture 780936 195234 Asha Microfinance Bank Ltd. 35959 35959 Grooming People for Better Livelihood Centre 93022 93022 Centre for Grassroots Economic Empowerment 65578 53793 LAPO Microfinance Bank Ltd. 355502 28440 OMAKONSULTS Microfinance Institution 3586 2800 Imo Self Help Organization 3500 2500 Catholic Relief Services Nigeria 728 437

Total Nigeria 1855970 885831

ETHIOPIA Number of clients Number of poorest Institution name reported clients reported Debit Credit and Saving Institution Share Company 415146 381461 Amhara Credit and Savings Institution 659636 654470 Oromia Credit & Savings Share Company 458762 458762 Wisdom Microfinance Institution S.C. 46721 40647 CARE International in Ethiopia 22874 10110 Wasasa Microfinance Institution 43702 32776 Catholic Relief Services Ethiopia 10008 6005

Total Ethiopia 1656849 1584231

CENTRAL AFRICAN REPUBLIC Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Central African Republic 590 354

Total Central African Republic 590 354

110

MALAWI Number of clients Number of poorest Institution name reported clients reported Concern Universal Microfinance Operation 44845 37894 Malawi Union of Savings and Credit Cooperatives 102517 59459 CARE International in Malawi 36872 19321 Catholic Relief Services Malawi 10796 6478

Total Malawi 195030 123152

BURKINA FASO Number of clients Number of poorest Institution name reported clients reported

Micro Start- Action des Femmes pour le 18924 14033 Développement Fédération des Caisses Populaires du Burkina 164583 39499 Union des Baoré Tradition d'Epargne et de Crédit 13900 11500 Catholic Relief Services Burkina Faso 5715 3429

Total Burkina Faso 203122 68461

SENEGAL Number of clients Number of poorest Institution name reported clients reported UM-PAMECAS 75806 30000 Catholic Relief Services Senegal 4900 2940 Caurie Micro Finance 41770 18967

Total Senegal 122476 51907

UGANDA Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Uganda 42455 25473 BRAC Uganda 107708 37052 Pride Microfinance Ltd. Uganda 65898 47159 Centenary Bank 121000 43000 CARE International in Uganda 307616 95669

Total Uganda 644677 248353

111

GHANA Number of clients Number of poorest Institution name reported clients reported CARE International in Ghana 14072 4011 Sinapi Aba Trust 104628 83702 Kraban Support Foundation 9606 8017 ASA Ghana 40702 14246 Aidez Small Project International 3864 2770 Catholic Relief Services in Ghana 6563 3938

Total Ghana 179435 116684

BENIN Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Benin 18965 11379 Association des Caisses de Financement a la 28905 6438 Base Réseau des Caisses Communautaires Rurales du 5577 4461 Bénin

Total Benin 53447 22278

THE GAMBIA Number of clients Number of poorest Institution name reported clients reported Social Development Fund 105000 94500

Total Gambia 105000 94500

MALI Number of clients Number of poorest Institution name reported clients reported Kafo Jiginew 288143 273736 Oxfam America (Mali) 220184 132110 Réseau des Caisses d'Epargne et de Crédit 24812 24131 Nyèsigiso CAMEC Nationale 20824 11745 Catholic Relief Services Mali 5916 3550 CARE International in Mali 47719 30540

Total Mali 607598 475812

112

KENYA Number of clients Number of poorest Institution name reported clients reported Equity Bank Limited 510146 267161 CARE International in Kenya 137228 63948 Catholic Relief Services Kenya 52714 31629 Plan International-Region of East and Southern 128568 19948 Africa Molyn Credit Ltd. 20000 15000

Total Kenya 848656 397686

TOGO Number of clients Number of poorest Institution name reported clients reported FUCEC 77899 29815

Total Togo 77899 29815

SOUTH AFRICA Number of clients Number of poorest Institution name reported clients reported The Small Enterprise Foundation 69333 53400

Total South Africa 69333 53400

GUINEA Number of clients Number of poorest Institution name reported clients reported Crédit Rural De Guinée Société Anonyme 101406 76050

Total Guinea 101406 76050

ERITREA Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Eritrea 76 46

Total Eritrea 76 46

113

RWANDA Number of clients Number of poorest Institution name reported clients reported CARE International in Rwanda 91515 52072 Catholic Relief Services Rwanda 21633 12998

Total Rwanda 113148 65070

NIGER Number of clients Number of poorest Institution name reported clients reported Système Financier Décentralisé ASUSU S. A. 38555 25000 Catholic Relief Services Niger 254 153

Total Niger 38809 25153

CHAD Number of clients Number of poorest Institution name reported clients reported

Union des Clubs d'Epargne et de Crédit Du 17971 16174 Moyen-Kebbi de Pala

Total Chad 17971 16174

CAMEROON Number of clients Number of poorest Institution name reported clients reported Crédit du Sahel, S.A. 42500 39000 Crédit Communautaire d'Afrique 63121 29230 Catholic Relief Services Cameroon 3395 2037

Total Cameroon 109016 70267

TANZANIA Number of clients Number of poorest Institution name reported clients reported BRAC Tanzania 119116 116358 CARE International in Tanzania 173246 61849 Catholic Relief Services Tanzania 41997 25198

Total Tanzania 334359 203405

114

BURUNDI Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Burundi 6721 4033 Caisse Coopérative d'Epargne et de Crédit Mutuel 43354 37675

Total Burundi 50075 41708

ZIMBABWE Number of clients Number of poorest Institution name reported clients reported A Self-Help Assistance Program Zimbabwe 21005 21005 Catholic Relief Services Zimbabwe 6841 4104

Total Zimbabwe 27846 25109

SIERRA LEONE Number of clients Number of poorest Institution name reported clients reported BRAC Microfinance Limited Sierra Leone 16837 8704 CARE International in Sierra Leone 12080 8480 Catholic Relief Services Sierra Leone 2654 1592

Total Sierra Leone 31571 18776

MOZAMBIQUE Number of clients Number of poorest Institution name reported clients reported CARE International in Mozambique 28024 15469

Total Mozambique 28024 15469

LIBERIA Number of clients Number of poorest Institution name reported clients reported BRAC Liberia Microfinance Company Ltd 20559 8012 CARE International in Liberia 441 353 Catholic Relief Services Liberia 467 280

Total Liberia 21467 8645

115

D.R. OF CONGO Number of clients Number of poorest Institution name reported clients reported Grandissons Ensemble ASBL 13000 13000 Institution de Micro Finance Hekima 13213 12684 Catholic Relief Services Democratic Republic of 3241 1945 Congo

Total D.R. Of Congo 29454 27629

LESOTHO Number of clients Number of poorest Institution name reported clients reported CARE International in Lesotho 5722 3222 Catholic Relief Services Lesotho 868 521

Total Lesotho 6590 3743

MADAGASCAR Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Madagascar 902 541 CARE International in Madagascar 1118 768

Total Madagascar 2020 1309

ZAMBIA Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Zambia 595 357

Total Zambia 595 357

3.6. b Middle East and North Africa

TURKEY Number of clients Number of poorest Institution name reported clients reported Turkish Grameen Microcredit Project 42306 42306

Total Turkey 42306 42306

116

TUNISIA Number of clients Number of poorest Institution name reported clients reported ENDA Inter-Arabe 156854 83133

Total Tunisia 156854 83133

EGYPT Number of clients Number of poorest Institution reported clients reported

Alexandria Business Association- Small and Micro 174569 136633 Enterprise LEAD Foundation (Egyptian Foundation for 194392 169228 Enterprise Development) Al-Tadamum Microfinance Foundation 103658 103658 Dakahlya Businessmen's Association for 105691 78433 Community Development

Total Egypt 578310 487952

JORDAN Number of clients Number of poorest Institution name reported clients reported Jordan Microcredit Company/Tamweelcom 46046 39139 Development and Employment Fund/Reyada 25376 12188 Microfund for Women 62408 11613 Middle East Microcredit Company 12703 10068 National Microfinance Bank 24521 7355

Total Jordan 171054 80363

AFGHANISTAN

Institution Number of clients Number of poorest reported clients reported BRAC Afghanistan 155279 127749

