1

Full bibliography for the Global microscope on the microfinance business environment 2012

This document contains a comprehensive list of the primary and secondary sources for the Global Microscope 2012 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 organization or affiliation. Interviews were conducted between April and June of 2012.

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Common primary and secondary sources

Banking with the Poor (URL: http://www.bwtp.org): Indonesia (2012); Nepal (2012); Thailand (2012) Consultative Group to Assist the Poor (URL: http://www.cgap.org): Armenia (2012); Azerbaijan (2012); Bolivia (2012); Bosnia and Herzegovina (2012); Costa Rica (2012); Egypt (2012); El Salvador (2012); Georgia (2012); Ghana (2012); Kenya (2012); Mexico (2012); Morocco (2009); Nicaragua (2012); Nigeria (2012); Pakistan (2010); Peru (2010); The Philippines (2005); Turkey (2012); Vietnam (2012); Yemen (2011) Deloitte/IAS Plus (URL: http://www.iasplus.com): Costa Rica (2012); Ecuador (2009); Indonesia (2012); Jamaica (2009); Mexico (2012); Nicaragua (2011); Thailand (2008); Turkey (2012); Vietnam (2009) eStandards Forum (URL: http://www.estandardsforum.org): El Salvador (2009); Guatemala (2012) International Monetary Fund (URL: http://www.imf.org): Bolivia (2012); Indonesia (2012); Nepal (2012); Nicaragua (2012); Thailand (2012) MicroCapital (URL: http://www.microcapital.org): Nepal (2012); Nicaragua (2012) Mix Market (URL: http://www.mixmarket.org): Costa Rica (2012); Democratic Republic of the Congo (2012); Egypt (2012); Georgia (2012); Ghana (2012); Kenya (2012); Lebanon (2012); Madagascar (2012); Mexico (2012); Mongolia (2012); Mozambique (2012); Tajikistan (2012); Turkey (2012); Yemen (2012) World Bank. Doing Business (URL: http://www.doingbusiness.org): Bolivia (2012); Democratic Republic of the Congo (2012); Georgia (2012); Ghana (2012); Haiti (2012); Honduras (2012); Madagascar (2012); Nicaragua (2012); Tanzania (2012); Turkey (2012); Additional common sources: Economist Intelligence Unit Country Finance. Country Commerce and Country Reports; Risk Briefing Service and ViewsWire platform (URL: http://www.eiu.com); Microscope on the Microfinance Business Environment 2011 (www.eiu.com/GlobalMicroscope2011)

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Sources by region

East and South Asia Bangladesh

Secondary Sources Bangladesh Bank. (2010): “Banking Regulation and Policy Department Circular No. 10”. URL: http://www.bangladesh-bank.org/openpdf.php?urlpdf=mediaroom/circulars/brpd/mar102010brpd10e.pdf Bangladesh Bank. (August 2008). “Bangladesh Mobile Payments Directive. 2008 Draft”. URL: http://www.mpf.org.in/pdf/Bangladesh_Bank_M_Payment_Guidlelines_2008.pdf Dewan, Alamgir. (March 2011). “IFAD COSOP. Bangladesh Microfinance Sector Update. Background paper on Bangladesh’s Microfinance Sector”. unpublished. Financial Express. (2012). “MRA to get authority to appoint administrators in troubled MFIs”. Internet article dd. 12th May. 2012. accessed May 2012. URL: www.thefinancialexpress-bd.com/more.php?news_id=129435&date=2012-05-12 Financial Express. (2012).“NGO’s financial transaction to come under surveillance”. Internet article dd. accessed May 2012. URL: http://www.thefinancialexpress-bd.com/more.php?news_id=128048&date=2012-04-28 Grameen Bank. Monthly Update in US$: April 2012. URL: http://www.grameen-info.org/index.php?option=com_content&task=view&id=453&Itemid=527 International Finance Corporation. (2011).“Bangladesh Deposit Assessment”. URL: http://www.ifc.org/ifcext/globalfm.nsf/AttachmentsByTitle/Desposit+Assessment-Bangladesh/$FILE/Desposit+Assessment-Bangladesh.pdf Khan, M. Amanullah (2012). “Towards A Public Policy on Microfinance in Bangladesh”. unpublished. Microcredit Regulatory Authority. (2012).”All circular letters”. Circular list. Accessed May 2012. URL: http://www.mra.gov.bd/index.php?option=com_content&view=article&id=91&Itemid=118 Microcredit Regulatory Authority Act. (2006). URL: http://mra.gov.bd/images/mra_files/mra_act_2006_english.pdf Microcredit Regulatory Authority Rules 2010. Bangla version: URL: http://www.mra.gov.bd/images/mra_files/Regulations/mra-rules-2010.pdf

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Microcredit Regulatory Authority. (November 2010). “Guidelines on Interest Rate/Service Charge of Microcredit and relevant issues”. URL: http://www.mra.gov.bd/images/mra_files/Circular/circularoninterestrate-english.pdf Mix Market. (2008) Asia Microfinance Analysis and Benchmarking Report. Microfinance Information Exchange. Inc. and Intellecap. URL: http://www.themix.org/sites/default/files/2008%20Asia%20Microfinance%20Analysis%20and%20Benchmarking%20Report.pdf Rashid, Lila (Conference Paper. Microcredit Regulatory Authority. International Conference on Microfinance. Dhaka 2010): “Microfinance Regulations in Bangladesh: Development & Experiences”. URL: http://www.mra.gov.bd/conference/images/speakers/bangladesh-mra.pdf Roodman, David. Internet article accessed July 2012. URL: http://blogs.cgdev.org/open_book/2011/05/bangladesh-government-showing-its-true-colors.php South Asian Microfinance Network (2011). “Bangladesh Central Bank issues new guidelines on mobile financial services”. URL: http://www.samn.eu/?q=node/656 The Daily Star. (March 2nd 2010). “Mobile banking hits spotlight”. Internet article dd. URL: http://www.thedailystar.net/newDesign/news-details.php?nid=128281 The Daily Star. (2012). “bKash partners with Grameenphone”. Internet article dd. accessed May 2012. URL: “http://www.thedailystar.net/newDesign/news-details.php?nid=219107 The Economist. (2012). “Bangladesh’s toxic politics. Hello .Delhi”. Internet article dd. accessed May 2012. URL: http://www.economist.com/node/21555914 World Bank. (2010). “Linking up and reaching out in Bangladesh. Information and Communications Technology for Microfinance”. URL: http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/01/26/000333037_20100126222958/Rendered/PDF/528630PUB0link101Official0use0Only1.pdf

Primary Sources Dewan, Alamgir. Bangladesh Microfinance Specialist. Independent Consultant. May 2012

Chowdhury, Shabbir. Director. BRAC International. Dhaka Office. May 2012

Mallorie, Edward. International Microfinance Expert. Independent Consultant. May 2012

Cambodia

Secondary Sources Cambodia Microfinance Association. List of members. Accessed May 2012. URL: http://cma-network.org/drupal/Members CGAP. “Country-Level Effectiveness and Accountability Review.” 2005.

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MFTransparency. “Outlawing Flat Interest in Cambodia”. (November 2011). URL: http://www.mftransparency.org/pages/wp-content/uploads/2011/10/Case-Study_Cambodia_Regulation-Outlawing-Flat-Interest.pdf MicroCapital Monitor. Various. Microfinance Gateway Bulletin. Various. National Bank of Cambodia (NBC). “Law on Banking and Finance.” (1999). NBC. “Prakas B7.00-06 on Registration and Licensing of Microfinance Institutions.” (2000). NBC. “Prakas B7-01-115 on The Calculation of Interest Rate on Microfinance Loans.” (2001). NBC. “Prakas B7-02-47. On Reporting Requirement for Registered NGOs and Licensed Microfinance Institutions.” (2002). NBC. “Prakas B7-02-49 on Registration and Licensing of Microfinance Institutions.” (2002). NBC. “Prakas B7-06-209 on Amendment to Prakas on Licensing of microfinance Institutions.” (2006). NBC. “Prakas B7-07-163 on Licensing of Microfinance Deposit Taking Institutions.” (2007). NBC. “Prakas on The Maintenance of Minimum Reserve Requirement in Banks and Financial Institutions.” (2009). Symbiotics Newswatch. Various. World Bank. (2007). “Report on the Observance and Standards of Codes.”

Primary Sources Sadava, Arah. CEO. Thaneakea Phum (Cambodia). Ltd. March 28 2012 Tong, Hout Ieng. CEO Hattha Kaksekar Limited. March 27 2012 Pen, Sitha. Planet Finance. May 7 2012

China

Secondary Sources China Banking Regulatory Commission. (2012). “Annual Report 2011”. China.

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China Orbit. “China Accounting Standards: A New Beginning”. Internet article accessed May 2012. URL: http://www.chinaorbit.com/china-economy/chinese-accounting-standards.html Deloitte. (2012). “CASPlus - a resources for China Accounting Standard”. Deloitte. Internet article accessed May 2012. URL: http://www.deloitte.com/view/en_CN/cn/services/audit/14f88d21091fb110VgnVCM100000ba42f00aRCRD.htm Economist Intelligence Unit. China Hand (March 2012). Economist Intelligence. Unit Risk Briefing (February 2012). KPMG. (2011). “Mainland China Banking Survey 2011”. KPMG. Beijing. China. Microfinance Transparency. (2011). “All Countries: Introduction”. Microfinance Transparency. Internet article accessed May 2012. URL: http://www.mftransparency.org/data/countries/

O’Sullivan. Cian. (November 2010). “Mobile banking: China Mobile may face opposition to pet bank plans”. Gomo News. Internet article accessed May 2012. URL: http://www.gomonews.com/mobile-banking-china-mobile-may-face-opposition-to-pet-bank-plans/

People’s Republic of China. (2007). “CBRC Provisional Rules Governing Village or Township Banks”. People’s Republic of China. (2008). “CBRC Provisional Rules Governing Lending Companies”. People’s Republic of China. (2008). “Guiding Opinions of the China Banking Regulatory Commission and the People’s Bank of China on Trial Run of Microfinance Companies”. Planet Finance. (Last updated 2011). “Microfinance in China”. Internet article accessed May 2012. Planet Finance. URL: http://www.planetfinancechina.org/reSources-center/microfinance-in-china Qian. Ying and Todd A. Manza (editors). (2010). “Rural finance in poverty-stricken areas in the People’s Republic of China: balancing government and market”. Asian Development Bank. Manila. Philippines. Available at: www.adb.org/Documents/TARs/PRC/44056-01-prc-tar.pdf Ran, Yu. (December 2010). “Banking goes underground on tightening”. China Daily. Internet article accessed May 2012. URL: http://www.chinadaily.com.cn/bizchina/2010-12/28/content_11765622.htm Translated and available at: www.planetfinancechina.org/reSources-center/guidelines-microcredit-providers Ulrich, Jing. (2012). “Around the country—New Financial Reform Takes Shape?”. JPMorgan. Hong Kong.

Wang, Eileen. (May 2012). “China banks’ bad loans dip. capital adequacy steady in Q1”. Reuters. Internet article accessed May 2012. URL: http://www.reuters.com/article/2012/05/18/china-banks-car-idUSL4E8GI0M820120518

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Wilkinson, Betty. Xiaofei Jiang and R. O’Sullivan. (2010). “People's Republic of China: East–West Partnerships for Poverty Reduction”. Asian Development Bank. Manila. Philippines. Available at: www.adb.org/documents/books/rural-finance-prc/rural-finance-prc.pdf Xiaoshan, Du. Sun Tongquan. He Guangwen and Bai Chengyu. (2010). “Microfinance in China”. World Microfinance Forum. Geneva. Switzerland. Available at: www.microfinanceforum.org/cm_data/ChinaCompendium-eVersion.pdf Yan, Li (translator). (July 2009). “The CBRC Issued the Rules on MCC Transform”. China Association of Microfinance. Internet article accessed May 2012. URL: http://en.chinamfi.net/pub/news.asp?ctyp=NEWS&catid=1744&ctxid=4027

Primary Sources Huang, Lin. Operations Officer. International Finance Corporation. Chengdu. May 1 2012

Lai, Jinchang. Principal Operations Officer, Lead for Financial Infrastructure, International Finance Corporation. Chengdu. May 1 2012

Li, Ren. Senior Investment Officer. International Finance Corporation. Beijing. May 3 2012

Wang, Dan. Deputy Secretary General. China Association of Microfinance (CAM). Beijing. May 3 2012

White, Aaron. Chief Executive Office. Opportunity International China. Hefei. April 30 2012

Zhang, Qifeng. Principal Financial Sector Specialist. Asian Development Bank Philippines. April 30 2012

India

Secondary Sources Business Standard. (February 18 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. (June 6 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 DNA India. “SKS Microfinance sacks 1.200.” (May 11. 2012). URL: http://www.dnaindia.com/money/report_sks-microfinance-sacks-1200_1687194 Economic Times. “Are corporates ready for IFRS?”. (April 7th 2010). URL: http://www.peerpower.com/et/debate/29/Are-corporates-ready-for-IFRS- Finance Ministry. (2011). Draft Bill. The Micro Finance Institutions (Development and Regulation).Bill 2011 as of June 20 2011. URL: http://finmin.nic.in/the_ministry/dept_fin_services/micro_finance_institution_bill_2011.pdf

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Government of India. (February 2012). “Report of the taskforce on an aadhar-enabled unified payment infrastructure”. URL: http://finmin.nic.in/reports/Report_Task_Force_Aadhaar_PaymentInfra.pdf Indian Express. “Help Microfinance—Don’t kill it”. November 26th 2010. Internet article accessed May 2012. URL: http://www.indianexpress.com/news/help-microfinance-dont-kill-it/716105/0 Legatum Ventures. (March 2012). “Indian Microfinance: Looking beyond the AP Act and its devastating impact on the poor”. Research paper accessed May 2012. URL: http://www.microfinancefocus.com/sites/default/files/20120313%20Full%20Report%20-%20Indian%20Microfinance%20Looking%20Beyond%20the%20AP%20Act%20and%20its%20Devastating%20Impact%20on%20the%20Poor.pdf Malegam Committee Report. (2011). “Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector”. URL: http://www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=608 Micro-Credit Ratings International Ltd (M-CRIL).(2011). “Microfinance Review 2011. Anatomy of a Crisis. Executive Summary”. URL: http://www.m-cril.com/Backend/ModulesFiles/NewsEvents/Executive-Summary-Review-2011.pdf Microfinance Focus. (13th March 2012). “Indian Microfinance: Looking beyond the AP Act and its devastating impact on the poor”. Internet article accessed May 2012. URL:www.microfinancefocus.com/mffnews/indian-microfinance-looking-beyond-ap-act-and-its-devastating-impact-poor Microfinance Focus. (December 12. 2011). “IFC to expand microfinance credit bureaus coverage in India”. URL: www.microfinancefocus.com/ifc-expand-microfinance-credit-bureaus-coverage-india Microfinance Institutions Network (MFIN).“Code of Conduct”. Undated online document accessed May 2012. URL: http://www.mfinindia.org/sites/default/files/MFIN%20Code%20of%20Conduct.pdf Microsave (2011). Presentation on “Financial Inclusion through E/M banking”. URL:www.microsave.org/sites/default/files/Financial_Inclusion_Through_E_M_Banking.pdf Ministry of Corporate Affairs. Press Release. (February 25th 2011). URL: http://www.iasplus.com/pressrel/1102indiamcaifrs.pdf Moneylife. (2011). Arunachalam. 27 September. 2011. “Indian microfinance credit bureau: Why is it not fully operational yet?” URL: http://www.moneylife.in/article/indian-microfinance-credit-bureau-why-is-it-not-fully-operational-yet/20091.html N. Srinivasan. (2011). “India’s Microfinance Bill answers most questions”. URL: http://microfinance.cgap.org/2011/07/24/india%E2%80%99s-microfinance-bill-answers-most-questions/ National Bank for Agriculture and Rural Development. (NABARD).(2010).“Status of Micro Finance in India 2009-10”. URL: http://www.nabard.org/pdf/Status%20of%20Micro%20Finance%202009-10%20Eng.pdf

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Natu, AnantJayant. “India Focus Note 26: Market Strategy Development and 3rd Generation Microfinance in India.” October 2009. URL: http://www.microsave.org/briefing_notes/india-focus-note-26-market-strategy-development-and-3rd-generation-microfinance-in-in Reserve Bank of India. (2009). “Regulation of excessive interest charged by NBFCs”. Published January 2 2009. URL: http://www.rbi.org.in/scripts/BS_NBFCNotificationView.aspx?Id=4738#one Reserve Bank of India. (2009). “Report of the Working Group to Review the Business Correspondent Model”. URL: http://rbidocs.rbi.org.in/rdocs/PublicationReport/Pdfs/BCFRFW1908009.pdf Reserve Bank of India. (2009). Notification. Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs). URL: http://www.rbi.org.in/scripts/NotificationUser.aspx?Mode=0&Id=5390 Reserve Bank of India (2011).“Introduction of New Category of NBFCs: Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs)”. Published 2December 2011. URL: http://rbi.org.in/scripts/NotificationUser.aspx?Id=6857&Mode=0 Reserve Bank of India. (2011). “External Commercial Borrowing for MFI and NGOs engaged in microfinance activities under automatic route” Published December 19. 2011. URL: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6876&Mode=0 Reserve Bank of India. (2011). “Master Circular on Micro Credit”. Published February 14 2011. URL: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6266&Mode=0 Reserve Bank of India. (July 2009).“Master Circular–Priority Sector Lending–UCBs”. URL: http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5145&Mode=0 Reserve Bank of India. (May 2008).“Grievance Redressal Mechanism in Banks”. URL: http://rbidocs.rbi.org.in/rdocs/notification/PDFs/84253.pdf Reserve Bank of India. (May 2011). “Monetary Policy Statement 2011-12 (Including Developmental and Regulatory Policies)”. URL: http://rbidocs.rbi.org.in/rdocs/notification/PDFs/APS030511F.pdf Reserve Bank of India. Notification. (2 May. 2012).“Guidelines on Implementation of Basel III Capital Regulations in India”. URL: www.rbi.org.in/scripts/NotificationUser.aspx?Id=7174&Mode=0 Reuters. “India cabinet approves microfinance regulation bill”. 11 May 2012. Internet article accessed May 2012. URL: http://www.reuters.com/article/2012/05/10/india-microfinance-bill-idUSD8E8D902920120510 Sa-Dhan. New Delhi. Micro-Credit Ratings International Ltd. (2005).“A Study of the Regulatory Environment and its implications for legal form by Microfinance Institutions in India”. 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%20final.pdf

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Shankar and Asher (2009). “Regulating India’s Microfinance Sector: A suggested framework”. Online document accessed July 2011. URL: http://www.microfinancegateway.org/gm/document-1.9.40921/microfinance_regulation.pdf Srinivasan, N. (2009).“Microfinance India. State of the Sector Report 2009”.Sage. New Delhi. India. Srinivasan, N. (2011). “Microfinance India. State of the Sector Report 2011”.Sage. New Delhi. India. The Economist. (November 4 2010). “Microfinance in India: Discredited”. Internet article accessed May 2012. URL: http://www.economist.com/node/17420202 The Hindu Business Line. (June 2 2011); “Why Microfinance needs the Bill”. Internet article accessed May 2012. URL: http://www.thehindubusinessline.com/opinion/editorial/article2068516.ece?homepage=true The Indian Express. “RBI not in favour of allowing MFIs to take deposits: Sinha”. 23April. 2012. Internet article accessed May 2012. URL: http://www.indianexpress.com/news/rbi-not-in-favour-of-allowing-mfis-to-take-deposits-sinha/940483/2 The Wall Street Journal (March 2010): “India’s Micro Industry to Share Data”. Internet article accessed July 2011. URL: http://online.wsj.com/article/SB10001424052748704784904575111470418555624.html?mod=googlenews_wsj

Primary Sources Mallorie, Edward. India Microfinance specialist. Consultant. May 9 2012 Narasimhan, Srinivasan. India Microfinance Specialist. Independent consultant. May 17 2012 Neeraj, Swapnil. Senior Microfinance Specialist. International Finance Corporation. Mumbai Office. May 8 2012

Indonesia

Secondary Sources Bank Danamon official website. Accessed May 2012. URL: http://www.danamon.co.id/index.php?lng=2

Bank Indonesia official website. Accessed May 2012. URL: http://www.bi.go.id/web/en

Bank Mandiri official website. Accessed May 2012. URL: http://www.bankmandiri.co.id/english/index.aspx

Bank Negara Indonesia official website. Accessed May 2012 URL: www.bni.co.id

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Bank Rakyat Indonesia official website. Accessed May2012 URL: www.bri.co.id

Banking with the Poor Network: “Indonesia Country Profile”. Accessed July 2012. URL: http://www.bwtp.org/arcm/indonesia/I_Country_Profile/Indonesia_country_profile.htm

Campos, Pilar and Druschel, Kate, and et al. (Report submitted to Sa-Dhan; Microfinance Regulation and Supervision Resources Centre 2006): “Microfinance Regulation in Seven Countries: A Comparative Study”

Commercialisation of Microfinance–Indonesia. (2003). ADB. URL: http://www.adb.org/Documents/Reports/Commercialization_Microfinance/INO/default.asp

Deloitte/IAS Plus: Indonesia. Accessed May2012. URL: http://www.iasplus.com/country/indonesi.htm

International Monetary Fund (IMF). “Indonesia: Report on the Observance of Standards and Codes.” November 2010. URL: http://www.imf.org/external/pubs/ft/scr/2010/cr10342.pdf

Jakarta Globe. (October 2012). “Indonesia approves new regulator to oversee banks”. URL: http://www.thejakartaglobe.com/business/indonesia-approves-new-regulator-to-oversee-banks/474451 Microfinance Gateway. (2009). “Microfinance Industry Report”. URL: http://www.microfinancegateway.org/gm/document-1.9.36444/MF_Industry_Report_Indonesia.pdf

Mobile Business Briefing. (June 2012). “Fundamo and Bank Andara target 40M Indonesians”. Internet article. URL: http://www.mobilebusinessbriefing.com/article/fundamo-and-bank-andara-target-40m-indonesians

Permodalan Nasional Madani. Accessed May 2012. URL: http://www.pnm.co.id/

Planet Finance. Official website. Accessed May 2012. URL: http://www.planetfinancegroup.org/EN/index.php

Tempo. (January 2012). “2012 Micro Credit Target at Rp20 Trillion” Internet article. URL: http://www.embassyofindonesia.org/news/2012/01/news001.htm

The Economist. (April 2012). “Rich Pickings”. URL: http://www.economist.com/node/18587177

The Jakarta Post (March 2012). “PT Pos relies on financial services”. Internet article dd. Accessed May 2012. URL: http://www.thejakartapost.com/news/2012/05/13/pt-pos-relies-financial-services.html

Transparency International. (2010). Global Corruption Barometer. Accessed May 2012. URL: http://www.transparency.org/policy_research/surveys_indices/gcb/2010

World Bank. (June 2005): “Report on the Observance of Standards and Codes: Republic of Indonesia–Accounting and Auditing”.

