Microfinance Information Exchange2012 Eastern Europe and Central Asia         Regional Snapshot                           ...
Agenda1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina:...
ECA microfinance in a global context1. ECA microfinance in a global context2. Social performance management in ECA3. ECA f...
ECA microfinance in a global context                                                                                      ...
ECA growth and portfolio quality                                      12                                                  ...
Social performance management in ECA1. ECA microfinance in a global context2. Social performance management in ECA3. ECA f...
ECA social performance reporting            Share of ECA in global SP reporting                                           ...
Gender outreach and staff compositionSource: MIX Market, 2013. View graph data here.          Although female outreach in ...
Gender outreach and group loans                                   60%                                                     ...
Rural outreach in ECA                           100%ECA Percentage (average)                           80%                ...
Does staff turnover affect client retention rate                                                    in ECA markets?       ...
ECA funding1. ECA Microfinance in a global context2. Social Performance Management in ECA3. ECA Funding4. Bosnia & Herzego...
Cross-border funding for microfinance by region                                                (2009-2011)                ...
Cross-Border funding for microfinance in most ECA                                              countries is decreasing    ...
Funding structure for MFIs: Equity investments                                                continue to grow?           ...
Funding structure: Debt funding for NBFIs and                                                 NGOs decreased              ...
Bosnia & Herzegovina: Crisis recovery?1. ECA microfinance in a global context2. Social performance management in ECA3. ECA...
Bosnia & Herzegovina: Profitability and portfolio                                                                         ...
Kyrgyz Republic: Stricter regulations to avoid                                             over-indebtedness1. ECA microfi...
Kyrgyzstan NBFI market growth and portfolio                                                                               ...
Kyrgyzstan: Stricter regulation from National                                                                       Bank o...
Azerbaijan: Responsible pricing versus                                                   profitability dilemma1. ECA micro...
Azerbaijan NBFI stable growth continues                                             400                                   ...
Responsible pricing benchmark in Azerbaijan           Nominal Yield on GLP (weighted averages)                            ...
Conclusions     1. Positive trends in portfolio quality and profitability figures along with the        growth in borrower...
MIX Global and Project PartnersMIX partners with a dedicated group of industry leaders:                                   ...
Microfinance Information Exchange                        Headquarters:    1901 Pennsylvania Ave., NW, Suite 307        Was...
Upcoming SlideShare
Loading in...5
×

2012 Eastern Europe and Central Asia Regional Snapshot

1,748

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,748
On Slideshare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
12
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • Not sure what the second blue box is trying to say in the first sentence
  • Get word count
  • 2012 Eastern Europe and Central Asia Regional Snapshot

    1. 1. Microfinance Information Exchange2012 Eastern Europe and Central Asia Regional Snapshot The Premier Source for Microfinance Data and Analysis This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    2. 2. Agenda1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. Conclusions 2This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    3. 3. ECA microfinance in a global context1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 3 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    4. 