Total Afghanistan 155279 127749

YEMEN Number of clients Number of poorest Institution name reported clients reported Al-Amal Microfinance Bank 14730 11007

Total Yemen 14730 11007

117

MOROCCO

Institution Number of clients Number of poorest reported clients reported Salaf Albaraka FONDEP 132419 45000 Association de Microfinance Oued Srou 3000 3000

Total Morocco 135419 48000

SOUTH SUDAN

Institution Number of clients Number of poorest reported clients reported BRAC South Sudan 18498 18498 Catholic Relief Services Sudan South 1174 705

Total South Sudan 19672 19203

SUDAN Number of clients Number of poorest Institution name reported clients reported Catholic Relief Services Sudan North 3412 2047

Total Sudan 3412 2047

LEBANON

Institution Number of clients Number of poorest reported clients reported Lebanese Association for Development (Al- 23417 6500 Majmoua) Ameen s.a.l. 13476 2624

Total Lebanon 36893 9124

3.6.c Asia and the Pacific

BANGLADESH

Institution Number of clients Number of poorest reported clients reported Graamen Bank 8340000 8340000 Bangladesh Rural Development Board 5438000 5132479 ASA Bangladesh 4467497 3350623 Integrated Development Foundation 82132 78025 Eco-Social Development Organisation 118611 75497 Palli Progoti Shahayak Samity 48490 48490 Thengamara Mohila Sabuj Sangha (TMSS) 515370 329800 Swanirvar Bangladesh 463027 138955

118

BURO Bangladesh 755099 755099 Small Farmers Development Foundation 68430 39100 Islami Bank Bangladesh Limited 319859 319859 CARITAS Bangladesh 218513 189106 Jagorani Chakra Foundation 285511 228408 Shakti Foundation for Disadvantaged Women 457951 457951 Palli Daridro Bimochon Foundation 600000 175000 The Institute of Rural Development 50000 34000 United Development Initiatives for Programmed 203984 120350 Actions Welfare Association of Village Environment, WAVE 92125 53835 Foundation Ad-Win Welfare Centre-Jessore 95538 62099 HEED Bangladesh 72188 70012 Christian Service Society 115919 65940 Rural Reconstruction Foundation 212576 48956 Ansar- VDP Unnayan Bank 97158 41800 PADAKHEP Manabik Unnayan Kendra 334566 299166 Manabik Shahajya Sangstha 108658 71275 Society for Social Service 279931 33528 Resource Integration Centre 114830 110980 Bangladesh Association for Social Advancement 86600 32900 Coastal Association for Social Transformation Trust 58151 55243 Society Development Committee 48534 30091 People's Oriented Program Implementation 165553 25914 Proshika Manobik Unnayan Kendra 1191332 142959 Social Advancement Through Unity 64194 19816 BRAC 5450000 3340000 Centre for Development Innovation and Practices 71859 61080 Sajida Foundation 98504 68953 Dushtha Shasthya Kendra 99218 6821 SKS Foundation 93331 54855 Centre for Mass Education in Science 16827 14362 SETU 43418 9057 Proyas Manobik Unnayan Society 14037 8500 Gram Unnayan Karma 86722 19778 Srizony Bangladesh 37304 22725 Village Education Resource Center 43158 20000 Bandhu Kallayan Foundation 30303 24242 Alternative Development Initiative 19216 7000 Nowabenki Gonomukhi Foundation 33442 11370 Muslim Aid UK-Bangladesh Field Office 69036 58541 Shishu Niloy Foundation 23295 23062 Dak Diye Jai 34074 6331 Centre for Advanced Research and Social Action 9131 8200

119

Annesha Foundation 16060 9427 Young Power in Social Action 12742 7390 Sabalamby Unnayan Samity 30136 10450 Solidarity 8894 7115 Hilful Fuzul Samaj Kallyan Sangstha 14714 12035 PAGE Development Centre 62517 29382 Samadhan 13713 6857 Somaj O Jati Gathan 35922 17500 Uttara Development Program Society 104000 26000 National Development Programme 47217 11804 Palli Mongal Karmosuchi 108385 82245 Assistance for Social Organization and Development 55418 29055 Al Falah Aam Unnayan Sangstha 29495 23596 MAMATA 29370 19165 Joypurhat Rural Development Movement 26605 15716 Gono Unnayan Prochesta 16195 6000 ATMABISWAS 29930 28435 Concern for Environmental Development and 6692 5354 Research Shariatpur Development Society 42795 14978 Pally Bikash Kendra 38367 12369 BASTOB-Initiatives for People's Self-Development 8448 6758 Development Initiative for Social Advancement 21765 17940 Palashipara Samaj Kallyan Samity 14878 5207 Sagarika Samaj Unnayan Sangstha 27757 5000 Grameen Manobic Unnayan Sangstha 24258 7420 World Concern Bangladesh 14596 7094 Grameen Jano Unnayan Sangstha 20900 12000 Association for Rural Advancement in Bangladesh 18946 1653 ASA International 705788 564630 RDRS Bangladesh 253692 190269 Ghashful, MCH & FW Association 28609 8700 Progress (Akti Samaj Unnayan Mulak Sangstha) 30139 12055 Bangladesh Extension Education Services 110017 91985 Anannyo Samaj Kallyan Sangathan 36867 5733 MOUSUMI 14853 8475 Sammanita Unnayan Seba Sagnathan 7224 5505 Nabolok Parishad 15425 12352 Bangladesh Environment Development Organisation 15423 13110 Gono Kallyan Trust 22491 15743 Dhaka Ahsania Mission 42438 5093 Ashrai 48329 48329 Self-Help and Rehabilitation Programme 17330 6276

Total Bangladesh 34072542 26168333

120

P.R. OF CHINA

Institution Number of clients Number of poorest reported clients reported Funding the Poor Cooperative-Chinese Accademy 15894 10331 of Social Sciences Heifer Project International China 26156 21000 China Foundation for Poverty Alleviation 67241 60517

Total China 109291 91848

THAILAND

Institution Number of clients Number of poorest reported clients reported Association of Asian Confederation of Credit 7660720 6965250 Unions

Total Thailand 7660720 6965250

VIETNAM

Institution Number of clients Number of poorest reported clients reported Central People's Credit Fund of Vietnam 1450000 667000 Capital Aid Fund for Employment of the Poor-Ho 164400 8932 Chi Minh City Vietnam Bank for Social Policies (Vietnam Bank 8166287 3617057 for the Poor) Fund for the Encouragement of Self-Reliance 15434 8116

Total Vietnam 9796121 4301105

INDONESIA

Institution Number of clients Number of poorest reported clients reported State Ministry of National Family Planning 278088 278088 Coordinating Board, Indonesia Bina Swadaya 27102 8930 Mitra Dhu' afa Foundation 38124 28000 Mitra Bisnis Keluarga Ventura 211155 137427

Total Indonesia 554469 452445

121

NEPAL

Institution Number of clients Number of poorest reported clients reported Women Cooperative Society Ltd 11339 11339 Nirdhan Utthan Bank Limited 91321 91321 Nerude Laghubitta Bikas Bank Ltd. 41727 41727 Swabalamban Laghubitta Bikas Bank Ltd 67340 67340 Centre for Self-Help Development 38182 38087 Chhimek Bikas Bank Ltd. 97646 96972 Jeevan Bikas Samaj 51120 51120 Forum for Rural Women Ardency Development 41960 41960 Community Women Development Centre 6000 6000 MANUSHI 9732 9732

