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Full bibliography for the Global microscope on the micronance business environment 2011

This document contains a comprehensive list of the primary, secondary and interview sources for the Global Microscope 2011 index and report. The bibliography provides a list of sources and interviews in regional and alphabetical order. Please note that the opinions expressed in the interviews conducted with the individuals listed do not necessarily represent those of their organisation or afliation. Interviews were conducted between June and July of 2011.

Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Common primary and secondary sources


Banking with the Poor (URL: http://www.bwtp.org): Indonesia (2011); Nepal (2010); Thailand (2010) Consultative Group to Assist the Poor (URL: http://www.cgap.org): Armenia (2011); Azerbaijan (2011); Bolivia (2011); Bosnia and Herzegovina (2011); Costa Rica (2011); Egypt (2011); El Salvador (2011); Georgia (2011); Ghana (2011); Kenya (2011); Mexico (2011); Morocco (2009); Nicaragua (2011); Nigeria (2011); Pakistan (2010); Peru (2010); The Philippines (2005); Turkey (2011); Vietnam (2011); Yemen (2005) Deloitte/IAS Plus (URL: http://www.iasplus.com): Costa Rica (2011); Ecuador (2009); Indonesia (2011); Jamaica (2009); Mexico (2011); Nicaragua (2003); Thailand (2008); Turkey (2011); Vietnam (2009) eStandards Forum (URL: http://www.estandardsforum.org): El Salvador (2009); Guatemala (2011) International Monetary Fund (URL: http://www.imf.org): Bolivia (2011); Indonesia (2010); Nepal (2010); Nicaragua (2011); Thailand (2010) MicroCapital (URL: http://www.microcapital.org): Nepal (2010); Nicaragua (2010) Mix Market (URL: http://www.mixmarket.org): Costa Rica (2011); Democratic Republic of the Congo (2011); Egypt (2011); Georgia (2011); Ghana (2011); Kenya (2011); Lebanon (2011); Madagascar (2011); Mexico (2011); Mongolia (2011); Mozambique (2011); Tajikistan (2011); Turkey (2011); Yemen (2011) World Bank (URL: http://www.worldbank.org): El Salvador (2005); Nepal (2007); Thailand (2006) World Bank, Doing Business (URL: http://www.doingbusiness.org): Bolivia (2011); Democratic Republic of the Congo (2011); Georgia (2011); Ghana (2011); Haiti (2011); Honduras (2011); Madagascar (2011); Nicaragua (2011); Tanzania (2011); Turkey (2011); Additional common sources: Deloitte/IAS PLUS (URL: http://www.iasplus.com/country/useias.htm); Economist Intelligence Unit Country Finance, Country Commerce and Country Reports; Risk Brieng Service and ViewsWire platform (URL: http://www. eiu.com); Microscope on the Micronance Business Environment 2010 (www.eiu.com/GlobalMicroscope2010); The Heritage Foundation (URL: http://www.heritage.org);

Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Sources by region
East and South Asia
Primary and secondary sources
Asia Micronance Analysis and Benchmarking Report 2008. (2008). Micronance Information Exchange, Inc. and Intellecap.URL: http://www.themix.org/sites/default/les/ 2008%20Asia%20Micronance%20Analysis%20and%20Benchmarking%20Report.pdf Bangko Sentral ng Pilipinas, Circular NO. 727, June 2011. Bangko Sentral ng Pilipinas, Manual of Regulations for Banks, revised 2008. Bangkok Post. Counter Service seeking micronance opportunity. 12.11.2010. Online article accessed July 2011. URL: http://www.bangkokpost.com/business/economics/205962/counter-service-seeking-micronanceopportunity Bangkok Post, Lukewarm response to Microcredit rules, May 31st, 2011, online article accessed July 2011. URL: http://www.bangkokpost.com/business/economics/239770/lukewarm-response-to-microcredit-rules Bangkok Post. The Pros and Cons of Getting a Loan. 14.02.2010. Online article accessed July 2011. URL: http:// www.bangkokpost.com/news/investigation/32897/the-pros-and-cons-of-getting-a-loan Bangkok Post. Thailand Post may provide micronance centres, 31.08.2010. Online article accessed July 2011. URL: http://www.bangkokpost.com/business/economics/193808/thailand-post-may-provide-micronance-centres Bangladesh Bank. (August 2008). Bangladesh Mobile Payments Directive, 2008 Draft. URL: http://www.mpf.org.in/pdf/Bangladesh_Bank_M_Payment_Guidlelines_2008.pdf Bangladesh Bank (2010): Banking Regulation and Policy Department Circular No. 10, dd. March 10th 2010. URL: http://www.bangladesh-bank.org/openpdf.php?urlpdf=mediaroom/circulars/brpd/mar102010brpd10e.pdf Bank Danamon ofcial website. Accessed July 2011. URL: http://www.danamon.co.id/index.php?lng=2 Bank for Agriculture and Agricultural Co-operatives, ofcial website. Accessed July 2011. URL: http://www.baac. or.th/baac_en/index.php Bank Indonesia ofcial website. Accessed July 2011. URL: http://www.bi.go.id/web/en Bank Mandiri ofcial website. Accessed July 2011. URL: http://www.bankmandiri.co.id/english/index.aspx Bank Negara Indonesia ofcial website. Accessed July 2011 URL: www.bni.co.id Bank of Thailand (November 2009): Financial Services Master Plan Phase II. Bank of Thailand (2010). Payment Systems Roadmap 2010. URL: http://www.bot.or.th/English/PaymentSystems/BOT_ps/PolicyPS/Documents/Payment%20Roadmap%202010_ Eng.pdf Bank Rakyat Indonesia ofcial website. Accessed July 2011 URL: www.bri.co.id Banking with the Poor Network (2010): Centre for Micro-Finance (CMF) Nepal. Accessed July 2011. URL: http:// www.bwtp.org/cmfnepal.html Banking with the Poor Network: Indonesia Country Prole. Accessed July 2011. URL: http://www.bwtp.org/arcm/ indonesia/I_Country_Prole/Indonesia_country_prole.htm
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Banking with the Poor. Micronance in Asia: Trends, Challenges and Opportunities. Internet report accessed June 2011. URL: http://www.bwtp.org/les/MF_Trends_Challenges_Opportunities_ELECTRONIC.pdf, 2009. Banking with the Poor and SEEP Network (2009): Micronance industry report: Nepal. URL: http://www.bwtp. org/les/MF_Industry_Nepal_ELECTRONIC.pdf Banking with the Poor. Micronance industry report: Vietnam. Internet report accessed June 2011. URL: http:// www.bwtp.org/les/MF_Industry_Report_Vietnam_ReportELECTRONIC.pdf, 2008. Banking with the Poor Network (2010): Nepal Country Prole. Accessed June 2010. URL: http://www.bwtp.org/arcm/nepal/I_Country_Prole/nepal_country_pro le.html Basu, Indrajit. (February 2011). Micronance, macro problems. China Daily. Internet article accessed July 2011. URL: http://www.cdeclips.com/les/asiapdf/20110211/cdasiaweekly20110211p19.pdf Bersch, Julia, Rodolfo Maino, Diane Mendoza, Kalin Tintchev, and Claire McGuire. (2011). Mongolia: Financial System Stability Assessment. International Monetary Fund. Washington, DC. Bloomberg (March 2010): Accounting rule deadline to be extended. Internet article accessed July 2011. URL: http://www.livemint.com/2010/03/17230149/Accounting-rule-deadline-to-be.html BOT working paper (October 2010). The Effects of E-payment Instruments on Cash Usage: Thailands Recent Evidence and Policy Implications. URL: http://www.bot.or.th/English/PaymentSystems/Publication/ PSResearchPaper/WorkingPaper/TheEffectOfEpaymentInstrumentsOnCashUsage.pdf Business Standard, February 18th 2011, RBI raises capital adequacy ratio for deposit-taking NBFC. Internet article accessed July 2011. URL: http://www.businessstandard.com/india/news/rbi-raises-capital-adequacy-ratio-fordeposit-taking-nbfcs/425600/ Business Standard, May 30th 2011; Equifax India launches micronance credit bureau. Internet article accessed July 2011. URL: http://www.business-standard.com/india/news/equifax-india-launches-micronance-creditbureau/136906/on Business Standard, June 6th 2011; RBI wants more banks to launch mobile banking. Internet article accessed July 2011. URL: http://www.business-standard.com/india/news/rbi-wants-more-banks-to-launch-mobilebanking/137622/on Cambodia Micronance Association list of members (http://cma-network.org/drupal/Members), Accessed July 2011. Campos, Pilar; Druschel, Kate; Gallardo, Joselito; Martowijoyo, Sumantoro; Meagher, Patrick; and Peck Christen, Robert (2006). Micronance Regulation in Seven Countries: A Comparative Study. Central Bank of Sri Lanka (April 2011). Annual Report 2010. URL: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/annual_report/AR2010/English/content.htm Central Bank of Sri Lanka (December 2010). Financial System Stability Review 2010. URL: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/efr/nancial_system_stability_review/_fssr_2010e.pdf CGAP, Philippines Country-Level Savings Assessment, 2005. CGAP, Update on Regulation of Branchless Banking in Pakistan, February 2010. China.org. (June 2011). CBRC to revise capital adequacy rules for banks. China.org. Internet article accessed July 2011. URL: http://www.china.org.cn/business/2011-06/09/content_22749433.htm China Orbit. (Date unknown but after 2007). China Accounting Standards: A New Beginning. China Orbit. Internet article accessed July 2011. URL: http://www.chinaorbit.com/china-economy/chinese-accounting-standards.html Commercialisation of MicronanceIndonesia (2003), ADB, URL: http://www.adb.org/Documents/Reports/ Commercialization_Micronance/INO/default.asp Consultative Group to Assist the Poor (2010): Country Prole Nepal. Accessed July 2011.
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Credit Information Bureau of Sri Lanka website. URL: http://www.crib.lk/index.php/en/ The Daily Star (2010). Mobile banking hits spotlight. Internet article dd. March 2nd 2010 accessed July 2011. URL: http://www.thedailystar.net/newDesign/news-details.php?nid=128281 Deloitte/IAS Plus. Financial Reporting Framework in Vietnam. September 2009. URL: http://www.iasplus.com/ country/vietnam.htm Deloitte/IAS Plus: Indonesia. Accessed July 2011. URL: http://www.iasplus.com/country/indonesia.htm Deloitte, (Last updated 2011). CASPlus - a resource for China Accounting Standard. Deloitte. Internet article accessed July 2011. URL: http://www.deloitte.com/view/en_CN/cn/services/audit/ 14f88d21091fb110VgnVCM100000ba42f00aRCRD.htm Deloitte Touche Tohmatsu Jaiyos (Thailand) (2008). IFRS and GAAP in the Kingdom of Thailand. URL: http://www. iasplus.com/asia/0805ifrsthai.pdf Dewan, Alamgir (March 2011). IFAD COSOP. Bangladesh Micronance Sector Update, Background paper on Bangladeshs Micronance Sector, unpublished. Dhakal, Nara Hari (Micronance Summit Nepal February 2010): Role of State for the Development of Micronance Sector. Directive, E.PRA.Nridheshan No. 21/067, as referenced in IFC. (May 2011). Directives No.13/067 (Unied directives 2067); Bai.Bi.Ni.Bi./Niti/Paripatra/50066/67/Dated:2067.3.32/July 16, 2010 Directive No.14/067 Unied directives 2067); Bai.Bi.Ni,Bi/niti/paripatra/50/066/67/ dated 2067.3.32/16 July 2010-09-14 Directive No.17/067 Unied directives 2067, Bai.Bi.Ni,Bi/niti/paripatra/50/066/67/ dated 2067.3.32/16 July 2010-09-14 Duos, Eric. Opportunities for a Big Leap for Financial Inclusion in Vietnam? May 11th 2011. URL http://micronance. cgap.org/2011/05/11/opportunities-for-a-big-leap-for-nancial-inclusion-in-vietnam (accessed June 10th 2011). Economic Times, Are corporates ready for IFRS?, April 7th 2010; URL: http://www.peerpower.com/et/debate/29/ Are-corporates-ready-for-IFRSThe Economist, November 4th 2010, Micronance in India: Discredited. Internet article accessed July 2011. URL: http://www.economist.com/node/17420202 The Economist (April 2011), Rich Pickings, URL: http://www.economist.com/node/18587177 Economist Intelligence Unit Risk Brieng April 2010 Peoples Republic of China. (2008). CBRC Provisional Rules Governing Lending Companies. URL: http://www.planetnancechina.org/resource-center/guidelines-microcredit-providers EIU Country Report: Mongolia. (May 2011) Economist Intelligence Unit. New York, New York. Flaming, Prochaska, and Staschen (2009), Diagnostic Report on the Legal and Regulatory Environment for Branchless Banking in Indonesia, URL: http://www.cgap.org/gm/document-1.9.34817/Branchless%20Banking%2 0Diagnostic%20in%20Indonesia.pdf Global Legal Group-CDR, The International Comparative Legal Guide to: Litigation and Dispute Resolution. Online document accessed July 2011. URL: http://www.tillekeandgibbins.com/sites/default/les/ICLG-Litigation-Dispute-Resolution2011.pdf Government of Nepal, Ministry of Agriculture and Co-operatives. Department of Cooperatives website: Accessed July 2011. URL: http://www.deoc.gov.np

Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Government of Thailand; Ministry of Finance (2009): Micronance Master Plan. Government of Vietnam. Decree 165: Amendments to Goverment for Micronance Institutions activity in Vietnam. Vols 165/2007/ND-CP. Hanoi, November 11th 2007. . Decree 28 : Organisation and Operation of Micronance Institutions. Vols 28/2005/ND-CP. Hanoi, March 9th 2004. . Decree on credit information related activities. Vols 10/2010/ND-CP. Hanoi, February 10th 2010. Grameen Bank Monthly Update in US$: June 2011. URL: http://www.grameen-info.org/index.php?option=com_con tent&task=view&id=453&Itemid=527 GTZ ProMis (November 2010). Impact Assessment of Micronance in Sri Lanka. URL: http://www.micronance.lk/pdf/2010_11_GTZ_Impact%20Assessment%20Micronance%20Sri%20Lanka.pdf GTZ ProMis (2010, updated edition). Micronance Industry Report, Sri Lanka. URL: http://www.micronance.lk/pdf/2010_GTZ%20BWTP_MF%20Industry%20Report_updated1.pdf GTZ ProMis (2009). Report on Savings Mobilization by Micronance Institutions in Sri Lanka. URL: http://www.micronance.lk/pdf/2010_GTZ%20BWTP_MF%20Industry%20Report_updated1.pdf GTZ ProMis (2010). Legal Study on the Micronance Sector in Sri Lanka 2010. URL: http://www.micronance.lk/doc/legal_Study.pdf The Himalayan Times. NRB to chalk out work plan to overcome crisis. 15 June 2011. Accessed July 2011. URL: http://www.thehimalayantimes.com/fullNews. php?headline=NRB+to+chalk+out+work+plan+to+overcome+crisis&NewsID=291946 The Himalayan Times. Publish interest rates quarterly. NRB move aims to bring more transparency in banking system. 6 January 2011. Accessed July 2011. URL: http://www.thehimalayantimes.com/fullNews.php?headline=P ublish+interest+rates+quarterly&NewsID=272064 The Hindu Business Line, June 2nd 2011; Why Micronance needs the Bill. Internet article accessed July 2011. URL: http://www.thehindubusinessline.com/opinion/editorial/article2068516.ece?homepage=true IFC Bulletin No 31. Paper presented by Davina Kunvipusilkul at the IFC Conference on Measuring nancial innovation and its impact, Basel, 2627 August 2008. URL: http://www.bis.org/ifc/publ/ifcb31f.pdf IFC and KfW, Pakistan: Micronance and Financial Sector Diagnostic Study, 2009 IMF (July 2010). Nepal Article IV Assessment. p.17 URL: http://www.imf.org/external/pubs/ft/scr/2010/cr10185. 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 Indian Express, Help MicronanceDont kill it, November 26th 2010. Internet article accessed July 2011. URL: http://www.indianexpress.com/news/help-micronance-dont-kill-it/716105/0 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 International Financial Corporation (2010). Doing Business 2010. URL: http://www.doingbusiness.org/~/media/ FPDKM/Doing%20Business/Documents/Annual-Reports/English/DB11-FullReport.pdf International Financial Corporation (May 2011). Deposit Assessment in Sri Lanka. URL: http://www.scribd.com/ doc/57399096/10/FORMAL-INSTITUTIONS-FOR-DEPOSIT-MOBILISATION-IN-SRI-LANKA The Kathmandu Post, June 14, 2011; MFIs demand direct supervision by NRB; URL: http://www.ekantipur. com/2011/06/14/headlines/MFIs-demand-direct-supervision-by-NRB/335696/ KPMG. (2010). Mainland China Banking Survey 2010. KPMG. Beijing, China.
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Full bibliography for the Global microscope on the micronance business environment 2011

