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Microfinance reinvents itself

  The Dutch are in the driving seat




Mark Cliffe
Chief Economist ING
Microfinance Event
Amsterdam

6th March 2012
                                      0
Contents

•   Microfinance soars...but there is more to be done

•   Financial crisis – a challenge to foreign funding?

•   Commercialisation and its discontents

•   Reinventing microfinance
     • Transparency and responsibility initiatives

     • Exploiting new technology

     • Developing savings and other services

     • SME financing – focus on the employers


•   Welcome to Holland – the unique role of Dutch microfinance



                                                                 1
Microfinance soars...but there is more to be done

                                                                                        •   Globally, 2.7 billion people are excluded from
               People reached by Microfinance (millions)                                    formal financial services…
2.000                                                                           2.000
1.800                                                                           1.800
1.600                                                                           1.600   •   …of which 1.2 billion people are living under
1.400                                                                           1.400       $1.25 a day.
1.200                                                                           1.200
1.000                                                                           1.000   •   Declining poverty reflects
 800                                                                            800
                                                                                              • China’s development
 600                                                                            600
                                                                                              • …and to a lesser extent India
 400                                                                            400
 200                                                                            200           • but poverty in Africa is on the rise
   0                                                                            0
        1990




                           1995




                                             2000




                                                                  2005




                                                                         2011


                                                                                        •   Microfinance has grown rapidly, reaching 145
                                                                                            million clients living on less than $ 1.25 per day
               People on less than $1.25 per day, China included

               People on less than $1.25 per day, China excluded                        •   While this reaches perhaps 600 million
               Microfinance clients on less than $1,25 per day
                                                                                            people…
               People on $1,25 reached by microfinance (household = 4)                  •   …there is still a gap, which still requires $ 250-
    Source: ING Economics Department based on Worldbank and MIX                             300 billion to close.

                                                                                                                                             2
Domestic funding dominates…
    …but foreign funders also bring crucial expertise

      Domestic vs foreign funding ($ bln, 2010)
                                                                         Sources of foreign funding

                                                               100%                                   Investors
                                                      25
                                                                                    26%
                                                               80%
                                                                                     5%               Foundations and NGOs

                                                               60%
                                                                                    42%               Development Financial
                                                                                                      Institutions
                                                               40%
       55                                                                                             Bilateral agencies
                                                                                     7%
                                                               20%
                                                                                    20%
             Foreign funding      Domestic funding                                                    Multilateral and UN agencies
                                                                0%
     Source: ING Economics Department based on CGAP




•    Microfinance sector totals $ 80 bn globally…          •     DFIs dominate the market (42%)
•    …over 2/3 comes from domestic sources                 •     Investors provide 26% of foreign funding.
•    Of the $25 bn provided by foreign funders,            •     Dutch investors have a high market share (25%)
     the Dutch account for $ 2.1 bln. (8,4%)
•    Foreigners provide money and knowledge
                                                                                                                               3
Developed world recovers slowly from the crisis…
…while the emerging world powers ahead
        Emerging world output surges ahead of developed
Index                                 Fo recasts
           1Q08=100
170                                                       170


               C hina
160                                                       160
               India
               B razil
150            P o land                                   150

               US
140            R ussia                                    140
               Euro zo ne

130                                                       130



120                                                       120



110                                                       110



100                                                       100



90                                                        90
      08        09          10   11     12         13


                                                                4
Developed world faces painful deleveraging

Sovereign and bank debt solvency intertwined    The sovereign debt crisis resulted from the fall-out
                                                 of the financial crisis:
                    ASSET
                                                           Banking Bail-outs
                   PRICES
                                                           ‘Great Recession’

                                                Some banks are still dependent on state/ECB

       BANK
                                                 support, and most are looking for more capital
                                FISCAL
     SOLVENCY                 SOLVENCY          Weak bank lending may hurt economic growth and
                                                 public finances

                                                BUT banks are also big buyers of public debt…
                 ECONOMIC                       …and policy-makers want them to continue…
                  GROWTH
                                                The fiscal squeeze designed to improved fiscal
                                                 solvency will mean monetary policy will have to
                                                 remain loose

