Microfinance Bibliography 111007

Economist Intelligence Unit Limited 2011 1
Full bibliography for the

Global microscope on the
micronance business
environment 2011
This document contains a comprehensive list of the primary, secondary and interview sources for the
Global Microscope 2011 index and report. The bibliography provides a list of sources and interviews in
regional and alphabetical order. Please note that the opinions expressed in the interviews conducted with
the individuals listed do not necessarily represent those of their organisation or afliation. Interviews
were conducted between June and July of 2011.
Economist Intelligence Unit Limited 2011
Global microscope on the micronance
business environment 2011
2
Common primary and secondary sources
Banking with the Poor (URL: http://www.bwtp.org): Indonesia (2011); Nepal (2010); Thailand (2010)
Consultative Group to Assist the Poor (URL: http://www.cgap.org): Armenia (2011); Azerbaijan (2011); Bolivia
(2011); Bosnia and Herzegovina (2011); Costa Rica (2011); Egypt (2011); El Salvador (2011); Georgia (2011); Ghana
(2011); Kenya (2011); Mexico (2011); Morocco (2009); Nicaragua (2011); Nigeria (2011); Pakistan (2010); Peru
(2010); The Philippines (2005); Turkey (2011); Vietnam (2011); Yemen (2005)
Deloitte/IAS Plus (URL: http://www.iasplus.com): Costa Rica (2011); Ecuador (2009); Indonesia (2011); Jamaica
(2009); Mexico (2011); Nicaragua (2003); Thailand (2008); Turkey (2011); Vietnam (2009)
eStandards Forum (URL: http://www.estandardsforum.org): El Salvador (2009); Guatemala (2011)
International Monetary Fund (URL: http://www.imf.org): Bolivia (2011); Indonesia (2010); Nepal (2010);
Nicaragua (2011); Thailand (2010)
MicroCapital (URL: http://www.microcapital.org): Nepal (2010); Nicaragua (2010)
Mix Market (URL: http://www.mixmarket.org): Costa Rica (2011); Democratic Republic of the Congo (2011);
Egypt (2011); Georgia (2011); Ghana (2011); Kenya (2011); Lebanon (2011); Madagascar (2011); Mexico (2011);
Mongolia (2011); Mozambique (2011); Tajikistan (2011); Turkey (2011); Yemen (2011)
World Bank (URL: http://www.worldbank.org): El Salvador (2005); Nepal (2007); Thailand (2006)
World Bank, Doing Business (URL: http://www.doingbusiness.org): Bolivia (2011); Democratic Republic of the
Congo (2011); Georgia (2011); Ghana (2011); Haiti (2011); Honduras (2011); Madagascar (2011); Nicaragua
(2011); Tanzania (2011); Turkey (2011);
Additional common sources: Deloitte/IAS PLUS (URL: http://www.iasplus.com/country/useias.htm); Economist
Intelligence Unit Country
Finance, Country Commerce and Country Reports; Risk Brieng Service and ViewsWire platform (URL: http://www.
eiu.com); Microscope on the Micronance Business Environment 2010 (www.eiu.com/GlobalMicroscope2010); The
Heritage Foundation (URL: http://www.heritage.org);
Sources by region
East and South Asia
Primary and secondary sources
Asia Micronance Analysis and Benchmarking Report 2008. (2008). Micronance Information Exchange, Inc. and
Intellecap.URL:
http://www.themix.org/sites/default/les/
2008%20Asia%20Micronance%20Analysis%20and%20Benchmarking%20Report.pdf
Bangko Sentral ng Pilipinas, Circular NO. 727, June 2011.
Bangko Sentral ng Pilipinas, Manual of Regulations for Banks, revised 2008.
Bangkok Post. Counter Service seeking micronance opportunity. 12.11.2010. Online article accessed July
2011. URL: http://www.bangkokpost.com/business/economics/205962/counter-service-seeking-micronance-
opportunity
Bangkok Post, Lukewarm response to Microcredit rules, May 31st, 2011, online article accessed July 2011. URL:
http://www.bangkokpost.com/business/economics/239770/lukewarm-response-to-microcredit-rules
Bangkok Post. The Pros and Cons of Getting a Loan. 14.02.2010. Online article accessed July 2011. URL: http://
www.bangkokpost.com/news/investigation/32897/the-pros-and-cons-of-getting-a-loan
Bangkok Post. Thailand Post may provide micronance centres, 31.08.2010. Online article accessed July 2011.
URL: http://www.bangkokpost.com/business/economics/193808/thailand-post-may-provide-micronance-centres
Bangladesh Bank. (August 2008). Bangladesh Mobile Payments Directive, 2008 Draft.
URL: http://www.mpf.org.in/pdf/Bangladesh_Bank_M_Payment_Guidlelines_2008.pdf
Bangladesh Bank (2010): Banking Regulation and Policy Department Circular No. 10, dd. March 10th 2010. URL:
http://www.bangladesh-bank.org/openpdf.php?urlpdf=mediaroom/circulars/brpd/mar102010brpd10e.pdf
Bank Danamon ofcial website. Accessed July 2011. URL: http://www.danamon.co.id/index.php?lng=2
Bank for Agriculture and Agricultural Co-operatives, ofcial website. Accessed July 2011. URL: http://www.baac.
or.th/baac_en/index.php
Bank Indonesia ofcial website. Accessed July 2011. URL: http://www.bi.go.id/web/en
Bank Mandiri ofcial website. Accessed July 2011. URL: http://www.bankmandiri.co.id/english/index.aspx
Bank Negara Indonesia ofcial website. Accessed July 2011 URL: www.bni.co.id
Bank of Thailand (November 2009): Financial Services Master Plan Phase II.
Bank of Thailand (2010). Payment Systems Roadmap 2010. URL:
http://www.bot.or.th/English/PaymentSystems/BOT_ps/PolicyPS/Documents/Payment%20Roadmap%202010_
Eng.pdf
Bank Rakyat Indonesia ofcial website. Accessed July 2011 URL: www.bri.co.id
Banking with the Poor Network (2010): Centre for Micro-Finance (CMF) Nepal. Accessed July 2011. URL: http://
www.bwtp.org/cmfnepal.html
Banking with the Poor Network: Indonesia Country Prole. Accessed July 2011. URL: http://www.bwtp.org/arcm/
indonesia/I_Country_Prole/Indonesia_country_prole.htm
4
Banking with the Poor. Micronance in Asia: Trends, Challenges and Opportunities. Internet report accessed June
2011. URL: http://www.bwtp.org/les/MF_Trends_Challenges_Opportunities_ELECTRONIC.pdf, 2009.
Banking with the Poor and SEEP Network (2009): Micronance industry report: Nepal. URL: http://www.bwtp.
org/les/MF_Industry_Nepal_ELECTRONIC.pdf
Banking with the Poor. Micronance industry report: Vietnam. Internet report accessed June 2011. URL: http://
www.bwtp.org/les/MF_Industry_Report_Vietnam_ReportELECTRONIC.pdf, 2008.
Banking with the Poor Network (2010): Nepal Country Prole. Accessed June 2010.
URL: http://www.bwtp.org/arcm/nepal/I_Country_Prole/nepal_country_pro le.html
Basu, Indrajit. (February 2011). Micronance, macro problems. China Daily. Internet article accessed July 2011.
URL: http://www.cdeclips.com/les/asiapdf/20110211/cdasiaweekly20110211p19.pdf
Bersch, Julia, Rodolfo Maino, Diane Mendoza, Kalin Tintchev, and Claire McGuire. (2011). Mongolia: Financial
System Stability Assessment. International Monetary Fund. Washington, DC.
Bloomberg (March 2010): Accounting rule deadline to be extended. Internet article accessed July 2011. URL:
http://www.livemint.com/2010/03/17230149/Accounting-rule-deadline-to-be.html
BOT working paper (October 2010). The Effects of E-payment Instruments on Cash Usage: Thailands Recent
Evidence and Policy Implications. URL: http://www.bot.or.th/English/PaymentSystems/Publication/
PSResearchPaper/WorkingPaper/TheEffectOfEpaymentInstrumentsOnCashUsage.pdf
Business Standard, February 18th 2011, RBI raises capital adequacy ratio for deposit-taking NBFC. Internet article
accessed July 2011. URL: http://www.businessstandard.com/india/news/rbi-raises-capital-adequacy-ratio-for-
deposit-taking-nbfcs/425600/
Business Standard, May 30th 2011; Equifax India launches micronance credit bureau. Internet article accessed
July 2011. URL: http://www.business-standard.com/india/news/equifax-india-launches-micronance-credit-
bureau/136906/on
Business Standard, June 6th 2011; RBI wants more banks to launch mobile banking. Internet article accessed
July 2011. URL: http://www.business-standard.com/india/news/rbi-wants-more-banks-to-launch-mobile-
banking/137622/on
Cambodia Micronance Association list of members (http://cma-network.org/drupal/Members), Accessed July
2011.
Campos, Pilar; Druschel, Kate; Gallardo, Joselito; Martowijoyo, Sumantoro; Meagher, Patrick; and Peck Christen,
Robert (2006). Micronance Regulation in Seven Countries: A Comparative Study.
Central Bank of Sri Lanka (April 2011). Annual Report 2010. URL:
http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/annual_report/AR2010/English/content.htm
Central Bank of Sri Lanka (December 2010). Financial System Stability Review 2010. URL:
http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/nancial_system_stability_review/_fssr_2010e.pdf
CGAP, Philippines Country-Level Savings Assessment, 2005.
CGAP, Update on Regulation of Branchless Banking in Pakistan, February 2010.
China.org. (June 2011). CBRC to revise capital adequacy rules for banks. China.org. Internet article accessed July
2011. URL: http://www.china.org.cn/business/2011-06/09/content_22749433.htm
China Orbit. (Date unknown but after 2007). China Accounting Standards: A New Beginning. China Orbit. Internet
article accessed July 2011. URL: http://www.chinaorbit.com/china-economy/chinese-accounting-standards.html
Commercialisation of MicronanceIndonesia (2003), ADB, URL: http://www.adb.org/Documents/Reports/
Commercialization_Micronance/INO/default.asp
Consultative Group to Assist the Poor (2010): Country Prole Nepal. Accessed July 2011.