URL: http://www.kpmg.com/CN/en/IssuesAndInsights/ArticlesPublications/Documents/China-banking-survey201008.pdf Lohani, Sudhir P. (Micro Finance Association Nepal, February 2010): Challenges and Issues Currently Faced by Micro Finance Institutions (FINGOs) in Nepal. 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 Microcapital Brief (2010). Liquidity Crunch Forces Nepalese Micronance Institutions (MFIs) to Increase Lending Rates. Internet article accessed July 2011. URL: http://www.microcapital.org/microcapital-brief-liquidity-crunchforces-nepalese-micronance-institutions-ms-to-increase-lending-rates/ MicroCapital Monitor, various Microcredit Ratings International Ltd. (2005). A Study of the Regulatory Environment and its implications for legal form by Micronance Institutions in India. Sa-Dhan, New Delhi. Microcredit Regulatory Authority. (November 2010), Guidelines on Interest Rate/Service Charge of Microcredit and relevant issues. URL: http://www.mra.gov.bd/images/mra_les/Circular/circularoninterestrate-english.pdf Microcredit Regulatory Authority Act, 2006. (2006). URL: http://mra.gov.bd/images/mra_les/mra_act_2006_ english.pdf Microcredit Regulatory Authority Rules 2010. Bangla version: URL: http://www.mra.gov.bd/images/mra_les/ Regulations/mra-rules-2010.pdf Micronance Gateway Bulletin, various Micronance Gateway (2009): Micronance Industry Report. URL: http://www.micronancegateway.org/gm/ document-1.9.36444/MF_Industry_Report_Indonesia.pdf Micronance Industry Report, Thailand, 2010; Banking with the Poor Network; URL: http://www.iam.com/documents/BWTPNetworkThailandMicronanceIndustryReport.pdf Micronance Institutions Network (MFIN). Code of Conduct. Undated online document accessed July 2011. URL: http://www.mnindia.org/sites/default/les/MFIN%20Code%20of%20Conduct.pdf Micronance in Mongolia: Country Prole. Micronance Information Exchange. Internet accessed June/July 2011. URL: http://www.mixmarket.org/m/country/Mongolia Micronance Summit Nepal 2010 (Centre for Micronance, Nepal February 2010): Kathmandu Declaration. Micronance Thailand , Institutional options for Micro-Credit Activities in Thailand. Undated. URL: http://www.micronancethailand.com/docs/INSTITUTIONAL_OPTIONS.pdf Micronance Thailand, Leading Thai MFI closes down, 30th July 2010, Online article accessed July 2011. URL: http://blog.micronancethailand.com/2010_07_01_archive.html Micronance Transparency. (Last updated 2011). All Countries: Introduction. Micronance Transparency. Internet article accessed July 2011. URL: http://www.mftransparency.org/data/countries/ 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 Ministry of Agriculture and Co-operatives, Government of Thailand, ofcial website. Accessed July 2011. URL: http:// eng.moac.go.th/main.php?lename=index Ministry of Corporate Affairs. Press Release. February 25th 2011. URL: http://www.iasplus.com/pressrel/ 1102indiamcaifrs.pdf
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Mix Market. (December 2009). China Foundation for Poverty Alleviation. Mix Market. Internet article accessed July 2011. URL: http://www.mixmarket.org/m/cfpa Mix Market website. Prole for BRAC. URL: http://www.brac.net/content/where-we-work-sri-lanka-micronance MIX Micronance World: Eastern Europe and Central Asia. Micronance Analysis and Benchmarking Report 2010. (March 2011) CGAP and MIX. Washington, DC. Mobile Business Brieng (June 2011), Fundamo and Bank Andara target 40M Indonesians, Internet article, URL: http://www.mobilebusinessbrieng.com/article/fundamo-and-bank-andara-target-40m-indonesians Monetary Policy 2010/2011, Nepal Rastra Bank Mongol Bank (2010). Banking Law of Mongolia. Mongolia: Micronance and Financial Sector Diagnostic Study. International Finance Corporation and KfW Bankengruppe. Washington, DC (2009). Mongolias Financial Regulatory Commission. (2005). On the Legal Status of the Committee on Financial Regulations. The Nation. How awed is our micro nance system?. 30th May 2011. Online article accessed July 2011. URL: http://www.thaivisa.com/forum/topic/470914-how-awed-is-thailands-micro-nance-system/ National Assembly. Law on Credit Institutions. Vol Law 47/2010/QH12. June 16th 2010. 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 National Bank of Cambodia (NBC), Law on Banking and Finance, 1999. National Credit Council and National Anti-Poverty Commission, Micronance Consumer Protection Handbook, 2007. NBC, Prakas B7.00-06 on Registration and Licensing of Micronance Institutions, 2000. NBC, Prakas B7-01-115 on The Calculation of Interest Rate on Micronance Loans, 2001. NBC, Prakas B7-02-47, On Reporting Requirement for Registered NGOs and Licensed Micronance Institutions, 2002. NBC, Prakas B7-02-49 on Registration and Licensing of Micronance Institutions, 2002. NBC, Prakas B7-06-209 on Amendment to Prakas on Licensing of micronance Institutions, 2006. NBC, Prakas B7-07-163 on Licensing of Micronance Deposit Taking Institutions, 2007. NBC, Prakas on The Maintenance of Minimum Reserve Requirement in Banks and Financial Institutions, 2009. Nepal Bank, ofcial website. Accessed July 2011. URL: www.nepalbank.com.np/ Nepal Federation of Savings and Credit Cooperative Unions Ltd. (NEFSCUN), Annual Report 2010. URL: http://www.nefscun.org.np/index.php?page=downloads Nguyen, Binh T, and Robert Vogel. Rural and Micronance in the Lower Mekong Region: Policies, Institutions, and Market Outcomes. Asian Development Bank, 2011. Nirdhan Nirdah Utthan Bank Ltd, Company website, URL: http://www.nirdhan.com/news/detail.php?ID=19 OSullivan, Cian. (November 2010). Mobile banking: China Mobile may face opposition to pet bank plans. Gomo News. Internet article accessed July 2011. URL: http://www.gomonews.com/mobile-banking-china-mobile-mayface-opposition-to-pet-bank-plans/ Planet Finance. (Last updated 2011). Micronance in China. Internet article accessed July 2011. Planet Finance. URL: http://www.planetnancechina.org/resource-center/micronance-in-china

Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Qian, Ying and Todd A. Manza (editors). (2010). Rural nance in poverty-stricken areas in the Peoples Republic of China: balancing government and market. Asian Development Bank. Manila, Philippines. URL: http://www.adb.org/Documents/TARs/PRC/44056-01-prc-tar.pdf Page, Carissa and Wolfe, Jason (USAID, Washington DC July 2008): Nepal Inclusive Economic Growth Assessment Microenterprise Development. Permodalan Nasional Madani. Accessed July 2011. URL: http://www.pnm.co.id/ Pakistan Micronance Network: Micronance Connect. URL: http://www.micronanceconnect.info Pakistan Micronance Network, Pakistan Micronance Review Annual Assessment of the Pakistan Micronance Industry 2009. Panditha, M W. (August 2010). The Draft Micronance Act. The Island. 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). Perera, Devangi and Wijesinha, Anushka (January 2011). SME Development Strategies for Sri Lanka: Learning Lessons from Neighbouring Countries. Talking Economics. URL: http://ipslk.blogspot.com/2011/01/sme-development-strategies-for-sri.html Planet Finance ofcial website. Accessed July 2011. URL: http://www.planetnancegroup.org/EN/index.php PWC, webpages for Thailand. Accessed June 2011. URL: http://www.pwc.com/th/en/ifrs/adoption.jhtml Rahman, Zubaidur, David I., Ochir Lkhagvasuren, and Badamgarav Otgonsuren. (March 2008). Report on the Observance of Standards and Codes Mongolia: Accounting and Auditing. The World Bank. Washington, DC. Ran, Yu. (December 2010). Banking goes underground on tightening. China Daily. Internet article accessed July 2011. URL: http://www.chinadaily.com.cn/bizchina/2010-12/28/content_11765622.htm Rashid, Lila (Conference Paper, Microcredit Regulatory Authority, International Conference on Micronance, Dhaka 2010): Micronance Regulations in Bangladesh: Development & Experiences. URL: http://www.mra.gov.bd/ conference/images/speakers/bangladesh-mra.pdf Ratwatte, Charitha. (November 2010). Micronance: capping interest rates. Micronance focus. URL: http://www.micronancefocus.com/content/micronance-capping-interest-rates Reserve Bank of India (2011). Master Circular on Micro Credit. Published February 14th 2011. URL: http://www.rbi. org.in/scripts/NoticationUser.aspx?Id=6266&Mode=0 Reserve Bank of India (2009). Master CircularPriority Sector LendingUCBs. July 1st 2009. URL: http://www.rbi. org.in/scripts/NoticationUser.aspx?Id=5145&Mode=0 Reserve Bank of India (May 2011). Monetary Policy Statement 2011-12 (Including Developmental and Regulatory Policies). URL: http://rbidocs.rbi.org.in/rdocs/notication/PDFs/APS030511F.pdf Reserve Bank of India (2009). Regulation of excessive interest charged by NBFCs. Published January 2nd 2009. URL: http://www.rbi.org.in/scripts/BS_NBFCNoticationView.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 Roodman, David (2011). Internet article accessed July 2011. URL: http://blogs.cgdev.org/open_book/2011/05/ bangladesh-government-showing-its-true-colors.php Royal Decree Regulating Electronic Payment Service Business, B.E. (2551)2008. URL: http://www.bot.or.th/English/PaymentSystems/OversightOfEmoney/Pages/RelatedLaw.aspx Sa-Dhan. Core Values, Code of Conduct and Compliance Mechanism. Online document accessed July 2011. URL: http://www.sa-dhan.net/Resources/Sa-Dhan%20Code%20of%20Conduct%20nal.pdf Sana Kisan Bikas Bank Ltd (SKBBL): Small Farmers Development Bank, ofcial website. Accessed July 2011. URL: http://www.skbbl.com.np/SKBB_Content_7.html
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Sandagjav, Nergui and Jacob Yaron. (August 2005) Mongolia: the Micronance Industry. Sarvodaya Economic Enterprise Development Services website. URL: http://www.seeds.lk/ SBP, Circular 17: Guidelines in Dealing with Customer Complaints, July 2004 SBP, Guidelines for Commercial Banks to Undertake Micronance Business, 2006. SBP, Guidelines for Mobile Banking Operations of Micronance Banks/ Institutions, March 2008. SBP, Micronance Institutions Ordinance 2001, as amended up to 1st July 2007. SBP, Prudential Regulations for Micronance Banks, updated on 1st January 2011. SBP, SMED Circular No. 11 of 2006: Prudential Regulations for Commercial Banks to Undertake Micronance Business. Securities and Exchange Commission of Pakistan, Companies Ordinance of 2004. Shankar and Asher (2009). Regulating Indias Micronance Sector: A suggested framework. Online document accessed July 2011. URL: http://www.micronancegateway.org/gm/document-1.9.40921/micronance_ regulation.pdf SMART Campaign, SMART Notes No. 5, October 2010. South Asia Micronance Network, Pakistan. URL: http://www.samn.eu/?q=pakistan Srinivasan, N. (2009). Micronance India, State of the Sector Report 2009. Sage, New Delhi, India. State Bank of Pakistan (SBP), Branchless Banking Regulations for Financial Institutions Desirous to undertake Branchless Banking, March 2008. State Bank of Vietnam. Providing for prudential ratios in operation of small scaled nancial institutions. Circular of Governor of the State Bank of Vietnam. Vols 07/2009/TT-NHNN. Hanoi, April 17th 2009. Story from Credit Information Bureau of Sri Lanka website. (April 2011). CRIB develops movable assets registry. URL: http://www.crib.lk/06042011.pdf Symbiotics Newswatch, various Tempo (January 2011), 2011 Micro Credit Target at Rp20 Trillion Internet article. URL: http://www. embassyondonesia.org/news/2011/01/news001.htm Thai-Asean News Network (2011). Thailand Post to Launch Micro-Financial Services. 23rd May 2011. URL: http:// www.tannetwork.tv/tan/ViewData.aspx?DataID=1043994 Transparency International Global Corruption Barometer 2010. Accessed July 2011. URL: http://www.transparency. org/policy_research/surveys_indices/gcb/2010 The Wall Street Journal (March 2010): Indias Micro Industry to Share Data. Internet article accessed July 2011. URL: http://online.wsj.com/article/SB10001424052748704784904575111470418555624. html?mod=googlenews_wsj Wilkinson, Betty, Xiaofei Jiang and R. OSullivan. (2010). Peoples Republic of China: EastWest Partnerships for Poverty Reduction. Asian Development Bank. Manila, Philippines. URL: http://www.adb.org/documents/books/rural-nance-prc/rural-nance-prc.pdf World Bank (2007), Access to Financial Services in Nepal; URL: http://siteresources.worldbank.org/NEPALEXTN/ Resources/publications/415830-1174327112210/complete.pdf World Bank (June 2005): Report on the Observance of Standards and Codes: Republic of IndonesiaAccounting and Auditing. World Bank (2006). Thailand Country Development Partnership: Financial and corporate sector competitiveness program assessment and completion report. URL: http://siteresources.worldbank.org/INTTHAILAND/Resources /333200-1089943634036/475256-1151398840534/oct26_Summary_Financial_Sector_development.pdf

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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

World Bank, Doing Business 2011, Accessed July 2011. URL: http://www.doingbusiness.org World Bank, Report on the Observance and Standards of Codes, 2007. Xiaoshan, Du, Sun Tongquan, He Guangwen and Bai Chengyu. (2010). Micronance in China. World Micronance Forum. Geneva, Switzerland. URL: www.micronanceforum.org/cm_data/ChinaCompendium-eVersion.pdf Yan, Li (translator). (July 2009). The CBRC Issued the Rules on MCC Transform. China Micronance Association. Internet article accessed July 2011. URL: http://en.chinam.net/pub/news.asp?ctyp=NEWS&catid=1744&ctxid=40 27

Interviewees for East and South Asia


Awal, Abdul, Executive Chairman, Credit and Development Forum (CDF) Baig, Ayesha, First MicroFinanceBank, Ltd. Bedford, Jason, Financial Services Manager, KPMG Beijing Borgmann, Florian, Project Manager, KfW Frankfurt Chitkasem Pornprapunt, Division Executive Strategy Division, Financial Institutions Policy Group, Bank of Thailand Cu, Nhan Phan, Director of International Cooperation Dept., Vietnam Bank for Social Policies Dhakal, Nara Hari, Senior Advisor, Centre for Empowerment and Development (CED), Nepal Ferguson, Ross, DFID Geron, Piedad, independent consultant Ghimire, Tejhari, Centre for Micronance, Nepal (CMF) Haq, Aban, Research Analyst, Pakistan Micronance Network Haque, Khandakar Muzharul Haque, Executive Chairman, Microcredit Regulatory Authority (MRA) Hooper, Tim. Executive Director of the Vision Fund in Mongolia Kamal, Nagwa, CEO, MICRA Foundation Indonesia Karki, Sujan, PlanetFinance advisor, SME and micronance expert Mallorie, Edward, Bangladesh micronance expert, independent consultant Mangalika Samarasighe Pathiranage, Sriyani. Womens Development Foundation, Sri Lanka Neeraj, Swapnil, IFC, Senior Micronance Specialist Oliver, Justin, India micronance expert Pirajit Padmasuta, Team Executive, Financial Institutions Policy Group, Bank of Thailand Ren, Li, Senior Investment Ofcer, IFC Beijing Sandagjav, Nergui. Founder of Training Evaluation Research Institute (TERI), NGO and Senior Advisor in Micronance and Community Development Sari, Yunita, Directorate of Credit, Rural Bank and SME, Bank Indonesia Shrestha, Shankar Man, CEO, Rural Micronance Development Centre (RMDC) Si, Len, Executive Director, Cambodia Micronance Association Srinivasan, Girija, India Micronance specialist, independent consultant Tayag, Pia Bernadette Roman, Head, Inclusive Finance Advocacy, Bangko Sentral ng Pilipinas Togtoh, Enhjargal. Director of Micronance Banking Department, Retail Banking Division, XacBank
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Tran, Nhu-An, Micronance Consultant, Independent Beijing Trang, Pham Thu, International Relations Ofcer, TYM-Vietnam Womens Union Van, Ngo Thi Thanh, Micronance consultant Widowati, Margaretha Ari, Director, BISMA Wijesundara, Hasitha, Promotion of the Micronance Sector (ProMiS), Sri Lanka Wilkinson, Betty, Principal Micronance Specialist, Asian Development Bank Manila Three additional, condential interviews were conducted for this region.