                                                                                                   5
Foreign microfinance funding keeps growing…
    …albeit more slowly

  Index                 EM MSCI Index and Portfolio flow s                        tn $                                           Foreign funding
1400                                                                                  15
                                                                                           60%                                                                                              30

                                                                                                     50%
                                                                                           50%                                                                                              25
1200                                                                                 10

                                                                                           40%                                                                                              20

1000                                                                                 5
                                                                                           30%                                                                                              15
                                                                                                                     23%
                                       c
                                                                                           20%                                                                                              10
    800                                                                              0
                                                                                                                                    12%
                                                                                           10%                                                      7%                                      5
                                                                                                                                                                      5%         4%
                                           MSCI EM US$ Index (lhs )
    600                                                                              -5
                                                                                           0%                                                                                               0
                                           Portfolio flows for EM external
                                           and local debt m arkets (rhs )                            2007*           2008           2009           2010           2011F        2012F
                                                                                                         Growth in foreign funding (lhs, %)              Foreign funding (rhs, $ billion)
    400                                                                              -10
                                                                                                 * 2007 based on estimated average annual growth rate for 2005-2007
          07       08         09            10              11               12
                                                                                                 Source: ING Economics Department based on CGAP



•         The financial crisis led to a dramatic drop in world •                             Banks’ and institutional investors’ balance sheets are under
          trade and capital flows in 2009 - emerging markets                                 pressure, but they also want to deliver corporate responsibility
          suffered disproportionately
                                                               •                             Retail investors are increasing sustainable investments, but
•         Developed market investors withdrew capital from                                   face wealth losses and, in some countries, less favourable tax
          emerging markets to cover losses back home                                         regimes…
•         Despite this, foreign funding for microfinance has •                               Government funding is squeezed by austerity measures
          continued to grow, although more slowly

                                                                                                                                                                                                 6
Dutch fiscal austerity bites
    into Development Aid
                                                                                    Dutch ODA budget 2011-2014
                                                            5.000                                                                      25%

                                                            4.000                                                                      20%

                                                            3.000                                                                      15%

                                                            2.000                                                                      10%

                                                            1.000                                                                      5%

                                                               0                                                                       0%
                                                                         2011              2012         2013            2014

                                                                        Total ODA (€ mln, lhs)           Cut ODA budget (€ mln, lhs)
                                                                        Cut ODA budget (%, rhs)
                                                                                                                           Source: Ministry of Foreign Affairs.


                                                                     Dutch tax incentive sustainable investments
                                                            3%




                                                            2%
                                                                       1,3%
                                                                                        1,0%
                                                                                                      0,7%
                                                                                                                   0,4%

•    Fiscal austerity is not confined to Europe’s periphery… 1%
•    …the Netherlands is also tightening…                              1,2%             1,2%          1,2%         1,2%            1,2%


•    …with cuts to development aid and tax breaks for       0%
     sustainable investments                                           2010             2011          2012        2013            2014
                                                                    Box III ("vermogensrendementsheffing")        Box I ("heffingskorting")
                                                                        Source: Ministry of Finance

                                                                                                                                                              7
…but it remains twice the international average

                                                                                        Development aid DAC countries (% of GNI)                                                                                                               1988      2009 
1,2

1,0

0,8                                                               2012                                                                                                                                                                            UN target 0.7

0,6
                                                                                                                                                                                                                                                                             Gap 0.39

0,4

0,2

 ..




                                                                                                                                                                                                                                      Greece
                             Luxembourg
          Sweden




                                                                                                                                   France




                                                                                                                                                                                                                                                                 DAC total
                                          Denmark
                    Norway




                                                                                                                                                    Germany
                                                                    Belgium




                                                                                                    United Kingdom




                                                                                                                                                              Austria




                                                                                                                                                                                                           Portugal




                                                                                                                                                                                                                                                Japan
                                                                                                                                            Spain




                                                                                                                                                                        Canada
                                                    Netherlands




                                                                                                                                                                                                                      United States




                                                                                                                                                                                                                                                        Italy
                                                                                          Ireland




                                                                                                                     Switzerland




                                                                                                                                                                                             New Zealand
                                                                              Finland




                                                                                                                                                                                 Australia
          Source: Worldbank




      •            The Dutch cut back on Development Aid to 0.7% in 2012…
      •            …but still meet the UN target…
      •            …and the budget is twice the average of DAC countries.