World Bank. Doing Business 2012. Accessed May 2012. URL: http://www.doingbusiness.org

Primary Sources Kamal, Nagwa. CEO. MICRA Foundation Indonesia. May 2012

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Retnowati, Grace. Microfinance Expert Indonesia. International Finance Corporation. Jakarta Office. May 2012

Yogi, Nyoman. Operations Officer. International Finance Corporation. Jakarta Office. May 2012

Widowati, Margaretha Ari. Director. Care International. Jakarta Office. May 2012

Mongolia

Secondary Sources Bersch, Julia and Maino, Rodolfo, et al. (2012). “Mongolia: Financial System Stability Assessment.” International Monetary Fund. Washington. DC.

CGAP and MIX. (March 2012).“MIX Microfinance World: Eastern Europe and Central Asia. Microfinance Analysis and Benchmarking Report 2010.”. Washington. DC.

CGAP. “CGAP Country Profile: Mongolia.” Internet accessed May 2012. URL: http://www.cgap.org/m/eastasia.html

Economist Intelligence Unit. “Country Report: Mongolia.” (May 2012). New York. New York.

Economist Intelligence Unit. “Country Report: Mongolia.” (May 2012). New York. New York.

International Finance Corporation and KfWBankengruppe. (2009)“Mongolia: Microfinance and Financial Sector Diagnostic Study.” Washington. DC. Microfinance Information Exchange. “Microfinance in Mongolia: Country Profile.” Internet accessed May 2012. http://www.mixmarket.org/mfi/country/Mongolia

Mongol Bank. (2010). “Banking Law of Mongolia.”

Mongolia’s Financial Regulatory Commission. (2005). “On the Legal Status of the Committee on Financial Regulations.”

Rahman, Zubaidur. David I. Ochir Lkhagvasuren. and Badamgarav Otgonsuren. The World Bank. (March 2008). “Report on the Observance of Standards and Codes Mongolia: Accounting and Auditing.” Washington. DC.

Sandagjav, Nergui and Jacob Yaron. (August 2005).“Mongolia: the Microfinance Industry.” World Bank. “Private credit bureau coverage (% of adults).” Internet accessed May 2012. http://data.worldbank.org/indicator/IC.CRD.PRVT.ZS.

Primary Sources Magvan, Bold. CEO of Tenger Financial Group. Mongolia. May 2012

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Erdene, Lhagva. Assistant to the Vice Minister of Finance of Mongolia. May 2012

Agvaan, Zorigoo. Chief Business Development Officer at Credit Mongol LLC. May 2012

Nepal

Secondary Sources All above directives cited in MicroSave (2011).“Deposit Assessment in Nepal”. Report commissioned by the IFC. URL: http://www.ifc.org/ifcext/globalfm.nsf/AttachmentsByTitle/Desposit+Assessment-Nepal/$FILE/Desposit+Assessment-Nepal.pdf Banking with the Poor and SEEP Network (2009): “Microfinance industry report: Nepal”. URL: http://www.bwtp.org/files/MF_Industry_Nepal_ELECTRONIC.pdf Banking with the Poor Network (2010): “Centre for Micro-Finance (CMF).Nepal”. Accessed June 2012. URL: http://www.bwtp.org/cmfnepal.html Banking with the Poor Network (2010): “Nepal Country Profile”. Accessed June 2012. URL: http://www.bwtp.org/arcm/nepal/I_Country_Profile/nepal_country_profi le.html Consultative Group to Assist the Poor (2010): “Country Profile Nepal”. Accessed June 2012. Dhakal, Nara Hari (Microfinance Summit Nepal February 2010): “Role of State for the Development of Microfinance Sector”. Directive No.14/067 Unified directives 2067; Bai.Bi.Ni.Bi/niti/paripatra/50/066/67/ dated 2067.3.32/16 July 2010-09-14 Directive No.17/067 Unified directives 2067; Bai.Bi.Ni.Bi/niti/paripatra/50/066/67/ dated 2067.3.32/16 July 2010-09-14 Directives No.13/067 (Unified directives 2067); Bai.Bi.Ni.Bi./Niti/Paripatra/50066/67/Dated:2067.3.32/July 16. 2010 Ekantipur.com. “Central bank plans directive to regulate e-banking”. URL: www.ekantipur.com/2012/06/21/business/central-bank-plans-directive-to-regulate-e-banking/355914.html. 21 June 2012. Accessed July 2012. Government of Nepal. Ministry of Agriculture and Co-operatives. Department of Cooperatives website: Accessed June 2012. URL: http://www.deoc.gov.np IMF. (July 2010). Nepal Article IV Assessment. URL: http://www.imf.org/external/pubs/ft/scr/2010/cr10185.pdf

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IMF. (July 2010).Nepal Article IV Assessment.p.17. URL: http://www.imf.org/external/pubs/ft/scr/2010/cr10185.pdf IMF. (November 2011). Nepal Article IV Assessment. URL:www.imf.org/external/pubs/ft/scr/2011/cr11318.pdf Microcapital Brief (2010). “Liquidity Crunch Forces Nepalese Microfinance Institutions (MFIs).to Increase Lending Rates”. Internet article accessed July 2011. URL: http://www.microcapital.org/microcapital-brief-liquidity-crunch-forces-nepalese-microfinance-institutions-mfis-to-increase-lending-rates/ Microcapital Brief (2011).“MFIs in Nepal request establishment of credit bureau”. Internet article accessed May 2012. URL: www.microcapital.org/microcapital-brief-microfinance-institutions-mfis-in-nepal-request-establishment-of-credit-bureau/ MicroSave (2011).“Deposit Assessment in Nepal”. Report commissioned by the International Finance Corporation. URL: http://www.ifc.org/ifcext/globalfm.nsf/AttachmentsByTitle/Desposit+Assessment-Nepal/$FILE/Desposit+Assessment-Nepal.pdf NBR Working Paper (2011). “Identifying influencing factors of mission drift in microfinance institutions: A case study of PaschimanchalGrameenBikas Bank. Nepal”. Paper accessed May 2012. URL: http://red.nrb.org.np/publications/working_papers/NRB_Working_Paper--NRB-WP-8-- NBR Working Paper (2011). “Identifying influencing factors of mission drift in microfinance institutions: A case study of PaschimanchalGrameenBikas Bank. Nepal”. Paper accessed May 2012. URL: http://red.nrb.org.np/publications/working_papers/NRB_Working_Paper--NRB-WP-8--Nov_2011;%20Identifying_Influencing_Factors_of_Mission_drift_in_Microfinance_Institutions:_A_case_study_of_Paschimanchal_Grameen_Bikas%20Bank._Nepal--Nephil_Matangi_Maskay._PhD.pdf Nepal Bank. official website. Accessed June 2012. URL: www.nepalbank.com.np/ Nepal Credit Information Bureau. Official Website. Accessed in June 2012. URL: http://www.cibnepal.org.np Nepal Federation of Savings and Credit Cooperative Unions Ltd. (NEFSCUN). Annual Report 2010. URL: http://www.nefscun.org.np/index.php?page=downloads Nepal Rastra Bank (2011). “Enhancing Access to Financial Services (EAFS).Project”. UNDP-sponsored report. URL: http://tinyurl.com/7rot3mu Nepal Rastra Bank (April 2012). List of banks and financial institutions licensed by NRB as of 24 April 2012. URL: http://bfr.nrb.org.np/pdffiles/List_of_BFIs_in_English_20690117.pdf Nepal Rastra Bank (July 2011). Banking and Financial Statistics. URL: http://bfr.nrb.org.np/statistics/bank_fina_statistics/Banking_and_Financial_Statistics--No_57%20July%202011.pdf Nepal Rastra Bank. Monetary Policy 2010/11. URL: http://www.nrb.org.np/ofg/monetary_policy/Monetary_Policy_(in_English)--2010-11_Report.pdf

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Nepal Rastra Bank. Monetary Policy 2011/12. URL: www.nrb.org.np/ofg/monetary_policy/Monetary_Policy_(in_English)--2011-12_Report-NEW.pdf NirdhanNirdahUtthan Bank Ltd. Company website. Accessed June 2012. URL: http://www.nirdhan.com/news/detail.php?ID=19 Republica. (March 2012). “NRB goes easy on CCD ratio calculation”. Internet article accessed May 2012. URL: http://www.myrepublica.com/portal/index.php?action=news_details&news_id=32757 Republica. (May 2012). “Interest to open microfinance institutions growing”. Internet Article accessed May 2012. URL: www.myrepublica.com/portal/index.php?action=news_details&news_id=34544 Sana KisanBikas Bank Ltd (SKBBL): Small Farmers Development Bank. official website. Accessed June 2012. URL: http://www.skbbl.com.np/SKBB_Content_7.html Shankar Man Shrestha (2009). State of Microfinance. URL: http://www.inm.org.bd/saarc/document/Nepal.pdf Smartcampaign.org. Official website. Accessed June 2012. URL: www.smartcampaign .org The Himalayan Times. (23rd April 2012). “NRB relaxes BFIs share investment in MFIs”. URL:www.thehimalayantimes.com/fullNews.php?headline=NRB+relaxes+BFIs+share+investment+in+MFIs&NewsID=329327. Accessed May 2012. The Himalayan Times. “ (6 January 2011). Publish interest rates quarterly. NRB move aims to bring more transparency in banking system”. Accessed June 2012. URL: http://www.thehimalayantimes.com/fullNews.php?headline='Publish+interest+rates+quarterly'&NewsID=272064 The Himalayan Times. (15 June 2011).“NRB to chalk out work plan to overcome crisis”. Accessed May 2012. URL: http://www.thehimalayantimes.com/fullNews.php?headline=NRB+to+chalk+out+work+plan+to+overcome+crisis&NewsID=291946 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/ World Bank (2007). Access to Financial Services in Nepal; URL: http://sitereSources.worldbank.org/NEPALEXTN/ReSources/publications/415830-1174327112210/complete.pdf World Bank. Doing Business (2012). Accessed June 2012. URL: http://www.doingbusiness.org

Primary Sources Dhakal, Nara Hari. Senior Advisor. Centre for Empowerment and Development (CED). Nepal. May 14 2012

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Khanal, Sunil. Senior Microfinance advisor. Planet Finance. Nepal. May 11 2012 Pant, Harihar Dev. Executive chairman. Nirdhan Utthan Bank Ltd. May 18 2012

Pakistan

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Daily Times. (March 17. 2012).URL: http://www.dailytimes.com.pk/default.asp?page=2012%5C03%5C17%5Cstory_17-3-2012_pg5_3

IFC and KfW. “Pakistan: Microfinance and Financial Sector Diagnostic Study.” 2009.

MicroCapital Monitor. various

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Pakistan Microfinance Network. “REGULATING PAKISTAN’S NON-BANK MICROFINANCE INSTITUTIONS”. December 2012. State Bank of Pakistan (SBP). Branchless Banking Newsletter Issue 2. URL: http://www.sbp.org.pk/publications/acd/BranchlessBanking-Oct-Dec-2012.pdf

Pakistan Microfinance Network: Microfinance Connect. URL: http://www.microfinanceconnect.info

Pro Pakistani. March 15. 2012 URL: http://propakistani.pk/2012/03/15/branchless-banking-transactions-hit-rs-79-4-billion-mark-during-sep-dec-2012/

SBP. “Circular 17: Guidelines in Dealing with Customer Complaints.” (July 2004).

SBP. “Guidelines for Commercial Banks to Undertake Microfinance Business.” (2006).

SBP. “Guidelines for Mobile Banking Operations of Microfinance Banks/ Institutions.” (March 2008).

SBP. “Microfinance Institutions Ordinance 2001.” (as amended up to 1st July 2007).

SBP. “Prudential Regulations for Microfinance Banks.” (updated on 1st January 2012).

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SBP.”SMED Circular No. 11 of 2006: Prudential Regulations for Commercial Banks to Undertake Microfinance Business.”

Securities and Exchange Commission of Pakistan. “Companies Ordinance of 2004.”

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SMART Campaign. “SMART Notes No. 5.” (October 2010).

South Asia Microfinance Network. “Pakistan.” URL: http://www.samn.eu/?q=pakistan

State Bank of Pakistan (SBP). “Branchless Banking Regulations for Financial Institutions Desirous to undertake Branchless Banking.” March 2008.

State Bank of Pakistan (SBP). “State Bank allows MFBs to lend Micro- enterprises up to Rs. 500.000”. http://www.sbp.org.pk/press/2012/Upscaling-16-Mar-2012.pdf. (March 2012).

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The News Tribe. (March 14. 2012). URL: http://www.thenewstribe.com/2012/03/14/ufone-to-acquire-stakes-in-rozgar-microfinance-bank/#.T8Rhq47N0fM). The Express Tribune. (October 21. 2012). URL: http://tribune.com.pk/story/279230/network-microfinance-bank-new-owners-keen-to-buyback-listed-shares/

Primary Sources Haq, Aban. Research Analyst. Pakistan Microfinance Network. May 2012

Ashfaz, Yasir. General Manager. Credit and Enterprise Development. Pakistan Poverty

Alleviation Fund. May 2012

Gill, Masood. Director. Urban Microcredit Programme (UPAP).of the National Rural Support Programme (NRSP). May 2012

Philippines

Secondary Sources Bangko Sentral ng Pilipinas. “Circular NO. 727.” (June 2012).

Bangko Sentral ng Pilipinas. “Circular NO. 727.” (June 2012).

Bangko Sentral ng Pilipinas. “Manual of Regulations for Banks.” revised 2008. Bangko Sentral ng Pilipinas. “Manual of Regulations for Banks.” revised 2008. Bangko Sentral ng Pilipinas. Circular 744 on “Microfinance Plus” and Circular 748 on Micro-Agri Loans. December 2012 Bangko Sentral ng Pilipinas. Circular 744 on “Microfinance Plus” and Circular 748 on Micro-Agri Loans. (December 2012).

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Bangko Sentral ng Pilipinas. LIST OF BANKS WITH MICROFINANCE FUNCTIONS as of December 2012 (http://www.bsp.gov.ph/banking/microfinance.pdf) Bangko Sentral ng Pilipinas. LIST OF BANKS WITH MICROFINANCE FUNCTIONS as of December 2012 (http://www.bsp.gov.ph/banking/microfinance.pdf) CGAP. “Philippines Country-Level Savings Assessment.” (2005). CGAP. “Philippines Country-Level Savings Assessment.” (2005). Connie Hina. Regional Technical Advisor. PlaNet Finance. (May 2012). Cooperative Development Authority. various (http://www.cda.gov.ph/) Cooperative Development Authority. various (http://www.cda.gov.ph/) Dick Pajarillo. World Vision. (May 2012). http://business.inquirer.net/39021/credit-bureau-for-microfinance-formed MicroCapital Monitor. various Microfinance Gateway Bulletin. various Mitch Gomez. President & CEO. GM Bank. (March 2012). National Credit Council and National Anti-Poverty Commission. “Microfinance Consumer Protection Handbook.” (2007).

Primary Sources Gomez, Mitch. President & CEO, GM Bank, March 2012 Hina, Connie. Regional Technical Advisor, PlaNet Finance, May 2012 Pajarillo, Dick. World Vision, May 2012

Sri Lanka

Secondary Sources “A Just Alternative: Providing access to justice through two decades of Community Mediation Boards in Sri Lanka.” The Asia Foundation. April 2011. p. 8. Internet article accessed May 2012. URL: http://asiafoundation.org/reSources/pdfs/CommunityMediationBoardsSL.pdf “Finance Business Act”. Internet article accessed May 2012. URL: http://documents.gov.lk/Bills/2011/Finance%20Business/Finance%20Business%20(E).pdf

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Central Bank of Sri Lanka. (April 2011)."Annual Report 2010".Internet article accessed May 2012. URL: Central Bank of Sri Lanka. (April 2012)."Annual Report 2011". Central Bank of Sri Lanka. (December 2010)."Financial System Stability Review 2010".Internet article accessed May 2012. URL: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/financial_system_stability_review/_fssr_2010e.pdf Central Bank of Sri Lanka. (December 2011)."Financial System Stability Review 2011".Internet article accessed May 2012. URL: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/financial_system_stability_review/fssr_2011e.pdf CGAP website. Internet website accessed May 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13739/ Credit Information Bureau of Sri Lanka website. Internet website accessed May 2012. URL: http://www.crib.lk/index.php/en/ GTZ ProMis. (July 2010). “ProMisOperational District Profiles”. Internet article accessed May 2012. URL: http://www.microfinance.lk/publications/1281324217.pdf GTZ ProMis. (2009). "Microfinance Institutions in Sri Lanka". Internet article accessed May 2012. URL: GTZ ProMis. (2009). "Report on Savings Mobilization by Microfinance Institutions in Sri Lanka". Internet article accessed May 2012. URL: http://www.microfinance.lk/publications/1271765335.pdf GTZ ProMis. (2010). "Legal Study on the Microfinance Sector in Sri Lanka 2010".Internet article accessed May 2012. URL: http://www.microfinance.lk/publications/legal_Study.pdf GTZ ProMis. (2010. updated edition). "Microfinance Industry Report. Sri Lanka". Internet article accessed May 2012. URL: http://www.fdc.org.au/data/BWTP_Network_-_GTZ_Sri_Lanka_Microfinance_Industry_Report_Updated_-_English1.pdf GTZ ProMis. (November 2010). "Impact Assessment of Microfinance in Sri Lanka". Internet article accessed May 2012. URL: http://www.microfinance.lk/publications/2010_11_GTZ_Impact%20Assessment%20Microfinance%20Sri%20Lanka.pdf Institute of Policy Studies of Sri Lanka (September 2011). “Sri Lanka State of the Economy 2011. Post-conflict Growth: Making it Inclusive” (hard copy) International Finance Corporation. (2012). "Doing Business 2012". Internet article accessed May 2012. URL: http://www.doingbusiness.org/~/media/FPDKM/Doing%20Business/Documents/profiles/country/LKA.pdf

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International Finance Corporation. (May 2011). "Deposit Assessment in Sri Lanka". Internet article accessed May 2012. URL: http://www.scribd.com/doc/57399096/10/FORMAL-INSTITUTIONS-FOR-DEPOSIT-MOBILISATION-IN-SRI-LANKA Lanka Microfinance Practioner’s Association (November 2011).“Microfinance Review-Sri Lanka: Performance and Analysis Report-2011. Lanka Microfinance Practitioner’s Association website. Internet website accessed May 2012. URL: http//www.microfinance.lk "Microfinance Act". Internet article accessed May 2012. URL: http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/nbsf/Draft_microfi_act.pdf MixMarket website. “Microfinance in Sri Lanka: Country Profile.” Internet article accessed May 2012. URL: http://mixmarket.org/mfi/country/Sri%20Lanka Panditha, M W. (August 2010). "The Draft Microfinance Act". The Island. Internet article accessed May 2012. URL: http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=4475 Parliament of the Democratic. Socialist Republic of Sri Lanka."Consumer Affairs Authority Act (2003)".Internet article accessed May 2012. URL: http://documents.gov.lk/Acts/2003/Consumer%20Affairs%20Authority%20(Act.%209)/H%2017420%20(E)%20Consumer.pdf Ratwatte. J. Charitha. (April 2012). "Finance: Restrictions on use of the word". The Daily FT. Internet article accessed May 2012. URL: http://www.ft.lk/2012/04/03/finance-restrictions-on-use-of-the-word/ Ratwatte, J. Charitha. (April 2012). "Microfinance in Sri Lanka-TheFuture?".Microfinance focus. Internet article accessed May 2012. URL: http://www.microfinancefocus.com/content/mffnews/microfinance-sri-lanka-future Ratwatte, J. Charitha. (December 2011). “Microfinance: As India moves forward. Sri Lanka stagnates.” The Daily FT. Internet article accessed May 2012. URL: http://www.ft.lk/2011/12/20/micro-finance-as-india-moves-forward-sri-lanka-stagnates/ Sarvodaya Economic Enterprise Development Services website. Internet article accessed May 2012. URL: http://www.seeds.lk/ South Asian Microfinance Network website. “Microfinance Sector in Sri Lanka.”Internet article accessed May 2012. URL: http://www.samn.eu/index.php?q=microfinance-srilanka Story from Credit Information Bureau of Sri Lanka website. (April 2011). "CRIB develops movable assets registry". Internet article accessed May 2012. URL: http://www.crib.lk/06042011.pdf

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USAID/CORE (June 2009).“Sri Lanka Connecting Regional Economies Microfinance Sector Assessment ”.Internet article accessed May 2012. URL: http://pdf.usaid.gov/pdf_docs/PNADT120.pdf Website of the Financial Ombudsman. Internet website accessed May 2012. URL: http://www.financialombudsman.lk

Primary Sources Atapattu, Anura. Consultant. Development Facilitators Ltd. Sri Lanka. May 8 2012 Fernando, Roshini. Senior Microfinance Specialist. GTZ Promotion of the Microfinance Sector (ProMiS). Sri Lanka. May 15 2012 Ratwatte, J. Charitha. Managing Director. Sri Lanka Business Development Centre. Sri Lanka. May 11 2012

Thailand

Secondary Sources Asian Development Bank (2011). Technical Assistance Report. “Kingdom of Thailand: Development of a Strategic Framework for Financial Inclusion”. December 2012; URL: http://www2.adb.org/Documents/TARs/THA/45128-001-tha-tar.pdf Asian Development Bank (2011). Working Paper. “Poverty. Income Inequality. and Microfinance in Thailand”. November 2011; URL: http://beta.adb.org/sites/default/files/poverty-income-inequality-microfinance-thailand.pdf Bangkok Post. “Lukewarm response to Microcredit rules”. (May 31. 2011). online article accessed May 2012. URL: http://www.bangkokpost.com/business/economics/239770/lukewarm-response-to-microcredit-rules Bangkok Post. “Counter Service seeking microfinance opportunity”.(Novermber12.2010). Online article accessed May 2012. URL: http://www.bangkokpost.com/business/economics/205962/counter-service-seeking-microfinance-opportunity Bangkok Post. “Thailand Post may provide microfinance centres”. (August31.2010). Online article accessed May 2012. URL: http://www.bangkokpost.com/business/economics/193808/thailand-post-may-provide-microfinance-centres Bangkok Post. “The Pros and Cons of Getting a Loan”. (Febraury14.2010). Online article accessed May 2012. URL: http://www.bangkokpost.com/news/investigation/32897/the-pros-and-cons-of-getting-a-loan Bank for Agriculture and Agricultural Co-operatives (BAAC). official website. Accessed May 2012. URL: http://www.baac.or.th/baac_en/index.php