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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Eastern Europe and Central Asia


Primary and secondary sources
Acra credit Reporting agency. Accessed July 2011. URL: http://www.acra.am/en/about.html ADB (November 2010). Tajikistan: Micronance Systems Development Programme report. Aljazeera. Micronance meltdown in Bosnia. Accessed July 2011. URL: http://english.aljazeera.net/ focus/2010/01/20101393659573655.html Alliance Group Micronance, Georgia. Social Performance Rating. Planet Rating. Accessed July 2011. URL: http:// www.ratinginitiative.org/uploads/tx_dbreports/PlanetRating_AGM_2011_Social_Exec_Summ.pdf AMCHAM. International Financial Reporting Standards (IFRS) in Armenia - Status Update. Accessed July 2011. URL: http://www.amcham.am/index.cfm?objectid=851E352C-5BF8-11DE-A3C20003FF3452C2 Armenia: IFC Provides MFI Inecobank Support to Expand Access to Trade Finance, Sunday, September 05, 2010. Accessed July 2011. URL: http://ibankingondemand.com/2010/09/05/ ArmeniaIFCProvidesMFIInecobankSupportToExpandAccessToTradeFinance.aspx Brown, Matthew and Ruth Jacobs. (2010). Comparative Analysis of Micronance Policy Frameworks and Legislation of Selected Countries: Azerbaijan and Central Asia Micronance Support Project. IFC. Washington, D.C. Center for Financial Inclusion at Accion International. Summary of Client Protection in Bosnia and Herzegovina. Accessed July 2011. URL: http://www.accion.org/Page.aspx?pid=1417 CGAP: Regulatory overview. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142555/ CGAP: SME Finance. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142558/ CGAP: Deposits. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142556/ CGAP Country prole. Armenia. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html CGAP: Armenia: Regulatory framework. Accessed July 2011. URL: http://www.cgap.org/p/site/c/template. rc/1.26.13754/ CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011. URL: http://www.cgap.org/gm/ document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf CGAP and Micronance Information Exchange (MIX). (March 2011). MIX Micronance World: Eastern Europe and Central Asia Micronance Analysis and Benchmarking Report 2010. Micronance Information Exchange. Washington, DC. CGAP. Regulation Center: Azerbaijan. Accessed via the Internet June 2011. URL: http://www.cgap.org/p/site/c/ template.rc/1.9.45584/ CGAP: Regulatory overview. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142555/ CGAP: SME Finance. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142558/ CGAP: Deposits. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142556/ CGAP Country prole. Bosnia and Herzegovina. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html CGAP: Regulatory overview. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142555/ CGAP: SME Finance. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142558/ CGAP: Deposits. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142556/ CGAP Country prole. Georgia. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011. URL: http://www.cgap.org/gm/ document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf

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Full bibliography for the Global microscope on the micronance business environment 2011

CGAP: Enabling international remittance services in Georgia. Accessed July 2011. URL: http://technology.cgap. org/2010/09/22/enabling-international-remittance-services-in-georgia/ Credit Bureau - Central Bank of Armenia. Accessed July 2011. URL: http://www.alexius.net/aid/Regions/eurasia/ credit-bureau-central-bank-of-armenia CGAP/The World Bank Group Report. Financial Access 2010. The state of Financial Inclusion Through the Crisis. September 2010. CGAP: Deposits. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142556/ CGAP: Financial Access 2010 Europe and Central Asia Factsheet. Accessed July 2011. URL: http://www.cgap.org/gm/document-1.9.46581/Financial_Access_Regional_factsheet_ECA_2010.pdf CGAP: Regulatory overview. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142555/ CGAP: SME Finance. Accessed June 2011. URL: http://www.cgap.org/p/site/c/template.rc/1.11.142558/ Creation of Sustainable Business. United Nations Development Programme. UNDP GSB Initiative Growing Sustainable Business for Poverty Reduction Turkish Economic Bank (TEB a local Turkish banking company). Case study Micronance in Turkey, 2010. . Accessed June 2011. URL: http://www.scienceagainstpoverty.es/Resources/ documentos/Programa/ppt/d2/Thomas_Sales_ppt.pdf Decision on Terms and Procedure for Issuing Permits for Conducting Micro Crediting Activities (enacted in 2006) Decision on Procedure of Revoking Work Permit of Micro Credit Organizations (enacted in 2006) Decision on Amount and Way of Forming Reserves for Covering Loan Losses in Micro Credit Organizations (enacted in 2006) Decision on Unied Way of Calculating and Expressing Effective Interest Rate to Loans (enacted in 2006) Decree on Other General Requirements for Business Operations of a Microcredit Organization (enacted in 2007) Decree on the Supervision of Microcredit Organization Business Operations (enacted in 2007) Decree on Requirements and the Procedure for Issuing and Revoking the Operating Permit (enacted in 2007) Decree on Requirements and the Procedure for Issuing the Operating Permit to a Microcredit Foundation Formed Upon the Microcredit Organizations Change of Form (enacted in 2007) Decree on Requirements and the Procedure for Issuing the Operating Permit and Approvals for Acquiring the Ownership Shares (enacted in 2007) Decree on Percentage and Manner for Forming and Maintaining Reserves for the Coverage of Loan Losses (enacted in 2007) Decree on Uniform Method of Calculation and Disclosure of the Effective Interest Rate on Loan and Deposits (enacted in 2007) Deloitte. Accounting Standards Updates by Jurisdiction. Financial Reporting Framework in Turkey. Accessed July 2011. URL: http://www.iasplus.com/country/turkey.htm Deloitte. IFRSs in your Pocket 2006 Turkish Language Edition. Accessed June 2011. URL: http://www.iasplus. com/dttpubs/2006pocketturkish.pdf Department of Banking and Finance. Credit Bureaus & Rating Services. Accessed July 2011. URL: http://www. georgia.gov/00/channel_title/0,2094,43414745_46384393,00.html Department of Banking and Finance. Credit Reports / Credit Reporting Agencies. Accessed July 2011. URL: http:// www.georgia.gov/00/article/0,2086,43414745_46389324_67825023,00.html Eastern Europe and Central Asia ECA. Accessed June 2011 URL: http://mpra.ub.uni-muenchen.de/17696/1/ MPRA_paper_17696.pdf Economist Intelligence Unit. Risk Brieng: Turkey. Accessed July 2011. URL: http://www.eiu.com/index.asp?layou t=RKCountryVW3&country_id=1450000145
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Full bibliography for the Global microscope on the micronance business environment 2011

Economist Intelligence Unit. Risk Brieng: Armenia. Accessed July 2011. URL: http://www.eiu.com/index. asp?layout=RKCountryVW3&country_id=870000287 Economist Intelligence Unit. Risk Brieng: Bosnia and Herzegovina. Accessed July 2011. URL: http://www.eiu. com/index.asp?layout=RKCountryVW3&country_id=1360000336 Economist Intelligence Unit. Risk Brieng: Georgia. Accessed July 2011. URL:http://www.eiu.com/index. asp?layout=RKCountryVW3&country_id=1700000170 EIU. Georgia Risk Rating. Accessed July 2011. URL: http://www.eiu.com/index.asp?layout=RKArticleVW3&article_ id=1107945095&page_title=Latest+risk+analysis&rf=0 European Investment Fund. Finansbank. High demand from Turkish businesses leads to extra nance from CIP. Accessed June 2011 URL: http://www.eif.org/what_we_do/guarantees/news/2011/2011_nansbank_turkey.htm February 2010. Micronance in Bosnia and Herzegovina: A randomised eld experiment on the impact of extending micronance to marginal clients, Baseline Report Governors Ofce of Consumer Protection. Accessed July 2011. URL: http://consumer.georgia.gov/ GTZ-AMFOT (July 2010). Opportunity Study for a Mobile Banking Initiative in Tajikistan. HORUS Development Finance. Paris. Hurriyet Daily News. Raising awareness about micronance in Turkey. Accessed June 2011. URL: http://www.hurriyetdailynews.com/n.php?n=raising-the-awaraness-on-micro-nance-2010-08-13 IFC. (2010.) Micronance Legal Environment in Azerbaijan, Bosnia & Herzegovina, and Central Asia 2010. IFC. Washington, DC. URL: http://www.micronancegateway.org/gm/document-1.1.9031/Micronance%20legal%20en vironment.pdf ILO (November 2010). Migrant remittances to Tajikistan: The potential for savings, economic investment, and existing nancial products to attract remittances. ILO. Geneva. IMF (June 2011). Country Report No. 11/130: Republic of Tajikistan: 2011 Article IV Consultation. IMF. Washington, DC. The International Bank for Reconstruction and Development / The World Bank Report: Doing Business 2011, Turkey. Making a difference for entrepreneurs. Accessed July 2011. URL: http://www.doingbusiness.org/~/media/FPDKM/ Doing%20Business/Documents/Proles/Country/DB11/TUR.pdf International Finance Corporation/ the World Bank. Doing Business. Ease of Doing Business in Turkey. Getting Credit. Accessed June 2011 URL: http://www.doingbusiness.org/data/exploreeconomies/turkey/#getting-credit January 2004. Survey of the Legal and Regulatory Environment for Micronance in the Republic of Armenia, Chemonics International Inc., & Day, B. & Howard Foundation, CGAP. Law on Banks and Banking of 1996 (amended through 2007). URL: http://www.cgap.org/p/site/c/template. rc/1.9.44930 2005. The Regulatory Reform Process for Micronance in Armenia Harutyunyan, M. CGAP 2009. Doing Business 2010. Reforming through difcult times The World Bank/ International Finance Corporation. Doing Business. 2009. IFRS Drive for Global Convergence, Status in Armenia. KPMG 2009. Micronance Information Exchange Bosnia and Herzegovina MF Transparency and MIX Market bulletin. 2009. Are Deposits a Stable Source of Funding for Micronance Institutions? CGAP. 2009. Deposits as Funding: New study nds stability in poor peoples savings CGAP. 2009. MFO GEORGIAN CREDIT. Emic Group/Georgian Credit. 2009. JSC MICROFINANCE ORGANIZATION FINCA GEORGIA and independent auditors report.

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Full bibliography for the Global microscope on the micronance business environment 2011

2009. Doing Business 2010. Reforming through difcult times The World Bank/ International Finance Corporation. 2010. Doing Business 2011. Bosnia and Herzegovina. Making a Difference for Entrepreneurs. The International Bank for Reconstruction and Development / The World Bank. 2010. Doing Business 2010. Georgia. Making a Difference for Entrepreneurs. The World Bank 2010. FINANCIAL ACCESS 2010 Europe and Central Asia (ECA) A regional snapshot. CGAP/ The World Bank Group. 2011. Doing Business. Armenia. Making a difference for Entrepreneurs. The World Bank. January 2011. Consumer Protection Laws and Regulations in Deposit and Loan Services A Cross-Country Analysis with a New Data Set. The World Bank /Financial and Private Sector Development. KAMURJ UNIVERSAL CREDIT ORGANIZATION LLC. Accessed June 2011. URL: http://www.mdf.am/datas/media/Invest ment%20Promotion%20Booklet.pdf Law on Attraction of Banking Deposits (enacted in 2008). URL: http://www.cgap.org/p/site/c/template. rc/1.9.45947 Law on the Central Bank of Armenia of 1996 (amended through 2007). URL: http://www.cgap.org/p/site/c/ template.rc/1.9.44931 Law on Consumer Credit (enacted in 2008) (Armenian). URL: http://www.cgap.org/p/site/c/template.rc/1.9.45948 Law on Credit Organizations of 2002 (amended through 2007). URL: http://www.cgap.org/p/site/c/template. rc/1.9.44932 Law on Financial System Mediator (enacted in 2008). URL: http://www.cgap.org/p/site/c/template.rc/1.9.45949 Law on Joint Stock Companies (enacted in 2001). URL: http://www.cgap.org/p/site/c/template.rc/1.9.44934 Law on Limited Liability Companies (enacted in 2001). URL: http://www.cgap.org/p/site/c/template.rc/1.9.44933 Law on Unied Financial Regulation and Supervision Framework (enacted in 2005). URL: http://www.cgap.org/p/ site/c/template.rc/1.9.44935 Law on the Central Bank of Bosnia and Herzegovina of 1997 (amended through 2006) Federation of Bosnia and Herzegovina Law on Banks for the Federation of Bosnia and Herzegovina of 1998 (amended through 2003) Law on the Banking Agency for the Federation of Bosnia and Herzegovina of 1996 (amended through 2006) Law on Microcredit Organizations of the Federation of Bosnia and Herzegovina (enacted in 2006) Law on Banks for the Republic Srpska (enacted in 2003) Law on the Banking Agency of the Republic Srpska of 1998 (enacted in 2003) Law on Microcredit Organizations of the Republic Srpska (enacted in 2006) Law of Georgia, On Micronance Organizations, 2006. Law of Georgia, On Micronance Organizations Activities 2006 Law of Georgia, On The National Bank of Georgia, 2006 Laws of Georgia, On Entrepreneurs, 2006 March 10. _________ ______ _ ___________ ____: ______ _ _____________ __________ _______________ ____, (Eastern Europe and Central Asia: Analysis and comparative performance of micronance), CGAP/Mix Market Report (In Russian) March 2011. Eastern Europe and Central Asia Micronance Analysis and Benchmarking Report 2010. A report from Micronance Information Exchange (MIX) and Consultative Group to Assist the Poor (CGAP) May 10. ______ _ _____________ __________ ___________________ 2010 (Analysis and Comparative Performance of Micronance 2010), Bosnia and Herzegovina. Mix Market Report (In Russian)
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Micronance focus. IFC signs agreement to reduce regulatory compliance costs for MSMEs in Georgia. Accessed July 2011. URL: http://www.micronancefocus.com/ifc-signs-agreement-reduce-regulatory-compliance-costs-msmesgeorgia Micronance, Innovations, Sustainable Development: Turkey: Grameen-Jameel Commits Over US$ 5 Million, 2010. Accessed June 2011. URL: http://ibankingondemand.com/CommentView,guid,c31f15f5-2408-4ae7-9a0330c903cab0a6.aspx Ministry of Finance of the Republic of Azerbaijan. Republic of Azerbaijan, Accounting law no. 716 of June 29, 2004 URL: http://www.nance.gov.az/store/5/Accounting%20law.pdf MIX Market: Geographical concentration of lending in Bosnia and Herzegovina. Accessed July 2011. URL: http:// www.themix.org/publications/mix-micronance-world/2011/03/geographical-concentration-lending-bosnia-andherzegovin#ixzz1Qw4GaAUO MIX Market. Micronance in Turkey: Country Prole. Accessed June 2011. URL: http://www.mixmarket.org/m/ country/Turkey MIX Micronance World: Eastern Europe and Central Asia. CGAP. Accessed July 2011. URL: http://www.themix.org/ sites/default/les/PPP263(10-11)%20MIX_ECA%20Report_30-04-2011.pdf MIX market. Micronance in Georgia: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/ country/Georgia?gclid=CLSris-3oaoCFdkz3wod40w_YQ MIX Market. Micronance in Tajikistan: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/ country/Tajikistan Mix Market Report. Responsibility Micronance Leaders. Monthly report June 2011. June 2011. MIX Micronance World: Eastern Europe and Central Asia< CGAP. Accessed July 2011. URL: http://www.themix. org/sites/default/les/PPP263(10-11)%20MIX_ECA%20Report_30-04-2011.pdf Regulation 2 (Prudential Standards for Banking) of 2007 (amended through 2010) (Armenian). URL: http://www. cgap.org/p/site/c/template.rc/1.9.45401 National Bank of Tajikistan. (2005; amended 2006, 2008, 2009). Instruction No. 135 On the Procedure for Regulation of the Activity of Microcredit Deposit Organisations. National Bank of Tajikistan. (2005; amended 2008, 2009). Regulation No. 136 On Microlending Organisations. National Bank of Tajikistan. (2005; amended 2008). Regulation No. 137 On Microlending Foundations. National Bank of Tajikistan (NBT) website. Accessed July 2011. URL: http://www.nbt.tj/en/ November 2009. Tajikistan 2009 Micronance Analysis and Benchmarking Report. A report from Micronance Information Exchange (MIX) and Association of Micronance Organisations of Tajikistan (AMFOT). PwC Turkey Report. Compliance with Turkish Accounting Standards. Accessed July 2011. URL: http://www.pwc. com/tr/en/audit/accounting-standards.jhtml Pytkowska, Justyna and Kory_ski, Piotr (November 2010). The market for MDO deposit services in Tajikistan. Micronance Centre. Regulation 13 (Technical Adequacy Requirements for Credit Organizations) (enacted in 2008) (Armenian). URL: http://www.cgap.org/p/site/c/template.rc/1.9.46029 Regulation 14 (Prudential Standards for Activities of Credit Organizations) of 2002 (amended through 2008). URL: http://www.cgap.org/p/site/c/template.rc/1.9.44940 Regulation N 8/04 on Internal Procedures on Customer Complaints (enacted in 2009) (Russian). URL: http://www. cgap.org/p/site/c/template.rc/1.9.45951 Regulation N 8/03 on Disclosure of Information (enacted in 2009) (Russian). URL: http://www.cgap.org/p/site/c/ template.rc/1.9.45950