                                                                                                                                                                                                                                                                                 8
Is commercialisation the answer?
      Gross Loan portfolio ($ billion)
 60                                                      •   With limited resources available, can
                Profit
                Non‐profit                                   commercialisation lead to more sustainable
 40                                                          growth in microfinance?
                                                         •   Growth in profit-driven MFIs has exceeded
 20                                                          growth in nonprofits
                                                         •   After all, people respond to incentives and
 0                                                           seek profit...
      1995                   2000        2005    2010


      Number of active borrowers (millions)
 80                                                      BUT there have been problems and criticisms:
               Profit
               Non‐profit
                                                         1. Focus on microcredit caused over-lending
 60
                                                         2. Excessive interest rates
 40
                                                         3. Credit for consumption vs income
 20                                                         generation
                                                         4. Neglect of the poor
  0
 Source: MIX
      1995                   2000         2005    2010



                                                                                                           9
Reinventing microfinance (1)
Becoming more transparent and responsible




                                            10
Reinventing microfinance (2)
Exploiting new technology

Mobile banking
•   Increases outreach (rural areas)
•   Reduces operational costs

Biometric devices
•   Reliable client identification
•   Helps in preventing multiple loans
•   Clients take out smaller loans knowing they will be
    identified in the future

Administration systems
•   Digital contracts
•   Better risk management: monitoring loan- and
    portfolio performance, establishing credit ratings



                                                          11
Reinventing microfinance (3)
Developing savings and other services
                                                                                     Households with deposit account in a formal
                                                                  100%                               institution
                                                                           91%


                                                                   80%



                                                                   60%
                                                                                       50%
                                                                                                  42%       42%
                                                                                                                       40%
                                                                   40%


                                                                                                                                  22%
                                                                   20%
                                                                                                                                            12%


                                                                   0%
                                                                            High       Europe    East Asia Middle East Latin  South Asia  Sub-
                                                                          income        and      & Pacific % North America &             Saharan
                                                                         countries     Central               Africa Caribbean             Africa
                                                                                        Asia
                                                                                                                  Source: CGAP & The World Bank Group

 •   Developing countries have huge potential for domestic savings
 •   Provides a safer and more efficient alternative than savings in gold and cattle
 •   Provides an alternative for redistribution of wealth to the poor
 •   But challenges remain:
       • banking system often not mature enough to redistribute money
       • legal framework does not always allow non bank institutions to take deposits
                                                                                                                                                   12
Reinventing microfinance (4)
   SME financing – focus on the employers




Some critics say the very poor need jobs, not loans – not everyone is able or willing to become an entrepreneur
…supporting SMEs may be a less direct, but more effective way of reaching out to the poor.

                                                                                                              13
Reinventing microfinance (4)
SME-funding…a growth opportunity for the Dutch

   SME financing by The Netherlands
                                                              •   SME financing supports entrepreneurs and their
                                                       3%
                                                                  employees…
     4%
     3%                       5%
                              5%                       4%
                                                              •   …SMEs are critical for sustainable economic growth.

     50%                                                      •   Employers may be less poor but they do provide jobs
                                                       52%
                             59%                                  to the community

                                                              •   The Dutch currently provide limited SME financing…

                                                              •   …this could be an opportunity to improve outreach but
     43%                                               40%        requires a different view on depth and breadth of
                             30%
                                                                  outreach…

                                                              •   …and it does carry risks:
    Donors                  MIVs                  Investors
                                                                   • MFIs have lack of knowledge of SME financing
     Low end                               Broad end
                                                                   • Danger of “mission drift”
     High end                              Small business
                                                                   • Increased exposure per investment
      Source: ING Economics Department based on CGAP




                                                                                                                    14
Dutch microfinance is unique in many ways


Direct vs indirect funding (% of $ committed)

                                             9%          •   Dutch microfinance is not just impressive in
           21%
                                                             terms of scale…

                                            53%
                                                         •   …it is based on a long tradition in development
                                                             aid and microfinance

           79%                                           •   Use of direct funding: being on top of your
                                                             investments to have maximum impact
                                            37%
                                                         •   High private sector involvement: making
                                                             microfinance cost effective
       Dutch Offer               The Rest of the World

