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CGAP Annual Report 2008Mexico, Russia, Nicaragua, Syria, Afghanistan,Cambodia, Madagascar, and the United Kingdom—and the Central African Economic and MonetaryCommunity (CEMAC) region, and provided trainingto 200 staff of microfinance supervisory agencies inAfrica.well funders are set up to support access to financework. These funders account for about one-third ofall cross-border funding committed to microfinance,amounting to US 4.2 billion. Results from a secondround of SmartAid will be available in FY2009.UÊ CGAP published 20 new research papers thatUÊ Created by CGAP and spun off in 2002, MIX isthe leading provider of business information anddata services for the microfinance industry. As ofJune 2008, more than 1,250 MFIs and 100 fundersreported to MIX (www.mixmarket.org).UÊ CGAP launched two key documents for investors:(1) the 2007 Microfinance Investment VehicleBenchmarking Report provided the first publiclyavailable information on the financial performanceof microfinance investment vehicles and (2) CGAP’sMicrofinance Investment Vehicle DisclosureGuidelines, developed and endorsed by 35 industryand capital market experts, provided a standardizedreporting framework to analyze microfinance fundperformance.UÊ Seven funders (ADB, CIDA, FMO, GTZ, KfW, SIDA,and UNCDF) participated in the pilot round of theSmartAid Index, a tool that provides scores on howreached approximately 100,000 people. More than200,000 individual print pieces and 5,000 CDs weredistributed. And more than 100 CGAP publicationswere translated into French, Spanish, Portuguese,Arabic, Russian, Chinese, and Bahasa.UÊ CGAP staff spoke at more than 100 industry events,either headlining or promoting new research. CGAPprovided background information for more than 600articles by mainstream, regional, and trade press.UÊ With almost 1 million visits, more than 4 millionpage views, and 50,000 monthly unique visitorsfrom 200 countries, Microfinance Gateway (www.microfinancegateway.org) is the most comprehensiveonline resource for the global microfinancecommunity. With a library of over 7,000 microfinancedocuments, Microfinance Gateway consistently ranksat the top in Google searches for microfinance.7

8CGAP Annual Report 2008CURRENT STATEOF MICROFINANCEThe microfinance industry has undergonedramatic transformations in the past five years.UÊ Microfinance has become increasinglyintegrated into the formal financial system, asmore commercial banks and retail institutions takeup microfinance as a business line. New types ofservice providers are entering the market in manycountries, including telecommunications networks,retail outlets, and credit card companies. Some arereaching very poor clients. At the same time, somecommercially oriented microfinance institutions (MFIs)are collecting deposits and tapping into domesticand international capital markets to raise financingnecessary to fuel growth.UÊ Traditional MFIs have matured and are growingrapidly. On average, half of all profitable MFIs arebreaking even within three years of start-up, muchfaster than their predecessors.UÊ More institutions are offering a broader range offinancial services, such as flexible deposit services,insurance services, and money transfers. However,microcredit continues to dominate in many countries.UÊ The need for commercial business practices hasbecome widely recognized as a precondition forsustainable provision of services. While in its earlydays microfinance was heavily subsidized by donormoney, today most microfinance clients are served byfinancially sustainable institutions that charge interestrates that cover the costs of their lending andother services. And interest rates are dropping—onaverage 2.4 percent a year.UÊ Microfinance is attracting funds from morediverse sources. In addition to major developmentfinance institutions and multilateral and bilateraldevelopment agencies, new funders are coming inquickly. Development finance institutions, the privateinvestment arm of development agencies, havestepped up their investments, with US 4.1 billionoutstanding. Private philanthropists and sociallyresponsible investors have entered the field. As of 31December 2007, 91 microfinance investment fundswere active with assets under management ofUS 5.4 billion.UÊ Microfinance is high on the agendas of manydeveloping country governments. This increasedinterest has both positive and negative implicationsfor access to finance. A wider understanding of whatit takes to build sustainable access, more helpful legaland regulatory frameworks, and a greater focus onconsumer protection and financial education are allpositive developments. However, the reintroductionof low interest rate caps and the creation ofgovernment-sponsored, direct-lending institutions, insome countries, could have negative consequencesfor the development of a robust microfinanceindustry.UÊ The business model for financial service delivery isdisaggregating as new partnerships among MFIs,banks, and more recently, telecommunicationsand credit card companies form. Such contractualarrangements frequently enable MFIs, selfhelp groups, or other agents to focus on clientrelationships, while a bank provides back-officeservices and a telecommunications company providestransaction processing.UÊ Mobile banking could become the primary bankingchannel for large segments of poor people.Branchless banking—the use of communicationstechnologies, such as cell phones and nonbankretail institutions to deliver financial services—hasdramatically reduced the cost of delivering financialservices to low-income populations in some countriesand is spreading rapidly.