Total Nepal 456367 455598

INDIA

Institution Number of clients Number of poorest reported clients reported Grama Vidiyal Micro Finance Ltd. 1212601 1212601 SKS Microfinance Ltd. 6663252 6020684 Working Women's Forum 529961 529961 Share Microfin Limited 2552208 2552208 Shri Kshethra Dharmasthala Rural Development 1315950 1184355 Project Professional Assistance for Development Action 195600 185800 BSS Microfinance Private Limited 234860 234860 South Malabar Gramin Bank 820750 123115 BWDA Finance Limited (Bullock-cart Workers 458362 155843 Development Association Finance Ltd.) Madura Micro Finance, Ltd. 276493 110597 CASHPOR Microcredit 470893 470893 Ujjivan Financial Services Pvt. Ltd. 821173 24635 Sanghamitra Rural Finance Services 124569 112000 Bandhan Financial Services Pvt. Ltd. 3009907 2329783 Karnataka Regional Organisation for Social 250000 250000 Service HOPE Foundation 81000 71000 Asomi Finance Pvt. Ltd. 59616 59616 Spandana Sphoorty Innovative Financial Services 4188655 4188655 Ltd. Mahila Arthik Vikas Mahamandal Ltd. 734133 630704 Asmitha Microfin Limited 1561828 1483737 Gram Utthan 69957 51768 Ananya Finance for Inclusive Growth Pvt. Ltd. 1673261 1338608 ChildFund India 34800 31668

122

Cauvery Kalpatharu Grameen Bank 314070 314070 ESAF Microfinance & Investments Ltd 326069 80000 Network of Entrepreneurship & Economic 59281 53000 Development Equitas Micro Finance India Private Limited 1403385 1403385 Sewa Bank 25000 20000 Vayalar Memorial Youth Club 12500 12500 Adhikar 67059 46271 Holy Cross Social Service Centre 32300 32300 Nav Bharat Jagriti Kendra 9163 7356 Guidance Society for Labour Orphans and Women 9010 6500 Sonata Finance Private Limited 130837 52335 Village Financial Services Private Limited 243756 79548 Grameen Development Services 10000 8100 Grameen Financial Services Services Pvt. Ltd. 382466 377013 Mahasemam Trust 79539 47723 Total India 30444264 25893192

SRI LANKA

Institution Number of clients Number of poorest reported clients reported Samurdhi Authority of Sri Lanka 720000 360000 BRAC Sri Lanka 65607 52498

Total Sri Lanka 785607 412498

PHILIPPINES

Institution Number of clients Number of poorest reported clients reported Negros Women for Tomorrow Foundation 85808 54059 CARD MRI 1244582 1244582 TSPI Development Corporation 282920 281780 Alalay Sa Kaunlaran Sa Gitnang Luzon, Inc. 48094 8974 Kazama Grameen Inc 27811 27811 Foundation for a Sustainable Society, Inc. 149679 119743 ASA Philippines Foundation, Inc. 299433 98603 Enterprise Bank, Inc. 46826 16272 Aakay And Milamdec Microfinance Foundation, 29836 29836 Inc. Serviamus Foundation Incorporated 10563 8451 People's Bank of Caraga, Inc. 39335 15734 Ad Jesum Development Foundation, Inc. 13672 12305

Total Philippines 2278559 1918150

123

CAMBODIA

Institution Number of clients Number of poorest reported clients reported Angkor Mikroheranhvatho (Kampuchea) Co., Ltd. 250930 142175 National Bank of Cambodia 1020784 116486

Total Cambodia 1271714 258661

PAKISTAN

Institution Number of clients Number of poorest reported clients reported National Rural Support Programme 432769 349246 The First Microfinance Bank Ltd. 151531 113648 OPP-Orangi Charitable Trust 45478 8186 Sidh Agricultural and Forestry Workers 26306 15784 Coordinating Organization Akhuwat 25880 23292 Jinnah Welfare Society 13719 7683 Community Support Concern 11673 6990 Orix Leasing Pakistan Limited 17476 12408 Kushhali Bank Limited 325523 325523 Kashf Foundation 312146 234000 Thardeep Rural Development Program 34186 34186 BRAC Pakistan 83797 12000 ASA Pakistan 85380 51228

Total Pakistan 1565864 1194174

MYANMAR

Institution Number of clients Number of poorest reported clients reported United Nations Development Program Microfinance Project Executed by Pact Institute in 345652 207391 Myanmar

Total Myanmar 345652 207391

124

3.6.d Latin America and the Caribbean

ECUADOR Number of clients Number of poorest Institution reported clients reported Fundaciòn D-MIRO Misiòn Alianza 36463 2918 Uniòn Catòlica de Apoyo al Desarrollo 21263 14454 Comunitario (UCADE)

Total Ecuador 57726 17372

COLOMBIA Number of clients Number of poorest Institution reported clients reported Cooperativa de Ahorro y Crédito se Santander 28872 6471 Ltda Banco de las Microfinanzas Bancamìa S.A. 341100 71094 Fundaciòn Mundo Mujer- Popayàn 352592 30000

Total Colombia 722564 107565

BOLIVIA Number of clients Number of poorest Institution reported clients reported Fundaciòn Diaconia FRIF 59856 22978 Pro Mujer-Bolivia 89362 87256 Crédito con Educaciòn Rural 108013 74529 Banco FIE, S.A. 146819 63382

Total Bolivia 404050 248145

NICARAGUA Number of clients Number of poorest Institution reported clients reported Pro Mujer-Nicaragua 25701 28557

Total Nicaragua 25701 28557

DOMINICAN REPUBLIC Number of clients Number of poorest Institution reported clients reported Banco de Ahorro y Crédito ADOPEM, S.A. 131332 118199

Total Dominican Republic 131332 118199

125

HONDURAS Number of clients Number of poorest Institution reported clients reported FUNED VisionFund OPDF 14212 8527 Organizacion de Desarrollo Empresarial Femenino 26960 13420 Asociacion de Familia y Medio Ambiente 13380 11373 World Relief Honduras 12544 7500

Total Honduras 67096 40820

PERU Number of clients Number of poorest Institution reported clients reported

Consorcio de ONGs Promociòn de la Mujer y la 138846 115451 Comunidad Microfinanzas Arariwa 14538 9450 Asociaciòn Benefica PRISMA 21019 6526 Microcrédtio para el desarrollo 7016 4231

Total Perù 181419 135658

HAITI Number of clients Number of poorest Institution reported clients reported Fonkoze- Fondasyon Kole Zepòl 50638 29370

Total Haiti 50638 29370

MEXICO Number of clients Number of poorest Institution reported clients reported

Fondo para el Desarrollo Social de la Ciudad de 62800 50080 México, FONDESO Compartamos Banco 1961995 36033

Total Mexico 2024795 86113

BRAZIL Number of clients Number of poorest Institution reported clients reported CREDIAMIGO - Banco do Nordeste do Brasil S/A 737826 91863 Central Cresol Baser 45023 14700 AgroAmigo – Banco do Nordeste do Brasil S/A 652643 652643

Total Brazil 1435492 759206

126

PANAMA Number of clients Number of poorest Institution reported clients reported Plan International- Region of Americas and 74417 58804 Caribbean

Total Panama 74417 58804

GUATEMALA Number of clients Number of poorest Institution reported clients reported Fundaciòn Genesis Empresarial 130514 10127 Organizacion de Mujeres en Desarrollo-MUDE 5640 5069 Banrural Grameen Microfinanzas 35198 35198 Fundacion de Asesoria Financiera a Instituciones 14491 10868 de Desarrollo y Servicio Social (FAFIDESS) Fundaciòn para el Desarrollo Integral de 39555 29600 Programas Socioeconòmicos Friendship Bridge 13000 13000

Total Guatemala 238398 103862

COSTA RICA Number of clients Number of poorest Institution reported clients reported Asociaciòn Costa Rica Grameen 10234 8187

Total Costa Rica 10234 8187

127

3.6.e Eastern Europe and Central Asia

BOSNIA AND HERZEGOVINA Number of clients Number of poorest Institution reported clients reported Microcredit Organization EKI 41605 24497

Total Bosnia and Herzegovina 41605 24497

AZERBAIJAN Number of clients Number of poorest Institution reported clients reported Vision Funda AzerCredit LLC 35880 10764

Total Azerbaijan 35880 10764

SERBIA Number of clients Number of poorest Institution reported clients reported Agrolnvest 33183 6115

Total Serbia 33183 6115

3.7 Global Data

After calculating country totals I grouped them in tables that show the complete time series for each country. In such tables GDP values are also included, as well as the logarithms of both clients number and per-capita GDP. Macroareas are reduced from five to three: Africa, Asia and Latin America. The countries that compose the “Africa” macroarea are: Nigeria, Ethiopia, Malawi, Senegal, Tunisia, Uganda, Ghana, Benin, The Gambia, Egypt, Mali, Kenya, South Africa and Guinea. The countries that are included in the “Asia” macroarea are: Bangladesh, India, P.R. of China, Pakistan, Vietnam, Indonesia, Nepal, Sri Lanka, Philippines, Cambodia. The countries that are pooled into the “Latin America” macroarea are: Ecuador, Colombia, Bolivia, Nicaragua, Honduras, Perù, Haiti, Mexico.