         Direct          Indirect          Unspecified

       Source: ING Economics Department based on CGAP




                                                                                                            15
Serving 94 countries…both low and middle income


                                                               Top 5 countries ($ million)
                                                 250
                                                       226


                                                 200

                                                                 152
                                                 150
                                                                           117

                                                 100
                                                                                     77
                                                                                               65

                                                 50


                                                  0
                                                       India     Peru   Cambodia   Bolivia Azerbaijan



           Dutch Offer
           The Rest of the World
Source: ING Economics Department based on CGAP


                                                                                                    16
Conclusion - The Dutch are in the driving seat
Breadth of outreach (% of MFIs funded)

      24%                                             # of a cti ve borrowers
                     32%
                                       43%            > 30,000                  •   Many different type of actors: donors,
      25%                                                                           investors and MIVs with unique profiles
                     25%
                                                      # of a cti ve borrowers
                                       31%            between 10,000 to
                                                      30,000                    •   High cooperation to create synergies
      51%
                     43%
                                       26%
                                                      # of a cti ve borrowers   •   Thought-leader and frontrunner on
                                                      < 10,000
  Donors           Investors           MIVs                                         transparency and responsibility initiatives…
      Financial return Dutch funders
8%                                        7%                                    •   …addressing questions raised by recent
6%
                        6%                                                          challenges

4%                                                                              •   More effective measurement…
                                                 2%
2%       1%
                               1%
                                                                                •   …will help us to become smarter with limited
              0%
0%                                                                                  resources.
         Donors         Investors          MIVs
     Return on Equity (ROE)         Return on Assets (ROA)
Source: ING Economics Department based on CGAP

                                                                                                                               17
Disclaimer
All charts sourced from EcoWin or Bloomberg unless stated otherwise.


Certain of the statements contained in this release are statements of future expectations and other forward-looking statements. These expectations are based on management’s
current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such
statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING’s core markets, (ii) changes in the availability of, and costs
associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty
creditworthiness, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency
exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, and (x) changes in the policies of governments and/or regulatory authorities. ING assumes
no obligation to update any forward-looking information contained in this document.
This presentation is intended for general information purposes. It does provide basic information concerning individual Commercial Banking products, insurance products or related services.
However none of the information should be interpreted as an offer to sell securities or as investment advice of any kind. Queries concerning these topics should be addressed to the individual
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                                                                                                                                                                                                              18

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Microfinance reinvents itself

