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Full bibliography for the Global microscope on the microfi nance business environment 2010This document contains a comprehensive list of the primary, secondary and interview sources for the Global Microscope 2010 index and report. The fi rst section provides a list of common sources across countries and regions; sections thereafter list sources and interviews in regional and alphabetical order.

Please note that the opinions expressed in the interviews conducted with the individuals listed do not necessarily represent those of their organisation or affi liation. Interviews were conducted between March and June of 2010.


Full bibliography for theGlobal microscope on the microfi nance business environment 2010

2

Common primary and secondary sourcesBanking with the Poor (URL: http://www.bwtp.org): Cambodia (2010); Indonesia (2010); Nepal (2009, 2010); Vietnam (2009)

Consultative Group to Assist the Poor (URL: http://www.cgap.org): Armenia (2005, 2009); Azerbaijan (2009); Bosnia and Herzegovina (2005, 2009); Georgia (2005); Ghana (2010); Kenya (2010); Kyrgyz Republic (2009); Mozambique (2008, 2010); Nepal (2010); Nigeria (2008, 2010); Tajikistan (2009); Turkey (2005); Uganda (2010); Yemen (2005)

Deloitte/IAS Plus (URL: http://www.iasplus.com): Ghana (2009); Kenya (2009); Mozambique (2009); Nigeria (2009); Uganda (2009)

European Bank for Reconstruction and Development (URL: http://www.ebrd.com): Azerbaijan (2009); Kyrgyz Republic (2009); Tajikistan (2009)

eStandards Forum (URL: http://www.estandardsforum.org): Bolivia (2008); Ghana (2009, 2010); Guatemala (2009); Honduras (2009); Kenya (2010); Lebanon (2009); Nigeria (2009); Peru (2008); Venezuela (2009)

International Development Law Organization (URL: http://www.idlo.int): Ghana (2010); Kenya (2010); Mozambique (2010); Nigeria (2010); Uganda (2010)

International Finance Corporation (URL: http://www.ifc.org): Bangladesh (2009); Bosnia and Herzegovina (2009); Ghana (2010); Guatemala (2008); Kenya (2010); Mozambique (2010); Nigeria (2010); Uganda (2010); Peru (2008); Venezuela (2009)

International Monetary Fund (URL: http://www.imf.org): Cameroon (2010); Haiti (2008); Mongolia (2010); Mozambique (2010); Uganda (2007); Venezuela (2006);

MicroCapital (URL: http://www.microcapital.org): Georgia (2009); Indonesia (2010); Madagascar (2006, 2009); Cambodia (2010); Pakistan (2007, 2010); Tajikistan (2008, 2009)

Mix Market (URL: http://www.mixmarket.org): Bosnia and Herzegovina (2010); Ghana (2010); Indonesia (2010); Kenya (2009); Lebanon (2010); Mozambique (2010); Nepal (2009); Nigeria (2010); Vietnam; Yemen (2010)

Planet Finance (URL: http://www.planetfi nancegroup.org): Cameroon (2010); Senegal (2008); Vietnam

SEEP Network (URL: http://www.seepnetwork.org): Pakistan (2010); Yemen (2010)

World Bank (URL: http://www.worldbank.org): Azerbaijan (2009) Bangladesh (2009); Ghana (2004, 2007); Indonesia (2005); Kenya (2001, 2007); Lebanon (2003); Madagascar (2010); Mongolia (2009); Mozambique (2001, 2007); Nigeria (2004, 2007); Paraguay (2006); Rwanda (2008); Uganda (2005, 2007); Yemen (2010)

World Bank, Doing Business (URL: http://www.doingbusiness.org): Armenia (2009); Azerbaijan (2009); Bosnia and Herzegovina (2009); Indonesia (2010); Kyrgyz Republic (2009); Lebanon (2010); Tajikistan (2009)

Additional common sources: Asociación Interamericana de Contabilidad (URL: http://www.contadoresaic.org); Deloitte/IAS PLUS (URL: http://www.iasplus.com/country/useias.htm); Economist Intelligence Unit Country Finance, Country Commerce and Country Reports; Risk Briefi ng Service and ViewsWire platform (URL: http://www.eiu.com); European Corporate Governance Institute (URL: http://www.ecgi.org); Microscope on the Microfi nance Business Environment 2009 (www.eiu.com/GlobalMicroscope2009); The Heritage Foundation (URL: http://www.heritage.org); Organization for Economic Co-operation and Development (URL: http://www.oecd.org)



Sources by region

East and South AsiaPrimary and secondary sourcesAECOM International Development (June 2009): “Sri Lanka Connecting Regional Economies (USAID/CORE) Microfi nance Sector Assessment”. Reviewed by the US Agency for International Development. Accessed March 2010. URL: http://www.core.lk/userfi les/fi le/Assessments/USAID%20CORE%20Microfi nance%20Sector%20Assessment(1).pdf

AMK institutional website. Accessed June 2010. URL: www.amkcambodia.com/

Asasah institutional website. Accessed June 2010. URL: www.asasah.org/

Asher, M.G and Shankar, S. (2009): “Regulating India’s Microfi nance Sector: A suggested framework”. Internet article accessed April 2010. URL: http://www.microfi nancegateway.org/gm/document-1.9.40921/microfi nance_regulation.pdf

Asian Development Bank (April 2009): “Private sector assessment for Mongolia”. Accessed March 2010. URL: http://www.adb.org/Documents/Assessments/Private-Sector/MON/PSA-MON-2009.pdf

Bangko Sentral Ng Pilipinas offi cial website. Accessed June 2010. URL: www.bsp.gov.ph

Bangko Sentral Ng Pilipinas (December 2006): “Regulating Mobile Banking: The Philippines Perspective”. Accessed June 2010. URL:http://www.docstoc.com/docs/3873235/Regulating-Mobile-Banking-The-Philippines-Perspective/)

Bangladesh Bank (2008): “Bangladesh Mobile Payments Directive, 2008 Draft”. URL: http://www.mpf.org.in/pdf/Bangladesh_Bank_M_Payment_Guidlelines_2008.pdf

Bangladesh Bank (2010): “Banking Regulation and Policy Department Circular No. 10, dd. March 10th, 2010”. URL: http://www.bangladesh-bank.org/openpdf.php?urlpdf=mediaroom/circulars/brpd/mar102010brpd10e.pdf

Bangladesh Microcredit Regulatory Authority (2006): “Micro Credit Regulatory Authority Act, 2006”. URL: http://mra.gov.bd/images/mra_fi les/mra_act_2006_english.pdf

Bank Danamon offi cial website. Accessed May 2010. URL: http://www.danamon.co.id/index.php?lng=2

Bank of Indonesia offi cial website. Accessed May 2010. URL: http://www.bi.go.id/web/en

Bank of Khyber offi cial website. Accessed June 2010. URL: www.bok.com.pk/

Bank Mandiri offi cial website. Accessed May 2010. URL: http://www.bankmandiri.co.id/english/index.aspx

Bank Rakyat Indonesia offi cial website. Accessed May 2010. URL:http://www.bri.co.id/

Bank of Thailand (November 2009): “Financial Services Master Plan Phase II”.

