{"id":26307,"date":"2016-12-01T00:00:00","date_gmt":"2018-08-20T13:48:40","guid":{"rendered":"http:\/\/cfi.accion.flywheelsites.com\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/"},"modified":"2023-09-21T09:10:13","modified_gmt":"2023-09-21T13:10:13","slug":"how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions","status":"publish","type":"post","link":"https:\/\/content.centerforfinancialinclusion.org\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/","title":{"rendered":"How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions"},"content":{"rendered":"
Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.<\/p>\n
Equitas Holdings<\/strong> In September 2015, Equitas was one of ten companies to receive in-principle approval from the Reserve Bank of India (RBI) for the Small Finance Bank (SFB) license. In order to become an SFB, regulations require that Equitas bring foreign ownership, which comprised 93 per cent of equity before the IPO, below 49 per cent. This requirement was one of the key factors behind the IPO. Once Equitas transitions to a SFB, it will be able to accept deposits, starting with its client base of approximately 3 million.<\/p>\n Ujjivan Financial Services<\/strong> Grassroots Capital Management PBC and The Financial Inclusion Equity Council (FIEC), with support from the Center for Financial Inclusion at Accion.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate […]<\/p>\n","protected":false},"author":1,"featured_media":29603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"regions":[3153,3152],"series":[3802],"types":[28],"client":[],"topics":[50],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[],"acf":{"authors":[{"ID":26326,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Danielle Piskadlo","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"danielle-piskadlo","to_ping":"","pinged":"","post_modified":"2019-05-15 15:19:18","post_modified_gmt":"2019-05-15 15:19:18","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/danielle-piskadlo\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":false,"acf":{"body":" Danielle Piskadlo worked with the Investing in Inclusive Finance team from 2011 to 2019. She was responsible for developing capacity of board members through peer learning and exchange. Danielle also worked closely with investors to make active, sustainable investments in financial institutions that serve the base of the pyramid.<\/p>\n Danielle holds Master\u2019s Degrees in International Business from the Fletcher School of Law and Diplomacy at Tufts University, and in Public Administration from the Harvard Kennedy School. She received her Bachelor\u2019s Degree in Business Administration from the University of Vermont.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","title":"Former Director, Investing in Inclusive Finance","position":"staff","social_media_links":{"email":"dpiskadlo@accion.org","linkedin":"","twitter":""},"header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":[{"acf_fc_layout":"card_row","title":"Reports by Danielle Piskadlo","link_text":"","link_url":"","entry_mode":"select","automatic":{"regions":false,"series":false,"types":false,"topics":false,"institutional_partnerships":false,"clients":false,"program_teams":false},"select":{"card_type":"preview","cards":[{"ID":26307,"post_author":"1","post_date":"2016-12-01 00:00:00","post_date_gmt":"2018-08-20 13:48:40","post_content":"Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.\r\n Age-proof channels and technology<\/em>. Financial institutions recognize that new technology, new channels, and new products must be built with the user experience in mind. There are existing vehicles for testing channels and technology to ensure that they work for older people. As part of vetting channels and technology, financial institutions can leverage older persons\u2019 associations, assuring the technology\u2019s validity for later life.<\/p>\r\n Ensure that staff members are not discriminating based on age.<\/em> Financial institutions and support organizations can test the customer experience through mystery shopping in order to better understand how people of different ages are treated when they walk into a branch. An exercise like this could inform market-specific training modules to dispel myths about aging for staff of financial institutions.<\/p>\r\n Use existing data to create better products.<\/em> Financial institutions have a wealth of data on clients that goes unused, and age is one data point that is collected because of the way that AML\/CFT laws are translated into institutional policy. Financial institutions can use the data they have on clients to better understand how age influences client behavior. From this data, financial institutions have the opportunity to create better products to serve people across their life cycle, and especially into their older age.<\/p>\r\nEnhance financial security in older age by leveraging G2P and P2G early on<\/em>. The shift toward electronic government-to-person and person-to-government payments presents an opportunity for creating \u201con-ramps\u201d to inclusion. Leveraging these products could include automatically diverting funds sent through electronic channels to help people save funds for older age (which is already happening in many parts of the world) or using electronic G2P payments that go to older people as collateral for loans (older people are often seen as higher risk). Financial institutions which provide the accounts through which electronic payments are channeled have the positioning to capitalize on this opportunity.