fundamentals of microfinancing

7/31/2019 Fundamentals of Microfinancing

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Fundamentals of microfinancing

The managers at the MFIs are careful to ensure the borrower success and informs about the

risks involved, that makes in general the borrower performing better. This leads often to

earned dignity and lasting self-confidence associated with responsible loan repayment.

To have a sustainable growing economy it takes high entrepreneurship and energy in order to

develop the world and fight poverty. Independent and responsible entrepreneurs are valuable

resources which can take advantage of the microfinance industry. They will not take big risks

and must be supported by predictable financing.

Normal bankoperations suits better to large transactions which is more profitable, the

traditional operating philosophy is to invest in facilities and they have costly operating

structures. The traditional financing industry must either change themselves or stay out of the

microfinance business. A new generation of banking institutions is growing in a market of

very small transactions and less affluent clients. With lowered transactions costs throughinstitutional specialization and innovation in delivery systems, they will be able to operate

profitable in this market serving the poor with financial services.

The poor entrepreneurs are the future representing the population who will become successful

in the nearby future. They have the same will and skills as the toughest business operators.The are economical, dont take big risks and repay debts as scheduled to maintain possibility

borrowing money in the future.

This require a totally new ground breaking banking system with scale economics. Modifying

the standard system will simply not be enough, the poor people will continue stay outside

their countrys economy. Building up microfinance institutions serving poor people is a

relatively costeffective use of subsidies for economic development compared to other

supporting strategies for welfare.

The definition of microfinance

Microcredit, or microfinance, is banking the unbankables, bringing credit, savings and other

essential financial services within the reach of.millions of people who are too poor to be

served by regular banks, in most cases because they are unable to offer sufficient collateral.

In general, banks are for people with money, not for people without. (Gert van Maanen,

Microcredit: Sound Business or Development Instrument, Oikocredit , 2004)

(Microcredit) is based on the premise that the poor have skills which remain unutilized or

underutilized. It is definitely not the lack of skills which make poor people poor.charity is

not the answer to poverty. It only helps poverty to continue. It creates dependency and takes

away the individuals initiative to break through the wall of poverty. Unleashing of energy

and creativity in each human being is the answer to poverty. (Muhammad Yunus,


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Expanding Microcredit Outreach to Reach the Millennium Development Goals, International

Seminar on Attacking Poverty with Microcredit, Dhaka, Bangladesh, January, 2003)

Microcredit belongs to the group of financial service innovations under the term of

microfinance, other services according to microfinance is microsavings, money transfer

vehicles and microinsurance. Microcredit is a innovation for the developing countries.Microcredit is a service for poor people that are unemployed, entrepreneurs or farmes who

are not bankable. The reason why they are not bankable is the lack of collateral, steady

employment, income and a verifiable credithistory, because of this reasons they cant even

meet the minimal qualifications for a ordinary credit. By helping people with microcredits it

gives them more available choices and opportunities with a reduced risk. It has successfully

enabled poor people to start their own business generating or sustain an income and often

begin to build up wealth and exit poverty. The amount of money thats lended out seldom

exceeds 100USD.

Microcredit fits best to those with entrepreneurial capability and possibility. This translates to

those poor who work in growing economies, and who can undertake activities that generateweekly stable incomes. For those who dont qualify because they are extreme poor like

destitute and homeless almost every microcredit institution have special safety programs that

offer basic subsistence and later endeavours to graduate this members in their microfinance

program making ordinary microcredits available.

Microcredit plays an important role in fighting the multi-dimensional aspects of poverty.

Microfinance increases household income, which leads to attendant benefits such as

increased food security, the building of assets, and an increased likelihood of educating ones

children. Microfinance is also a means for self-empowerment. It enables the poor to make

changes when they increase income, become businessowners and reduce their vulnerability

to external shocks like illness, weather and more.

Microcredit has widely been directed by the non-profit sector while commercial lenders

require more conventional forms of collateral before making loans to microfinance

institutions. But now its successfully growing bigger and getting more credibility in the

traditional financeworld. Due to that the traditional banking industry have begun to realize

that this borrowers fits more correctly in a category called prebankable. T he industry has

realized that those who lack access to traditional formal financial institutions actually require

and desire a variety of financial products. Nowadays the mainstream finance industry is

counting the microcreditprojects as a source of growth. Before almost everyone where

neglecting the success of microcredit in the beginning of the 1970s when pilot projects suchas ACCION where released until the United Nations declared 2005 the International Year of

Microcredit.