  • 1. Microfinance reinvents itself The Dutch are in the driving seat Mark Cliffe Chief Economist ING Microfinance Event Amsterdam 6th March 2012 0
  • 2. Contents • Microfinance soars...but there is more to be done • Financial crisis – a challenge to foreign funding? • Commercialisation and its discontents • Reinventing microfinance • Transparency and responsibility initiatives • Exploiting new technology • Developing savings and other services • SME financing – focus on the employers • Welcome to Holland – the unique role of Dutch microfinance 1
  • 3. Microfinance soars...but there is more to be done • Globally, 2.7 billion people are excluded from People reached by Microfinance (millions) formal financial services… 2.000 2.000 1.800 1.800 1.600 1.600 • …of which 1.2 billion people are living under 1.400 1.400 $1.25 a day. 1.200 1.200 1.000 1.000 • Declining poverty reflects 800 800 • China’s development 600 600 • …and to a lesser extent India 400 400 200 200 • but poverty in Africa is on the rise 0 0 1990 1995 2000 2005 2011 • Microfinance has grown rapidly, reaching 145 million clients living on less than $ 1.25 per day People on less than $1.25 per day, China included People on less than $1.25 per day, China excluded • While this reaches perhaps 600 million Microfinance clients on less than $1,25 per day people… People on $1,25 reached by microfinance (household = 4) • …there is still a gap, which still requires $ 250- Source: ING Economics Department based on Worldbank and MIX 300 billion to close. 2
  • 4. Domestic funding dominates… …but foreign funders also bring crucial expertise Domestic vs foreign funding ($ bln, 2010) Sources of foreign funding 100% Investors 25 26% 80% 5% Foundations and NGOs 60% 42% Development Financial Institutions 40% 55 Bilateral agencies 7% 20% 20% Foreign funding Domestic funding Multilateral and UN agencies 0% Source: ING Economics Department based on CGAP • Microfinance sector totals $ 80 bn globally… • DFIs dominate the market (42%) • …over 2/3 comes from domestic sources • Investors provide 26% of foreign funding. • Of the $25 bn provided by foreign funders, • Dutch investors have a high market share (25%) the Dutch account for $ 2.1 bln. (8,4%) • Foreigners provide money and knowledge 3
  • 5. Developed world recovers slowly from the crisis… …while the emerging world powers ahead Emerging world output surges ahead of developed Index Fo recasts 1Q08=100 170 170 C hina 160 160 India B razil 150 P o land 150 US 140 R ussia 140 Euro zo ne 130 130 120 120 110 110 100 100 90 90 08 09 10 11 12 13 4
  • 6. Developed world faces painful deleveraging Sovereign and bank debt solvency intertwined  The sovereign debt crisis resulted from the fall-out of the financial crisis: ASSET  Banking Bail-outs PRICES  ‘Great Recession’  Some banks are still dependent on state/ECB BANK support, and most are looking for more capital FISCAL SOLVENCY SOLVENCY  Weak bank lending may hurt economic growth and public finances  BUT banks are also big buyers of public debt… ECONOMIC  …and policy-makers want them to continue… GROWTH  The fiscal squeeze designed to improved fiscal solvency will mean monetary policy will have to remain loose 5
  • 7. Foreign microfinance funding keeps growing… …albeit more slowly Index EM MSCI Index and Portfolio flow s tn $ Foreign funding 1400 15 60% 30 50% 50% 25 1200 10 40% 20 1000 5 30% 15 23% c 20% 10 800 0 12% 10% 7% 5 5% 4% MSCI EM US$ Index (lhs ) 600 -5 0% 0 Portfolio flows for EM external and local debt m arkets (rhs ) 2007* 2008 2009 2010 2011F 2012F Growth in foreign funding (lhs, %) Foreign funding (rhs, $ billion) 400 -10 * 2007 based on estimated average annual growth rate for 2005-2007 07 08 09 10 11 12 Source: ING Economics Department based on CGAP • The financial crisis led to a dramatic drop in world • Banks’ and institutional investors’ balance sheets are under trade and capital flows in 2009 - emerging markets pressure, but they also want to deliver corporate responsibility suffered disproportionately • Retail investors are increasing sustainable investments, but • Developed market investors withdrew capital from face wealth losses and, in some countries, less favourable tax emerging markets to cover losses back home regimes… • Despite this, foreign funding for microfinance has • Government funding is squeezed by austerity measures continued to grow, although more slowly 6
  • 8. Dutch fiscal austerity bites into Development Aid Dutch ODA budget 2011-2014 5.000 25% 4.000 20% 3.000 15% 2.000 10% 1.000 5% 0 0% 2011 2012 2013 2014 Total ODA (€ mln, lhs) Cut ODA budget (€ mln, lhs) Cut ODA budget (%, rhs) Source: Ministry of Foreign Affairs. Dutch tax incentive sustainable investments 3% 2% 1,3% 1,0% 0,7% 0,4% • Fiscal austerity is not confined to Europe’s periphery… 1% • …the Netherlands is also tightening… 1,2% 1,2% 1,2% 1,2% 1,2% • …with cuts to development aid and tax breaks for 0% sustainable investments 2010 2011 2012 2013 2014 Box III ("vermogensrendementsheffing") Box I ("heffingskorting") Source: Ministry of Finance 7