\r\n\r\nRaise or eliminate age caps on credit and insurance<\/em>. Over half of the institutions we surveyed earlier this year<\/a> reported that they impose upper age restrictions on their products. Many age caps at microfinance institutions are based on outdated actuarial tables, and are ripe for being challenged or creatively eliminated. Many people who are older may be willing to pay more for credit. And financial institutions could find highly receptive clients if they responsibly raise age caps on credit products. A dedicated loan guarantee fund could help mitigate perceived risk during a pilot phase, accompanied with careful performance monitoring to provide more data about actual risks of lending to older adults.\r\n\r\nEnable people to save for their older age.<\/em> Pension systems were designed for a largely formal labor force, and the current reality of the size of informal markets does not match the intention of pensions systems. More progressive governments have begun to reform their pension systems to account for the more informal labor force, by creating alternative channels for contributions at places like corner stores and through mobile phones. Financial institutions can also play a role, either serving as channels to collect funds for the pension system or by setting up independent long-term savings programs that promise a competitive interest rate.\r\n\r\nWe are confident that there are a hundred more ideas that are just as good (or better). More importantly, though, we look forward to seeing a world in which age is not a barrier to people having access to a full range of quality financial services.\r\n\r\nIf you end up stealing one of these ideas, or if you\u2019re already doing something to advance industry thinking on aging, let us know\u2014we would love to champion your work.\r\n\r\nImage credit: World Bank<\/a><\/em>\r\n\r\nHave you read?<\/strong>\r\n\r\nMoving to Action on Aging and Financial Inclusion<\/a>\r\n\r\nAging and Financial Inclusion: An Opportunity<\/a>\r\n\r\nAging and Financial Inclusion: A Client Protection Issue?<\/a>\r\n\r\n \r\n\r\n \r\n\r\n \r\n\r\n ","post_title":"Aging and Financial Inclusion: Steal These Ideas!","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"aging-and-financial-inclusion-steal-these-ideas","to_ping":"","pinged":"","post_modified":"2018-09-12 19:22:55","post_modified_gmt":"2018-09-12 19:22:55","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi-blog.org\/?p=20063","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2015\/11\/2652377697_7cd2f08d4e_o.jpg","acf":{"authors":[{"ID":26351,"post_author":"1","post_date":"2018-08-20 13:50:32","post_date_gmt":"2018-08-20 13:50:32","post_content":"","post_title":"Sonja Kelly","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sonja-kelly","to_ping":"","pinged":"","post_modified":"2021-04-21 12:14:58","post_modified_gmt":"2021-04-21 16:14:58","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/sonja-e-kelly\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26325,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Susy Cheston","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"susy-cheston","to_ping":"","pinged":"","post_modified":"2018-08-30 18:25:14","post_modified_gmt":"2018-08-30 18:25:14","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/susy-cheston\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"aging-and-financial-inclusion-steal-these-ideas"},{"ID":18819,"post_author":"4","post_date":"2015-07-28 10:28:50","post_date_gmt":"2015-07-28 14:28:50","post_content":"> Posted by Tyler Aveni, Positive Planet China<\/span><\/em>\r\n\r\n[getty src=\"179628484?et=GgCaq6CEQdlJs64RSN4CFA&viewMoreLink=on&sig=pvS2qjiVTWBxLnLM0IeaSV7Yv2XmXBmACDzG6Frnxjw=\" width=\"594\" height=\"396\"]\r\n\r\nIn an industry that is constantly evolving due to new technology and abundant knowledge-sharing opportunities, practitioners of socially-driven microfinance and inclusive financial services are also helping to drive new innovation. Accompanying research critically assists this process, especially in evaluating the impact of these new methods and initiatives. This presents a problem for countries like China where a dearth of credible (or existing) data resources makes a critical review of practices far harder to manage. As such, researchers interested in the world\u2019s second-largest economy often must settle with statistics that may suffice but rarely meet higher standards found elsewhere.\r\n\r\nThe work of Li Gan, a Texas A&M professor who also heads the Survey and Research Center for Household Finance at Southwestern University of Finance & Economics (SWUFE) in Chengdu, China, is helping to address the problem. Professor Li has spent much of the last four years spearheading an effort to gather more data on the financial condition of Chinese households and businesses. Through generous funding by SWUFE and support from the PBOC, China\u2019s central bank, Professor Li has set into motion two key multi-year surveys: The China Household Finance Survey (CHFS) and the \u201cChinaPnR-SWUFE SME Index\u201d which looks at small enterprises.\r\n\r\nPrior to the household survey, the main source of data available on household finance in China came from the National Bureau of Statistics (NBS), a government-sponsored research department. These reported statistics, while comprehensive, are sometimes met with a certain degree of skepticism. Researchers question the integrity of the data collection methods, and some analysts raise concerns about number-tinkering. Any alternative, private surveys were collected on a much smaller scale.\r\n\r\nThe CHFS is filling the void. Results of the CHFS first began being published in 2012 and are now becoming an increasingly rich and pliable resource for research as additional years of data capture shifts in China\u2019s social and financial landscape. The CHFS started with more than 8,000 households from across mainland China (Tibet and Xinjiang AR excluded) and has been gradually expanded every year. In 2013, some 1,600 SWUFE students were hired and trained to conduct surveys, with the number expected to grow to more than 2,500 for the 2015 survey. Nearly 28,000 households (or 100,000 individuals) are expected to be included in this year\u2019s survey.