The most of the microcredit institutions and agencies allover the world focuses on women in

developing countries. Observations and experience shows that women are a small credit risk,

repaying their loans and tend more often to benefit the whole family. In another aspect its

also seeing as a method giving the women more status in a socialeconomic way and

changing the current conservative relationship between gender and class when women are

able to provide income to the household. Women are in most cases responsible for children,

and in poor conditions it results in physical and social underdevelopment of their children.

1.2 billion people are living on less than a dollar a day. There are many reasons why womenhave become the primary target of microfinance services. A recent World Bank report


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confirms that societies that discriminate on the basis of gender pay the cost of greater

poverty, slower economic growth, weaker governance, and a lower living standard for all

people. At a macro level, it is because 70 percent of the worlds poor are women. Women

have a higher unemployment rate than men in virtually every country and make up the

majority of the informal sector of most economies. They constitute the bulk of those who

need microfinance services.

Giving women access to microcredit loans therefore generates a multiplier effect that

increases the impact of a microfinance institutions activities, benefiting multiple generations.

History of microfinance

The history of microfinancing can be traced back as long to the middle of the 1800s when the

theorist Lysander Spooner was writing over the benefits from small credits to entrepreneurs

and farmers as a way getting the people out of poverty. But it was at the end of World War II

with the Marshall plan the concept had an big impact.

The today use of the expression microfinancing has it roots in the 1970s when organizations,

such as Grameen Bank of Bangladesh with the microfinance pioneer Mohammad Yunus,

where starting and shaping the modern industry of microfinancing. Another pioneer in this

sector is Akhtar Hameed Khan. At that time a new wave of microfinance initiatives

introduced many new innovations into the sector. Many pioneering enterprises began

experimenting with loaning to the underserved people. The main reason why microfinance isdated to the 1970s is that the programs could show that people can be relied on to repay their

loans and that its possible to provide financial services to poor people through marketbased

enterprises without subsidy. Shorebank was the first microfinance and community

development bank founded 1974 in Chicago .

An economical historian at Yale named Timothy Guinnane has been doing some research on

Friedrich Wilhelm Raiffeisens village bank movement in Germany which started in 1864 an

by the year 1901 the bank had reached 2million rural farmers. Timothy Guinnane means that

already then it was proved that microcredit could pass the two tests concerning peoples

paybackmoral and the possibility to provide the financial service to poor people.

Another organization, The caisse populaire movement grounded by Alphone and Dorimne

Desjardins in Quebec , was also concerned about the poverty, and passed those two tests.

Between 1900 to 1906 when they founded the first caisse, they passed a law governing them

in the Quebec assembly , they risked their private assets and must have been very sure about

the idea about microcredit.

Today the World Bank estimates that more than 16 million people are served by some 7000

microfinance institutions all over the world. CGAP experts means that about 500 million

families benefits from these small loans making new business possible. In a gathering at a

Microcredit Summit in Washington DC the goal was reaching 100 million of the worldspoorest people by credits from the world leaders and major financial institutions.


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The year 2005 was proclaimed as the International year of Microcredit by The Economic and

Social Council of the United Nations in a call for the financial and building sector to fuel

the strong entrepreneurial spirit of the poor people around the world.

The International year of Microcredit consists of five goals:

Assess and promote the contribution of microfinance to the MFIs

Make microfinance more visible for public awareness and understanding as a very

important part of the development situation

The promotion should be inclusive the financial sector

Make a supporting system for sustainable access to financial services

Support strategic partnerships by encouraging new partnerships and innovation to build and

expand the outreach and success of microfinance for all

The economics professor Mohammad Yunus and the founder of Grameen Bank were

awarded the Nobel Prize 2006 for his efforts. The press release from nobelprize.org states:

The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006,

divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to

create economic and social development from below. Lasting peace can not be achieved

unless large population groups find ways in which to break out of poverty. Micro-credit is

one such means. Development from below also serves to advance democracy and human

rights. Muhammad Yunus has shown himself to be a leader who has managed to translate

visions into practical action for the benefit of millions of people, not only in Bangladesh , but

also in many other countries. Loans to poor people without any financial security had

appeared to be an impossible idea. From modest beginnings three decades ago, Yunus has,

first and foremost through Grameen Bank, developed micro-credit into an ever more

important instrument in the struggle against poverty. Grameen Bank has been a source of

ideas and models for the many institutions in the field of micro-credit that have sprung up

around the world.

Every single individual on earth has both the potential and the right to live a decent life.

