Feature Service®
March 31, 2011

Center for International Private Enterprise

Corporate Governance, Scale, and Financial Inclusion
Oscar Abello Program Coordinator, Global Programs, CIPE

Article at a glance
• An estimated three billion people around the world have limited or no access to formal financial services. Such financial alienation leads to social and political alienation, which undermines democratic development. • In order to be effective in improving access to finance for the poor, microfinance institutions (MFIs) must better manage key risks they face, including client credit risk, industry reputation, competition, and governance. • Better corporate governance can make the operations of MFIs – both profit and non-profit – more sustainable and more scalable, and have a multiplier effect of increasing transparency and inclusiveness beyond the financial sector.

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formal financial sectors remain reluctant to seek new markets. released in April 2009. microfinance has stirred the imagination of many and spurred discussions about the role of finance in alleviating poverty. Hamid eventually found work as a backup driver for a motorized rickshaw and Khadeja did occasional sewing work from home. and Bangladesh. Scale. there is also demand for the safety and reliability of formal financial services. checking accounts.3 Yet success remains an exception to the rule.395 MFIs that reported their information to the Microfinance Information Exchange (MIX). India. Hamid and Khadeja handled more money in a year than they earned. money never flowed steadily. At the end of the year. –2– . A growing variety of organizations. Hamid and Khadeja are just two of the estimated three billion people who have limited or no access to formal financial services.2 million borrowers and 95. bank loans. and Financial Inclusion Introduction After having their first child together. and business models have emerged to provide access to formal finance for the poor. tools. which undermines the growth of democratic values and institutions. in most low-income and many middle-income countries. the 1. Portfolios of the Poor: How the World’s Poor Live on $2 a Day1. The Problem Over the past three decades. debit cards. with no savings accounts. Settling in the Bangladeshi capital of Dhaka. but after enough visits the authors found they could gain enough trust to obtain a more complete account of the household cash flow. or other basic financial services taken for granted in developed economies. credit cards. just like many other poor households. loans. While there are personal and cultural reasons why the poor may retain some of their informal financial instruments. Such financial alienation leads to social and political alienation. many microfinance institutions (MFIs) have since diversified to provide savings or insurance in response to client needs. put $451 into savings or insurance and took $514 from savings. They attempted to record every financial transaction that each household was willing to disclose – not many at first. Hamid and Khadeja had to move away from their coastal village to find work. they earned about $840 in a year. As of December 2009. formal insurance.Center for International Private Enterprise Corporate Governance. their balance sheet contained assets and liabilities across six different financial instruments – nearly all of them outside of the formal financial sector. Portfolios of the Poor is just one recent illustration that even though many countries’ formal financial sectors ignore the poor. for a cash transaction turnover of $965. Such models typically involve contracting or franchising existing small retailers as agents to collect deposits or disburse withdrawals from bank accounts processed via cell phone. Even the most liberal democratic governments can be held hostage by an oligarchic financial sector that serves only a powerful elite. and other instruments. New models like correspondent or branchless banking that take advantage of mobile technology are reducing transactions costs for banks and bank customers. At first limited to tiny collateral-free loans for the purpose of starting or running a business. Although they earned about $70 a month. Working in South Africa. The couple had to find ways to bridge the good weeks and the bad. In Hamid and Khadeja’s case. teams of trained researchers interviewed over 250 households at 15-day intervals for about a year each. the poor do not ignore finance.8 million voluntary savers worldwide4 – still far from reaching the three billion unbanked.2 Theirs is the life shared by almost half of humanity. offers a detailed portrait of households like Hamid and Khadeja’s. the leading business information provider dedicated to strengthening transparency in the microfinance sector. counted 86.