BDNEWS24 (March 14th 2010): “Microcredit interest rates to be made public”, Internet article accessed April 2010. URL: http://www.bdnews24.com/details.php?id=155809&cid=4

Banking With the Poor Network (2010): “Cambodia Country Profi le”. Accessed June 2010. URL: http://www.bwtp.org/arcm/cambodia/I_Country_Profi le/cambodia_country_profi le.htm

Banking With the Poor Network (2010): “Centre for Micro-Finance (CMF) Nepal”. Accessed June 2010. URL: http://www.bwtp.org/cmfnepal.html

Banking with the Poor and SEEP Network (2009): “Microfi nance industry report : Nepal”. URL: http://www.bwtp.org/fi les/MF_Industry_Nepal_ELECTRONIC.pdf

Banking with the Poor (May 2009): “Microfi nance industry report: Vietnam”. Internet report accessed May 2010. URL:http://www.bwtp.org/fi les/MF_Industry_Report_Vietnam_ELECTRONIC

Banking With the Poor Network (2010): “Nepal Country Profi le”. Accessed June 2010. URL: http://www.bwtp.org/arcm/nepal/I_Country_Profi le/nepal_country_profi le.html



4

Bloomberg (March 2010): “Accounting rule deadline to be extended”. Internet article accessed April 2010. URL: http://www.livemint.com/2010/03/17230149/Accounting-rule-deadline-to-be.html

Burki, Hussan-Bano and Shama Mohammed (Shorebank International, January 2008): “Mobilizing Savings from the Urban Poor in Pakistan – An Initial Inquiry”.

Cambodia Microfi nance Association offi cial website. Accessed June 2010. URL: www.cma-network.org/

CARD Bank offi cial website. Accessed June 2010. URL: www.cardbankph.com/

Central Bank of Sri Lanka; Financial System Stability Department (December 2009): “Financial system stability review, 2009”. Accessed March 2010. URL: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/fi nancial_system_stability_review/fssr_2009.pdf

China Banking Regulatory Commission (2007): “2007 Annual Report”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=2008061217255EE99D2045E9FF694DE15A1F7E00

China Banking Regulatory Commission (2008): “2008 Annual Report”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=20091009CD797A55341D3FA4FFB543A01255F300

China Banking Regulatory Commission (June 2009): “The CBRC issued the Provisional Rules Governing the Transformation from Micro-fi nance Companies to Village Banks”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=20090624ABD9919B9D06BAF2FFE69E48763ACC00

China Banking Regulatory Commission (July 2009): “The CBRC called for comprehensive implementation of the General Working Plan for New-Type Rural Financial Institutions: 2009-2011”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=20090805FF3C70CAEF5E8822FFDDC47D6616D000

China Banking Regulatory Commission (October 2009): “Notice on Initiating the Pilot Program of Micro Loans for Business Start-ups via Trade Unions Issued by The CBRC 2009 No.89”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=20091030654CBE99F3533C1FFF0BDA314823EA00

China Banking Regulatory Commission (February 2010): “The CBRC highlights support for rural fi nancial services in 2010”. Accessed March 2010. URL: http://www.cbrc.gov.cn/english/home/jsp/docView.jsp?docID=2010030457D6780238046BF8FF96520311DFD600

Chopra, Amarjit (Economic Times, April 2010): “Are corporates ready for IFRS?” Internet article accessed April 2010. URL: http://economictimes.indiatimes.com/ET-Debate/India-Inc-wont-fi nd-norms-cumbersome/articleshow/5768829.cms

Consultative Group to Assist the Poor (2010): “Country Profi le Nepal”. Accessed June 2010. URL: http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/country_info/nepal

Cooperative Development Authority offi cial website. Accessed June 2010. URL: www.cda.gov.ph/

Credit Information Bureau India Limited (March 2010): “CIBIL to launch Microfi nance Credit Information Bureau”. Internet article accessed May 2010. URL: http://www.cibil.com/press_room.htm#

Daily Star (March 2010): “Mobile banking hits spotlight”. Internet article accessed April 2010. URL: http://www.thedailystar.net/newDesign/news-details.php?nid=128281

Department for International Development, Citi and Pakistan Microfi nance Network (January 2009): “MicroWatch – A Quarterly Update on Microfi nance Outreach in Pakistan”.

De Saram, F. J. & G (GTZ PROMIS project, 2009): “Legal Study on the Microfi nance Sector in Sri Lanka, 2009”. Accessed March 2010. URL: http://www.microfi nance.lk/pdf/1260785911.pdf

Dhakal, Nara Hari (Microfi nance Summit Nepal February 2010): “Role of State for the Development of Microfi nance Sector”.

Economic Times (February 2010): ”New micro-fi nance bill does away with lending rate cap”. Internet article accessed May 2010. URL: http://economictimes.indiatimes.com/news/economy/policy/New-micro-fi nance-bill-does-away-with-lending-rate-cap/articleshow/5537002.cms.

eKantipur offi cial website. Accessed June 2010. URL: www.ekantipur.com



Everest Bank offi cial website. Accessed June 2010. URL: www.everestbankLtdcom/

Fernando, Roshini and Kularajasingam, Tharmini (GTZ PROMIS project, 2009): “Microfi nance Industry Report, Sri Lanka”. Accessed March 2010. URL: http://www.microfi nance.lk/pdf/1254465920.pdf

First Microfi nance Bank of Pakistan, Ltd offi cial website. Accessed June 2010. URL: www.akdn.org/akam

Frankfurt School of Finance & Management (Microfi nance Initiative for Asia, January 2009): “Mongolia: Microfi nance and fi nancial sector diagnostic study, fi nal report”. Accessed March 2010. URL: http://www.frankfurt-school.de/dms/international/en/publications/MIFA---Mongolia/MIFA_Mongolia_Diagnostic_2009.pdf

Ghurkha Development Bank offi cial website. Accessed June 2010. URL: www.gurkhabank.com/

Government of India; Ministry of Corporate Affairs (March 2010): “Convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRS)”. URL: http://www.mca.gov.in/Ministry/press/press/press_release_31Mar_20apr2010.pdf

Government of Thailand; Ministry of Finance (2009): “Microfi nance Master Plan”.

Grameen Bank offi cial website. Accessed May 2010. URL: http://www.grameen.com/

Grashof, Lutz and Modoran, Cristina (GTZ PROMIS project September 2009): “Microfi nance institutions in Sri Lanka”. Accessed March 2010. URL: http://www.microfi nancegateway.org/gm/document-1.9.40794/microfi nance%20institutions%20in%20sri%20lanka.pdf

Intellecap and MIX Market (March 2009): “Asia Microfi nance Analysis and Benchmarking Report 2008”.

International Finance Corporation and KfW Bankengruppe (2009): “Bangladesh: Microfi nance and Financial Sector Diagnostic Study”. URL: http://www.ifc.org/ifcext/mifa.nsf/AttachmentsByTitle/Bangladesh_20090920.pdf/$FILE/Bangladesh_20090920.pdf

International Monetary Fund (February 2010): “Mongolia: Letter of Intent, Memorandum of Economic Policies, and Technical Memorandum of Understanding”. Accessed March 2010. URL: http://www.imf.org/external/np/loi/2010/mng/022410.pdf

Islamic Republic of Pakistan (1984): “The Companies Ordinance, 1984”. URL: http://www.freewebs.com/bbafast/Company%20Ordinance%201984.pdf

Khushhali Bank offi cial website. Accessed June 2010. URL: www.khushhalibank.com.pk/

Lohani, Sudhir P. (Micro Finance Association Nepal, February 2010): “Challenges and Issues Currently Faced by Micro Finance Institutions (FINGOs) in Nepal”.