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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 of Thailand (November 2009): “Financial Services Master Plan Phase II”. BOT Press Release (January 2012).“The opening of the Financial Consumer Protection Center (FCC)”. URL: http://www.bot.or.th/Thai/PressAndSpeeches/Press/News2555/n0355e.pdf BOT working paper (October 2010). ”The Effects of E-payment Instruments on Cash Usage: Thailand’s Recent Evidence and Policy Implications”. URL: http://www.bot.or.th/English/PaymentSystems/Publication/PSResearchPaper/WorkingPaper/TheEffectOfEpaymentInstrumentsOnCashUsage.pdf Deloitte Touche Tohmatsu Jaiyos (Thailand).(2008). IFRS and GAAP in the Kingdom of Thailand. URL: http://www.iasplus.com/asia/0805ifrsthai.pdf Global Legal Group-CDR. The International Comparative Legal Guide to: Litigation and Dispute Resolution. Online document accessed May 2012. URL: http://www.tillekeandgibbins.com/sites/default/files/ICLG-Litigation-Dispute-Resolution2011.pdf Government of Thailand; Ministry of Finance (2009): “Microfinance Master Plan”. Government Savings Bank (GSB). official website. Accessed May 2012. http://www.gsb.or.th/index-en.php International Finance Corporation. Bulletin No 31. Paper presented by Davina Kunvipusilkul at the IFC Conference on "Measuring financial innovation and its impact". Basel. 26–27 (August 2008). URL: http://www.bis.org/ifc/publ/ifcb31f.pdf IMF. (2009). “Thailand: Financial System Stability Assessment.” URL: http://www.imf.org/external/pubs/ft/scr/2009/cr09147.pdf IMF. (2010). Thailand: 2010 Article IV Consultation. Article IV. IMF Country Report No. 10/344. URL: http://www.imf.org/external/pubs/ft/scr/2010/cr10344.pdf Microfinance Industry Report. Thailand. (2010). Banking with the Poor Network. URL: http://www.iamfi.com/documents/BWTPNetworkThailandMicrofinanceIndustryReport.pdf Microfinance Thailand official website. Accessed May 2012. URL: http://www.microfi nancethailand.com/ Microfinance Thailand. “Institutional options for Micro-Credit Activities in Thailand”. Undated. URL: http://www.microfinancethailand.com/docs/INSTITUTIONAL_OPTIONS.pdf Microfinance Thailand. “Leading Thai MFI closes down”. (30 July 2010). Online article accessed May 2012. URL: http://blog.microfinancethailand.com/2010_07_01_archive.html

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Ministry of Agriculture and Co-operatives. Government of Thailand. official website. Accessed May 2012. URL: http://eng.moac.go.th/main.php?filename=index MIX market. Official website. URL: www.mixmarket.org/ PWC. Web pages for Thailand. Accessed May 2012. URL: http://www.pwc.com/th/en/ifrs/adoption.jhtml Royal Decree Regulating Electronic Payment Service Business. B.E. (2551).2008. URL: http://www.bot.or.th/English/PaymentSystems/OversightOfEmoney/Pages/RelatedLaw.aspx Thai-ASEAN News Network (January 2011). “Credit Bureau Targets Utility Bill Records”. 27 January 2011. URL: http://www.thailandoutlook.tv/tan/viewdata.aspx?DataID=1040099 Thai-ASEAN News Network. (May 2011).“Thailand Post to Launch Micro-Financial Services”. 23 May 2011. URL: http://www.tannetwork.tv/tan/ViewData.aspx?DataID=1043994 Thailand’s Fiscal Policy Office. (2012). “Microfinance Developments in Thailand”. Unpublished report. The Nation. “How flawed is our micro finance system?”. 30 May 2011. Online article accessed May 2012. URL: http://www.thaivisa.com/forum/topic/470914-how-flawed-is-thailands-micro-finance-system/ World Bank. (2006). Thailand Country Development Partnership: Financial and corporate sector competiveness program assessment and completion report. URL: http://sitereSources.worldbank.org/INTTHAILAND/ReSources/333200-1089943634036/475256-1151398840534/oct26_Summary_Financial_Sector_development.pdf World Bank. (2012). Policy Research Working Paper 5998. (March 2012). “Appraising the Thailand Village Fund”. URL: http://www-wds.worldbank.org/external/default/WDSContentServer/IW3P/IB/2012/03/14/000158349_20120314093820/Rendered/PDF/WPS5998.pdf

Primary Sources Anonsiriporn, Tawesuth. Senior Examiner. Financial Institutions Monitoring and Analysis Department. Bank of Thailand. May 18 2012 Atiratana, Nuttawut. Team Executive. Payment Systems Policy and Analysis Division. Payment Systems Policy Department. Bank of Thailand. May 18 2012 Jiranpitakkul, Kuntikar. Economist. Financial Inclusion Policy and Development Bureau. Fiscal Policy Office. Thailand Ministry of Finance. May 22 2012 Manakul, Taweesakdi. Advisor. Financial Inclusion Development Policy Bureau. Fiscal Policy Office. Thailand Ministry of Finance. May 22 2012 Pornprapunt, Chitkasem. Division Executive Strategy Division. Financial Institutions Policy Group. Bank of Thailand. May 18 2012

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Vejpattarasiri, Pattrapa. Analyst. Financial Institutions Strategy Department. Financial Institutions Policy Group. Bank of Thailand. May 18 2012

Vietnam

Secondary Sources Banking with the Poor. (2008).“Microfinance industry report: Vietnam.” Internet report accessed June 2012. URL: http://www.bwtp.org/files/MF_Industry_Report_Vietnam_ReportELECTRONIC.pdf. Banking with the Poor. “Microfinance in Asia: Trends. Challenges and Opportunities.” Internet report accessed June 2012. “Decree 28: Organisation and Operation of Microfinance 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. 07/2009/TT-NHNN. Hanoi. (April 17th 2009). Deloitte/IAS Plus. (September 2009)“Financial Reporting Framework in Vietnam.” URL: http://www.iasplus.com/country/vietnam.htm Duflos. Eric. Opportunities for a Big Leap for Financial Inclusion in Vietnam? (May 11th 2012). URL: http://microfinance.cgap.org/2012/05/11/opportunities-for-a-big-leap-for-financial-inclusion-in-vietnam. Government of Vietnam. Hanoi. (November 11th 2007). “Decree 165: Amendments to Government for Microfinance Institutions activity in Vietnam”. Vols 165/2007/ND-CP. MIX Market .“Vietnam Country Profile”. URL: http://www.mixmarket.org/mfi/country/Vietnam. National Assembly. (June 16th 2010). “Law on Credit Institutions”. Vol Law 47/2010/QH12. Nguyen. Binh T. and Robert Vogel. Asian Development Bank. (2012). “Rural and Microfinance in the Lower Mekong Region: Policies. Institutions. and Market Outcomes”. Planet Rating reports (http://www.planetrating.com/EN/girafe-ratings__nom_pays__ASC.html) State Bank of Vietnam. (2009).“Providing for prudential ratios in operation of small scaled financial institutions”. Circular of Governor of the State Bank of Vietnam. URL: http://www.bwtp.org/files/MF_Trends_Challenges_Opportunities_ELECTRONIC.pdf Vietnam Microfinance Working Group website (http://www.microfinance.vn/) Vietnam Ministry of Telecommunications website (http://english.mic.gov.vn/Trang/default.aspx) World Bank. Vietnam (2012). Doing Business (URL: http://www.doingbusiness.org)

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Primary Sources Tran, Hien. National Technical Consultant. PlaNet Finance. May 2012 Leviste, Evelyn. Microfinance Consultant. ADB. March 2012 Nguyen, Mai. Executive Director. Vietnam Microfinance Working Group. March 2012

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Eastern Europe and Central Asia Armenia

Secondary Sources “ARMENIA MICRO ENTERPRISE DEVELOPMENT INITIATIVE. Contract No. 111-C-03-00048-00. Survey of the Legal and Regulatory Environment for Microfinance in the Republic of Armenia”. .Internet article accessed May 2012. URL: http://www.microfinancegateway.org/gm/document-1.9.27226/27092_file_SurveyLegalandRegul.pdf A report from MIX and CGAP. (February 2009). “Eastern Europe and Central Asia Microfinance Analysis and Benchmarking Report. 2008. Internet accessed in May. 2012. URL: http://www.cgap.org/gm/document-1.9.36440/2008%20Eastern%20Europe%20Central%20Asia%20MicrofinanceAnalysis%20and%20Benchmarking%20Report%20-English.pdf Armenian Legal Information system. Internet article accessed May 2012. URL: http://www.arlis.am/default.aspx CGAP. Internet article accessed May 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13754/ CGAP. Internet article accessed May 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13754/ Chemonics International Inc. & Day. Berry & Howard Foundation. January 2004 Country Report. Armenia (2012). The Economist Intelligence Unit. Internet accessed May. 2012). URL: http://www.eiu.com/report_dl.asp?issue_id=1358827920&mode=pdf DALYAN. V. and GRAHAM. M. (2006): Armenian Benchmarking Report 2004. Microfinance Information Exchange. Inc. (MIX). Economist Intelligence Unit Country Finance reports. Internet article accessed May 2012. URL: https://portal.eiu.com/login.aspx?service=https://www.eiu.com&brand=&clientid=2ct77s23cpau3&gateway=true&returnTo=https://www.eiu.com/index.asp?layout=publications&publication_type_id=50000205&eiu_publication_id=2000001000= IAS/Deloitte Plus. Internet article accessed May 2012. URL :http://www.iasplus.com/en/reSources/use-of-ifrs Joanna Ledgerwood. Victoria White. (2006). “Transforming Microfinance Institutions. Providing Full finances to the poor”. Internet article accessed May 2012. URL: http://www.ifc.org/ifcext/camfi.nsf/AttachmentsByTitle/Guide/$FILE/Transforming+Microfinance+Institutions.pdf Law on Combating Money Laundering and Terrorism Financing (enacted in 2008).

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Law on credit Organizations. Internet article accessed May 2012. URL: http://www.cgap.org/gm/document-1.9.44932/Law%20on%20Credit%20Organizations%20of%202002%20(amended%20through%202007).pdf Microfinance regulation and principles. Internet article accessed May 2012. URL: http://www.microcapital.org/?s=Armenia&x=0&y=0 Milada Kasarjyan. (2011). “Improving the functioning of the rural financial markets of Armenia”. Edited by Leibniz Institute of Agricultural Development in Central and Eastern Europe. IAMO. Volume 62. Internet article accessed May 2012. URL: http://www.iamo.de/dok/sr_vol62.pdf Mix Market country publications. Internet article accessed May 2012. URL: http://www.mixmarket.org/mfi/country/Armenia National Assembly of the Republic of Armenia. Internet article accessed May 2012. URL: http://www.parliament.am/law_docs/220602HO359eng.pdf?lang=eng Office of financial ombudsman in Armenia during 8 months of 2011 compensated the clients 29 million drams. 2011. Internet accessed in May. 2012. URL: http://www.armbanks.am/en/2011/09/05/26789/ Republic of Armenia. (2002). “Law on Credit Organizations of 2002 (amended through 2007). Regulation on credit organizations’ activities and economic guidelines thereof (Regulation 14).” Republic of Armenia. (2002). “Law on Credit Organizations of 2002 (amended through 2007). Reporting by credit organizations. drawing out and publication of the reports (Regulation 15)”. Republic of Armenia. (2002). “Law on Credit Organizations of 2002 (amended through 2007). Regulation of communication between bank and debtor. creditor and client. the terms and minimum requirements (Regulation 8/05).” Republic of Armenia. (2008). “Law on Attraction of Banking Deposits (enacted in 2008)” Republic of Armenia. (2009).“Regulation N 8/05 on Minimal Requirements for Communication (enacted in 2009).(Russian)” Republic of Armenia. (2002). “Law on Credit Organizations of 2002 (amended through 2007). Regulation of publishing the information of banks. credit organizations. insurance companies. insurance agents. investment companies. central depository and money transmitters (Regulation 8/03).” Republic of Armenia. (2002). “Law on Credit Organizations of 2002 (amended through 2007)Establishment of the systemized credit registrar of creditworthiness of customers of banks. credit organizations. branches of foreign banks operating in RA and procedures for there of involvement into the registrar”. Republic of Armenia. (2010). “Regulation 2 (Prudential Standards for Banking).of 2007 (amended through 2010).(Armenian)”

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Republic of Armenia. (2007). “Law on the Central Bank of Armenia of 1996 (amended through 2007)” Republic of Armenia. (2008). “Law on Financial System Mediator (enacted in 2008)” Republic of Armenia. (2008). “Regulation 14 (Prudential Standards for Activities of Credit Organizations).of 2002 (amended through 2008)” Republic of Armenia. (2009)“Regulation N 8/03 on Disclosure of Information (enacted in 2009).(Russian) Republic of Armenia Law On Credit Organizations. Regulation and Supervision of Credit Organizations Activities. Internet article accessed May 2012. URL: http://www.cgap.org/gm/document-1.9.44932/Law%20on%20Credit%20Organizations%20of%202002%20(amended%20through%202007).pdf Republic of Armenia. (2001). Law on Limited Liability Companies Republic of Armenia. (2001). Law on Joint Stock Companies Republic of Armenia. (2002). Law on Credit Organizations of 2002 Republic of Armenia. (2004). Law on Payment and Settlement Systems and Payment and Settlement Organizations of 2004. Republic of Armenia. (2005). Law on Unified Financial Regulation and Supervision Framework Republic of Armenia. (2007). Law on Banks and Banking of 1996. Republic of Armenia. (2008). Law on Consumer Credit (consumer protection related) Republic of Armenia. (2008). Regulation 13 (Technical Adequacy Requirements for Credit Organizations) Republic of Armenia. (2008). Law on Consumer Credit Republic of Armenia. (2009). Regulation N 8/04 on Internal Procedures on Customer Complaints) Republic of Armenia. (2010). Regulation N16/1 (for e-money issuers)

Republic of Armenia. (2010). Regulation N16/2 (on circulation of e-money) Transforming NGO MFIs: Critical Ownership Issues to Consider. Internet accessed in May. 2012. URL: http://www.cgap.org/gm/document-1.9.4213/OP13.pdf Wold Bank. Doing Business 2012

World Bank. (2007): Program Document for a Proposed Credit to Republic of Armenia for a Poverty Reduction Support Credit III. Report No: 38358 – AM. World Bank. Washington. DC

World Bank. Doing Business Credit Information Index. Internet article accessed May 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/armenia/getting-credit/

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World Bank Investor Protection Index. Internet article accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/protecting-investors

Primary Sources Kuchukyan, Arsen. SEF International Universal Credit Organization. Executive Director. Yerevan. May 18 2012 Yesayan, Mariam. Aregak. Executive Director. Yerevan. May 17 2012 Grigoryan, Yeva. FINCA Universal Credit Organization CJSC. Yerevan. Marketing Manager. May 17 2012

Azerbaijan

Secondary Sources Azerbaijan Microfinance Association (AMFA).website. Accessed May 2012. URL: http://amfa.az/ Central Bank of the Republic of Azerbaijan (CBAR). Website. Accessed May 2012. FINCA Azerbaijan. Website. Accessed May 2012. URL: http://www.fincaazerbaijan.com/ MicroCapital.org. Website. Accessed May 2012. URL: http://www.microcapital.org/ MIX Market. Website. Accessed May 2012. URL: http://www.mixmarket.org/ Republic of Azerbaijan. (2000). “The Law of the Republic of Azerbaijan on Credit Unions”. Republic of Azerbaijan. (2009). “The Law of the Republic of Azerbaijan on Non-Banking Credit Institutions”. URL: http://www.cbar.az/ World Bank. Depth of credit information index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/getting-credit World Bank. Extent of disclosure index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/protecting-investors

Primary Sources Pospielovsky, Andrew. General Manager. Access Bank. Baku. May 2012 Hajiyeva, Jhale. Director. AMFA. April 2012 Confidential interviewee. May 2012

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Bosnia and Hercegovina

Secondary Sources Decision on Minimal standards for activities of microcredit organizations related to prevention of money laundering and financing of terrorist activities (May 15. 2012). Decree on Other General Requirements for Business Operations of a Microcredit Organization (enacted in 2007). Decree on Percentage and Manner for Forming and Maintaining Reserves for the Coverage of Loan Losses (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 Organization's 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 the Supervision of Microcredit Organization Business Operations (enacted in 2007). Decree on Uniform Method of Calculation and Disclosure of the Effective Interest Rate on Loan and Deposits (enacted in 2007). Financial Access 2010. The state of Financial Inclusion through the Crisis. CGAP/The World Bank Group Report. (September 2010). Microfinance in Bosnia and Herzegovina: A randomized field experiment on the impact of extending microfinance to marginal clients.” Baseline Report. (February 2010). Microfinance World: Eastern Europe and Central Asia Microfinance Analysis and Benchmarking Report 2010”. CGAP/MIX Market Report. (March 2012). Law on Banks for the Federation of Bosnia and Herzegovina of 1998 (amended through 2003). Law on Microcredit Organizations of the Federation of Bosnia and Herzegovina (enacted in 2006). Law on the Banking Agency for the Federation of Bosnia and Herzegovina of 1996 (amended through 2006). Law on the Central Bank of Bosnia and Herzegovina of 1997 (amended through 2006).Federation of Bosnia and Herzegovina World Bank Doing Business Report 2012

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Primary Sources Goronja, Nataša. Bosnia and Hercegovina Microfinance Project Manager. International Finance Corporation. May 2012 Nalic, Nejira. Executive Director, MI-BOSPO. May 2012 Jahić, Selma. Executive Director for Credit Operations, Micro-credit foundation Partner. May 2012

Georgia

Secondary Sources Economist Intelligence Unit. Country Finance reports. (2011). Enabling international remittance services in Georgia. (2010). Internet article accessed May. 2012 Georgia defined as country of "medium political risk". URL: http://vestnikkavkaza.net/news/politics/10454.html IAS/Deloitte Plus. Internet article accessed May. 2012. URL: http://www.iasplus.com/en/reSources/use-of-ifrs IFAD. Internet article accessed May. 2012. URL: http://www.ifad.org/evaluation/public_html/eksyst/doc/prj/region/pn/georgia/georgia.htm Investment and Regulation In Microfinance. (2011). Internet article accessed May. 2012. URL: http://www.planetuniversity.eu/site/fileadmin/pfde/news_2011/Frankfurt_Presentations/Dzadzua_Investment_and_Regulation_In_Microfinance.pdf MICROCAPITAL BRIEF: Mifos Microfinance Software Update. “Margaret H.” adds Lao. Georgian. Mobile Interface. Spreadsheet Capability. Cloud Functionality. Internet article accessed May. 2012. URL: http://www.microcapital.org/microcapital-brief-mifos-microfinance-software-update-margaret-h-adds-lao-georgian-mobile-interface-spreadsheet-capability-cloud-functionality/ Planet Rating. Alliance Group Microfinance. Georgia. Internet article accessed May. 2012 URL: http://www.ratinginitiative.org/uploads/tx_dbreports/PlanetRating_AGM_2011_Financial_Exec_Summ.pdf Republic of Georgia .”FINANCIAL MONITORING SERVICE OF GEORGIA DECREE #7. On Approving the Regulation on Receiving. Systemizing and Processing the Information by Microfinance Organizations and Forwarding to the Financial Monitoring Service of Georgia. 2012”. URL: http://www.fms.gov.ge/records/data/regulation_microfinance_organizations_en.pdf Republic of Georgia. “Amendments to the Civil Code of Georgia. (2007)”

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Republic of Georgia. “DECREE ON APPROVING THE PROVISIONAL REGULATION OF THE FINANCIAL SUPERVISION AGENCY OF GEORGIA. (2008)” Republic of Georgia. “Law № 3482 – RS – the law of Microfinance Organizations was put in force in - 18.07.2006 and is validate - 27.07.2006. With the correction in- 26.10.2009”. URL: http://miso.ge/eng/kanoni.htm Republic of Georgia. “Regulation for Registration of a Microfinance Organization at the National Bank of Georgia. Approved under Decree No. 248 of the President of the National Bank of Georgia September 12. 2006 “. URL: http://miso.ge/eng/regulation_eng.pdf Republic of Georgia.” Law of Georgia On Microfinance Organizations “ Technology Will Enable Finca Georgia Clients To Receive & Pay Loans Through Mobile Phones. Internet article accessed May. 2012. URL: http://www.finca.org/site/apps/nlnet/content2.aspx?c=6fIGIXMFJnJ0H&b=6088715&ct=11711895&notoc=1 Transforming NGO MFIs: Critical Ownership Issues to Consider. Internet article accessed May. 2012. URL: http://www.cgap.org/gm/document-1.9.4213/OP13.pdf World Bank Investor Protection Index. Internet article accessed May. 2012. URL: http://www.doingbusiness.org/data/exploretopics/protecting-investors World Bank. Doing Business 2012.

Primary Sources Dzadzua, Malkhaz. 'JSC MFO Crystal. CEO. Tbilisi, Georgia. May 10 2012 Lebanidze, Tamar. Agmo. Tibilisi, Georgia. May 14 2012 Confidential interviewee. Tibilisi, Georgia. May 14 2012

Kyrgyz Republic

Secondary Sources Credit Information Bureau Ishenim. Website. Accessed May 2012. URL: http://www.ishenim.kg/ru/ Economist Intelligence Unit. (May 2012.). “Country Report: Kyrgyz Republic.” Kyrgyz Association of Microfinance Institutions website. Accessed May 2012. URL: http://www.amfi.kg/en/about/ Kyrgyz Republic. (2002). “Law No. 124 on Microfinance Organizations”.