\r\n\r\nOut of approximately 3,000 counties in China, 260 are randomly selected. This selection is then controlled to insure that the sample is both nationally and provincially representative of the population. Within each of these 260 counties, 4 neighborhoods (consisting of villages and communities) are randomly selected. Among the households in the 1,000-plus neighborhoods, between 20 and 50 are randomly selected to be interviewed. The ChinaPnR-SWUFE SME Index works on a very similar system wherein counties and neighborhoods are randomly selected; neighborhood businesses are recorded and then some are randomly selected to participate in the survey.\r\n\r\nAccording to Li Gan, households could be very reluctant to participate but to avoid bias, persistence (i.e. many returned trips) with the support of the local governments and neighborhood committees, has given the CHFS the tools necessary to collect accurate mass-market results. High participation levels (only 11 percent refused to participate in the survey after repeated visits) attest to this earnestness.\r\n\r\nLi Gan\u2019s data have shown that wealth is far more concentrated at the top of the socioeconomic pyramid than the NBS figures suggest. It also illustrates that the big picture savings figures are skewed since most of the total dollar amount comes from high income savers.\r\n\r\nInterestingly, the survey may also hint at changes in the role of China\u2019s small businesses, since micro-businesses and household finances are often intertwined. In fact, this subset of interest inspired Li Gan and his team of researchers to create the new micro, small, and medium-sized enterprise (MSME) index \u00a0in collaboration with a Chinese technology payment services company, ChinaPnR Limited. Used to capture information about China\u2019s roughly 60 million small unlisted companies, data from the ChinaPnR-SWUFE SME Index has now been collected for more than a year. Government and research bodies have strongly encouraged the program, because, as Li Gan points out, any existing lists on these organizations that are currently available are completely outdated. Mass movements of migrant workers to cities and changing economic conditions have relentlessly re-shaped businesses. New shops crop up daily, and turnover is high.\r\n\r\nLi Gan sees both the household and microenterprise survey as crucial for microfinance both directly and indirectly. In his view, policies related to microenterprises or small enterprises could even be affected by the survey results. The data keeps relevant information updated by addressing many important questions like: What is the current demand for loans? How much debt can micro and small businesses afford? What financing channels are currently available? Why do micro-entrepreneurs start their businesses? Do they use internet? How knowledgeable are they with internet technology and other innovation?\r\n\r\nAnswers to these questions may hold implications for what microfinance institutions offer clients and how they deliver services. In addition to researchers digging into past changes and effects, practitioners and organizations may find that the data hold new insights. In recent years there has been a move to holistically evaluate client needs and rethink product and services design to become more appealing for new and existing clients, which in turn, also benefits the institution. This approach, coined \u201chuman center design\u201d (HCD) stands to benefit from data, such as the CHFS and SME indexes, which may serve as a broad platform to improve practices and their core offerings.\r\n\r\nAs of a July 1 update on the CHFS research center\u2019s website (which oversees both surveys), results of the MSME index were officially released<\/a> last month on June 26. Updates and new results will be published quarterly, with plans made for at least an additional 5-10 years of data collection for both the MSME and household finance indices. As is the case with the CHFS, this data is planned to be made freely available as a public asset for the research community.\r\n\r\nHave you read?<\/strong>\r\n\r\nRatings to Loosen the Regulatory Noose on China\u2019s Microcredit Companies<\/a>\r\n\r\nThe Role of Microfinance Ratings in the Sustainable Development of China's Financial Inclusion Sector<\/a>\r\n\r\nGender Dynamics in Rural China Illuminate the Need for Financial Education<\/a>\r\n\r\n ","post_title":"New Surveys Fill Data Void in China\u2019s Microfinance Industry","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"new-surveys-fill-data-void-in-chinas-microfinance-industry","to_ping":"","pinged":"","post_modified":"2018-08-30 19:03:41","post_modified_gmt":"2018-08-30 19:03:41","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi-blog.org\/?p=18819","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":false,"acf":{"authors":[{"ID":26644,"post_author":"1","post_date":"2018-08-20 15:28:56","post_date_gmt":"2018-08-20 15:28:56","post_content":"","post_title":"Apis Partners","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"apis-partners","to_ping":"","pinged":"","post_modified":"2018-08-20 15:28:56","post_modified_gmt":"2018-08-20 15:28:56","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/apis-partners\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_default","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"new-surveys-fill-data-void-in-chinas-microfinance-industry"},{"ID":18654,"post_author":"4","post_date":"2015-07-13 12:19:06","post_date_gmt":"2015-07-13 