new technologies to implement. as happened recently in India’s Andhra Pradesh. Strengthening corporate governance of MFIs is part of cultivating new faith in financial sectors that is crucial to undermining perceptions that banks are only for the rich and powerful elite. SKS made headlines in July 2010 when it issued India’s first microfinance initial public offering that attracted major attention from investors as well as critics. Scale. and corrupt at worst. –3– The Crisis In 2005. Internally. there were an estimated one million microloans outstanding in India’s Andhra Pradesh state. if anything. Financial inclusion for the poor and for SMEs will not be achieved without transparency and accountability within the financial sector.Corporate Governance. When corporate governance is neglected. and create a culture of risk awareness among management and staff. but the emergence and growth of financial service models that can reach the poor in current conditions present an urgent corporate governance challenge. that is a telltale sign of weak corporate governance. professional staff can grow to enormous numbers with much lower risk of mission drift.5 . when effective board members set and enforce incentives according to clear social or financial goals. Separating ownership and management roles paves the way for scale and sustainability. and what is on paper. strong corporate governance is a major draw to investors. While there are many individual success stories associated with microfinance. • Tackling the economic informality issue. • Greater transparency across all sectors. there is even more pressure on MFI board members to enforce ethical practices. the consequences can be dire. Where institutions are underdeveloped at best. Improvements in property rights. which then demands the same from other sectors as well as government. may not reflect the MFIs’ strategic decision-making reality. for example has about a quarter of its loan portfolio in Andhra Pradesh. How choices get made and who gets to be involved in strategic decisionmaking can vary tremendously across MFIs. and donors who seek fair treatment and safe harbor for funds. contract enforcement. and Financial Inclusion Center for International Private Enterprise The Benefits of Financial Inclusion for Democracy • Changing perceptions of the financial sector. SKS Microfinance. establish lending discipline. businesses. It is already common for poor households to distrust formal financial institutions. codes of ethics and risk management strategies to adopt. Populist leaders frequently cite banks’ alleged greed and disregard for the average citizen as justification to grab power for themselves. Externally. new services to provide. to list a few. India’s largest microlender. and regulations among other institutions will enable financial sectors to reach the poor. Lack of financing and credit often holds back small and medium-sized enterprises from scaling up to create jobs and opportunities that democracies need for political stability and tax revenue. these stories remain niche-market oases in a financial desert. Greater scale is necessary for formal financial sectors to reach the three billion unbanked. depositors. by 2010 that number skyrocketed to an estimated 25-27 million microloans outstanding. Weak corporate governance leads to financial sector ruin even in places where institutions are strong. valued at about $4 billion. central banks. bankruptcy reform. When a single voice – often the MFI founder – dominates decision-making. Opening a formal bank account represents a new and important tie to the formal economy for the account holder. staff to hire. Such growth came about primarily through private investment. and sectoral change as a goal eschews any notion that the poor should keep to “separate but equal” microfinance institutions while everyone else has access to banks. MFIs face many strategic choices as they grow and evolve – new models to adopt. • Access to local capital for small and growing Whether they are nonprofit or commercial.

industry reputation. so debt. Credit risk Client credit risk is linked to the notion of overindebtedness – microfinance clients taking on more loans than they have the capacity to repay. helping executives or managers discuss and adopt new ideas or technologies as appropriate to the MFI mission. Investors are attracted to firms The Banana Skins For a third year. and other microfinance experts to compile its annual Microfinance Banana Skins report on the top risks facing the microfinance industry worldwide. or donations are the only sources of capital for MFIs. Nothing reinforces ethical practices and risk management better than having to regularly speak and report on them to people outside of daily MFI operations. Scale. it is illegal in India for MFIs to take deposits. become full-fledged banks. Indian microlenders faced collapse when time came to pay their own creditors. rate a list of potential risks – or Banana Skins – and evaluate the preparedness of microfinance institutions to handle these risks. At the Center for Global Development in December 2010. had the profit motive driven microlenders too far and too quickly into consumer lending rather than microenterprise lending? Did agents fully disclose interest rates to clients? What prompted loan officers to use public shaming and intimidation in collecting repayments? Was every MFI guilty of such malpractice? The state government in Andhra Pradesh responded to such questions by issuing a decree to freeze all microlending and to cease all microloan . reflects the results of a survey conducted in November and December 2010 among 533 respondents from 86 countries and multinational institutions.6 In a period of such rapid growth. and competition. Many Banana Skins survey respondents are in the nonprofit space. The 2011 Banana Skins report. demonstrating the awareness that corporate governance is not just a concern for commercial MFIs. the services they provide cannot be at risk just because the founding executive or manager has left. Suddenly deprived of major cash flows. investors. equity. regulators. the Center for the Study of Financial Innovation has surveyed microfinance practitioners. the question of whether MFIs in Andhra Pradesh maintain lending discipline and enforce ethical conduct came suddenly into the limelight. Based on their answers. or merge with a larger commercial bank.” including microfinance. Many questions about Andhra Pradesh’s microfinance crisis remain unanswered. their own. that already have governance procedures in place that will facilitate scaling up without scaling recklessly. the report ranked corporate governance the fourth highest risk both by itself and as an issue deeply embedded in each of the top three risks cited: client credit risk. analysts. India’s leading economic journalist. Swaminathan Aiyar told an audience that if one thing is clear it is that strong corporate governance is absolutely necessary to the future growth and success of microfinance. The easy –4– • Sustainability. Board members serve as a wide- • Scalability. Whether MFIs grow larger on National policy also drove capital into microfinance through the Priority Sector Lending Act that directed 40 percent of domestic lending (and 32 percent of incoming foreign lending) into 14 “priority sectors.7 The rest of the nascent global microfinance industry has taken notice. When stories began circulating in reputable media about clients committing suicide due to an inability to repay their loans. repayments.8 released in February 2011. angle lens on MFI operations. The respondents were asked to describe their main concerns about the microfinance sector over the next 2-3 years. • Flexibility. Furthermore. and Financial Inclusion The Benefits of Corporate Governance for MFIs • Accountability.Center for International Private Enterprise Corporate Governance.