128

3.7.a Africa

NIGERIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 644 2,808885867 1078037 6,032633667 881323 5,945135104 2005 803 2,904715545 955702 5,980322495 762432 5,882201116 2006 1015 3,006466042 1074474 6,031195911 843938 5,926310542 2007 1129 3,052693942 160723 5,20607803 94134 4,973746513 2009 1091 3,037824751 1490900 6,173448515 581496 5,764546732 2010 1443 3,159266331 1855970 6,268570952 885831 5,947350875

ETHIOPIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 138 2,139879086 936761 5,971628802 864248 5,936638383 2005 165 2,217483944 1263409 6,101543966 1197653 6,078331007 2006 199 2,298853076 1402622 6,146940646 1309506 6,117107493 2007 247 2,392696953 1462691 6,165152589 1425620 6,154003779 2009 351 2,545307116 1994521 6,299838613 1866123 6,270940266 2010 320 2,505149978 1656849 6,21928293 1584231 6,199818507

MALAWI N° of Per capita Per capita Number of Poorest Year Clients log poorest GDP GDP log clients clients log clients 2004 210 2,322219295 276695 5,442001311 170303 5,231222298 2005 215 2,33243846 233664 5,368591807 117846 5,071314846 2006 236 2,372912003 15369 4,186645611 15369 4,186645611 2007 268 2,428134794 37916 4,578822515 32722 4,51483984 2009 348 2,541579244 168645 5,22697347 122815 5,089251413 2010 362 2,558708571 195030 5,290101421 123152 5,090441469

SENEGAL N° of Per capita Per capita Number of Poorest Year Clients log poorest GDP GDP log clients clients log clients 2004 759 2,880241776 197753 5,296123081 180041 5,255371416 2005 800 2,903089987 156231 5,193767213 129114 5,110973336 2006 839 2,923761961 174405 5,241558932 106971 5,029266056 2007 986 2,993876915 77988 4,892027783 56429 4,751502354 2009 1055 3,02325246 146337 5,165354147 78853 4,896818221 2010 1034 3,014520539 122476 5,088050994 51907 4,715225929

129

TUNISIA N° of Per capita Per capita Number of Poorest Year Clients log poorest GDP GDP log clients clients log clients 2004 3140 3,496929648 15946 4,20265176 11162 4,047742018 2005 3219 3,507720977 25018 4,398252588 8500 3,929418926 2006 3394 3,530711838 39130 4,592509848 12521 4,097639016 2007 3808 3,58069694 443794 5,647181426 374750 5,573741642 2009 4169 3,620031895 673622 5,828416262 569212 5,755274047 2010 4194 3,622628426 156854 5,195495598 83133 4,919773453

UGANDA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 289 2,460897843 125778 5,099604685 86764 4,938339566 2005 325 2,511883361 53889 4,731500125 18802 4,274204048 2006 340 2,531478917 23528 4,371585011 14668 4,166370901 2007 393 2,59439255 59343 4,773369498 48789 4,688321917 2009 488 2,688419822 338974 5,530166388 154547 5,189060579 2010 515 2,711807229 644677 5,809342176 248353 5,39506941

GHANA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 421 2,624282096 70821 4,850162055 67605 4,829978817 2005 496 2,695481676 64149 4,807189891 54003 4,732417887 2006 921 2,96425963 98838 4,994923949 82651 4,917248112 2007 1090 3,037426498 64379 4,808744226 57622 4,760588328 2009 1090 3,037426498 440900 5,644340099 157797 5,198098742 2010 1319 3,120244796 179435 5,253907159 116684 5,067011309

BENIN N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 547 2,737987326 37661 4,575891848 37661 4,575891848 2005 562 2,749736316 122825 5,089286773 29687 4,472566312 2006 602 2,779596491 42218 4,625497656 40530 4,607776604 2007 684 2,835056102 13884 4,142514605 9570 3,980911938 2009 766 2,88422877 74959 4,874823784 27747 4,443216034 2010 741 2,869818208 53447 4,727923333 22278 4,3478762

130

THE GAMBIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 396 2,597695186 113145 5,053635367 95818 4,981447102 2005 415 2,618048097 113249 5,054034376 73887 4,868568033 2006 423 2,626340367 155975 5,193054994 147925 5,170041578 2007 502 2,700703717 102000 5,008600172 76500 4,883661435 2009 536 2,72916479 89156 4,950150576 77106 4,887088174 2010 551 2,741151599 105000 5,021189299 94500 4,975431809

EGYPT N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1082 3,034227261 80249 4,904439629 41470 4,617734035 2005 1209 3,082426301 246139 5,391180432 149632 5,175024481 2006 1422 3,152899596 266896 5,426342065 170030 5,230525555 2007 1696 3,229425848 177296 5,248698938 161038 5,206928368 2009 2371 3,374931554 505281 5,703532968 417519 5,620676244 2010 2698 3,431041945 578310 5,762160702 487952 5,688377102

MALI N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 382 2,582063363 186088 5,269718368 176102 5,245764288 2005 403 2,605305046 231084 5,363769876 228826 5,359505369 2006 432 2,635483747 223517 5,34931056 223517 5,34931056 2007 510 2,707570176 239511 5,379325464 239511 5,379325464 2009 601 2,778874472 468889 5,671070044 374369 5,573299879 2010 613 2,787460475 607598 5,783616336 475812 5,677435391

KENYA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 464 2,666517981 89674 4,952666542 44837 4,651636547 2005 526 2,720985744 31110 4,492900011 25000 4,397940009 2006 616 2,789580712 170000 5,230448921 153000 5,184691431 2007 727 2,861534411 88518 4,947031593 63537 4,803026705 2009 775 2,889301703 583787 5,76625442 296710 5,472332184 2010 795 2,900367129 848656 5,928731686 397686 5,599540303

131

SOUTH AFRICA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 4695 3,671635597 24593 4,39081151 11695 4,068000226 2005 5234 3,718833718 35054 4,544737582 22497 4,352124608 2006 5468 3,737828506 37986 4,579623564 27855 4,444903163 2007 5930 3,773054693 45740 4,66029616 30063 4,478032317 2009 5738 3,758760544 111064 5,045573311 96773 4,985754205 2010 7272 3,86165387 69333 4,840939992 53400 4,727541257

GUINEA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 412 2,614897216 12276 4,08905688 11136 4,046729222 2005 325 2,511883361 101974 5,008489455 77884 4,891448248 2006 307 2,487138375 80582 4,906238042 60436 4,781295713 2007 449 2,652246341 78326 4,893905948 58745 4,768970908 2009 427 2,630427875 63414 4,802185148 47560 4,677241846 2010 474 2,675778342 101406 5,006063652 76050 4,881099218

3.7.b Asia

BANGLADESH N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 408 2,610660163 24427509 7,387879182 18365666 7,264006682 2005 429 2,632457292 25245736 7,402188036 22494070 7,352068042 2006 435 2,638489257 34265857 7,534861598 26027069 7,415425263 2007 475 2,67669361 33747627 7,52824324 27465471 7,438787051 2009 608 2,783903579 32681525 7,514302314 25633079 7,408800776 2010 675 2,829303773 34072542 7,532404536 26168333 7,417776058

INDIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 643 2,808210973 34489091 7,537681748 27817258 7,444314319 2005 732 2,864511081 37400713 7,572879882 30230925 7,480451436 2006 820 2,913813852 62198071 7,793776916 51059126 7,708073377 2007 1055 3,02325246 60984982 7,7852229 48923118 7,689514128 2009 1127 3,051923916 95641135 7,980644721 77608028 7,889906648 2010 1375 3,138302698 30444264 7,483505479 25893192 7,413185592