16:19:06","post_content":"> Posted by Center Staff<\/em>\r\n\r\n<\/a>\r\n\r\nGood afternoon! Freshly published is this week\u2019s Financial Inclusion 2020 News Feed, sharing the big news in banking the unbanked. Among its stories are a new partnership between MetLife Foundation and Opportunity International to expand financing and skills training in rural China, the launch of a World Food Programme initiative that integrates climate risk reduction with financial services, and the release of the first annual Consumer Banking PACE Index, which gauges bank performance to consumer expectations. Here are a few more details:\r\n Danielle Piskadlo worked with the Investing in Inclusive Finance team from 2011 to 2019. She was responsible for developing capacity of board members through peer learning and exchange. Danielle also worked closely with investors to make active, sustainable investments in financial institutions that serve the base of the pyramid.<\/p>\n Danielle holds Master\u2019s Degrees in International Business from the Fletcher School of Law and Diplomacy at Tufts University, and in Public Administration from the Harvard Kennedy School. She received her Bachelor\u2019s Degree in Business Administration from the University of Vermont.<\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n","title":"Former Director, Investing in Inclusive Finance","position":"staff","social_media_links":{"email":"dpiskadlo@accion.org","linkedin":"","twitter":""},"header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":[{"acf_fc_layout":"card_row","title":"Reports by Danielle Piskadlo","link_text":"","link_url":"","entry_mode":"select","automatic":{"regions":false,"series":false,"types":false,"topics":false,"institutional_partnerships":false,"clients":false,"program_teams":false},"select":{"card_type":"preview","cards":[{"ID":26307,"post_author":"1","post_date":"2016-12-01 00:00:00","post_date_gmt":"2018-08-20 13:48:40","post_content":"Initial public offerings (IPOs) are widely viewed as markers of commercial success. However, in the financial inclusion industry, IPOs are sometimes viewed with suspicion, if not alarm. This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. The experience of these two companies suggests how a responsible financial services company can position itself to go public while maintaining its social mission.\r\n
\nFounded in 2007 to provide the underserved and disenfranchised people in the Indian State of Tamil Nadu with reasonably and transparently priced microcredit, Equitas diversified after the microfinance crisis in 2010 into affordable housing, small and medium enterprise (SME) and vehicle loans. At the time of its April 2016 IPO, traditional microlending made up slightly more than half of the total portfolio, with over half of assets under management in Tamil Nadu.<\/p>\n
\nFounded in 2005, Ujjivan Financial Services\u2019 vision was to make financial services available to the urban working poor in India. At the time, most Indian microfinance was focused on the rural population. Started as a four-person team in a Bangalore garage, at the time of its IPO in April 2016, the company had 8,000 employees, three million borrowers, disbursed loans worth Rs.15,600 crore (approx. USD 2.6 billion), and had operations in every Indian state. Like Equitas, Ujjivan received approval to become a SFB and therefore also needed to reduce foreign shareholding. As of September 2016, Ujjivan was on its way to becoming a SFB with diversified product lines.<\/p>\nAuthors<\/h2>\n
Featured Companies<\/h2>\r\nEquitas Holdings<\/strong>\r\nFounded in 2007 to provide the underserved and disenfranchised people in the Indian State of Tamil Nadu with reasonably and transparently priced microcredit, Equitas diversified after the microfinance crisis in 2010 into affordable housing, small and medium enterprise (SME) and vehicle loans. At the time of its April 2016 IPO, traditional microlending made up slightly more than half of the total portfolio, with over half of assets under management in Tamil Nadu.\r\n\r\nIn September 2015, Equitas was one of ten companies to receive in-principle approval from the Reserve Bank of India (RBI) for the Small Finance Bank (SFB) license. In order to become an SFB, regulations require that Equitas bring foreign ownership, which comprised 93 per cent of equity before the IPO, below 49 per cent. This requirement was one of the key factors behind the IPO. Once Equitas transitions to a SFB, it will be able to accept deposits, starting with its client base of approximately 3 million.\r\n\r\nUjjivan Financial Services<\/strong>\r\nFounded in 2005, Ujjivan Financial Services\u2019 vision was to make financial services available to the urban working poor in India. At the time, most Indian microfinance was focused on the rural population. Started as a four-person team in a Bangalore garage, at the time of its IPO in April 2016, the company had 8,000 employees, three million borrowers, disbursed loans worth Rs.15,600 crore (approx. USD 2.6 billion), and had operations in every Indian state. Like Equitas, Ujjivan received approval to become a SFB and therefore also needed to reduce foreign shareholding. As of September 2016, Ujjivan was on its way to becoming a SFB with diversified product lines.\r\n
Authors<\/h2>\r\nGrassroots Capital Management PBC and The Financial Inclusion Equity Council (FIEC), with support from the Center for Financial Inclusion at Accion.\r\n\r\n ","post_title":"How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions","to_ping":"","pinged":"","post_modified":"2023-09-21 09:10:13","post_modified_gmt":"2023-09-21 13:10:13","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26286,"post_author":"1","post_date":"2012-01-01 13:48:40","post_date_gmt":"2012-01-01 13:48:40","post_content":"The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF<\/em>\r\n\r\nBy Council of Microfinance Equity Funds - Published: 2012\r\n