Credit Information Bureau of Sri Lanka website. URL: http://www.crib.lk/index.php/en/
The Daily Star (2010). Mobile banking hits spotlight. Internet article dd. March 2nd 2010 accessed July 2011.
URL: http://www.thedailystar.net/newDesign/news-details.php?nid=128281
Deloitte/IAS Plus. Financial Reporting Framework in Vietnam. September 2009. URL: http://www.iasplus.com/
country/vietnam.htm
Deloitte/IAS Plus: Indonesia. Accessed July 2011. URL: http://www.iasplus.com/country/indonesia.htm
Deloitte, (Last updated 2011). CASPlus - a resource for China Accounting Standard. Deloitte.
Internet article accessed July 2011. URL: http://www.deloitte.com/view/en_CN/cn/services/audit/
14f88d21091fb110VgnVCM100000ba42f00aRCRD.htm
Deloitte Touche Tohmatsu Jaiyos (Thailand) (2008). IFRS and GAAP in the Kingdom of Thailand. URL: http://www.
iasplus.com/asia/0805ifrsthai.pdf
Dewan, Alamgir (March 2011). IFAD COSOP. Bangladesh Micronance Sector Update, Background paper on
Bangladeshs Micronance Sector, unpublished.
Dhakal, Nara Hari (Micronance Summit Nepal February 2010): Role of State for the Development of Micronance
Sector.
Directive, E.PRA.Nridheshan No. 21/067, as referenced in IFC. (May 2011).
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Directive No.14/067 Unied directives 2067); Bai.Bi.Ni,Bi/niti/paripatra/50/066/67/ dated 2067.3.32/16 July
2010-09-14
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Duos, Eric. Opportunities for a Big Leap for Financial Inclusion in Vietnam? May 11th 2011. URL http://micronance.
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Economic Times, Are corporates ready for IFRS?, April 7th 2010; URL: http://www.peerpower.com/et/debate/29/
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The Economist, November 4th 2010, Micronance in India: Discredited. Internet article accessed July 2011. URL:
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The Economist (April 2011), Rich Pickings, URL: http://www.economist.com/node/18587177
Economist Intelligence Unit Risk Brieng April 2010
Peoples Republic of China. (2008). CBRC Provisional Rules Governing Lending Companies.
URL: http://www.planetnancechina.org/resource-center/guidelines-microcredit-providers
EIU Country Report: Mongolia. (May 2011) Economist Intelligence Unit. New York, New York.
Flaming, Prochaska, and Staschen (2009), Diagnostic Report on the Legal and Regulatory Environment for
Branchless Banking in Indonesia, URL: http://www.cgap.org/gm/document-1.9.34817/Branchless%20Banking%2
0Diagnostic%20in%20Indonesia.pdf
Global Legal Group-CDR, The International Comparative Legal Guide to: Litigation and Dispute Resolution. Online
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Government of Nepal, Ministry of Agriculture and Co-operatives. Department of Cooperatives website: Accessed July
2011. URL: http://www.deoc.gov.np
6
Government of Thailand; Ministry of Finance (2009): Micronance Master Plan.
Government of Vietnam. Decree 165: Amendments to Goverment for Micronance Institutions activity in Vietnam.
Vols 165/2007/ND-CP. Hanoi, November 11th 2007.
. Decree 28 : Organisation and Operation of Micronance Institutions. Vols 28/2005/ND-CP. Hanoi, March 9th
2004.
. Decree on credit information related activities. Vols 10/2010/ND-CP. Hanoi, February 10th 2010.
Grameen Bank Monthly Update in US$: June 2011. URL: http://www.grameen-info.org/index.php?option=com_con
tent&task=view&id=453&Itemid=527
GTZ ProMis (November 2010). Impact Assessment of Micronance in Sri Lanka. URL:
http://www.micronance.lk/pdf/2010_11_GTZ_Impact%20Assessment%20Micronance%20Sri%20Lanka.pdf
GTZ ProMis (2010, updated edition). Micronance Industry Report, Sri Lanka. URL:
http://www.micronance.lk/pdf/2010_GTZ%20BWTP_MF%20Industry%20Report_updated1.pdf
GTZ ProMis (2009). Report on Savings Mobilization by Micronance Institutions in Sri Lanka. URL:
http://www.micronance.lk/pdf/2010_GTZ%20BWTP_MF%20Industry%20Report_updated1.pdf
GTZ ProMis (2010). Legal Study on the Micronance Sector in Sri Lanka 2010. URL:
http://www.micronance.lk/doc/legal_Study.pdf
The Himalayan Times. NRB to chalk out work plan to overcome crisis. 15 June
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The Himalayan Times. Publish interest rates quarterly. NRB move aims to bring more transparency in banking
system. 6 January 2011. Accessed July 2011. URL: http://www.thehimalayantimes.com/fullNews.php?headline=P
ublish+interest+rates+quarterly&NewsID=272064
The Hindu Business Line, June 2nd 2011; Why Micronance needs the Bill. Internet article accessed July 2011. URL:
http://www.thehindubusinessline.com/opinion/editorial/article2068516.ece?homepage=true
IFC Bulletin No 31. Paper presented by Davina Kunvipusilkul at the IFC Conference on Measuring nancial innovation
and its impact, Basel, 2627 August 2008. URL: http://www.bis.org/ifc/publ/ifcb31f.pdf
IFC and KfW, Pakistan: Micronance and Financial Sector Diagnostic Study, 2009
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Indian Express, Help MicronanceDont kill it, November 26th 2010. Internet article accessed July 2011. URL:
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International Monetary Fund (IMF). Indonesia: Report on the Observance of Standards and Codes. November 2010.
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The Kathmandu Post, June 14, 2011; MFIs demand direct supervision by NRB; URL: http://www.ekantipur.
com/2011/06/14/headlines/MFIs-demand-direct-supervision-by-NRB/335696/
KPMG. (2010). Mainland China Banking Survey 2010. KPMG. Beijing, China.
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Lohani, Sudhir P. (Micro Finance Association Nepal, February 2010): Challenges and Issues Currently Faced by Micro
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Microcapital Brief (2010). Liquidity Crunch Forces Nepalese Micronance Institutions (MFIs) to Increase Lending
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8
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Sa-Dhan. Core Values, Code of Conduct and Compliance Mechanism. Online document accessed July 2011. URL:
http://www.sa-dhan.net/Resources/Sa-Dhan%20Code%20of%20Conduct%20nal.pdf
Sana Kisan Bikas Bank Ltd (SKBBL): Small Farmers Development Bank, ofcial website. Accessed July 2011. URL:
http://www.skbbl.com.np/SKBB_Content_7.html
10
Sandagjav, Nergui and Jacob Yaron. (August 2005) Mongolia: the Micronance Industry.
Sarvodaya Economic Enterprise Development Services website. URL: http://www.seeds.lk/
SBP, Circular 17: Guidelines in Dealing with Customer Complaints, July 2004
SBP, Guidelines for Commercial Banks to Undertake Micronance Business, 2006.
SBP, Guidelines for Mobile Banking Operations of Micronance Banks/ Institutions, March 2008.
SBP, Micronance Institutions Ordinance 2001, as amended up to 1st July 2007.
SBP, Prudential Regulations for Micronance Banks, updated on 1st January 2011.
SBP, SMED Circular No. 11 of 2006: Prudential Regulations for Commercial Banks to Undertake Micronance
Business.
Securities and Exchange Commission of Pakistan, Companies Ordinance of 2004.
Shankar and Asher (2009). Regulating Indias Micronance Sector: A suggested framework. Online document
accessed July 2011. URL: http://www.micronancegateway.org/gm/document-1.9.40921/micronance_
regulation.pdf
SMART Campaign, SMART Notes No. 5, October 2010.
South Asia Micronance Network, Pakistan. URL: http://www.samn.eu/?q=pakistan
Srinivasan, N. (2009). Micronance India, State of the Sector Report 2009. Sage, New Delhi, India.
State Bank of Pakistan (SBP), Branchless Banking Regulations for Financial Institutions Desirous to undertake
Branchless Banking, March 2008.
State Bank of Vietnam. Providing for prudential ratios in operation of small scaled nancial institutions. Circular of
Governor of the State Bank of Vietnam. Vols 07/2009/TT-NHNN. Hanoi, April 17th 2009.
Story from Credit Information Bureau of Sri Lanka website. (April 2011). CRIB develops movable assets registry.
URL: http://www.crib.lk/06042011.pdf
Symbiotics Newswatch, various
Tempo (January 2011), 2011 Micro Credit Target at Rp20 Trillion Internet article. URL: http://www.
embassyondonesia.org/news/2011/01/news001.htm
Thai-Asean News Network (2011). Thailand Post to Launch Micro-Financial Services. 23rd May 2011. URL: http://
www.tannetwork.tv/tan/ViewData.aspx?DataID=1043994
Transparency International Global Corruption Barometer 2010. Accessed July 2011. URL: http://www.transparency.
org/policy_research/surveys_indices/gcb/2010
The Wall Street Journal (March 2010): Indias Micro Industry to Share Data. Internet article accessed
July 2011. URL: http://online.wsj.com/article/SB10001424052748704784904575111470418555624.
html?mod=googlenews_wsj
Wilkinson, Betty, Xiaofei Jiang and R. OSullivan. (2010). Peoples Republic of China: EastWest Partnerships for
Poverty Reduction. Asian Development Bank. Manila, Philippines.
