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1、1,The Centre for Micro Finance A comprehensive approach of Microfinance,Karachi November 1st, 2006,2,Agenda,Microfinance in India: an overview The Centre for Micro Finance Research Unit MFI Strategy Unit,3,Microfinance: who are the targeted clients?,Poor and vulnerable households economically at the
2、 Bottom of the Pyramid,How can microfinance improve their lives?,4,Microfinance: what is it?,whereas objectives are,Often perceived as,Suite of financial services Thrift / savings Credit Insurance and Investments Transfer Payments and Remittances Group and individual lending Sustainable activity,Mic
3、ro-credit Group lending Social/charitable activity,5,The challenge ahead: demand vs. supply gap to bridge,Supply,Demand,60% of MF services in South,Several un-served areas, 2M Households reached,500M un-served poor,Fast growing population and overall economy,Range of risks to be covered,Missing mark
4、et linkages / employment opportunities,Limited non-credit services,Improve access,Increase impact,Largely urban,Mostly rural,$1.5 Bn*,$50Bn,* Including loans against gold,6,Information Asymmetry No collateral No credit history Difficult to evaluate enterprises potential success,High Costs of Interme
5、diation Low value transactions Geographical isolation High supervision costs (no financial literacy) Informal activities: need flexible access Illiteracy: traditional services inappropriate High cash handling costs,Constraints overcome those challenges?,Difficult risk assessment High transaction cos
6、ts,How to release these constraints?,7,Systems,Finance,Thus the need for institutions building,Venture capital for start ups Cheaper cost of funds for on lending,Capacities,Product development Technology platform Clients authentication by unique ID,Staff Skills strengthening / Training Recruiting of
7、 professionals MFI Entrepreneurs development,Research,Assess and Increase impact on poverty alleviation Experiment and improve products,8,Agenda,Microfinance in India: an overview The Centre for Micro Finance Research Unit MFI Strategy Unit,9,CMFs objectives and mission,Established in 2005 CMFs obje
8、ctives To address knowledge gaps in micro finance sector Experiment on ground solutions CMFs mission Systematically research links between access to financial services and participation of poor in larger economy Participate in maximizing access to financial services,Research on micro finance and liv
9、elihood financing (RU),Strategy building for MFIs (MSU),10,CMFs Objectives,Research,Influence practice,Advocacy,Strategy building,Training,11,MSU and RU re-enforcement loop,Strategy (MSU),Research (RU),Impact of microfinance Impact Evaluation Studies Economics of micro enterprise Insights on HH “fin
10、ancial behavior“ Constraints on HH productivity Experimentation on product design Micro finance transaction costs,MFIs Strategy for growth Definition and implementation of innovative business models Market research, creation of linkages MFIS best practices sharing Design/test of new financial produc
11、ts Capacity building capital structure, HR, MIS, processes, customer segmentation, governance,12,CMF collaborates with existing active players in the microfinance sector,Manufacturing Companies,Insurance Companies,Funding Organizations,MFIs/NGOs/Trust,Banks/Financial Institutions,Universities/ Resea
12、rch Institutions,Regulators/ Policy Makers,Government (Central and State),SMEs,CDF,CIRM,CAFS,CMF,13,Agenda,Microfinance in India: an overview The Centre for Micro Finance Research Unit MFI Strategy Unit,14,Understand better,Why are recovery rates so high? What is the financial behavior of clients? W
13、hat is the impact of microfinance?,Improve quality of services,New and innovative products Maximize the impact of credit through other services,Improve organizations Information management Role of HR policy and staff incentives More cost-effective processes,Goals of Research is to maximize microfina
14、nce impact through 3 axes,Alternative channels SHGs Revive RRBs New channels (Kiosks, ATM, CF),Policy Regulation Competition and information sharing,Expand access,15,These objectives translate into 4 Research areas to maximize microfinance impact,Microfinance plus,Finance and Organizational issues,P
15、olicy,Impact and product design,1,2,4,3,Maximize impact On client,16,Impact and experimentation,“Micro-credit has been changing peoples lives and revitalizing communities” UN, 2005, Year of micro-credit,1,Impact,Experimentation,“The full promise of microfinance can only be realised by returning to t
16、he early commitments to experimentation, innovation and evaluation” Morduch 1999,Can we put numbers on this claim? Are there more cost-effective ways to achieve this goal?,17,Product design: credit,Selection,Monitoring,Enforcement,Individual/group liability Self/MFI selection Guarantors Collaterals Interest rate,Repayment schedule Communication strategies Loan size Interest rate,Design the most cost-effective products by varying credit product components,