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Full bibliography for the Global microscope on the micronance business environment 2011

Regulation N 8/04 on Internal Procedures on Customer Complaints (enacted in 2009) (Russian). URL: http://www. cgap.org/p/site/c/template.rc/1.9.45951 Regulation N 8/05 on Minimal Requirements for Communication (enacted in 2009) (Russian). URL: http://www. cgap.org/p/site/c/template.rc/1.9.45952 Report on The microcredit strategies for SMES in Turkey in the EU harmonization Process by Dr. Abdulmecit Karatas and Dr. Asli Deniz Helvacioglu, Bogazici University, Hisar Campus, International Trade Department, 2008 Republic of Tajikistan. (2004). The Law of the Republic of Tajikistan on Micronance Organisations. Republic of Turkey. Banking Law No. 5411, September 2008. BANKING LAW (As amended by the Law No. 5472)* Law No: 5411. Adoption Date: October 19, 2005. Turkish Ofcial Gazette: November 1, 2005. Accessed July 2011. URL: http://en.hukuki.net/index.php?topic=69.0 Republic of Turkey. Capital Market Law No. 2499 (July 1981) Republic of Turkey The Law No. 5472 amending the Banking Law No. 5411 was published in Ofcial Gazette, dated March 14, 2006 and numbered 26108 Republic of Turkey. The Law No. 5667 amending the Banking Law No. 5411 was published Ofcial Gazette, dated May 30, 2007 and numbered 26537 Republic of Turkey. The Law No. 5754 amending the Banking Law No. 5411 was published Ofcial Gazette, dated May 08, 2008 and numbered 26870 Republic of Turkey. The Law No. 5766 amending the Banking Law No. 5411 was published Ofcial Gazette, dated June 06, 2008 and numbered 26898 Republic of Turkey. Regulation on Capital Adequacy-Ofcial Gazette No.24657 Republic of Turkey. REGULATION ON CREDIT OPERATIONS OF BANKS (Published in the Ofcial Gazette Nr. 26333 dated November 01, 2006) Republic of Turkey. Regulation on the Establishment and Operations of Banks-Ofcial Gazette No:2445 Republic of Turkey. Turkey: Draft Act on Micro-Financing Institutions (GC1454.DOC;2) CGAP Country prole. Turkey. Accessed July 2011. URL: http://www.cgap.org/m/easteurope.html September 2010. Financial Access 2010. The state of Financial Inclusion Through the Crisis. CGAP/The World Bank Group Report State of Accounting Ofce of Georgia. Accounting Policy Manual. Accessed July 2011. URL: http://sao.georgia. gov/00/channel_createdate/0,2095,39779022_141768085,00.html Social Performance Rating February 2011. Accessed July 2011. URL: http://www.ratinginitiative.org/uploads/tx_ dbreports/PlanetRating_AGM_2011_Social_Exec_Summ.pdf Syminvest. Micronance. Accessed July 2011. URL: http://www.syminvest.com/market/news/micronance/ georgia-the-number-of-micro-nance-organizations-increased-from-38-to-47-throughout-2010/2011/1/24/2655 UNDP. International Public Sector Accounting Standards (IPSAS). Accessed July 2011. URL: http://www.undp.org. ge/index.php?lang_id=ENG&sec_id=86 USAID Armenia. Social Protection. Accessed July 2011. URL: http://armenia.usaid.gov/en/node/274 World Bank. (November 2010). Doing Business 2011. The World Bank/ International Finance Corporation. Doing Business: Economy Rankings. Accessed July 2011. URL: http://www.doingbusiness.org/rankings The World Bank/ International Finance Corporation. Doing Business: Economy Rankings. Accessed July 2011. URL: http://www.doingbusiness.org/rankings The World Bank/ International Finance Corporation. Doing Business: Getting credit in Georgia. Accessed July 2011. URL: http://www.doingbusiness.org/data/exploreeconomies/georgia/getting-credit/
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The World Bank/ International Finance Corporation. Doing Business: Starting a Business in Georgia. Accessed July 2011. URL: http://www.doingbusiness.org/data/exploreeconomies/georgia/starting-a-business The World Bank/ International Finance Corporation. Doing Business: Economy Rankings. Accessed July 2011. URL: http://www.doingbusiness.org/rankings World Bank. Extent of disclosure index. Accessed July 2011. URL: http://www.doingbusiness.org/data/ exploretopics/protecting-investors World Bank. Depth of credit information index. Accessed July 2011. URL: http://www.doingbusiness.org/data/ exploretopics/getting-credit The World Bank/ International Finance Corporation. Doing Business: Economy Rankings. Accessed July 2011. URL: http://www.doingbusiness.org/rankings

Interviewees for Eastern Europe and Central Asia


Arasli, Burcu, Lecturer at Turkeys Middle East Technical University on Micronance, leading advisor and expert on micronance in Turkey Behrndt, Rolf, Regional Business Line Leader Financial Markets, IFC Advisory Services Eastern Europe and Central Asia Brown, Catherine, Country Director, Mercy Corps., Bishkek, Kyrgyz Republic Flowers, Jeff, Vice President & Regional Director for Eurasia, FINCA. Azerbaijan Goronja, Nata_a, BH Micronance Project Manager, CEUAF, IFC Hajiyeva, Jhale, Director, AMFA, Baku, Azerbaijan Injac, Slavica, Republika Srpska Banking Agency Harutyunyan, Monica, Legal Specialist for the USAID/Armenia Micro Enterprise Development Initiative (MEDI) Levan Lebanidze, General Director, Bank Constanta Mainhardt, Johannes, Financial and Operations Manager, CJSC AccessBank Tajikistan, Dushanbe Nalic, Nejira, Executive Director, MI-BOSPO Pospielovsky, Andrew, General Manager, Access Bank, Baku, Azerbaijan Tunce, Aylin, Project Director, Maya Enterprise for Micronance Yesayan, Mariam, Executive Director, Aregak Five additional, condential interviews were conducted for this region.

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Latin America and the Caribbean


Primary and secondary sources
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Banco Central de la Repblica Dominicana, BCRD mantiene invariable Tasa de Poltica Monetaria, 28 June 2011 Banco Central. (August 2010). Determinacion de la condicion de micro, pequena o mediana empresa. Internet article accessed June 2011. URL: http://www.bcra.gov.ar/pdfs/texord/t-micemp.pdf Banco Central. (December 2010). Cajas de Credito Cooperativas. Internet article accessed June 2011. URL: http:// www.bcra.gov.ar/pdfs/texord/t-cajasc.pdf Banco Central. (January 2011). Informacion de Entidades Financieras. Internet article accessed June 2011. URL: http://www.bcra.gov.ar/pdfs/entnan/201101a.pdf 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 Banco de Desarollo Productivo website. Accessed August 24th 2011. URL: http://www.bdp.com.bo/es/index.php. BancoSol website. Accessed July 13th 2011. URL: http://www.bancosol.com.bo/ 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 Bank Superintendency websitehttp://www.sib.gov.gt Berger, Marguerite; Goldmark, Lara; Miller Goldmark, Tomas, eds. (2006). An Inside View at Latin-American Micronance. (Inter-American Development Bank). Bloomberg, Dominican Republic May Get $1 Billion IMF Bailout, 27 June 2011 Bolivia (2007). Circular SB/525. Buera, Francisco J; Kaboski, Joseph P; Shin, Yongseok. (2011). The Macroeconomics of Micronance. Banco de Guayaquil, Banco del Barrio URL: http://www.bancoguayaquil.com/bg/banco-del-barrio.html Caribbean Group of Bank Supervisors. (2010). Supervision Prole, Bank of Jamaica. URL: http://www.jamaicaobserver.com/business/Another-rm-goes-after-credit-bureau_8372284 Caribbean Financial Action Task Force, 5th Follow-up Report: Dominican Republic, May 9, 2011, URL: http://www. cfatf-gac.org/downloadables/Follow-Up_reports/Dominican-Republic_5th_Follow-Up_Report_(Final)_(English). pdf 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://etcher.tufts.edu/ceme/ pdfs/CEME_Savings_and_Chance_%20Report_DRAFT.pdf Central Bank of Bolivia (Banco Central de Bolivia) website. Accessed July 13th 2011. URL: http://www.bcb.gob.bo/ Central Bank of Brazil, 2008 Cooperative Governance Guidelines for Good Practices of Financial Cooperative governance Central Bank of Brazil, 2010 Relatorio de Incluso Financeira, Number 1 Central Bank website (Banco de Guatemala), URL: http://www.banguat.gob.gt/ Central Bank of Trinidad and Tobago, URL: http://www.central-bank.org.tt/content/banking-sector Central Bank of Uruguay website. Accessed July 2011. URL: http://www.bcu.gub.uy/ Central Bank of Venezuela, ofcial website. URL: http://www.bcv.org.ve/ Centro Latino Americano para el Desarollo Rural. (2011). Cambios y benecios de la ley de Economa Popular y Solidaria. Internet article accessed June-July 2011. URL: http://www.rimisp.org/inicio/noticia.php?id_=392 CGAP (2006): Focus Note: Competition and Microcredit Interest Rates CGAP (July 2010). Micronance and Mobile Banking: The Story So Far. Accessed July 2011. URL: http://www.cgap. org/gm/document-1.9.45546/FN62_rev2.pdf.

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CGAP (2011). Portal de Micronanzas Bolivia. Accessed July 13th 2011. URL: http://www.portalmicronanzas.org/p/site/s/template.rc/Bolivia_perl/ CGAP: Costa Rica Prole. URL: http://www.cgap.org/m/latinamerica.html. CGAP: Mexico Prole. URL: http://www.cgap.org/ Cibils, Vicente F., Marcelo Giugale, and Connie Luff. Bolivia: public policy options for the well-being of all. World Bank, 2006. Consultative Guide to Assist the Poor. (2011). El Salvador: Country Guide, URL: http://www.cgap.org/m/ latinamerica.html 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 Consultative Guide to Assist the Poor. (2011). Country Guide: Nicaragua. URL: http://www.cgap.org/p/site/c/ template.rc/1.26.13735/ 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 Micronance for Latin America: Building Effective Delivery Channels URL: http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=553337 Consumer Affairs Division, Ministry of Legal Affairs, Govt of Trinidad-and-Tobago, URL: http://www.consumer.gov. tt/serv_dispute_resolution.html Cooperatives : LEI COMPLEMENTAR N 130, DE 17 DE ABRIL DE 2009 CORDAID, Marina Ortiz and Mario Davalos, Sondeo sobre las Micronanzas en la Repblica Dominicana, 18th November 2008 Corporacin Nacional Para el Desarrollo (Government Development Agency). Accessed July 2011. URL: http://www. cnd.org.uy/ 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 Deibert, Michael. Micro-nance travels fast in a poor country. The Banker. September 5, 2005. URL: http://www. globalenvision.org/library/4/928 Deibert, Michael. Notes from the Last Testament: The Struggle for Haiti. New York, Seven Stories Press, 2005. Deloitte (2011): IAS Plus: Use of IFRSs by Jurisdiction. Accessed July 13th 2011. URL: http://www.iasplus.com/country/useias.htm Deloitte IAS. (December 2010). Accounting Standards Updates by Jurisdiction. Internet article accessed June 2011. URL: http://www.iasplus.com/country/argentin.htm Deloitte/IAS: Costa Rica Prole. URL: http://www.iasplus.com/country/costarica.htm Deloitte/IAS PLUS, URL: http://www.iasplus.com/country/useias.htm Deloitte, IAS-Plus. URL: http://www.iasplus.com/country/chile.htm#1012 Deloitte/IAS: Mexico Prole. URL: http://www.iasplus.com/country/mexico.htm Denton, Peter (April 2004). Serving the Poor Protably in Bolivia. World Resources Institute. URL: http://archive. wri.org/page.cfm?id=2671&z=?
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Development Bank of Jamaica, Loans through Approved Financial Institutions (AFIs) Relationships Division. Internet article accessed in June-July 2011. URL: http://www.dbankjm.com/loans-through-as Bank of Jamaica, Financial System, Credit Union (operating under the Co-operative society act). Internet article accessed June-July 2011. URL: http://www.boj.org.jm/nancial_sys/index.php Digicel receives $2.5m award from Haiti Mobile Money Initiative, Micronance Focus, January 13, 2011, URL: http://www.micronancefocus.com/content/digicel-receives-25m-award-haiti-mobile-money-initiative DIPRODE-OPP website (Programme for Productive Development through Micronance). Accessed July 2011. URL: http://www2.opp.gub.uy/principal.php Ebentreich, A. (2005). Micronance 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. Echeverra, Sebastian. (June 2011). Financial Inclusion Unit: Strategic Plan. (Fondo de Solidaridad e Inversin Social-FOSIS, Government of Chile) Economist Intelligence Unit. (December 2010). Country Finance: El Salvador Economist Intelligence Unit (March 2010) El Salvador Risk Brieng Economist Intelligence Unit Country Finance Report: Costa Rica (February 2011). Economist Intelligence Unit, Country Report: Dominican Republic, July 2011 Economist Intelligence Unit, Country Risk Service, June 15, 2011. Economist Intelligence Unit, Country Finance Guatemala, December 2010. Economist Intelligence Unit Country Finance Report: Mexico Economist Intelligence Unit Country Report: Paraguay, July 2011 El Diario de Hoy. (April 14th 2011). BFA abre crditos con 4% de inters, URL: http://www.elsalvador.com/ mwedh/nota/nota_completa.asp?idCat=6374&idArt=5755704 El Mundo (April 29th 2011). Aval a la ley de proteccin a informacin crediticia, URL: http://www.elmundo.com. sv/politica/9870-aval-a-ley-de-proteccion-a-informacion-crediticia.html El Nuevo Diario (21/06/2011). Financiera Fina regulada por la Superintendencia de Bancos, URL: http://www. elnuevodiario.com.ni/empresas/105537-nanciera-nca-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 EIU Country Forecast: Bolivia (June 2011) EIU Country Report May 2011 EIU Political Stability Forecast. (June 2007). URL: http://www.eiu.com/index.asp?layout=displayIssueArticle&issue_id=278189612&article_id=468189631 EIU Risk Brieng: Bolivia (April 2011) EIU Risk Brieng: Argentina, July 2011 EIU, Risk Brieng Analysis, June 2011. Estandard Forum (August 2009) El Salvador: International Financial Reporting Standards, URL: http://www. estandardsforum.org/el-salvador/standards eStandards Forum Financial Standards Foundation, URL: http://www.estandardsforum.org/guatemala/standards Fonkoze, About Fonkoze Financial, URL: http://www.fonkoze.org/aboutfonkoze/aboutourfamily/ fonkozenancial.html Fonkoze 2001 Newsletter, URL: http://www.fonkoze.org/docs/newsletters/nouvelfonkozejune2001.pdf
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Fundes (April 2011). Principios para reforzar el marco institucional/regulatorio de las Instituciones de Micronanzas in Informe de Conyuntura Ecnimca I trimestre. Pg 31-38. URL: http://www.funides.com/ documentos/coyuntura/2011/Itrim/primer_informe_de_coyuntura_de_2011.pdf Government of the Republic of Haiti (March 2010): Action Plan for National Recovery and Development of Haiti: Immediate Key Initiatives for the Future Haiti Reconstruction Fund, ofcial website. URL: http://www.haitireconstructionfund.org/hrf/ Haiti Reconstruction Fund, March 2011 Report, URL: http://www.haitireconstructionfund.org/hrf/sites/ haitireconstructionfund.org/les/HRF%20Financial%20Report%20March%2031%202011-r1.pdf Heritage Foundation, Economic Freedom Index 2011. URL: http://www.heritage.org/Index/Country/Chile Heritage Foundation, Economic Freedom Index 2011. URL: http://www.heritage.org/Index/Country/Honduras IAS PLUS/Deloitte (February 2009), Financial Reporting Framework in Ecuador (February 2009 update). Internet article accessed June-July 2011. URL: http://www.iasplus.com/country/ecuador.htm IAS PLUS/Deloitte (July 2008). Financing Reporting Framework in El Salvador IAS PLUS/Deloitte (February 2011), Financial Reporting Framework in Jamaica. Internet article accessed July 2009. URL: http://www.iasplus.com/country/jamaica.htm IAS PLUS/Deloitte (October 2003). Financing Reporting Framework in Nicaragua, URL: http://www.iasplus.com/ country/nicaragu.htm IMF (May 2011), Nicaragua: Sixth Review Ander the Extended Credit Facility and Financing Assurance Review, URL: http://www.imf.org/external/pubs/ft/scr/2011/cr11118.pdf Inter-American Development Bank, HA-G1001 : MCN:HAITI: Emergency Spending Allocation, 2010, URL: http:// www.iadb.org/en/projects/project,1303.html?id=HA-G1001 Inter-American Development Bank, Rebuilding Haiti: the Inter-American Development Bank is helping put Haiti back in business, Jan-Feb, 2011 Interim Haiti Recovery Commission, URL: http://www.cirh.ht/ Internal Tax Service (Government of Chile): URL: http://www.sii.cl/contribuyentes/actividades_especiales/ organizaciones_sin_nes_de_lucro.htm International Bank for Reconstruction and Development and International Finance Corporation, Country Partnership Strategy for the Republic of Guatemala, Report No. 44772-GT, August 2008 International Center for Non-prot 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 International Monetary Fund (June 2011), 2011 Article IV Consultation with Bolivia. IMF Country Report No 11/124. Accessed July 20th 2011. URL: http://www.imf.org/external/pubs/ft/scr/2011/cr11124.pdf Ipacoop, (November 2009), Resolucion No.41, Ipacoop Online, Internet article accessed June 2011, URL: http:// www.ipacoop.gob.pa/site/wp-content/uploads/2010/06/resolu_DE_41_09.pdf Jamaica. The Banking Act, 1992 (amended 1997, 2002, 2004). URL: http://www.boj.org.jm/pdf/Banking_Act_ Amended_2002.pdf Jamaica. Credit Reporting Act 2010 URL: http://www.boj.org.jm/nancial_sys/supervised_cb_overview.php Jamaica Information Service, Moneylending Act Gets Nod from Senate. Internet article accessed June-July 2011. URL: http://www.jis.gov.jm/news/104/1216?mode=redirect