URL: http://www.adb.org/documents/books/rural-nance-prc/rural-nance-prc.pdf
World Bank (2007), Access to Financial Services in Nepal; URL: http://siteresources.worldbank.org/NEPALEXTN/
Resources/publications/415830-1174327112210/complete.pdf
World Bank (June 2005): Report on the Observance of Standards and Codes: Republic of IndonesiaAccounting and
Auditing.
World Bank (2006). Thailand Country Development Partnership: Financial and corporate sector competitiveness
program assessment and completion report. URL: http://siteresources.worldbank.org/INTTHAILAND/Resources
/333200-1089943634036/475256-1151398840534/oct26_Summary_Financial_Sector_development.pdf
World Bank, Doing Business 2011, Accessed July 2011. URL: http://www.doingbusiness.org
World Bank, Report on the Observance and Standards of Codes, 2007.
Xiaoshan, Du, Sun Tongquan, He Guangwen and Bai Chengyu. (2010). Micronance in China. World Micronance
Forum. Geneva, Switzerland.
URL: www.micronanceforum.org/cm_data/ChinaCompendium-eVersion.pdf
Yan, Li (translator). (July 2009). The CBRC Issued the Rules on MCC Transform. China Micronance Association.
Internet article accessed July 2011. URL: http://en.chinam.net/pub/news.asp?ctyp=NEWS&catid=1744&ctxid=40
27
Interviewees for East and South Asia
Awal, Abdul, Executive Chairman, Credit and Development Forum (CDF)
Baig, Ayesha, First MicroFinanceBank, Ltd.
Bedford, Jason, Financial Services Manager, KPMG Beijing
Borgmann, Florian, Project Manager, KfW Frankfurt
Chitkasem Pornprapunt, Division Executive Strategy Division, Financial Institutions Policy Group, Bank of Thailand
Cu, Nhan Phan, Director of International Cooperation Dept., Vietnam Bank for Social Policies
Dhakal, Nara Hari, Senior Advisor, Centre for Empowerment and Development (CED), Nepal
Ferguson, Ross, DFID
Geron, Piedad, independent consultant
Ghimire, Tejhari, Centre for Micronance, Nepal (CMF)
Haq, Aban, Research Analyst, Pakistan Micronance Network
Haque, Khandakar Muzharul Haque, Executive Chairman, Microcredit Regulatory Authority (MRA)
Hooper, Tim. Executive Director of the Vision Fund in Mongolia
Kamal, Nagwa, CEO, MICRA Foundation Indonesia
Karki, Sujan, PlanetFinance advisor, SME and micronance expert
Mallorie, Edward, Bangladesh micronance expert, independent consultant
Mangalika Samarasighe Pathiranage, Sriyani. Womens Development Foundation, Sri Lanka
Neeraj, Swapnil, IFC, Senior Micronance Specialist
Oliver, Justin, India micronance expert
Pirajit Padmasuta, Team Executive, Financial Institutions Policy Group, Bank of Thailand
Ren, Li, Senior Investment Ofcer, IFC Beijing
Sandagjav, Nergui. Founder of Training Evaluation Research Institute (TERI), NGO and Senior Advisor in Micronance
and Community Development
Sari, Yunita, Directorate of Credit, Rural Bank and SME, Bank Indonesia
Shrestha, Shankar Man, CEO, Rural Micronance Development Centre (RMDC)
Si, Len, Executive Director, Cambodia Micronance Association
Srinivasan, Girija, India Micronance specialist, independent consultant
Tayag, Pia Bernadette Roman, Head, Inclusive Finance Advocacy, Bangko Sentral ng Pilipinas
Togtoh, Enhjargal. Director of Micronance Banking Department, Retail Banking Division, XacBank
12
Tran, Nhu-An, Micronance Consultant, Independent Beijing
Trang, Pham Thu, International Relations Ofcer, TYM-Vietnam Womens Union
Van, Ngo Thi Thanh, Micronance consultant
Widowati, Margaretha Ari, Director, BISMA
Wijesundara, Hasitha, Promotion of the Micronance Sector (ProMiS), Sri Lanka
Wilkinson, Betty, Principal Micronance Specialist, Asian Development Bank Manila
Three additional, condential interviews were conducted for this region.

Eastern Europe and Central Asia
Acra credit Reporting agency. Accessed July 2011. URL: http://www.acra.am/en/about.html
ADB (November 2010). Tajikistan: Micronance Systems Development Programme report.
Aljazeera. Micronance meltdown in Bosnia. Accessed July 2011. URL: http://english.aljazeera.net/
focus/2010/01/20101393659573655.html
Alliance Group Micronance, Georgia. Social Performance Rating. Planet Rating. Accessed July 2011. URL: http://
www.ratinginitiative.org/uploads/tx_dbreports/PlanetRating_AGM_2011_Social_Exec_Summ.pdf
AMCHAM. International Financial Reporting Standards (IFRS) in Armenia - Status Update. Accessed July 2011. URL:
http://www.amcham.am/index.cfm?objectid=851E352C-5BF8-11DE-A3C20003FF3452C2
Armenia: IFC Provides MFI Inecobank Support to Expand Access to Trade Finance, Sunday,
September 05, 2010. Accessed July 2011. URL: http://ibankingondemand.com/2010/09/05/
ArmeniaIFCProvidesMFIInecobankSupportToExpandAccessToTradeFinance.aspx
Brown, Matthew and Ruth Jacobs. (2010). Comparative Analysis of Micronance Policy Frameworks and Legislation
of Selected Countries: Azerbaijan and Central Asia Micronance Support Project. IFC. Washington, D.C.
Center for Financial Inclusion at Accion International. Summary of Client Protection in Bosnia and Herzegovina.
Accessed July 2011. URL: http://www.accion.org/Page.aspx?pid=1417
CGAP: Regulatory overview. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142555/
CGAP: SME Finance. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142558/
CGAP: Deposits. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142556/
CGAP Country prole. Armenia. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html
CGAP: Armenia: Regulatory framework. Accessed July 2011. URL: http://www.cgap.org/p/site/c/template.
rc/1.26.13754/
CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011. URL: http://www.cgap.org/gm/
document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf
CGAP and Micronance Information Exchange (MIX). (March 2011). MIX Micronance World: Eastern Europe
and Central Asia Micronance Analysis and Benchmarking Report 2010. Micronance Information Exchange.
Washington, DC.
CGAP. Regulation Center: Azerbaijan. Accessed via the Internet June 2011. URL: http://www.cgap.org/p/site/c/
template.rc/1.9.45584/
CGAP Country prole. Bosnia and Herzegovina. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html
CGAP Country prole. Georgia. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html
CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011. URL: http://www.cgap.org/gm/
document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf
14
CGAP: Enabling international remittance services in Georgia. Accessed July 2011. URL: http://technology.cgap.
org/2010/09/22/enabling-international-remittance-services-in-georgia/
Credit Bureau - Central Bank of Armenia. Accessed July 2011. URL: http://www.alexius.net/aid/Regions/eurasia/
credit-bureau-central-bank-of-armenia
CGAP/The World Bank Group Report. Financial Access 2010. The state of Financial Inclusion Through the Crisis.
September 2010.
CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011.
URL: http://www.cgap.org/gm/document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf
Creation of Sustainable Business. United Nations Development Programme. UNDP GSB Initiative Growing
Sustainable Business for Poverty Reduction Turkish Economic Bank (TEB a local Turkish banking company). Case
study Micronance in Turkey, 2010. . Accessed June 2011. URL: http://www.scienceagainstpoverty.es/Resources/
documentos/Programa/ppt/d2/Thomas_Sales_ppt.pdf
Decision on Terms and Procedure for Issuing Permits for Conducting Micro Crediting Activities (enacted in 2006)
Decision on Procedure of Revoking Work Permit of Micro Credit Organizations (enacted in 2006)
Decision on Amount and Way of Forming Reserves for Covering Loan Losses in Micro Credit Organizations (enacted in
2006)
Decision on Unied Way of Calculating and Expressing Effective Interest Rate to Loans (enacted in 2006)
Decree on Other General Requirements for Business Operations of a Microcredit Organization (enacted in 2007)
Decree on the Supervision of Microcredit Organization Business Operations (enacted in 2007)
Decree on Requirements and the Procedure for Issuing and Revoking the Operating Permit (enacted in 2007)
Decree on Requirements and the Procedure for Issuing the Operating Permit to a Microcredit Foundation Formed
Upon the Microcredit Organizations Change of Form (enacted in 2007)
Decree on Requirements and the Procedure for Issuing the Operating Permit and Approvals for Acquiring the
Ownership Shares (enacted in 2007)
Decree on Percentage and Manner for Forming and Maintaining Reserves for the Coverage of Loan Losses (enacted in
2007)
Decree on Uniform Method of Calculation and Disclosure of the Effective Interest Rate on Loan and Deposits (enacted
in 2007)
Deloitte. Accounting Standards Updates by Jurisdiction. Financial Reporting Framework in Turkey. Accessed July
2011. URL: http://www.iasplus.com/country/turkey.htm
Deloitte. IFRSs in your Pocket 2006 Turkish Language Edition. Accessed June 2011. URL: http://www.iasplus.
com/dttpubs/2006pocketturkish.pdf
Department of Banking and Finance. Credit Bureaus & Rating Services. Accessed July 2011. URL: http://www.
georgia.gov/00/channel_title/0,2094,43414745_46384393,00.html
Department of Banking and Finance. Credit Reports / Credit Reporting Agencies. Accessed July 2011. URL: http://
www.georgia.gov/00/article/0,2086,43414745_46389324_67825023,00.html
Eastern Europe and Central Asia ECA. Accessed June 2011 URL: http://mpra.ub.uni-muenchen.de/17696/1/
MPRA_paper_17696.pdf
Economist Intelligence Unit. Risk Brieng: Turkey. Accessed July 2011. URL: http://www.eiu.com/index.asp?layou
t=RKCountryVW3&country_id=1450000145
Economist Intelligence Unit. Risk Brieng: Armenia. Accessed July 2011. URL: http://www.eiu.com/index.
asp?layout=RKCountryVW3&country_id=870000287
Economist Intelligence Unit. Risk Brieng: Bosnia and Herzegovina. Accessed July 2011. URL: http://www.eiu.
com/index.asp?layout=RKCountryVW3&country_id=1360000336
Economist Intelligence Unit. Risk Brieng: Georgia. Accessed July 2011. URL:http://www.eiu.com/index.
asp?layout=RKCountryVW3&country_id=1700000170
EIU. Georgia Risk Rating. Accessed July 2011. URL: http://www.eiu.com/index.asp?layout=RKArticleVW3&article_
id=1107945095&page_title=Latest+risk+analysis&rf=0
European Investment Fund. Finansbank. High demand from Turkish businesses leads to extra nance from CIP.