MicroCapital Monitor (September 2007): “State Bank of Pakistan (STB) issues Guidelines for Islamic Microfi nance Services”. URL: www.microcapital.org/microcapital-story-state-bank-of-pakistan-sbp-issues- guidelines-for-islamic-microfi nance-services/

MicroCapital Monitor (February 2010): “First MicroFinance Bank Limited Pakistan (FMFB-P) Renews Deal to Provide Microfi nance Services Through Pakistan Post Offi ce (PPO) Sub-Offi ces”. URL: http://www.microcapital.org/microcapital-brief-fi rst-microfi nance-bank-limited-pakistan-fmfb-p-renews-deal-to-provide-microfi nance-services-through-pakistan-post-offi ce-ppo-sub-offi ces/

Microcredit Regulatory Authority (2008): “NGO-MFIs in Bangladesh”.URL: http://www.mra.gov.bd/images/mra_fi les/Publications/ngo-mfi -2008%20.pdf

Microcredit Regulatory Authority (2010): “Microcredit in Bangladesh, An Overview”. Accessed April 2010. URL: http://www.mra.gov.bd/index.php?option=com_content&view=article&id=20:overview&catid=29:microcredit-in-bangladesh&Itemid=80

Microfi nance Council of the Philippines offi cial website. Accessed June 2010. URL: www.microfi nancecouncil.org/

Microfi nance Gateway (2009): “Microfi nance Industry Report”. URL: http://www.microfi nancegateway.org/gm/document-1.9.36444/MF_Industry_Report_Indonesia.pdf



6

Microfi nance Information Exchange, Inc. and Intellecap (2008): “Asia Microfi nance Analysis and Benchmarking Report 2008”. URL: http://www.themix.org/sites/default/fi les/2008%20Asia%20Microfi nance%20Analysis%20and%20Benchmarking%20Report.pdf

Microfi nance Summit Nepal 2010 (Centre for Microfi nance, Nepal February 2010): “Kathmandu Declaration”.

Microfi nance Thailand offi cial website. URL: http://www.microfi nancethailand.com/

Microfi nance Transparency offi cial website. Accessed June 2010. URL: www.mftransparency.org/

MIX Market offi cial website: “Vietnam Country Profi le.” URL: http://www.mixmarket.org/mfi /country/Vietnam

MIX Market (May 2010): “Microfi nance in Indonesia”. Accessed May 2010. URL: http://www.mixmarket.org/mfi /country/Indonesia

National Bank of Cambodia offi cial website. Accessed June 2010. URL: www.nbc.org.kh

National Credit Council offi cial website. Accessed June 2010. URL: ncc.dof.gov.ph/

Nepal Bank offi cial website. Accessed June 2010. URL: www.nepalbank.com.np/

Page, Carissa and Wolfe, Jason (USAID, Washington DC July 2008): “Nepal Inclusive Economic Growth Assessment – Microenterprise Development”.

Pakistan Microfi nance Network offi cial website. Accessed June 2010. URL: www.microfi nanceconnect.info/

People’s Bank of China (January 2010): “Implement the Arrangements of the Central Economic Work Conference and Promote Quality and Rapid Development of National Economy”. Accessed March 2010. URL: http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=1468

Permodalan Nasional Madani offi cial website. Accessed May 2010. URL: http://www.pnm.co.id/

Planet Finance offi cial website. URL: http://www.planetfi nancegroup.org/EN/index.php

Private Sector Development Blog (February 2009): “Mobile Banking takes WING in Cambodia”. URL: http://psdblog.worldbank.org/psdblog/2009/02/mobile-banking-takes-wing-in-cambodia.html

Rahman, Atiur (Speech, March 2010): “Launching Ceremony of Foreign Remittance Payment Project of BURO”. URL: http://www.bangladesh-bank.org/mediaroom/speech/mar022010gs.pdf

Rashid, Lila (Conference Paper, Microfi nance Regulatory Authority, International Conference on Microfi nance, Dhaka 2010): “Microfi nance Regulations in Bangladesh: Development & Experiences”.URL: http://www.mra.gov.bd/conference/images/speakers/bangladesh-mra.pdf

Republic of the Philippines (1992): “Rural Banks Act of 1992”.

Republic of the Philippines (February 2001): “Circular No. 273”. URL: www.bsp.gov.ph/regulations/regulations.asp?id=777

Republic of the Philippines (2009): “Act Amending the Cooperative Code of the Philippines to be Known as the ‘Philippine Cooperative Code of 2008’ “. URL: http://jlp-law.com/library/?article=ra9520

Republic of the Philippines (2010): “ Regulatory Framework for Microfi nance in the Philippines”.

Republic of the Philippines (2010): “General Banking Law of 2000”. URL: www.bsp.gov.ph/downloads/Regulations/gba.pdf

Reserve Bank of India (2008): “Mobile Banking transactions in India - Operative Guidelines for Banks”. URL: http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=1660

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 (August 2009): “Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India”. URL: http://fi uindia.gov.in/downloads/RBI14082009Prepaid.pdf

Sandagjav, Nergui and Yaron, Jacob (August 2005): “Mongolia: The microfi nance industry”.

SEEP (2010): “Microfi nance Industry Assessment: a Report on Pakistan”. Accessed June 2010. URL: networks.seepnetwork.org/en/node/1600



Shah, Farat Abbas (Farz Foundation, February 2010): “Reinventing Microfi nance in Pakistan”.

Srinivasan, N. (Sage, 2008): “Microfi nance India, State of the Sector Report 2008”.

Srinivasan, N. (Sage, 2009): “Microfi nance India, State of the Sector Report 2009”.

State Bank of Pakistan (2003): “Guidelines for Mobile Banking Operations of Microfi nance Banks / Institutions”.

State Bank of Pakistan (February 2003): “Guidelines for Mobile Banking Operations of Microfi nance Banks / Institutions”. Accessed June 2010> URL: www.sbp.org.pk/bsd/2003/C2.htm

Subbarao, Duwuri (Reserve Bank of India, October 2009): “Second Quarter Review of Monetary Policy 2009-2010”. URL: http://rbidocs.rbi.org.in/rdocs/notifi cation/PDFs/ISQRO271009.pdf

Tameer Microfi nance Bank, Ltd offi cial website. Accessed June 2010. URL: www.tameerbank.com/

Togtokhbariul, Nyamaa (Central Bank of Mongolia, November 2007): “Microfi nance regulation and supervision in Mongolia”. Accessed March 2010. URL: http://www.microfi nanceregulationcenter.org/fi les/45619_fi le_Mongolia_12_7_07_.pdf

Torres, Ted (The Philippines Star, November 2009): “BPI Globe eyes ‘unbanked sector’”. URL: http://www.philstar.com/Article.aspx?articleId=521557&publicationSubCategoryId=66

Torres, Ted (The Philippines Star, March 2010): “Proposed credit info bureau still in limbo after two years”. URL: http://www.philstar.com/Article.aspx?articleId=560636&publicationSubCategoryId=66

Torres, Ted (The Philippines Star, June 2010): “Central Credit Information Corp. to start operations in Q3”. URL: http://www.philstar.com/Article.aspx?articleId=584245&publicationSubCategoryId=63

TYM Fund Development Project (January 2010): “Microfi nance in Vietnam”.

Wall Street Journal (March 2010): “India’s Micro Industry to Share Data”. Internet article accessed April 2010. URL: http://online.wsj.com/article/SB10001424052748704784904575111470418555624.html?mod=googlenews_wsj

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

World Bank (2009): “Steps taken to improve the Statutory Framework for Accounting and Auditing”. Press release. URL: http://www.worldbank.org.bd/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/BANGLADESHEXTN/0,,contentMDK:22373492~menuPK:295765~pagePK:2865066~piPK:2865079~theSitePK:295760,00.html

World Bank (September 2009): “Sustainable livelihoods project – II component: the microfi nance development fund”. Accessed March 2010. URL: http://web.worldbank.org/external/projects/main?pagePK=104231&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P067770

Interviewees for East and South AsiaAlmario, Joselito - Deputy Executive Director, Department of Finance of the Philippines

Biallas, Margarete - Senior Operations Offi cer, International Finance Corporation Advisory Services, Access to Finance

Chowdhury, Shabbir - Director of Training Division, BRAC

Dev Pant, Harihar - Chief Executive Offi cer, Nirdhan Utthan Bank Ltd.