132

P.R. OF CHINA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1490 3,173186268 147084 5,167565432 82800 4,918030337 2005 1731 3,238297068 139654 5,145053379 104358 5,018525747 2006 2069 3,315760491 49617 4,695630502 30158 4,479402537 2007 2651 3,423409728 50981 4,70740835 44226 4,645677662 2009 3749 3,57391544 75756 4,879417035 63185 4,80061399 2010 4433 3,646697731 109291 5,0385844 91848 4,963069704

PAKISTAN N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 629 2,798650645 157021 5,195957739 84440 4,926548225 2005 691 2,839478047 345259 5,538145008 290536 5,463199953 2006 789 2,897077003 294225 5,468679572 250863 5,399436612 2007 871 2,940018155 529966 5,724248008 393732 5,595200713 2009 949 2,977266212 1682504 6,225956105 1281744 6,107801293 2010 1019 3,008174184 1565864 6,19475404 1194174 6,077067611

VIETNAM N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 558 2,746634199 4909509 6,691038061 1621607 6,20994561 2005 642 2,807535028 5444906 6,735990387 1849423 6,267036254 2006 731 2,863917377 6082810 6,784104251 2171531 6,336766034 2007 843 2,925827575 7065188 6,849123723 4564228 6,659367331 2009 1130 3,053078443 7760824 6,889907835 3774254 6,576831124 2010 1224 3,087781418 9796121 6,991054141 4301105 6,633580045

INDONESIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1143 3,05804623 3899364 6,590993778 1002394 6,001038458 2005 1258 3,099680641 5673258 6,753832534 2357460 6,372444333 2006 1586 3,200303183 6147320 6,788685821 2026060 6,306652302 2007 1859 3,26927939 5007779 6,699645155 2022974 6,305990301 2009 2273 3,356599436 525597 5,720652878 462567 5,665174647 2010 2952 3,470116353 554469 5,74387727 452445 5,655565793

133

NEPAL N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 272 2,434568904 546208 5,737358057 433923 5,63741267 2005 298 2,474216264 555862 5,744966986 470807 5,672842911 2006 326 2,5132176 333785 5,523466816 285437 5,455510268 2007 362 2,558708571 369165 5,567220519 343264 5,535628259 2009 438 2,641474111 558745 5,74721365 537826 5,730641793 2010 535 2,728353782 456367 5,659314233 455598 5,658581809

SRI LANKA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1063 3,026533265 972520 5,987898541 773891 5,888679796 2005 1242 3,094121596 932787 5,969782485 840277 5,924422476 2006 1423 3,1532049 880058 5,944511295 720207 5,857457338 2007 1614 3,20790353 897570 5,953068328 779726 5,891942016 2009 2057 3,313234292 784080 5,894360376 729000 5,862727528 2010 2400 3,380211242 785607 5,895205344 412498 5,615421847

PHILIPPINES N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1089 3,03702788 489833 5,69004804 447735 5,651021045 2005 1205 3,080987047 698656 5,844263393 604602 5,781469579 2006 1403 3,147057671 646581 5,810622939 441954 5,645377069 2007 1685 3,226599905 761256 5,881530729 680592 5,83288684 2009 1836 3,263872677 1556343 6,192105317 1468403 6,166845263 2010 2140 3,330413773 2278559 6,357660278 1918150 6,282882566

CAMBODIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 405 2,607455023 464731 5,667201643 432688 5,636174851 2005 471 2,673020907 623189 5,794619779 497852 5,697100256 2006 528 2,722633923 636277 5,803646225 587091 5,768705423 2007 632 2,800717078 983577 5,992808365 280794 5,448387824 2009 744 2,871572936 1340003 6,127105771 193870 5,28751061 2010 795 2,900367129 1271714 6,104389452 258661 5,412730952

134

3.7.c Latin America

ECUADOR N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 2471 3,392872745 101675 5,007214181 66564 4,823239412 2005 2751 3,43949059 85636 4,932656373 25720 4,410270964 2006 3058 3,485437481 232505 5,366432297 83999 4,924274116 2007 3286 3,516667559 36069 4,557134102 17151 4,234289447 2009 3648 3,56205483 78902 4,897088012 25909 4,413450651 2010 4008 3,602927713 57726 4,761371465 17372 4,239849821

COLOMBIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 2762 3,441223674 231623 5,364781682 125821 5,099753133 2005 3404 3,531989551 229280 5,360366173 117999 5,071878327 2006 3725 3,571126277 255350 5,407135862 81633 4,911865757 2007 4679 3,670153045 124950 5,09673626 100155 5,000672635 2009 5133 3,710371264 748096 5,873957333 101625 5,007000559 2010 6186 3,791409916 722564 5,85887632 107565 5,031670982

BOLIVIA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 977 2,989894564 129225 5,111346541 83994 4,924248264 2005 1044 3,018700499 248699 5,395674039 162127 5,209855347 2006 1230 3,089905111 298988 5,475653758 137198 5,137347781 2007 1386 3,14176323 57052 4,756270874 30654 4,486487153 2009 1774 3,248953615 226395 5,354866831 124001 5,093425188 2010 1979 3,296445794 404050 5,606435111 248145 5,394705529

NICARAGUA N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1082 3,034227261 115977 5,064371871 63104 4,800056889 2005 1166 3,06669855 227938 5,357816733 124610 5,095552896 2006 1235 3,091666958 235810 5,372562218 165496 5,218787501 2007 1338 3,126456113 19003 4,278822168 5701 3,755951041 2009 1412 3,149834697 194292 5,288454919 91348 4,960699043 2010 1456 3,163161375 25701 4,409950022 28557 4,455712582

135

HONDURAS N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 1316 3,119255889 59722 4,776134343 31706 4,501141455 2005 1412 3,149834697 72759 4,861886721 57990 4,763353109 2006 1550 3,190331698 89326 4,950977887 60142 4,779177866 2007 1720 3,235528447 37123 4,569643065 20802 4,318105092 2009 1896 3,277838333 66144 4,820490455 27385 4,437512745 2010 2019 3,305136319 67096 4,82669663 40820 4,610873

PERU N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 2559 3,408070286 106817 5,028640376 45549 4,658478847 2005 2881 3,459543258 56536 4,752325078 34043 4,532027825 2006 3312 3,520090328 227967 5,357871984 78588 4,895356236 2007 3817 3,58172216 100222 5,000963065 34134 4,533187184 2009 4412 3,644635504 513499 5,710539602 220857 5,344111169 2010 5283 3,722880611 181419 5,258682769 135658 5,13244541

HAITI N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 397 2,598790507 28183 4,449987221 20000 4,301029996 2005 444 2,64738297 47964 4,680915394 32688 4,514388349 2006 515 2,711807229 43615 4,639635877 22000 4,342422681 2007 621 2,7930916 49959 4,698613737 25000 4,397940009 2009 656 2,816903839 57740 4,76147678 29123 4,46423611 2010 664 2,822168079 50638 4,704476544 29370 4,467903947

MEXICO N° of Per capita Per capita Poorest Year N° of clients Clients log poorest GDP GDP log clients log clients 2004 7224 3,858777737 202532 5,306493651 181150 5,258038338 2005 7973 3,901621764 181757 5,259491146 136046 5,133685777 2006 8831 3,946009885 91560 4,961705784 70578 4,848669347 2007 9485 3,977037335 195884 5,291998964 178984 5,25281421 2009 7852 3,894980291 1713357 6,233847863 362632 5,559466125 2010 9128 3,960375631 2024795 6,30638106 86113 4,935068719

136

4. Regression

Regression was run on an unbalanced panel data, using the free econometric analysis software Gretl. In order to have data recognized by the program, I transformed global tables in panels, where country names are replaced by a numeric variable. Since regression was run on logarithms, they are the only data included in the panels, together with the years and the countries’ tracking numbers. The regression model is carried out using fixed effects. I will fist show panels, then the regression results and comments.