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Download the Publication (Spanish) >><\/a>\u00a0<\/span><\/h3>\r\n
Download the Publication (French) >><\/a><\/h3>","post_title":"The Practice of Corporate Governance in Microfinance Institutions (2012)","post_excerpt":"","post_status":"draft","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-practice-of-corporate-governance-in-microfinance-institutions-2012","to_ping":"","pinged":"","post_modified":"2023-05-05 14:26:50","post_modified_gmt":"2023-05-05 18:26:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/the-practice-of-corporate-governance-in-microfinance-institutions-2012\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":31825,"post_author":"66","post_date":"2014-04-14 00:00:48","post_date_gmt":"2014-04-14 00:00:48","post_content":"As the microfinance industry matures, a question that has come into sharper focus is how social investors committed to advancing responsible finance practices should \u201cexit responsibly\u201d from the microfinance institutions (MFIs) in which they have invested over the years. As they prepare to sell their stakes, what options do development-minded investors have to help ensure responsible behavior by their partner MFI into the future and healthy development of the broader market?\r\n\r\nIn this paper the Center for Financial Inclusion at Accion (CFI) and the Consultative Group to Assist the Poor (CGAP) seek to spark discussion among the stakeholders working to advance financial inclusion and in particular the investor community that will result in greater clarity around the goal of responsible exits and the policies and practices that would support it.","post_title":"The Art of the Responsible Exit in Microfinance Equity Sales","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-art-of-the-responsible-exit-in-microfinance-equity-sales-2","to_ping":"","pinged":"","post_modified":"2018-09-24 15:14:53","post_modified_gmt":"2018-09-24 15:14:53","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?p=31825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}]},"custom":{"card_type":"","cards":false},"full_width":false,"colored_background":false}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Danielle","last_name":"Piskadlo"}},"url":"danielle-piskadlo"}],"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":139,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":" This paper examines the 2016 IPOs of two Indian microlenders \u2013 Equitas Holdings and Ujjivan Financial Services \u2013 and how \u201chardwiring\u201d their missions into their operations and corporate culture helped drive their success. "},"post_default":{"description":""}},"meta_cta":{"download":true,"cta_button_text":"Download","cta_media":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2016\/12\/How_to_IPO_Final_2016.pdf","cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":46192,"post_author":"87","post_date":"2023-07-24 16:44:53","post_date_gmt":"2023-07-24 20:44:53","post_content":"Over the last few years, the pandemic-induced transformation of the global economy has fueled a rapid expansion of the fintech sector. This evolution has revealed the potential of fintech to eliminate geographical and physical barriers and enable consumers and providers to gain unprecedented access to information, creating a more efficient, inclusive global financial system.<\/span>\r\n\r\nNonetheless, the fintech expansion in low- and middle-income markets faces numerous challenges, and several unanswered questions linger. Will the fintech sector maintain its momentum? How will it evolve in a post-pandemic world? What unforeseen challenges await? These queries spotlight the intriguing unknowns within the sector.<\/span>\r\n
While inclusive fintechs have expressed their commitment to continue serving low-income and vulnerable segments, their ability to sustain that commitment depends on funding. <\/span><\/blockquote>\r\nEarlier this year, we interviewed 12 winners of the <\/span>Inclusive Fintech 50<\/span><\/a> (IF50) competition and six fintech investors to assess their performance amidst numerous macroeconomic challenges like rising interest rates, decreased food supply, and large price gains. In June 2023, we published the findings of these conversations in a recent report, <\/span>Inclusive Fintech Funding in Times of Uncertainty<\/span><\/a>, which underscored the commitment of inclusive fintechs to serve low-income individuals. To ensure success, these companies are bolstering their emphasis on core business principles, prioritizing customer needs, and actively working toward substantial revenues and profits.<\/span>\r\n\r\nWhile inclusive fintechs have expressed their commitment to continue serving low-income and vulnerable segments, their ability to sustain that commitment depends on funding. To better understand the fintech funding landscape, we analyzed funding data provided by <\/span>Briter Bridges<\/span><\/a> from different periods, regions, and market segments. Nearly 75 percent of the fintechs in this dataset have raised capital up to Series B deals. Our analysis focused on four regions: Latin America & the Caribbean, the Middle East & North Africa, Sub-Saharan Africa, and South Asia. From South Asia, Briter Bridges only collected data for India. From the Briter Bridges data, we examined funding deals from January 2015 to February 2023 and identified four key trends in fintech funding. <\/span>\u00a0<\/span>\r\n