Fernando, Roshini - Senior Microfi nance Specialist, Promotion of the Microfi nance Sector (ProMiS) Sri Lanka, GTZ

Geron, Pietat - Asia Microfi nance Policy Specialist, Independent consultant

Harris, Gabrielle - Executive Director, Planet Finance China

Hettiarachchi, Ranjith - Chief Executive Offi cer, Association of Asian Confederation of Credit Unions

Hooper, Tim - Executive Director, Vision Fund

Jinchang Lai - Senior Operations Offi cer, International Finance Corporation

Kabeer, Khalid - Chief Financial Offi cer, Kashf Foundation

Karki, Sujan - Expert consultant in SME and Microfi nance, PlaNet Finance Advisory Services Nepal



8

Mallorie, Edward - Bangladesh microfi nance expert, Independent consultant

Morrow, Pete - Chief Executive Offi cer, Khan Bank

Neeraj, Swapnil - South Asia Senior Microfi nance Specialist, International Finance Corporation

Oliver, Justin - Executive director, Institute for Financial Management and Research (IFMR)

Phallarin, Chea - General Manager, AMRET

Rachmadi, Agus - Senior Microfi nance Specialist, Bank Rakyat Indonesia

Rashid, Lila - Joint Director, Microfi nance Research and Reference Unit (MRRU), Bangladesh Bank

Sari, Yunita – Senior Analyst, Bank Indonesia

Shah, Mehr - Financial Analyst, Pakistan Microfi nance Network

Sutaschuto, Saringkarn - Credit director, Capital OK Co

Tayag, Pia Bernadette Roman - Head, Inclusive Finance Advocacy, Bangko Sentral ng Pilipinas

Teumer, Joerg - Management Consultant, Representative of Sparkassenstiftung fuer Internationale Kooperation (SBFIC), c/o TYM Fund / Vietnam Women’s Union

Van Ngo Thi Thanh - Director of North Centre Region, Centre of Small Enterprise Development Assistance (SEDA)

Wibawa, Nyoman Irianto - Executive Director, DINARI

Wijesiriwardana, Indrajith - Managing Director, UVADES Consulting

Wright, Graham A.N. - Programme Director, MicroSave

Xie Bing - Senior Programme Advisor, Deutsche Gesellschaft für Technische Zusammenarbeit (GTZ)



Eastern Europe and Central AsiaPrimary and secondary sourcesAlliance Group offi cial website. Accessed March 2010. URL: http://www.agm.ge/html

Aregak Armenia offi cial website. Accessed March 2010. URL: http://www.aregak.am/

Armenian Civil Code (2002): “Law on Credit Organizations”.

Armenia Micro Enterprise Development Initiative (January 2004): “Survey of the Legal and Regulatory Environment for Microfi nance in the Republic of Armenia”. Internet article accessed March 2010. URL: http://www.mfc.org.pl/doc/pf/survey/RepublicOfArmenia.pdf

Artukoglu, Metin (January 2009): “Micro Credit Applications for Decreasing of Poverty in the World and Turkey”. Accessed March 2010. URL: http://www.agr.ege.edu.tr/zfdergi/edergiziraat/2009_cilt46/s3/09.pdf

Association of Microfi nance Organisations in Tajikistan (January 2010): “The Development of the Microfi nance Sector in the Republic of Tajikistan”. Internet article accessed March 2010. URL: http://www.amfot.tj/bitrix/templates/amfot/fi le/Razvitie_MF_v_RT-1.docx

Association of Mutual Funds in India and the Mix (January 2009): “Bosnia and Herzegovina Microfi nance Analysis and Benchmarking Report 2008”. Accessed March 2010. URL: http://www.themix.org/sites/default/fi les/Bosnia%20and%20Herzegovina%20Microfi nance%20Analysis%20and%20Benchmarking%20Report%202008.pdf

Azerbaijan Microfi nance Association (January 2010): “Microcredit Portfolio Report”. Internet article accessed March 2010. URL: http://amfa.az/downloads/MicroCredit%20Portfolio%2031%2001%202010%20ENG.pdf

Bank Constansa offi cial website. Accessed March 2010. URL: http://www.constanta.ge/main.php?id=309&lang=eng

Burritt, K (Consultative Group to Assist the Poor, 2003): “Microfi nance in Turkey”. Accessed March 2010. URL: http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/micro_reg/country/45/

Central Bank of Armenia offi cial website. Accessed March 2010. URL: http://www.cba.am/

Consultative Group to Assist the Poor (2005): “Armenia”. Accessed March 2010. URL: http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/micro_reg/country/2/

Consultative Group to Assist the Poor (2005): “Bosnia and Herzegovina”. Accessed March 2010. URL: http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/micro_reg/country/6/

Consultative Group to Assist the Poor (2005): “Georgia”. Accessed March 2010. URL:http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/micro_reg/country/16/

Consultative Group to Assist the Poor (2005): “Turkey”. Accessed March 2010. URL: http://www.microfi nanceregulationcenter.org/resource_centers/reg_sup/micro_reg/country/45/

Consultative Group to Assist the Poor (January 2009): “Conducive Regulations in Armenia”. Accessed March 2010. URL: http://www.cgap.org/p/site/c/template.rc/1.26.4903/

Consultative Group to Assist the Poor and World Bank (2009): “Financial Access 2009”.

Consultative Group to Assist the Poor (January 2009): “Government’s Role in Microfi nance: What is the Optimal Policy Mix?” Accessed 27 March 2010. URL: http://www.cgap.org/p/site/c/template.rc/1.26.4903/

Credo offi cial website. Accessed March 2010. URL: http://www.credo.ge/index.php?a=main&pid=4&lang=eng

Druschel, Kate and Reinke, Jens (Consultative Group to Assist the Poor, 2005): “Self-Assessment Tool for Microfi nance Legal and Regulatory Reform: Assessment of Financial Regulation and Access for the Poor in Georgia”. Accessed March 2010. URL: http://www.microfi nancegateway.org/p/site/m//template.rc/1.9.29109

EKI offi cial website. Accessed March 2010. URL: http://www.eki.ba/en/index.php?option=com_content&view=article&id=35&Itemid=40

European Bank for Reconstruction and Development (2009): “Transition Report 2009: Transition in Crisis?”

FINCA Georgia offi cial website. Accessed March 2010. URL: http://www.fi nca.ge/



10

Foundation for International Community Assistance (2010): “Armenia”. Accessed March 2010. URL: http://www.fi nca.org/site/c.erKPI2PCIoE/b.2680235/

Grameen Trust Turkey offi cial website. Accessed March 2010. URL: http://www.tgmp.net/eng/News.html

Harutyunyan, Monica (Consultative Group to Assist the Poor, 2005): “The Regulatory Reform Process for Microfi nance in Armenia”. URL: http://www.microfi nanceregulationcenter.org/fi les/28701_fi le_The_Regulatory_Reform_Process.pdf

HSBC (2010): “Microcredit Social Involvement Project”. Accessed March 2010. URL: http://www.hsbc.com.tr/eng/about_HSBC/corporate_social_responsibility/community.asp

International Finance Corporation (June 2009): “Mi- Bospo CL II”. Accessed March 2010. URL: http://www.ifc.org/ifcext/spiwebsite1.nsf/1ca07340e47a35cd85256efb00700cee/9EA10E50BA201E6E852576BA000E2D0F

JSC Constanta offi cial website. Accessed March 2010. URL: http://www.constanta.ge/main.php?id=225&lang=eng.

JSC Crystal offi cial website. Accessed March 2010. URL: http://crystal.ge/index.php?page=1&lang=eng

Karatas, Abdulmecit (July 2008): “The microcredit strategies for SMES in Turkey in the EU Harmonization Process”. Accessed March 2010. URL: http://www.european-microfi nance.org/data/fi le/abdulmecit-karatas-asli-deniz-helvacioglu-kuyucu-microcredit-turkey.doc

Kiva (September 2009): “Zene za Zene, a partner of Women for Women International”. Accessed March 2010. URL: http://www.kiva.org/partners/101

Kyrgyz Republic (2002; amended 2005, 2009): “The Law of the Kyrgyz Republic On Microfi nance Organisations in the Kyrgyz Republic”.