Pressure to extend loans out of kindness or to meet quarterly portfolio targets are tremendous temptations to circumvent checks and balances in the loan approval process – assuming checks and balances exist at all. When it comes to diversifying beyond microcredit. has a treasure trove of case studies where nonprofit MFIs have become for-profit or established forprofit affiliates to diversify services or scale up. partly in response to the growth of commercial finance.9 CFI also serves as the secretariat for the Council of Microfinance Equity Funds (CMEF). yet of course institution building on that scale is never easy. Scale. CMEF released a consensus statement on The Practice of Corporate Governance in Shareholder-Owned Microfinance Institutions outlining the key structures and procedures of sound MFI governance. and extending credit for credit’s sake.Corporate Governance. Commercial MFIs. leaving the industry open to criticism for managing capital irresponsibly and exposing the poor to new-age moneylenders backed by global investors. and keeping interest rates down. are prone to raising interest rates to usurious levels. Competition Banana Skins respondents cited competitive pressure as one of the prime causes of irresponsible lending and over-indebtedness. Being mission-driven is vital to maintaining lending discipline. which a growing number of MFIs have identified as a priority. turning them into the unscrupulous moneylenders they were supposed to eliminate. In the meantime. as is establishing an internal culture of the highest respect for them.10 Unfortunately. transforming from nonprofit to for-profit is sometimes the only way to legally offer savings. Competitively attracting commercial capital to leverage as microcredit allows for a whole world of potential investors to underwrite financial inclusion. as CFI’s managing director Beth Rhyne told the same audience that heard Swaminathan Aiyar in December. missiondriven MFIs versus for-profit. a multi-faceted initiative to advance commercial microfinance while upholding the interests and needs of clients worldwide. Industry reputation Reputation risk revolves around the great debate between advocates of nonprofit. On one side. The events in Andhra Pradesh are the most recent and perhaps the most heated chapter in the story so far. among other things. commercial MFIs. ACCION International’s Center for Financial Inclusion (CFI). such an internal culture is crucial – just ask mortgage lenders in the United States. Other respondents cited the need to repay their own creditors as a prime . Indian microfinance networks and associations are major supporters of India’s national identification system. insurance. India. but they are adamantly opposed to allowing private investors’ interests to dominate client interests. advocates and practitioners of nonprofit. enable the emergence of credit scores for individuals. The difficulty of finding new clients and managing larger client loads nudges loan officers toward circulating more and more loans among established clients rather than growing clientele. Checks and balances are a key area of concern in corporate governance. a group of more than 20 leading private funds that invest in MFIs. enforcing ethical collection practices. commercial MFIs insist that theirs is the only feasible way to reach the three billion unbanked. the world’s most populous democracy. mission-driven microfinance insist that it is the only way to safely and respectfully extend credit to the poor. in their view. –5– On the other side. is only just beginning to create a national identification system that would. and Financial Inclusion Center for International Private Enterprise solution to over-indebtedness is establishing credit bureaus or some functional equivalent. Even with a credit bureau system in place. weakness of internal controls remains a major issue for MFIs. the commitment to corporate governance among MFIs has been taken up in letter but not enough in spirit. Nonprofit MFIs are not necessarily opposed to leveraging private capital as microcredit. or larger loans sought by established clients with growing businesses. In 2005.