4.1 Panels

4.1.a Africa

Year Country GDP log Clients log Poor clients log 2004 1 2,808885867 6,032633667 5,945135104 2005 1 2,904715545 5,980322495 5,882201116 2006 1 3,006466042 6,031195911 5,926310542 2007 1 3,052693942 5,20607803 4,973746513 2009 1 3,037824751 6,173448515 5,764546732 2010 1 3,159266331 6,268570952 5,947350875 2004 2 2,139879086 5,971628802 5,936638383 2005 2 2,217483944 6,101543966 6,078331007 2006 2 2,298853076 6,146940646 6,117107493 2007 2 2,392696953 6,165152589 6,154003779 2009 2 2,545307116 6,299838613 6,270940266 2010 2 2,505149978 6,21928293 6,199818507 2004 3 2,322219295 5,442001311 5,231222298 2005 3 2,33243846 5,368591807 5,071314846 2006 3 2,372912003 4,186645611 4,186645611 2007 3 2,428134794 4,578822515 4,51483984 2009 3 2,541579244 5,22697347 5,089251413 2010 3 2,558708571 5,290101421 5,090441469

137

2004 4 2,880241776 5,296123081 5,255371416 2005 4 2,903089987 5,193767213 5,110973336 2006 4 2,923761961 5,241558932 5,029266056 2007 4 2,993876915 4,892027783 4,751502354 2009 4 3,02325246 5,165354147 4,896818221 2010 4 3,014520539 5,088050994 4,715225929 2004 5 3,496929648 4,20265176 4,047742018 2005 5 3,507720977 4,398252588 3,929418926 2006 5 3,530711838 4,592509848 4,097639016 2007 5 3,58069694 5,647181426 5,573741642 2009 5 3,620031895 5,828416262 5,755274047 2010 5 3,622628426 5,195495598 4,919773453 2004 6 2,460897843 5,099604685 4,938339566 2005 6 2,511883361 4,731500125 4,274204048 2006 6 2,531478917 4,371585011 4,166370901 2007 6 2,59439255 4,773369498 4,688321917 2009 6 2,688419822 5,530166388 5,189060579 2010 6 2,711807229 5,809342176 5,39506941 2004 7 2,624282096 4,850162055 4,829978817 2005 7 2,695481676 4,807189891 4,732417887 2006 7 2,96425963 4,994923949 4,917248112 2007 7 3,037426498 4,808744226 4,760588328 2009 7 3,037426498 5,644340099 5,198098742 2010 7 3,120244796 5,253907159 5,067011309 2004 8 2,737987326 4,575891848 4,575891848 2005 8 2,749736316 5,089286773 4,472566312 2006 8 2,779596491 4,625497656 4,607776604 2007 8 2,835056102 4,142514605 3,980911938 2009 8 2,88422877 4,874823784 4,443216034 2010 8 2,869818208 4,727923333 4,3478762 2004 9 2,597695186 5,053635367 4,981447102 2005 9 2,618048097 5,054034376 4,868568033 2006 9 2,626340367 5,193054994 5,170041578 2007 9 2,700703717 5,008600172 4,883661435 2009 9 2,72916479 4,950150576 4,887088174 2010 9 2,741151599 5,021189299 4,975431809 2004 10 3,034227261 4,904439629 4,617734035 2005 10 3,082426301 5,391180432 5,175024481 2006 10 3,152899596 5,426342065 5,230525555 2007 10 3,229425848 5,248698938 5,206928368 2009 10 3,374931554 5,703532968 5,620676244 2010 10 3,431041945 5,762160702 5,688377102

138

4.1.b Asia

Year Country GDP log Clients log Poor clients log 2004 15 2,610660163 7,387879182 7,264006682 2005 15 2,632457292 7,402188036 7,352068042 2006 15 2,638489257 7,534861598 7,415425263 2007 15 2,67669361 7,52824324 7,438787051 2009 15 2,783903579 7,514302314 7,408800776 2010 15 2,829303773 7,532404536 7,417776058 2004 16 2,808210973 7,537681748 7,444314319 2005 16 2,864511081 7,572879882 7,480451436 2006 16 2,913813852 7,793776916 7,708073377 2007 16 3,02325246 7,7852229 7,689514128 2009 16 3,051923916 7,980644721 7,889906648 2010 16 3,138302698 7,483505479 7,413185592

139

2004 17 3,173186268 5,167565432 4,918030337 2005 17 3,238297068 5,145053379 5,018525747 2006 17 3,315760491 4,695630502 4,479402537 2007 17 3,423409728 4,70740835 4,645677662 2009 17 3,57391544 4,879417035 4,80061399 2010 17 3,646697731 5,0385844 4,963069704 2004 18 2,798650645 5,195957739 4,926548225 2005 18 2,839478047 5,538145008 5,463199953 2006 18 2,897077003 5,468679572 5,399436612 2007 18 2,940018155 5,724248008 5,595200713 2009 18 2,977266212 6,225956105 6,107801293 2010 18 3,008174184 6,19475404 6,077067611 2004 19 2,746634199 6,691038061 6,20994561 2005 19 2,807535028 6,735990387 6,267036254 2006 19 2,863917377 6,784104251 6,336766034 2007 19 2,925827575 6,849123723 6,659367331 2009 19 3,053078443 6,889907835 6,576831124 2010 19 3,087781418 6,991054141 6,633580045 2004 20 3,05804623 6,590993778 6,001038458 2005 20 3,099680641 6,753832534 6,372444333 2006 20 3,200303183 6,788685821 6,306652302 2007 20 3,26927939 6,699645155 6,305990301 2009 20 3,356599436 5,720652878 5,665174647 2010 20 3,470116353 5,74387727 5,655565793 2004 21 2,434568904 5,737358057 5,63741267 2005 21 2,474216264 5,744966986 5,672842911 2006 21 2,5132176 5,523466816 5,455510268 2007 21 2,558708571 5,567220519 5,535628259 2009 21 2,641474111 5,74721365 5,730641793 2010 21 2,728353782 5,659314233 5,658581809 2004 22 3,026533265 5,987898541 5,888679796 2005 22 3,094121596 5,969782485 5,924422476 2006 22 3,1532049 5,944511295 5,857457338 2007 22 3,20790353 5,953068328 5,891942016 2009 22 3,313234292 5,894360376 5,862727528 2010 22 3,380211242 5,895205344 5,615421847 2004 23 3,03702788 5,69004804 5,651021045 2005 23 3,080987047 5,844263393 5,781469579 2006 23 3,147057671 5,810622939 5,645377069 2007 23 3,226599905 5,881530729 5,83288684 2009 23 3,263872677 6,192105317 6,166845263 2010 23 3,330413773 6,357660278 6,282882566

140

2004 24 2,607455023 5,667201643 5,636174851 2005 24 2,673020907 5,794619779 5,697100256 2006 24 2,722633923 5,803646225 5,768705423 2007 24 2,800717078 5,992808365 5,448387824 2009 24 2,871572936 6,127105771 5,28751061 2010 24 2,900367129 6,104389452 5,412730952

4.1.c Latin America

Year Country GDP log Clients log Poor clients log 2004 25 3,392872745 5,007214181 4,823239412 2005 25 3,43949059 4,932656373 4,410270964 2006 25 3,485437481 5,366432297 4,924274116 2007 25 3,516667559 4,557134102 4,234289447 2009 25 3,56205483 4,897088012 4,413450651 2010 25 3,602927713 4,761371465 4,239849821 2004 26 3,441223674 5,364781682 5,099753133 2005 26 3,531989551 5,360366173 5,071878327 2006 26 3,571126277 5,407135862 4,911865757 2007 26 3,670153045 5,09673626 5,000672635 2009 26 3,710371264 5,873957333 5,007000559 2010 26 3,791409916 5,85887632 5,031670982 2004 27 2,989894564 5,111346541 4,924248264 2005 27 3,018700499 5,395674039 5,209855347 2006 27 3,089905111 5,475653758 5,137347781 2007 27 3,14176323 4,756270874 4,486487153 2009 27 3,248953615 5,354866831 5,093425188 2010 27 3,296445794 5,606435111 5,394705529 2004 28 3,034227261 5,064371871 4,800056889 2005 28 3,06669855 5,357816733 5,095552896 2006 28 3,091666958 5,372562218 5,218787501 2007 28 3,126456113 4,278822168 3,755951041 2009 28 3,149834697 5,288454919 4,960699043 2010 28 3,163161375 4,409950022 4,455712582 2004 29 3,119255889 4,776134343 4,501141455 2005 29 3,149834697 4,861886721 4,763353109 2006 29 3,190331698 4,950977887 4,779177866 2007 29 3,235528447 4,569643065 4,318105092 2009 29 3,277838333 4,820490455 4,437512745 2010 29 3,305136319 4,82669663 4,610873

