2012 Sub-Saharan Africa Regional Snapshot

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2012 Sub-Saharan Africa Regional Snapshot

  1. 1. Microfinance Information Exchange 2012 Sub-Saharan Africa Regional Snapshot January 2013 The Premier Source for Microfinance Data and AnalysisThis 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. Table of contents MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 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. MFIs distribution across SSA MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 3This 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. A look at microfinance in SSA The following report is a deep-dive into the 259 Countries included in institutions that reported to MIX in the 2011 financial Bank Coop. NBFI NGO this report year. CEMAC Cameroon, Central African 0 4 5 1 Republic, Chad, Republic of Congo EAC Burundi, Kenya, Rwanda, Tanzania and 8 17 24 10 Uganda SADC* Angola, Democratic Republic of Congo (DRC), Madagascar, Malawi, Mozambique, 6 4 11 14 Namibia, South Africa, Swaziland, Zambia and Zimbabwe WAMU Benin, Burkina Faso, Ivory Coast, Mali, Niger, 0 54 8 19 Senegal and Togo Other Ghana 0 0 12 6 Ethiopia 0 0 3 0 Nigeria 38 0 0 2Number of reporting institutions Comoros, Guinea,Shade indicates total number of institutions Liberia, Sierra Leone, 1 5 2 2 South Sudan 0 1-9 10-18 19-40Total Number of institutions: 259 * Tanzania, member of both EAC and SADC, has been included in the EAC sample for the purpose of this report. 4 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.
  5. 5. Regional concentration of charter types Bank Cooperative NBFI NGONumber of reporting institutions Number of reporting institutions Number of reporting institutions Number of reporting institutions 0 1-9 10-18 19-40 0 1-5 6-10 11-15 0 1-4 5-9 10-14 0 1-2 3-4 5-7Total Number of institutions: 53 Total Number of institutions: 84 Total Number of institutions: 64 Total Number of institutions: 54 Please note the sliding scale by color across the charter types While NBFIs and NGOs are spread relatively evenly in SSA, Banks and Cooperatives are respectively absent in West Africa (except in Nigeria) and southern Africa. 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. Outreach MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 6This 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. Growth trends Growth of active borrowers Growth of depositors 60 40Millions Millions 35 50 30 40 25 30 20 15 20 10 10 5 0 0 2009 2010 2011 2009 2010 2011 SSA EAP ECA LAC MENA SA SSA EAP ECA LAC MENA SA Access the graphs’ data In 2011, in terms of both borrowers and depositors, numbers in SSA recovered slightly from previous losses (10% and 9% growth respectively) due to sustained economic growth across the region despite the global economic slowdown. SSA remains the second largest regional market in terms of number of depositors. If this trends continues, then SSA will be the leader in depositors as of 2012. 7 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.
  8. 8. Depositors dominant in SSA Borrowers vs. Depositors (2011 FYE) SA MENA LAC ECA EAP SSA 0 10 20 30 40 50 60 70 Millions Number of active borrowers Number of depositors Access the graph’s data SSA is the only region globally with depositors far outnumbering borrowers at three to one. 8This 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. SSA: Outreach by charterA deeper look into SSA shows that depositors are dominant across all charter types except for NGOs whichare often not allowed to collect deposits.Banks and Cooperatives are the clear drivers with depositors outnumbering borrowers 6:1 and5:1, respectively. Borrowers and depositors by charter type (2011 FYE) 8 Millions 7 6 5 4 3 2 1 0 Bank Cooperative NBFI NGO Number of active borrowers Number of depositors Access the graph’s data 9This 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. Heterogeneity in loan balances across charters Average loan balance per borrower (2011 FYE) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Bank Cooperative NBFI NGO SSA Access the graph’s dataNGOs and NBFIs disburse the lowest average loan amounts indicating that they target more low-income clients than Banks and Cooperatives do. 10This 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. Linked with the depth of outreachDespite the fact that 73% of Cooperatives reporting SP data consider women as part of their targetmarket, Cooperatives are the only charter with less than half of female borrowers. They are also the least rural-focused with less than one-quarter of clients in rural areas.Two drivers of this are the Ivory Coast and Senegal, who account for over one-third of all Cooperatives’ borrowersin SSA. They are especially urban-oriented with only 18% and 14% rural clients, respectively. Percent of female and rural borrowers (2011 FYE) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Bank Cooperative NBFI NGO Percent of female borrowers Percent of rural borrowers Access the graph’s dataInversely, NGOs serve the highest percentage of women, and NBFIs have the greatest percentage of rural clients. 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. Performance drivers MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 12This 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. Return-on-Assets (ROA) by charter ROA trend 6% 5% 4% 3% 2% 1% 0% 2009 2010 2011 -1% -2% Bank Cooperative NBFI NGO SSA Access the graph’s dataAcross SSA, Banks are the drivers of profitability, but NGOs achieved the strongest ROA growth thanks toa 6 percentage point increase in their financial revenue/assets ratio between 2010 and 2011. Duringthis period, other charters experienced changes of -4 to 0 percentage points. 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. Operating costs by charter Despite having the highest personnel expense/GNI ratio, Banks maintained the lowest personnel expense ratio due to a large asset base. Meanwhile, NGOs, with the second highest personnel expense/GNI ratio, have the highest personnel expense ratio due to a much lower asset base. Breakdown of operating expenses by legal status (2011 FYE) 30% 25% 20% 15% 10% 5% 0% Bank Cooperative NBFI NGO SSA Average of Personnel expense/ assets Average of Depreciation and amortisation expense/assets Average of Administrative expense/ assets Access the graph’s dataAdditionally, Banks maintained the lowest operating expense ratio partially because of their high average loanbalance. Conversely, NGOs have the lowest average loan balance but the highest operating expenses. 14 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.