Accessed June 2011 URL: http://www.eif.org/what_we_do/guarantees/news/2011/2011_nansbank_turkey.htm
February 2010. Micronance in Bosnia and Herzegovina: A randomised eld experiment on the impact of extending
micronance to marginal clients, Baseline Report
Governors Ofce of Consumer Protection. Accessed July 2011. URL: http://consumer.georgia.gov/
GTZ-AMFOT (July 2010). Opportunity Study for a Mobile Banking Initiative in Tajikistan. HORUS Development
Finance. Paris.
Hurriyet Daily News. Raising awareness about micronance in Turkey. Accessed June 2011. URL:
http://www.hurriyetdailynews.com/n.php?n=raising-the-awaraness-on-micro-nance-2010-08-13
IFC. (2010.) Micronance Legal Environment in Azerbaijan, Bosnia & Herzegovina, and Central Asia 2010. IFC.
Washington, DC. URL: http://www.micronancegateway.org/gm/document-1.1.9031/Micronance%20legal%20en
vironment.pdf
ILO (November 2010). Migrant remittances to Tajikistan: The potential for savings, economic investment, and
existing nancial products to attract remittances. ILO. Geneva.
IMF (June 2011). Country Report No. 11/130: Republic of Tajikistan: 2011 Article IV Consultation. IMF.
Washington, DC.
The International Bank for Reconstruction and Development / The World Bank Report: Doing Business 2011, Turkey.
Making a difference for entrepreneurs. Accessed July 2011. URL: http://www.doingbusiness.org/~/media/FPDKM/
Doing%20Business/Documents/Proles/Country/DB11/TUR.pdf
International Finance Corporation/ the World Bank. Doing Business. Ease of Doing Business in Turkey. Getting Credit.
Accessed June 2011 URL: http://www.doingbusiness.org/data/exploreeconomies/turkey/#getting-credit
January 2004. Survey of the Legal and Regulatory Environment for Micronance in the Republic of Armenia,
Chemonics International Inc., & Day, B. & Howard Foundation, CGAP.
Law on Banks and Banking of 1996 (amended through 2007). URL: http://www.cgap.org/p/site/c/template.
rc/1.9.44930
2005. The Regulatory Reform Process for Micronance in Armenia Harutyunyan, M. CGAP
2009. Doing Business 2010. Reforming through difcult times The World Bank/ International Finance Corporation.
Doing Business.
2009. IFRS Drive for Global Convergence, Status in Armenia. KPMG
2009. Micronance Information Exchange Bosnia and Herzegovina MF Transparency and MIX Market bulletin.
2009. Are Deposits a Stable Source of Funding for Micronance Institutions? CGAP.
2009. Deposits as Funding: New study nds stability in poor peoples savings CGAP.
2009. MFO GEORGIAN CREDIT. Emic Group/Georgian Credit.
2009. JSC MICROFINANCE ORGANIZATION FINCA GEORGIA and independent auditors report.
16
2009. Doing Business 2010. Reforming through difcult times The World Bank/ International Finance Corporation.
2010. Doing Business 2011. Bosnia and Herzegovina. Making a Difference for Entrepreneurs. The International
Bank for Reconstruction and Development / The World Bank.
2010. Doing Business 2010. Georgia. Making a Difference for Entrepreneurs. The World Bank
2010. FINANCIAL ACCESS 2010 Europe and Central Asia (ECA) A regional snapshot. CGAP/ The World Bank Group.
2011. Doing Business. Armenia. Making a difference for Entrepreneurs. The World Bank.
January 2011. Consumer Protection Laws and Regulations in Deposit and Loan Services A Cross-Country Analysis
with a New Data Set. The World Bank /Financial and Private Sector Development.
KAMURJ UNIVERSAL CREDIT ORGANIZATION LLC. Accessed June 2011. URL: http://www.mdf.am/datas/media/Invest
ment%20Promotion%20Booklet.pdf
Law on Attraction of Banking Deposits (enacted in 2008). URL: http://www.cgap.org/p/site/c/template.
rc/1.9.45947
Law on the Central Bank of Armenia of 1996 (amended through 2007). URL: http://www.cgap.org/p/site/c/
template.rc/1.9.44931
Law on Consumer Credit (enacted in 2008) (Armenian). URL: http://www.cgap.org/p/site/c/template.rc/1.9.45948
Law on Credit Organizations of 2002 (amended through 2007). URL: http://www.cgap.org/p/site/c/template.
rc/1.9.44932
Law on Financial System Mediator (enacted in 2008). URL: http://www.cgap.org/p/site/c/template.rc/1.9.45949
Law on Joint Stock Companies (enacted in 2001). URL: http://www.cgap.org/p/site/c/template.rc/1.9.44934
Law on Limited Liability Companies (enacted in 2001). URL: http://www.cgap.org/p/site/c/template.rc/1.9.44933
Law on Unied Financial Regulation and Supervision Framework (enacted in 2005). URL: http://www.cgap.org/p/
site/c/template.rc/1.9.44935
Law on the Central Bank of Bosnia and Herzegovina of 1997 (amended through 2006) Federation of Bosnia and
Herzegovina
Law on Banks for the Federation of Bosnia and Herzegovina of 1998 (amended through 2003)
Law on the Banking Agency for the Federation of Bosnia and Herzegovina of 1996 (amended through 2006)
Law on Microcredit Organizations of the Federation of Bosnia and Herzegovina (enacted in 2006)
Law on Banks for the Republic Srpska (enacted in 2003)
Law on the Banking Agency of the Republic Srpska of 1998 (enacted in 2003)
Law on Microcredit Organizations of the Republic Srpska (enacted in 2006)
Law of Georgia, On Micronance Organizations, 2006.
Law of Georgia, On Micronance Organizations Activities 2006
Law of Georgia, On The National Bank of Georgia, 2006
Laws of Georgia, On Entrepreneurs, 2006
March 10. _________ ______ _ ___________ ____: ______ _ _____________ __________ _______________
____, (Eastern Europe and Central Asia: Analysis and comparative performance of micronance), CGAP/Mix Market
Report (In Russian)
March 2011. Eastern Europe and Central Asia Micronance Analysis and Benchmarking Report 2010. A report from
Micronance Information Exchange (MIX) and Consultative Group to Assist the Poor (CGAP)
May 10. ______ _ _____________ __________ ___________________ 2010 (Analysis and Comparative
Performance of Micronance 2010), Bosnia and Herzegovina. Mix Market Report (In Russian)
Micronance focus. IFC signs agreement to reduce regulatory compliance costs for MSMEs in Georgia. Accessed July
2011. URL: http://www.micronancefocus.com/ifc-signs-agreement-reduce-regulatory-compliance-costs-msmes-
georgia
Micronance, Innovations, Sustainable Development: Turkey: Grameen-Jameel Commits Over US$ 5 Million,
2010. Accessed June 2011. URL: http://ibankingondemand.com/CommentView,guid,c31f15f5-2408-4ae7-9a03-
30c903cab0a6.aspx
Ministry of Finance of the Republic of Azerbaijan. Republic of Azerbaijan, Accounting law no. 716 of June 29, 2004
URL: http://www.nance.gov.az/store/5/Accounting%20law.pdf
MIX Market: Geographical concentration of lending in Bosnia and Herzegovina. Accessed July 2011. URL: http://
www.themix.org/publications/mix-micronance-world/2011/03/geographical-concentration-lending-bosnia-and-
herzegovin#ixzz1Qw4GaAUO
MIX Market. Micronance in Turkey: Country Prole. Accessed June 2011. URL: http://www.mixmarket.org/m/
country/Turkey
MIX Micronance World: Eastern Europe and Central Asia. CGAP. Accessed July 2011. URL: http://www.themix.org/
sites/default/les/PPP263(10-11)%20MIX_ECA%20Report_30-04-2011.pdf
MIX market. Micronance in Georgia: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/
country/Georgia?gclid=CLSris-3oaoCFdkz3wod40w_YQ
MIX Market. Micronance in Tajikistan: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/
country/Tajikistan
Mix Market Report. Responsibility Micronance Leaders. Monthly report June 2011. June 2011.
MIX Micronance World: Eastern Europe and Central Asia< CGAP. Accessed July 2011. URL: http://www.themix.
org/sites/default/les/PPP263(10-11)%20MIX_ECA%20Report_30-04-2011.pdf
Regulation 2 (Prudential Standards for Banking) of 2007 (amended through 2010) (Armenian). URL: http://www.
cgap.org/p/site/c/template.rc/1.9.45401
National Bank of Tajikistan. (2005; amended 2006, 2008, 2009). Instruction No. 135 On the Procedure for
Regulation of the Activity of Microcredit Deposit Organisations.
National Bank of Tajikistan. (2005; amended 2008, 2009). Regulation No. 136 On Microlending Organisations.
National Bank of Tajikistan. (2005; amended 2008). Regulation No. 137 On Microlending Foundations.
National Bank of Tajikistan (NBT) website. Accessed July 2011. URL: http://www.nbt.tj/en/
November 2009. Tajikistan 2009 Micronance Analysis and Benchmarking Report. A report from Micronance
Information Exchange (MIX) and Association of Micronance Organisations of Tajikistan (AMFOT).