Levy, Sally (MicroCapital.org July 2009): “MICROCAPITAL STORY: Microfi nance Institutions Lazika Capital, Alliance Group, CREDO, Crystal, FinAgro, Finca and Constanta Bank of Georgia Receive Grants from the United Nations Development Program (UNDP) and European Union (EU); Total Project cost US$2.6m”. Accessed March 2010. URL: http://www.microcapital.org/microcapital-story-microfi nance-institutions-lazika-capital-alliance-group-credo-crystal-fi nagro-fi nca-and-constanta-bank-of-georgia-receive-grants-from-the-united-nations-development-program-u/

LOK offi cial website. Accessed March 2010. URL: http://www.lok.ba/?jezik=eng&x=139

Lyman, Timothy (Consultative Group to Assist the Poor, April 2005): “Legal and Regulatory Environment for Microfi nance in Bosnia and Herzegovina: A Decade of Evolution and Prognosis for the Future”. Accessed March 2010. URL: http://www.microfi nancegateway.org/p/site/m//template.rc/1.9.25959

MDF-Kamur offi cial website. Accessed March 2010. URL: http://www.mdf-kamurj.am

Microfi nance Information Exchange and Association of Mutual Funds in India (January 2009): “Bosnia and Herzegovina, Microfi nance Analysis and Benchmarking Report 2008”. Accessed March 2010. URL: http://www.themix.org/publications/2008-bosnia-and-herzegovina-microfi nance-analysis-and-benchmarking-report

Microfi nance Information Exchange and Consultative Group to Assist the Poor (2009): “Tajikistan 2009: Microfi nance Analysis and Benchmarking Report”.

Microfi nance Information Exchange and Consultative Group to Assist the Poor. (2010): “Azerbaijan 2009: Microfi nance Analysis and Benchmarking Report”.

Microfi nance Information Exchange and Consultative Group to Assist the Poor. (February 2010): “Eastern Europe and Central Asia 2009: Microfi nance Analysis and Benchmarking Report”.

Mikra offi cial website. Accessed March 2010. URL: http://www.mikra.ba/en/donatori.html

Mikro Aldi offi cial website. Accessed March 2010. URL: http://www.mikroaldi.org/news/

National Bank of the Kyrgyz Republic (2002): “Regulation on the Creation of Microcredit Companies and Microcredit Agencies”.

National Bank of the Kyrgyz Republic (2007): “Regulation On Licensing, Reorganisation and Liquidation of Microfi nance Companies on the Territory of the Kyrgyz Republic”.

National Bank of the Kyrgyz Republic (2009): “Tendencies in the Development of the Banking System: First half-year 2009”.



National Bank of Tajikistan (2001; amended 2002): “Instruction No. 112 ‘On Non-cash Transfers in the Republic of Tajikistan’ ”.

National Bank of Tajikistan (2005; amended 2006, 2008, 2009): “Instruction No. 135 ‘On the Procedure for Regulation of the Activity of Microcredit Deposit Organisations’ ”.

National Bank of Tajikistan (2005; amended 2008, 2009): “Regulation No. 136 ‘On Microlending Organisations’ ”.

National Bank of Tajikistan (2005; amended 2008): “Regulation No. 137 ‘On Microlending Foundations’ ”.

National Bank of Tajikistan (2009): “Instruction No. 168 ‘On the Procedure for the Utilisation of Foreign Currency in Circulation in the Territory of the Republic of Tajikistan’ ”.

Partner offi cial website. Accessed March 2010. URL: http://www.partner.ba/eng/press/

Patterson, Rubin (2009): “Perspectives on Global Development and Technology”. Accessed March 2010. URL: http://www.brill.nl/pgdt

Prizma offi cial website. Accessed March 2010. URL: http://www.prizma.ba/external/english/english.htm

Pro Credit Bank offi cial website. Accessed March 2010. URL: http://www.procreditbank.ba/eng/vijest.asp?id=106

Pro Credit Bank GEO offi cial website. Accessed March 2010. URL: http://www.procreditbank.ge/index.php?lang_id=ENG

Republic of Armenia (1996): “Law on Banks and Banking”.

Republic of Armenia (2002): “Law on Agricultural Credit Clubs”.

Republic of Armenia (2002): “Law on Credit Organizations”.

Republic of Armenia (2007): “Law on Banks and Banking”.

Republic of Armenia (2007): “Law on Credit Organizations”. URL: http://www.ada.am/laws/Law_on_Credit_Organizations.pdf

Republic of Azerbaijan (2009): “The Law of the Republic of Azerbaijan On Non-bank Credit Institutions”.

Republic of Tajikistan (2004): “The Law of the Republic of Tajikistan On Microfi nance Organisations”.

Sinergija offi cial website. Accessed March 2010. URL: http://www.mkdsinergijaplus.org/index_eng.php

Sunrise (2010): “Loan Products”. Accessed March 2010. URL: http://www.microsunrise.ba/EN/proizvodi.htm

World Bank (2009): “Doing Business 2010 Armenia”. URL: http://www.doingbusiness.org/Documents/CountryProfi les/ARM.pdf

Interviewees for Eastern Europe and Central Asia Arasli, Burcu Guvenek - Independent consultant; Lecturer, Middle East Technical University

Behrndt, Rolf – Senior Operations Offi cer, International Finance Corporation

Bina, Sadina - General Director, MKO EKI BiH

Brown, Catherine - Country Director, Mercy Corps Kyrgyz Republic

Davitaia, Nino - Chief Specialist of Legal and Methodology Department, Financial Supervisory Agency of Georgia

Hajiyeva, Jhale - Executive Director, Azerbaijan Micro-Finance Association

Harutyunyan, Monica - Legal Specialist for Armenia’s Micro Enterprise Development Initiative, US AID

Jahi, Selma - Assistant Director for Marketing, Partner MKF Bosnia

Lebanidze, Levan - General director, Bank Constanta

Popsielovsky, Andrew - General Manager, AccessBank Azerbaijan

Yesayan, Mariam - Executive Director, AREGAK Universal Credit Organization and Union of the Credit Organizations of the Republic of Armenia



12

Latin America and the CaribbeanPrimary and secondary sourcesAsociación de Entidades Financieras Especializadas en Micro Finanzas (La Paz 2006): “Regulatory Framework for Microfi nance Operations in Bolivia”.

Association Nationale des Institutions de Microfi nance d’Haiti. (January 2010): Rapport des Dégâts du Séisme du 12-01-10 sur les institutions de microfi nance membres du réseau ANIMH.

Beck Yonas, Alison, Berger, Marguerite, and Lloreda, María Lucía (Inter-American Development Bank, Sustainable Development Department Best Practice Series, MSM-119, Washington, DC, March 2003): “The Second Story: Wholesale Finance in Latin America”.

Berger, Marguerite, Goldmark, Lara, and Miller-Sanabria, Tomás eds. (2006): An Inside View of Latin American Microfi nance. Washington, DC: Inter-American Development Bank.

Blavy, R., International Monetary Fund (September 2006): Working Paper 06/225, “Assessing Banking Sector Soundness in a Long-Term Framework: The Case of Venezuela”.

Congreso de Colombia (July 10th 2000): Ley 590 de 2000: “Promoción del desarrollo de las micro, pequeñas y medianas empresas”.

Curat, Pablo, Jorge A. Lupano, and Luciano Gineste (August 2007): Microfi nanzas en Argentina y en América Latina: Regulaciones, Instituciones y Políticas Públicas. Andares-Fundación para el Desarrollo de las Microfi nanzas in collaboration with HSBC and the Embassy of Great Britain.