investors. The culture of corporate governance at Fonkoze is strong enough that the institution is able to serve as a reliable and transparent conduit for millions of dollars in additional post-earthquake grants and aid flows as an alternative to government channels. or equity for microfinance as it becomes available. Banana Skins respondents noted downscaling by large banks into the microfinance market as further competitive pressure. particularly on the depositor side. uses a heterodox client-member model of corporate governance that was crucial in maintaining lending discipline while innovating in response to client needs in the aftermath of the tremendous and tragic January 2010 earthquake. accountability. or meaningful institutional strengthening? –6– . Fonkoze has both for-profit and nonprofit arms registered in Haiti. or folding entirely. MFIs will have to choose between joining with competitors. Will board members and staff be prepared to have those discussions? Corporate governance In 2010. Competition is not going to go away. Whether an MFI exhibits fairness.13 Fonkoze is an example of an MFI taking corporate governance seriously and a powerful illustration of how strong corporate governance allows an MFI to withstand an earthquake. will that pressure be met with just more promises. Scale. and there is nothing to stop current MFIs from pursuing some of that downscaling investment by merging with or becoming contracted as banking agents to large commercial banks. and transparency – the core values of strong corporate governance – in decision-making and daily operations will be crucial to future growth and resilience.Center for International Private Enterprise Corporate Governance. as noted above. and they are risk-averse when it comes to where they store their money. fueled by correspondent banking models and branchless banking.12 Fonkoze’s individual branch operations formally incorporate client input into loan assessment and even microinsurance claim settlement. whether geophysical or financial. Donors and specialized MFI investors remain keen on pushing microfinance as a poverty relief approach that entails more than just pure handouts. While Fonkoze’s clients may not have studied abstract financial concepts. considered the highest policymaking body in the organization. and Financial Inclusion reason why collection agents resort to intimidation and public shame tactics. or donors. attracting donations or investment to scale up. debt. makes corporate governance a major factor in attracting or deterring new depositors. do indeed have some sophistication when it comes to money and finance. It can take years to build up trust in the community for people to begin leaving their hard-earned money with an MFI agent. MFIs will certainly be competing for continued donations. MIX reported that MFI clients and depositors have been growing about 20 percent a year worldwide11 – with $65 billion in loans outstanding and a total deposit value of about $30 billion. Fonkoze. yet they are governed in practice as a single body under one corporate governance structure. The poor. The Challenge As investors and donors demand stronger corporate governance among MFIs. Regional caucuses of Fonkoze clients provide feedback to branch managers and elect delegates to Fonkoze’s national assembly. responsibility. examples from Portfolios of the Poor demonstrate that the poor do know how to manage money and have plenty to say about how microfinance branch managers should conduct business. Involving clients – many of them also depositors – as a wide-angle lens on its operations is key to Fonkoze’s resilience and ability to adapt and evolve even in the immediate months following the earthquake. Haiti’s largest MFI. That kind of growth.