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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-mobilebanking_8463543 Jamaica Observer. (January 17th 2010). JN, IDB sign off on project targeting rural communities. Internet article accessed June-July 2011. URL: http://www.jamaicaobserver.com/business/Jamaica-National-signs--Jamaica Observer. (February 16th 2011). Premier Credit sets sights on credit bureau licence in Jamaica. Internet article accessed June-July 2011. URL: http://www.jamaicaobserver.com/business/Premier-Credit-sets-sights-oncredit-bureau-licence-in-Jamaica_8349043 Jamaica Observer. (February 11th 2011). Another rm goes after credit bureau. Internet article accessed June-July 2011. URL: http://www.jamaicaobserver.com/business/Another-rm-goes-after-credit-bureau_8372284 KnowYourCountry, Mexico prole. Last accessed July 2011. URL: http://www.knowyourcountry.com/ Kumar, Anjali; Nair, Ajai; Parsons, Adam; Urdapilleta, Eduardo. (June 2006). Expanding Bank Outreach Through Retail Partnerships: Correspondent Banking in Brazil. World Bank Working Paper No 85. Accessed July 20th 2011. URL: http://www.cgap.org/gm/document-1.9.49785/WB_Paper_Correspondent_Banking_Brazil.pdf La Nacion.com, (March 2011). Endurecen exigencias de provisin de informacin a las cooperativas. Internet article accessed July 2011. URL: http://www.lanacion.com.py/articulo.php?endurecen-exigencias-de-provision-deinformacion-a&edicion=2&sec=2&art=14021 La Pgina (January 14th 2011). Segundo Madrugn Legislativo el Ao para Unicar las Tres Superintendencias, URL: http://www.lapagina.com.sv/nacionales/45623/2011/01/14/Segundo-madrugon-legislativo--en-el-anopara-unicar-las-tres-superintendencias La Prensa (01/03/2011). Alba Caruna ahora le presta a las micronancieras, URL: http://www.laprensa.com. ni/2011/03/01/nacionales/53554 La Prensa (09/06/2011) Ley prohbe crditos de usura, URL: http://www.laprensa.com.ni/2011/06/10/ nacionales/63207 Latin-American Venture Capital Scorecared 2011, URL: http://lavca.org/2011/05/09/2011lavcascorecard/ Latinia Intelligentia (2010). La Banca Mvil en Latinoamrica (3 Edicin). Online report accessed June 2011. URL: http://www.latinia.com/static/Latinia_Intel_La%20Banca_Movil_en_LatinoamericaIII.pdf Law of Banking Sector Institutions, GacetaOcial N 6.015 Extraordinario del 28 de diciembre de 2010. Madeddu, Oscar. (2010) Unlocking the Poverty Penalty, How MFIs in Ecuador have gained from Credit Bureaus Utilisation. International Finance Corporation, World Bank Group. Martelly se rend aux USA et nomme une quipe de liaison avec le Parlement, Radio Kiskeya, 26 June 2011. Martellys Haiti PM pick had rocky tenure as top cop, The Miami Herald, 7 July 2011. Martnez Ramrez, Renso; Pistelli, Micol. (2010). Micronance Market Report for Latin America and the Caribbean in 2010. MIX Micronance World. Marulanda Consultores/DAI Mexico (2011). Estudio Micronanzas en Mxico. Online report accessed June 2011. URL: http://www.portalmicronanzas.org/gm/document-1.9.51546/Micronanzas_en_Mexico_%28Junio_ 2011%29.pdf MercyCorps Haiti, URL: http://www.mercycorps.org/countries/haiti Mercy Corps to use mobile money in Haiti for humanitarian assistance, Opportunity International, September 22, 2010. URL: http://www.micronancefocus. com/content/mercy-corps-use-mobile-money-haiti-humanitarian-assistanceMicroDinero, (November 2010), Panama: IFC Investment in Mobile Banking, MicroDinero Online, Internet article accessed June 2011, URL: http://www.microdinero.com/nota_eng.php?subseccion=B3&notId=2307 MF Transparency, ofcial website. Accessed July 2011. URL: http://www.mftransparency.org.

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Microcapital (09/09/2010). Nicaraguan Micronance Institution Banco del Exito (BANEX) to be liquidated, URL: http://www.microcapital.org/press-release-nicaragua-banex-gives-more-opportunities/ Microdinero, Diario Global de Micronanzas (30/06/2011) Crticas para nueva ley nicaragense, URL: http://www. microdinero.com/nota.php?subseccion=B12&notId=3746 Micronance Gateway, Poverty Alleviation in the Dominican Republic, June 22, 2009. URL: http://www. micronancegateway.org/gm/document-1.9.37388/Poverty%20Alleviation%20in%20the%20Dominican%20Repu blic.pdf Microcredit for low income population and micro entrepreneurs: RESOLUCAO No. 003422/2006 Micronance Gateway (Portal de Micronanzas). Online article accessed June-July 2011. URL: http://www. portalmicronanzas.org/p/site/s/template.rc/Ecuador_perl/ Micronance Information Exchange: Informe de Benchmarking de las Micronanzas en Honduras 2009, URL: http://www.themix.org/publications/mix-micronance-world/2009/12/2009-informe-de-benchmarking-de-lasmicronanzas-en-hon Micronanzas: En que estamos? (May 2010). Red para el Desarrollo de Micronanzas en Chile. URL: http://www. redmicronanzas.cl/web/wp-content/uploads/2010/07/En-qu%C3%A9-estamos-Red-de-Micronanzas-Ene.20111.pdf Ministerio de Gobernacin. (2011) Servicio de registros de ONGs, URL: http://www.gobernacion.gob.sv Ministry of Finance, URL: http://www.nance.gov.tt/services.php?mid=19 MIX Market, Chilean Depositors data. URL: http://www.mixmarket.org/data-center?elds=products_and_clients. number_of_depositors&lter_country=Chile MIX Market: Costa Rica Prole. URL: http://www.mixmarket.org/m/country/Costa%20Rica MIX Market ofcial website: Bolivia Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/country/Bolivia MIX Market, Fonkoze, URL: http://www.mixmarket.org/m/fonkoze MIX Market: Mexico Prole. URL: http://www.mixmarket.org/m/country/Mexico MF Transparency Bolivia. Accessed 13 July 2011. URL: http://www.mftransparency.org/account/login/?next=/data/countries/bo/data/ Morales, Liliana. Yanes, Alvaro. (August 2007). Micronanzas en Chile. Unidad de Productos Financieros e Industria Bancaria, Superintendency of Banks and Financial Institutions, Republic of Chile. Nusselder, Hans (March 2003). Regulation and Supervision of Micronance in Nicaragua Micronance Getaway, URL: http://www.micronancegateway.org/gm/document-1.9.27703/25130_le_2._20Regulation.pdf Observatorio de Micronanzas website, ofcial website. Accessed July 2011. URL: http://www.micronanzas.org.uy/ Ortiz, Marina. Panorama de las Micronanzas 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 OSCIP: Lei 9790,1999 ; Lei n 12.126, December 16, 2009 Pedroza, Paola. (October 2010). Micronanzas en America Latina y el Caribe: El Sector en Cifras. (Inter-American Development Bank). Politics stymies Haitis recovery, Miami Herald. July 24, 2011. URL: http://www.miamiherald. com/2011/07/24/2326832/politics-stymies-haitis-recovery.html Portal Micronanzas, Micronance in Dominican Republic prole, accessed July 2011. URL: http://www. portalmicronanzas.org/p/site/s/template.rc/RepublicaDominicana_perl/

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Portal Micronanzas, Stemming the Tide of Mission Drift, Womens World Banking, 2010. URL: http://www. portalmicronanzas.org/gm/document-1.9.51441/stemming_the_tide_of_mission_drift_a_case_study_of_ adopem_s.pdf Portalmicronanzas.org (August 2010), Las Cajas de Credito Cooperativas. Internet article accessed June 2011. URL: http://www.portalmicronanzas.org/gm/document-1.9.46542/Cajas%20de%20Cr%C3%A9dito%20Cooperati vas%20y%20Bancarizaci%C3%B3n%20(PJT%20240810).pdf PriceWaterhouseCoopers (2011). IFRS adoption by country. Online report accessed June 2011. URL: http://www. pwc.com/us/en/issues/ifrs-reporting/country-adoption ProConsumidor, ofcial website. URL: http://proconsumidor.gob.do/pro/index.php?option=com_content&view=ar ticle&id=35&Itemid=100073 ProdemFFP website. Accessed July 13th 2011. URL: http://www.prodemffp.com/ ProDesarrollo (2010). Benchmarking de las Micronanzas en Mxico: Un Informe del Sector. Online report accessed June 2011. URL: http://www.prodesarrollo.org/sites/default/les/documentos/benchmarking/Benchmar king%20de%20las%20micronanzas%20en%20Mexico%202010.pdf Recursos direcionados: LEI No- 10.735, DE 11 DE SETEMBRO DE 2003 REDCAMIF (2011). Revista Micronanzas de Centroamrica y del Caribe (No. 14). Online report accessed June 2011. URL: http://www.redcamif.org/uploads/tx_rtgles/Revista_Redcamif_No14_Final.pdf REDPAMIF (March 2011), AMPYME suscribe convenio de cooperacin con la APC, Redpamif Online, Internet article accessed June 2011, URL: http://www.redpamif.org/noticias/detalle-de-la-noticia/ampyme-suscribe-convenio-decooperacion-con-la-apc/?cHash=068fbd2c7d REDPAMIF (April 2011), Tax requirements scare small businesses. Redpamif online. Internet article accessed June 2011. URL: http://www.redpamif.org/noticias/detalle-de-la-noticia/requisitos-tributarios-ahuyentan-a-lospequenos-empresarios/?cHash=370e41562c Red Financiera Rural, URL: http://www.rfr.org.ec/index.php Republic of Chile. (2004). Law 18.010 - Normas para las Operaciones de Credito y Otras Obligaciones de Dinero que Indica. Republic of Chile. (2007). DFL-5 - Ley General de Cooperativas. Republic of Chile. (2007). Decree 101. Reglamento de la Ley General de Cooperativas. Republic of Chile. (2004). Ley 19496. Normas Sobre Proteccion de los Derechos de los Consumidores. Republic of Chile. (2010). Ley General de Bancos. Republic of Ecuador. (2011). Ley Orgnica de la Economa Popular y Solidaria y Del Sector Financiero Popular y Solidario. URL: http://documentacion.asambleanacional.gov.ec/alfresco/d/d/workspace/SpacesStore/874b7ec2fa6d-408d-84c7-738d33c513f1/Ley%20de%20Economia%20Popular%20y%20Solidaria 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. (2005). Ley de Burs de Informacin 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 Honduras. (1987). Decree 65-87, Ley de Cooperativas. Republic of Honduras (1995). Decree 170-95, Ley de Instituciones del Sistema Financiero. Republic of Honduras (2010). Resolucin JTNCA 001/2010 Accounting Norms Republic of Honduras (2003) ACUERDO 770-A-2003 - Unidad de Registro y Seguimiento de Asociaciones Civiles (URSAC)
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Full bibliography for the Global microscope on the micronance business environment 2011

