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© 2011 INTERNATIONAL FINANCE CORPORATIONAll rights reserved. May not be reproduced in whole or in part by any means without the writtenconsent of the International Finance Corporation (IFC). This information, while based on sourcesthat IFC considers to be reliable, is not guaranteed as to accuracy and does not purport to becomplete.This information shall not be construed, implicitly or explicitly, as containing any investment rec-ommendations, and, accordingly, IFC is not registered under the U.S. Investment Advisers Act of 1940. This information does not constitute an offer of or on behalf of IFC to purchase or sell anyof the enterprises mentioned, nor should it be considered as investment advice.The denominations and geographical names in this publication are used solely for the conve-nience of the reader and do not imply the expression of any opinion whatsoever on the part of IFC, the World Bank, or other afﬁliates concerning the legal status of any country, territory, city,area, or its authorities, or concerning the delimitation of its boundaries or national afﬁliation.Any views expressed herein are those of the authors and do not necessarily represent the views of the World Bank or International Finance Corporation.Commissioned by IFCs Access to Finance Advisory DepartmentPublished in the United States of America, May 2011©
has over a decade of experience in providing practical, client-responsive, market-ledsolutions to assist ﬁnancial service providers and institutions working with low income clientssucceed and achieve their mission and business objectives. It has a history of working alongsideﬁnancial institutions, telecom operators and FMCG companies, livelihood institutions and devel-opment agencies of varied institutional forms and sizes throughout Africa and Asia. It has under-taken assignments in Afghanistan, Bangladesh, Cambodia, Cameroon, China, Colombia, Egypt,Ethiopia, Ghana, India, Indonesia, Kenya, Malawi, Nepal, Nigeria, the Philippines, Sierra Leone,South Africa, Sri Lanka, Sudan, Tanzania, Uganda and Vietnam.