  15. 15. A look at scale Operating expenses/assets by scale (2011 FYE) Another factor that determines costs is the size of institutions: Small Large institutions (GLP > USD 8 million), regardless of their legal status, kept operating costs as low as 11%.Medium Access the graph’s data Large 0% 5% 10% 15% 20% 25% 30% Breakdown of GLP size by legal status (2011 FYE) Operating expenses/assets 100% 90% 80% Amongst Large institutions, NGOs 70% are the least numerous. 60% Among Small institutions, the 50% majority of the Banks are located 40% in Nigeria. 30% 20% As for Small Cooperatives, over 10% three quarters of them are from 0% WAMU. Large Medium Small Bank Cooperative NBFI NGO Access the graph’s data The data set includes 122 small institutions, 68 medium institutions and 64 large institutions. 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 by region Deposits represent a major share of the funding structure of SSA MFIs, second after EAP. Funding structure and financial expense by region (2011 FYE) 100% 10% 90% 9% Total Funding Total Assets 80% 8% 70% 7% 60% 6% 50% 5% 40% 4% 30% 3% 20% 2% 10% 1% 0% 0% SSA EAP ECA LAC MENA SA Equity Deposits Borrowings Financial expense/ assets Access the graph’s data Although SSA has a greater number of depositors than EAP, the average deposit balance per depositor is nine times lower than in EAP. 16This 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. Different determinants for financial expenses NGOs and NBFIs are the most reliant on external debt Funding structure and financial expense by charter type (2011 FYE) NGOs are not always 100% 10% NBFIs have a allowed to collect similar structure 90% 9% deposits, they also to NGOs with aTotal Funding maintained the highest Total Assets 80% 8% slightly higher share of equity due to focus on deposits. 70% 7% donated equity (25% of their equity base). 60% 6% 50% 5% Banks and Cooperatives maintained low 40% 4% amounts of external debt 30% 3% 20% 2% Banks have high With deposits 10% 1% financial expenses since accounting for over they bear the highest 0% 0% 70% of their funding volume of borrowings in Bank Cooperative NBFI NGO structure, Cooperati absolute terms as well ves have the lowest Equity Deposits Borrowings Financial expense/ assets as the highest cost of financial expenses. borrowings in 2011. Access the graph’s data 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. Funding flows MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 18This 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. Funding commitment across SSA in 2011 The 10 countries with the highest ROA significantly overlap with the countries that have the highest amounts of committed cross-border funding. Top 10 ROA countries ROA Funding by Amount of cross-border funding (USD) (with data available for more than 3 (weighted recipient MFIs) average) country (Million USD) Ethiopia 8.17% 161 DRC 7.69% 57 Nigeria 7.41% 71 South Africa 5.61% 6 Kenya 4.75% 143 Uganda 4.51% 160 Tanzania 2.99% 182 Ghana 2.09% 128 Senegal 1.90% 91 Cameroon 1.53% 30 Tanzania, Ethiopia, Uganda, Kenya and Ghana alone account for 30% of commitments.Access the table’s data Graph from the 2012 CGAP Survey on Cross-border Funding for Microfinance 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. Focus on cross-border commitment Cross-border commitments in SSA are increasing: while grants and debts dominate, equity is on the rise. Top 10 recipients, Trends by instrument breakdowns by instrument (As of Dec. 2011) $3,000 $1,200Millions $2,500 $1,000 Millions $2,000 $800 $1,500 $600 $1,000 $400 $500 $200 $0 $0 Dec09 Dec10 Dec11 Debt Grant Guarantee Equity Other Debt Grant Guarantee Equity Unspecified Top10 All SSA The top 10 recipient countries as compared to SSA are attracting significant shares of debt and guarantees (over 60%), but equity is mostly going to other countries. Data from the 2012 CGAP Survey on Cross-border Funding for Microfinance 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. Commitment designation Trends by Funding Purpose $3,000 Millions $2,500 $2,000 $1,500 $1,000 $500 $0 Dec07 Dec09 Dec11 Capacity Building Refinancing Unspecified Over one-third of the funding commitments to SSA are for “capacity building” purposes, whereas globally “capacity building” only amounts to 16% of commitments. As a young microfinance market, SSA still has a significant need for capacity building. Data from the 2012 CGAP Survey on Cross-border Funding for Microfinance 21This 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. Local funding Amount lent by funder region (2011 FYE) Over one-third of the funding for SSA is provided by