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 (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 (2003). CNBS CIRCULAR: SVOI-009/2003 Republic of Honduras (2010). CNBS Circular No.005/2010 Republic of Trinidad and Tobago. (2008). Financial Institutions Act. Republic of Trinidad and Tobago. (1993). Co-operative Societies Act. Republic of Trinidad and Tabago. (1933). Money-lenders Act. SBS/CGAP (2010). La inclusin nanciera y la proteccin del consumidor en Per. Online report accessed June 2011. URL: http://www.cgap.org/gm/document-1.9.43154/Consumer_Protection_Branchless_Banking_Peru.pdf SERNAC, ofcial website. URL: http://www.sernac.cl/sernac2011/ Severino, Jairon. Promipyme descarta reforma afecte sector. Listin Diaraio. June 2, 2011. URL: http://www.listindiario.com.do/economia-and-negocios/2011/6/2/190617/Promipyme-descarta-reformaafecte-sector Smart Campaign Endorsers, URL: http://www.smartcampaign.org/about-the-campaign/campaign-endorsers Smart Campaign, Interview with Anne Hastings, URL: http://www.smartcampaign.org/news-a-highlights/whats-happening/8-2010/469-ambassador-spotlight-annhasting-ceo-fonkoze-nancial-services SOGESOL (SOGEBANK), URL: http://www.accion.org/page.aspx?pid=701 Swiss Re press release, Haitis Micro Entrepreneurs Receive Insurance Proceeds After Devastating Rainfall, June 22, 2011 Soares, Marden Marques, and Duarte de Melo Sobrinho, Abelardo, (Central Bank of Brazil, 2008): Micronanas: O Papel do Banco Central do Brasil e a Importncia do Cooperativismo de Crdito. Solventa.com, (October 2010). Cooperativas tendrn nueva interconexin. Internet article accessed July 2011. URL: http://www.solventa.com.py/solventa/noticias_detalle.php?p=191 Sudeban (Banking Superintendency) website. Accessed July 2011. URL: http://sudeban.gob.ve Superintendencia de Bancos y Seguros del Ecuador, Nuevo formulario para presentacion y procesamineto de Reclamos (dispute resolution). Internet article accessed June-July 2011. URL: http://www.superban.gov.ec/ practg/sbs_index?vp_art_id=13&vp_tip=2 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-nancieras&Itemid=209 Superintendencia del Sistema Financiero de El Salvador. (2008). Ley de Coperativos y Sociedades de Ahorro y Crdito, URL: http://www.ssf.gob.sv/images/stories/desc_leyes/ley_bcoop_sa.pdf Superintendencia del Sistema Financiero. (2011). Estructura Organizativa, URL: http://www.ssf.gob.sv/index. php?option=com_content&view=article&id=53&Itemid=84 Superintendencia de Bancos, (January 2011), Resolucion No.001-2011, Superbancos Online, Internet article accessed June 2011, URL: http://www.superbancos.gob.pa/aspec_leyes/documentos/acuerdos/les/Acuerdo_12011.pdf Transparency International 2010 Corruption Index UltimaHora.com. (November 2010). Al pasar 30 das se entra en mora. Internet article accessed June 2011. URL: http://www.ultimahora.com/notas/380782-Al-pasar-30-dias-se-entra-en-mora
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Uruguay (2007). Interest-rate and Usury Law No. 18,212. Uruguay Fomenta, Primer Observatorio de Micronanzas en la region, August 2010. URL: http://www. uruguayfomenta.com.uy/noticias/11-archivo-de-noticias/367-primer-observatorio-de-micronanzas-en-laregion/ U.S. Commercial Service, United States of America, Department of Commerce, Doing Business in Guatemala: 2010 Country Commercial Guide for U.S. Companies, URL: http://www.buyusainfo.net/docs/x_5386100.pdf Various authors. (2010). Argentina Doing Business 2011: Making a Difference for Entrepreneurs. The International Bank for Reconstruction & Development/The World Bank. Washington DC. Various authors. (2010). Panama Doing Business 2011: Making a Difference for Entrepreneurs. The International Bank for Reconstruction & Development/The World Bank. Washington DC. Various authors. (2010). Paraguay Doing Business 2011: Making a Difference for Entrepreneurs. The International Bank for Reconstruction & Development/The World Bank. Washington DC. Venezuela National Assembly- December 2010 Law of Banking Sector Institutions (Ley de Instituciones del Sector Bancario). URL: http://www.asambleanacional.gob.ve/index.php?option=com_content&view=article&id=28656: asamblea-nacional-debate-proyecto-de-ley-de-instituciones-del-sector-bancario&Itemid=50 Washington Post, Haitian president calls for changes in recovery panel, promises to make it more effective, July 22, 2011. URL: http://www.washingtonpost.com/world/americas/ofcial-haiti-to-focus-on-rebuildingneighborhoods-with-international-funds/2011/07/22/gIQAoXddTI_story.html Wenner, Mark; Chalmers, Geoffrey. (2001). Micronance Issues and Challenges in the Anglophone Caribbean, InterAmerican Development Bank World Bank, (2011): Doing Business Report, Bolivia 2010. Internet article accessed July 13th 2011. URL: http:// www.doingbusiness.org/data/exploreeconomies/bolivia. World Bank (2002): Report on Observance of Standards and Codes: Bolivia Recommendations for AntiMoney Laundering and Combating the Financing of Terrorism. The World Bank. (2011). Doing Business Credit Information Index. Internet article accessed June-July 2011. URL: http://www.doingbusiness.org/data/exploretopics/getting-credit The World Bank (2011), Doing Business Credit Information Index, URL: http://www.doingbusiness.org/data/ exploreeconomies/el-salvador/getting-credit/ The World Bank (2005). Report on the Observance of Standards and Codes: El Salvador, URL: http://www. worldbank.org/ifa/rosc_aa_elsalvador.pdf World Bank Doing Business 2011 Survey World Bank, Doing Business 2011 in Haiti, URL: http://www.doingbusiness.org/data/exploreeconomies/haiti World Bank, Doing Business 2011. URL: http://www.doingbusiness.org/data/exploreeconomies/honduras#gettingcredit The World Bank. (2011). Doing Business Credit Information Index. Internet article accessed June-July 2011. URL: http://www.doingbusiness.org/data/exploretopics/getting-credit World Bank Doing Business 2011. URL: http://www.doingbusiness.org Asamblea Nacional de Nicaragua (1994). Ley Reguladora de Prstamos entre Particulares, URL: http://legislacion. asamblea.gob.ni/Normaweb.nsf/%28$All%29/85ED385786B0C7370625711D005691AB?OpenDocument The World Bank (2011), Doing Business Credit Information Index, URL: http://www.doingbusiness.org/data/ exploreeconomies/nicaragua/getting-credit/ X-Ray Of a Different Market, Inter-American Development Bank, August 24, 2010. URL: http://www.iadb.org/ Micamericas/section/detail.cfm?language=English&id=7685

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Full bibliography for the Global microscope on the micronance business environment 2011

Interviewees for Latin America and the Caribbean


Abate, Francisco J., Executive Director, La Fundacin Dominicana de Desarrollo (FDD) Alaniz Castillo, Luis Alberto, Economista Senior, Fundacin Nicaragense para el Desarrollo Econmico y Social Anzotegui, Diego, General Manager, Fie Gran Poder Arallano, Jose Pablo. Director, Banco Emergente (Banco de Credito e Inversiones). Santiago de Chile Arango Ospina, Miguel Antonio, Ejecutivo Principal, CAF Arias Guevara, Paul, CrediFe-Desarollo Microempresarial (part of Grupo Financiero Pichincha), Quito, Ecuador Arriola, Pedro, Banco ProCredit, Quito, Ecuador Avils, Molina, Financing Co-ordinator for Micronance, SMEs, Student Loans, the Central American Bank for Economic Integration Bennett, Horace, Interim Chairman of the Caribbean Micronance Alliance and Executive Director of COPE, Kingston, Jamaica Bittencourt, Gilson, Deputy Secretary of Economic Policy, Ministrio da Fazenda Buchenau, Juan. Senior Financial Sector Specialist, Latin America, World Bank. Washington DC Bungener, Thierry, Partner at Haiti International Business Center Castellanos, Julio, Gerente General, FUNDEA Guatemala, June 2011 Coloma, Pablo. Executive Director, CREDICOOP. Santiago de Chile Costa Coelho, Fabiano, Banco Central do Brasil Advisor Danel, Carlos. Executive Vice-president, Compartamos Banco. Mexico City, Mexico Echeverra, Sebastian. Director, Financial Inclusion Unit, FOSIS. Santiago de Chile Fajury, Lizbeth, Consultora, Marulanda Consultores First interviewee, name withheld, ASFI Flores, Julio, Director Ejecutivo, Fondo de Desarrollo Local Gallagher, Terence, IFC Brazil Gonzalez, Lauro, Finance professor, Fundao Getulio Vargas Hastings, Anne, Director, Fonkoze Henning, Rob, Partner, Entrepreneurial Solutions Partners Herrera, Carlos, Gerente General, Fundacion Gnesis Empresarial Higa, Daniel, Executive Director, Planet Finance James, Marcus, CEO Access Financial Services Ltd, Kingston, Jamaica June 2011 Castro Fritz, Yerom. Vicepresidente de Supervisin de Banca de Desarollo y Finanzas Populares. Comisin Nacional Bancaria y de Valores (CNBV). Mexico City, Mexico Jordan, Daniel, Corporacin Andina de Fomento, Quito, Ecuador Joseph, Dianne, Manager, Cooperative Credit Union League of Trinidad. Port-of-Spain Loewenthal, Arno, independent consultant, Guatemala City Macchi, Beltran, Owner, Vision Banco Mandrile, Matteo, Program SpecialSustainable Economic Development, International Development Law Association (IDLO) Manevy, Juan Carlos Penoni, Analyst, Central Bank of Paraguay
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Full bibliography for the Global microscope on the micronance business environment 2011

Melo de Velasco, Leonor, Presidenta Ejecutiva, Fundacion Mundo Mujer Molina Mndez, Moris Alberto, Consultor, Asesores para El Desarrollo Montano, Franklin, Director Ejecutivo, Asociacin de Organizaciones de Micronanzas de El Salvador Navarro, Miguel. Executive Director, Organizacin de Desarrollo Empresarial Femenino-ODEF, Tegucigalpa, Honduras Olivares Lpez, Armando, Intendente de Micronanzas, Superintendencia de Banca y Seguros y AFP (SBS), Lima Peru Ordoez, Luis Prez, Corporacin Andina de Fomento (CAF), Lima Peru Ortiz, Marina, Directora, Fondomicro Pantin, Nigel, Sales Leader, Small Business Unit. Scotiabank Trinidad. Port-of-Spain, Trinidad Pieda, Rodrigo, Executive Director, Federacin de Cooperativas de Ahorro y Crdito de Honduras, Tegucigalpa Honduras Quirs, Roberto, Senior Investment Ofcer, LOCFUND, San Jos, Costa Rica Ramos, Jeronimo, Microcredit manager, Santander Rodrguez Sandoval, Nancy, Independent Consultant, Lima, Peru Sagastume, Tania, Superintendant of Securities and Other Institutions, Comision Nacional de Bancos y Seguros, Government of Honduras Snchez, Ana Cecilia, Especialista FOMIN, Banco Inter-Americano de Desarrollo Silva, Alix, Founding Partner, OMTRIX, San Jos Costa Rica Silverio Junior, Joao, Technical Analyst, Sebrae Nacional Storm, Claudio. Executive Director, Fondo de Solidaridad e Inversin Social-FOSIS (Solidarity and Social Investment Fund), Santiago de Chile Torretta, Pablo, Junior Partner, Estudio Beccar Varela Vzquez, Aryam, Vice President and Economist with Global Emerging Markets at Wells Fargo Ventura, Elvira, Departamento de Normas / Banco Central do Brasil consultant Villamayor, Carlos, Director of Risk, Intersa Villaraga Prieto, Jaime, Director, Micronanzas para el Desarollo First interviewee, REDPAMIF, June 2011 Second interviewee, Procaja, June 2011 Seven additional, condential interviews were conducted for this region.

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Sub-Saharan Africa
Primary and secondary sources
AB Micronance Bank, ofcial website. Accessed July 2011. URL: http://www.ab-mfbnigeria.com/ African Confederation of Cooperative Savings & Credit Associations (ACCOSCA) Association. Uganda Facts. URL: http://www.accosca.org/index.php?option=com_content&view=article&id=86:uganda&catid=44:easternblock&Itemid=79 Aitec Africa, Nigeria Mobile Marketing: Can Mobiles benet Nigerian Micro Finance Banks? by Emmanuel Okoegwale, June 21, 2009. All Africa, Nigeria: Banks and ATM Fraud, July 3, 2009. AllAfrica, Kenya: Chase Bank Licensed to Operate Micro-Finance Institution, June 27, 2011. URL: http://allafrica. com/stories/201106270366.html AllAfrica, Kenya: Saccos May Fail to Get New License Regulator, March 5, 2011. URL: http://allafrica.com/ stories/201103070079.html AllAfrica article, Uganda: Bonna Bagaggawale to Help People Out of Poverty, June 29, 2008. All Africa article, Uganda: Why Sacco-Led War on Poverty Has Yielded Limited Success, by Joel Ogwang, January 5, 2011. Alliance Micronance Bank, via MIX market. Accessed July 2011. URL: http://www.mixmarket.org/m/alliance-mfb Anti-Money Laundering Act No. 749 (enacted in 2008) Arcubus, ofcial website. Accessed July 2011. URL: http://www.arcubus.org.uk/ Associao Moambicana dos Operadores de Micronanas (AMOMIF), ofcial website. Accessed July 2011. URL: http://www.amomif.co.mz/por/Sobre-AMOMIF Association of Micronance Institutions of Kenya (AMFI), ofcial website. Accessed July 2011. URL: http://www. amkenya.com/ Association of Micronance Institutions of Uganda (AMFIU), ofcial website. Accessed July 2011. URL: http://www. amu.org.ug/ Attaining Sustainable SACCO growth using Regulation Framework, Veneramanda A. Mgoba, June 2011, Ministry of Agriculture, Food Security and Cooperatives, Tanzania. Bank of Ghana Act No. 612 (enacted in 2002) Bank of Mozambique, Law 15/99 as amended 9/04 Bank of Mozambique, Micronance Decree 57/2004; Law 15/99 as amended 9/04 Bank of Mozambique, Notice no. 4/GGBM/2005, Minimum capital requirements for credit institutions, nance companies and micro-nance operators Bank of Mozambique, ofcial website. Accessed July 2011. Bank of Tanzania Act 1995. Bank Of Tanzania Acts 2006. Bank of Uganda, ofcial website. Accessed July 2011. URL: www.bou.or.ug/ Banking and Financial Institutions Acts of 1991, 2006. Banking Act No. 673 of 2004 (amended through Act 738, 2007)