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MIX Market. Microfinance in Kyrgyzstan: Country Profile. Accessed May 2012. URL: http://www.mixmarket.org/mfi/country/Kyrgyzstan National Bank of the Kyrgyz Republic. (2002). “Position on the establishment of microcredit companies and microcredit agencies in the Kyrgyz Republic”. National Bank of the Kyrgyz Republic. (2007). “Position on licensing. reorganisation and liquidation of microfinance companies in the Kyrgyz Republic” National Bank of the Kyrgyz Republic. “Registered nonbank financial institutions.” Accessed via the Internet May 2012. URL: http://www.nbkr.kg/index1.jsp?item=89&lang=RUS World Bank. (2007). “Financial Sector Assessment: Kyrgyz Republic.” Report accessed May 2012 via the Internet. URL: http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2007/10/15/000020953_20071015100703/Rendered/INDEX/41146.txt World Bank. Depth of credit information index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/getting-credit World Bank. Extent of disclosure index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/protecting-investors

Primary Sources Valikhanova, Altynai. Financial Sector Expert. KfW Development Bank. Bishkek, Kyrgyz Republic. May 2 2012 Flowers, Jeff. Vice President & Regional Director for Eurasia. FINCA. Azerbaijan. May 2 2012 Confidential interview. Bishkek, Kyrgyz Republic. May 18 2012

Tajikistan

Secondary Sources Association of Microfinance Organisations of Tajikistan (AMFOT) website. Accessed May 2012, URL: http://www.amfot.tj/ March 2011. “Eastern Europe and Central Asia Microfinance Analysis and Benchmarking Report 2010”. A report from Microfinance Information Exchange (MIX) and Consultative Group to Assist the Poor (CGAP) MIX Market. Microfinance in Tajikistan: Country Profile. Accessed May 2012. URL: http://www.mixmarket.org/mfi/country/Tajikistan

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National Bank of Tajikistan (NBT) website. Accessed May 2012. URL: http://www.nbt.tj/en/ 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). Regulation No. 137 “On Microlending Foundations. National Bank of Tajikistan. (2005; amended 2008, 2009). Regulation No. 136 “On Microlending Organisations”. Republic of Tajikistan. (2004). “The Law of the Republic of Tajikistan on Microfinance Organisations”. Republic of Tajikistan. (2011). “The Law of the Republic of Tajikistan On Insurance of Deposits of Individuals”. Republic of Tajikistan. (2012). “The Law of the Republic of Tajikistan On Microfinance Organisations”. World Bank. Depth of credit information index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/getting-credit World Bank. Extent of disclosure index. Accessed May 2012. URL: http://www.doingbusiness.org/data/exploretopics/protecting-investors

Primary Sources Schachtner, Katharina. General Manager, CJSC AccessBank. Dushanbe, Tajikistan. April 25 2012 Abdullaev, Shukhrat. Deputy Director, AMFOT. Dushanbe, Tajikistan. April 26 2012 Confidential interview. Dushanbe, Tajikistan. May 15 2012

Turkey

Secondary Sources Report: Decision of the monetary policy committee, No: 2012 – 18, Release Date 18 April, 2012 URL: http://www.tcmb.gov.tr/yeni/eng/ Report: UNDP “BUSINESS SOLUTIONS TO POVERTY; How inclusive business models create opportunities for all in Emerging Europe and Central Asia ”, November 2010 URL: http://www.undp.org.tr/publicationsDocuments/Business_solutions_to_poverty_2011.pdf Report: Senior Honors Thesis “Commercial Banks and Microfinance”, 2006, Zeynep Uğur

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URL: http://repository.upenn.edu/cgi/viewcontent.cgi?article=1042&context=curej&sei-redir=1&referer=http%3A%2F%2Fwww.google.lt%2Furl%3Fsa%3Dt%26rct%3Dj%26q%3Dformation%2520of%2520regulated%252Fsupervised%2520microcredit%2520institutions%2520in%2520turkey%26source%3Dweb%26cd%3D6%26sqi%3D2%26ved%3D0CG4QFjAF%26url%3Dhttp%253A%252F%252Frepository.upenn.edu%252Fcgi%252Fviewcontent.cgi%253Farticle%253D1042%2526context%253Dcurej%26ei%3DJkCxT4mLE4XAswaZtZkt%26usg%3DAFQjCNFxV8C_KFW7UZa2B0dh8xf-_D4kmg#search=%22formation%20regulated%2Fsupervised%20microcredit%20institutions%20turkey%22 Republic of Turkey. “Banking Law No. 5411, September 2008 Official Gazett: November 1, 2005, 25983 re. Adoption Date: October 19, 2005” Republic of Turkey. “The Constitution of the Turkish Republic, November 7, 1982” URL: http://www.anayasa.gen.tr/1982Constitution-EYasar.htm Republic of Turkey. “ACT NO. 4077 ON CONSUMER PROTECTION AS AMENDED BY ACT NO. 4822” Republic of Turkey. “Law 1970 - 1211 Law on the Central bank” Republic of Turkey. “Law 2005 - 5411 Banking Law Regulation on Credit Operations of Banks” Republic of Turkey. “Regulation on the Establishment and Operations of Banks” World Bank Doing Business 2012. Banking Regulation and Supervision Agency “The Annual Report, 2010” URL: http://www.bddk.org.tr/WebSitesi/english/About_Us/Annual_Reports/9636yfr2010inginternet.pdf

Primary Sources Arasli, Burcu Guvenek. Senior Microfinance Consultant, Middle East Technical University. May 2012 Confidential interviewees. Maya Micro Enterprise. May 2012

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Latin America and the Caribbean Argentina

Secondary Sources Asociacion de Entidades Financieras Especializadas en Micro Finanzas de Bolivia (ASOFIN).website. Accessed May 13th 2012. URL: http://www.asofinbolivia.com/

Asociación de Instituciones Financieras de Desarrollo (FINRURAL).website. Accessed May 13th 2012. URL: http://www.finrural.org.bo/

Autoridad de Supervisión del Sistema Financiero (ASFI).website. Accessed May 13th 2012. URL: http://www.asfi.gob.bo/

Banco Central. (December 2008). Comunicación ‘A’ 4891. 19 December 2008. accessed 29 May 2012. URL: http://www.bcra.gov.ar/pdfs/marco/mas1208.pdf

Banco Central. (December 2008). Comunicación ‘A’ 4891. 19 December 2008. accessed 29 May 2012. URL: http://www.bcra.gov.ar/pdfs/marco/mas1208.pdf

Banco Central. (December 2010). “Cajas de Credito Cooperativas.” Internet article accessed May 1. 2012. URL: http://www.bcra.gov.ar/pdfs/texord/t-cajasc.pdf

Banco Central (December 2010). “Cajas de Credito Cooperativas.” Internet article accessed May 1. 2012. URL: http://www.bcra.gov.ar/pdfs/texord/t-cajasc.pdf

Banco Central. (January 2012). “Informacion de Entidades Financieras”. Internet article accessed June 2012. URL: http://www.bcra.gov.ar/pdfs/entfinan/201201a.pdf

Banco Central. (January 2012). “Informacion de Entidades Financieras”. Internet article accessed June 2012. URL: http://www.bcra.gov.ar/pdfs/entfinan/201201a.pdf

Banco Central/Progama para el Desarrollo de Naciones Unidas (PNUD/Argentina). “Taller Regional ‘Aspectos Regulatorios de las Microfinanzas’: Ponencias para el Debate.” Buenos Aires. (18 May 2007). accessed 29 May 2012 http://www.bcra.gov.ar/pdfs/investigaciones/microfinanzas.pdf

Banco Central/Progama para el Desarrollo de Naciones Unidas (PNUD/Argentina). “Taller Regional ‘Aspectos Regulatorios de las Microfinanzas’: Ponencias para el Debate.” Buenos Aires. (18 May 2007). accessed 29 May 2012 http://www.bcra.gov.ar/pdfs/investigaciones/microfinanzas.pdf

Banco de Desarollo Productivo website. Accessed May 13th 2012. URL: http://www.bdp.com.bo/es/index.php.

Deloitte IASPLUS. (2012). “Financial Reporting Framework in Argentina”. Internet article accessed May 3. 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country94

Deloitte IASPLUS. (2012). “Financial Reporting Framework in Argentina”. Internet article accessed May 3. 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country94

Economist Intelligence Unit. (July 1. 2012). “Country Commerce: Argentina”

41

Economist Intelligence Unit. (July 1. 2012). “Country Commerce: Argentina”

Epelde. Manuel. (June 6. 2010). “Las Microfinanzas en Argentina. una Realidad Pujante?” www.lavoz.com.ar . Internet article accessed on May 1. 2012.

Epelde. Manuel. (June 6. 2010). “Las Microfinanzas en Argentina. una Realidad Pujante?” www.lavoz.com.ar . Internet article accessed on May 1. 2012.

Fondo de Capital Social-FONCAP. (2010). “Microfinanzas en Argentina”

Fondo de Capital Social-FONCAP. (2010). “Microfinanzas en Argentina”

Red Argentina de Instituciones de Microcrédito-RADIM. (February 7. 2012). “Reporte Interno de Indicadores.” (Año 2012). Trimestre IV

Red Argentina de Instituciones de Microcrédito-RADIM (February 7. 2012). “Reporte Interno de Indicadores.” (Año 2012). Trimestre IV

Various authors. (2012). “Ease of Doing Business in Argentina.” World Bank/International Finance Corporation. Washington DC.

Various authors. (2012). “Ease of Doing Business in Argentina.” World Bank/International Finance Corporation. Washington DC.

Primary Sources Anzótegui, Diego. General Manager. FIE Gran Poder. April 2012

Higa, Daniel. Executive Director. Planet Finance. April 2012

Molina, Erika. Multilateral Investment Fund. Argentina office. May 2012

Bolivia

Secondary Sources Central Bank of Bolivia (Banco Central de Bolivia). Accessed May 14th 2012. URL: http://www.bcb.gob.bo/

CGAP (July 2010). “Microfinance and Mobile Banking: The Story So Far”. Internet article accessed May 14th 2012. URL: http://www.cgap.org/gm/document-1.9.45546/FN62_rev2.pdf

Economist Intelligence Unit. (May 2012). Country Forecast: Bolivia

Encerbic website. Accessed May 13th 2012. URL: https://www.infocenter.com.bo/web_publico/index.php.

Infocred website. Accessed May 13th 2012. URL: http://www.infocred.bo/

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International Finance Corporation (July 2006). “PRODEM’s Automated Teller Machine and Point of Sale Network in Bolivia”. Internet article accessed May 14th 2012. URL: http://www.ifc.org/ifcext/sme.nsf/AttachmentsByTitle/monitor_issue5/$FILE/Monitor_issue5.pdf

International Monetary Fund (June 2012). “2012 Article IV Consultation with Bolivia.” IMF Country Report No 11/124. Accessed May 15th 2012. URL: http://www.imf.org/external/pubs/ft/scr/2012/cr11124.pdf

Microfinance Focus (January 2012). “RedCloud. BlueOrchard invest in Bolivian mobile money platform”. Internet article accessed May 14th 2012. URL: http://www.microfinancefocus.com/mffnews/redcloud-blueorchard-invest-bolivian-mobile-money-platform

MIX Market official website: “Bolivia Country Profile.” Accessed May 15th 2012. URL: http://www.mixmarket.org/mfi/country/Bolivia

Plurinational State of Bolivia (2000). “Circular SB/314”.

Plurinational State of Bolivia (2007). “Circular SB/535”.

Plurinational State of Bolivia (2008). “Resolution SB No 034”.

World Bank. (2012): “Doing Business 2012. Bolivia”. Accessed May 13th 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/bolivia/

Primary Sources Auad, Jose. General Manager. CRECER. May 2012 Castro, Nestor. Director. FINRURAL. May 2012 Catalano, Fernando David. Fominologo. FOMIN Representación. May 2012

Hoyos, Miguel. Executive Director. FUNDA-PRO. May 2012

Mariscal, Marcos Erwin. Commercial Manager. Banco Los Andes Procredit. May 2012

Prado, Fernando. General Manager. Próspero Microfinanzas Fund. May 2012

Sumser, Heidi. Coordinator of the Environment. Banco Los Andes Procredit. May 2012

Marconi, Reynaldo. General Manager, ASOFIN, La Paz. June 2012 Confidential interviewee. May 2012

Confidential interviewee. May 2012

43

Brazil

Secondary Sources Central Bank of Brazil. (2008) “Cooperative Governance – Guidelines for Good Practices of Financial Cooperative governance”

Central Bank of Brazil. (2010) “Relatorio de Inclusão Financeira”. Number 1

Central Bank of Brazil. (2012) “Anais do III Fórum Banco Central sobre Inclusão Financeira”.

Soares. Marden Marques. and Duarte de Melo Sobrinho. Abelardo. (Central Bank of Brazil. 2008): “Microfinanças: O Papel do Banco Central do Brasil e a Importância do Cooperativismo de Crédito.”

Primary Sources Cisneiros, Claudia. Director. Ceape-MA. May 2012 Moreno, Eli. Director. EMS Consultoria & Treinamento. May 2012 Loureiro, Ricardo. President. Serasa Experian. May 2012 Silverio Junior, João. Market Analyst. Sebrae. May 2012 Written comments from Rubens de Andrade Neto, Diretor Presidente SocialCred, May 2012 Confidential interviewee. May 2012 Confidential interviewee. May 2012

Chile

Secondary Sources Businessweek. “Chile to Consider Further Cuts in Maximum Rates on Some Loans”. (May 14. 2012). URL: http://www.businessweek.com/news/2012-05-14/chile-to-consider-further-cuts-in-maximum-rates-on-some-loans

Central Bank of Chile. “The institutional framework of financial regulation and supervision in Chile and the case of La Polar.” URL: http://www.bcentral.cl/eng/publications/Figures_boxes/pdf/fsr/2012/fsr2_2012_The_institutional.pdf

CNN-Chile. URL: http://www.cnnchile.com/nacional/2012/07/10/gobierno-logro-acuerdo-para-reducir-la-tasa-maxima-convencional/

Deloitte. IAS-Plus. URL: http://www.iasplus.com/country/chile.htm#1012

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Economist Intelligence Unit. Risk Briefing Analysis. (May 2012).

Heritage Foundation. Economic Freedom Index 2012. URL: http://www.heritage.org/index/country/chile

Internal Tax Service (Government of Chile). URL: http://www.sii.cl/contribuyentes/actividades_especiales/organizaciones_sin_fines_de_lucro.htm

Law Strengthening SERNAC: Number 20.555. URL: http://www.economia.gob.cl/ley-sernac-financiero/

“Microfinanzas: En que estamos?”(May 2010). Red para el Desarrollo de Microfinanzas en Chile. URL: http://www.redmicrofinanzas.cl/web/wp-content/uploads/2010/07/En-qu%C3%A9-estamos-Red-de-Microfinanzas-Ene.-20121.pdf

MIX Market. Chilean Depositors data. URL: http://www.mixmarket.org/mfi/country/Chile

SERNAC. official website. URL: http://www.sernac.cl/sernac2012/

“Hacia una tasa de usura que refleje mejor las tendencias del mercado.” Asobancaria August 2012. URL: http://www.asobancaria.com/portal/pls/portal/docs/1/1516050.PDF

Primary Sources Coloma, Pablo. Executive Director. EMPRENDE Microfinanzas. April 2012

Infante, Maria Isabel. Co-founder. FINAM (Finanzas Internacionales y Nacionales para la Mujer). June 2012

Ovando, Soledad. Managing Director. Banco del Estado. June 2012

Vergara, Felipe. Chief Financial Officer. Banigualdad. May 2012

Colombia

Secondary Sources “Experian to acquire majority stake in Computec.” URL: http://www.experianplc.com/news/company-news/2011/03-05-2011.aspx “Agent Banking in Latin America.” (March 2012). URL: http://www.afi-global.org/sites/default/files/discussion_paper_-_agent_banking_latin_america.pdf?op=Download “Asomicrofinanzas manifiesta su preocupación y reclama mayor análisis y debate de parte del Congreso frente al Proyecto de Ley 96/10.” (July 2011). URL: http://www.accesodirecto.com.co/web/index.php/actualidad/249-asomicrofinanzas-manifiesta-su-preocupacion-y-reclama-mayor-analisis-y-debate-de-parte-del-congreso-frente-al-proyecto-de-ley-9610

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“Colombia is Moving Toward Pricing Transparency. But Still Has Room to Improve.” CGAP. (August 2011). URL: http://www.microfinancegateway.org/p/site/m/template.rc/1.1.12130/ “Colombia is Moving Toward Pricing Transparency. But Still Has Room to Improve.” Center for Financial Inclusion. (August 2011). URL: http://centerforfinancialinclusionblog.wordpress.com/2011/08/25/colombia-is-moving-toward-pricing-transparency-but-still-has-room-to-improve/ “Hacia una tasa de usura que refleje mejor las tendencias del mercado.” Asobancaria (August 2011). URL: http://www.asobancaria.com/portal/pls/portal/docs/1/1516050.PDF “Sector microfinanciero crecio 24.4% en 2011” internet article accessed in April 2012. URL: http://www.eluniversal.com.co/cartagena/economica/sector-microfinanciero-crecio-244-en-2011-73335 Aguirre. Ernesto; Dias. Denise; and Prochaska. Klaus. (November 2008). “Diagnostic Report on the Legal and Regulatory Environment for Branchless Banking in Colombia.” Consultative Group to Assist the Poor (CGAP). URL: http://www.cgap.org/gm/document-1.9.34486/Colombia%20Branchless%20Banking%20Diagnostic.pdf Alarcon Lozano and Mandrile. Matteo. (2010).“Colombia: A New Agent Model.” IDLO Legal Empowerment Program. Working Paper Series 2010. Alarcon Lozano. Daniel Mauricio; Garcia. Emilio; and Mandrile. Matteo. (2010).“Proteccion del consumidor & Microfinanzas en Colombia.” IDLO Legal Empowerment Program. Working Paper Series 2010. Banca de las Oportunidades website. accessed May 2012. URL: http://www.bancadelasoportunidades.gov.co/ CGAP Colombia Archive. accessed June 2012. URL: http://technology.cgap.org/category/latin-america/colombia/ Colombia pricing data. Microfinance Transparency. URL: http://www.mftransparency.org/data/countries/co/data/ Consultative Group to Assist the Poor. (January 2010). “Update on Regulation of Branchless Banking in Colombia.” CGAP. URL: http://www.cgap.org/gm/document-1.9.42397/Updated_Notes_On_Regulating_Branchless_Banking_Colombia.pdf Consultative Group to Assist the Poor. (November 2008). “Update on Regulation of Branchless Banking in Colombia.” CGAP. URL: http://www.cgap.org/gm/document-1.9.42397/Updated_Notes_On_Regulating_Branchless_Banking_Colombia.pdf Defensor del Consumidor FInanciero. Superintendencia Financiera. URL: http://www.superfinanciera.gov.co/ConsumidorFinanciero/cartilladcf.html Government of Colombia. (2006). Decree 2233.

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Government of Colombia. (2008). Decree 1119. Government of Colombia. (2008). Decree 1121. Government of Colombia. (2008). Decree 4590. Government of Colombia. (2008). Decree 4591. Government of Colombia. (2009). Decree 1328. IAS/Deloitte Plus. (April 2012). “April 2012 Update.” Internet update accessed April 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country101 IDLO Microfinance Research Paper. “El Programa del Gobierno Colombiano. Banca de las Oportunidades.” accessed May 2012. URL: http://www.idlo.int/MF/Documents/Publications/54E.pdf International Finance Corporation and the World Bank (2012). “Ease of Doing Business in Colombia.” Internet article accessed April 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/colombia Latin American Venture Capital Association. Annual Scorecard on the Private Equity and Venture Capital Environment in Latin America and the Caribbean. April 2010 URL: http://lavca.org/wp-content/uploads/2010/05/scorecard2010-updated-for-web-1.pdf Superintendencia Financiera. URL: http://www.superfinanciera.gov.co/ Watson, Yana. (March 2009). “From Crisis to Catharsis: How Microfinance can make it Through the Global Recession”. Microfinance Insights Online.

Primary Sources Ospina, Miguel Antonio Arango. Ejecutivo Principal. CAF. May 2012 Fajury, Lizbeth. Consultora. Marulanda Consultores. May 2012 Prieto, Jaime Villaraga. Director. Microfinanzas para el Desarollo. May 2012 Written comments from Maria Clara Hoyos. Presidenta Ejecutiva. Asomicrofinanzas. May 2012

Costa Rica

Secondary Sources CGAP. Costa Rica Profile. URL: http://www.cgap.org/m/latinamerica.html. Deloitte/IAS: Costa Rica Profile. URL: http://www.iasplus.com/country/costarica.htm

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Deloitte/IAS: Use of IFRS by jurisdiction. URL: http://www.iasplus.com/en/Sources/use-of-ifrs Economist Intelligence Unit Country Finance Report: Costa Rica (February 2012). MIX Market: Costa Rica Profile. URL: http://www.mixmarket.org/mfi/country/Costa%20Rica PriceWaterhouseCoopers (2012). "IFRS adoption by country". Online report accessed June 2012. URL: http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption REDCAMIF (2012). "Revista Microfinanzas de Centroamérica y del Caribe (No. 15)". Online report accessed June 2012. URL: http://www.redcamif.org/uploads/tx_rtgfiles/Revista_Redcamif_No.15.pdf World Bank Doing Business 2012. URL: http://www.doingbusiness.org

Primary Sources Quirós, Rodolfo. Señor Investment Officer. LOCFUND. May 2012 Silva, Alix. Founding Partner. OMTRIX. May 2012 Written comments from Betsy Karen Murray, Inter-American Development Bank, June 2012

Dominican Republic

Secondary Sources Analistas Financieras Internacionales (AFI). “M-Banking: Opportunities and barriers for the development of Mobile Financial Services in Latin America and the Caribbean.”(November 20, 2008). URL: http://movilybanca.files.wordpress.com/2008/11/sfm-washington-20081120.pdf Caribbean Financial Action Task Force. “5th Follow-up Report: Dominican Republic.” (May 9, 2011). URL: http://www.cfatf-gafic.org/downloadables/Follow-Up_reports/Dominican-Republic_5th_Follow-Up_Report_(Final)_(English).pdf Consejo Nacional de Competitividad valora aprobación del reglamento de ley de Promipyme. URL: http://www.noticiassin.com/2012/04/consejo-nacional-de-competitividad-valora-aprobacion-del-reglamento-de-ley-de-promipyme/ CORDAID. Marina Ortiz and Mario Davalos. Sondeo sobre las Microfinanzas en la República Dominicana. (18th November 2008) Corrupción: tráfico de influencia y favoritismo en Promipyme. URL: http://www.acento.com.do/index.php/news/858/56/Corrupcion-trafico-de-influencia-y-favoritismo-en-Promipyme.html Deloitte/IAS Plus. URL: http://www.iasplus.com/en/jurisdictions/americas/country104