CGAP Annual Report 2008The microfinance industry has undergonedramatic transformations in the past five years.UÊ The industry has become more professional, withmore and more financial service providers adheringto performance and disclosure standards developedby CGAP and others. Compliance is driven byinvestors and market expectations.UÊ The need to measure impact on poor people’slives, the poverty levels reached, and the socialperformance of institutions is gaining support. Newsocially responsible investors have joined traditionaldonors and a growing number of practitioners incalling for better measurement tools. Consensus isbuilding that client protection measures, such as clearand transparent product terms and conditions,are needed.9

10CGAP Annual Report 2008REMAINING CHALLENGES,GAPS, AND CONSTRAINTSFor all of the accomplishments—and the fresh exposure microfinance has receivedwithin the past few years—the gains are still fragile, and significant gaps andconstraints to achieving universal access to finance remain.UÊ Product diversity remains limited, especially welldesigned deposit products and transaction accountsthat could be the gateway for other services.UÊ Capacity at the management and staff level ofmicrofinance providers remains limited.UÊ Despite the increasing engagement of commercialbanks and retail institutions, real competition amongretail providers is limited. Without the pressureof competition, costs to poor clients remain high,pricing is opaque, and quality services are limited inmost markets.UÊ The local financial market infrastructure formicrofinance remains underdeveloped in mostcountries. Rudimentary payments systems and a lackof credit bureaus thwart access to finance. Shallowlocal debt and equity markets limit the ability offinancial institutions to raise capital domestically.literacy and credit histories. Expansion and adoptionof services are also held back by clients’ ownperceptions and behaviors.UÊ In many markets, subsidized government lendingprograms and poorly designed wholesale lendinginstitutions continue to undermine the developmentof sustainable financial services. The capacity ofsupervisory authorities to implement policieseffectively is often weak.UÊ Most investors seek to fund already successfulinstitutions, rather than fund riskier institutions orinvest in developing market infrastructure, which issorely needed.UÊ Despite important advances, further refinementsand incentives for measuring and reporting on socialperformance are needed. The debate around marketconduct is set to continue as the industry struggles tobalance social and financial goals effectively.UÊ Service expansion is constrained by large distancesbetween client population and lack of financialfor all of the accomplishments,the gains are still fragile

CGAP Annual Report 2008EVALUATING CGAP’S ROLEIn 2007, CGAP undertook an extensive process of industry-wide consultations with abroad range of organizations engaged in the access-to-finance arena, including MFIs,banks, microfinance networks, governments, donors, and investors. The goal was toassess the current and future needs in microfinance and to determine the role CGAPshould play in this rapidly changing environment. Key inputs to this process included aglobal survey and independent evaluation of CGAP’s performance in the past three years.Selected Findings from the Evaluation ofCGAP Phase III (2003–2008)UÊ CGAP’s training and capacity-building initiative hasThe evaluation was conducted by a team of threeindependent consultants consisting of Klaus Maurer,Sarah Forster, and Michael Mithika. The evaluationteam conferred with a broad range of stakeholders andconducted a sweeping literature review.UÊ The strong and effective communications capability isEffectivenessUÊ The CGAP operational team has made clear progressin promoting greater institutional diversity inmicrofinance. But CGAP has done little work so faron financial cooperatives and state banks, whichdeserve more attention.UÊ Work on transparency has been excellent. “CGAP canlay claim to having contributed to improved qualityand increased quantity of information available todayfrom different microfinance actors.”UÊ Attribution for policy changes is difficult to measure,but there are increasing examples in which CGAPinterventions have had a decisive effect on policymakers. CGAP is well on track to achieve expectedpolicy and legal framework outputs.UÊ Aid effectiveness is an area where CGAP has a clearmandate and an absolute advantage; it has madesome very good progress.been a great success.highly rated by all stakeholders: “CGAP publicationsand knowledge products are considered amongthe most important and influential sources in microfinance.”11