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Banque des Etats de lAfrique Centrale (BEAC), Sminaire conclusif sur le cadre rglementaire de lactivit de monnaie lctronique, Compte rendu general, June 2011. URL: http://www.beac.int/index.php?option=com_co ntent&view=article&id=192%3Aseminaire-sous-regional-sur-linstitution-du-taux-effectif-global-teg-et-du-tauxdusure-dans-la-cemac&catid=45%3Aactualites&Itemid=96 BCEAO, Instruction n 021-12-2010 relative a lapplication de la version allge du NRC, 2010. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20n%20021-12-2010%20relative%20lapplication%20de%20 la%20version%20allegee%20du%20NRC.pdf BCEAO, Instruction n 020-12-2010 relative aux indicateurs priodiques transmettre, 2010. URL: http://www. nances.gouv.sn/UserFiles/Instruction%20n%20020-12-2010%20relative%20aux%20indicateurs%20periodiques %20a%20transmettre.pdf BCEAO, Instruction n 019-12-2010 relative au fond de scurit ou de solidarit des rseaux, 2010. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20n%20019-12-2010%20relative%20au%20fond%20de %20securite%20%20ou%20de%20solidarite%20des%20reseaux.pdf BCEAO, Instruction n 018-12-2010 rapport annuel, 2010. URL: http://www.nances.gouv.sn/UserFiles/ Instruction%20n%20018-12-2010%20rapport%20annuel.pdf BCEAO, Instruction n 017-12-2010 organisation du Contrle Interne, 2010. URL: http://www.nances.gouv. sn/UserFiles/Instruction%20n%20017-12-2010%20organisation%20du%20Crontrole%20Interne.pdf BCEAO, Instruction n 016-12-2010 relative au nancement des immobilisations et des participations, 2010. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20n%20016-12-2010%20relative%20au%20nancement%2 0des%20immobilisations%20et%20des%20participations.pdf BCEAO, Instruction N007-06-2010 du 14 Juin 2007 Controle et sanction, 2010. URL: http://www.nances.gouv. sn/UserFiles/instruction%20N%20007-06-2010%20du%2014%20Juin%202007%20Controle%20et%20sanction(1 ).pdf BCEAO, Instruction N006-06-2010 du 14 juin 2010 commissariat aux comptes, 2010. URL: http://www.nances. gouv.sn/UserFiles/Instruction%20N%20006-06-2010%20du%2014%20juin%202010%20commissariat%20aux%2 0comptes.pdf BCEAO, Instruction N005-06-2010 du 14 juin 2010 Elments constitutifs du dossier de demande agrement, 2010. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20N%20005-06-2010%20du%2014%20juin%202010% 20Elements%20constitutifs%20du%20dossier%20de%20demande%20agrement.pdf BCEAO, Instruction N004-06-2010 du 11 juin 2010 Retrait reconnaissance des GEC, 2010. URL: http://www. nances.gouv.sn/UserFiles/Instruction%20N%20004-06-2010%20du%2011%20juin%202010%20Retrait%20reco nnaissance%20des%20GEC.pdf BCEAO, Instruction N030-02-2009 xant les modalites detablissement et de conservation des etats nanciers, 2009. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20N%20030%2002%202009%20xant%20mod% 20etablismt%20et%20conservation%20etats%20nanciers.pdf BCEAO, Instruction N026-02-2009 relatives aux conditions de mise en oeuvre du plan de comptes du RCSFD, 2009. URL: http://www.nances.gouv.sn/UserFiles/Instruction%20N%20026-02-2009%20relatives%20aux%20conditio ns%20de%20mise%20en%20oeuvre%20du%20plan%20de%20comptes%20du%20RCSFD.pdf BCEAO, BCEAO Instruction n01/2006/SP relative lmission de monnaie lectronique et aux tablissements de monnaie lectronique, 2006. BCEAO, DECRET n 2009-95 en date du 2 octobre 2008, portant cration et organisation de lObservatoire de la Qualit des Services Financiers (O.Q.S.F/Sngal), 2008. BCEAO, Fiche sur le programme rgional dappui a la nance decentralise (Note on the Micronance regional support program), undated Business Rules for Non-Deposit-Taking Non-Bank Financial Institutions (enacted in 2000) Business Rules for Deposit-Taking Non-Bank Financial Institutions (enacted in 2000)
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Case Study on Micronance Institutions in Madagascar, Policies for a Viable Sector, 2008. Central Bank of DRC (BCC) website. Accessed July 2011. URL: http://www.bcc.cd Central Bank of Ghana website. Accessed July 2011. URL: http://www.bog.gov.gh/ Central Bank of Kenya, ofcial website. Accessed July 2011. URL: http://www.centralbank.go.ke/ Central Bank of Nigeria, ofcial website. Accessed July 2011. URL: http://www.cenbank.org/ CGAP, Access to Finance in Nigeria, 2009. 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. Club of Mozambique, 15,000 benet from rural nance support programme, November 16, 2010 COBAC. Plan comptable des tablissements de micronance (PCEMF) (Accounting chart), January 2010. Commission Bancaire de lAfrique Central (COBAC), Recueil des textes rglementaires relatifs a lactivit de micro nance dans la communaut conomique et montaire de lAfrique centrale, October 2002. *This source includes the Micronance Law Compta-EMF, ofcial website. Accessed July 2011. URL: http://compta-emf.com/ Compuscan case study: An Insight Into Multi-Borrowing of Selected MDI Borrowers in Uganda, 2011. Consumer Protection Council, ofcial website. Accessed July 2011. URL: http://www.cpc.gov.ng/ Cooperatives Societies Act 1991. The Cooperative Societies Act, 2003 (Act No. 20/2003), Savings and Credit Cooperative Societies Regulations 2004. Corruption, Registration of MSMEs, and Their Linkages New Evidence and Recommendations from Ghana, DarkwaAmanor, Klien, Madelung, GTZ, 2007 CRDB Bank Ltd, from Evaluation of Danish Support for Financial Services in Tanzania, Oxford Policy Management, August 2009 for Danish Ministry for Foreign Affairs (DANID). Credit Institutions Law 2002-03, Central Bank of DRC (BCC) Credit Reporting Act No. 726 (enacted in 2007) Crest Micronance Bank, ofcial website. Accessed July 2011. URL: http://www.crestmfb.com/ Decree no. 2007-012 xing the legal form at types of micronance institutions, Malagasy Government Decree No. 2007-013 setting the minimum capital adequacy requirements for lending institutions, Malagasy Government Deloitte IAS Plus International nancial reporting news, October 2007; BoM notice no. 4/GBN/2007 Deloitte, Mozambique Highlights, 2011. Democratic Republic of Congo - Report on the Observance of Standards and Codes (ROSC) : accounting and auditing, World Bank, April 2010 Report 10/88 on IMF activities in DRC 2009, Mark Plant, Dominique Desruelles, International Monetary Fund (IMF) Directive No 006/2007- 11 May 2007 Anti money-laundering and proceeds of terrorism (CSBF) Do You Susu?, Thilo Kunzemann, Allianz 20 February 2010, website, Accessed on-line July 2011, URL: http:// knowledge.allianz.com/media/?114/history-money-pool-susu-traditional-nance EIU Country Report: Mozambique, May 2011. Enterprising Solutions Global Consulting. (2005). Rwanda Micronance Sector Assessment. Financial Sector Development Secretariat (2009) Umurenge SACCOs Strategy.
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Full bibliography for the Global microscope on the micronance business environment 2011

FDM website, ofcial website. URL: http://www.fdmmoz.org/ FinAccess, Financial inclusion in Kenya: Survey results and analysis from FinAccess 2009. URL: http://www. fsdkenya.org/naccess/documents/09-06-10_FinAccess_FA09_Report.pdf Financial Technology Africa, Monitise, UBA, 16 Others Awarded Mobile Payment License in Nigeria. URL: http:// www.nancialtechnologyafrica.com/Monitise_UBA_16_Others.html Financial Laws (Miscellaneous Amendment) Act, 2003. Finscope website: Mozambique. Accessed July 2011. URL: http://www.nscope.co.za/Mozambique.htm FINSCOPE: Rwanda Prole, Accessed July 2011. URL: http://www.nscope.co.za/new/pages/Initiatives/Countries/ Rwanda.aspx?randomID=3d56d5ea-b3ff-406d-b31d-aee7913d755c&linkPath=3_1&lID=3_1_10 FINSCOPE, Survey of access to nancial services in Tanzania, 2009, Financial Sector Deepening Trust, Tanzania. FSD Kenya, Consumer Protection Diagnostic Study, January 2011. URL: http://www.fsdkenya.org/pdf_ documents/11-02-22_Consumer_diagnostic_study.pdf FSD Kenya, Financial Inclusion in Kenya: Bank branches, ATMs, M-PESA. Accessed July 2011. URL: http://www. fsdkenya.org/naccess/naccess2.php Ghana: Aiming for interoperability in branchless banking, Claudia Mckay, CGAP, 16/06/11 Gina Din Corporate Communications, Youth urged to join the Co-operative movement, May 25, 2011. GIZ (formerly DID), ofcial website. Accessed July 2011. URL: http://www.giz.de/en/home.html Government of Uganda. Co-Operative Societies Regulations, 1992. Guidelines for Branchless Banking (enacted in 2008) Guidelines for Rural Banking License (enacted in 2005) IFLR1000, Mozambique: Legal framework of micronance activities and institutions, 2009. IMF Country Report Mozambique No. 11/149 IMF Mozambique Financial System Stability Assessment, January 2010. IMF, Republic of Mozambique: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, May 20, 2011. Instruction 001 on Micronance December 2005, Central Bank of DRC (BCC) Instruction No 002/2007 relating to the licensing of Level 1 micronance institutions, Commission de Supervision Bancaire et FInancire (CSBF) Instruction No 003/2007 relating to the licensing of Level 2 & 3 micronance institutions, (CSBF) Instruction No 005/2007 relating to the operations of micronance institutions, (CSBF) Instruction No 007/2007 setting structures and activity controlling micronance institutions, (CSBF) Integrated Micronance Bank, ofcial website. Accessed July 2011. URL: http://www.imfb-bank.com/ International Conference on Micronance Regulation conference presentation, Micronance: Who Benets? Ugandas Experience in Regulating Micronance Deposit-taking Institutions, by Governor of BoU, Dhaka, Bangladesh, March 15-17, 2010. International Development Law Organization, in partnership with the Ministry of Finances of Cameroon and the Association Nantionale des Etablissements de Micronance (ANEM-CAM). Recommendation for the improvement and the diligent enforcement of the institutional and regulatory framework for micronance in Central African Countries. November 2007. Kalyango, David, Ugandas Experience with the Regulatory and Supervisory Framework for Micronance Institutions, BoU, 2005.

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Full bibliography for the Global microscope on the micronance business environment 2011

Kantengwa, Angelique. (2009). Financial Cooperatives in Rwanda: Historical Background and Regulation. URL: http://www.MFtransparency.org. Accessed July 2011. National Bank of Rwanda. (May 27th 2009). Regulation No. 02/2009 On the Organization of Micronance Activity. Kenya Credit Information Sharing Initiative website, April 2011: CBK licenses the second credit reference bureau Metropol Credit Reference Bureau Limited Kenya Open Data Project, ofcial website. Accessed July 2011. URL: http://opendata.go.ke/ Kenya Post Ofce Savings Bank, ofcial website. Accessed July 2011. URL: http://www.postbank.co.ke/ Les institutions de micronance malgache face la crise. Quelles premires leons tirer ? Assouline, N. & Poursat, C. Agence Fran_caise pour le Dveloppement, 2011 Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, Government of Tanzania to IMF, Managing Director, April 2011. Licensing requirements for micronance institutions, Appendix 1, BoG, July 2011 Linking with Savings and Credit Cooperatives (SACCOs) to expand nancial access in rural areas: a case study of CRDB in Tanzania, Gerda Piprek, July 2007. MemeBurn, The mobile banking race begins in Nigeria, Erik Hersman, February 3, 2011. MicroCapital, MFTransparency and the Mastercard Foundation Launch Enabling APR & EIR Program to Promote Transparency in Micronance in Eight Sub-Saharan African Countries, posted by Connor Brannen, June 10, 2010. Micronance Africa, The First Microbank Mozambique is inaugurated as a rural micronance bank, May 11, 2010. Micronance Focus, IFC, African Central Banks to promote credit reporting, nancial access in Ethiopia, Mozambique, Tanzania, March 6, 2010. Micronance Focus, MFTransparency partners with African Micronance Network, September 30, 2010. Micronance Focus, MFTransparency to host Uganda Data Launch Webinar, July 18, 2011. Micronance law 2005-016, 29 September 2005 Micronance law on the activities of credit institutions 1995030 MFI Audit for Corporate Taxation Law June 2004, Central Bank of DRC (BCC) Micronance Regulation in Tanzania: Implications for Development and Performance of the Industry, Africa Region Working Paper Series No. 51, June 2003, Bikki Randhawa, Joselito Gallardo. MF Transparency, Kenya, 2011. URL: http://www.mftransparency.org/data/countries/ke/ MicroCapital, Kenyan Micronance Start-Up Remu DTM Limited Acquires Deposit-Taking License, January 20, 2011. Micronance Africa, Micronance banks: Association wants self-regulatory framework, ethics code, May 4, 2010. Micronance Africa, Micronance banks can do better than commercial banks Wale Adeduro, Chima Nwokoji, Daily Sun Nigeria, October 28, 2010. Micronance Africa, Nigeria: CBN grants provisional licenses to new micronance banks, Tola Akinmutimi, National Mirror, July 12, 2011. Micronance Africa, Nigeria: MFB Operators in frenzy as CBN commences inspection, Amaka Abayomi, Vanguard Nigeria, May 2, 2011. Micronance Division, Comit National de Coordination des activits de Micronance (CNC), Sector Update Report, June 2008. Micronance Nigeria, CBN issues deadline for MFBs online rendition of returns, Hope Moses-Ashike, Businessday Online, April 25, 2011. Micronance Nigeria, MFB operators advocate for special courts to try loan defaulters, by Hope Moses-Ashike, Businessday Online, May 31, 2011.
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Micronanza, DjomecRating Report, 2008. Ministry of Finance, DRS-Sfd, Plan dassainissement du secteur de la Micronance (Remedial action plan for the micronance sector), May 2011). Ministry of Finance, DRS-Sfd, Annual Report, 2010. Ministry of Finance, DRS-Sfd, Communiqu, February 24th, 2011. MIX Micronance World, Sub-Saharan Africa Micronance Analysis and Benchmarking Report, April 2011. URL: http://www.themix.org/sites/default/les/096_MIX_Africa%20Report_05-05-2011.pdf Mix Market website, July 2011. MIX Market, Micronance in Kenya: Country Brieng, July 2010. MIX Market. Micronance in DRC: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/ country/DRC MIX Market. Micronance in Ghana: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/ country/Ghana MIX Market. Micronance in Madagascar: Country Prole. Accessed July 2011. URL: http://www.mixmarket.org/m/ country/Madagascar MIX Market: Mozambique 2011. Mobile Money Africa, M-PESA moved Sh727 billion last year, July 5, 2011. Mobile Money Africa, Nigeria Mobile money licence holders risk CBN punishment, April 26, 2011. Mobile Money Africa, Mobile money: So far so good, but April 16, 2011. Mobile Money Africa, MTN Mobile Money reaches $90m monthly in Uganda, April 3, 2011. Mobile Money Africa, MTN Uganda Partners With StarTimes TV For Convenient Payments, July 12, 2011. Mobile Money for the Unbanked: Lessons from Tanzania, December 2010, AudienceScapes, Africa Development Research Briefs, David Montez, Peter Goldstein. Monetary Policy Statement, Governor of the Bank of Tanzania, June 2011. Mozambique News Agency AIM Reports, $12 million for micro-credit, no. 272, March 18, 2004. Mozambique News Agency AIM Reports, Agriculture to yield over 2 million tonnes, no. 277, June 7, 2004. Mozambique News Agency AIM Reports, Economy growing at 10 per cent, no. 173, January 5, 2000. Mozambique News Agency AIM Reports, President Guebeza launches agriculture campaign, no. 411, October 19, 2010. Mozambique News Agency AIM Reports, Private banks responding positively, no. 386, September 23, 2009. National Strategy for Growth and the Reduction of Poverty 2005, The Mkukuta, Vice-Presidents Ofce, Tanzanian Government. National Strategy for Growth and the Reduction of Poverty (ii) NSGRP (MKUKUTA) 2, Draft March 2010, Ministry of Finance & Economic Affairs, Tanzanian Government. New Partnership for African Development (NEPAD). (February 2007). Africa Peer Review Mechanism Assessment: Rwanda. Brieng 19. Nigeria Deposit Insurance Corporation, Highlights and Achievements of NDIC from January to December 2010. URL: http://ndic.org.ng/highlights--and-achievements-of-ndic-from-january-to-december--2010.html Non-Bank Financial Institutions Act No. 774 (enacted in 2008) The Observer article, BoUs new capital rules could lead to bank consolidation, by Milly Kibombo, April 6, 2011. Omino, George, Regulation and Supervision of Micronance Institutions in Kenya, CBK, 2005.
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Full bibliography for the Global microscope on the micronance business environment 2011