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“Developments in Financial Supervision and the use of Macroprudential Measures in Central America.” An IMF Working Paper. (December 2011). URL: http://www.imf.org/external/pubs/ft/wp/2011/wp11299.pdf Economist Intelligence Unit. Country Report: Dominican Republic. (April 2012) Gikplus. “Banca móvil: Scotiabank lanza su app para el Caribe.“ (February 2012). URL: http://www.gikplus.com/compra/scotiabank-app/ Hoy Digital. “Entidades de microfinanzas tienen 400 mil clientes y prestan RD$14.700 MM.”. URL: http://www.hoy.com.do/economia/2012/5/13/427380/Entidades-de-microfinanzas-tienen-400-mil-clientes-y-prestan-RD14700-MM Jamaica Observer. “Finding a suitable regulatory and policy framework for mobile banking.” (March 4. 2011). URL: http://www.jamaicaobserver.com/business/Finding-a-suitable-regulatory-and-policy-framework-for-mobile-banking_8463543 LexMundi Bank Finance and Regulation Survery for the Dominican Republic. Accessed July 2012. URL:www.lexmundi.com/Document.asp?DocID=2980 MF Transparency. official website. Accessed May 2012. URL: mftransparency.org/ Microfinance Gateway. “Poverty Alleviation in the Dominican Republic.” (June22. 2009). URL: http://www.microfinancegateway.org/gm/document-1.9.37388/Poverty%20Alleviation%20in%20the%20Dominican%20Republic.pdf MixMarket country profile. Accessed July 2012. URL: http://www.mixmarket.org/mfi/country/Dominican%20Republic Ortiz, Marina. “Panorama de las Microfinanzas en la Republica Dominicana.” (March 30. 2011). URL: http://www.uas.mx/negocios/colcami/viajerd/PANORAMA%20DE%20LAS%20MICROFINANZAS.%20LIC.%20MARINA%20ORTIZ%20R.D.%202011.pdf Portal Microfinanzas. “Microfinance in Dominican Republic profile”. accessed May 2012. URL: http://www.portalmicrofinanzas.org/p/site/s/template.rc/RepublicaDominicana_perfil/ Portal Microfinanzas. “Stemming the Tide of Mission Drift.” Women’s World Banking. (2010). URL: http://www.portalmicrofinanzas.org/gm/document-1.9.51441/stemming_the_tide_of_mission_drift_a_case_study_of_adopem_s.pdf ProConsumidor. Official website. URL: http://proconsumidor.gob.do/pro/index.php?option=com_content&view=article&id=35&Itemid=100073 Rep. Dominicana: Entidades de microfinanzas tienen 400 mil clients. URL: http://www.portalmicrofinanzas.org/p/site/s//template.rc/1.1.15308

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Sector microfinanciero Dominicano. Revision y Perspectivas. (2011). URL: http://www.fondesa.org/Fitch%20_Revision_Perspectivas_micro_f_%202011.pdf

Primary Sources Ortiz, Marina. Director. Fondomicro. May 2012 Abate, Francisco. Executive Director. La Fundacion Dominicana de Desarrollo (FDD). May 2012 Canalda, Mercedes. Executive Director. Banco ADOPEM. May 2012

Ecuador

Secondary Sources Analisis Semanal. Grupo Spurrier. (April 9th 2012). "Cooperativas Primero". hard copy accessed April-May 2012. URL: http://www.ecuadoranalysis.com/index.php Asosiación de Bancos Privados del Ecuador. (2012). "Boletín informativo #20". "La Importancia de la Información Crediticia" and "El Incremento del ISD Tiene un Efecto Muy Negativo el los Microempresarios". URL: http://www.asobancos.org.ec/internas.asp?opcion=publicaciones.htm Banco de Guayaquil. "Banco del Barrio". URL: http://www.bancoguayaquil.com/bg/banco-del-barrio.html Economia Popular y Solidaria. URL: http://www.desarrollosocial.gob.ec/images/EPS/reglamento.pdf El Comercio (24th January 2012). "Dos cooperativas inaugurarán el sistema de billetera móvil en el país". accessed May 2012. URL: http://www.elcomercio.com/negocios/cooperativas-inauguraran-sistema-billetera-movil_0_632936866.html El Diario Expreso. (29th February 2012). "Las Nuevas Reglas para Crear una Cooperativa. accessed May 2012. URL: http://www.dolarizacionecuador.com/index2.php?option=com_content&do_pdf=1&id=1012 El Universo. (12th April 2012). "Un proyecto de alto riesgo para el otorgamiento de créditos". accessed May 2012. URL: http://www.elcomercio.com/negocios/proyecto-alto-riesgo-otorgamiento-creditos_0_680332141.html El Universo. (January 7th 2012). "Proyecto de ley plantea eliminar burós de crédito". accessed May 2012. URL: http://www.eluniverso.com/2012/01/07/1/1356/proyecto-ley-plantea-eliminar-buros-credito.html Microfinance Gateway (Portal de Microfinanzas). Online article accessed May 2012. URL: http://www.portalmicrofinanzas.org/p/site/s/template.rc/Ecuador_perfil/ Red Financiera Rural. URL: http://www.rfr.org.ec/index.php Republic of Ecuador (2012). Ministerio Coordinador de Desarollo Social. "Reglamento de la Ley de

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Republic of Ecuador. (2005). "Ley de Burós de Información Crediticia". Superintendencia de Bancos y Seguros del Ecuador. URL: http://www.superban.gov.ec/medios/PORTALDOCS/downloads/normativa/ley_buros_informacion_crediticia.pdf Republic of Ecuador. (2009). "Decreto Numero 194 (Cooperativos. 2009)". Superintendencia de Bancos y Seguros del Ecuador. URL: http://www.superban.gov.ec/medios/PORTALDOCS/downloads/normativa/decreto_194_cooperativas_29_dic_09.pdf Republic of Ecuador. (2012). "Ley Orgánica de la Economía Popular y Solidaria y Del Sector Financiero Popular y Solidario". URL: http://documentacion.asambleanacional.gov.ec/alfresco/d/d/workspace/SpacesStore/874b7ec2-fa6d-408d-84c7-738d33c513f1/Ley%20de%20Economia%20Popular%20y%20Solidaria The Economist Intelligence Unit. Ecuador Risk Briefing The SMART Campaign. URL: http://www.smartcampaign.org The World Bank. (2012). "Doing Business Credit Information Index". Internet article accessed May 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/ecuador#getting-credit

Primary Sources Arriola, Pedro. Banco ProCredit. April 2012 Jordan, Daniel. Corporación Andina de Fomento. May 2012 Vaca, Javier. Executive Director. Red Financiera Rural. May 2012

El Salvador

Secondary Sources Aguirre Ernesto et al (August 2009)."Informe de Diagnóstico sobre el marco jurídico y normativo de la banca sin sucursales en El Salvador". CGAP. URL; http://www.cgap.org/gm/document-1.9.37560/Previous_Notes_on_Regulating_Branchless_Banking_ElSalvador.pdf Asamblea Legislativa de El Salvador (May 13th 2011). "Inicia Análisis del Proyecto de Ley de Usura". URL: http://www.asamblea.gob.sv/noticias/archivo-de-noticias/inician-analisis-del-proyecto-de-ley-de-usura Asamblea Nacional de El Salvador (2011). "Ley de Historial Crediticio". URL: http://www.observatoriolegislativo.org.sv/attachments/article/1316/dict6_fin_2011ok.pdf

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Banco Multilateral de Inversiones. (2011). "Anteproyecto de Ley de la Banca de Desarrollo de El Salvador". URL: https://www.bmi.gob.sv/portal/page?_pageid=38.1&_dad=portal&_schema=PORTAL Centro para la Defensa del Consumidor. (2005). "Ley de Protección al Consumidor". URL: http://www.cdc.org.sv/ley-de-proteccion-al-consumidor-el-salvador Consultative Guide to Assist the Poor. (2012). "El Salvador: Country Guide". URL: http://www.cgap.org/m/latinamerica.html Consultative Guide to Assist the Poor and the World Bank (2010). "Financial Access 2010: The State of Financial Inclusion Through the Crisis". URL: http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdf Corte Suprema de Justicia de El Salvador (1996). "Ley de Asociaciones y Fundaciones Sin Fines de Lucro". URL: http://www.csj.gob.sv/leyes.nsf/ed400a03431a688906256a84005aec75/f85b3b814eb5d1be06256d02005a3c10?OpenDocument+ Economist Intelligence Unit. (December 2010). "Country Finance: El Salvador" Economist Intelligence Unit. (March 2012)."El Salvador Risk Briefing" El Diario de Hoy. (December 10th 2011). "BCR busca impulsar banca móvil". URL: http://www.elsalvador.com/mwedh/nota/nota_completa.asp?idCat=47861&idArt=6489313 El Diario de Hoy. (February 27th 2012). "Ley de Usura incluirá las tarjetas de crédito". URL: http://www.elsalvador.com/mwedh/nota/nota_completa.asp?idCat=47861&idArt=6681352 El Diario de Hoy. (November 11th 2011). "Crece 27% el crédito que dan las microfinancieras". URL: http://www.elsalvador.com/mwedh/nota/nota_completa.asp?idCat=47861&idArt=6374068 El Diario de Hoy. (September 4th 2011). ""Nueva ley de burós promete más acceso a récord crediticio". URL: http://www.elsalvador.com/mwedh/nota/nota_completa.asp?idCat=6374&idArt=6153239 El Mundo. (April 29th 2011). "Aval a la ley de protección a información crediticia". URL: http://www.elmundo.com.sv/politica/9870-aval-a-ley-de-proteccion-a-informacion-crediticia.html El Mundo. (February 3rd 2012). "Ley de usura dejaría sin crédito a 500.000 personas" . URL: http://elmundo.com.sv/ley-de-usura-dejaria-sin-credito-a-500000-personas IAS PLUS/Deloitte. (July 2008). "Financing Reporting Framework in El Salvador". URL: http://www.iasplus.com/en/jurisdictions/americas/country106 La Prensa Gráfica. (December 11th 2011). ""Alistan normativa para regular la banca movil". URL: http://www.laprensagrafica.com/economia/nacional/238509-alistan-normativa-para-regular-la-banca-movil.html

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La Prensa Gráfica. (Arpil 26th 2012). "FONDEPRO duplica el financiamiento". URL: http://www.laprensagrafica.com/economia/nacional/259906-fondepro-duplica-el-financiamiento.html La Prensa Gráfica. (March 16th 2012). "BANDESAL prepara políticas para financiamientos". URL: http://www.laprensagrafica.com/economia/nacional/253755-bandesal-prepara-politicas-para-financiamientos.html La Página (January 14th 2011). "Segundo Madrugón Legislativo el Año para Unificar las Tres Superintendencias". URL: http://www.lapagina.com.sv/nacionales/45623/2011/01/14/Segundo-madrugon-legislativo--en-el-ano-para-unificar-las-tres-superintendencias Ministerio de Gobernación. (2011)."Servicio de registros de ONGs". URL: http://www.gobernacion.gob.sv Superintendencia del Sistema Financiero de El Salvador. (1999). "Ley de Bancos". URL: http://www.ssf.gob.sv/index.php?option=com_content&view=article&id=62:ley-bancos&catid=36:leyes-financieras&Itemid=209 Superintendencia del Sistema Financiero de El Salvador. (2008). "Ley de Coperativos y Sociedades de Ahorro y Crédito". URL: http://www.ssf.gob.sv/images/stories/desc_leyes/ley_bcoop_sa.pdf Superintendencia del Sistema Financiero. (2012). "Estructura Organizativa". URL: http://www.ssf.gob.sv/index.php?option=com_content&view=article&id=53&Itemid=84 The Financial Sector Report and Strengthening Initiative (2008). "El Salvador: IFRS Implementation". URL: http://www.firstinitiative.org/Projects/projectdisplay.cfm?iProjectID=752 The World Bank (2005). "Report on the Observance of Standards and Codes (ROSC): El Salvador". URL: http://www.worldbank.org/ifa/rosc_aa_elsalvador.pdf The World Bank (2012). "Doing Business Credit Information Index". URL: http://www.doingbusiness.org/data/exploreeconomies/el-salvador/getting-credit/

Primary Sources Alvarez-Basso, Carmen. Consultor. FOMIN-IADB. May 2012 Molina Méndez, Moris Alberto. Consultor. Asesores para El Desarrollo. May 2012 Montano, Franklin. Director Ejecutivo. Asociación de Organizaciones de Microfinanzas de El Salvador. May 2012

Guatemala

Secondary Sources

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Congreso de la República de Guatemala. Ley de Bancos y Grupos Financieros. Decreto No. 19-2002. 15 (May 2002). accessed 29 May 2012 URL: http://www.banguat.gob.gt/leyes/2002/bancos.pdf Deloitte IASPLUS. “Table Summarizing the Global Use of IFRS.” (2012) ECLAC/CEPAL. Paulo de León. “La Industria de las Microfinanzas: Estudios de Casos.” (January 2008). ECLAC/CEPAL. Miguel Gutiérrez. “Las Microfinanzas: El Sistema Financiero en Guatemala.” Santiago de Chile. (July 2009). Economist Intelligence Unit. “Country Finance Guatemala.” (December 2012). FAFIDESS. “Microfinanzas en Guatemala.” (2012). Siglo XXI. “Normarían operaciones de microcrédito.” (May 8. 2012). URL: http://www.microfinancegateway.org/p/site/m/template.rc/1.1.15276/ United States International Grantmaking (USIG). Council on Foundations. (June 29. 2012). “Country Information: Guatemala.” URL: http://www.usig.org/countryinfo/guatemala.asp World Bank/IFC. “Doing Business in Guatemala.” (2012)

Primary Sources Lowenthal, Arno. Consultant. Estrategia. Gestión por Resultados. MiPyMes y Microfinanzas. May 2012 Herrera, Carlos. General Manager. Génesis Empresarial. May 2 2012 Walter P, Reynold. Executive Director. FAFIDESS. May 2012

Haiti

Secondary Sources A Review of Accounting and Auditing Practices in Haiti. accessed 13 May 2012. URL: http://www.worldbank.org/ifa/rosc_aa_hti_eng.pdf Accion. “Summary of Client Protection in Haiti.” URL: http://www.accion.org/page.aspx?pid=1726 ACME currency local loan. (13 May 2012). URL: http://www.eib.org/projects/pipeline/2010/20100552.htm Alternative dispute resolution program . IDB announcement. (13 May 2012). URL: http://www.iadb.org/en/news/news-releases/2005-08-15/idb-fund-to-finance-alternative-dispute-resolution-program-in-haiti.661.html

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Association Nationale des Institutions de Microfinance d’Haiti (ANIMH). “La microfinance en Haiti”. URL: http://www.animhaiti.org/index.php?option=com_content&task=view&id=45&Itemid=68 Banque de la Republique de Haiti reserve information. accessed July 2012. URL: http://www.brh.net/reserves_obligatoires.html Center for Emerging Market Enterprises. The Fletcher School. Tufts University and The Mastercard Foundation. “Savings and Chance. Inclusive Finance and The Haitian Lottery.” April 2010. URL: http://fletcher.tufts.edu/ceme/pdfs/CEME_Savings_and_Chance_%20Report_DRAFT.pdf CGAP. Haiti Profile: http://www.cgap.org/p/site/c/template.rc/1.26.12613/ CGAP. Microfinance portal. Accessed July 2012. URL: http://www.lamicrofinance.org/resource_centers/profilhaiti/profilhaiti16 Deibert. Michael. “Micro-finance travels fast in a poor country.” The Banker. September 5. 2005. URL: http://www.globalenvision.org/library/4/928 Deloitte/IAS Haiti Profile. Accessed May 13, 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country109 Economist Intelligence Unit. (February 2012). Country Report. Financial System Stability Assessment. Accessed May 13, 2012. URL: http://www.imf.org/external/pubs/ft/scr/2008/cr08112.pdf Government of Haiti Action Plan. Accessed May 13, 2012. URL: http://haiti.usaid.gov/about/action_plan.php Haiti Country Profile. Accessed July 2012. URL: http://www.globalsecurity.org/military/world/haiti/corruption.htm Haiti leads in mobile payments. Accessed May 13, 2012. URL: https://www.partnersinprepaid.com/topics/articles/haiti-leads-in-mobile-payments.html Haiti marks one year with Michel Martelly. Internet article from the Miami Herald. 12 May. 2012. accessed 13 May 2012. URL: http://www.miamiherald.com/2012/05/12/2796979/haiti-marks-one-year-with-michel.html Haitian microfinance industry overview. accessed May 2012. URL: http://www.haitianmicrofinance.com/HaitianMicrofinanceIndustryOverview.pdf How Haiti is fighting poverty by killing cash. Christian Science Monitor. URL: http://www.csmonitor.com/World/Making-a-difference/Change-Agent/2012/0127/How-Haiti-is-fighting-poverty-by-killing-cash International Monetary Fund. “Haiti: Second and Third Reviews Under the Extended Credit Facility—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the

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Executive Director for Haiti.” Accessed July 2012. URL: http://www.imf.org/external/pubs/ft/scr/2012/cr1274.pdf Literacy rates: http://www.mohhaiti.org/about_moh/haiti_info Microfinance Institutions in Transition. accessed 13 May 2012. URL: https://ojs.lib.byu.edu/spc/index.php/ESR/article/viewFile/1577/1538 Mix Market. Haiti Profile: http://www.mixmarket.org/mfi/country/Haiti Mobile money in Haiti. Accessed 13 May 2012. URL: http://www.mercycorps.org/countries/haiti/22973 Progress in Haiti two years later. Accessed 13 May 2012. URL: http://grameenfoundation.wordpress.com/2012/01/12/progress-in-haiti-two-years-later/ SMART Campaign endorsements. accessed 13 May 2012. URL: http://www.smartcampaign.org/about-the-campaign/campaign-endorsers Sogesol statistics accessed 13 May 13. 2012. URL: http://www.accion.org/page.aspx?pid=701 World Bank. Doing Business 2011 in Haiti. URL: http://www.doingbusiness.org/data/exploreeconomies/haiti

Primary Sources Baez, Melissa Lumpkin. Consultant at Accion. May 4 2012 Boisson, Pierre-Marie. Chairman of the Board at SOGESOL and Senior Manager at SOGEBANK. May 7 2012 Hastings, Anne. CEO at Fonkoze. May 4 2012

Honduras

Secondary Sources Berger, Marguerite; Goldmark. Lara; Miller Goldmark. Tomas. eds. (2006). “An Inside View at Latin-American Microfinance”. (Inter-American Development Bank). Deloitte/IAS: Use of IFRS by jurisdiction. URL: http://www.iasplus.com/en/resources/use-of-ifrs Falck, M. and Ordóñez, B. (2009). Microfinanzas en Honduras: realidad y retos para la definición de políticas. CEPAL. Santiago. Chile. URL: http://www.eclac.org/publicaciones/xml/8/37258/lcl3088e.pdf Heritage Foundation. Economic Freedom Index 2011. URL: http://www.heritage.org/Index/Country/Honduras

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International Center for Non-profit Law. (April 2011). URL: http://www.icnl.org/knowledge/ngolawmonitor/honduras.htm#reports International Monetary Fund. (May 2011). “First Review Under the Stand-By Arrangement and Under the Standby Credit Facility”. URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=24840.0 Microfinance Information Exchange: “Informe de Benchmarking de las Microfinanzas en Honduras 2009”. URL: http://www.themix.org/publications/mix-microfinance-world/2009/12/2009-informe-de-benchmarking-de-las-microfinanzas-en-hon Republic of Honduras. (1995). “Decree 170-95. Ley de Instituciones del Sistema Financiero”. Republic of Honduras. (2000). “Decree No.229-2000 – Ley Reguladora de las Organizacoines Privadas de Desarrollo Que se Dedican a Actividades Financieras.” Republic of Honduras. (2003). “ACUERDO 770-A-2003 - Unidad de Registro y Seguimiento de Asociaciones Civiles (URSAC)” Republic of Honduras. (2003). CNBS CIRCULAR: SVOI-009/2003 Republic of Honduras. (2006). CNBS CIRCULAR No.041/2006 - NORMAS SOBRE LAS OPERACIONES AUTORIZADAS A LAS ORGANIZACIONES PRIVADAS DE DESARROLLO QUE SE DEDICAN A ACTIVIDADES FINANCIERAS Republic of Honduras. (2010). “Resolución JTNCA 001/2010 – Accounting Norms” Republic of Honduras (2010). CNBS Circular No.005/2010 Republic of Honduras. (1987). “Decree 65-87. Ley de Cooperativas”. Sánchez, R. (2010). Microfinanzas en Honduras. CEPAL. Santiago. Chile. URL :http://www.eclac.org/publicaciones/xml/8/39108/lcl3193p.pdf World Bank. Doing Business 2012. URL: http://www.doingbusiness.org/

Primary Sources Peña, Jesus. General Manager. FUNDAMICRO. May 2012 Sánchez, Raúl. General Manager. Red Katalysis. June 2012 Reyes, Francisco Madrid. General Manager. Finsol. June 2012

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Jamaica

Secondary Sources Bank of Jamaica. "Financial System. Credit Union (operating under the Co-operative society act)". Caribbean Group of Bank Supervisors. (2010). "Supervision Profile. Bank of Jamaica". URL: http://www.jamaicaobserver.com/business/Another-firm-goes-after-credit-bureau_8372284) Development Bank of Jamaica. "Loans through Approved Financial Institutions (AFIs). Relationships Division". Internet article accessed in June-July 2012. URL: http://www.dbankjm.com/loans-through-afis IAS PLUS/Deloitte (February 2012). "Financial Reporting Framework in Jamaica". Internet article accessed May 2012. URL: http://www.iasplus.com/country/jamaica.htm Inter-American Development Bank. “Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance.” (2012). URL: http://services.iadb.org/mifdoc/website/publications/2ebc0841-06a6-4e4d-a73a-850aabf873dd.pdf Internet article accessed June-July 2012. URL: http://www.boj.org.jm/financial_sys/index.php Jamaica Ministry of Finance. press release (April 10th 2012). "CNM-CAL is the second credit bureau that has been licensed to operate in Jamaica". accessed May 2012. URL: http://www.mof.gov.jm/pressreleases/immediate-release/cnm-cal-second-credit-bureau-has-been-licensed-operate-jamaica Jamaica. "Credit Reporting Act 2010". URL: http://www.boj.org.jm/financial_sys/supervised_cb_overview.php Jamaica. "The Banking Act. 1992 (amended 1997. 2002. 2004)". URL: http://www.boj.org.jm/pdf/Banking_Act_Amended_2002.pdf Modizo. Corporate website. "Jamaica Co-op Credit Union League e-Payment Services". Accessed 14/5/2012. URL: http://mozido.com/jcul.html Office of the Prime Minister Information Service (May 10th 2012). "Prime Minister works to resolve concerns of credit union". Accessed May 2012 league. URL: http://www.opm.gov.jm/news_and_public_affairs/galleries/prime_minister_works_to_resolve_concerns_of_credit_union_league Planning Institute of Jamaica. Economic and Social Survey. (2010). Hard copy accessed May 2012. URL: http://webstore.pioj.gov.jm/reportdetails.aspx?Docid=183 The Jamaica Gleaner. (April 12 2012)."Neal & Massy Gets Credit Bureau Licence" (accessed May 2012).URL: http://jamaica-gleaner.com/gleaner/20120411/business/business2.html

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The Jamaica Gleaner. (March 18 2012). "JCCUL Converts Epayment Launch To Product Sensitisation". Accessed 14/5/2012. URL: http://jamaica-gleaner.com/gleaner/20120318/business/business31.html The Jamaica Observer. (February 26 2012). "New regulation near for credit unions". accessed April-May 2012. URL: http://www.jamaicaobserver.com/business/New-regulation-near-for-credit-unions_10883346 The World Bank. (2012). "Doing Business Credit Information Index". Internet article accessed June-July 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/jamaica#getting-credit

