Industry Articles


    The following list includes some of the most influential publications in the microcredit and  microfinance investment industry.

    Featured Articles:

    The Impact Investor’s Handbook- Lessons from Microfinance

    The Impact Investor’s Handbook was  published by Charities Aid Foundation in March 2011.  This publication contains several citations of MicroRate and a case study highlighting MicroRate’s efforts to enhance transparency in the microfinance market (see page 17).

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    Can “Bad” microfinance Practices be the Consequence of too much funding chasing too few microfinance institutions?

    “Long the darling of development institution, the media and, yes, even or private investors, microfinance suddenly finds itself on the defensive: are microfinance institutions really helping the poor or are they exploiting them?  A rating agency provides a unique vantage point from which to search for answers. …”  Read more of Damian’s foreword on page 7.

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    General Articles:

    Inter-American Dialogue-Outlook on Microfinance in Latin America (Jan 2012)

    State of MicroCredit Summit Campaign Report 2011

    Microfinance Banana Skins 2011: Losing its Fairy Dust

    Financial Access 2010:The State of Financial Inclusion Through the Crisis CGAP

    Global microscope on the microfinance business environment 2010: An index and study by the Economist Intelligence Unit

    All Eyes on Microfinance Asset Quality: Microfinance Global Valuation Survey J.P. Morgan and CGAP (2010)

    Microfinance Banana Skins Follow-Up: A Different World (2010)

    Microbanking Bulletin No. 20 MIX Market (2010)

    Microfinance Banana Skins: Confronting Crisis and Change (2009)

    MicroBanking Bulletin MIX Market (2009)

    A Billion to Gain?- The Next Phase (2008)

    Microfinance Banana Skins: Risk in a booming industry- (2009)

    Microfinance Investment:

    Risky Business: An Empirical Analysis of Foreign Exchange Risk Exposure in Microfinance – MFX Solutions (2011)

    Other resources from MFX Solutions (2011):

    CGAP Focus Note 44- Foreign Capital Investment into Microfinance: Balancing Social and Financial Returns- (2008)

    Microfinance: An Emerging Investment Opportunity- A study conducted by Deutsche Bank (2007)

    Tools for MFIs:

    At the end of 2010, CGAP and Grameen Foundation published 3 Guides to help microfinance institutions (MFIs) better understand loan guarantees, securitization and equity investments.  The Guides include tools, such as annotated sample agreements, as well as tips and recommendations that MFIs can use to address their funding needs and concerns.