MicroRate Latin America, the Lima-based arm of the evaluator of microfinance institutions (MFIs), recently announced that it has been approved as a rating agency by Peru’s Superintendency of Banking, Insurance and Pension Fund Managers (SBS), which reportedly makes it the only regulated rating agency in Peru that specializes in microfinance. This designation will allow MicroRate to conduct ratings of regulated MFIs, which must be rated twice per year.
Damian von Stauffenberg, Chairman and founder of MicroRate, stated, “Through its international experience and leadership, MicroRate hopes to strengthen Peru’s microfinance sector by providing independent and objective analysis.” US-based MicroRate recently completed its 14th year of operation.
By Carol Kim, Research Associate
About MicroRate: MicroRate is a microfinance rating agency formally approved by CGAP (Consultative Group to Assist the Poor), the Inter-American Development Bank and Peru’s Superintendency of Banking, Insurance and Pension Fund Managers (SBS). It was founded in the US in 1997 with the intent to objectively evaluate microfinance institutions (MFIs), thereby increasing transparency and drive additional funding into microfinance. MicroRate has completed approximately 550 ratings of approximately 200 MFIs worldwide and claims to perform its evaluations not through “rigid rating formulas,” but through “evaluation of critical risk.” The private company is based in Washington DC with subsidiaries in Peru and Morocco.
MicroRate Press Release: “MicroRate Approved as Regulated Rater in Peru”, July 2011, http://microrate.com/wp-content/uploads/2008/03/Press-release-MRLA-Regulated-Rater-15-July-2011-SpEng.pdf
MicroCapital.org: “MICROCAPITAL BRIEF: MicroRate Releases 5th Annual Survey: “State of Microfinance Investment: The MicroRate 2010 Microfinance Investment Vehicle (MIV) Survey””, July 26, 2010 https://www.microcapital.org/microcapital-brief-microrate-releases-5th-annual-survey-state-of-microfinance-investment-the-microrate-2010-microfinance-investment-vehicle-miv-survey/
MicroCapital’s Universe Profile: MicroRate, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroRate
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Seedstars Accepting Applications from Fintechs Offering “Financial Innovations for Women Affected by Migration” Through July 30
- MICROCAPITAL BRIEF: Vanuatu Launches Vanklia System to Automate Large, Small Payments
- SPECIAL REPORT: Small Business Diaries Benefit Entrepreneurs, Microfinance Institutions #EMW2023
- MICROCAPITAL BRIEF: TASC Borrows $3.5m from Spark+ Africa to Fund 90k Cookstoves, Reduce Carbon Emissions in Rural Zambia
- MICROCAPITAL BRIEF: HugoBank, KT, Mashreq, Raqami Islamic, Telenor Microfinance Earn Regulatory Approval to Pilot Digital Banking Services in Pakistan