1. Fintech funding is slowing down globally.<\/span><\/b><\/h1>\r\nSince 2015, fintech funding has consistently trended upward \u2013 both in terms of the number of deals and total deal volume \u2013 with a minor slowdown in 2020 during the COVID-19 pandemic and a significant surge in 2021. Notably, the number of overall deals increased from 484 in 2020 to 851 in 2021, while the total deal volume rose by 96 percent \u2013 from USD $5.3 billion in 2020 to $10.4 billion in 2021.<\/span>\r\n\r\nAmong the regions, South Asia (representing data only from India) experienced the highest increase in total deal volume since 2015, followed by Latin America & the Caribbean, the Middle East & North Africa, and Sub-Saharan Africa. The surge across all regions indicates a promising industry landscape and highlights investors\u2019 interest in fintech across geographies.<\/span>\r\n\r\n[caption id=\"attachment_46199\" align=\"aligncenter\" width=\"1239\"] Source: Briter Bridges data for fintech deals from 2015 to 2022, excluding mega-deals over $100M.<\/em>[\/caption]\r\n\r\n \r\n\r\nHowever, in 2022, the growth in both deal volume and the number of deals was more modest, with a 10 percent increase in deal volume and a 2 percent increase in the number of deals. The number of deals declined or remained stagnant in India, the Middle East & North Africa, and Latin America & the Caribbean, while it increased in Sub-Saharan Africa.\r\n\r\nThen, in January and February 2023, the sector witnessed a significant 54 percent decrease in overall deal volume compared to the same period in 2022. Of the four regions, the Middle East & North Africa was the only region to see an increase in overall deal volume during this period, with all others declining.\r\n\r\nBy Q3 2022, industry stakeholders began experiencing a \u2018fintech funding winter,<\/a>\u2019 a term that references the current state of declining funding opportunities and company valuations across the fintech sector. Since then, there has been a noticeable decrease in funding and deals<\/a> within the global fintech ecosystem during Q2 2023, reaching the lowest level since 2017. In Africa, there was a significant 37 percent year-on-year decline<\/a> in total transaction value for African start-ups between June 2022 and July 2023 compared to the same corresponding period in the prior year.\r\n
2. Funding remains geographically concentrated with a regional disparity in deal sizes.<\/strong><\/h1>\r\nWe also observed significant variation in the median deal sizes across different regions. In 2022, the median deal size in Sub-Saharan Africa was $1 million, reflecting the prevalence of very early-stage fintechs. In contrast, the median deal size in 2022 was $6.5 million for fintechs in Latin America & the Caribbean region and $6.4 million in South Asia. This difference illustrates how regions have distinct funding dynamics and growth trajectories.\r\n\r\nLooking at trends over the past four years, we see that from 2020 to 2021, the median deal size remained unchanged in South Asia while increasing in the other three regions. From 2021 to 2022, the median deal size increased across all regions except the Middle East & North Africa, which stayed constant.\r\n\r\n[caption id=\"attachment_46200\" align=\"aligncenter\" width=\"1276\"] Source: Briter Bridges data for fintech deals from 2019 to 2022, excluding mega-deals over $100M.<\/em>[\/caption]\r\n\r\n \r\n\r\nIn the dynamic world of fintech funding, four countries \u2013 India, Brazil, Israel, and Mexico \u2013 received 80 percent of the overall funding in recent years. India leads with a total funding volume of $22 billion between 2015 and 2023, showcasing its thriving fintech ecosystem and investors\u2019 support. Brazil and Israel both secured $4.5 billion in total funding volume, with Mexico attracting $3.7 billion. Funding to Brazil, Israel, and Mexico captured a considerable share of their region\u2019s funding (40 percent, 65 percent, and 32, respectively).\r\n\r\nExamining the period from 2020 to 2022, we see that the total deal volume increased in all four countries in 2021. However, in 2022, the total deal volume increased in India and Mexico but declined in Brazil and Israel.\r\n
Limited access to formal financial services, combined with rapid digitization in recent years and favorable regulatory frameworks, all contribute to these four countries attracting the majority of regional fintech funding.<\/blockquote>\r\nTwo factors have driven access to funding in these countries. First, consumer demand and unmet needs revealed significant market potential. Second, a conducive enabling environment in the form of regulations and policies encouraged innovation by financial service providers and adoption by consumers. Limited access to formal financial services, particularly credit for low-income individuals and MSMEs, combined with rapid digitization in recent years and favorable regulatory frameworks, all contribute to these four countries attracting the majority of regional fintech funding. For example, in India, initiatives<\/a> like the Jan Dhan-Aadhaar-Mobile (JAM) trinity, the Unified Payments Interface (UPI), and updated regulations and policies accelerated digital adoption during the pandemic. Rapid digitization has benefited emerging fintech players, boosting digital financial solutions and driving financial inclusion.\r\n\r\n[caption id=\"attachment_46196\" align=\"aligncenter\" width=\"1101\"] Source: Briter Bridges data for fintech deals from 2020 to 2022, excluding mega-deals over $100M.<\/em>[\/caption]\r\n\r\n \r\n\r\nWhile no African countries made it to the list of the top four countries with the largest funding in recent years, Nigeria stood out with the highest deal volume among African countries. It received a modest accounting for 40 percent of the region\u2019s overall funding.\r\n