PwC Turkey Report. Compliance with Turkish Accounting Standards. Accessed July 2011. URL: http://www.pwc.
com/tr/en/audit/accounting-standards.jhtml
Pytkowska, Justyna and Kory_ski, Piotr (November 2010). The market for MDO deposit services in Tajikistan.
Micronance Centre.
Regulation 13 (Technical Adequacy Requirements for Credit Organizations) (enacted in 2008) (Armenian). URL:
http://www.cgap.org/p/site/c/template.rc/1.9.46029
Regulation 14 (Prudential Standards for Activities of Credit Organizations) of 2002 (amended through 2008). URL:
http://www.cgap.org/p/site/c/template.rc/1.9.44940
Regulation N 8/04 on Internal Procedures on Customer Complaints (enacted in 2009) (Russian). URL: http://www.
Regulation N 8/03 on Disclosure of Information (enacted in 2009) (Russian). URL: http://www.cgap.org/p/site/c/
template.rc/1.9.45950
18
Regulation N 8/04 on Internal Procedures on Customer Complaints (enacted in 2009) (Russian). URL: http://www.
Regulation N 8/05 on Minimal Requirements for Communication (enacted in 2009) (Russian). URL: http://www.
Report on The microcredit strategies for SMES in Turkey in the EU harmonization Process by Dr. Abdulmecit Karatas
and Dr. Asli Deniz Helvacioglu, Bogazici University, Hisar Campus, International Trade Department, 2008
Republic of Tajikistan. (2004). The Law of the Republic of Tajikistan on Micronance Organisations.
Republic of Turkey. Banking Law No. 5411, September 2008. BANKING LAW (As amended by the Law No. 5472)* Law
No: 5411. Adoption Date: October 19, 2005. Turkish Ofcial Gazette: November 1, 2005. Accessed July 2011. URL:
http://en.hukuki.net/index.php?topic=69.0
Republic of Turkey. Capital Market Law No. 2499 (July 1981)
Republic of Turkey The Law No. 5472 amending the Banking Law No. 5411 was published in Ofcial Gazette, dated
March 14, 2006 and numbered 26108
Republic of Turkey. The Law No. 5667 amending the Banking Law No. 5411 was published Ofcial Gazette, dated May
30, 2007 and numbered 26537
Republic of Turkey. The Law No. 5754 amending the Banking Law No. 5411 was published Ofcial Gazette, dated May
08, 2008 and numbered 26870
Republic of Turkey. The Law No. 5766 amending the Banking Law No. 5411 was published Ofcial Gazette, dated
June 06, 2008 and numbered 26898
Republic of Turkey. Regulation on Capital Adequacy-Ofcial Gazette No.24657
Republic of Turkey. REGULATION ON CREDIT OPERATIONS OF BANKS (Published in the Ofcial Gazette Nr. 26333
dated November 01, 2006)
Republic of Turkey. Regulation on the Establishment and Operations of Banks-Ofcial Gazette No:2445
Republic of Turkey. Turkey: Draft Act on Micro-Financing Institutions (GC1454.DOC;2)
CGAP Country prole. Turkey. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html
September 2010. Financial Access 2010. The state of Financial Inclusion Through the Crisis. CGAP/The World Bank
Group Report
State of Accounting Ofce of Georgia. Accounting Policy Manual. Accessed July 2011. URL: http://sao.georgia.
gov/00/channel_createdate/0,2095,39779022_141768085,00.html
Social Performance Rating February 2011. Accessed July 2011. URL: http://www.ratinginitiative.org/uploads/tx_
dbreports/PlanetRating_AGM_2011_Social_Exec_Summ.pdf
Syminvest. Micronance. Accessed July 2011. URL: http://www.syminvest.com/market/news/micronance/
georgia-the-number-of-micro-nance-organizations-increased-from-38-to-47-throughout-2010/2011/1/24/2655
UNDP. International Public Sector Accounting Standards (IPSAS). Accessed July 2011. URL: http://www.undp.org.
ge/index.php?lang_id=ENG&sec_id=86
USAID Armenia. Social Protection. Accessed July 2011. URL: http://armenia.usaid.gov/en/node/274
World Bank. (November 2010). Doing Business 2011.
The World Bank/ International Finance Corporation. Doing Business: Economy Rankings. Accessed July 2011. URL:
http://www.doingbusiness.org/rankings
The World Bank/ International Finance Corporation. Doing Business: Getting credit in Georgia. Accessed July 2011.
URL: http://www.doingbusiness.org/data/exploreeconomies/georgia/getting-credit/
The World Bank/ International Finance Corporation. Doing Business: Starting a Business in Georgia. Accessed July
2011. URL: http://www.doingbusiness.org/data/exploreeconomies/georgia/starting-a-business
World Bank. Extent of disclosure index. Accessed July 2011. URL: http://www.doingbusiness.org/data/
exploretopics/protecting-investors
World Bank. Depth of credit information index. Accessed July 2011. URL: http://www.doingbusiness.org/data/
exploretopics/getting-credit
Interviewees for Eastern Europe and Central Asia
Arasli, Burcu, Lecturer at Turkeys Middle East Technical University on Micronance, leading advisor and expert on
micronance in Turkey
Behrndt, Rolf, Regional Business Line Leader Financial Markets, IFC Advisory Services Eastern Europe and Central
Asia
Brown, Catherine, Country Director, Mercy Corps., Bishkek, Kyrgyz Republic
Flowers, Jeff, Vice President & Regional Director for Eurasia, FINCA. Azerbaijan
Goronja, Nata_a, BH Micronance Project Manager, CEUAF, IFC
Hajiyeva, Jhale, Director, AMFA, Baku, Azerbaijan
Injac, Slavica, Republika Srpska Banking Agency
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Five additional, condential interviews were conducted for this region.
20
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30
Interviewees for Latin America and the Caribbean
Abate, Francisco J., Executive Director, La Fundacin Dominicana de Desarrollo (FDD)
Alaniz Castillo, Luis Alberto, Economista Senior, Fundacin Nicaragense para el Desarrollo Econmico y Social
Anzotegui, Diego, General Manager, Fie Gran Poder
Arallano, Jose Pablo. Director, Banco Emergente (Banco de Credito e Inversiones). Santiago de Chile
Arango Ospina, Miguel Antonio, Ejecutivo Principal, CAF
Arias Guevara, Paul, CrediFe-Desarollo Microempresarial (part of Grupo Financiero Pichincha), Quito, Ecuador
Arriola, Pedro, Banco ProCredit, Quito, Ecuador
Avils, Molina, Financing Co-ordinator for Micronance, SMEs, Student Loans, the Central American Bank for
Economic Integration
Bennett, Horace, Interim Chairman of the Caribbean Micronance Alliance and Executive Director of COPE, Kingston,
Jamaica
Bittencourt, Gilson, Deputy Secretary of Economic Policy, Ministrio da Fazenda
Buchenau, Juan. Senior Financial Sector Specialist, Latin America, World Bank. Washington DC
Bungener, Thierry, Partner at Haiti International Business Center
Castellanos, Julio, Gerente General, FUNDEA Guatemala, June 2011
Coloma, Pablo. Executive Director, CREDICOOP. Santiago de Chile
Costa Coelho, Fabiano, Banco Central do Brasil Advisor
Danel, Carlos. Executive Vice-president, Compartamos Banco. Mexico City, Mexico
Echeverra, Sebastian. Director, Financial Inclusion Unit, FOSIS. Santiago de Chile
Fajury, Lizbeth, Consultora, Marulanda Consultores
First interviewee, name withheld, ASFI
Flores, Julio, Director Ejecutivo, Fondo de Desarrollo Local
Gallagher, Terence, IFC Brazil
Gonzalez, Lauro, Finance professor, Fundao Getulio Vargas
Hastings, Anne, Director, Fonkoze
Henning, Rob, Partner, Entrepreneurial Solutions Partners
Herrera, Carlos, Gerente General, Fundacion Gnesis Empresarial
Higa, Daniel, Executive Director, Planet Finance
James, Marcus, CEO Access Financial Services Ltd, Kingston, Jamaica June 2011
Castro Fritz, Yerom. Vicepresidente de Supervisin de Banca de Desarollo y Finanzas Populares. Comisin Nacional
Bancaria y de Valores (CNBV). Mexico City, Mexico
Jordan, Daniel, Corporacin Andina de Fomento, Quito, Ecuador
Joseph, Dianne, Manager, Cooperative Credit Union League of Trinidad. Port-of-Spain
Loewenthal, Arno, independent consultant, Guatemala City
Macchi, Beltran, Owner, Vision Banco
Mandrile, Matteo, Program SpecialSustainable Economic Development, International Development Law
Association (IDLO)
Manevy, Juan Carlos Penoni, Analyst, Central Bank of Paraguay
Melo de Velasco, Leonor, Presidenta Ejecutiva, Fundacion Mundo Mujer
Molina Mndez, Moris Alberto, Consultor, Asesores para El Desarrollo
Montano, Franklin, Director Ejecutivo, Asociacin de Organizaciones de Micronanzas de El Salvador
Navarro, Miguel. Executive Director, Organizacin de Desarrollo Empresarial Femenino-ODEF, Tegucigalpa, Honduras
Olivares Lpez, Armando, Intendente de Micronanzas, Superintendencia de Banca y Seguros y AFP (SBS), Lima Peru
Ordoez, Luis Prez, Corporacin Andina de Fomento (CAF), Lima Peru
Ortiz, Marina, Directora, Fondomicro
Pantin, Nigel, Sales Leader, Small Business Unit. Scotiabank Trinidad. Port-of-Spain, Trinidad
Pieda, Rodrigo, Executive Director, Federacin de Cooperativas de Ahorro y Crdito de Honduras, Tegucigalpa
Honduras
Quirs, Roberto, Senior Investment Ofcer, LOCFUND, San Jos, Costa Rica
Ramos, Jeronimo, Microcredit manager, Santander
Rodrguez Sandoval, Nancy, Independent Consultant, Lima, Peru
Sagastume, Tania, Superintendant of Securities and Other Institutions, Comision Nacional de Bancos y Seguros,
Government of Honduras
Snchez, Ana Cecilia, Especialista FOMIN, Banco Inter-Americano de Desarrollo
Silva, Alix, Founding Partner, OMTRIX, San Jos Costa Rica
Silverio Junior, Joao, Technical Analyst, Sebrae Nacional
Storm, Claudio. Executive Director, Fondo de Solidaridad e Inversin Social-FOSIS (Solidarity and Social Investment
Fund), Santiago de Chile
Torretta, Pablo, Junior Partner, Estudio Beccar Varela
Vzquez, Aryam, Vice President and Economist with Global Emerging Markets at Wells Fargo
Ventura, Elvira, Departamento de Normas / Banco Central do Brasil consultant
Villamayor, Carlos, Director of Risk, Intersa
Villaraga Prieto, Jaime, Director, Micronanzas para el Desarollo
First interviewee, REDPAMIF, June 2011
Second interviewee, Procaja, June 2011
Seven additional, condential interviews were conducted for this region.
