Publications

The following documents have been published by the CMEF and are available for download for free on this website.

Microfinance Banana Skins 2009: Confronting Crisis and Change
by the Centre for the Study of Financial Innovation

The latest 2009 edition shows that the global crisis has completely transformed perceptions of the risk landscape for microfinance. An industry once considered to be largely insulated from the “real economy” is now seen as highly vulnerable, particularly as regards prospects for business growth and continued funding.
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 Microfinance and Capital Markets: The Initial Listing / Public Offering of Four Leading Institutions
by Ira W. Lieberman, Anna Anderson, Zach Grafe, Bruce Campbell and Daniel Kopf, 2008

This paper discusses the Initial Public Offerings / listings of the four leading microfinance institutions − Bank Rakyat Indonesia, BRAC Bank (Bangladesh), Compartamos Banco (Mexico) and Equity Bank (Kenya). The study attempts to determine the conditions under which a public offering or listing is suitable for a microfinance organization. It also examines the purpose, structure and process of the offerings and listing in order to extract applicable lessons.
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 Microfinance Banana Skins 2008: Risk in a Booming Industry
by the Centre for the Study of Financial Innovation, 2008

This report reflects the views of more than 300 respondents from 74 countries and is the most comprehensive survey undertaken of the risk outlook for microfinance. The industry survey was conducted by David Lascelles of CSFI, and sponsored by CGAP and Citi Foundation, with support from the Council of Microfinance Equity Funds and the Microfinance Information eXchange.
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 The Growth of Commercial Microfinance 2004–2006
by Elisabeth Rhyne and Brian Busch, 2006

This study tracks and analyzes the growth of the commercial microfinance industry over the past two years and looks at both existing institutions and new entrants. It also comments on the future potential of this industry segment and the current ownership structure of a sample of microfinance institutions.
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 Characteristics of Equity Investment in Microfinance
by Jim Kaddaras and Elisabeth Rhyne, 2004

This study analyzes how much equity has been invested in microfinance institutions today and establishes a spectrum as to where investors fall in terms of their expectations of social vs. financial returns. This study also looks at current governance practices and makes recommendations for establishing and implementing corporate governance standards.
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 The Practice of Corporate Governance in Shareholder-Owned Microfinance Institutions
Consensus Statement of the Council of Microfinance Equity Funds, 2005

This consensus statement is tailored to shareholder-owned MFIs and provides practical guidance for investors to use in assessing the governance of MFIs.
Download this publication in English. издание на русском языке


 Prácticas de Gobernabilidad Corporativa en Instituciones Microfinancieras con Capital Social
Declaración de Consenso del Consejo de Fondos de Patrimonio de Microfinanzas (CMEF)

Esta declaración sobre la gobernabilidad corporativa para IMFs con capital social proporciona una guía practica para aquellas personas que tengan interés sobre el tema de la gobernabilidad – ya sean inversionistas actuales, inversores potenciales, miembros del directorio, y gerentes de IMF – que puedan utilizar y evaluar la gobernabilidad de sus propios IMFs.
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 Pratique de gouvernance des institutions de microfinance cotées en bourse
Exposé de consensus du Conseil de SICAV microfinance (CMEF)

Cet exposé de consensus sur la gouvernance des institutions de microfinance cotées en bourse fournit au lecteur un guide pratique spécialement adapté aux IMF pour tous les partis prenants de la gouvernance – les investisseurs prenants et potentiels, les membres du Conseil et la direction supérieure de l’IMF – pour qu’ils puissent exploiter ses leçons et évaluer la gouvernance de leurs propres institutions.
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