The Small Enterprise Education and Promotion (SEEP) Network, a US-based non-governmental organization (NGO) with the goal of connecting microenterprise practitioners, has recently announced that it will be adding updates and new standards to its “Microfinance Reporting Standards Initiative,” a voluntary compliance effort to bring together stakeholders on reporting standards for MFIs. The “Microfinance Reporting Standards Initiative” is an update to SEEP Network’s 2005 financial performance publication entitled “Measuring Performance of Microfinance Institutions: A Framework for Reporting, Analysis, and Monitoring” (SEEP FRAMEWORK).

As MicroCapital reported at the time, there was an open public comment period that ended July 18, 2010. SEEP has since published a draft with the additions, which consist of 17 new ratios, four new asset-liability management tables and new appendices.

This draft will be combined with the SEEP FRAMEWORK and renamed the “Microfinance Financial Reporting Standards: Measuring Financial Performance of Microfinance Institutions.”

Endorsers of the initiative include BlueOrchard, CGAP (Consultative Group to Assist the Poor), Microfinance Information eXchange (MIX), Grameen Foundation, Planet Rating, Pro Mujer, United States Agency for International Assistance (USAID) and others.

To read the updates and original standards online, and join in the conversation, you may refer to the Knowledge Driven International Development Portal at http://www.kdid.org/.

About Small Enterprise Education and Promotion (SEEP):

Founded in 1985, the Small Enterprise Education and Promotion (SEEP) Network, seeks to connect microenterprise practitioners to develop practical guidance and tools, build capacity, and set standards for the industry. Today, its members are active in over 180 countries.

By Matthew Fox, Research Assistant

Sources and Additional Resources:

Small Enterprise Education and Promotion (SEEP) Network: Microfinance Reporting Standards Initiative: http://seepnetwork.org/Pages/Initiatives/FinancialReportingStandardInitiative.aspx

Knowledge Driven International Development Portal: http://www.kdid.org/

MicroCapital Brief: Small Enterprise Education and Promotion (SEEP) Network Asks for Feedback on Reporting Standards, 17 June 2010: http://www.microcapital.org/microcapital-brief-small-enterprise-education-and-promotion-seep-network-asks-for-feedback-on-reporting-standards/

MicroCapital Universe: Small Enterprise Education and Promotion (SEEP): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Small+Enterprise+Education+and+Promotion+(SEEP)+Network

Browse the MicroCapital Universe and add your entry to the wiki at: http://www.microcapital.org/microfinanceuniverse/