3. Regional variations in the demand for financial products influence funding distribution.<\/strong><\/h1>\r\nThe distribution of funding by fintech product categories has shifted over time. Historically, credit products received the bulk of the funding within the fintech sector. Insurance, which typically receives lower levels of funding, surged in 2020 as the pandemic accelerated the demand for digital transformation<\/a>. Insurance fintechs that were able to innovatively leverage digital and analytics became more attractive to investors. Additionally, we observed an increase in the share between 2018 and 2021, although this category declined in 2022. There is also an upward trend in the popularity of personal financial management products (PFM), as more fintechs and digital banks begin offering PFM products or PFM features<\/a>.\r\n\r\n[caption id=\"attachment_46201\" align=\"aligncenter\" width=\"1197\"] Source: Briter Bridges data for fintech deals from 2015 to 2022, excluding mega-deals over $100M.<\/em>[\/caption]\r\n\r\n \r\n\r\nLooking at the breakdown of regional fintech funding by product category, we see the importance of catering to the unique financial demands of specific markets. For example, funding for credit fintechs dominates overall fintech funding in South Asia and Latin America & the Caribbean, while the Middle East & North Africa focuses on DFS infrastructure and PFM, and Sub-Saharan Africa prioritizes payments and remittances. Despite the ways in which insurance can enhance the resilience of low-income households, insurance products continue to receive minimal investor attention across all regions. Insurance products are typically offered as part of a product bundle and continue to be difficult to market and sell<\/a>.\r\n
4. The funding gap for small deals could contribute to the \u2018death valley curve\u2019.<\/h1>\r\nLooking at the past deals of the top 20 investors, we see a discrepancy among different types of funders\u2019 investment strategies and risk appetites. Accelerators and incubators have a higher number of deals, but their median deal size remains relatively modest \u2013 often below $500,000. On the other hand, private equity, venture capital, and impact investing funds have median deal sizes ranging from $7 to $20 million, reflecting their substantial investment capacity.\r\n\r\nWe also see a dip in the number of deals targeted for early-stage fintechs \u2013 in the amount of $501,000 \u2013 $1 million \u2013 by any investor type. In 2020, despite an overall increase of more than 70 percent in the number of total deals that year, the proportion of deals within the $501,000 \u2013 $1 million range was only 8 percent. The proportion of deals conducted for this size bracket has remained consistently between 7 to 9 percent over the past 4 years, likely contributing to the \u2018death valley curve\u2019<\/u><\/a>\u00a0experienced by start-ups.\r\n\r\n[caption id=\"attachment_46198\" align=\"aligncenter\" width=\"702\"] Source: Briter Bridges data for fintech deals from 2015 to 2022, excluding mega-deals over $100M.[\/caption]\r\n
Winter is Here<\/strong><\/h1>\r\nWhile global trends indicate that we are living in a fintech funding winter, not all hope is lost. The fintech sector continues to be an area of significant opportunity and innovation, attracting attention from investors globally. Recent funding trends highlight the dynamic nature of fintech investments, as fluctuations in deal volume, regional preferences, and investor interests impact the funding fintechs receive. In addition, because fintech funding responds to specific characteristics of national economies and factors that create an enabling environment \u2013 such as the speed of digitalization, level of innovation, regulatory frameworks, and funding gaps for low-income populations \u2013 it is useful to observe trends in the fintech industry to understand the market demand and needs for various financial solutions in different markets.\r\n\r\nFintech investors and other stakeholders should adopt a balanced perspective, draw upon the lessons learned from past successes and failures, and continue supporting inclusive fintechs that offer products to low-income households. By doing so, they can effectively guide inclusive fintechs toward sustained growth and impactful outcomes.","post_title":"Exploring Fintech Funding Dynamics in Recent Years","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"exploring-fintech-funding-dynamics-in-recent-years","to_ping":"","pinged":"","post_modified":"2023-07-24 16:45:55","post_modified_gmt":"2023-07-24 20:45:55","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=46192","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/content.centerforfinancialinclusion.org\/wp-content\/uploads\/sites\/2\/2023\/07\/iStock-1264846810.jpg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2202,"filter":"raw"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"The fintech expansion in low- and middle-income markets faces numerous challenges, but the sector continues to be an area of significant opportunity and innovation. CFI breaks down four key trends in fintech funding today and urges investors to continue supporting inclusive fintechs toward sustained growth."