Operating rules & Guidelines for Micronance Institutions, Notice no. BG/GOV/SEC/2011/04, BoG Opportunity International Celebrates Its Grand Opening in the Democratic Republic of Congo, Micronance Africa 20/05/11 United Nations Development Fund, Multi-Donor Trust Fund Ofce, Accesed on-line July 2011, URL: http:// mdtf.undp.org/factsheet/fund/JCG10 Planet Rating, ACEP Cameroun Financial Rating 2008, 2008. Planet Rating, CEC Rating report, 2010. Planet Rating, ACEP Rating Report, 2006. Policy Diagnostic on Access to Finance in the Democratic Republic of Congo (DRC), Jennifer Isern, Tiphaine Crenn, Laurent Lhriau, Roger Masamba, April 2007 Poverty Matters Blog, Kenya opens its books in revolutionary transparency drive, July 13, 2011 PRIDE Micronance, ofcial website. Accessed July 2011. URL: http://www.pridemicronance.co.ug/ Programme dAppui au Secteur de la Micronance : Phase II (PASMIF II : 2010-2014), United Nations Development Programme (UNDP) and United Nations Capital Development Fund (UNCDF) Accessed on website July 2011 URL: http://mdtf.undp.org/factsheet/fund/JCG10 Proposition de Loi, xant les rgles relatives a lactivit de la micronance en Rpublique Dmocratique du Congo, - Final Draft law proposal on the Regulation of Micronance, July 2009 Rapport dtude sur la Rglementation des Institutions de Micronance et des Fonsdev en RDC, Par Mpegere Chisom, Inades Formation Congo, August 2007 Rglement n1/03/CEMAC/UMAC/COBAC relatif aux conditions dexercice de lactivit de micronance dans la Communaut Economique et Montaire dAfrique Centrale, April 2002. Report on the Observance of Standards and Codes (ROSC) : accounting and auditing, World Bank, June, 2008 Republic of Cameroon. Lettre circulaire n 005/MINFI/DGI/LC/L Prcisant les modalits dapplication des dispositions scales de la loi n2010/015 du 21 dcembre 2010 portant loi de nances de la Rpublique du Cameroun pour lexercice 2011, December 2010. Republic of Cameroon, Ministry of Finance. Arrt n000005/MINFI du 13 janvier 2011, portant institution du service minimum garanti, January 2011. Republic of Rwanda. (March 30th 2009). Ofcial Gazette No. 13, Law No. 40/2008 Establishing the Organization of Micronance Activities. Republic of Rwanda (March 1st 2010). Ofcial Gazette No. 9, Law No. 3/2010 Concerning the Payment System. Requirements for Non-Bank Financial Institutions Licenses (enacted in 2004) Rural and Micro Finance Regulation in Ghana: Implications for Development and Performance of the Industry, Africa Region Working Paper Series No. 49, June 2003, William F. Steel, David Andah Ghana: Report on the Observance of Standards and Codes (ROSC) : accounting and auditing, World Bank, 2004 Sacco Societies Regulatory Authority (SASRA), ofcial website. Accessed July 2011. URL: http://www.sasra.go.ke/ Safaricom web pages. Accessed July 2011. URL: http://www.safaricom.co.ke/index.php?id=252 Savings & Loans Co-operatives Law 2002-02, Central Bank of DRC (BCC) Senegal Micronance Portal, Accessed July 2011. URL: http://senegal.portailmicronance.org Senegal Ministry of Economics and Finance, overview of Directorate of Regulation and Supervision of Decentralised Financial Systems, ofcial website. Accessed July 2011. URL: http://www.nances.gouv.sn/index,6,42.html Senegal Ministry of Economics and Finance, Directorate of Regulation and Supervision of Decentralised Financial Systems, ofcial website. Accessed July 2011. URL: http://drs-sfd.gouv.sn/sitedrs/ Small and Micro Enterprise Programme (SMEP) Deposit Taking Micronance Limited, ofcial website. Accessed July 2011. URL: http://www.smep.co.ke/
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Stratgie Nationale de Micronance (SNMF), Government of DRC Stratgie Nationale de la Micronance 2008-12 Supporting Micronance in the Democratic Republic of Congo (DRC), 2008, Onike Nicol-Houra, African Development Bank, URL: http://www.afdb.org/en/news-events/article/supporting-micronance-in-the-democratic-republic-ofcongo-drc-4039/ Technology Programme, Country Note, Ghana, June 2011, CGAP The Status of SACCOs Development and Regulation in Tanzania, June 2011, Veneranda A. Mgoba, Ministry of Agriculture, Food Security and Cooperatives, Tanzania. Transparent Pricing Initiative in Ghana: Launched and On-going! 15/04/11, Rhoda Mahamah, mftransparency. org, Website, Accessed July 2011, URL: http://www.mftransparency.org/pages/2011/04/15/transparent-pricinginitiative-in-ghana-launched-and-on-going/ Uganda Cooperative Savings and Credit Union, ofcial website. Accessed July 2011. URL: http://www.ucscu.co.ug/ Uganda Ministry of Finance, Planning and Economic Development, The Background to the Budget 2011/12 Fiscal Year: Promoting Economic Growth, Job Creation and Improving Service Delivery, June 2011. Uganda Radio Network article IMF Calls for Tough SACCO Regulation, by Mugarura Mutana on behalf of Michael Wambi, July 8, 2010. UMOA, LOI ORGANIQUE n 2008-47 du 3 septembre 2008 portant rglementation des systmes nanciers dcentraliss, 2008. World Bank. Doing Business: Ghana 2011. Accessed July 2011. URL: http://www.doingbusiness.org/ World Bank. Doing Business: DRC 2011. Accessed July 2011. URL: http://www.doingbusiness.org/ World Bank Doing Business 2011, URL: http://www.doingbusiness.org. World Bank, Poverty Reduction Strategy Policy Preparation - Status Report, January 2010. World Bank. Doing Business: Madagascar 2011. Accessed July 2011. URL: http://www.doingbusiness.org/ World Bank. Doing Business: Tanzania 2011. Accessed July 2011. URL: http://www.doingbusiness.org/ World Bank Doing Business Credit Information Index 2011 World Bank Doing Business 2011, Accessed July 2011. URL: http://www.doingbusiness.org World Bank Report on Observance of Standards and Codes (ROSC), Rwanda (2008) World Bank, Banking the Poor report, 2009. World Bank Africa Trade Policy Note, Facilitating Cross-Border Mobile Banking in Southern Africa, by Samuel Maimbo, Nicholas Strychacz & Tania Saranga, May 2010. World Bank blog, Africa Can End Poverty, On the riots in Mozambique: Are subsidies the solution? September 30, 2010. World Bank Doing Business 2011. World Bank. Migration and Remittances Factbook 2011. World Savings Banks Institute Membership Directory 2011: Postbank Uganda Limited.

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Full bibliography for the Global microscope on the micronance business environment 2011

Interviewees for Sub-Saharan Africa


Abdullahi, Salami, Chief Executive Ofcer, Agrinat Consult Limited Amakye, Dr Phillip Yaw, Consultant, OAA Consulting & Micronance Director Chiagara, Petronella, Consultant in Micronance for DRC, UK Diallo, Sir, Director, Sem Fund (MFI) Earne, Julie Fawn, Investment Ofcer, International Finance Corporation (IFC) Ehigiamusoe, Godwin, Founder and Executive Director, Lift Above Poverty Organisation (LAPO) Flosbach, Johannes, Consultant, Roland Berger Guenke, Kim, GM, Acces Bank Madagascar Ishaya, Edna, Chief Operating Ofcer, CR Services Credit Bureau Plc Islam, Khondoker Ariful, Country Program Coordinator, BRAC Uganda Gyam, Mr, CEO, GHAMFI, Ghana Kavugizo, Kevin, Director, Micronance Supervision Department, Financial Stability Directorate, National Bank of Rwanda Kayonga, Joel, Micronance Specialist, Financial Sector Development Secretariat (FSDP), Ministry of Finance and Economic Planning (MINECOFIN) Kewe, Sosthenes, Technical Director, FSDT Lagaillarde, Gilbert, Opportunity DRC Levitt, Andrew, CEO, MicroCred Malima, Rashid, Managing Director, PRIDE Tanzania Masha, John, Credit Manager, Micro Enterprises Support Program Trust (MESPT) Mbemba, Brice, Responsible de projet en micronance au Sngal, Planet Finance Messan, Hermann Fumilayo, Marketing Specialist - Africa Hub | Innovations and Integrated Solutions, ACCION International Ghana Mevayekuku, David, Senior Program Ofcer for Rural Enterprise Development/Financial Linkage Support, International Fund for Agricultural Development (IFAD)/Federal Government of Nigeria (FGN)/Community-Based Natural Resource Management Program (CBNRMP) Niger Delta Millinga, Altemius, GM, YESOFO & V-P, TAMFI Muathe, Stephen, Coordinator, Centre for Environment and Enterprise Development (CEED) Namagembe, Veronicah Gladys, Managing Director, PRIDE Micronance Limited Namutebi, Olive, Business Development Manager, PostBank Uganda Ngarambe, Rita, Executive Secretary, Association of Micronance Institutions in Rwanda (AMIR) Nkemla, Albert, Chief Executive Ofcer, CCA (MFI) Obama, James, Director, PRIDE Tanzania Ogidan, Stephen, Chief Executive Ofcer, Successory Nigeria Limited/Global Knowledge Group Pavladis, Paul, CEO, CRB Africa (Credit Reference Bureau) Rabotovao, Adele-Marie Sandrine Soloniaina, PAMF (AKDF) Robinson, Ian, Technical Director, Access to Finance Rwanda Saxena, Amit, Former Managing Director Africa and Middle East, Global Emerging Markets (GEM) Group
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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Siedek, Hannah, Managing Director, ProCredit Bank Sirolla, Armando Masimilliano, Senior Analyst, Symbiotics.com Tembe, Bernardo Luis ,Chief Executive Ofcer, Hluvuku-Adsema Tjega, Simon Yon, Director General, Mifed (Technical Service Provider) Wahler, Benedikt, Project Manager, Roland Berger 7 additional, condential interviews were conducted for this region.

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Economist Intelligence Unit Limited 2011

Full bibliography for the Global microscope on the micronance business environment 2011

Middle East and North Africa


Primary and secondary sources
Al Amana, ofcial website. Accessed July 2011. URL: www.alamana.org.ma Association of Banks in Lebanon. Main Banking & Financial Laws. Internet article accessed June 2011. URL: http:// www.abl.org.lb/subPage.aspx?pageid=362. Bank du Liban. Basic Circular No. 93. Internet article accessed June 2011. URL:http://www.bdl.gov.lb/circ/ circpdf/93_en.pdf. Central Bank of Yemen ofcial website. Accessed June 2011. URL: http://www.centralbank.gov.ye/ CGAP. Government and Policy: Regulation Center: Egypt. Accessed via the Internet June 2011. URL: http://www. cgap.org/p/site/c/template.rc/1.26.13728/ CGAP. Government and Policy: Regulation Center: Egypt, Executive Regulations of the Law of the Central Bank, Banking Sector and Money (promulgated by Law No. 88 of 2003) Accessed via the Internet June 2011. URL: http:// www.cgap.org/p/site/c/template.rc/1.1.6045/ CGAP, The Rise, Fall, and Recovery of the Micronance Sector in Morocco, December 2009. Consultative Group to Assist the Poor (June 2005): Report of CGAP Multi-Donor Mission: Micronance in Yemen. URL: http://www.cgap.org/gm/document-1.9.2831/diagnostic_Yemen.pdf Daily News Egypt. (February 2010.) Legislation heralds new era for micronance. Available via the Internet June 2011. URL: http://www.zawya.com/story.cfm/sidZAWYA20100225071548/?relcontent=ZAWYA20081224125259 Economist Intelligence Unit (June 2011). Country Risk Service: Egypt. Economist Intelligence Unit. Country Report Lebanon, May 2011. Economist Intelligence Unit. Microscope Survey 2011 Lebanon. EFSA. (2010). General Rules for Micronance Companies in Egypt. Accessed via the Internet June 2011. URL: http://www.efsa.gov.eg/content/efsa2_en/pool_extra_efsa_en/mesakmonta_en.htm EFSA. (April 2010.) Micronance in Egypt: Brief Overview of Current Status. Accessed via the Internet June 2011. URL: ttp://www.efsa.gov.eg/content/efsa2_en/reports_micro_en/rep_micro_en.htm EFSA. Micronance. Accessed via the Internet June 2011. URL: http://www.efsa.gov.eg/content/efsa2_en/efsa2_ merge_page_en/micro_merge_page_en.htm. EIU Country Report: Morocco, July 2011. Fondation Banque Populaire Pour le Micro-Crdit, ofcial website. Accessed July 2011. URL: www.fbpmc.ma IMF (April 2010). Country Report No. 10/94. IMF. Washington, D.C. Available on the Internet: http://www.imf. org/external/pubs/ft/scr/2010/cr1094.pdf Jaida Fund, Analyse du prt individuel et de lendettement crois, January 2011. Kingdom of Morocco. (2010). Projet de loi n 53-10 modiant et compltant la loi N 18-97 relative au microcrdit. Kingdom of Morocco. (1999). Dahir n 1-99-16 du 18 Chaoual 1419 (5 fvrier 1999) portant promulgation de la loi n 18-97 relative au micro-credit. Kingdom of Morocco. (2004). Loi N 58-03 modiant et compltant la loi N 18-97 relative au micro-crdit. Kingdom of Morocco. Code de Dontologie des Institutions de Micro-crdit au Maroc. Kingdom of Morocco. (2006). Circulaire du Gouverneur de Bank Al-Maghrib n 20/G/2006 du 30 novembre 2006 relative au capital minimum ou la dotation minimum destablissements de crdit et xant les modalits dapplication des dispositions de larticle 30 de la loi n 34-03.
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Full bibliography for the Global microscope on the micronance business environment 2011

Kingdom of Morocco. (2006). Loi bancaire Marocaine. Micro Capital. Microcapital Brief: USAID, VEGA/IESC Announce second phase of Lebanon Investment in Micronance Programme. June 2011, Internet article accessed June 2011. URL: http://www.microcapital.org/ microcapital-brief-usaid-vegaiesc-announce-second-phase-of-lebanon-investment-in-micronance-program/ Micronance Industry Prole: Egypt. Available via the Internet June 2011. URL: http://www.micronancegateway. org/gm/document-1.9.49876/Micronance_Industry_Prole%20-_Egypt.pdf Micronance Information Exchange. (2011.) Micronance in Egypt Country Prole. Accessed via the Internet June 2011. URL: http://www.mixmarket.org/m/country/Egypt Mix Market. Lebanon Country Prole. Internet accessed June 2011. URL: http://www.mixmarket.org/news/topic/ Lebanon. MIX Market Yemen Prole. Accessed June 2011. URL: http://www.mixmarket.org/m/country/Yemen MIX Micronance World, 2010 Arab Micronance Analysis and benchmarking Report. Morocco Micronance Blog, Accessed July 2011. URL: http://moroccomicronanceblog.blogspot.com/2011/06/ morocco-micronance-blog-les.html Moussa, Magdy. 2007. Essay No. 21: Regulation and Supervision of Micronance in Egypt. Published in Essays on Regulation and Supervision. CGAP. Washington, DC. Planet Rating. Al Majmoua 2010. Internet article accessed June 2011. URL: www.planetrating.com Planet Rating, al Amana rating report, 2010. SANABEL (2009). Micronance Industry Prole: Lebanon. Internet article accessed July 2011. URL: http://www. micronancegateway.org/gm/document-1.9.49965/Micronance_Industry_Prole%20_Lebanon.pdf. SANABEL. (2010.) Micronance Industry Prole: Egypt. Available via the Internet June 2011. URL: http://www. micronancegateway.org/gm/document-1.9.49876/Micronance_Industry_Prole%20-_Egypt.pdf Sanabel Network ofcial website. Accessed June 2011. URL: http://www.sanabelnetwork.org/home/default.aspx Smart Campaign. Internet accessed June 2011. URL: http://www.smartcampaign.org/. Social Fund for Development. Accessed June 2011. URL: http://www.sfd-yemen.org/SFD_SITE/index.php Social Fund for Development. Annual Report 2010. URL: http://www.sfd-yemen.org/SFD_SITE/admin/PDF/ upload_DOC/English_AR_2010.pdf UNDP (2004). Internal governance for NGOs in Lebanon. Internet article accessed June 2011. URL: http://www.undp.org.lb/communication/publications/downloads/IntGov_en.pdf. USAID. (2009). The Legal and Regulatory Environment for Micronance in Egypt. USAID. Washington, D.C. World Bank. (July 2008). Financial Sector Assessment: Egypt. World Bank. Washington, D.C. World Bank. (November 2010). Doing Business 2011. World Bank, Financial Inclusion in the Middle East and North Africa: Analysis and Roadmap Recommendations. (Douglas Pearce), December 2010. Yemen Micronance Network. Accessed June 2011. URL: http://www.yemennetwork.org/

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Full bibliography for the Global microscope on the micronance business environment 2011

Interviewees for Middle East and North Africa


Abdel-Baki, Ranya, Executive Director, Sanabel al-Lai, Mohammed, Executive Director, Al-Amal Micronance Bank, June 2011 Name withheld, Central Bank of Yemen Bidouj, Mustapha, Secretary General of Fondation Banque Populaire pour le Microcrdit (MFI) Brandsma, Judith, Consultant on Arab market micronance sectors Chehade, Nadine, Business Development Manager & MENA Director, Planet Rating, Lebanon Ofce el Safah, Samer, Deputy General Manager, Makhzoumi Foundation Fawaz, Youssef, Executive Director, Al Majmoua Ghobril, Nassib, Head of Economic Research & Analysis, Byblos Bank Group, Lebanon Hassan Faried, Executive Director, Dakahlya Businessmens Association for Community Development, Egypt Kader, Hadil Abdel, Development and Project Ofcer, Planet Finance, Egypt Maarouf, Mohamed, Executive Director, Planet Finance Mahyub, Sharar, Managing Director, Yemen Micronance Network Samuelian, Harout, Fourth Vice-governor, Banque du Liban Talib, Hicham, Member of the Executive Board, Al Amana (MFI) One additional, condential interview was conducted for this region.

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Economist Intelligence Unit Limited 2011

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.

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