Across cultures and civilizations, Yunus and Grameen Bank have shown that even the

poorest of the poor can work to bring about their own development.

Micro-credit has proved to be an important liberating force in societies where women inparticular have to struggle against repressive social and economic conditions. Economic

growth and political democracy can not achieve their full potential unless the female half of

humanity participates on an equal footing with the male.

Yunuss long-term vision is to eliminate poverty in the world. That vision can not be realised

by means of micro-credit alone. But Muhammad Yunus and Grameen Bank have shown that,

in the continuing efforts to achieve it, micro-credit must play a major part.


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Micro Financial Institutions

Poverty is the main cause of concern in improving the economic status of developing

countries. A microfinance institution is an organization that offers financial services to low

income populations. Almost all give loans to their members, and many offer insurance,deposit and other services.

A great scale of organizations is regarded as microfinance institutes. They are those that offer

credits and other financial services to the representatives of poor strata of population (except

for extremely poor strata).

Microfinance is increasingly being considered as one of the most effective tools of reducing

poverty. Microfinance has a significant role in bridging the gap between the formal financial

institutions and the rural poor. The Micro Finance Institutions (MFIs) accesses financial

resources from the Banks and other mainstream Financial Institutions and provide financial

and support services to the poor.

MFIs are the pivotal overseas organizations in each country that make individual microcredit

loans directly to villagers, microentrepreneurs, impoverished women and poor families. An

overseas MFI is like a small bank with the same challenges and capital needs confronting any

expanding small venture but with the added responsibility of serving economically-

marginalized populations. Many MFIs are creditworthy and well-run with proven records of

success, many are operationally self-sufficient.

Various types of institutions offer microfinance: credit unions, commercial banks, NGOs

(Non-governmental Organizations), cooperatives, and sectors of government banks. The

emergence of for-profit MFIs is growing. In India , these for-profit MFIs are referred to

as Non-Banking Financial Companies (NBFC). NGOs mainly work in remote rural areas

thereby providing financial services to the persons with no access to banking services.

The term transformation, or commercialization, of a microfinance institution (MFI) refers

to a change in legal status from an unregulated nonprofit or non-governmental organization

(NGO) into a regulated, for-profit institution. Regulated, transformed organizations differ

from nonprofits in that they are held to performance and capital adequacy standards and are

supervised by a financial authority, typically the central bank of the country where they are

registered. A transformed MFI also attracts equity investors. The equity investors want to

ensure that the values of their investments are maintained or enhanced and elect Boardmembers who share a common vision for the new for-profit institution. Among transformed

MFIs, varying classifications of regulated institutions exist, the strictest being banksrural

banks and thrift banksfollowed by non-bank financial institutions. Different countries

have varied names for these regulated MFIs.

The microfinance sector consistently focuses on understanding the needs of the poor and on

devising better ways of delivering services in line with their requirements, developing the

most efficient and effective mechanisms to deliver finance to the poor. Continuous efforts

towards automation of operations is steady improving in efficiency. The automated systems

have also helped accelerate the growth rate of the microfinance sector.

The goal for MFIs should be:


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To improve the quality of life of the poor by providing access to financial and support

services;

To be a viable financial institution developing sustainable communities;

To mobilize resources in order to provide financial and support services to the poor,particularly women, for viable productive income generation enterprises enabling them to

reduce their poverty;

Learn and evaluate what helps people to move out of poverty faster;

To create opportunities for selfemployment for the underprivileged;

To train rural poor in simple skills and enable them to utilize the available resources and

contribute to employment and income generation in rural areas.

Many institutions practice microfinance, or raise funds for microfinance, including thefollowing:

