Source: MIX Market
Article available here.
The Microfinance Information eXchange (MIX) announced today that the 1000th microfinance institution has joined MIX Market by making public its financial and operational information on the website www.mixmarket.org.
“This is a significant milestone for MIX and for the global microfinance industry. MIX Market includes all the primary microfinance institutions and most of the secondary, and to see the market leaders embrace the need for transparency and high quality data is a terrific sign for the microfinance industry. It also indicates that they have confidence in MIX and our mission here,” stated Peter Wall, executive director of MIX. “MIX Market’s extensive coverage is only possible because of the activity and dedication of our partners throughout the world, who work so diligently to help microfinance practitioners publicize their operational and financial data.”
The 1000th microfinance institution to join MIX Market is SEMISOL, founded in 2004 and located in the Chiapas region of Mexico. Currently with 3,721 clients, 90% of whom are women, SEMISOL focuses its work on urban and semi-urban areas. ProDesarrollo, the largest organized group of Mexican MFIs, is MIX’s partner in the region, and played an important role in bringing about SEMISOL’s participation on MIX Market.
In addition to SEMISOL from Mexico, the most recent postings showcase the diversity and extent of MIX Market. The 999th MFI to participate is the Center for Microfinance, whose data was provided through MIX’s partner in Russia, the Russian Microfinance Center (RMC). Located in Kazan, Tatarstan, Russia, the Center for Microfinance has approximately 21,000 borrowers and is the largest non-bank microfinance institution in Russia.
Sonata Finance, serving the poor in Allahabad, Central Uttar Pradesh, India, is MIX Market’s 1001st microfinance institution. Representative of the new wave of fast-growing start-up Indian institutions, the MFI expanded its outreach from just 692 borrowers in March 2006 to approximately 11,390 in March 2007. M-CRIL, MIX’s partner in India, facilitated this latest participation.
“Dynamic start-ups like Sonata demonstrate that the industry is rapidly growing, and we must keep apace if we want MIX Market to continue to be an authoritative source on microfinance in developing countries,” Mr. Wall concluded.
For more information on the network partners mentioned above, please visit their websites:
ProDesarrollo – www.prodesarrollo.org
Russian Microfinance Center (RMC): www.rmcenter.ru
M-CRIL – www.m-cril.com
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