Primary Sources Bennett, Horace. Interim Chairman of the Caribbean Microfinance Alliance and Executive Director of COPE. April 2012 James, Marcus. CEO Access Financial Services Ltd. and Thomas. Catherine. head of operations Access Financial Services Ltd. May 2012 Beecher, Wayne. Multilateral Investment Fund. May 2012

Mexico

Secondary Sources CGAP. Mexico Profile. URL: http://www.cgap.org/ CNBV (2012). "Tercer Informe de Inclusión Financiera". Online report accessed May 2012. URL: http://www.cnbv.gob.mx/prensa/paginas/inclusionfinanciera.aspx Deloitte/IAS: Mexico Profile. URL: http://www.iasplus.com/country/mexico.htm Deloitte/IAS: Use of IFRS by jurisdiction. URL: http://www.iasplus.com/en/Sources/use-of-ifrs Economist Intelligence Unit Country Finance Report: Mexico Know Your Country. Mexico profile. Last accessed July 2012. URL: http://www.knowyourcountry.com/ Latinia Intelligentia. (2010). "La Banca Móvil en Latinoamérica (3ª Edición)". Online report accessed June 2012. URL: http://www.latinia.com/static/Latinia_Intel_La%20Banca_Movil_en_LatinoamericaIII.pdf Marulanda Consultores/DAI Mexico. (2012). "Estudio Microfinanzas en México". Online report accessed June 2012. URL: http://www.portalmicrofinanzas.org/gm/document-1.9.51546/Microfinanzas_en_Mexico_%28Junio_2012%29.pdf MIX Market. Mexico Profile. URL: http://www.mixmarket.org/mfi/country/Mexico PriceWaterhouseCoopers. (2012). "IFRS adoption by country". Online report accessed May 2012. URL: http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption

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ProDesarrollo. (2012). "Benchmarking de las Microfinanzas en México 2010: Un Informe del Sector". Online report accessed May 2012. URL: http://www.prodesarrollo.org/sites/default/files/documentos/benchmarking/Benchmarking%20de%20las%20microfinanzas%20en%20Mexico%202010.pdf World Bank. Doing Business 2012. URL: http://www.doingbusiness.org

Primary Sources Ávalos, Pablo Cotler. Director. Economics Department. Universidad Iberoamericana. May 2012 Fernandez, Fernando. Director. DAI. May 2012 Mobarak , Gustavo A. Del Ángel. Researcher. Economics Division. Centro de Investigaciones y Docencia Económica (CIDE). May 2012

Nicaragua

Secondary Sources Asamblea Nacional de Nicaragua. (1994). "Ley Reguladora de Préstamos entre Particulares". URL: http://legislacion.asamblea.gob.ni/Normaweb.nsf/%28$All%29/85ED385786B0C7370625711D005691AB?OpenDocument Asamblea Nacional de Nicaragua. (2005). "Ley General de co-operativas". URL: http://www.cgap.org/gm/document-1.1.5898/General%20Cooperatives%20Law_Law%20No.%20499%20of%202004_as%20amended%20through%202006_Executive%20Decree%2001-2006_Spanish.pdf Asamblea Nacional de Nicaragua. (2012). "Ley de Fomento y Regulación de las Microfinanzas". URL: http://www.cgap.org/gm/document-1.9.51549/Ley_de_Fomento_y_Regulacion_de_las_Microfinanzas_-_Aprobada.pdf Asamblea Nacional de Nicaragua. (1994)."Ley de Defensa de los Consumidores". URL: http://legislacion.asamblea.gob.ni/Normaweb.nsf/%28$All%29/57ECA4FC2F6BB0400625711E00530A17?OpenDocument Asamblea Nacional de Nicaragua. (2005)."Ley de Mediación y Arbitraje". URL: http://legislacion.asamblea.gob.ni/Diariodebate.nsf/1e91f0054ac77a85062572e50067fde4/1181ece2e57398050625749e005cb77d?OpenDocument

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Banco Central de Nicaragua. (2006). "Ley General de Bancos. Instituciones Financieras No Bancarias y Grupos Financieros". URL: http://www.bcn.gob.ni/banco/legislacion/Ley%20Gral%20de%20Bancos%202006.pdf Consultative Guide to Assist the Poor. (2012). "Country Guide: Nicaragua". URL: http://www.cgap.org/p/site/c/template.rc/1.26.13735/ Consultative Guide to Assist the Poor. (2012). "Too Much Microcredit? A Survey of the Evidence on Over-Indebtedness". URL: http://www.cgap.org/gm/document-1.9.55377/OP19.pdf Consultative Guide to Assist the Poor. (2005). "Country Level Effectiveness and Accountability Review". URL: http://www.cgap.org/gm/document-1.9.2185/clear_nicaragua_report.pdf Consultative Guide to Assist the Poor and the World Bank (2010). "Financial Access 2010: The State of Financial Inclusion Through the Crisis" URL: http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdf Consultative Guide to Assist the Poor. (2003). "Innovative Technologies in Microfinance for Latin America: Building Effective Delivery Channels" URL: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=553337 Deloitte (March 2010)."Apuntes sobre la Ley de Fomento y Regulación de las Microfinanzas" in Boletín Juríco Tributario. URL: http://www.deloitte.com/assets/Dcom-Nicaragua/Local%20Assets/Boletin%20tributario/2012/N57_BoletinJuridicoTributario_Marzo2012.pdf Economist Intelligence Unit. (February 2012). "Country Finance: Nicaragua" Economist Intelligence Unit. (March 2010)."Country Report Nicaragua" Economist Intelligence Unit. (August 2010). "Country Report Nicaragua" Economist Intelligence Unit. (September 2010). "Country Report Nicaragua" Economist Intelligence Unit. (July 2012). "Country Report Nicaragua" Economist Intelligence Unit. (April 2012). "Country Report Nicaragua" Funides. (April 2012). "Principios para reforzar el marco institucional/regulatorio de las Instituciones de Microfinanzas" in Informe de Conyuntura Ecónimca I trimestre. Pg 31-38. URL: http://www.funides.com/documentos/coyuntura/2012/Itrim/primer_informe_de_coyuntura_de_2012.pdf IAS PLUS/Deloitte. (May 2012). "Financing Reporting Framework in Nicaragua". URL: http://www.iasplus.com/country/nicaragu.htm International Monetary Fund. (May 2012). "Nicaragua: Sixth Review Ander the Extended Credit Facility and Financing Assurance Review". URL: http://www.imf.org/external/pubs/ft/scr/2012/cr11118.pdf

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International Association of Microfinance Investors/Morgan Stanley. "Charting the course: Best Practices and Tools for Voluntary Debt Restructurings in Microfinance". URL: http://www.microfinancegateway.org/gm/document-1.1.9708/Charting%20the%20Course.pdf Nusselder, Hans (March 2003). "Regulation and Supervision of Microfinance in Nicaragua" Microfinance Getaway. URL: http://www.microfinancegateway.org/gm/document-1.9.27703/25130_file_2._20Regulation.pdf The World Bank (2012). "Doing Business Credit Information Index". URL: http://www.doingbusiness.org/data/exploreeconomies/nicaragua/getting-credit/ World Economic Forum. (2012). "Nicaragua: country profile" in The Global Competitiveness Report. Pg 278-279. URL: http://www3.weforum.org/docs/WEF_GCR_Report_2012-12.pdf El Nuevo Diario (21/06/2012). "Financiera Fina regulada por la Superintendencia de Bancos". URL: http://www.elnuevodiario.com.ni/empresas/105537-financiera-finca-regulada-superintendencia-de-bancos El Nuevo Diario. (23/11/2010). "Inicia operaciones de Mpeso". URL: http://impreso.elnuevodiario.com.ni/2010/11/23/informatica/136298 La Prensa. (03/01/2012). "Microfinanzas esperan mejoría". URL: http://www.laprensa.com.ni/2012/01/03/activos/85637 La Prensa. (05/03/2012). "Microfinanzas recuperan confianza". URL: http://www.laprensa.com.ni/2012/03/05/activos/92889 La Prensa. (13/03/2012). " Gobierno retrasa al Conejo Nacional de Microfinanzas". URL: http://www.laprensa.com.ni/2012/03/13/activos/93867 La Prensa (13/01/2012). "Exigen créditos más baratos". URL: http://www.laprensa.com.ni/2012/01/13/activos/86922 La Prensa. (01/03/2012). "Alba Caruna ahora le presta a las microfinancieras". URL: http://www.laprensa.com.ni/2012/03/01/nacionales/53554 La Prensa. (08/03/2012). "Bancos quedan fuera de nueva prohibición". URL: http://www.laprensa.com.ni/2012/03/08/poderes/93344 La Prensa. (09/06/2012). "Ley prohíbe créditos de usura". URL: http://www.laprensa.com.ni/2012/06/10/nacionales/63207 La Prensa. (31/10/2012). ""Microfinanzas siguen sin levantar cabeza". URL: http://www.laprensa.com.ni/2012/10/31/activos/78718

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Microcapital (09/09/2010). "Nicaraguan Microfinance Institution Banco del Exito (BANEX).to be liquidated". URL: http://www.microcapital.org/press-release-nicaragua-banex-gives-more-opportunities/ Microfinanzas (14/11/2012). "Microfinanzas no logran levantarse". URL: http://www.microfinanzas.org/centro-de-informacion/rednoticias/microfinanzas-no-logran-levantarse-en-nicaragua/ Microdinero. Diario Global de Microfinanzas (30/06/2012)."Críticas para nueva ley nicaragüense". URL: http://www.microdinero.com/nota.php?subseccion=B12&notId=3746

Primary Sources Flores, Julio. Director Ejecutivo. Fondo de Desarrollo Local. May 2012 Alaniz, Alfredo. Director Ejecutivo. ASOMIF. May 2012 Sánchez, Ana Cecilia. IADB. May 2012

Panama

Secondary Sources Deloitte IASPLUS. “Use of IFRs by Jurisdiction.” (May 17. 2012). URL: http://www.iasplus.com/en/Sources/use-of-ifrs. Economist Intelligence Unit. “Country Finance Panama.” (March 2012). IFC/World Bank. “Ease of Doing Business in Panama.” (2012). URL: http://www.doingbusiness.org/data/exploreeconomies accessed on May 17. 2012 IFC/World Bank. Rita Ramalho. “Panama: Reforming the Credit Bureau Law.” in “Celebrating Reforms 2007.” accessed on 29 May 2012. URL: http://www.doingbusiness.org/reports/case-studies/2007/reforming-the-credit-bureau-laws-in-panama República de Panamá. Gaceta Oficial. Asamblea Nacional Ley No. 14 “Que Modifica y Adiciona Artículos a Ley 24 de 2002. que Regula el Servicio de Información sobre el Historial de Crédito de los Consumidores o Clientes.” (18 May 2012). URL: http://www.apc.com.pa/Portals/0/PDF/GacetaOficialLey14de2006.pdf República de Panamá. Superintendencia de Bancos. “Acuerdo No. 002-2012 (18 de abril de 2012).Por medio del cual se regula a la contratación de corresponsales no bancarios para la prestación d determindados servicios en nombre de los bancos.”. URL: http://www.superbancos.gob.pa/documentos/leyes_y_regulaciones/leyes_y_regulaciones/acuerdos/Acuerdo_2-2012.pdf accessed on May 17. 2012

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Primary Sources Fábrega, Carlos Sánchez. Vice President and General Manager. Microserfin. May 2012 Aparicio, Delfín. Executive Director. REDPAMIF. May 2012 Rodríguez Chirú, Jacoba. General Manager. Procaja. May 2012

Paraguay

Secondary Sources Congreso de la Nación Paraguay. (1995). Ley Orgánica del Banco Central del Paraguay. Ley 489/95. accessed 29 May 2012. URL: http://www.cej.org.py/games/Leyes_por_Materia_juridica/BANCARIA/LEY%20N%C2%BA%20489.pdf Endurecen exigencias de provisión de información a las cooperativas. (March 2012). URL: http://www.lanacion.com.py/articulo.php?endurecen-exigencias-de-provision-de-informacion-a&edicion=2&sec=2&art=14021 Lanación.com. “Esperan encarecimiento y retracción de créditos.” article accessed on May 15. 2012 at Ampliar lanacion.com. Julio González Caballero. Superintendencia de Bancos. Banco Central del Paraguay. “Desafío y Prioridades de las Microfinanzas en el Paraguay.” n.d.. accessed 29 May 2012. URL: http://www.portalmicrofinanzas.org/gm/document-1.9.36315/Desafios%20y%20prioridades%20de%20las%20.pdf

Primary Sources Salin, Beltrán Macchi. Exeuctive President. Visión Banco. April 2012 Ortiz, Carlos. Asunción office. Multilateral Investment Bank. May 2012 Sanabria, Luis Fernando. General Manager. Fundación Paraguaya. May 2012

Peru

Secondary Sources Agent banking in Latin America. URL: http://www.microcapital.org/microfinance-paper-wrap-up-agent-banking-in-latin-america-by-the-national-banking-and-securities-commission-cnbv-of-mexico-and-celina-lee-published-by-the-alliance-for-financial/

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Banco de la Nación to initiate mobile banking program in 2-3 months. (May 2012). URL: http://www.silobreaker.com/banking--peru--banco-de-la-nacin-to-initiate-mobile-banking-program-in-23-months-5_2265622196338557079 Caja Municipal Arequipa Consumer Protection Statistics. accessed May 2012. URL: http://www.cmac-arequipa.com.pe/index.php?option=com_content&view=category&id=53&Itemid=65 CGAP. Peru Profile. URL: http://www.cgap.org/ Como constituir una entidad financiera en el Peru. (January 2010). URL: http://escueladerecho.blogspot.com/2010/01/como-consituir-una-entidad-financiera.html Deloitte/IAS: Mexico Profile. URL: http://www.iasplus.com/country/peru.htm Depósitos por CTS crecieron 43.56% en un año en instituciones microfinancieras. URL: http://www.larepublica.pe/09-04-2012/depositos-por-cts-crecieron-4356-en-un-ano-en-instituciones-microfinancieras Ebentreich, A. (2005). "Microfinance Regulation in Peru: Current State. Lessons Learned and Prospects for the Future". Essays on Regulation and Supervision No. 4. IRIS Center/CGAP; College Park. MD. USA. Economist Intelligence Unit Country Finance Report: Peru Financial Inclusion and Consumer Protection in Peru. CGAP and SBS. (February 2010). URL: http://www.cgap.org/gm/document-1.9.41601/financial%20inclusion%20and%20consumer%20protection%20in%20peru%20the%20branchless%20banking%20business.pdf Gestion. “Las tasas de interés para las microempresas seguirian descendiendo.” URL: http://gestion.pe/noticia/698550/tasas-interes-microempresas-seguirian-descendiendo INDECOPI Complaint Statistics. URL: http://www.indecopi.gob.pe/0/modulos/BOL/BOL_ListarEjemplares.aspx?PFL=0&BOL=10&JER=1171 KPMG in Peru. URL: http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Fund-management-2010/Peru_Funds_Mtg_accounting_2010.pdf Microfinance Gateway Microfinance Report. (December 2011). URL: http://www.portalmicrofinanzas.org/gm/document-1.9.57363/reporte_copeme_imfs_diciembre2011.pdf Microfinanzas Newletter. (April 2012). URL: http://www.statuscomunicaciones.pe/microfinanzas/103.pdf MIX Market: Peru Profile. URL: http://www.mixmarket.org/mfi/country/Peru

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Peru: First time publication to put new accounting standards in spotlight. URL: http://www.oxfordbusinessgroup.com/content/peru-first-time-publication-put-new-accounting-standards-spotlight Peruvian Law 27806: Ley de Transparencia y Accesso a la Informacion Publica. URL: http://www.peru.gob.pe/normas/docs/LEY_27806.pdf PriceWaterhouseCoopers (2011). "IFRS adoption by country". Online report accessed May 2012. URL: http://www.pwc.com/us/en/issues/ifrs-reporting/country-adoption SBS Prices. Accessed May 2012. URL: http://www.sbs.gob.pe/0/modulos/JER/JER_Interna.aspx?ARE=0&PFL=0&JER=152 SBS/CGAP (2010). "La inclusión financiera y la protección del consumidor en Perú". Online report accessed June 2011. URL: http://www.cgap.org/gm/document-1.9.43154/Consumer_Protection_Branchless_Banking_Peru.pdf What lies ahead for Peru’s branchless banking sector? (February 2012). URL: http://bankingbeyondbranches.com/2012/02/21/what-lies-ahead-for-perus-branchless-banking-sector/ World Bank Doing Business 2012. URL: http://www.doingbusiness.org

Primary Sources López, Armando Olivares and Myriam Cordova. Intendentes de Microfinanzas. Superintendencia de Banca y Seguros y AFP (SBS). Lima Peru. May 2012 Ordoñez, Luis Pérez. Corporación Andina de Fomento (CAF). Lima Peru. May 2012 Sandoval, Nancy Rodríguez. Independent Consultant. Lima. Peru. May 2012 Delgado, Naldi. General Manager at Pro Mujer. Lima. Peru. May 2012

Trinidad and Tobago

Secondary Sources Agriculture Development Bank website. Accessed June 7th 2012. URL: http://www.adbtt.com/ Agriculture Development Bank website. Accessed June 7th 2012. URL: http://www.adbtt.com/ Business Development Company website. Accessed June 7th 2012. URL: http://www.bdc.co.tt/ Business Development Company website. Accessed June 7th 2012. URL: http://www.bdc.co.tt/ Central Bank of Trinidad and Tobago website. Accessed June 7th 2012. URL: http://www.central-bank.org.tt/

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Central Bank of Trinidad and Tobago website. Accessed June 7th 2012. URL: http://www.central-bank.org.tt/ Deloitte IAS Plus website. Accessed June 7th 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country117 Deloitte IAS Plus website. Accessed June 7th 2012. URL: http://www.iasplus.com/en/jurisdictions/americas/country117 Gloria Rolingson. General Manager. Youth Business Trinidad and Tobago. Chaguanas (6 June 2012). Heritage Foundation Economic Freedom Report 2012 website. Accessed June 7th 2012. URL: http://www.heritage.org/index/country/trinidadtobago Heritage Foundation Economic Freedom Report 2012 website. Accessed June 7th 2012. URL: http://www.heritage.org/index/country/trinidadtobago International Monetary Fund. (June 2012). “2011 Article IV Consultation with Trinidad and Tobago.” IMF Country Report No 12/127. Accessed June 7th 2012. URL: http://www.imf.org/external/pubs/ft/scr/2012/cr12127.pdf International Monetary Fund. (June 2012). “2011 Article IV Consultation with Trinidad and Tobago.” IMF Country Report No 12/127. Accessed June 7th 2012. URL: http://www.imf.org/external/pubs/ft/scr/2012/cr12127.pdf Institute of Chartered Accountants of Trinidad website. Accessed June 7th 2012. URL: http://www.icatt.org/ Institute of Chartered Accountants of Trinidad website. Accessed June 7th 2012. URL: http://www.icatt.org/ Ministry of Finance website. Accessed June 7th 2012. URL: http://www.finance.gov.tt/services.php?mid=19 Ministry of Finance website. Accessed June 7th 2012. URL: http://www.finance.gov.tt/services.php?mid=19 Ministry of Labour and Small and Micro Enterprise Development website. Accessed June 7th 2012. URL: http://www.molsmed.gov.tt/ Ministry of Labour and Small and Micro Enterprise Development website. Accessed June 7th 2012. URL: http://www.molsmed.gov.tt/ Ministry of Legal Affairs website. Accessed June 7th 2012. URL: http://www.legalaffairs.gov.tt/ Ministry of Legal Affairs website. Accessed June 7th 2012. URL: http://www.legalaffairs.gov.tt/

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National Enterprise Development Company website. Accessed June 7th 2012. URL: http://www.nedco.gov.tt/ National Enterprise Development Company website. Accessed June 7th 2012. URL: http://www.nedco.gov.tt/ Republic of Trinidad and Tobago. (1933). “Money-lenders Act”. Republic of Trinidad and Tobago. (1933). “Money-lenders Act”. Republic of Trinidad and Tobago. (1993). “Co-operative Societies Act”. Republic of Trinidad and Tobago. (1993). “Co-operative Societies Act”. Republic of Trinidad and Tobago. (2008). “Financial Institutions Act”. Republic of Trinidad and Tobago. (2008). “Financial Institutions Act”. Vogel, Robert and Schulz, Gerald. (November 2011). “Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance?”. Accessed July 18th 2012. URL: http://www.competecaribbean.org/content/Financial%20Regulation%20in%20the%20English-Speaking%20Caribbean_Regulation_of_Microfinance_public%20version%20.pdf Vogel, Robert and Schulz, Gerald. (November 2011). “Financial Regulation in the English-Speaking Caribbean: Is It Helping or Hindering Microfinance?”. Accessed July 18th 2012. URL: http://www.competecaribbean.org/content/Financial%20Regulation%20in%20the%20English-Speaking%20Caribbean_Regulation_of_Microfinance_public%20version%20.pdf World Bank: “Doing Business 2012. Trinidad and Tobago”. Accessed June 7th 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/trinidad-and-tobago/ World Bank: “Doing Business 2012. Trinidad and Tobago”. Accessed June 7th 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/trinidad-and-tobago/

Primary Sources Rolingson, Gloria. General Manager. Youth Business Trinidad and Tobago, June 6 2012

Uruguay

Secondary Sources Central Bank of Uruguay website. Accessed April 2012. URL: http://www.bcu.gub.uy/ CGAP/INCAE’s Portal de Microfinanzas. Accessed April 2012. URL: http://www.portalmicrofinanzas.org/p/site/s/template.rc/Uruguay_perfil/