De Janvry, A., McIntosh, C., Sadoulet, E., and Wydick, B. (University of California, Berkeley, FAO: Latin America, BASIS Collaborative Research Support Program 2003): “Credit Bureaus and the Rural Microfi nance Sector: Peru, Guatemala, and Bolivia (Assessing the Impact of Credit Referencing on the Poor”.

Duarte de Melo Sobrinho, Abelardo, and Soares, Marden Marques (Central Bank of Brazil, 2007): “Microfi nanças: O Papel do Banco Central do Brasil e a Importância do Cooperativismo de Crédito.”

Campos, Pilar, Druschel, Kate, Gallardo, Joselito, Martowijoyo, Sumantoro, Meagher, Patrick and Peck Christen, Robert (Report submitted to Sa-Dhan; Microfi nance Regulation and Supervision Resource Centre 2006): “Microfi nance Regulation in Seven Countries: A Comparative Study”.

Ebentreich, A. (Microfi nance Regulation and Supervision Resource Centre, April 2005): “Microfi nance Regulation in Peru: Current State, Lessons Learned, and Prospects for the Future”.

European Corporate Governance Institute: Index of Codes. URL:http://www.ecgi.org/codes/all_codes.php

Financial Standards Foundation: eStandards forum. Accessed April 20010. URL: http://estandardsforum.org/

Gillet, Marianne C., and Padilla, Juan (Banco Interamericano de Desarrollo, División de Micro, Pequeña y Mediana Empresa, 2001): “Lineamientos para el apoyo a la microempresa en Chile”.

González, Adrián, (Microfi nance Information Exchange; Presentation at the World Bank’s Interest Rates for Microfi nance Conference, Las Tendencias y El Papel del Gobierno, organised by the Department of Finance, Private Sector and Infrastructure, United States, June 6th 2007): “Tasas de Interés en Instituciones de Microfi nanzas en América Latina”.

Government of the Republic of Haiti (March 2010): “Action Plan for National Recovery and Development of Haiti: Immediate Key Initiatives for the Future,”

Heritage Foundation: Index of Economic Freedom.

Hishigsuren, Gaamaa (date n.a.; IDEAS-Institute for Development, Evaluation, Assistance and Solutions, Decatur, Georgia; unpublished paper): “Transformation of Micro-Finance Operations From NGO to MFIs”.

International Bank for Reconstruction and Development and International Finance Corporation (August 2008): “Country Partnership Strategy for the Republic of Guatemala”, Report No. 44772-GT.



International Monetary Fund (2006), 2006 Article IV Consultation with Honduras, Public Information Notice No. 07/31

International Monetary Fund and World Bank: Financial Sector Assessment Program, Country Reports for various countries. URL: http://wbln0018.worldbank.org/FPS/fsapcountrydb.nsf/FSAPexternalcountryreports?OpenPage&count=5000#H

Jansson, Tor, Rosales, Ramón and Westley, Glenn (Inter-American Development Bank, Sustainable Development Department, Micro, Small and Medium Enterprise Division, Washington, DC 2004): “Principles and Practices for Regulating and Supervising Microfi nance”.

Latin American Venture Capital Association (April 2010): “Annual Scorecard on the Private Equity and Venture Capital Environment in Latin America and the Caribbean.

Microfi nance Gateway: Microfi nance Regulation and Supervision Resource Centre, Consultative Group to Assist the Poor (CGAP)/IRIS Centre, University of Maryland. URL: http://www.microfi nancegateway.org/resource_centers/reg_sup/

Navajas, Sergio, Pedroza, Paola A. (July and September 2010): “Microfi nance in Latin America and the Caribbean – Data update 2010. Inter-American Development Bank. Washington, DC.

Navajas, Sergio, and Tejerina, Luis (Inter-American Development Bank, 2006): “Microfi nance in Latin America and the Caribbean: How Large Is the Market?”

Organisation for Economic Cooperation and Development (2003): “Corporate Governance in Latin America”. http://www.oecd.org/dataoecd/25/2/18976210.pdf

Republic of Colombia; Consejo Superior de Microempresa (26th April 2007): Resolución Numero 01 de 2007: “Por la cual se fi jan las tarifas máximas a cobrar por concepto de honorarios y comisiones en los créditos a microempresarios”.

Rosales, Ramón (ICC; Conference Presentation, Mexico City, August 13th, 2008): “Tendencias en la Regulación de las Microfi nanzas en América Latina.”

Standard & Poor’s (June 2007): “Microfi nance: Taking Root in the Global Capital Markets”.

UN Advisors Group on Inclusive Financial Sectors; Private Sector Working Group (April 8th 2008): “Microfi nance Sector Assessment: Argentina.”

World Bank (June 2006): “Report on the Observance of Standards and Codes: Paraguay - Accounting and Auditing.”

World Bank (June 2004): “Report on the Observances of Standards and Codes: Peru - Accounting and Auditing.”

World Bank (January 2006): “Report on the Observance of Standards and Codes: Uruguay - Accounting and Auditing.”

Interviewees for Latin America and the CaribbeanArechavala, René Romero - Chief Executive Offi cer, ASOMIF Nicaragua

Bonjour, Pedro Arriola - General Manager, ProCredit Ecuador

Búcaro, Edgar - Manager of the Microfi nance Unit, G & T Continental Bank

Burillo, Giselle - Minister, APYME Panama

Castillo, Amauri - Secretary General, Banking Superintendency of Panama

Coehlo, Fabiano Costa - Deputy Advisor, Central Bank of Brazil

Espinosa, Rodrigo - Independent Consultant

de Lima, Bettina Wittlinger - Project Manager, ACCION International

Fábrega, Carlos Sánchez - Executive Vice President, Microserfi n Panama

Fajury, Lizbeth - Consultant, Marulanda Consulting

Flores, Julio - General Manager, Fondo Desarrollo Local Nicaragua



14

Franco, Carlos Alberto Moya - Programme Director, Banca de las Oportunidades

Fritz, Yerom Castro - Vice President for Supervision of Development Finance and Popular Finance, National Banking and Securities Commission of Mexico

Gathmann, Juan Uslar - President, BanGente

Gomez-Trigg, Carmen - Operations Offi cer for IFC Advisory Services in Latin America and the Caribbean, International Finance Corporation

Higa, Daniel - Executive Director, Planet Finance

Howells, Kenlor - Executive Director, ADAPTE Costa Rica

Jauge, Martha - Director, DIPRODE

Jordán, Daniel - Senior Executive, CAF

Landa, Sergio F. - General Director, CrediComún

Lhériau, Laurent - Microfi nance Specialist for Haiti and Francophone Africa; Independent Consultant

Lombardi, Javier - Executive Director, Grameen Foundation (Aldeas)

López, Rodolfo Castillo - Bolivia Representative, FITCH Ratings

Lowenthal, Arno - Independent Strategy, SME and Microfi nance Consultant

Martínez, Antonio - General Manager, Microfi n Uruguay

Martínez, Laura - Country Director for the Dominican Republic, OikoCredit

Marulanda, Beatríz - Independent Consultant

Monterrosa, Luís Armando Montenegro - Superintendent, Financial Superintendency of El Salvador

Motta, Javier - Head of Economic Studies, Banking Superintendency of Panama

Nicolea, Silvia - Executive President, Banco de la Mujer

Perez-Ordoñez, Luis - Principal Executive for Peru and Bolivia, CAF Directive for the Promotion of SME and Microfi nance

Pineda, Rodrigo - General Manager, Honduran Federation of Savings and Credit Co-operatives

Rafael, José - Senior Executive, CAF

Reyes, Patricio - Head of Financial Intermediation, Chilean Economic Development Agency (CORFO)

Rosales, Ramon - President, International Consulting Consortium Inc.

