MICROFINANCE EVENT: MicroFinance Network (MFN) and Equity Bank to Host International Microfinance Symposium in Kenya to Discuss Effects of Global Financial Crisis on Microfinance Oct. 29-31, 2009

Event Name: MicroFinance Network Annual Conference

Event Date: October 29- October 31, 2009

Event Location: Hilton Hotel, Nairobi, Kenya

See Our Comprehensive Event Calendar Here: http://microfinanceassociation.ning.com/events

Who Should Attend?

The conference is only open to the members of the MicroFinance network [MFN].

Summary of Event:

Leaders of microfinance institutions (MFIs) from over 20 countries will gather to share ideas, experiences, and innovative solutions to the challenges faced by the institutions in search of continuous growth and progress. Dr. James Mwangi, CEO and Managing Director of Equity Bank, said “This conference comes at time when microfinance institutions have taken a central role in poverty reduction, aimed at improving the living conditions of the majority rural poor, especially in emerging markets in Africa and Asia” [1].

Event Theme and Topics:

A major topic of the conference will be how the global financial crisis has affected MFIs across continents. Another theme is “keeping leadership in a changing environment.” Individuals will also be looking at models which are most effective in poverty alleviation, and discussing strategies and forecasts for the coming year (2010) [1].

Background on Organizer:

The MicroFinance Network (MFN) is a global association of institutions committed to improving the quality of life of the poor through the provision of credit, savings instruments and other financial services. The members of the Network believe in the establishment of sustainable and profitable institutions that operate on commercial principles and serve large volumes of clients who are not currently served by traditional financial institutions. As of December 31, 2008 the MFN had 36 members [2].

Background on Host:

The Equity Bank of Kenya was founded in 1984. It accounts for 52 percent of bank accounts in Kenya with over 4.1 million accounts [3]. According the MIX Market, the bank has a gross loan portfolio of over USD 535.8 million [4]. As of December 31, 2008, the bank has a return on assets of 5.91 percent, a return on equity of 22.16 percent, and a debt to equity ratio of 2.92 [4]. According to the most recent financial data from the bank, profits of 2.7 billion Kenyan shillings, the equivalent of over USD 35.8 million, were reaped in the first half of 2009 [5].

Location Information:

Hilton Nairobi Hotel
Nairobi Central
Nairobi, Kenya
+254 020 2790000

By: Diya Chopra, Research Associate

Bibliography:

[1] Kenya Broadcasting Corporation
http://www.kbc.co.ke/story.asp?ID=60647

[2] MicroFinance Network
http://www.mfnetwork.org/mfn-annual-conference.html

[3] Equity Bank
http://www.equitybank.co.ke/about.php?subcat=124

[4] MIX Market
http://mixmarket.org/mfi/equity-bank/data

[5] Equity Bank Financial Results: http://www.equitybank.co.ke/about.phpsubcat=5