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Corporación Nacional Para el Desarrollo (Government Development Agency). Accessed April 2012. URL: http://www.cnd.org.uy/ Deloitte/IAS Plus. URL: http://www.iasplus.com/en/jurisdictions/americas/country119 Desafíos para el desarollo de las microfinanzas en Uruguay. Juan Volker de Formic. (June 2012). URL: http://www.slideshare.net/juanvoelker/desafos-para-las-microfinanzas-en-uruguay-foromic-2010 DIPRODE-OPP website (Programme for Productive Development through Microfinance). Accessed April 2012. URL: http://www2.opp.gub.uy/principal.php Economist Intelligence Unit. Country Commerce Uruguay report. (April 2012). Economist Intelligence Unit. Country Risk Service. (April 2012). Inter-American Investment Corporation project summary. Accessed 14 May 2012. URL: http://www.iic.org/projects/uruguay/ur3798a-01/microfin-uruguay International Monetary Fund Article IV on Uruguay. (January 2011). URL: http://gp.gub.uy/sites/default/files/documentos/fmi-uy-2011_441.pdf Microfinanzas website. URL: http://www.microfinanzas.org.uy/ficha_proveedor.asp?id=hfichaproveedor.aspx?w8nc8CJuTMckT6W7LjNrkw Observatorio de Microfinanzas website. official website. Accessed July 2011. URL: http://www.microfinanzas.org.uy/ Observatorio Microfinanzas. Report of Legislation. (2010). URL: http://www.microfinanzas.org.uy/normativa_uruguay.pdf Programa de microfinanzas para el desarollo productivo. (September 2011). URL: http://www.microfinanzas.org.uy/archivos/Mesas_RefTerritoriales_set11.pdf Republica Microfinanzas. URL: http://www.republicamicrofinanzas.com.uy/novedades/ Trading economics. URL: http://www.tradingeconomics.com/uruguay/private-credit-bureau-coverage-percent-of-adults-wb-data.html Transparency International Rankings. (2011). URL: http://cpi.transparency.org/cpi2011/results/ Uruguay government. (2007). “Interest-rate and Usury Law No. 18.212”. Uruguay: Cartera de microcréditos creció un 73% en 2011. (April 2012). URL: http://www.portalmicrofinanzas.org/p/site/s//template.rc/1.1.15054 Uruguayan government website on Consumer Protection. Accessed May 2012. URL: http://www.consumidor.gub.uy/

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World Bank Doing Business 2012 Survey. URL: http://www.doingbusiness.org/data/exploreeconomies/uruguay/ X-Ray Of a Different Market. Inter-American Development Bank. Accessed May 2012. URL: http://www.iadb.org/Micamericas/section/detail.cfm?language=English&id=7685

Primary Sources Castillo, Ana. Especialista. IADB-MIF Uruguay. May 2012 Freiria, Heber. Especialista. IADB-MIF Uruguay. May 2012 Murias, Luis. President. República Microfinanzas. May 2012 Machado, Martin. Gerente Financiero. FUCAC. May 2012

Venezuela

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Asamblea Nacional de Venezuela (2002). "Ley General de Bancos y Otras Instituciones Financieras". URL: http://www.oas.org/juridico/MLA/sp/ven/sp_ven-mla-law-bank.html Asamblea Nacional de Venezuela (2010). "Ley de Instituciones del Sector Bancario". URL: http://www.sudeban.gob.ve/uploads/Om/V2/OmV249vx0n2GGKofMow6ng/Ley-de-las-Instituciones-del-Sector-Bancario.pdf Asamblea Nacional de Venezuela (2010). "Ley Orgánica del Sistema Financiero Nacional". URL: http://www.scribd.com/doc/33253972/Gaceta-Oficial-No-39-447-Ley-Org-Sist-Financiero-Ley-Organica-Jurisdiccion-Contencioso-Administrativo-SUDEBAN-Prohibicion-Off-Shore-y-Otros Banco Central de Venezuela. URL: http://www.bcv.org.ve/ Consultative Guide to Assist the Poor and the World Bank "Financial Access 2010: The State of Financial Inclusion Through the Crisis". URL: http://www.cgap.org/gm/document-1.9.46570/FA_2010_Financial_Access_2010_Rev.pdf DataCrédito. Accessed May 2012. "Quienes somos". URL: http://www.datacredito.com.ve/home/cdindex-quienes.htm Deloitte/IAS Plus (2011). "Adoption of IFRS in Venezuela" URL: http://www.iasplus.com/en/jurisdictions/americas/country120 Economist Intelligence Unit. Country Commerce. (October 2011). Economist Intelligence Unit. Country Finance. (July 2011).

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Economist Intelligence Unit. Country Risk. (April 2012). Economist Intelligence Unit. Country Risk. (January 2012). El Mundo (10/09/2011)."Microcreditos:crecimiento macroeconomico y prosperidad". URL: http://www.elmundo.com.ve/firmas/moises-bittan/microcreditos--crecimiento-macroeconomico-y-prospe.aspx El Universal (03/04/2012)."La metasis de la corrupción" URL;http://www.eluniversal.com/opinion/120403/la-metastasis-de-la-corrupcion-imp El Universal (03/21/2011)."Premio Internacional para Banesco" URL: http://www.eluniversal.com/2011/03/21/premio-internacional-para-banesco.shtml El Universal (12/11/2010)."Sistema se reducira a bancos universales y microfinancieras" URL: http://www.eluniversal.com/2010/11/12/eco_art_sistema-se-reducira_2102895.shtml Federacíon de Colegio de Contadores Públicos de Venezuela. official website. Accessed May 2012. URL: http://www.fccpv.org/ Sudeban (Banking Superintendency).website. Accessed May 2012. URL: http://sudeban.gob.ve Transparency International (2011)."Corruption Perceptions Index 2011"; URL: http://cpi.transparency.org/cpi2011/results/ World Bank. (2011). "Doing Business 2012" URL: http://www.doingbusiness.org/data/exploreeconomies/venezuela/getting-credit/ World Economic Forum (2011). "The Global Competitiveness Report 2011-12". URL: http://www3.weforum.org/docs/WEF_GCR_Report_2011-12.pdf

Primary Sources Gathmann, Juan Uslar. President. Bangente. May 2012 Clavier, Rodolfo. Ejecutivo. CAF. May 2012 Rivas, Salomón Raydán. President. Fundación de Financiamiento Rural (FUNDEFIR). May 2012

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Middle East and North Africa Egypt

Secondary sources CGAP. “Government and Policy: Regulation Center: Egypt. Accessed in May 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13728/ CGAP. “Government and Policy: Regulation Center: Egypt.” Accessed in May 2012. 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 in May 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.1.6045/ Economist Intelligence Unit (2012). “Country Risk Service: Egypt.” IMF (April 2010). “Country Report No. 10/94.” IMF. Washington. D.C. Accessed in May 2012 :http://www.imf.org/external/pubs/ft/scr/2010/cr1094.pdf ICNL. “NGO Law Monitor: Egypt”. Accessed in May 2012 URL: http://www.icnl.org/research/monitor/egypt.html “Microfinance Industry Profile: Egypt.” Accessed in May 2012. URL: http://www.microfinancegateway.org/gm/document-1.9.49876/Microfinance_Industry_Profile%20-_Egypt.pdf Microfinance Information Exchange. (2012).“Microfinance in Egypt Country Profile.” Accessed in May 2012. URL: http://www.mixmarket.org/mfi/country/Egypt Moussa, Magdy. (2007).“Essay No. 21: Regulation and Supervision of Microfinance in Egypt.” Published in Essays on Regulation and Supervision. CGAP. Washington. DC. Sanabel. (2010).“Microfinance Industry Profile: Egypt.” Accessed in May 2012. URL: http://www.microfinancegateway.org/gm/document-1.9.49876/Microfinance_Industry_Profile%20-_Egypt.pdf Sanabel. (2012).“MENA Regional Snapshot”. SANABEL. Cairo. Smart Campaign. Internet accessed May 2012. URL: http://www.smartcampaign.org/. USAID. (2009). “The Legal and Regulatory Environment for Microfinance in Egypt. USAID. Washington. D.C. World Bank. (July 2008). “Financial Sector Assessment: Egypt.” World Bank. Washington. D.C.

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World Bank. (2012). “Doing Business 2012. “ Accessed in May 2012. URL: http://www.doingbusiness.org/data/exploreeconomies/egypt/

Primary Sources Mahrous, Abeer. Senior Manager. Sanabel. May 2012 Zain, Shaimaa. Senior Analyst. Sanabel. April 2012 Hamid, Hamid. Executive Director. Egyptian Micofinance Network. May 2012 Abdelkader, Hadil. Development and Project Officer. Planet Finance. May 2012

Lebanon

Secondary Sources AGFUND. “Two Agreements Signed with Lebanon Minister of Social Affairs. Internet article accessed May 2012. URL: http://www.agfund.org/en/media/news/agfund_news/Pages/22-10-2012.aspx Al Akhbar. “Microfinance Finally Arrives in Lebanon”. Internet article accessed May 2012. URL: http://english.al-akhbar.com/content/microfinance-finally-arrives-lebanon Association of Banks in Lebanon. “Main Banking & Financial Laws”. Internet article accessed May 2012. URL: http://www.abl.org.lb/subPage.aspx?pageid=362. Bank du Liban. “Basic Circular No. 93”. Internet article accessed May 2012. URL: http://www.bdl.gov.lb/circ/circpdf/93_en.pdf. Economist Intelligence Unit. Country Report Lebanon. (May 2012). Micro Capital. “Microcapital Brief: USAID. VEGA/IESC Announce second phase of “Lebanon Investment in Microfinance” Programme. May 2012. Internet article accessed June 2012. URL: http://www.microcapital.org/microcapital-brief-usaid-vegaiesc-announce-second-phase-of-“lebanon-investment-in-microfinance”-program/ Mix Market. Lebanon Country Profile. Internet accessed May 2012. URL: http://www.mixmarket.org/news/topic/Lebanon. Planet Rating. “Al Majmoua 2010”. Internet article accessed May 2012. URL: www.planetrating.com Planet Rating. “Ameen s.a.l. 2010”. Internet article accessed May 2012. URL: http://www.ratinginitiative.org/uploads/tx_dbreports/PlanetRating_Ameen_Social_2010_ExCom.pdf Smart Campaign. Internet accessed May 2012. URL: http://www.smartcampaign.org/.

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Sanabel. (2009). “Microfinance Industry Profile: Lebanon”. Internet article accessed May 2012. URL: http://www.microfinancegateway.org/gm/document-1.9.49965/Microfinance_Industry_Profile%20_Lebanon.pdf. Sanabel. (2012).“MENA Regional Snapshot”. SANABEL. Cairo. UNDP (2004). “Internal governance for NGOs in Lebanon”. Internet article accessed May 2012. URL: http://www.undp.org.lb/communication/publications/downloads/IntGov_en.pdf. World Bank. Internet accessed May 2012. URL: http://data.worldbank.org/indicator/IC.CRD.PUBL.ZS World Bank. “Doing Business”. Internet accessed May 2012. URL: http://www.doingbusiness.org/~/media/fpdkm/doing%20business/documents/profiles/country/LBN.pdf

Primary Sources Baydas, Mayada. Executive Director. Emkan. April 2012 Ghobril, Nassib. Head of Economic Research & Analysis. Byblos Bank Group. May 2012 Keutelian, Vartkes. Operations Manager. Makhzoumi Foundation. April 2012

Morocco

Secondary Sources AMSSF/MC Rating report. MicroFinanza.(2012). Analyse du prêt individuel et de l’endettement croisé. Jaida Fund. (January 2012). Douglas Pearce. “Financial Inclusion in the Middle East and North Africa”. Policy Research Working Paper 5610. The World Bank Middle East and North Africa Region Financial and Private Sector Development Unit. (March 2012). Etude Sectorielle sur les microcrédits -2012». Jaida. (2012). Fondep Rating report. MicroFinanza. (2012). Fédération Nationale des Associations de Microcrédit (FNAM). (December 2010). « Charte de Déontologie du Secteur de la Microfinance au Maroc» Kingdom of Morocco. (2010). Projet de loi n° 53-10 modifiant et complétant la loi N° 18-97 relative au micro-crédit.

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Kingdom of Morocco. (1999). « Dahir n° 1-99-16 du 18 Chaoual 1419 (5 février 1999).portant promulgation de la loi n° 18-97 relative au micro-credit » Kingdom of Morocco. (2004). « Loi N° 58-03 modifiant et complétant la loi N° 18-97 relative au micro-crédit. » 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 des établissements de crédit et fixant les modalités d’application des dispositions de l’article 30 de la loi n° 34-03 » Kingdom of Morocco. (2006). Loi 34-03 relative aux établissements de credits et organismes assimilés INMAA rating report”. MicroRate. (2012). Ministry of Economy and Finance. (2012). “Loi de Finances pour l’année 2012” Réseau de la Microfinance Solidaire. Plan d’Action (Projet)(April 2012). “The Rise. fall. and Recovery of the Microfinance Sector in Morocco”. CGAP (2010). “al Amana rating report”. Planet Rating World Bank Financial inclusion in the Middle East and north Arica: analysis and roadmap recommendations. 2010 Arab Microfinance Analysis and benchmarking Report”. Mix Microfinance World New microfinance blog:http://moroccomicrofinanceblog.blogspot.com/2012/06/morocco-microfinance-blog-les.html

Primary Sources Confidential interviewee. Responsable des services des associations de microcredit, département de la surveillance permanente, direction de la supervision bancaire. Bank al Maghrib. May 2012 El Jamali, Jamal Eddine. Executive. Ardi. Secretary general Credit Agricole du Maroc. May 2012 Madeddu, Oscar. Principal Financial Specialist. MENA. International Finance Corporation. May 2012 Lamrini, Rida. President. INMAA. (former President of FNAM). April 2012

Yemen

Secondary Sources Al Amal official website. Accessed May 2012. URL: http://www.alamalbank.com/index.php Central Bank of Yemen official website. Accessed May 2012. URL: http://www.centralbank.gov.ye/

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Consultative Group to Assist the Poor (June 2005): “Report of CGAP Multi-Donor Mission: Microfinance in Yemen”. URL: http://www.cgap.org/gm/document-1.9.2831/diagnostic_Yemen.pdf Mix Market. Yemen Profile. Accessed May 2012. URL: http://www.mixmarket.org/mfi/country/Yemen Sanabel Network. Official website. Accessed May 2012. URL: http://www.sanabelnetwork.org/home/default.aspx Social Fund for Development. Accessed April 2012. URL: http://www.sfd-yemen.org/SFD_SITE/index.php Social Fund for Development. “Newsletter. July-September 2012”. URL: http://www.sfd-yemen.org/SFD_SITE/admin/PDF/upload_DOC/English_NewsLetter_54.pdf Yemen Microfinance Network. Accessed April 2012. URL: http://www.yemennetwork.org/ Yemen Microfinance Network. (Feb-Jul 2012) “The impact of the current situation on Microfinance Institutions in Yemen: challenges and possible interventions.” World Bank Doing Business 2012. URL: http://www.doingbusiness.org/

Primary Sources al-Mugahed, Najah. Training Executive. Yemen Microfinance Network. May 2012 Ghazi, Khalid. International Co-operation Officer. Al Amal Bank. May 2012 Hassan, Khalil Ahmad. Senior Project Officer. Social Fund for Development. May 2012

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Sub-Saharan Africa Cameroon

Secondary Sources Accounting chart : COBAC. (January 2010). Plan comptable des établissements de microfinance (PCEMF) CEC Rating report. Planet Rating. (2010) Commission Bancaire de l’Afrique Centrale. (2012). Communiqué de Presse de la Réunion de la Commission Bancaire de l’Afrique Centrale. Cession Ordinaire du 18 Janvier Conférence des services centraux et extérieurs du Ministères des Finances : Assainissement du secteur de la microfinance. enjeux et perspectives. Ministry of Finance. Microfinance Division. (2011). Consumer Protection and Microfinance Country reports» International Development Law Organization (IDLO). Recommendation for the improvement and the diligent enforcement of the institutional and regulatory framework for microfinance in Central African Countries. the International Development Law Organization. in partnership with the Ministry of Finances of Cameroon and the Association Nantionale des Etablissements de Microfinance (ANEM-CAM). (November 2007). Instruction COBAC I-EMF-2010/01 relative à la comptabilisation des opérations de cession d'éléments d'actif des établissements de microfinance Instruction COBAC I-EMF-2010/02 relative à la comptabilisation et au traitement prudentiel des opérations sur titres effectuées par les établissements de microfinance Instruction COBAC I-EMF-2010/03 portant liste. teneur. modèle. périodicité et modalités de présentation des états déclaratifs et obligation d'établissement et de publication des comptes annuels des établissements de microfinance Leonard Ajonakoh Fotabong . “The Microfinance Market of Cameroon: Analyzing trends and current developments”. (January 2012). Ministry of Finance Direction de la Microfinance. (2010). liste des EMFs agréés en activité au Cameroun Poverty Reduction Strategy Policy Preparation status report”. the world bank. (2010) Règlement COBAC EMF 2002/01 relatif au champ d'application des règlements COBAC sur les normes prudentielles des EMF Règlement COBAC EMF 2002/02 relatif à la limitation des opérations autorisées à titre accessoire Règlement COBAC EMF 2002/03 relatif aux fonds patrimoniaux

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Règlement COBAC EMF 2002/04 relatif aux fonds propres nets Règlement COBAC EMF 2002/05 relatif aux conditions de constitution du fonds de solidarité Règlement COBAC EMF 2002/06 relatif à la constitution de réserves Règlement COBAC EMF 2002/07 relatif à la couverture des risques Règlement COBAC EMF 2002/08 relatif à la division des risques Règlement COBAC EMF 2002/09 relatif à la couverture des immobilisations par les EMF Règlement COBAC EMF 2002/10 relatif aux engagements des EMLF en faveur de leurs actionnaires. administrateurs. dirigeants et personnel Règlement COBAC EMF 2002/11 fixant le nombre de sociétaires et de parts détenues par un même membre Règlement COBAC EMF 2002/12 relatif à la couverture des crédits par les ressources disponibles Règlement COBAC EMF 2002/13 relatif aux conditions de recours aux lignes de financement Règlement COBAC EMF 2002/14 relatif à la liquidité des EMF Règlement COBAC EMF 2002/15 fixant les règles d'émission des chèques Règlement COBAC EMF 2002/16 relatif à la prise de participation des EMF Règlement COBAC EMF 2002/17 relatif aux modifications de situation juridique et aux conditions de prise de participation dans les EMF Règlement COBAC EMF 2002/19 relatif à la liste. à la publicité et aux délais de transmission des documents destinés aux organes de contrôle des EMF Règlement COBAC EMF 2002/20 relatif aux diligences des établissements de microfinance de la première catégorie ayant un total de bilan inférieur ou égal à cinquante millions F.CFA Règlement COBAC EMF 2002/21 relatif aux formes juridiques liées à chaque catégorie d'EMF Règlement COBAC EMF-2010-01 du 1er avril 2010 relatif au plan comptable des établissements de microfinance Règlement COBAC EMF-2010-02 du 1er avril 2010 relatif à l'organisation des comptabilités des établissements de microfinance Règlement n° 01/02/CEMAC/UMAC/COBAC relatif aux conditions d'exercice et de contrôle de l'activité de microfinance dans la Communauté Economique et Monétaire de l'Afrique Centrale

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Republic of Cameroon. (2011). Lettre Circulaire n°0922/MINFI/SG/DGTCFM/DMMF/SDMF . « Affichage des conditions applicables à la Clientèle » Republic of Cameroon. (2010). « Arrêté n°000005/MINFI du 13 janvier 2011. portant institution du service minimum garanti » Republic of Cameroon. (2010). Lettre circulaire n° 005/MINFI/DGI/LC/L Précisant les modalités d’application des dispositions fiscales de la loi n°2010/015 du 21 décembre 2010 portant loi de finances de la République du Cameroun pour l’exercice 2011 Séminaire conclusif sur le cadre réglementaire de l’activité de monnaie éléctronique. Compte rendu général . BEAC. (June 2011). Sub-Saharan Africa Microfinance Analysis and Benchmarking Report 2010. MIX Microfinance World. (2010)

Primary Sources Confidential Interviewee, Chef de Service. Microfinance Department. COBAC. May 25 2012 Ongolo, Maxim. Chef de la Cellule de la Promotion et de l’Encadrement. Division de la Microfinance. Ministry of of Finance, Cameroon (MINFI), May 2012 Tientchou, Jonas. General Manager. Cameroon Cooperative Credit Union League (CamCCUL). May 28 2012 Yon Tjega, Simon. Director General. Mifed (Technical Service Provider). May 28 2012

Democratic Republic Of Congo

Secondary Sources Credit Institutions Law 2002-03. Central Bank of DRC (BCC) Democratic Republic of Congo - Report on the Observance of Standards and Codes (ROSC).: accounting and auditing. World Bank. (April 2010) Financial Institutions Challenges to Provide Credit in the Democratic Republic of Congo. Simone Schwarz. http://mobilemoneyafrica.com/drc-new-legal-framework-introduced-for-mobile-banking/ Instruction 001 on Microfinance (December 2005). Central Bank of DRC (BCC) INVERES information Excellence. for kfw Entwicklungsbank MFI Audit for Corporate Taxation Law (June 2004). Central Bank of DRC (BCC) MIX Market. Microfinance in DRC: Country Profile. Accessed May 2012.