4. ECA microfinance in a global context On MIX Market, ECA accounts for100% only 3% of global loans90% outstanding, but has 10% of the global portfolio. ECA MFIs have80% the highest median outstanding loan balance globally equal to70% USD 1,930.60% S. Asia MENA ECA’s median outstanding50% LAC deposit amount accounts for40% ECA over USD 2,037, which is almost EAP 4 times that of the second30% Africa highest average in LAC, driven by the fact that most ECA NBFIs20% are not allowed to attract deposits and banks are the10% primary deposit-taking 0% institutions. The downscaling Loans GLP Deposit Accounts Deposits banks increase the average Outstanding deposit balance due to the Source: MIX Market, 2013. View the graph data here. inclusion of commercial deposit accounts. ECA’s global coverage share is small, with 7% of global depositors and 9% of global deposits volume. 4This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    5. 5. ECA growth and portfolio quality 12 12 Loan portfolio growth continues for ECA, Millions Number of loans/deposit accounts USD, Billions 10 10 while the number of loans outstanding and GLP and deposits 8 8 deposits remain flat. 6 6 4 4 Banks are the main drivers of deposits 2 2 trends, considering NBFIs are not allowed 0 0 to attract deposits outside of Central Asia. 2008 2009 2010 2011 Deposit-taking NBFIs in Central Asia, GLP Deposits however, continue to grow. In 2011, Loans outstanding Deposit Accounts deposits in Tajikistan nearly doubled, Mongolian NBFIs experienced 50% growth in 5% deposits, and the one deposit-taking NBFI 4% in Kyrgyzstan increased deposits from USD 100,000 in early 2011 to almost USD 1 3% million by 3rd quarter 2012 serving over 2% 1,500 depositors. 1% 0% Portfolio quality continued to improve since 2008 2009 2010 2011 2009, as PAR>30 decreased to 2.9%. PAR>30 (Medians) ROA (Medians) Meanwhile, profitability for ECA MFIs increased by 0.3% since 2010. Positive trendsSource: MIX Market, 2013. View the 1st graph data here. View 2nd graph signal an ECA recovery from the crisis.data here. 5 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    6. 6. Social performance management in ECA1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 6 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    7. 7. ECA social performance reporting Share of ECA in global SP reporting ECA accounts for 21% of the global social performance ECA 19% 21% reporting, as MFIs in the Africa region continue to focus on 4% EAP social performance 17% LAC management. 30% MENA 9% S.Asia ECA increased its social performance reporting by SP reporting growth 54% in 2012 with a total of over 180 MFIs reporting to Africa MIX. National associations S.Asia participating in the Start-up ECA Fund for social performance reporting supported their EAP member MFIs in reporting MENA data. MIX has played a LAC fundamental role by facilitating this reporting. 0% 20% 40% 60% 80% 100% 120%Source: MIX Market, 2013 7This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    8. 8. Gender outreach and staff compositionSource: MIX Market, 2013. View graph data here. Although female outreach in ECA is the lowest globally, it has increased by 2% since 2010. However, ECA has the second highest percentage of female board members, managers and staff. Conversely, in South Asia where female borrowers comprise a large percentage of borrowers, the board and management’s gender composition are comparatively low. 8 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    9. 9. Gender outreach and group loans 60% ECA’s portion of female staff and Share in percentages (medians) female loan officers increased almost in unison over 2011, which indicates MFIs hired female staff mostly for the Female staff front office. The share of female 50% Female LOs borrowers also grew by 2%. Female borrowers Of the countries in the ECA region, Russia has the highest median share of 40% female board members, loan officers, 2010 2011 staff and borrowers. ECA number of loans outstanding 100% The use of group lending in ECA grew; the share of group loans rose from 19% 80% in 2008 to 23% in 2011 in terms of 60% loans outstanding. However, group 40% loans only account for 5% of the total 20% GLP signaling lower average balances. , 0% Kyrgyzstan, Kazakhstan, Azerbaijan 2008 2009 2010 2011 and Tajikistan are the markets with ECA Group Loans ECA Individual Loans over 20% of loans in group lending. Kyrgyzstan leads with over 85% ofSource: MIX Market, 2013. View female outreach data here. loans through group lending. 9 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    10. 10. Rural outreach in ECA 100%ECA Percentage (average) 80% The share of rural borrowers has increased from 54% in 2008 to 66% 60% in 2011, while GLP in rural loans 40% has decreased from 53% in 2008 to 51% in 2011. This signals 20% decreasing average loan balances 0% in rural areas. 