As microfinance continues to grow. publishes a corporate governance magazine. Kosovo: Riinvest Institute. and inclusive financial sectors. as in any adaptive problem that requires behavioral change and new incentives. and publish a Governance Newsletter and website with more resources devoted to corporate governance for development finance institutions. • Beyond any individual greed or misconduct by managers or board members. and the overall MFI strategy for the future. CIPE has also worked on corporate governance with a number of national-level institutes of directors. The Global Corporate Governance Forum (GCGF). a think tank. governance-asia. Corruption is a symptom of weak corporate governance. institutional weaknesses in the corporate governance environment can undermine even the most wellmeaning MFI. released studies on corporate governance of banks. a division of the International Finance Corporation. Board members or advisors need institutions and resources that enable healthy discussions with managers and staff about topics like lending discipline. both in numbers and in services provided.Corporate Governance. resilient. Tunisia: L’Institut Arabe des Chefs d’Entreprises (IACE) has developed corporate governance guidelines for Tunisia and launched the Center for Corporate Governance in 2009 to fulfill the need for expertise and training in the implementation of good corporate governance. and has 27 large and small companies as signatories to its anticorruption pledge. client over-indebtedness. and to hold each other accountable for standards of professional-quality corporate governance. Scale. improving corporate governance among MFIs requires supporting organizations and networks. For board members or staff. ICD scorecards have become a requirement for all publicly listed companies on the Philippines Stock Exchange. Further education among MFI board members and staff about corporate governance must take place in the context of improving the overall corporate governance environment for insurance companies. ICD introduced separate scorecards for banks and insurance companies. ethical lending and collection practices. MFIs –7– • • • • . Such discussions were either missing or superficial in the rapid growth years preceding the Andhra Pradesh microfinance crisis. built a Corporate Governance Rating System for Development Banks & Other Institutions. those discussions will determine whether growth will lead to more crises. Recently. or to healthy. some of them affiliated with GCGF. and stateowned enterprises as part of promoting and strengthening accountability and transparency in a post-conflict area. Depending on the country. Turkey: The Corporate Governance Association of Turkey (TKYD) has produced corporate governance guides for familyowned companies and football teams. which is why IOD also trains directors in strengthening the governance of their boards. Thailand: The Thai Institute of Directors (IOD) is serving as the backbone organization in a collective action initiative to fight corruption in Thailand. Organizations and networks provide regular forums for board members or staff to share useful practices. and gathers feedback from Turkey’s private sector to comment and make recommendations on corporate governance legislation. in addition to professional accounts’ associations and other organizations. and Financial Inclusion Center for International Private Enterprise Examples of Organizations Working on Corporate Governance Issues • the Association of Development Finance Institutions in Asia and the Pacific have conducted conferences. Philippines: The Institute for Corporate Directors (ICD) annually ranks publicly listed Filipino companies based on a corporate governance scorecard. focuses on building and improving professional associations of board members as key to strengthening institutions for corporate governance. In the last round of scoring. Staff members need support and education about how corporate governance helps them perform better. learn from each others’ mistakes.

Others may not welcome competition. currency exchanges. as bankers impose greater financial disclosure requirements on the firms – and governments – they finance. small businesses gain access to capital. Today’s MFIs may tip the balance toward greater financial. and even local sources of borrowing for municipal infrastructure projects. and have grown used to making safe bets on government debt rather than riskier SME financing. Whether MFIs grow into real financial intermediaries on their own or they merge with larger commercial banks. Banks gain customers. democratic race to profit by serving the poor or financing SMEs. and better institutions are key pieces to the puzzle. finance has been a crucial fulcrum in the human story. lowrisk. where deposits or premiums from the poor themselves are leveraged as microcredit or even larger investments – turning MFIs into real financial intermediaries. New models. and Financial Inclusion and MFI board members may seek closer ties to existing professional corporate governance support organizations or establish their own. political. More transparent and inclusive financial sectors are also prone to increasing transparency across the rest of the economy. Going forward. They have always had state accounts. The Big Picture Strengthening corporate governance of MFIs is not a panacea for increasing access to finance for the poor. in need of more capital than a typical microloan yet still far below current thresholds for commercial bank loans. –8– . no single training manual or workshop can ensure that industry-wide corporate governance evolves and adapts to a constantly changing environment. corporate accounts. and social inclusion. Certainly a few large banks will take on the challenge and join a rules-based. is a question of corporate governance. Scale. and other large clients or transactions for which they can charge exorbitant fees. accessible financial services for the poor or to finance SMEs. Either way.the real engines of job growth and innovation in any economy. spelling different fortunes entirely for financial inclusion. but by pooling the surprisingly deep resources of the poor MFIs could help bring low-cost. MFIs can aggregate larger pools of savings or even insurance premiums that can be leveraged to solve another access to finance problem: the lack of investment flowing to small and medium-sized enterprises (SMEs) in the missing middle. That is the role of dispersed professional networks and organizations. With the sustainable and meaningful inclusion that effective corporate governance facilitates. better corporate governance at MFIs will only become more important due to the growing movement towards savings-led microfinance and microinsurance. Ever since the emergence of agriculture required households to find ways to manage their income between one harvest and the next. Whether they do or they simply fade away as another global development movement gone awry. new technologies. As MFIs that achieve that kind of scale they would also spark competition. local capital to SMEs . Many emerging market financial sectors are dominated by a few large state-owned or recently privatized banks whose interest in more competitive. local sources of financial professionals. These banks have never felt pushed to provide basic. Democracies that deliver financial inclusion gain stakeholders. For those countries where financial inclusion gradually becomes the norm.Center for International Private Enterprise Corporate Governance. and people gain jobs. large wire transfers for multinational trade. They may never become Goldman Sachs. Nonetheless. corporate governance is crucial for piecing the puzzle together. financial inclusion is the ultimate goal. the benefits of course will ripple far beyond the financial sector. inclusive financial sectors varies widely. Growing MFIs could provide that push.