Accion International

ACDI/VOCA

BRAC

Enterprise Development International

Five Talents International

Freedom from HungerGrameen Foundation

Kiva

Microfinance in Uzbekistan

Microloan Foundation

Microcredit Summit Campaign

Microenterprise Access to Banking Services

Omidyar-Tufts Microfinance Fund

Opportunity International Australia

ShoreBank

Tameer Microfinance Bank Ltd

Unitus

World Council of Credit Unions

XacBankSKS

Working method for microfinance

institutions
http://www.accion.org/http://www.acdivoca.org/http://www.brac.net/http://www.endpoverty.org/http://www.fivetalents.org/http://www.freedomfromhunger.org/http://www.grameenfoundation.org/http://www.kiva.org/http://www.microfinance.uz/http://www.microloanfoundation.org.uk/http://www.microcreditsummit.org/http://www.rbapmabs.org/http://www.tufts.edu/microfinancefund/http://www.opportunity.org.au/home.asphttp://www.shorebankcorp.com/http://www.tameerbank.com/http://www.unitus.com/http://www.woccu.org/http://www.xacbank.org/eng/http://www.sksindia.com/http://www.sksindia.com/http://www.xacbank.org/eng/http://www.woccu.org/http://www.unitus.com/http://www.tameerbank.com/http://www.shorebankcorp.com/http://www.opportunity.org.au/home.asphttp://www.tufts.edu/microfinancefund/http://www.rbapmabs.org/http://www.microcreditsummit.org/http://www.microloanfoundation.org.uk/http://www.microfinance.uz/http://www.kiva.org/http://www.grameenfoundation.org/http://www.freedomfromhunger.org/http://www.fivetalents.org/http://www.endpoverty.org/http://www.brac.net/http://www.acdivoca.org/http://www.accion.org/


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The Grameen Bank of Bangladesh has developed a joint liability model that its MFIs are

using suited for local conditions.

When choosing a village the MFI conduct a comprehensive survey to brief the potential for

operations and the local conditions in a village. The MFI are evaluating some key factors like

village population, degree of poverty, road accessibility, political stability and safety. When avillage has been selected, the MFI introduces its mission, methodology and the services they

are offering.

After the informational presentation interested women are gathered in group formations.

They have to be in the age between 18 and 59. The women put them self together in groups

of five to serve as guarantors for each other. Earlier experience has shown that a group of five

persons is small enough to create group pressure between the members, enforcing them to be

loyal to each other. In case someone of the group members are not able to repay the loan the

group is big enough to help with the payments. The company does not influence the selection

of group members nor the decision regarding the income generation activity nor the loan

amount they intend to take. Group members must live close to each other and cannot berelated to each other.

If a borrower defaults on her loan, the entire

group typically is penalized and sometimes

barred altogether from taking further loans.

This peer pressure encourages borrowers to

be very selective about their peer group

members and to repay loans in full and on

time.

Then the group training begins, usually as a five day program. The purpose is to educate the

members in the procedures of the financial products, delivery methods, calculation of interest

rates, business development skills and how to sign their names. The members are also taught

in quality management, to identify an income generation activity, how to set prices and how

to market. They field staff also build a culture of credit discipline and collective

responsibility. The field staff makes sure the members qualifies for the program and collect

data for future analysis. Within the village, a center is created collecting the groups. The

center is responsible for the payments of all groups, enabling a dual liability system. When

the villagecenter is created the financial transactions can begin.

The groups meet weekly in the villagecenter where they can discuss new loan applications,

loan utilization, and community issues. The field staff of the MFIs conduct the meetings with

rigid discipline in order to sustain the credit discipline of the group. All financial transactions

are conducted during the meetings.

Microfinance is a relatively new segment of the market economy that is why institutions

created in this segment have short experience in their activities, and their personnel is not

sufficiently experienced and qualified. Taking this into consideration, staff of these institutes

is recommended to follow the internationally recognized principles of microfinance:

thorough examination of potential clients of the microfinance institution;


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thorough estimation of business viability and also factors which can positively ornegatively affect the results of work in specific conditions;

thorough registration of documents and contracts related to loan issuance andmicrofinance services providing;

keep in touch with client in combination with monitoring of the terms of paying acredit, interests payments and with the aim to find out potential and real problems;

setting of interest rates for microfinance services compatible with market ones; quick reaction to any problems which can complicate the perspectives of getting of

issued credit payed back.

Economies of scale

MFIs need both capital and internal operating capacity to achieve scale. Since 1970

microfinance has been proven to be one of the most effective and sustainable tools in

povertyfighting. But still are 80 percent of the working poor, more than 400 million families,

without reach of financial services. To be able to serve everyone the microfinance industry

must be even more efficient and grow to scale. At today growth rates it will take decades for

the rest 80 percent to be served.

The most critical problem today is finding money to lend out to the poor. Existing

microcredit programmes are coming to a virtual halt in their expansion programme, and

finding it difficult to continue their present programme because of lack of funds.


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Many microfinance instituions are self-sustaining but most of the microfinance institutions

still rely on and must get rid of their dependency on donor money in order to reach scale.

Large amounts of money is needed to expand their operational capacity in order to reacheconomies of scale rapidly. Without sufficient internal operating capacity growth suddenly

stops once a program reaches several thousand clients. They must provide their financial

products to a much bigger amount of clients. The only possibility to access large amounts of

money is on the traditional financial market. The problem for most MFIs to attract this money

is the lack of track record and well formed business plans.

