MICROCAPITAL BRIEF: CGAP (Consultative Group to Assist the Poor) Announces 300 Microfinance Institutions (MFIs) So Far Registered to Submit Performance Record to “Second Annual Social Performance Reporting Awards” in 2011

CGAP (Consultative Group to Assist the Poor) recently announced that approximately 300 microfinance institutions (MFIs) plan to submit their performance record to the “Second Annual Social Performance Reporting Awards,” an event to take place in 2011 that is being put together by CGAP, the Ford Foundation, the Michael & Susan Dell Foundation, the Social Performance Task Force (SPTF) and the Microfinance Information Exchange (MIX) to promote transparency of MFIs and display their achievements. According to Blaine Stephens, Chief Operating Officer of MIX, “The pace of submissions for the Social Performance Reporting Awards this year shows that MFIs understand the need for transparency in the way their activities help their clients.”

In 2010, awards were given in three categories: “Gold,” “Silver” and “Certificate.” For that year winners included VF Azercredit, an MFI in Azerbaijan with a total loan portfolio of 16.6 million as of 2008, and Banco Solidario, an MFI in Ecuador with a total loan portfolio of 236 million. MFIs may submit their performance records at: http://www.themix.org/standards/sp-reports. The award ceremony will take place in 2011 at an undisclosed date.

By Julia Korn, Research Associate

About CGAP (Consultative Group to Assist the Poor):

Housed at the World Bank Group, CGAP (Consultative Group to Assist the Poor) is an independent policy and research center dedicated to increasing financial access for the world’s poor. CGAP is supported by approximately thirty development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors.

About The Ford Foundation:

The Ford Foundation is a nonprofit, grant-making organization. For approximately half a century it has been led by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation and advance human achievement. With headquarters in New York, the foundation has offices in Latin America, Africa, the Middle East and Asia.

About The Michael & Susan Dell Foundation:

The Michael and Susan Dell Foundation was established in 1999 to provide grants to organizations that focus on education, childhood health and family economic stability. The foundation reports on, but does not provide financial information to, the MIX market.

Social Performance Task Force:

The Social Performance Task Force (SPTF) was created in 2005 and consists of approximately 650 leaders from microfinance stakeholder groups including practitioners, donors and investors (multilateral, bilateral and private), national and regional networks, technical assistance providers, rating agencies, academics and others. It has been charged with clearly defining social performance and addressing questions about measuring and managing social performance. According to SPTF, social performance includes operating “in line with accepted social values that relate to serving larger numbers of poor and excluded people.”

About The Microfinance Information Exchange (MIX):

Established in 2002, Microfinance Information Exchange (MIX) is a nonprofit organization with headquarters in Washington, DC, and regional offices in Peru, Senegal, India and Indonesia. It operates a global, web-based, microfinance information platform. MIX provides detailed financial and social performance information from microfinance institutions (MFIs), as well as business information from market facilitators, donor organizations and investors in microfinance. MIX Market, one of MIX’s products, currently provides online data on 1800 MFIs and 100 investors. MIX was founded by CGAP (Consultative Group to Assist the Poor) and is sponsored by Citi Foundation, Deutsche Bank Americas Foundation, International Fund for Agricultural Development (IFAD) and the Bill & Melinda Gates Foundation.

Sources and Additional Resources:

[1] CGAP. “Social Performance Reporting Awards Attract Strong Interest” on July 13, 2010. http://www.cgap.org/p/site/c/template.rc/1.26.13772/

MicroCapital Universe. Michael & Susan Dell Foundation. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…

MicroCapital Universe. CGAP. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CGA…

MicroCapital Universe. Ford Foundation. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=For…

MicroCapital Universe. Social Performance Task Force. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Soc…

MicroCapital Universe. Microfinance Information Exchange. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic…

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