Italy-based MicroFinanza Rating (MFR) recently informed MicroCapital that during June it issued three Social Ratings, 11 Financial Ratings and two Client Protection Certifications to 13 microfinance institutions (MFIs).
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MICROCAPITAL BRIEF: MicroFinanza Rating Issues 6 Institutional, Social Ratings to Microfinance Institutions (MFIs) in Africa, Latin America
Italy-based MicroFinanza Rating recently told MicroCapital that during May it issued two Social Ratings and four Microfinance Institutional Ratings (MIRs) to five microfinance institutions in Africa and Latin America. FMC Finance of Zimbabwe earned a Social Rating of
MICROCAPITAL BRIEF: MicroFinanza Rating Announces Client Protection Certifications, Ratings in Asia, LAC
During May 2017, Italy’s MicroFinanza Rating (MFR), under license from the US-based Smart Campaign, determined that Kyrgyzstan’s Kompanion Bank and FINCA Pakistan have complied with the certification standards derived from the Smart Campaign’s seven client protection
MICROCAPITAL BRIEF: MicroFinanza Issues 13 Institutional, Credit, TrueLift Ratings to Microfinance Institutions in Haiti, Latin America, Togo
During April 2017, Italy’s MicroFinanza Rating issued four microfinance institutional ratings. Two of these were to affiliates of French NGO Entrepreneurs du Monde: BB- with a stable outlook to Assilassimé Solidarité of Togo and CC “under observation” to Palmis Mikwofinans Sosyal of Haiti. The other two are
MICROCAPITAL BRIEF: Asian Development Bank Invests $1.5m in Equity in India’s M-CRIL to Expand Ratings in Cambodia, China, Indonesia, Nepal
Micro-Credit Ratings International Limited (M-CRIL), an India-based provider of rating and advisory services to the microfinance industry, recently sold an unspecified portion of its equity to the Asian Development Bank (ADB), a development finance institution with 67 member countries. One goal of the funding is to help M-CRIL expand in Cambodia, China, Indonesia and Nepal. ADB Principal Investment Specialist Anshukant Taneja said the investment will
MICROCAPITAL BRIEF: MicroFinanza Rating Issues 10 Institutional, Social Ratings
During February 2017, Italy-based MicroFinanza Rating issued “microfinance institutional ratings” to the following institutions, all with stable outlooks: Indonesia’s Komida, which was assigned a grade of BB; Albania’s NOA, which earned a BBB; Haiti’s ACME, which was assigned a BB+; Vietnam’s Anh Chi Em (ACE), which got a BB-; and two institutions that each received an A-,
MICROCAPITAL BRIEF: Flat Pyramid of India Supports VolunteeRate Offering Free Ratings, EachOneBankOne Encouraging Activism on Financial Inclusion
The Flat Pyramid, an Indian organization, has been launched with the goal of applying market-based solutions to socio-economic issues.
MICROCAPITAL BRIEF: Rating Initiative to Stop Subsidizing Microfinance Institution Social Ratings, Will Shut Down Over Two Years
The Rating Initiative (RI), a Luxembourg-based program that supports the use of ratings that include financial and social criteria, is transitioning into a two-year exit phase that includes terminating its subsidies for social ratings of microfinance institutions (MFIs).
MICROCAPITAL BRIEF: 15 Additional Microfinance Investment Funds Commit to Global Impact Investment Ratings System
Fifteen investment funds, representing approximately USD 550 million in capital, have committed to utilize GIIRS (Global Impact Investment Ratings System) ratings, a system for assessing the social and environmental impact of investment funds. The investment funds will become members of the GIIRS Pioneer Funds, which have agreed to be among the first forty funds to receive a GIIRS Impact Rating.
MICROCAPITAL BRIEF: MicroFinanza Rating, MicroRate, Planet Rating Sign Microfinance Rating Agency Code of Conduct, Sanjay Sinha of Micro-Credit Ratings International (M-CRIL) Criticizes Commercial Rating Agencies as “Too Liberal” with Microfinance Institutions
Three providers of institutional, performance and social ratings of microfinance institutions (MFIs), MicroFinanza Rating of Italy, US-based MicroRate and French Planet Rating, recently signed the Microfinance Rating Agency Code of Conduct.
MICROCAPITAL BRIEF: Indian Microfinance Institution Satin Creditcare Reports $22m in Capital Raises, Securitizations; Upgraded by CARE Ratings to “MFI 2”
Satin Creditcare Network Limited (Satin), a microfinance institution (MFI) headquartered in Delhi, recently announced that it received an upgraded credit rating from India-based CARE Ratings following a fundraising streak totaling INR 1 billion (USD 22.3 million).