The keysolution to the right internal operating capacity includes improving for example the

information technology, internal controls, new product development and human resources.

When MFIs rely to much on donor money its very hard to do the necessary investments in

the areas that are sustainable and with the possibility to expand. T hats why most MFIs are

small and stay small which this figure visualizes. About 73% of all microfinance institutions

serves less than 2500 clients.


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Funding / Financial Institutions

The mission for the funding institutions is to help MFIs operating more efficiently and be

more effective. They provide each partner with financial products and services that are

tailored to meet their needs.

A goal is to ensure the partners are moving their clients out of poverty and to foster good

practices for measuring the progress of the individuals movement across poverty lines. MFIs

must show results, yet many do not have the tools to evaluate how well they are fulfilling

their mission of reducing poverty, reaching people excluded from financial services,empowering women, or promoting community solidarity. Thats why they should also equip

microfinance institutions with tools to measure their clients progress out of poverty. Built on

the learnings of previous efforts in the microfinance industry they can develop the operational

methods in reaching the clients. Innovative financing solutions and strategies to expand the

capacity and efficiency of the MFIs provide a direct impact on the lives of the poor, and

advancing the microfinance industry as it moves toward even higher standards in terms of

anti-poverty impact and financial performance.


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Funding Sources for Microfinance

Institutions (Financing Options)

Posted by Fehmeen on April 23rd, 2010 | 2 Comments

Capital availability for microfinance is hardly a problem for mature markets, as sources are ample and

diverse. Despite this, many microfinance providers are unaware of the multiple sources of funds

available to them. Here are some external sources for MFIs:

Saving Deposits in MicrofinanceMicro-saving products, also known as retail deposits, offered by MFIs serve as a low-cost source of

funding and are a common practice in Philippines, Uganda, Pakistan, Peru and Kenya. Since

safekeeping the publics money is risky, most governments only allow microfinance banks to offerthis product. However, some NGO MFIs with large equity pools may be allowed to accept deposits as

well. Potential pitfalls here include too much or too little liquidity of cash (read other challenges for

MFIs).

Commercial Debt Capital in MicrofinanceShort-term loans (available easily) and long-term debt (available in large quantities) can be acquired

from commercial banks. Additionally, international investment funds, also known as microfinance

investment vehicles (MIVs), act as intermediaries between investors and MFIs, by selling securitized

debt. Some famous examples are:

Triodos Microfinance Fund, Oiko Credit, Blue Orchard, Microvest, Fund for South East Europe

(EFSE)

Even though loans from commercial source are generally priced at the market rate, which new and

small MFIs may find expensive, debt capital is a popular source of funds for microfinance providers.

Soft Loans and Grants in MicrofinanceConcessionary/soft loans (low-cost debt) or grants may be sourced by microfinance providers from

socially responsible investors, which include national and regional development banks, aid agencies,

international NGOs, non-profit corporations, charitable trusts, or funds held by donor and

development agencies, such as:

Grameen Trust, Swedish International Development Agency(Sida), USAID, United Nations Capital

Development Fund (UNCDF), ADB, World Bank, Bill and Melinda Gates Foundation, Ford

Foundation, IMF, ACCION, CARE.

Some development agencies only interact with governments, but their funds can be accessed

indirectly by MFIs.

Individual Philanthropic Sources in MicrofinanceNon-profit investors, such as individuals interested purely in the social impact of microfinance, often

lend their own money to MFIs through peer-to-peer online platform, the most famous of which are

Kiva (read about this revolutionary business model here) and MicroPlace.

However, raising funds through the internet is a tricky business, and you can read more about this

here. Similarly, high net worth individuals who are interested in philanthropy often give away great

sums of money to MFIs, in an act known as venture philanthropy.

Equity Capital in Microfinance

Equity capital, which acquired through the sale of ownership shares, via capital markets, is the mostexpensive source of capital for MFIs, but most attractive for investors because of high returns
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prevalent in the microfinance sector. This source of funds is the subject of widespread criticism

because some public MFIs seem to lose track of their social objectives, as Bank Compartamos did.
http://microfinancehub.com/2010/03/25/microfinance-goes-awry-case-study-of-bank-compartamos%e2%80%99-interest-rates/http://microfinancehub.com/2010/03/25/microfinance-goes-awry-case-study-of-bank-compartamos%e2%80%99-interest-rates/

fundamentals of microfinancing

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