December 9. 9 Center for Financial Inclusion at ACCION International.wsj. October 28. business leaders. CIPE is one of the four core institutes of the National Endowment for Democracy. All submissions relevant to CIPE’s mission will be considered based on merit. CIPE welcomes articles submitted by readers. Robert Schiff and Esteban Silva. http://www. in Economics from Villanova Accessed on March 17. Center for Global Development. newsroom. CIPE grants permission to reprint. civic reformers. where he coordinates social media for CIPE and works on projects strengthening economic journalism.asp. 6 Eric Bellman and Arlene Chang.cgap. 2009. 2010. Articles are e-mailed and posted online twice a month. the Fonkoze Model of Social Evolution. please join the CIPE network by entering your e-mail at www. Stuart Rutherford. CIPE has worked with business leaders. Jonathan Morduch. and journalists to build the civic institutions vital to a democratic society. http://www. http://www. 3 For more on new correspondent banking models: Chaia.centerforfinancialinclusion. 8 Microfinance Banana Skins in_banking_for_the_poor_2703 4 “Microfinance at a Glance – 2008. Scale. http://www. 2010.0003. business associations. he is also a staff writer for Nextbillion. 7 The Global Implications of India’s Microcredit Crisis (Event Video). 11 Banana Skins report. May Oscar Abello is the Program Coordinator for Global Programs at the Center for International Private Enterprise.” January 26. and women and youth. Since 1983. http://www.themix.mckinseyquarterly.reuters. translate. Prepared by Adrian “A new idea in banking for the Final. http://online. 2010. http://resources. 5. Portfolios of the Poor: How the World’s Poor Live on $2 a Day. publications/Aligning_I_240. The CSFI survey of microfinance risk.49643/Microfinance_Banana_ Skins_2011. 2009. 2011. 12 Oscar Abello. August 2. democratic governance. 2 Banking for Billions report (in conjunction with the Economist Intelligence Unit). corporate article/2010/08/02/ corporate governance. The Center for International Private Enterprise (CIPE) strengthens democracy around the globe through private enterprise and market-oriented 304316404575580663294846100. The Economic Reform Feature Service is CIPE’s online and electronic article distribution service. The views expressed by the author are his own and do not necessarily represent the views of the Center for International Private Enterprise (CIPE). mix-microfinance-world/2009/12/microfinance-glance 5 “SKS Microfinance IPO sees strong demand. Orlanda Ruthven. a leading blog and clearinghouse for development through enterprise. 2010.” Reuters.html. January 2011. http://www. and others interested in the issues relating to economic reform and its connection to democratic development.” Updated December 31.” McKinsey multimedia/detail/1424664/.cgdev.pdf.Doc?id=571.000 words). “India’s Major Crisis in Microlending. accion. Alberto. June.” The Wall Street Journal. net/blog/2011/01/26/in-haiti-the-fonkoze-model-ofsocial-evolution-part-2. 13 Accounting for Fonkoze’s Earthquake Funding. –9– . p. and entrepreneurship. 10 The Practice of Corporate Governance in Shareholder— Owned Microfinance Institutions. access to information. Council of Microfinance Equity Funds. business It provides in-depth articles designed for a network of policymakers.fonkoze.9. and/or publish original articles from its Economic Reform Feature Service provided that (1) proper attribution is given to the original author and to CIPE and (2) CIPE is notified where the article is placed and a copy is provided to CIPE’s Washington office.Corporate Governance. Most articles run between 3-7 pages (1. A Special Brief on Fonkoze’s Earthquake Response.aspx. 2011.A. “In Haiti. policymakers.cipe. If you would like to subscribe free of charge. On a volunteer basis. He holds a B. http://www. Consensus Statement of the Council of Microfinance Equity Funds. November 2010. CIPE’s key program areas include anti-corruption. advocacy. http://in. the informal sector and property rights. org/gm/document-1. Princeton University Press. and Financial Inclusion Center for International Private Enterprise Endnotes 1 Daryl Collins. http://www. scholars.

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