Financial News | Microlending |

Compartamos Sees Growth in MF

Last Wednesday Compartamos Banco, one of the leading microfinance institutions in Latin America said that its net profit expanded 12% in the first quarter of this year because the company grew its loan portfolio and attracted new clients. Patricio Diez, chief financial officer of the company told that they are “very satisfied” with the results and asserted: “We have to always be focused on better products and services”. Compartamos is working hard to attract new customers in urban and semi-urban areas.

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How Many are Unbanked in the World?

The World Bank launched recently the Global Findex, the first public database of indicators that consistently measures people’s use of financial products across 148 countries. The index is possible thanks to a 10-year grant from the Bill & Melinda Gates Foundation. The report found that 2.5 billion adults from around the world lack bank accounts. Most of them are concentrated in developing economies. In high income economies account penetration is 89%, in developing economies only 41%. Among the people who live with less than US $2.00 a day only 23% have a formal bank account. The study reveals that “the poor are often quite ingenious at overcoming this lack of access”.

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New MF Awards in Philippines

Next November five institutions that have pioneered micro-finance services in the country will receive the first Rafael B. Buenaventura Awards for Outstanding Microfinance Institutions, also known as the “Paeng Awards”. The awards honor the late former governor of Bangko Central ng Pilipinas who played an outstanding role in the extensive adoption of microfinance in the local financial system. Philippines constantly ranks high in international microfinance surveys. According to most surveys the country has one of the best regulatory frames for microfinance institutions in the world.

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Financial Inclusion in India

The modern model of microfinance was created in Bangladesh and India in an effort to achieve the financial inclusion of an impoverished population. According to the Reserve Bank of India the work to make available basic amenities for the poor is still lacking in some parts of the country and efforts should be made to improve the achievements. According to KC Chakrabaty, deputy governor of the Reserve Bank of India, “While excellent work is being done in some pockets, in many other areas the progress is not satisfactory”.

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CGAP Upcoming Conferences

On April 25 and 26, 2012, the Consultative Group to Assist the Poor (CGAP) will host the online conference Financial Inclusion: What Really Works for Clients. The event will present policy-makers, micro-finance providers and clients talking about best practices in microfinance. They will discuss what works in microfinance focusing on successful policy approaches, obstacles to achieving greater impact and how to overcome these problems. On May 2-4 CGAP and the Microcredit Summit Campaign will discuss the benefits of various interventions designed to help the poorest and the most vulnerable in three sessions: 1. “Can We Sustainably Reach the Poorest?”, 2. “Reaching the Poorest in Remote Areas: Understanding the Nexus of Product Design and Delivery”, 3. “Beyond the Product: Creating Social Capital to Make the Most of Microfinance”. Registration in advance is required.

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