32
Sub-Saharan Africa
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34
Case Study on Micronance Institutions in Madagascar, Policies for a Viable Sector, 2008.
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www.nancialtechnologyafrica.com/Monitise_UBA_16_Others.html
Financial Laws (Miscellaneous Amendment) Act, 2003.
Finscope website: Mozambique. Accessed July 2011. URL: http://www.nscope.co.za/Mozambique.htm
FINSCOPE: Rwanda Prole, Accessed July 2011. URL: http://www.nscope.co.za/new/pages/Initiatives/Countries/
Rwanda.aspx?randomID=3d56d5ea-b3ff-406d-b31d-aee7913d755c&linkPath=3_1&lID=3_1_10
FINSCOPE, Survey of access to nancial services in Tanzania, 2009, Financial Sector Deepening Trust, Tanzania.
FSD Kenya, Consumer Protection Diagnostic Study, January 2011. URL: http://www.fsdkenya.org/pdf_
documents/11-02-22_Consumer_diagnostic_study.pdf
FSD Kenya, Financial Inclusion in Kenya: Bank branches, ATMs, M-PESA. Accessed July 2011. URL: http://www.
fsdkenya.org/naccess/naccess2.php
Ghana: Aiming for interoperability in branchless banking, Claudia Mckay, CGAP, 16/06/11
Gina Din Corporate Communications, Youth urged to join the Co-operative movement, May 25, 2011.
GIZ (formerly DID), ofcial website. Accessed July 2011. URL: http://www.giz.de/en/home.html
Government of Uganda. Co-Operative Societies Regulations, 1992.
Guidelines for Branchless Banking (enacted in 2008)
Guidelines for Rural Banking License (enacted in 2005)
IFLR1000, Mozambique: Legal framework of micronance activities and institutions, 2009.
IMF Country Report Mozambique No. 11/149
IMF Mozambique Financial System Stability Assessment, January 2010.
IMF, Republic of Mozambique: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical
Memorandum of Understanding, May 20, 2011.
Instruction 001 on Micronance December 2005, Central Bank of DRC (BCC)
Instruction No 002/2007 relating to the licensing of Level 1 micronance institutions, Commission de Supervision
Bancaire et FInancire (CSBF)
Instruction No 003/2007 relating to the licensing of Level 2 & 3 micronance institutions, (CSBF)
Instruction No 005/2007 relating to the operations of micronance institutions, (CSBF)
Instruction No 007/2007 setting structures and activity controlling micronance institutions, (CSBF)
Integrated Micronance Bank, ofcial website. Accessed July 2011. URL: http://www.imfb-bank.com/
International Conference on Micronance Regulation conference presentation, Micronance: Who Benets?
Ugandas Experience in Regulating Micronance Deposit-taking Institutions, by Governor of BoU, Dhaka,
Bangladesh, March 15-17, 2010.
International Development Law Organization, in partnership with the Ministry of Finances of Cameroon and the
Association Nantionale des Etablissements de Micronance (ANEM-CAM). Recommendation for the improvement
and the diligent enforcement of the institutional and regulatory framework for micronance in Central African
Countries. November 2007.
Kalyango, David, Ugandas Experience with the Regulatory and Supervisory Framework for Micronance
Institutions, BoU, 2005.
36
Kantengwa, Angelique. (2009). Financial Cooperatives in Rwanda: Historical Background and Regulation. URL:
http://www.MFtransparency.org. Accessed July 2011.
National Bank of Rwanda. (May 27th 2009). Regulation No. 02/2009 On the Organization of Micronance Activity.
Kenya Credit Information Sharing Initiative website, April 2011: CBK licenses the second credit reference bureau
Metropol Credit Reference Bureau Limited
Kenya Open Data Project, ofcial website. Accessed July 2011. URL: http://opendata.go.ke/
Kenya Post Ofce Savings Bank, ofcial website. Accessed July 2011. URL: http://www.postbank.co.ke/
Les institutions de micronance malgache face la crise. Quelles premires leons tirer ?
Assouline, N. & Poursat, C. Agence Fran_caise pour le Dveloppement, 2011
Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding,
Government of Tanzania to IMF, Managing Director, April 2011.
Licensing requirements for micronance institutions, Appendix 1, BoG, July 2011
Linking with Savings and Credit Cooperatives (SACCOs) to expand nancial access in rural areas: a case study of CRDB
in Tanzania, Gerda Piprek, July 2007.
MemeBurn, The mobile banking race begins in Nigeria, Erik Hersman, February 3, 2011.
MicroCapital, MFTransparency and the Mastercard Foundation Launch Enabling APR & EIR Program to Promote
Transparency in Micronance in Eight Sub-Saharan African Countries, posted by Connor Brannen, June 10, 2010.
Micronance Africa, The First Microbank Mozambique is inaugurated as a rural micronance bank, May 11, 2010.
Micronance Focus, IFC, African Central Banks to promote credit reporting, nancial access in Ethiopia,
Mozambique, Tanzania, March 6, 2010.
Micronance Focus, MFTransparency partners with African Micronance Network, September 30, 2010.
Micronance Focus, MFTransparency to host Uganda Data Launch Webinar, July 18, 2011.
Micronance law 2005-016, 29 September 2005
Micronance law on the activities of credit institutions 1995030
MFI Audit for Corporate Taxation Law June 2004, Central Bank of DRC (BCC)
Micronance Regulation in Tanzania: Implications for Development and Performance of the Industry, Africa Region
Working Paper Series No. 51, June 2003, Bikki Randhawa, Joselito Gallardo.
MF Transparency, Kenya, 2011. URL: http://www.mftransparency.org/data/countries/ke/
MicroCapital, Kenyan Micronance Start-Up Remu DTM Limited Acquires Deposit-Taking License, January 20, 2011.
Micronance Africa, Micronance banks: Association wants self-regulatory framework, ethics code, May 4, 2010.
Micronance Africa, Micronance banks can do better than commercial banks Wale Adeduro, Chima Nwokoji,
Daily Sun Nigeria, October 28, 2010.
Micronance Africa, Nigeria: CBN grants provisional licenses to new micronance banks, Tola Akinmutimi, National
Mirror, July 12, 2011.
Micronance Africa, Nigeria: MFB Operators in frenzy as CBN commences inspection, Amaka Abayomi, Vanguard
Nigeria, May 2, 2011.
Micronance Division, Comit National de Coordination des activits de Micronance (CNC), Sector Update Report,
June 2008.
Micronance Nigeria, CBN issues deadline for MFBs online rendition of returns, Hope Moses-Ashike, Businessday
Online, April 25, 2011.
Micronance Nigeria, MFB operators advocate for special courts to try loan defaulters, by Hope Moses-Ashike,
Businessday Online, May 31, 2011.
Micronanza, DjomecRating Report, 2008.
Ministry of Finance, DRS-Sfd, Plan dassainissement du secteur de la Micronance (Remedial action plan for the
micronance sector), May 2011).
Ministry of Finance, DRS-Sfd, Annual Report, 2010.
Ministry of Finance, DRS-Sfd, Communiqu, February 24th, 2011.
MIX Micronance World, Sub-Saharan Africa Micronance Analysis and Benchmarking Report, April 2011. URL:
http://www.themix.org/sites/default/les/096_MIX_Africa%20Report_05-05-2011.pdf
Mix Market website, July 2011.
MIX Market, Micronance in Kenya: Country Brieng, July 2010.
MIX Market. Micronance in DRC: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/
country/DRC
MIX Market. Micronance in Ghana: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/
country/Ghana
MIX Market. Micronance in Madagascar: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/
country/Madagascar
MIX Market: Mozambique 2011.
Mobile Money Africa, M-PESA moved Sh727 billion last year, July 5, 2011.
Mobile Money Africa, Nigeria Mobile money licence holders risk CBN punishment, April 26, 2011.
Mobile Money Africa, Mobile money: So far so good, but April 16, 2011.
Mobile Money Africa, MTN Mobile Money reaches $90m monthly in Uganda, April 3, 2011.
Mobile Money Africa, MTN Uganda Partners With StarTimes TV For Convenient Payments, July 12, 2011.
Mobile Money for the Unbanked: Lessons from Tanzania, December 2010, AudienceScapes, Africa Development
Research Briefs, David Montez, Peter Goldstein.
Monetary Policy Statement, Governor of the Bank of Tanzania, June 2011.
Mozambique News Agency AIM Reports, $12 million for micro-credit, no. 272, March 18, 2004.
Mozambique News Agency AIM Reports, Agriculture to yield over 2 million tonnes, no. 277, June 7, 2004.
Mozambique News Agency AIM Reports, Economy growing at 10 per cent, no. 173, January 5, 2000.
Mozambique News Agency AIM Reports, President Guebeza launches agriculture campaign, no. 411, October 19,
2010.