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Modernisation du système national de paiement : la BCC et Airtel expérimentent le Mobile banking. Digital Congo. Kinshasa. (26/3/12) Mpegere Chisom. Inades Formation Congo. (August/2007) Policy Diagnostic on Access to Finance in the Democratic Republic of Congo (DRC). Jennifer Isern. Programme d’Appui au Secteur de la Microfinance : Phase II (PASMIF II : 2010-2014). United Nations Development Programme (UNDP).and United Nations Capital Development Fund (UNCDF). (May 2012). URL: http://mdtf.undp.org/factsheet/fund/JCG10 Proposition de Loi. fixant les règles relatives a l’activité de la microfinance en République Démocratique du Congo. Final Draft law proposal on the Regulation of Microfinance. (July 2009) Rapport d’étude sur la Règlementation des Institutions de Microfinance et des Fonsdev en RDC. Par Report 10/88 on IMF activities in DRC 2009. Mark Plant. Dominique Desruelles. and International Monetary Fund (IMF) Resilience of and African Giant : boosting growth and development in the Democractic Republic of Congo. Herderschee. Robert ; Kaiser. Kai Alexander ; Mukoko Samba. Kai. (October 2012). Savings & Loans Co-operatives Law 2002-02. Central Bank of DRC (BCC) Stratégie Nationale de Microfinance (SNMF). Government of DRC Supporting Microfinance in the Democratic Republic of Congo (DRC). 2008. Onike Nicol-Houra. African Development Bank. URL: http://www.afdb.org/en/news-events/article/supporting-microfinance-in-the-democratic-republic-of-congo-drc-4039/ Tiphaine Crenn. Laurent Lhériau. Roger Masamba. (April 2007) URL: http://www.mixmarket.org/mfi/country/DRC

Primary Sources Lagaillarde, Gilbert. Chief Executive DRC. Opportunity International. May 2012 Lécuyer, Francois. Directeur Général. Advans Banque. Congo. May 2012 Katlunga, Jackrino. DRC Project Manager. Western Congo. UN Fonds de Promotion de la Microfinance Programme. May 2012

Ghana

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Adoption of IFRS: Speechby The Honourable Kwando-Baah Wiredu at the launching of Ghana’S formal adoption of IFRS at the LA Palm Beach Hotel (23rd January. 2007). Anti-Money Laundering Act No. 749 (enacted in 2008). Airtel. UT Bank Launch Mobile Savings Product FONBank in Ghana. Brendan Millan. MicroCapital Monitor. April 7. 2012. Accessed July 2012 As Ghanaian Microfinance Grows. Some Express Need for Lower Interest Rates. More Transparency. Charlotte Newman. MicroCapital Monitor. (February 16. 2012) Banking Act No. 673 of 2004 (amended through Act 738. 2007). Bank of Ghana Act No. 612 (enacted in 2002). Bank of Ghana. Licensing of Microfinance Institutions. Notice to Banks. Non-Bank Financial Institutions and The General Public. No. BG/GOV/SEC/2012/06 Bank of Ghana blacklists 4 Microfinance Institutions. Emmanuel Agyei (May 9. 2012) by Microfinance Africa – Joy Online Bank of Ghana (BoG).Expected to Shut Down Unlicensed Microfinance Institutions MEDLORM Microfinance Limited. African Guarantee Trust. Abbey Cash Microfinance Limited. Swift Financial Services. Brendan Millan. MicroCapital Monitor. (May 9. 2012). Accessed July 2012 Business Rules for Deposit-Taking Non-Bank Financial Institutions (enacted in 2000). Business Rules for Non-Deposit-Taking Non-Bank Financial Institutions (enacted in 2000). Central Bank of Ghana website. Accessed May 2012. URL: www.bog.gov.gh/ Corruption. Registration of MSMEs. and Their Linkages – New Evidence and Recommendations from Credit Reporting Act No. 726 (enacted in 2007). Credit risk report challenges . Dominick Andoh. Published on 19 June 2012. Business and Financial Times. Accessed June 2012 Do You Susu?. Thilo Kunzemann. Allianz 20 February 2010. website. Accessed on-line July 2012. URL: http://knowledge.allianz.com/media/?114/history-money-pool-susu-traditional-finance Ghana. Darkwa-Amanor. Klien. Madelung. GTZ. (2007). Ghana: Credit unions left out of microfinance regulated regime. Kofi Adu Domfeh. (March 11. 2012). Microfinance Africa. Accessed June 2012 Ghana: Report on the Observance of Standards and Codes (ROSC).: accounting and auditing. World Bank. (2004)

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Ghana Country Survey. December 2012. MFTransparency. mftransparency.org Website. Accessed June 2012 Ghana: Aiming for interoperability in branchless banking. Claudia Mckay. CGAP. (16/06/11) Ghana: Microfinance association doubtful all firms will receive licensing. Kofi Adu Domfeh. (May 29. 2012). by Microfinance Africa Accessed May 2012 Ghana: Microfinance Companies Charged to Operate By National Bank’s Rules. Ernest Best Anane. The Chronicle (March 16. 2012). Microfinance Africa Accessed May 2012 Guidelines for Rural Banking License (enacted in 2005). Guidelines for Branchless Banking (enacted in 2008) How susu evolved into microfinance. Gyasi Stephen. (March 2012). IC Publications Ltd. Accessed April 2012 Licensing requirements for microfinance institutions. Appendix 1. BoG. (July 2012) Microfinance Association braces up to flush out unscrupulous operators . Kofi Adu Domfeh/Luv Fm/Ghana. (February 20. 2012). Microfinance Africa. Accessed May 2012 MIX Market. Microfinance in Ghana: Country Profile. Accessed July 2012. URL: http://www.mixmarket.org/mfi/country/Ghana Non-Bank Financial Institutions Act No. 774 (enacted in 2008). Operating rules & Guidelines for Microfinance Institutions. Notice no. BG/GOV/SEC/2012/04. BoG 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 Technology Programme. Country Note. Ghana. (June 2012). CGAP Transparent Pricing Initiative in Ghana: Launched and On-going! 15/04/11. Rhoda Mahamah. mftransparency.org. Website. Accessed July 2012 URL: http://www.mftransparency.org/pages/2012/04/15/transparent-pricing-initiative-in-ghana-launched-and-on-going/ World Bank. “Doing Business: Ghana” 2012. Accessed May 2012. URL: http://www.doingbusiness.org/ 300 Susu Collectors in Ghana Submit to Regulated Microfinance Regime. Amy Samudre. MicroCapital Monitor. and Monday. (July 2. 2012). Accessed July 2012

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Primary Sources Afrifa Anim, Yaw. Chief Executive Officer. Association of Financial NGOs. ASSFIN. April 27 2012 Asante, Naa. Chief Executive Officer. ECLOF Ghana. May 4 2012 Schlink, Torsten. Programme Manager. Sustainable Economic Development Programme. Ghana GIZ. May 4 2012 Tseyi, Veronica. Chief Executive Officer. ASA Initiative. May 12 2012

Kenya

Secondary Sources All Africa. “Kenya: Chase Bank Licensed to Operate Micro-Finance Institution.” (June 27). 2011. URL: http://allafrica.com/stories/201106270366.html All Africa. “Kenya: Saccos May Fail to Get New License – Regulator.” (March 5. 2011). URL: http://allafrica.com/stories/201103070079.html Association of Microfinance Institutions of Kenya (AMFI). official website. Accessed July 2011. URL: http://www.amfikenya.com/ CBK Guideline on Agent Banking. (2010). CBK Microfinance Regulations. (2008). CBK. “Bank Supervision Annual Report. (2010). URL: http://www.centralbank.go.ke/downloads/bsd/annualreports/bsd2010.pdf CBK. “Laws of Kenya: The Banking Act. Chapter 488.” URL: http://www.centralbank.go.ke/downloads/acts_regulations/Banking%20Act_CAP%20488_2009.pdf CBK. “Microfinance Act.” (2006). CBK. Press Release. “CBK licenses the third deposit taking microfinance institution (DTM).– Uwezo DTM Limited.” (November 8. 2010). CBK: Press Release. “CBK licenses the fifth deposit taking microfinance institution – Remu DTM Limited.” Central Bank of Kenya. official website. Accessed July 2011. URL: http://www.centralbank.go.ke/ CGAP. “Financial Inclusion Regulation Center: Kenya.” Accessed July 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13733/ CGAP. “M-PESA Mobile Money video.” (2011).

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Deposit-Taking SACCO Societies Licensed by the SACCO Societies Regulation Authority. (March 20. 2012). FinAccess. “Financial inclusion in Kenya: Survey results and analysis from FinAccess 2009.” URL: http://www.fsdkenya.org/finaccess/documents/09-06-10_FinAccess_FA09_Report.pdf FSD Kenya. "Financial Inclusion in Kenya: Bank branches. ATMs. M-PESA.” Accessed July 2011. URL: http://www.fsdkenya.org/finaccess/finaccess2.php FSD Kenya. “Consumer Protection Diagnostic Study.” (January 2011). URL: http://www.fsdkenya.org/pdf_documents/11-02-22_Consumer_diagnostic_study.pdf Gina Din Corporate Communications. “Youth urged to join the Co-operative movement.” (May 25. 2011). Kenya Credit Information Sharing Initiative website. (April 2011): “CBK licenses the second credit reference bureau – Metropol Credit Reference Bureau Limited” Kenya Open Data Project. official website. Accessed July 2011. URL: http://opendata.go.ke/ Kenya Post Office Savings Bank. official website. Accessed July 2011. URL: http://www.postbank.co.ke/ MF Transparency. “Kenya.” (2011). URL: http://www.mftransparency.org/data/countries/ke/ MicroCapital. “Kenyan Microfinance Start-Up Remu DTM Limited Acquires Deposit-Taking License.” (January 20. 2011). MIX Market. “Microfinance in Kenya: Country Briefing.” (March 2012). Mobile Money Africa. “M-PESA moved Sh727 billion last year.” (July 5. 2011). Omino. George. “Regulation and Supervision of Microfinance Institutions in Kenya.” CBK. 2005. Poverty Matters Blog. “Kenya opens its books in revolutionary transparency drive.” (July 13. 2011). SACCO Application Form. SACCO Regulations. (2010). SACCO Societies Act. (2008). Sacco Societies Regulatory Authority (SASRA). official website. Accessed July 2011. URL: http://www.sasra.go.ke/ Safaricom Ltd FY 2012 Presentation. URL: http://www.safaricom.co.ke/fileadmin/Investor_Relations/Documents/2012/FY_2012_Annual_Results_Presentation.pdf Safaricom web pages. Accessed July 2011. URL: http://www.safaricom.co.ke/index.php?id=252 SASRA Circular No. 1 of 2010. URL: http://www.sasra.go.ke/downloads/circular_no_1_2010.pdf

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Primary Sources Bokea, Crispin. Central Bank of Kenya. Assistant Director. Central Bank of Kenya. Haile Selassie Avenue. Nairobi, Kenya. May 18 2012 Ferrand, David. Director. FSD Kenya Kenya Re Towers (4th Floor). 3 Ragati Close (off Ragati Road). Upper Hill. PO Box 11353. Nairobi, Kenya. May 11 2012 Moses, Ochieng. CFO CGAP-DFID Joint Financial Sector Specialist. East and Southern Africa. PO Box 11353. Nairobi, Kenya. May 30 2012 Robinson, Nat. CEO. Juhudi Kilimo. Mucai Road. off Mucai Drive near Mimosa Court on Ngong Road. P.O. Box 10528 – 00100. Nairobi, Kenya. May 22 2012

Madagascar

Secondary Sources AMOMIF: Information Bulletin. Ist semester (2012). Arcubus. official website. Accessed July 2012. (May 2012). URL: http://www.arcubus.org.uk/ Associação Moçambicana dos Operadores de Microfinanças (AMOMIF). official website. Accessed July 2012. (June 2012). URL: http://www.amomif.co.mz Assouline, N. & Poursat, C. Agence Fraņcaise pour le Développement. (2012). Case Study on Microfinance Institutions in Madagascar. Policies for a Viable Sector. (2008). Central Bank of Madagascar. Microfinance Database. http://www.madamicrofinance.mg Decree no. 2007-012 fixing the legal form at types of microfinance institutions. Malagasy Government Decree No. 2007-013 setting the minimum capital adequacy requirements for lending institutions. Directive No 006/2007- 11 May 2007 – Anti money-laundering and proceeds of terrorism (CSBF) Instruction No 002/2007 relating to the licensing of Level 1 microfinance institutions. Commission de

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Instruction No 003/2007 relating to the licensing of Level 2 & 3 microfinance institutions. (CSBF) Instruction No 005/2007 relating to the operations of microfinance institutions. (CSBF) Instruction No 007/2007 setting structures and activity controlling microfinance institutions. (CSBF) Les institutions de microfinance malgache face à la crise. Quelles premières leçons tirer Malagasy Government. Microfinance law 2005-016. (29 September 2005) Microfinance law on the activities of credit institutions 1995030 MIX Market. Microfinance in Madagascar: Country Profile. Accessed May 2012. URL: http://www.mixmarket.org/mfi/country/Madagascar PlaNet Finance website. accessed July 2012. URL: http://www.planetfinance.org/madagascar/en/ Report on the Observance of Standards and Codes (ROSC): accounting and auditing. World Bank. (June. 2008) Stratégie Nationale de la Microfinance 2008-12 Supervision Bancaire et FInancière (CSBF) URL: http://www.doingbusiness.org/ World Bank. (2012). Report No: ICR00001801: Implementation completion and results report on a credit in the amount of SDR 15.5 million (US$21.4 million equivalent).to the Republic of Madagascar for a microfinance project in support of the first phase of the microfinance programme World Bank. “Doing Business: Madagascar” (2012). Accessed May 2012.

Primary Sources Olteanu, Cosmin. Board Member, AccesBanque Madagascar (formerly Credit Manager, AccesBanque, Madagascar). July 20 2012 Ramparany, Tiana. Directrice, Coordination Nationale de la Microfinance. Antananarivo. May 14 2012 Sirolla, Armando Massimiliano. Independent Microfinance Consultant (formerly Senior Analyst, Symbiotics, Madagascar). May 4 2012

Mozambique

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Microfinance Africa. “The First Micro-bank Mozambique is inaugurated as a rural microfinance bank.” (May/11/2010). Microcapital Brief: "MFTransparency and AMOMIF launch transparent pricing initiative in Mozambique". (August/14th/2012). Microcapital Brief: "Mozamabique launches rural finance strategy". (December 26th 2012). Microfinance Focus. “IFC. African Central Banks to promote credit reporting. financial access in Ethiopia. Mozambique. Tanzania.” (March 6. 2010). Microfinance Focus. “MFTransparency partners with African Microfinance Network.” (September 30. 2010). Microfinance Focus. “MFTransparency to host Uganda Data Launch Webinar.” (July 18, 2012). Microfinance Focus. "MFTransparency launches Mozambique Pricing Data". (February 7 2012). MIX Market: Mozambique (2012). 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). Web Africa: “Mozambique’s Mcel slashes call tariffs". (May 28th 2012). 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 2012 World Bank Migration and Remittances Factbook (2012)

Primary Sources Schmulling, Bodo. Project Manager. KFW. May 31 2012

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Nsengimana, Claudien. Executive Director. AfricaWorks. June 2012 Zeidler, Marielle. Agriculture and Business Economist. GFA. GIZ. AMOMIF. June 2012

Nigeria

Secondary Sources 2011 scorecard review feedback from Kola Bello. Managing Director/Chief Executive Officer. Bosak Microfinance Bank Limited. Ikeja. Lagos. Nigeria. (2012). 2011 scorecard review feedback from Ruskiyat Badmus. Hasal Microfinance Bank. Nigeria. (2012). Abayomi. Amaka. (January 2. 2012). “2011 in retrospect: MfB operators score sector high”. Vanguard News. Internet article accessed May 2012. URL: http://www.vanguardngr.com/2012/01/2011-in-retrospect-mfb-operators-score-sector-high/ Announcement for 6th Annual Microfinance Conference and Entrepreneurship Awards. Making Finance Work for Africa. Internet site accessed May 2012. URL: http://www.mfw4a.org/events/event-details/6th-annual-microfinance-conference-and-entrepreneurship-awards.html Anonymous. (April 2, 2012). “NDIC Pays N 2 billion to Compensate 71.000 MFB Depositors”. BusinessNews. Internet article accessed June 2012. URL: http://businessnews.com.ng/2012/04/02/ndic-pays-n-2-billion-to-compensate-71000-mfb-depositors/?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=ndic-pays-n-2-billion-to-compensate-71000-mfb-depositors Anonymous. (April 21, 2012). “MFBs to adjust to International Financial Reporting Standard”.BusinessDay Online. Internet article accessed June 2012. URL: http://www.businessdayonline.com/NG/index.php/microfinance/36304-mfbs-to-adjust-to-international-financial-reporting-standard Anonymous. (May 15, 2012). “Nigeria: CBN says enterprises fund not to bail out microfinance banks”. Microfinance Africa. Internet article accessed May 2012. URL: http://microfinanceafrica.net/news/nigeria-cbn-says-enterprises-fund-not-to-bailout-microfinance-banks/ Central Bank of Nigeria. (2008). “Banking Supervision Annual Report”. URL: http://www.cenbank.org/out/2009/publications/bsd/cbn%20bsd%202008%20annual%20report.pdf Central Bank of Nigeria. (September 2011). “Guidelines on Point of Sale (POS).Card Acceptance Services”. Central Bank of Nigeria. “Supervision: List of Financial Institutions: DMBs”. Accessed June 2012. URL: http://www.cenbank.org/Supervision/Inst-DM.asp.

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Central Bank of Nigeria. (May 2012). “Supervision: List Of Financial Institutions: Micro-Finance Banks”. Accessed May 2012. URL: http://www.cenbank.org/supervision/Inst-MF.asp?NAV=1 CGAP. (February 2012). “2011 Sub-Saharan Africa Regional Snapshot: MIX and CGAP Analysis of Key Trends.” Powerpoint accessed June 2012. URL: http://www.slideshare.net/MIXdsheth/2011-subsaharan-africa-regional-snapshot-11869490 Chima. Obinna. (May 16, 2012). “MFBs Brace for IFRS Implementation”. Microfinance Nigeria. Internet article accessed June 2012. URL: http://www.microfinancenigeria.com/latest-news/mfbs-brace-for-ifrs-implementation/ LAPO. “Comparison of Nigeria MFB Regulations. including 2011 draft”. (June 2012). MicroRate. “Performance Ratings”. Accessed June 2012. URL: http://www.microrate.com/ratings-list. Microscope (2011). MIX Market. “Microfinance in Nigeria: Country Profile”. Accessed June 2012. URL: http://www.mixmarket.org/mfi/country/Nigeria Moses-Ashike. Hope. (August 15, 2011). “MFB operators want CBN to increase PAR to 10%”. BusinessDay Online. Internet article accessed June 2012. URL: http://www.businessdayonline.com/NG/index.php/microfinance/25995-mfb-operators-want-cbn-increase-par-to-10 Moses-Ashike. Hope. (April 9, 2012). “Q1 ends. microfinance development fund not yet established”. BusinessDay Online. Internet article accessed May 2012. URL: http://businessdayonline.com/NG/index.php/microfinance/35651-q1-ends-microfinance-development-fund-not-yet-established- Moses-Ashike. Hope. (May 8. 2012). “MFB: CBN yet to institute special court for loan defaulters”. BusinessDay Online. Internet article accessed June 2012. URL: http://www.businessdayonline.com/NG/index.php/microfinance/37267-mfb-cbn-yet-to-institute-special-court-for-loan-defaulters. Moses-Ashike. Hope. (May 11. 2012). “MFB Directors to get training from CBN. others”. BusinessDay Online. Internet article accessed June 2012. URL: http://www.businessdayonline.com/NG/index.php/microfinance/37486-mfb-directors-to-get-training-from-cbn-others Nigeria Deposit Insurance Corporation. “NDIC appoints debt recovery agents (DRAs).for closed MFBs”. URL: http://ndic.org.ng/ndic-appoints-debt-recovery-agents-dras-for-closed-mfbs.html Omankhanlen. Odidison. (March 19. 2012). “CBN to push 4 bills at National Assembly”. Nigerian Tribune. Internet article accessed June 2012. URL: http://www.tribune.com.ng/index.php/money-market/37771-cbn-to-push-4-bills-at-national-assembly The World Bank and the International Finance Corporation. (2012). “Doing business in a more transparent world: Comparing regulations for domestic firms in 183 economies”. Washington. DC.

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Primary Sources Ehigiamusoe, Godwin. Executive Director. Lift Above Poverty Organisation (LAPO). Benin City, Edo State, Nigeria. May 29 2012 Jansson, Tor. Principal Investment Officer. International Finance Corporation. Johannesburg, South Africa. June 12 2012 Ogidan, Stephen. CEO. Successory Nigeria Limited. Kaduna, Nigeria. May 29 2012 Sorenson, Adam. Investment Officer. International Finance Corporation. Johannesburg, South Africa. June 14 2012

Rwanda

Secondary Sources Enterprising Solutions Global Consulting. (2005). “Rwanda Microfinance Sector Assessment”. Financial Sector Development Secretariat. (2009)."Umurenge SACCOs Strategy". FINSCOPE: Rwanda Profile. Accessed July 2011. URL: http://www.finscope.co.za/new/pages/Initiatives/Countries/Rwanda.aspx?randomID=3d56d5ea-b3ff-406d-b31d-aee7913d755c&linkPath=3_1&lID=3_1_10 International Monetary Fund. “Rwanda: Financial System Stability Assessment”. (August 2011). Kantengwa, Angelique. (2009). “Financial Cooperatives in Rwanda: Historical Background and Regulation”. MFtransparency.org. Accessed July 2011. MicrofinanceAfrica Rwanda: Financial Illiteracy Triggers High Default Rates in MFIs. (May 21 2012). MobileMoneyAfrica.com Mobile banking takes off in Rwanda. (May 21 2012). National Bank of Rwanda. (May 27th 2009). “Regulation No. 02/2009 On the Organization of Microfinance Activity". National Bank of Rwanda. “Annual Report 2011”. National Bank of Rwanda. “Quarterly Bulletin. Fourth quarter. 2011”. New Partnership for African Development (NEPAD). (February 2007). “Africa Peer Review Mechanism Assessment: Rwanda”. Briefing 19.

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Primary Sources Fabrice, Martin. Project Co-ordinator. Association of Microfinance Institutions in Rwanda (AMIR).– Terrafina Microfinance. PO Box 6526 Kigali. May 15 2012 Ngarambe, Rita. Executive Secretary. Association of Microfinance Institutions in Rwanda (AMIR). PO Box 6526 Kigali. May 16 2012 Confidential Interviewee. Access to Finance Rwanda. May 17 2012

Senegal

Secondary Sources Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) (June 2011). « Relevé de conclusions de l'atelier de validation du rapport provisoire de l'étude technique relative à la mise en place d'une centrale des risques pour le secteur de la microfinance de la zone UEMOA ». BCEAO. (June 2011). « Plan d'action propose par les participants du séminaire sur les difficultés et les perspectives de développement du secteur de la microfinance dans la zone UEMOA ». BCEAO. (June 2011). « Relevé de conclusions du séminaire sur les difficultés et les perspectives de développement du secteur de la microfinance dans la ZONE UEMOA ». BCEAO. (2011). « Instruction n° 003-05-2011 relative à la transmission des informations liées aux conditions de banque dans l'UMOA » BCEAO. (September 2011). « Compte rendu de l’atelier national organisé par la BCEAO sur la sensibilisation des acteurs du secteur de la microfinance sur les conclusions de l'étude sur la fiscalité supportée par les SFD de l'UEMOA ».

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Primary Sources Aidara, Doumenc. Regional Director West Africa. Planet Finance Senegal. May 16 2012

Bastin, Anne. Conseiller Technique Principal. AFR/017 project. LuxDév Sénégal. May 21 2012

Crenn, Tiphaine. Operations Officer. International Finance Corporation Advisory Services - Access to Finance. Senegal. May 15 2012

Confidential interviewee. Microfinance Specialist. CGAP Washington DC. May 17 2012

Tanzania

Secondary Sources Bank of Tanzania. (2004). “Microfinance Companies and Microcredit Activities”. Bank of Tanzania. (March 15. 2005). “Banking and Financial Institutions (Microfinance Companies and Microcredit Activities)”. Bank of Tanzania. (2006). “The Banking and Financial Institutions Act”. Bank of Tanzania. (August 2010). “Risk Based Supervision Framework”. Bank of Tanzania. (August 2010). “Risk Management Guidelines for Banks and Financial Institutions” Bank of Tanzania. (February 2012). “Notice to the Public: Licensing of Credit Reference Bureau Operators”. Bank of Tanzania. (June 2012). “Directorate of Banking Supervision: Annual Report 2010”. Bank of Tanzania. (February 2012). “Monetary Policy Statement: The Mid-Year Review”. Bank of Tanzania website. Accessed June 2012. URL: http://www.bot-tz.org/ CGAP. (May 2009). “Tanzania”. Accessed June 2012. URL: http://www.cgap.org/p/site/c/template.rc/1.26.13740/

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