2008 2009 2010 2011 Share of rural borrowers Share of urban borrowers 100% MFIs that offer incentives 90% (bonuses) to loan officers forRural outreach (medians) 80% 70% increasing rural outreach clearly 60% have stronger rural outreach than 50% MFIs that don’t offer the same 40% 30% incentive. MFIs with a rural target 20% in their incentive systems have a 10% 22% higher share of active rural 0% Percentage of rural borrowers Percentage of rural borrowers clients relative to MFIs without for MFIs with rural outreach in for MFIs without rural this incentive. incentive system outreach in incentive systemSource: MIX Market, 2013. 10 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    11. 11. Does staff turnover affect client retention rate in ECA markets? Bosnia and Herzegovina vs ECA Azerbaijan vs ECA90% 90%80% 80% Borrower retention (ECA, median)70% Borrower retention (ECA, 70%60% median) 60% Borrower retention (BiH, Borrower retention50% 50% (Azerbaijan, median) median)40% 40% Staff turnover (ECA,30% median) 30% Staff turnover (ECA, median)20% Staff turnover (BiH, 20%10% median) 10% Staff turnover (Azerbaijan, 0% 0% median) FY10 FY11 FY10 FY11 Kyrgyzstan vs ECA It is widely believed that lower staff turnover yields a higher client retention rate. Reason?90% Borrower retention (ECA, median) Client loyalty depends on the relationship with80% staff, and new staff do not always maintain70% relationships with old clients.60% Borrower retention (Kyrgyzstan, median)50% While the broader ECA region does not fit this40% relationship, the three biggest microfinance Staff turnover (ECA,30% median) markets in the region do. In these markets, a20% decrease in staff turnover from 2010 to 201110% matched an increase in the client retention rate Staff turnover (Kyrgyzstan,0% median) (Kyrgyzstan demonstrates the inverse FY10 FY11 relationship).Source: MIX Market, 2013. View client retention and staff turnover data here 11 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    12. 12. ECA funding1. ECA Microfinance in a global context2. Social Performance Management in ECA3. ECA Funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 12 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    13. 13. Cross-border funding for microfinance by region (2009-2011) Regional Allocation of Total Commitments, 2009-2011 Cross-border funding includes funders’ commitments for debt financing, equity and grants to all levels of the financial system (retail, market infrastructure and policy). To see a definition of commitments click here. Source: Graph taken from 2012 CGAP Cross-Border Funder Survey.• SA, ECA, and LAC continue to be the regions that receive the highest amounts of cross-border funding(a combined 60% of total commitments).• Commitments in the ECA region decreased by 5% per year on average between 2009 and 2011 toreach US$3.1 billion.• In contrast, commitments to SSA, MENA, and EAP increased during the same period. 13This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    14. 14. Cross-Border funding for microfinance in most ECA countries is decreasing Commitments by Country* (as of Dec. 2011, and 2009/20011 Trend) 09/11 Dec 2011 Country Growth$300 - $499 mln Turkey  Russia  Serbia  Azerbaijan $100 - $299 mln Bosnia  Tajikistan  Armenia  Romania  Colors denote the amount of cross-border Ukraine  funding (USD) Kyrgyz Republic  Uzbekistan  Cross-border Georgia  commitments decreased $50 - $99 mln Mongolia  in 2/3 of countries in Belarus  ECA as more projects Albania  were closed in 2011 Moldova  than new projects were Kazakhstan  started. Cross-border Bulgaria  funding is being Poland  reallocated to other $2 - $49 mln Montenegro  regions. Kosovo  Macedonia  * Country allocation is available for 75% of ECA committments Turkmenistan  All data and graphs from the 2012 CGAP Cross-Border Funder Survey. 14This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    15. 15. Funding structure for MFIs: Equity investments continue to grow? Reliance on deposits as a funding source by banks decreased in 2011, compensated by a small increase in borrowing. This change is driven by several banks in Central Asia. Equity levels for NBFIs and NGOs continues to increase sharply since 2009. This was led by increasing retained earnings for Georgian NBFIs and Bosnian NGOs; and sharp increases in paid-in capital for big NBFIs in Kazakhstan and Russia, as well as BaiTushum & Partners (Kyrgyzstan) as it prepares to transition from an NGO to a bank. Borrowings decreased for both NBFIs and NGOs. Bosnia’s microfinance meltdown is the main reason for the decrease in borrowings for NGOs.Source: MIX Market, 2013. View the graph data here. 15 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    16. 