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Recursos
Case studies & Field examples
How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions
Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders – Equitas Holdings and Ujjivan Financial Services – and how “hardwiring” their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.
Guidelines
Caveat Venditor: Towards a Conceptual Framework for Buyer Selection in Responsible Microfinance Exits
This paper goes beyond raising questions, and seeks to provide a template to help investors navigate the complex terrain of “responsible exits.” The paper is co-authored by Daniel Rozas and Sam Mendelson and is part of a joint research project on buyer selection in responsible exits of NpM, Netherlands Platform for Inclusive Finance, along with the Financial Inclusion Equity Council (FIEC) and the European Microfinance Platform (e-MFP). Caveat Venditor focuses on one particularly tricky part of the exit process – selecting a buyer that is suitable for the microfinance institution (MFI), its staff and ultimately its clients.
Guidelines
The Practice of Corporate Governance in Microfinance Institutions
The Governance Guidelines have since been widely used and highly regarded as an excellent source for governance information within the microfinance industry. Over the past seven years, much has changed in the field of microfinance, and good governance has become increasingly important. The Council has therefore updated this reference document to reflect new thinking and resources that have emerged in the microfinance industry around governance since the original version was published. While the original guidelines have not altered significantly, new or expanded guidance is provided in the areas of: Legal structures and formal documentation, Social performance management, Alignment of incentives, Responsible exits, Risk and crisis management
Publications
The Growth in Commercial Microfinance: 2005-2008
This study is the second update of the original 2004 CMEF study, Characteristics of Equity Investment in Microfinance and seeks to illustrate the changes in growth, expansion and maturity of the commercial microfinance industry between 2005 and 2008. The study quantifies the explosive organic growth, particularly in Asia, in terms of equity, assets, number of borrowers and depositors in the industry.
Publications
Valuing Microfinance Institutions
While the valuation of microfinance institutions (MFIs) may be more of an art than a science, the practice within the equity investment community remains opaque, inconsistent and overly complex. This paper summarizes the challenges impact investors face when valuing MFIs–from which methodologies to use and what assumptions to make, to how to factor in the social mission and fintechs. There is an urgent need for more shared, comparable and reliable data to effectively benchmark impact investments.
Publications
Offshore Financial Centers for Financial Inclusion
The words “offshore” and “tax-haven” are often taboo rhetoric within the investment space. In this paper, the Financial Inclusion Equity Council (FIEC), with support from CFI, explores why and how equity impact investors use offshore vehicles. Our findings reveal that offshore vehicles offer key operational, legal, tax and reputational advantages and are a key part of the impact investment landscape.
Tools & Templates
Note de positionnement d'ASSILASSIME Solidarité sur l'environnement et le climat
Cette note formalise les engagements d’Assilassimé Solidarité autour des enjeux environnementaux et climatiques. C’est un document ressource officiel et stratégique.
Case studies & Field examples
Stratégie Environnementale de ASSILASSIME Solidarité
Assilassime Togo created an environmental strategic plan to guide their environemental sustainability efforts. The plan addresses the linkage to the vision and mission, internal and external environmental risk and impact reduction and solutions for sustainability.
Case studies & Field examples
ASSILASSIME Plan d'actions en environnement
Assilassime Togo's action plan is an example of how a financial service provider can plan to manage and reduce both internal and external environmental risks and impacts.
Tools & Templates
RENACA Politique environnementale et sociale
Ce document partagé par le RENACA-Bénin est un bon exemple de politique environnementale et de stratégie environnementale adaptées aux enjeux d'une institution de microfinance. Il présente notamment les axes stratégiques retenus, les principaux risques auxquels ils répondent, et propose une liste de bonnes pratiques pour gérer l'empreinte interne de l'institution.
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