Publications and Resources

The following documents have been published or sponsored by the CMEF and are available for download on this website.

Topics include:

Risk | Governance | Valuation | Transformation | Commercialization | Over-Indebtedness

Crowding Out | Financial Inclusion | Initial Public Offerings



Microfinance Banana Skins
by the Centre for the Study of Financial Innovation, in collaboration with Citi Microfinance, CGAP, and CMEF

The Microfinance Banana Skins publication is a yearly report reflecting perceptions of risk in microfinance by members of the microfinance industry. The report aims to reveal shifts in risk perception and to highlight both emerging and long-term risks in a rapidly changing field.

2012: Staying Relevant
2011: Losing its Fairy Dust
2009: Confronting Crisis and Change
2008: Risk in a Booming Industry




Governance Roundtable Webinar
Responsible Exits and Social Performance
October 11, 2012
Council of Microfinance Equity Funds, Principles for Investors in Inclusive Finance (PIIF)

This webinar focuses on the recently-released Governance Guidelines, highlighting the sections that were added and revised since the first edition was published in 2005. The roundtable will then focus more specifically on two sections of particular relevance in the microfinance industry today: responsible exits and social performance.

Watch a recording of the webinar here.

The Practice of Corporate Governance in Shareholder-Owned Microfinance Institutions
Consensus Statement of the Council of Microfinance Equity Funds, 2005

This consensus statement is tailored to shareholder-owned MFIs and provides practical guidance for investors to use in assessing the governance of MFIs.

2012: Governance Guidelines (Revised) Descargar esta publicación| Télécharger cette publication
2005: Governance Guidelines (Original) | Descargar esta publicación | Télécharger cette publication | издание на русском языке

Related Governance Resource: Board Self-Evaluation Template

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CGAP and J.P. Morgan Global Microfinance Valuation Survey

This report combines CGAP and CMEF knowledge of microfinance with J.P. Morgan’s equity research skills in emerging markets. The objective of the project is to provide benchmarks for valuation of microfinance equity.

2012: Global Microfinance and Valuation Survey
2011: Global Microfinance and Valuation Survey

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 Aligning Stakeholder Interests in NGO Transformations - Emerging Good Practices
by Stephanie Dolan, on behalf of the membership of the Council of Microfinance Equity Funds, 2011

This statement provides practical guidance for investors, MFI managers, staff, and other institutional stakeholders to use during the MFI transition process (transformation, mergers, acquisitions, etc) in order to more effectively align stakeholder interests.

2011: Aligning Stakeholder Interests in NGO Transformations: Emerging Good Practices

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The Growth of Commercial Microfinance 2005–2008
by Preetesh Kantak, 2011 and by Elisabeth Rhyne and Brian Busch, 2006

This study tracks and analyzes the growth of the commercial microfinance industry over  a period of several years and looks at both existing institutions and new entrants. It also comments on the future potential of this industry segment and the current ownership structure of a sample of microfinance institutions. It is the third publication in the "Growth in Commercial Microfinance" series.

2011: The Growth of Commercial Microfinance 2005-2008
2006: The Growth of Commercial Microfinance 2004-2006

Characteristics of Equity Investment in Microfinance
by Jim Kaddaras and Elisabeth Rhyne, 2004

This study analyzes how much equity has been invested in microfinance institutions today and establishes a spectrum as to where investors fall in terms of their expectations of social vs. financial returns. This study also looks at current governance practices and makes recommendations for establishing and implementing corporate governance standards. It is the first publication in the "Growth of Commercial Microfinance" series.

2004: Characteristics of Equity Investment in Microfinance

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Over-indebtedness and Microfinance: Constructing an Early Warning Index
by the Center for Microfinance at the University of Zurich, in collaboration with responsAbility, Triodos, and CMEF

This study provides the first comprehensive and consistent academic exercise to establish a methodology towards an early warning index for over-indebtedness in microfinance, with the goal to support the industry in preventing future crises.

2010: Over-indebtedness and Microfinance (Executive Summary)
2010: Over-indebtedness and Microfinance (Full Report)

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Crowding Out

Role Reversal Revisited: Are public development institutions still crowding out?
by Damian von Stauffenberg and Daniel Rozas, 2012

This paper is a follow-up to the Role Reversal study (2007), which found that development financial institutions (DFIs)were crowding out private microfinance funds, by offering below-market interest rates and other incentives. Five years later, this paper finds DFIs are actively competing with private microfinance funds – also called microfinance investment vehicles (MIVs) – harming the flow of private investment into the microfinance sector.

2012: Role Reversal Revisted: Are public development institutions still crowding out?

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Financial Inclusion

Count Us In: Aspirations for Financial Inclusion
by Lok Capital, in collaboration with JICA

This study examines the needs and preferences of 5,000+ microfinance clients in India.

2011: Count Us In: Aspirations for Financial Inclusion

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Initial Public Offerings

Microfinance and Capital Markets: The Initial Listing / Public Offering of Four Leading Institutions
by Ira W. Lieberman, Anna Anderson, Zach Grafe, Bruce Campbell and Daniel Kopf, 2008

This paper discusses the Initial Public Offerings / listings of the four leading microfinance institutions − Bank Rakyat Indonesia, BRAC Bank (Bangladesh), Compartamos Banco (Mexico) and Equity Bank (Kenya). The study attempts to determine the conditions under which a public offering or listing is suitable for a microfinance organization. It also examines the purpose, structure and process of the offerings and listing in order to extract applicable lessons.

2008: Microfinance and Capital Markets: The Initial Listing/Public Offering for Leading Institutions

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