Salin, Beltrán Macchi - Executive Director, Visión Bank SAECA

Sanabria, Kurt Koenigsfest - General Manager, BancoSol Bolivia

Schutze, Alexandra - Advisor, Fondo Desarrollo Local Nicaragua

von Dodl, Alessandra - Analyst and Alternate Manager for the Financial Inclusion Project, Department of Financial System Regulation, Central Bank of Brazil

Ventura, Elvira Cruvinel Ferreira - Senior Advisor and Manager for the Financial Inclusion Project, Department of Financial System Regulation, Central Bank of Brazil

Venturino, Jorge - Manager for the Micro and SME Unit, Banco de la República Oriental del Uruguay

Walter, Reynold - Executive Director, FAFIDESS

One additional, confi dential interview was conducted for this region.



Middle East and North AfricaPrimary and secondary sourcesAl Amana offi cial website. Accessed April 2010. URL: www.alamana.org

Al Amana (2008): “Rapport d’activité”. URL: www.alamana.org

Amal Bank offi cial website. Accessed May 2010. URL: http://www.alamalbank.com

Banque du Liban (2004): “Circular 93: Small Loans”.

Central Bank of Yemen offi cial website. Accessed May 2010. URL: http://www.centralbank.gov.ye/

Consultative Group to Assist the Poor (June 2005): “Report of CGAP Multi-Donor Mission”.

Consultative Group to Assist the Poor (May 2009): “Policy Forum for the Arab World” CGAP presentation. Beirut, Lebanon.

l’Economiste daily newspaper (October 2 2009): Anass Alami: Sa stratégie pour la banque postale URL: http://www.leconomiste.com/article.html?a=95816

eStandardsForum (May 2009): “Lebanon profi le”. URL: http://www.estandardsforum.org/lebanon/standards

Fédération Nationale des Associations de Microcrédit offi cial website. Accessed April 2010. URL: www.fnam.ma

Fédération Nationale des Associations de Microcrédit (2005): Code de Déontologie des Institutions de Micro-crédit au Maroc.

Fondation Zakoura pour le Microcrédit offi cial website. Accessed April 2010. URL: www.zakourafondation.org

Fondation Zakoura pour le Microcrédit. (2007): “Rapport d’activité.”

Grameen-Jameel and International Finance Corporation (2008): “Lebanon: A Diagnostic Study on the Demand for Financial Services by Micro and Small Enterprises”.

JAÏDA Fund offi cial website. Accessed April 2010. URL: www.jaida.ma

JAÏDA Fund (Q4 2008): “Quarterly Report”. Accessed online http://www.jaida.ma/.

Kuraimi Exchange Company offi cial website. Accessed May 2010. URL: http://www.alkuraimi.com/

La Vie éco (September 29 2009): «Al Barid-Bank», sera opérationnelle à partir du 1er trimestre 2010. URL: http://www.lavieeco.com/actualites/2509-al-barid-bank-sera-operationnelle-a-partir-du-1er-trimestre-2010.html

Lyman, Timothy R. and Rielle, Xavier (CGAP, June 2005): “Diagnostic Report on the Legal and Regulatory Environment for Microfi nance in Morocco”.

MIX Market (April 2010): “Microfi nance in Lebanon”. URL: http://mixmarket.org/mfi /country/Lebanon

Planet Rating (2007): “Al Karama, Maroc.”

Planet Rating (2008): “Al Amana, Maroc.”

Republic of Morocco (Offi cial bulletin N° 4678, 1999): “Loi 18-97 relative au Micro-crédit”.

Republic of Morocco (Offi cial bulletin N° 5210- 16, 2004): “Loi 58-03 Modifi ant et complétant la loi N° 18-97 relative au micro-crédit”.

Sanabel offi cial website. Accessed May 2010. URL: http://www.sanabelnetwork.org/en

SEEP Network offi cial website. Accessed May 2010. URL: http://www.seepnetwork.org/Pages/Default.aspx

Social Fund for Development offi cial website. Accessed May 2010. URL: http://www.sfd-yemen.org/smed/english/pointers.php

Social Fund for Development (2008): “Annual Report”.

Social Fund for Development (2008): “Small & Microenterprise Development in Yemen”.

World Bank (2003): “Report on the Observance of Standards and Codes: Lebanon - Accounting and Auditing”.



16

World Bank, Yemen offi cial website. Accessed May 2010. URL: http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/MENAEXT/YEMENEXTN/0,,menuPK:310170~pagePK:141159~piPK:141110~theSitePK:310165,00.html

World Bank (2010): “Yemen Economic Update”. URL: http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/MENAEXT/YEMENEXTN/0,,contentMDK:22262014~pagePK:141137~piPK:141127~theSitePK:310165,00.html

Interviewees for the Middle East and North AfricaAbdelmoumni, Fouad - Consultant

Aljundi, Ozaina - Microfi nance Advisor, Deutsche Gesellschaft für Technische Zusammenarbeit

Al-Shami, Osama - Head of Small and Microenterprise Development Unit, Yemen Social Fund for Development

Brandsma, Judith - Financial Sector Development Specialist, Independent consult

Dietz, Eric (and Field offi cers) - Programme Offi cer, Financial Inclusion Practice Area for United Nations Capital Development Fund and United Nations Capital Development Fund

Hicham Talib - Director of pôle Support, Al Amana Microfi nance

Mohammed Al-Lai - Executive Director, Al-Amal Microfi nance Bank

Mohammed Khaled - Regional Representative, CGAP

Mohamed Maarouf - Executive director, PlaNet Finance Morocco

Youssef Fawwaz - Executive Director, Al Majmoua



Sub-Saharan AfricaPrimary and secondary sourcesAcep Senegal offi cial website. Accessed April 2010. URL: www.acepsenegal.com

Access Bank (September 2009): “Annual Report & Accounts”. Access Bank website. URL: http://www.accessbank.co.tz/

Addario, Linsey. (New York Times on-line, August 2009): “DR Congo Country Profi le”. URL: http://topics.nytimes.com/top/news/international/countriesandterritories/congothedemocraticrepublicof/index.html

Adrianasolo, Emma (International Monetary Fund; workshop: “African Finance for 21st Century”, Washington, DC March 2008): “Case Study on Microfi nance Institutions in Madagascar, Policies for a Viable Sector, 2008”.

Advans Banque DRC (August 2009): “Annual Report 2008”.

African Resource Network (February 2010): “Madagascan textile industry in crisis”. African Resource Network Website. URL: http://afresnet.mbendi.com/a_sndmsg/news_view.asp?I=106194&PG=16

Aga Khan Development Network (May 2009): “Annual Report”. Aga Khan Development Network website. URL: http://www.akdn.org/publications/2008_akam.pdf

Aga Khan Development Network (2010): “Microfi nance in Tanzania & Zanzibar”. Aga Khan Development Network website. URL: http://www.akdn.org/akam_tanzania.asp

Aga Khan Foundation (2008): “Aga Khan Foundation Annual Report, 2008”. Aga Khan Foundation website. URL: http://www.akdn.org/publications/2008_akam.pdf

Agrawal , Mohit (Telecom Circle, January 2010): “M-Pesa: Transforming Millions of Lives”. Internet article accessed April 2010. URL: http://www.telecomcircle.com/2010/01/m-pesa/

All Africa (allAfrica.com website, January 2007): “Tanzania: Bank of Africa enters market”. URL: http://allafrica.com/stories/200710222052.html

All Africa (allAfrica.com website, August 2008): “Tanzania: Dar to Seek Sovereign Debt Rating”. URL: http://allafrica.com/stories/200809010503.html

Andah, David (Consultative Group to Assist the Poor Essays on Regulation and Supervision, 2005): “Regulation, Supervision, and Access to Microfi nance: The Case of Ghana”.

Andah, David (Ghana Microfi nance Institutions Network, 2010): “Performance Benchmarks of Microfi nance Institutions in Ghana”, Ghana.