16. Funding structure: Debt funding for NBFIs and NGOs decreased Each type of funder increased their debt funding to banks during FY 2011. The trend is heavily driven by funds and DFI investments in Georgia, Armenia and Mongolia. Financial institutions, governments and funds decreased their presence in NBFIs and NGOs in 2011. The main reason for the trend is the lack of investor confidence in the Bosnian market, whose recovery from the crisis has yet to be confirmed. Bosnia accounted for over 42% of the total ECA borrowings in 2008. Currently, the share slipped to 21% of the total regional funding. Finally, cross-border debt financing is 90% of all debt financing in ECA, a trend which has not changed for the last three years.Source: MIX Market, 2013. View the graph data here. Fund lender type category is comprised of local funds and cross-border microfinance intermediaries (MIIs). 16 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    17. 17. Bosnia & Herzegovina: Crisis recovery?1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 17 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    18. 18. Bosnia & Herzegovina: Profitability and portfolio quality do not mean growth12% In Bosnia, PAR figures and the write-off ratio10% significantly decreased, thus helping Bosnian 8% 6% MFIs become profitable for the first time 4% since 2009. A report on the microfinance 2% sector by the Banking Agency of the 0% Federation of Bosnia And Herzegovina,-2% however, argues the validity of presented-4% figures.-6% 2008 2009 2010 2011 Although profitability and risk figures were ROA PAR>30 Write off ratio quite promising, Bosnian MFIs’ GLP and outreach continued to drop until 2011. 1,500 500 Through the first three quarters of 2012, USD, Millions Thousands both figures have remained flat. 1,200 400 900 300 Borrowings have steadily decreased for MFIs in Bosnia & Herzegovina. Meanwhile, equity GLP, Borrowing and Equity Loans outstanding 600 200 grew in 2011 and 2012, as profitability positively affected retained earnings. 300 100 0 0 Average loan balance per borrower also continued to shrink by 8% in 2011. This proves that the market is taking a Loans outstanding GLP Borrowings Equity conservative approach to lending and using security measures against further over-Source: MIX Market, 2013. View Bosnia & Herzegovina profitability indebtedness.and portfolio quality data here. View growth data here 18 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    19. 19. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 19 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    20. 20. Kyrgyzstan NBFI market growth and portfolio quality 300 500 Thousands USD, Millions 250 Gross loan portfolio 400 The GLP and number of Active borrowers 200 300 borrowers in Kyrgyzstan’s 150 NBFI market grew steadily in 100 200 recent years. Despite 100 positive trends in portfolio 50 quality, concerns grew 0 0 regarding multiple borrowing 2008 2009 2010 2011 Q3 2012 and potential over- Number of active borrowers GLP indebtedness risks. 4% In the first 3 quarters of 2012, the MFI Bai Tushum, 3% who recently received a license to become a bank, 2% experienced a decrease in borrowers but an increase in 1% GLP They were able to do . this by targeting wealthier 0% clients. 2008 2009 2010 2011 3Q 2012 PAR Write-off ratioSource: MIX Market, 2013. View market growth data here. View portfolio quality data here. 20 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    21. 21. Kyrgyzstan: Stricter regulation from National Bank on NBFIs 50% Nominal portfolio yield 40% Throughout the past year, NBFIs gained the (medians) 30% National Bank’s attention over public concerns 20% regarding high interest rates. The NBKR has opted in favor of market-based tools to 10% influence rates instead of setting interest-rate 0% ceilings. Nevertheless, the NBKR also increased 2005 2006 2007 2008 2009 2010 2011 loan provisioning standards and limited the NBFIs Kyrgyzstan NBFIs ECA Banks ECA fees charged to borrowers for late payments.40%35% Provision for loan For NBFIs, total expenses as a percentage of30% impairment/Assets total assets have slowly decreased since 2008,25% Financial mostly resulting from the financial expense-to- Expense/Assets20% Operating assets ratio falling by nearly 1.5%. The driving Expense/Assets forces behind this trend has been decreasing15% Financial funding costs, as Kyrgyzstan has attracted10% Revenue/Assets Total Expense/Assets much of its funding from international 5% investors in the past few years. As such, 0% funding costs have gone down. 2005 2006 2007 2008 2009 2010 2011Source: MIX Market, 2013. View the 1st graph data here. View the 2nd graph data here 21 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    22. 