Mozambique News Agency AIM Reports, Private banks responding positively, no. 386, September 23, 2009.
National Strategy for Growth and the Reduction of Poverty 2005, The Mkukuta, Vice-Presidents Ofce, Tanzanian
Government.
National Strategy for Growth and the Reduction of Poverty (ii) NSGRP (MKUKUTA) 2, Draft March 2010, Ministry of
Finance & Economic Affairs, Tanzanian Government.
New Partnership for African Development (NEPAD). (February 2007). Africa Peer Review Mechanism Assessment:
Rwanda. Brieng 19.
Nigeria Deposit Insurance Corporation, Highlights and Achievements of NDIC from January to December 2010.
URL: http://ndic.org.ng/highlights--and-achievements-of-ndic-from-january-to-december--2010.html
Non-Bank Financial Institutions Act No. 774 (enacted in 2008)
The Observer article, BoUs new capital rules could lead to bank consolidation, by Milly Kibombo, April 6, 2011.
Omino, George, Regulation and Supervision of Micronance Institutions in Kenya, CBK, 2005.
38
Operating rules & Guidelines for Micronance Institutions, Notice no. BG/GOV/SEC/2011/04, BoG
Opportunity International Celebrates Its Grand Opening in the Democratic Republic of Congo, Micronance Africa
20/05/11 United Nations Development Fund, Multi-Donor Trust Fund Ofce, Accesed on-line July 2011, URL: http://
mdtf.undp.org/factsheet/fund/JCG10
Planet Rating, ACEP Cameroun Financial Rating 2008, 2008.
Planet Rating, CEC Rating report, 2010.
Planet Rating, ACEP Rating Report, 2006.
Policy Diagnostic on Access to Finance in the Democratic Republic of Congo (DRC), Jennifer Isern, Tiphaine Crenn,
Laurent Lhriau, Roger Masamba, April 2007
Poverty Matters Blog, Kenya opens its books in revolutionary transparency drive, July 13, 2011
PRIDE Micronance, ofcial website. Accessed July 2011. URL: http://www.pridemicronance.co.ug/
Programme dAppui au Secteur de la Micronance : Phase II (PASMIF II : 2010-2014), United Nations Development
Programme (UNDP) and United Nations Capital Development Fund (UNCDF) Accessed on website July 2011 URL:
http://mdtf.undp.org/factsheet/fund/JCG10
Proposition de Loi, xant les rgles relatives a lactivit de la micronance en Rpublique Dmocratique du Congo,
- Final Draft law proposal on the Regulation of Micronance, July 2009
Rapport dtude sur la Rglementation des Institutions de Micronance et des Fonsdev en RDC, Par Mpegere Chisom,
Inades Formation Congo, August 2007
Rglement n1/03/CEMAC/UMAC/COBAC relatif aux conditions dexercice de lactivit de micronance dans la
Communaut Economique et Montaire dAfrique Centrale, April 2002.
Report on the Observance of Standards and Codes (ROSC) : accounting and auditing, World Bank, June, 2008
Republic of Cameroon. Lettre circulaire n 005/MINFI/DGI/LC/L Prcisant les modalits dapplication des
dispositions scales de la loi n2010/015 du 21 dcembre 2010 portant loi de nances de la Rpublique du
Cameroun pour lexercice 2011, December 2010.
Republic of Cameroon, Ministry of Finance. Arrt n000005/MINFI du 13 janvier 2011, portant institution du
service minimum garanti, January 2011.
Republic of Rwanda. (March 30th 2009). Ofcial Gazette No. 13, Law No. 40/2008 Establishing the Organization of
Micronance Activities.
Republic of Rwanda (March 1st 2010). Ofcial Gazette No. 9, Law No. 3/2010 Concerning the Payment System.
Requirements for Non-Bank Financial Institutions Licenses (enacted in 2004)
Rural and Micro Finance Regulation in Ghana: Implications for Development and Performance of the Industry, Africa
Region Working Paper Series No. 49, June 2003, William F. Steel, David Andah
Ghana: Report on the Observance of Standards and Codes (ROSC) : accounting and auditing, World Bank, 2004
Sacco Societies Regulatory Authority (SASRA), ofcial website. Accessed July 2011. URL: http://www.sasra.go.ke/
Safaricom web pages. Accessed July 2011. URL: http://www.safaricom.co.ke/index.php?id=252
Savings & Loans Co-operatives Law 2002-02, Central Bank of DRC (BCC)
Senegal Micronance Portal, Accessed July 2011. URL: http://senegal.portailmicronance.org
Senegal Ministry of Economics and Finance, overview of Directorate of Regulation and Supervision of Decentralised
Financial Systems, ofcial website. Accessed July 2011. URL: http://www.nances.gouv.sn/index,6,42.html
Senegal Ministry of Economics and Finance, Directorate of Regulation and Supervision of Decentralised Financial
Systems, ofcial website. Accessed July 2011. URL: http://drs-sfd.gouv.sn/sitedrs/
Small and Micro Enterprise Programme (SMEP) Deposit Taking Micronance Limited, ofcial website. Accessed July
2011. URL: http://www.smep.co.ke/
Stratgie Nationale de Micronance (SNMF), Government of DRC
Stratgie Nationale de la Micronance 2008-12
Supporting Micronance in the Democratic Republic of Congo (DRC), 2008, Onike Nicol-Houra, African Development
Bank, URL: http://www.afdb.org/en/news-events/article/supporting-micronance-in-the-democratic-republic-of-
congo-drc-4039/
Technology Programme, Country Note, Ghana, June 2011, CGAP
The Status of SACCOs Development and Regulation in Tanzania, June 2011, Veneranda A. Mgoba, Ministry of
Agriculture, Food Security and Cooperatives, Tanzania.
Transparent Pricing Initiative in Ghana: Launched and On-going! 15/04/11, Rhoda Mahamah, mftransparency.
org, Website, Accessed July 2011, URL: http://www.mftransparency.org/pages/2011/04/15/transparent-pricing-
initiative-in-ghana-launched-and-on-going/
Uganda Cooperative Savings and Credit Union, ofcial website. Accessed July 2011. URL: http://www.ucscu.co.ug/
Uganda Ministry of Finance, Planning and Economic Development, The Background to the Budget 2011/12 Fiscal
Year: Promoting Economic Growth, Job Creation and Improving Service Delivery, June 2011.
Uganda Radio Network article IMF Calls for Tough SACCO Regulation, by Mugarura Mutana on behalf of Michael
Wambi, July 8, 2010.
UMOA, LOI ORGANIQUE n 2008-47 du 3 septembre 2008 portant rglementation des systmes nanciers
dcentraliss, 2008.
World Bank. Doing Business: Ghana 2011. Accessed July 2011. URL: http://www.doingbusiness.org/
World Bank. Doing Business: DRC 2011. Accessed July 2011. URL: http://www.doingbusiness.org/
World Bank Doing Business 2011, URL: http://www.doingbusiness.org.
World Bank, Poverty Reduction Strategy Policy Preparation - Status Report, January 2010.
World Bank. Doing Business: Madagascar 2011. Accessed July 2011. URL: http://www.doingbusiness.org/
World Bank. Doing Business: Tanzania 2011. Accessed July 2011. URL: http://www.doingbusiness.org/
World Bank Doing Business Credit Information Index 2011
World Bank Doing Business 2011, Accessed July 2011. URL: http://www.doingbusiness.org
World Bank Report on Observance of Standards and Codes (ROSC), Rwanda (2008)
World Bank, Banking the Poor report, 2009.
World Bank Africa Trade Policy Note, Facilitating Cross-Border Mobile Banking in Southern Africa, by Samuel
Maimbo, Nicholas Strychacz & Tania Saranga, May 2010.
World Bank blog, Africa Can End Poverty, On the riots in Mozambique: Are subsidies the solution? September 30,
2010.
World Bank Doing Business 2011.
World Bank. Migration and Remittances Factbook 2011.
World Savings Banks Institute Membership Directory 2011: Postbank Uganda Limited.
40
Interviewees for Sub-Saharan Africa
Abdullahi, Salami, Chief Executive Ofcer, Agrinat Consult Limited
Amakye, Dr Phillip Yaw, Consultant, OAA Consulting & Micronance Director
Chiagara, Petronella, Consultant in Micronance for DRC, UK
Diallo, Sir, Director, Sem Fund (MFI)
Earne, Julie Fawn, Investment Ofcer, International Finance Corporation (IFC)
Ehigiamusoe, Godwin, Founder and Executive Director, Lift Above Poverty Organisation (LAPO)
Flosbach, Johannes, Consultant, Roland Berger
Guenke, Kim, GM, Acces Bank Madagascar
Ishaya, Edna, Chief Operating Ofcer, CR Services Credit Bureau Plc
Islam, Khondoker Ariful, Country Program Coordinator, BRAC Uganda
Gyam, Mr, CEO, GHAMFI, Ghana
Kavugizo, Kevin, Director, Micronance Supervision Department, Financial Stability Directorate, National Bank of
Rwanda
Kayonga, Joel, Micronance Specialist, Financial Sector Development Secretariat (FSDP), Ministry of Finance and
Economic Planning (MINECOFIN)
Kewe, Sosthenes, Technical Director, FSDT
Lagaillarde, Gilbert, Opportunity DRC
Levitt, Andrew, CEO, MicroCred
Malima, Rashid, Managing Director, PRIDE Tanzania
Masha, John, Credit Manager, Micro Enterprises Support Program Trust (MESPT)
Mbemba, Brice, Responsible de projet en micronance au Sngal, Planet Finance
Messan, Hermann Fumilayo, Marketing Specialist - Africa Hub | Innovations and Integrated Solutions, ACCION
International Ghana
Mevayekuku, David, Senior Program Ofcer for Rural Enterprise Development/Financial Linkage Support,
International Fund for Agricultural Development (IFAD)/Federal Government of Nigeria (FGN)/Community-Based
Natural Resource Management Program (CBNRMP) Niger Delta
Millinga, Altemius, GM, YESOFO & V-P, TAMFI
Muathe, Stephen, Coordinator, Centre for Environment and Enterprise Development (CEED)
Namagembe, Veronicah Gladys, Managing Director, PRIDE Micronance Limited
Namutebi, Olive, Business Development Manager, PostBank Uganda
Ngarambe, Rita, Executive Secretary, Association of Micronance Institutions in Rwanda (AMIR)
Nkemla, Albert, Chief Executive Ofcer, CCA (MFI)
Obama, James, Director, PRIDE Tanzania
Ogidan, Stephen, Chief Executive Ofcer, Successory Nigeria Limited/Global Knowledge Group
Pavladis, Paul, CEO, CRB Africa (Credit Reference Bureau)
Rabotovao, Adele-Marie Sandrine Soloniaina, PAMF (AKDF)
Robinson, Ian, Technical Director, Access to Finance Rwanda
Saxena, Amit, Former Managing Director Africa and Middle East, Global Emerging Markets (GEM) Group
Siedek, Hannah, Managing Director, ProCredit Bank
Sirolla, Armando Masimilliano, Senior Analyst, Symbiotics.com
Tembe, Bernardo Luis ,Chief Executive Ofcer, Hluvuku-Adsema
Tjega, Simon Yon, Director General, Mifed (Technical Service Provider)
Wahler, Benedikt, Project Manager, Roland Berger
7 additional, condential interviews were conducted for this region.