MICROCAPITAL BRIEF: Fitch Ratings Stresses Importance of Single Regulator for Indian Microfinance Sector
Multiple Indian newspapers have cited an unnamed report on Indian microfinance regulation from global ratings agency Fitch that reportedly states that a single regulatory body is crucial to ensuring a stable Indian microfinance sector and that future legislation affecting microfinance should be developed through cooperative efforts between state and federal authorities.
MICROCAPITAL BRIEF: Zidisha Online Lending Platform Offering Borrower Performance Ratings, Facilitates $50k in Loans
Zidisha, a nonprofit in the US, reports that it has facilitated approximately USD 50,000 in loans from 250 lenders to 80 low-income entrepreneurs in Kenya and Senegal as of 2011 [1]. Zidisha facilitates loans to low-income, computer-literate entrepreneurs in developing countries.
MICROCAPITAL BRIEF: CGAP Responds to Criticisms From Dr Sanjay Sinha, Managing Director at Micro-Credit Ratings International (M-CRIL) of India
CGAP (Consultative Group to Assist the Poor), an independent policy and research center housed at the World Bank Group, recently responded to proposals made by Dr Sanjay Sinha, managing director at Micro-Credit Ratings International (M-CRIL), which were presented in a recent article covered by MicroCapital on July 15, 2010.
MICROCAPITAL BRIEF: Upcoming Initial Public Offering (IPO) of SKS Microfinance Rated as Grade 4/5 By Credit Analysis and Research Limited (CARE Ratings)
Credit Analysis and Research Limited (CARE Ratings), a rating company based in Mumbai, India, has rated the upcoming initial public offering (IPO) of SKS Microfinance, a microfinance institution (MFI) that caters to women in India, as Grade 4/5, which indicates ‘above average fundamentals.’ The grading system takes into account the company’s financial position including asset quality, capital adequacy ratio, liquidity position and access to diverse sources of institutional funding; recent industry growth; prospects for future growth; and good corporate governance practices. As reported by MicroCapital, SKS Microfinance announced its intentions to sell shares as part of a USD 250 million IPO from July 28 to July 30.
MICROCAPITAL BRIEF: Fitch Releases Ratings of ProCredit Bank of Bosnia & Herzegovina and ProCredit Bank of Kosovo, Providers of Finance and Microfinance to Micro-, Small and Medium-Sized Enterprises
Fitch Ratings, a global credit ratings agency, has released its ratings of ProCredit Bank of Bosnia & Herzegovina (PCBiH) and ProCredit Bank of Kosovo (PCBK).
MEET THE BOSS: Discussions on Developing a Global Credit Ratings Framework for Microfinance Institutions: Interview with Damian von Stauffenberg, Founder and Chairman of MicroRate
Damian von Stauffenberg is the founder of MicroRate, a rating agency specializing in microfinance. Mr. von Stauffenberg founded MicroRate in 1997 and served as its CEO until 2009. Through its Latin American and African subsidiaries, MicroRate has conducted over 400 ratings of microfinance institutions in Latin America, Africa and Eastern Europe.
Mr. von Stauffenberg previously worked for 25 years at the World Bank and its private sector affiliate, the International Finance Corporation (IFC). He has been president of Seed Capital Development Fund (SCDF), chairman of the investment committee of ProFund, chairman of the executive committee of MicroVest and a member of the executive committee of the Latin American Challenge Investment Fund (LA-CIF).
MICROCAPITAL BRIEF: State-Run ‘National Bank for Agriculture & Rural Development’ (NABARD) of India to Finance Microfinance Institution (MFI) Ratings
The National Bank for Agriculture & Rural Development (NABARD), a state-run development bank in India, will encourage investment in microfinance institutions (MFIs) by offering funding to regional rural banks and cooperative banks to purchase ratings of MFIs [1,2]. The scheme will last until March 31, 2010 [1]. With the scheme, NABARD hopes to “encourage proper standards, systems and safeguards, efficiency and transparency” amongst MFIs [1]. NABARD has agreed to reimburse up to INR 300,000, the equivalent of over USD 6,000, to banks for the first rating performed by Crisil, M-CRIL, ICRA, CARE and Planet Finance or another approved agency [1]. Eligible MFIs to be rated must have loans outstanding worth a minimum of INR 5 million, the equivalent of over USD 107.7 thousand, and a maximum of INR 100 million, the equivalent of over USD 2.1 million [1].