22. Azerbaijan: Responsible pricing versus profitability dilemma1. ECA microfinance in a global context2. Social performance management in ECA3. ECA funding4. Bosnia & Herzegovina: Crisis recovery?5. Kyrgyz Republic: Stricter regulations to avoid over-indebtedness6. Azerbaijan: Responsible pricing versus profitability dilemma7. ConclusionsReturn to the main agenda slide 22 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    23. 23. Azerbaijan NBFI stable growth continues 400 400 Thousands USD, Millions NBFIs in Azerbaijan consistently Number of active borrowers 300 300 grew in the past few last years. Gross loan portfolio Portfolio quality significantly 200 200 improved since 2010, and the write-off ratio remained very 100 100 low. In 2012, the sharp increase both in active borrowers and GLP 0 2008 2009 2010 2011 0 confirms the untapped potential of the market. Number of active borrowers GLP 3% AMFA has been actively working on developing a code of conduct 2% for market players to set practical guidelines for 1% responsible sector behavior. AMFA requested assistance from 0% MIX on analysis of pricing 2008 2009 2010 2011 Q3 2012 components. PAR>30 Write-off ratioSource: MIX Market, 2013. View market growth data here. View portfolio quality data here 23 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    24. 24. Responsible pricing benchmark in Azerbaijan Nominal Yield on GLP (weighted averages) Not all banks included in the analysis are major 50% players in the microfinance sector and 40% compete with other banks across numerous 30% product lines. This competition has led banks to drop their rates, and in turn their yields, to 20% better compete with their peers. The nominal 10% yield reflects the entire product scope of banks 0% and does not distinguish the microfinance 2005 2006 2007 2008 2009 2010 portion. The yield decrease for banks does not necessarily mean lower prices for microfinance Azerbaijan Banks NBFIs clients borrowing from banks. 40% 30% NBFIs have not had the same pressure to reduce 20% rates and have kept margins steady as expenses continue to increase. The expenses have been 10% increasing ever since NBFIs started paying payroll taxes added by extra costs in 2011 for 0% 2005 2006 2007 2008 2009 2010 the use of a centralized credit registry. Margins Banks - Financial Revenue/Assets Banks - Total expense/Assets have been steady because costs have also gone NBFI - Financial Revenue/Assets NBFI - Total expense/Assets up. Usually, the costs faced by microfinance- focused institutions can vary significantly fromSource: MIX Market, 2013. View the slide data here the larger banks. 24 This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    25. 25. Conclusions 1. Positive trends in portfolio quality and profitability figures along with the growth in borrowers and loan portfolio in ECA signal a regional recovery from the crisis. 2. ECA improved in social performance reporting by representing 21% of global reporting to MIX. 3. MFIs in the ECA region increased outreach in rural areas, as group lending remains a priority methodology in Central Asia. 4. ECA cross-border funding has decreased by average 5% each year since 2009, but equity is growing for both NBFIs and NGOs. 5. The Azerbaijani microfinance sector continues to grow, as the Bosnian market seems to start recovering from the crisis. Ongoing regulatory changes in Kyrgyzstan are expected to bring changes to the sector’s performance. 25This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    26. 26. MIX Global and Project PartnersMIX partners with a dedicated group of industry leaders: 26This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    27. 27. Microfinance Information Exchange Headquarters: 1901 Pennsylvania Ave., NW, Suite 307 Washington, D.C. 20006 USA Visit us on the Web: www.themix.org www.mixmarket.org Regional Offices: Baku, Azerbaijan Contact us: info@themix.org 44 J. Jabbarli st. Caspian Plaza I, 5th Floor, Baku, Azerbaijan Interested in learning more about MIX? Lima, Peru Sign up to receive our free e-mail Jirón León Velarde 333 Lince, Lima 14, Perú newsletters! Rabat, Morocco Immeuble CDG Place Moulay Hassan BP 408 Rabat Morocco Find us on Facebook Follow us on Twitter: @mix_market Hyderabad, India Road #12, Landmark Building, 5th Floor, Banjara Hills, Hyderabad 500034, India 27This presentation is the proprietary and/or confidential information of MIX, and all rights are reserved by MIX. Any dissemination, distribution or copying of this presentation without MIX’s prior written permission is strictly prohibited.
    1. A particular slide catching your eye?

      Clipping is a handy way to collect important slides you want to go back to later.

    ×