funders within the region, which charge higher interest rates than foreign funders do. SSA Others Types of local lender by legal status (2011 FYE) Maturity and rate by local lenders (2011 FYE) 120 12% Months $1,000Millions 100 10% $800 80 8% $600 60 6% $400 40 4% 20 2% $200 0 0% $0 DFI Financial Fund Government Other Bank Cooperative NBFI NGO Institution DFI Financial Institution Fund Government Other Average term (months) Average interest rate NBFIs receive the majority of local funding in SSA, predominantly coming from financial institutions, which carry the highest interest rate (11%) of all local lenders. Over the period 2008-2011, over 80% of NBFIs’ local funding went to Ethiopia and Kenya (38% and 45% respectively). Data from the 2012 MIX Funding Structure Database – Funding structure database covers 59 institutions of SSA, hence the discrepancy from earlier described borrowings. 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. Foreign funding Among all charter types, banks are the ones attracting the largest amount of foreign funding (40%). Types of foreign lender by legal status (2011 FYE) Maturity and rate by foreign lender (2011 FYE) $700 100 10%Millions Months 90 9% $600 80 8% $500 70 7% 60 6% $400 50 5% $300 40 4% 30 3% $200 20 2% $100 10 1% 0 0% $0 DFI Financial Fund Government Other Bank Cooperative NBFI NGO Institution DFI Financial Institution Fund Government Other Average term (months) Average interest rate Among foreign funders, Funds and DFIs are the most active in SSA, accounting for 54% and 28% of all foreign funding respectively. They also carry the highest interest rates. However, foreign lenders overall provide cheaper funding than local lenders at an average rate of 9% per annum vs.10% for local lenders. Data from the 2012 MIX Funding Structure Database – Funding structure database covers 59 institutions of SSA, hence the discrepancy from earlier described borrowings. 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. A look at Regional Economic Communities (REC) MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 24This 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. Zoom at regional economic community level MFIs distribution in WAMU (Dec. 2011)* MFIs distribution in EAC (Dec. 2011)* Cooperative Bank NBFI NGO Cooperative Bank NBFI NGO *The charter type distribution is based on the count of MFIs reporting to MIX in 2011, by charter type Access the charts’ dataCooperatives, fostered by the PARMEClaw, dominate the sector in WAMU. For-profit institutions (NBFIs and Banks) are shaping the landscape in the East AfricanExpectations for landscape diversification Community (EAC), accounting for over half ofgrew with the new microfinance law and all reporting institutions.NBFIs are starting to emerge. 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. Current status of new microfinance law adoption in WAMU PARMEC law New law Adopted in 1993 by the Council of Ministers of The new law (the Regulatory law of WAMU, the PARMEC law established the Decentralized Financial System) was adopted conditions governing the exercise of mutual in 2007 by the Council of Ministers and or cooperative savings and credit institutions replaces the PARMEC law. Primarily, it in the community. implements a single licensing scheme for all In 1996, a framework agreement was adopted charter types. to guide registration for non-mutualist MFIs At the national level, each WAMU member excluded from the law. country is obligated to pass the law. Mali Law n°10- Niger 013 Burkina Faso Law n°023- Law n° adopted in 2009/AN 2010-04 2010 adopted in adopted in 2009 2010 Senegal Law n° 2008-47 adopted in Benin 2008 Law n° 2012-14 Bissau Guinea Law adopted in n°9/2008 2012 adopted in 2008 Togo Ivory Coast Law n° Law 2011-009 n°2011-367 adopted in adopted in 2011 2011 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. Returns by REC Returns on assets (2011 FYE)10% WAMU achieved the lowest financial revenue 5% possible due to the low level of interest 0% rates MFIs can charge (a price cap, aka the TEG, is set at 27% for all MFIs). -5%-10% Expenses and Revenues (2011 FYE)-15% 50%-20% 40% 09 10 11 09 10 11 09 10 11 09 10 11 09 10 11 30% WAMU EAC CEMAC SADC SSA 20% By 2011, EAC was the only REC to maintain a 10% positive ROA. 0% While SADC is on the rebound, WAMU and WAMU EAC CEMAC SADC SSA CEMAC each had declining ROAs in 2011. Total expense/ assets Without Namibia, SADC’s ROA would be positive Financial revenue/ assets in 2009 and 2010, and -1% in 2011. Average of Yield on gross portfolio (nominal) Access the graphs’ data 27 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.