141

2004 30 3,408070286 5,028640376 4,658478847 2005 30 3,459543258 4,752325078 4,532027825 2006 30 3,520090328 5,357871984 4,895356236 2007 30 3,58172216 5,000963065 4,533187184 2009 30 3,644635504 5,710539602 5,344111169 2010 30 3,722880611 5,258682769 5,13244541 2004 31 2,598790507 4,449987221 4,301029996 2005 31 2,64738297 4,680915394 4,514388349 2006 31 2,711807229 4,639635877 4,342422681 2007 31 2,7930916 4,698613737 4,397940009 2009 31 2,816903839 4,76147678 4,46423611 2010 31 2,822168079 4,704476544 4,467903947 2004 32 3,858777737 5,306493651 5,258038338 2005 32 3,901621764 5,259491146 5,133685777 2006 32 3,946009885 4,961705784 4,848669347 2007 32 3,977037335 5,291998964 5,25281421 2009 32 3,894980291 6,233847863 5,559466125 2010 32 3,960375631 6,30638106 4,935068719

4.1.d Total

142

143

2004 11 2,582063363 5,269718368 5,245764288 2005 11 2,605305046 5,363769876 5,359505369 2006 11 2,635483747 5,34931056 5,34931056 2007 11 2,707570176 5,379325464 5,379325464 2009 11 2,778874472 5,671070044 5,573299879 2010 11 2,787460475 5,783616336 5,677435391 2004 12 2,666517981 4,952666542 4,651636547 2005 12 2,720985744 4,492900011 4,397940009 2006 12 2,789580712 5,230448921 5,184691431 2007 12 2,861534411 4,947031593 4,803026705 2009 12 2,889301703 5,76625442 5,472332184 2010 12 2,900367129 5,928731686 5,599540303 2004 13 3,671635597 4,39081151 4,068000226 2005 13 3,718833718 4,544737582 4,352124608 2006 13 3,737828506 4,579623564 4,444903163 2007 13 3,773054693 4,66029616 4,478032317 2009 13 3,758760544 5,045573311 4,985754205 2010 13 3,86165387 4,840939992 4,727541257 2004 14 2,614897216 4,08905688 4,046729222 2005 14 2,511883361 5,008489455 4,891448248 2006 14 2,487138375 4,906238042 4,781295713 2007 14 2,652246341 4,893905948 4,768970908 2009 14 2,630427875 4,802185148 4,677241846 2010 14 2,675778342 5,006063652 4,881099218 2004 15 2,610660163 7,387879182 7,264006682 2005 15 2,632457292 7,402188036 7,352068042 2006 15 2,638489257 7,534861598 7,415425263 2007 15 2,67669361 7,52824324 7,438787051 2009 15 2,783903579 7,514302314 7,408800776 2010 15 2,829303773 7,532404536 7,417776058 2004 16 2,808210973 7,537681748 7,444314319 2005 16 2,864511081 7,572879882 7,480451436 2006 16 2,913813852 7,793776916 7,708073377 2007 16 3,02325246 7,7852229 7,689514128 2009 16 3,051923916 7,980644721 7,889906648 2010 16 3,138302698 7,483505479 7,413185592 2004 17 3,173186268 5,167565432 4,918030337 2005 17 3,238297068 5,145053379 5,018525747 2006 17 3,315760491 4,695630502 4,479402537 2007 17 3,423409728 4,70740835 4,645677662 2009 17 3,57391544 4,879417035 4,80061399 2010 17 3,646697731 5,0385844 4,963069704

144

2004 18 2,798650645 5,195957739 4,926548225 2005 18 2,839478047 5,538145008 5,463199953 2006 18 2,897077003 5,468679572 5,399436612 2007 18 2,940018155 5,724248008 5,595200713 2009 18 2,977266212 6,225956105 6,107801293 2010 18 3,008174184 6,19475404 6,077067611 2004 19 2,746634199 6,691038061 6,20994561 2005 19 2,807535028 6,735990387 6,267036254 2006 19 2,863917377 6,784104251 6,336766034 2007 19 2,925827575 6,849123723 6,659367331 2009 19 3,053078443 6,889907835 6,576831124 2010 19 3,087781418 6,991054141 6,633580045 2004 20 3,05804623 6,590993778 6,001038458 2005 20 3,099680641 6,753832534 6,372444333 2006 20 3,200303183 6,788685821 6,306652302 2007 20 3,26927939 6,699645155 6,305990301 2009 20 3,356599436 5,720652878 5,665174647 2010 20 3,470116353 5,74387727 5,655565793 2004 21 2,434568904 5,737358057 5,63741267 2005 21 2,474216264 5,744966986 5,672842911 2006 21 2,5132176 5,523466816 5,455510268 2007 21 2,558708571 5,567220519 5,535628259 2009 21 2,641474111 5,74721365 5,730641793 2010 21 2,728353782 5,659314233 5,658581809 2004 22 3,026533265 5,987898541 5,888679796 2005 22 3,094121596 5,969782485 5,924422476 2006 22 3,1532049 5,944511295 5,857457338 2007 22 3,20790353 5,953068328 5,891942016 2009 22 3,313234292 5,894360376 5,862727528 2010 22 3,380211242 5,895205344 5,615421847 2004 23 3,03702788 5,69004804 5,651021045 2005 23 3,080987047 5,844263393 5,781469579 2006 23 3,147057671 5,810622939 5,645377069 2007 23 3,226599905 5,881530729 5,83288684 2009 23 3,263872677 6,192105317 6,166845263 2010 23 3,330413773 6,357660278 6,282882566 2004 24 2,607455023 5,667201643 5,636174851 2005 24 2,673020907 5,794619779 5,697100256 2006 24 2,722633923 5,803646225 5,768705423 2007 24 2,800717078 5,992808365 5,448387824 2009 24 2,871572936 6,127105771 5,28751061 2010 24 2,900367129 6,104389452 5,412730952

145

2004 25 3,392872745 5,007214181 4,823239412 2005 25 3,43949059 4,932656373 4,410270964 2006 25 3,485437481 5,366432297 4,924274116 2007 25 3,516667559 4,557134102 4,234289447 2009 25 3,56205483 4,897088012 4,413450651 2010 25 3,602927713 4,761371465 4,239849821 2004 26 3,441223674 5,364781682 5,099753133 2005 26 3,531989551 5,360366173 5,071878327 2006 26 3,571126277 5,407135862 4,911865757 2007 26 3,670153045 5,09673626 5,000672635 2009 26 3,710371264 5,873957333 5,007000559 2010 26 3,791409916 5,85887632 5,031670982 2004 27 2,989894564 5,111346541 4,924248264 2005 27 3,018700499 5,395674039 5,209855347 2006 27 3,089905111 5,475653758 5,137347781 2007 27 3,14176323 4,756270874 4,486487153 2009 27 3,248953615 5,354866831 5,093425188 2010 27 3,296445794 5,606435111 5,394705529 2004 28 3,034227261 5,064371871 4,800056889 2005 28 3,06669855 5,357816733 5,095552896 2006 28 3,091666958 5,372562218 5,218787501 2007 28 3,126456113 4,278822168 3,755951041 2009 28 3,149834697 5,288454919 4,960699043 2010 28 3,163161375 4,409950022 4,455712582 2004 29 3,119255889 4,776134343 4,501141455 2005 29 3,149834697 4,861886721 4,763353109 2006 29 3,190331698 4,950977887 4,779177866 2007 29 3,235528447 4,569643065 4,318105092 2009 29 3,277838333 4,820490455 4,437512745 2010 29 3,305136319 4,82669663 4,610873 2004 30 3,408070286 5,028640376 4,658478847 2005 30 3,459543258 4,752325078 4,532027825 2006 30 3,520090328 5,357871984 4,895356236 2007 30 3,58172216 5,000963065 4,533187184 2009 30 3,644635504 5,710539602 5,344111169 2010 30 3,722880611 5,258682769 5,13244541 2004 31 2,598790507 4,449987221 4,301029996 2005 31 2,64738297 4,680915394 4,514388349 2006 31 2,711807229 4,639635877 4,342422681 2007 31 2,7930916 4,698613737 4,397940009 2009 31 2,816903839 4,76147678 4,46423611 2010 31 2,822168079 4,704476544 4,467903947

146

2004 32 3,858777737 5,306493651 5,258038338 2005 32 3,901621764 5,259491146 5,133685777 2006 32 3,946009885 4,961705784 4,848669347 2007 32 3,977037335 5,291998964 5,25281421 2009 32 3,894980291 6,233847863 5,559466125 2010 32 3,960375631 6,30638106 4,935068719

The totals panel includes all the observations of the three macro areas, pooled into the same panel.