Andrew, Felix (IPP Media website, February 2009): “Mwanga community bank posts 166m/- profi t “. URL: http://216.69.164.44/ipp/guardian/2009/02/23/132184.html

Association of Microfi nance Institutions offi cial website. Accessed April 2010. URL: http://www.iamfi .ke

Atieno, Rosemary (UN University, February 2009): “Linkages, Access to Finance and the Performance of Small-Scale Enterprises in Kenya”.

Awusabo-Asare, K., et al (Department of Economics of the University of Cape Coast, February 2009): “Who is reaching whom? Depth of outreach of rural micro fi nance institutions in Ghana”.

Bank of Ghana (2000): “Deposit-taking NBFI Business Rules”.

Bank of Ghana (2005): “Guidelines for Rural Banking License”.

Bank of Ghana (2007): “Credit Reporting Act (Act 726)”.

Bank of Ghana (October 2007): “Building a Financial Sector for an Emerging Market Economy: Implications for the Capitalization of Bank and Non-Bank Financial Institutions”.

Bank of Ghana (2008): “Borrowers and Lenders Act, 2008 [Act 773]”.

Bank of Ghana (2008): “Guidelines for Branchless Banking”.



18

Bank of Ghana (2008): “Requirements for Non Bank Financial Institutions Licences”.

Bank of Ghana (2009): “Operationalization of the NBFI Act of 2008, Act 774 – Finance Houses, Notice No. BG/GV/SEC/2009/6”.

Bank of Mozambique (2007): “Extension of Financial Services to Rural Areas - Order of the Central Bank 10/GBM/2007”.

Bank of Uganda offi cial website. Accessed April 2010. URL: http://www.bou.or.ug/

Bank of Uganda (Kampala June 2009): “Bank of Uganda Annual Report 2008-9”.

Bank of Uganda (Kampala June 2009): “BoU Annual Supervision Report 2008”.

BBC News (November 2009): “Confl ict in DR Congo Q&A”. URL: http://news.bbc.co.uk/1/hi/world/africa/3075537.stm

BBC News (May 2010): “DR Congo Country Profi le”. URL: http://news.bbc.co.uk/1/hi/world/africa/country_profi les/1076399.stm

Bendig, Mirko, Giesbert, Lena and Steiner, Susan (GIGA Research Programme, January 2009): “Savings, Credit and Insurance: Household Demand for Formal Financial Services in Rural Ghana”.

Beyadi, Austin (Daily News website, February 2010): “SACCOS groups fail to repay 1.5bn/-”. URL: http://www.dailynews.co.tz/business/?n=7373

BiD Network (November 2006): “Tanzania: More Banks Joining Credit Guarantee Scheme “. URL: http://www.bidnetwork.org/page/42132/nl

Bold, Chris (Consultative Group to Assist the Poor, March 2010): “MTN’s recipe for mobile banking success”. Internet article accessed April 2010. URL: http://technology.cgap.org/2010/03/03/mtn-recipe-for-mobile-banking-success/#more-2221

Breul, Phillippe, Cabello, Mateo, Carpio, Abigail, Maimbo, Grossman, Jerry, Munzele, Samuel, Saranga, Tania and Stone, Robert (Oxford Policy Management and World Bank Africa Finance and Private Sector Department, April 2009): “Mobile phone banking in Southern Africa”. URL: http://www.opml.co.uk/policy_areas/fi nancial_sector/mobile_banking_sa.html

Cabecadas, Nuno and Pimenta, Paulo (April 2010): “Legal framework of Microfi nance activities and institutions”. URL: http://www.ifl r1000.com/LegislationGuide/106/Legal-framework-of-microfi nance-activities-and-institutions.html

Carloso, Ludi (CG Consultative Group to Assist the Poor AP / Le Potentiel websites, March 2010): “Le Fonds de promotion micro-fi nance dresse le bilan de ses opérations en provinces”. URL: http://lepotentiel.com/affi cher_article.php?id_edition=&id_article=92770

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Rodriguez, Svenja Paulino (GTZ, June 2008): “Mozambique FSTAP Project Description”. Internet article accessed May 2010. URL: http://www.gtz.de/en/weltweit/afrika/mosambik/19557.htm,



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Robinson, Ian (Financial Sector Deepening Trust website, February 2008): “$6,1m credit scheme for poor farmers”. URL: http://www.fsdt.or.tz/index.php/projects/more/61m_credit_scheme_for_poor_farmers/

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Interviewees for Sub-Saharan AfricaAndah, David - Executive Director, Ghana MicroFinance Institutions Network

Assouman, Madina - West and Central Africa Portfolio Manager, United Nations Capital Development Fund

Barleon, Michael - Chief Executive Offi cer, AB Microfi nance Bank Nigeria

Bavugamenshi, Daniel - Managing director, Amasezerano

Bomda, Justin - Executive Secretary, Appropriate Development for Africa Foundation

Diehl, Cristoph - Africa Regional Manager, Access Holding

Dietz, Eric and (fi eld offi cers) - Programme Offi cer, Financial Inclusion Practice Area, United Nations Capital Development Fund

Dieudonné, Ruben - Chief Executive Offi cer, MicroCred Senegal

Ehigiamusoe, Godwin E. - Founder and Executive Director, Lift Above Poverty Organisation Nigeria

Fedjo, Alain Saapi - Financial and Administrative Director, Adjoint General Director, Advans Cameroon

Ferrand, David - Director, Financial Sector Deepening Trust Kenya

Gautier, Jerome - Chief Executive Offi cer, MicroCred Banque Madagascar

Green, Paul - Chief Executive Offi cer, Trade Aid Tanzania



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Gravot, Tanguy - General Manager, Advans Ghana

Gueye, Mamadou Lamine - Chief Executive Offi cer, CAURIE Micro Finance

Houssou, Pierre - Team Director, Micro-Finance Promotion Fund DRC

Juntermanns, Gerd Juntermanns - Focal Area Coordinator, KfW Entwicklungsbank Mozambique

Kalkman, Ben - Chief Executive Offi cer, Banque Populaire du Rwanda

Kavuzigo, Kevin - Principal MFI Inspector, Central Bank of Rwanda

Kocsis, Tom - Chief Executive Offi cer and Country Director, FINCA DRC

Ladipo, Modupe - Chief Executive Offi cer, Enhancing Financial Innovation & Access Nigeria

Lugonvu, Christopher - Bank examiner, Bank of Uganda

Lukwago, Stephen - Bank examiner, Bank of Uganda

Mbaye, Tafsir - Director, Women’s Entrepreneurship & Microfi nance, Ministry of Family Affairs of the Republic of Senegal,

Millinga, Altemius - Executive Director & Secretary, Youth Self-Employment Foundation

Ndzie, Felix - Head of Service, Microfi nance Department, Commission Bancaire de l’Afrique Centrale

Robinson, Ian - Technical director, Financial Sector Deepening Trust Tanzania

Schoenborn, Patrick - Credit Manager, AccessBank Tanzania

Siedek, Hannah - General Manager, ProCredit DRC

Sneiders, Frank - Chief Executive Offi cer, Advans Cameroon

Spahr, Martin - General Director, AccèsBanque Madagascar

Steel, William F. - Adjunct Professor, Institute of Statistical, Social and Economic Research, University of Ghana

Vaena, Marcos - Mozambique Programme Manager, International Finance Corporation

Zeidler, Marielle - Team leader of the Microfi nance component of the Financial sector Technical Assistance Progamme, Consulting Group for GTZ

Zihiga, Faustin - Deputy Managing Director, Urwego Opportunity Microfi nance Bank; Chairman of the board, Association of Microfi nance Institutions in Rwanda

One additional, confi dential interview was conducted for this region.

Whilst every effort has been made to verify the accuracy of this information, neither the Economist Intelligence Unit Ltd nor the sponsors of this report can accept any responsibility for liability for reliance by any person on this report or any other information, opinions or conclusions set out herein.Im

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