  • 9. …but it remains twice the international average Development aid DAC countries (% of GNI) 1988  2009  1,2 1,0 0,8 2012 UN target 0.7 0,6 Gap 0.39 0,4 0,2 .. Greece Luxembourg Sweden France DAC total Denmark Norway Germany Belgium United Kingdom Austria Portugal Japan Spain Canada Netherlands United States Italy Ireland Switzerland New Zealand Finland Australia Source: Worldbank • The Dutch cut back on Development Aid to 0.7% in 2012… • …but still meet the UN target… • …and the budget is twice the average of DAC countries. 8
  • 10. Is commercialisation the answer? Gross Loan portfolio ($ billion) 60 • With limited resources available, can Profit Non‐profit commercialisation lead to more sustainable 40 growth in microfinance? • Growth in profit-driven MFIs has exceeded 20 growth in nonprofits • After all, people respond to incentives and 0 seek profit... 1995 2000 2005 2010 Number of active borrowers (millions) 80 BUT there have been problems and criticisms: Profit Non‐profit 1. Focus on microcredit caused over-lending 60 2. Excessive interest rates 40 3. Credit for consumption vs income 20 generation 4. Neglect of the poor 0 Source: MIX 1995 2000 2005 2010 9
  • 11. Reinventing microfinance (1) Becoming more transparent and responsible 10
  • 12. Reinventing microfinance (2) Exploiting new technology Mobile banking • Increases outreach (rural areas) • Reduces operational costs Biometric devices • Reliable client identification • Helps in preventing multiple loans • Clients take out smaller loans knowing they will be identified in the future Administration systems • Digital contracts • Better risk management: monitoring loan- and portfolio performance, establishing credit ratings 11
  • 13. Reinventing microfinance (3) Developing savings and other services Households with deposit account in a formal 100% institution 91% 80% 60% 50% 42% 42% 40% 40% 22% 20% 12% 0% High Europe East Asia Middle East Latin South Asia Sub- income and & Pacific % North America & Saharan countries Central Africa Caribbean Africa Asia Source: CGAP & The World Bank Group • Developing countries have huge potential for domestic savings • Provides a safer and more efficient alternative than savings in gold and cattle • Provides an alternative for redistribution of wealth to the poor • But challenges remain: • banking system often not mature enough to redistribute money • legal framework does not always allow non bank institutions to take deposits 12
  • 14. Reinventing microfinance (4) SME financing – focus on the employers Some critics say the very poor need jobs, not loans – not everyone is able or willing to become an entrepreneur …supporting SMEs may be a less direct, but more effective way of reaching out to the poor. 13
  • 15. Reinventing microfinance (4) SME-funding…a growth opportunity for the Dutch SME financing by The Netherlands • SME financing supports entrepreneurs and their 3% employees… 4% 3% 5% 5% 4% • …SMEs are critical for sustainable economic growth. 50% • Employers may be less poor but they do provide jobs 52% 59% to the community • The Dutch currently provide limited SME financing… • …this could be an opportunity to improve outreach but 43% 40% requires a different view on depth and breadth of 30% outreach… • …and it does carry risks: Donors MIVs Investors • MFIs have lack of knowledge of SME financing Low end Broad end • Danger of “mission drift” High end Small business • Increased exposure per investment Source: ING Economics Department based on CGAP 14
  • 16. Dutch microfinance is unique in many ways Direct vs indirect funding (% of $ committed) 9% • Dutch microfinance is not just impressive in 21% terms of scale… 53% • …it is based on a long tradition in development aid and microfinance 79% • Use of direct funding: being on top of your investments to have maximum impact 37% • High private sector involvement: making microfinance cost effective Dutch Offer The Rest of the World Direct Indirect Unspecified Source: ING Economics Department based on CGAP 15
  • 17. Serving 94 countries…both low and middle income Top 5 countries ($ million) 250 226 200 152 150 117 100 77 65 50 0 India Peru Cambodia Bolivia Azerbaijan Dutch Offer The Rest of the World Source: ING Economics Department based on CGAP 16
  • 18. Conclusion - The Dutch are in the driving seat Breadth of outreach (% of MFIs funded) 24% # of a cti ve borrowers 32% 43% > 30,000 • Many different type of actors: donors, 25% investors and MIVs with unique profiles 25% # of a cti ve borrowers 31% between 10,000 to 30,000 • High cooperation to create synergies 51% 43% 26% # of a cti ve borrowers • Thought-leader and frontrunner on < 10,000 Donors Investors MIVs transparency and responsibility initiatives… Financial return Dutch funders 8% 7% • …addressing questions raised by recent 6% 6% challenges 4% • More effective measurement… 2% 2% 1% 1% • …will help us to become smarter with limited 0% 0% resources. Donors Investors MIVs Return on Equity (ROE) Return on Assets (ROA) Source: ING Economics Department based on CGAP 17
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