12CGAP Annual Report 2008EVALUATING CGAP’S ROLE, continuedUÊ “The CGAP operational team has produced high-qualityoutputs during Phase III. With a few exceptions, theteam is on track to produce almost all outputs.”Value for MoneyUÊ The evaluation team is confident that CGAPrepresents value for money and it compares favorablywith other organizations with similar activities andmission: “CGAP is a cost-effective and competitiveorganization.”AccountabilityUÊ Measurement of outputs is well developed, but morework is needed on tracking contribution to longerterm outcomes and objectives: “CGAP has adequategovernance and management systems that aretransparent and thorough in providing informationabout the program.”UÊ “Overall, CGAP is a powerful and pivotal force in thefield, [and it plays] a critical role in helping others tobuild inclusive financial systems. It produces highquality, high-value work that is universally respected.CGAP provides good value for money and hasearned a highly coveted brand. It has long movedfrom being a ‘program’ to being an organization ofcentral importance to helping achieve the vision of‘access for all’ in terms of financial services.”CGAP provides good value for moneyand has earned a highly coveted brand.

CGAP Annual Report 2008CGAP STRATEGYIn June 2007, CGAP’s members endorsed the strategy that will guide CGAP for thenext five years (2008–2013). This strategy was shaped by extensive industry-wideconsultations, including a scenario-building exercise that analyzed key global forcesimpacting the future of microfinance, a global client survey, an independent externalmid-term evaluation of CGAP, a virtual conference on the future of microfinance andthe role CGAP should play, and focus groups with microfinance practitioners, donors,investors, and policy makers in different regions of the world.CGAP’s overarching objective is to help build financialsystems that work for the poor, with a particularemphasis on building local, deposit-driven markets.Our focus, for at least the next five years, is to ensurethat those local financial markets are equitable—thatthey benefit poor people of all levels of poverty—andefficient—so that poor people do not pay for inefficientinstitutions and systems—and that finance for the pooris fully integrated into mainstream markets.The next phase of CGAP’s work will focus on three rolesthat emerge from our distinct comparative advantageas identified by our stakeholders:UÊ Developing standards and providing advocacy andadvisory services around those standards.UÊ Providing objective, high-quality market intelligencecomplemented by sector data and analytics.UÊ Supporting experimental new approaches, deliverychannels, and product designs.We aim to be an informed, credible, and objectiveindustry organization that is able to raise controversialissues and advocate for difficult change and reform. Weseek to stimulate and facilitate industry debate. We’reopen to all views, but we also know it is important totake well-considered, even if unpopular, positions.13

14CGAP Annual Report 2008About this ReportFinancial Market Infrastructure—Buildinga sound financial infrastructure for betteraccess to finance requires developingefficient, technology-enabled financialdelivery mechanisms that are able toprocess small transactions at low costand provide reliable information on theperformance of microfinance providers.Pro-Poor Financial Services—Developinga broad range of pro-poor financialservices is necessary because differentsegments of the poor need differentkinds of financial services. This requiresengaging a broad range of institutionsand mechanisms to deliver financialservices to poor people. Emphasis is onidentifying and learning from innovativeproducts and services that reach verypoor and unserved populations.Governments—Fostering supportivepolicy environments for microfinancemeans advising policy makers andregulators on policy issues that affectpoor people’s access to finance,developing diagnostics on policy issues,and disseminating research and guidelineson appropriate microfinance regulations.Donors and Investors—Helping donorsand investors use their resources moreeffectively entails building consensusaround and promoting good practicestandards, improving transparency onfunding flows, providing strategic advisoryservices to funders, and building donor andinvestor staff capacity.This Annual Report outlines CGAP’s workin Fiscal Year 2008 (July 2007 through June2008). This work is described according tothe key strategic areas set forth by CGAP’smembers for 2003–2008.Communications and publicationsare a cornerstone of CGAP’s role as akey knowledge center and conveningplatform for the microfinance industry.Our communications and publicationsserve to maximize the uptake andimpact of CGAP’s work.Monitoring and evaluation are themeans by which CGAP approves,monitors, and measures theperformance of both internally managedprojects and financial commitments toexternal institutions.

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EcoBank in Ghana, Syria Savings Bank, Cairo Amman Bank in Jordan, BMCE in Morocco, Forus Bank in Russia, Tameer Bank in Pakistan, Equity Bank in Kenya, and Banco de Nordeste, Microinvest, and Unibanco in Brazil. UÊ. The 150 organizations that make up the Social Performance Task Force agreed to a common set of