42
Middle East and North Africa
Al Amana, ofcial website. Accessed July 2011. URL: www.alamana.org.ma
Association of Banks in Lebanon. Main Banking & Financial Laws. Internet article accessed June 2011. URL: http://
www.abl.org.lb/subPage.aspx?pageid=362.
Bank du Liban. Basic Circular No. 93. Internet article accessed June 2011. URL:http://www.bdl.gov.lb/circ/
circpdf/93_en.pdf.
Central Bank of Yemen ofcial website. Accessed June 2011. URL: http://www.centralbank.gov.ye/
CGAP. Government and Policy: Regulation Center: Egypt. Accessed via the Internet June 2011. URL: http://www.
cgap.org/p/site/c/template.rc/1.26.13728/
CGAP. Government and Policy: Regulation Center: Egypt, Executive Regulations of the Law of the Central Bank,
Banking Sector and Money (promulgated by Law No. 88 of 2003) Accessed via the Internet June 2011. URL: http://
www.cgap.org/p/site/c/template.rc/1.1.6045/
CGAP, The Rise, Fall, and Recovery of the Micronance Sector in Morocco, December 2009.
Consultative Group to Assist the Poor (June 2005): Report of CGAP Multi-Donor Mission: Micronance in Yemen.
URL: http://www.cgap.org/gm/document-1.9.2831/diagnostic_Yemen.pdf
Daily News Egypt. (February 2010.) Legislation heralds new era for micronance. Available via the Internet June
2011. URL: http://www.zawya.com/story.cfm/sidZAWYA20100225071548/?relcontent=ZAWYA20081224125259
Economist Intelligence Unit (June 2011). Country Risk Service: Egypt.
Economist Intelligence Unit. Country Report Lebanon, May 2011.
Economist Intelligence Unit. Microscope Survey 2011 Lebanon.
EFSA. (2010). General Rules for Micronance Companies in Egypt. Accessed via the Internet June 2011. URL:
http://www.efsa.gov.eg/content/efsa2_en/pool_extra_efsa_en/mesakmonta_en.htm
EFSA. (April 2010.) Micronance in Egypt: Brief Overview of Current Status. Accessed via the Internet June 2011.
URL: ttp://www.efsa.gov.eg/content/efsa2_en/reports_micro_en/rep_micro_en.htm
EFSA. Micronance. Accessed via the Internet June 2011. URL: http://www.efsa.gov.eg/content/efsa2_en/efsa2_
merge_page_en/micro_merge_page_en.htm.
EIU Country Report: Morocco, July 2011.
Fondation Banque Populaire Pour le Micro-Crdit, ofcial website. Accessed July 2011. URL: www.fbpmc.ma
IMF (April 2010). Country Report No. 10/94. IMF. Washington, D.C. Available on the Internet: http://www.imf.
org/external/pubs/ft/scr/2010/cr1094.pdf
Jaida Fund, Analyse du prt individuel et de lendettement crois, January 2011.
Kingdom of Morocco. (2010). Projet de loi n 53-10 modiant et compltant la loi N 18-97 relative au micro-
crdit.
Kingdom of Morocco. (1999). Dahir n 1-99-16 du 18 Chaoual 1419 (5 fvrier 1999) portant promulgation de la loi
n 18-97 relative au micro-credit.
Kingdom of Morocco. (2004). Loi N 58-03 modiant et compltant la loi N 18-97 relative au micro-crdit.
Kingdom of Morocco. Code de Dontologie des Institutions de Micro-crdit au Maroc.
Kingdom of Morocco. (2006). Circulaire du Gouverneur de Bank Al-Maghrib n 20/G/2006 du 30 novembre 2006
relative au capital minimum ou la dotation minimum destablissements de crdit et xant les modalits dapplication
des dispositions de larticle 30 de la loi n 34-03.
Kingdom of Morocco. (2006). Loi bancaire Marocaine.
Micro Capital. Microcapital Brief: USAID, VEGA/IESC Announce second phase of Lebanon Investment in
Micronance Programme. June 2011, Internet article accessed June 2011. URL: http://www.microcapital.org/
microcapital-brief-usaid-vegaiesc-announce-second-phase-of-lebanon-investment-in-micronance-program/
Micronance Industry Prole: Egypt. Available via the Internet June 2011. URL: http://www.micronancegateway.
org/gm/document-1.9.49876/Micronance_Industry_Prole%20-_Egypt.pdf
Micronance Information Exchange. (2011.) Micronance in Egypt Country Prole. Accessed via the Internet June
2011. URL: http://www.mixmarket.org/m/country/Egypt
Mix Market. Lebanon Country Prole. Internet accessed June 2011. URL: http://www.mixmarket.org/news/topic/
Lebanon.
MIX Market Yemen Prole. Accessed June 2011. URL: http://www.mixmarket.org/m/country/Yemen
MIX Micronance World, 2010 Arab Micronance Analysis and benchmarking Report.
Morocco Micronance Blog, Accessed July 2011. URL: http://moroccomicronanceblog.blogspot.com/2011/06/
morocco-micronance-blog-les.html
Moussa, Magdy. 2007. Essay No. 21: Regulation and Supervision of Micronance in Egypt. Published in Essays on
Regulation and Supervision. CGAP. Washington, DC.
Planet Rating. Al Majmoua 2010. Internet article accessed June 2011. URL: www.planetrating.com
Planet Rating, al Amana rating report, 2010.
SANABEL (2009). Micronance Industry Prole: Lebanon. Internet article accessed July 2011. URL: http://www.
micronancegateway.org/gm/document-1.9.49965/Micronance_Industry_Prole%20_Lebanon.pdf.
SANABEL. (2010.) Micronance Industry Prole: Egypt. Available via the Internet June 2011. URL: http://www.
micronancegateway.org/gm/document-1.9.49876/Micronance_Industry_Prole%20-_Egypt.pdf
Sanabel Network ofcial website. Accessed June 2011. URL: http://www.sanabelnetwork.org/home/default.aspx
Smart Campaign. Internet accessed June 2011. URL: http://www.smartcampaign.org/.
Social Fund for Development. Accessed June 2011. URL: http://www.sfd-yemen.org/SFD_SITE/index.php
Social Fund for Development. Annual Report 2010. URL: http://www.sfd-yemen.org/SFD_SITE/admin/PDF/
upload_DOC/English_AR_2010.pdf
UNDP (2004). Internal governance for NGOs in Lebanon. Internet article accessed June 2011. URL:
http://www.undp.org.lb/communication/publications/downloads/IntGov_en.pdf.
USAID. (2009). The Legal and Regulatory Environment for Micronance in Egypt. USAID. Washington, D.C.
World Bank. (July 2008). Financial Sector Assessment: Egypt. World Bank. Washington, D.C.
World Bank. (November 2010). Doing Business 2011.
World Bank, Financial Inclusion in the Middle East and North Africa: Analysis and Roadmap Recommendations.
(Douglas Pearce), December 2010.
Yemen Micronance Network. Accessed June 2011. URL: http://www.yemennetwork.org/
44
Interviewees for Middle East and North Africa
Abdel-Baki, Ranya, Executive Director, Sanabel
al-Lai, Mohammed, Executive Director, Al-Amal Micronance Bank, June 2011
Name withheld, Central Bank of Yemen
Bidouj, Mustapha, Secretary General of Fondation Banque Populaire pour le Microcrdit (MFI)
Brandsma, Judith, Consultant on Arab market micronance sectors
Chehade, Nadine, Business Development Manager & MENA Director, Planet Rating, Lebanon Ofce
el Safah, Samer, Deputy General Manager, Makhzoumi Foundation
Fawaz, Youssef, Executive Director, Al Majmoua
Ghobril, Nassib, Head of Economic Research & Analysis, Byblos Bank Group, Lebanon
Hassan Faried, Executive Director, Dakahlya Businessmens Association for Community Development, Egypt
Kader, Hadil Abdel, Development and Project Ofcer, Planet Finance, Egypt
Maarouf, Mohamed, Executive Director, Planet Finance
Mahyub, Sharar, Managing Director, Yemen Micronance Network
Samuelian, Harout, Fourth Vice-governor, Banque du Liban
Talib, Hicham, Member of the Executive Board, Al Amana (MFI)
One additional, condential interview was conducted for this region.
Whilst every effort has been made to verify the accuracy
of this information, neither the Economist Intelligence
Unit Ltd nor the sponsors of this report can accept any
responsibility for liability for reliance by any person
on this report or any other information, opinions or
conclusions set out herein. I
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