4.2 Results and comments

4.2.a Africa

Regression results obtained using the logarithm of the number of clients as the dependent variable, and GDP logarithm as explicative variable. The regression is then repeated using the logarithm of the number of poorest client.

Model 1: Fixed effects estimates using 84 observations 14 cross section units Time series length = 6 Dependent variable: Clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 1,34006 0,382449 3,5039 0,00081 ***

Dependent variable mean = 5,18764 Dependent variable MSE = 0,546847 Sum of Squared residuals = 8,5739 Residuals Standard Deviation = 0,352504 R2 = 0,654563 Adjusted R 2 = 0,584475 Degrees of freedom = 69 Durbin-Watson statistic = 1,41867 Log-likelyhood similarity = -23,3429 Akaike information criterion = 76,6857 Schwarz bayesan information criterion = 113,148 Hannan-Quinn criterion= 91,3432

147

Model 2: Fixed effects estimates using 84 observations 14 cross section units Time series lenght = 6 Dependent variable: Poor_clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 1,18865 0,385045 3,087 0,00291 ***

Dependent variable mean = 5,0256 Dependent variable MSE = 0,574439 Sum of Squared residuals = 8,69068 Residuals Standard Deviation = 0,354897 R2 = 0,682687 Adjusted R 2 = 0,618304 Degrees of freedom = 69 Durbin-Watson statistic = 1,28265 Log-likelihood similarity = -23,9111 Akaike information criterion = 77,8222 Schwarz Bayesian information criterion = 114,284 Hannan-Quinn criterion= 92,4797

In both cases coefficients are positive and significant, as p-values are <0.05, suggesting a strong link between the number of clients and the GDP. R squared are also quite high. Since the two dependent variables are obviously strongly correlated, results will be similar for both of them in any test.

148

4.3.b Asia

Model 1: Fixed effects estimates using 60 observations 10 cross section units Time series length = 6 Dependent variable: Clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,12536 0,281404 0,4455 0,65793

Dependent variable mean = 6,25274 Dependent variable MSE = 0,850273 Sum of Squared residuals = 3,17792 Residuals Standard Deviation = 0,254668 R2 = 0,925497 Adjusted R 2 = 0,910292 Degrees of freedom = 49 Durbin-Watson statistic = 0,751146 Log-likelihood similarity = 3,00718 Akaike information criterion (AIC) = 15,9856 Schwarz Bayesian information criterion (BIC) = 39,0234 Hannan-Quinn criterion (HQC)= 24,997

Model 2: Fixed effects estimates using 60 observations 10 cross section units Time series length = 6 Dependent variable: Poor_clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,200556 0,262655 0,764 0,44878

Dependent variable mean = 6,07749 Dependent variable MSE = 0,848788 Sum of Squared residuals = 2,76856 Residuals Standard Deviation = 0,2377 R2 = 0,934867 Adjusted R 2 = 0,921574 Degrees of freedom = 49 Durbin-Watson statistic = 0,905471 Log-likelihood similarity = 7,14421 Akaike information criterion (AIC) = 7,71157 Schwarz Bayesian information criterion (BIC) = 30,7494 Hannan-Quinn criterion (HQC)= 16,7229

149

In both models the coefficients are positive but not significant. This suggests no significant correlation of the two variables. However, results could be biased by the lack of observations, since the cross section units (countries) included in this panel are only 10.

4.3.c Latin America

Model 1: Fixed effects estimates using 48 observations 8 cross section units Time series length = 6 Dependent variable: Clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,648021 0,584529 1,1086 0,27438

Dependent variable mean = 5,10762 Dependent variable MSE = 0,44445 Sum of Squared residuals = 4,66757 Residuals Standard Deviation = 0,34595 R2 = 0,497255 Adjusted R 2 = 0,394128 Degrees of freedom = 39 Durbin-Watson statistic = 1,82436 Log-likelihood similarity = -12,1755 Akaike information criterion (AIC) = 42,3511 Schwarz Bayesian information criterion (BIC) = 59,1919 Hannan-Quinn criterion (HQC)= 48,7153

150

Model 2: Fixed effects estimates using 48 observations 8 cross section units Time series length = 6 Dependent variable: Poor_clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,0642918 0,505455 0,127 0,89944

Dependent variable mean = 4,78505 Dependent variable MSE = 0,377653 Sum of Squared residuals = 3,49015 Residuals Standard Deviation = 0,29915 R2 = 0,479333 Adjusted R 2 = 0,372529 Degrees of freedom = 39 Durbin-Watson statistic = 2,31045 Log-likelihood similarity = -5,19887 Akaike information criterion (AIC) = 28,3977 Schwarz Bayesian information criterion (BIC) = 45,2385 Hannan-Quinn criterion (HQC)= 34,7619

As can be noticed in both models, again p-values are high and the relationship between the dependent variable and the explicative variable is not significant. Since this could be ascribed to the insufficient number of observations, I decided to check the results by running a regression that includes all of the observations on the global panel.

151

4.3.d Global

Model 1: Fixed effects estimates using 192 observations 32 cross section units Time series length = 6 Dependent variable: Clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,727201 0,230385 3,1565 0,00191 ***

Dependent variable mean = 5,50048 Dependent variable MSE = 0,813313 Sum of Squared residuals = 17,0373 Residuals Standard Deviation = 0,327342 R2 = 0,865149 Adjusted R 2 = 0,83801 Degrees of freedom = 159 Durbin-Watson statistic = 1,3497 Log-likelihood similarity = -39,9156 Akaike information criterion (AIC) = 145,831 Schwarz Bayesian information criterion (BIC) = 253,329 Hannan-Quinn criterion (HQC)= 189,369

Model 2: Fixed effects estimates using 192 observations 32 cross section units Time series length = 6 Dependent variable: Poor_clients_log

Variable Coefficient Std.Error t-Stat p-value GDP_log 0,592710 0,219567 2,699 0,00770 ***

Dependent variable mean = 5,29418 Dependent variable MSE = 0,831053 Sum of Squared residuals = 15,4748 Residuals Standard Deviation = 0,311971 R2 = 0,88269 Adjusted R 2= 0,85908 Degrees of freedom = 159 Durbin-Watson statistic = 1,40428 Log-likelihood similarity = -30,6814 Akaike information criterion (AIC) = 127,363 Schwarz Bayesian information criterion (BIC) = 234,86 Hannan-Quinn criterion (HQC)= 170,9

152

Using a far more extended panel data results strongly improve: coefficients are positive and significant, and R squared indicators are high. The clientele base of microcredit institutions seems to be related to business cycles trends.

153

5. Conclusion

Regression estimates show very different results for the three main macro areas included in this analysis. The case of Africa confirms a pro-cyclical behaviour of microcredit clientele base, while results are not relevant for Latin America and Asia. However, when extending the cross section units by pooling all of the observations into the same panel, results clearly indicate significant positive correlation. On a global basis, microfinance institutions seem to suffer the influences of business cycles. The Indonesian case proves the fact that such influences can be opposed with adequate management and policy strategies, involving both microfinance institutions and local governments.

154