  28. 28. Zoom on Ghana, Ethiopia and Nigeria Total borrowers (2011 FYE) Ghana, Ethiopia and Nigeria, not captured in the Ethiopia analysis by REC, together account for over a third of Ghana 14% SSA’s total borrowers. 5% Remainder of Nigeria SSA 17%All three countries achieved an increase in ROA in 2011 64%after a decrease in 2010. Return on assets (2011 FYE) Expenses and revenues (2011 FYE)12% 60%10% 50%8% 40%6% 30%4% 20%2% 10%0% 0% Ghana Ethiopia Nigeria Total expense/ assets Ghana Ethiopia Nigeria Financial revenue/ assets Average of Yield on gross portfolio (nominal)Due to the June 30 FYE in Ethiopia, annual figures have not yet been captured for that market. Please refer to MIX’s Ethiopia country page for a more comprehensive view on thatmarket as of March 31, 2011. 28This 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.
  29. 29. Is risk decreasing in SSA? There has been a substantial decrease in PAR>30 over 2011 thanks to efforts in WAMU and EAC. In EAC, Kenya and Burundi particularly shaped this trend: PAR 30 decreased in each country by 12 percentage points. Risk trends in SSA (2011 FYE) 12% 10% 8% 6% 4% 2% 0% 2009 2010 2011 Portfolio at risk > 30 days Write-off ratio Access the graph’s data 29This 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.
  30. 30. Risk level by REC Risk by REC (2011 FYE)12%10% High risk in SADC is mainly driven by8% Malawi, Zambia and Mozambique. EAC is the only regional economic6% community maintaining a PAR>304% below 5%.2%0% WAMU EAC CEMAC SADC SSA Risk in Ivory Coast Portfolio at risk > 30 days Write-off ratio 35% 30% 25% 20% Ivory Coast is a driver of high risk for WAMU. 15% The share of the portfolio written off in 2011 10% reflects the impact of the 2010 disputed 5% elections and ensuing political crisis. 0% Ivory Coast 2009 Ivory Coast 2010 Ivory Coast 2011 Portfolio at risk > 30 days Write-off ratio Access the graph’s data 30 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.
  31. 31. Conclusion MFIs distribution across SSA Outreach Performance drivers Funding flows A look at Regional Economic Communities (REC) Conclusion 31This 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.
  32. 32. Conclusion Each charter type is clearly shaping the landscape where it is most prevalent. SSA’s positive ROA trends are led by East Africa. Foreign funding remains prevalent and represents the most attractive funding conditions in SSA. Despite localized high risk levels, overall risk is decreasing in SSA. 32This 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.
  33. 33. Data sources Performance of MIX Market microfinance providers Funding structure MIX Market Funding Structure Data Cross-border funding CGAP Cross-Border Funding Survey SSA Financial inclusion MIX: Mapping Africa Financial Inclusion map WAMU status of Banque Centrale des Etats de l’Afrique de l’Ouestmicrofinance law adoption 33This 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.
  34. 34. Acronyms Communauté Economique et Monétaire de lAfrique Centrale: Cameroon, Republic of Congo, Equatorial Guinea, Gabon,CEMAC Central African Republic, Chad. ECA Eastern Europe and Central Asia EAC East African Community: Burundi, Kenya, Rwanda, Tanzania and Uganda. EAP East Asia and the Pacific DFI Development finance institution LAC Latin America and the CaribbeanLarge Gross Loan Portfolio > 8 million USDMedium Gross Loan Portfolio between 2 and 8 million USDMENA Middle East and North Africa NA North AmericaPARMEC Projet dAppui à la Réglementation des Mutuelles dEpargne et de Crédit REC Regional Economic Community SA South Asia Southern African Development Community: Angola, Botswana, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, SADC Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe.Small Gross Loan Portfolio < 2 million USD SSA Sub-Saharan AfricaWAMU West African Monetary Union: Benin, Burkina Faso, Bissau Guinea, Ivory Coast, Mali, Niger, Senegal and Togo. WE Western Europe 34 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.
  35. 35. MIX Global and Project PartnersMIX partners with a dedicated group of industry leaders: 35This 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.
  36. 36. 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 36This 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.

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