},"post_default":{"description":""}},"authors":[{"ID":38913,"post_author":"62","post_date":"2020-06-11 12:49:40","post_date_gmt":"2020-06-11 16:49:40","post_content":"","post_title":"Eda Dokle","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"eda-dokle","to_ping":"","pinged":"","post_modified":"2022-07-15 10:27:43","post_modified_gmt":"2022-07-15 14:27:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=38913","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":46139,"post_author":"87","post_date":"2023-06-22 14:34:33","post_date_gmt":"2023-06-22 18:34:33","post_content":"","post_title":"Chantelle Macey","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chantelle-macey","to_ping":"","pinged":"","post_modified":"2023-06-27 14:29:32","post_modified_gmt":"2023-06-27 18:29:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=46139","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"exploring-fintech-funding-dynamics-in-recent-years"},{"ID":20063,"post_author":"4","post_date":"2015-11-17 11:18:22","post_date_gmt":"2015-11-17 15:18:22","post_content":"<\/a>Aging is an issue that we all hope to face personally, if we haven\u2019t already. As we prepare to participate in European Microfinance Week<\/a>, we are more convinced than ever that this is a critical topic for the financial inclusion community to address. (If you are planning to be at European Microfinance Week too, make sure to check out our panel<\/a>\u00a0on the Sustainable Development Goals and financial inclusion!) In Europe, the aging of the population is well acknowledged. With average life expectancy in Europe among the highest in the world, at 77 years, the proportion of the population reaching older age is naturally growing. About 25 percent of Europe\u2019s population is now over the age of 60, and that percentage is set to rise. The aging of the population is well understood in Europe, but what is less recognized is that the middle and lower-middle income countries of the world \u2013 the countries that encompass most of the world\u2019s population \u2013 are already beginning to experience the same older age population boom. In most middle income countries, from Mexico to China, over-60s are the fastest growing cohort of the population. Aging is a product of successful development. Increased life expectancy, better family planning mechanisms, and higher quality of life all contribute to growth in the proportion of the population that is older.\r\n\r\nAging is a reality, but can it also represent an opportunity for financial institutions? The smart money is on providers who recognize that the answer is yes, and work to figure out how to respond.\r\n\r\nWe\u2019ve created a list of activities, some practical and some research-oriented, we think would be valuable to close the gaps in financial inclusion for older people and for younger people who want to prepare for their older age. And, frankly, we would love for you to steal these ideas!\r\n\r\nDevelop a toolkit for becoming an age-friendly institution.<\/em> We hear of a few financial institutions\u2014from MFIs to commercial banks\u2014that are using age as a lens through which to segment product offerings. From long-term savings products for people in their primary working years to credit designed for older people, being age-friendly across the life course allows a focus on life transitions and the diverse financial needs that accompany them. Case studies and toolkits would help financial institutions follow proven approaches. As part of becoming an age-friendly institution, there are a few starting points that would make a big impact:\r\n
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Featured Companies<\/h2>\r\nEquitas Holdings<\/strong>\r\nFounded in 2007 to provide the underserved and disenfranchised people in the Indian State of Tamil Nadu with reasonably and transparently priced microcredit, Equitas diversified after the microfinance crisis in 2010 into affordable housing, small and medium enterprise (SME) and vehicle loans. At the time of its April 2016 IPO, traditional microlending made up slightly more than half of the total portfolio, with over half of assets under management in Tamil Nadu.\r\n\r\nIn September 2015, Equitas was one of ten companies to receive in-principle approval from the Reserve Bank of India (RBI) for the Small Finance Bank (SFB) license. In order to become an SFB, regulations require that Equitas bring foreign ownership, which comprised 93 per cent of equity before the IPO, below 49 per cent. This requirement was one of the key factors behind the IPO. Once Equitas transitions to a SFB, it will be able to accept deposits, starting with its client base of approximately 3 million.\r\n\r\nUjjivan Financial Services<\/strong>\r\nFounded in 2005, Ujjivan Financial Services\u2019 vision was to make financial services available to the urban working poor in India. At the time, most Indian microfinance was focused on the rural population. Started as a four-person team in a Bangalore garage, at the time of its IPO in April 2016, the company had 8,000 employees, three million borrowers, disbursed loans worth Rs.15,600 crore (approx. USD 2.6 billion), and had operations in every Indian state. Like Equitas, Ujjivan received approval to become a SFB and therefore also needed to reduce foreign shareholding. As of September 2016, Ujjivan was on its way to becoming a SFB with diversified product lines.\r\n
Authors<\/h2>\r\nGrassroots Capital Management PBC and The Financial Inclusion Equity Council (FIEC), with support from the Center for Financial Inclusion at Accion.\r\n\r\n ","post_title":"How to IPO Successfully and Responsibly: Lessons From Indian Financial Inclusion Institutions","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions","to_ping":"","pinged":"","post_modified":"2023-09-21 09:10:13","post_modified_gmt":"2023-09-21 13:10:13","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/how-to-ipo-successfully-and-responsibly-lessons-from-indian-financial-inclusion-institutions\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26286,"post_author":"1","post_date":"2012-01-01 13:48:40","post_date_gmt":"2012-01-01 13:48:40","post_content":"The Practice of Corporate Governance in Microfinance Institutions: Consensus Statement of CMEF<\/em>\r\n\r\nBy Council of Microfinance Equity Funds - Published: 2012\r\n
\r\n \t
\r\n \t
Download the Publication (Spanish) >><\/a>\u00a0<\/span><\/h3>\r\n
Download the Publication (French) >><\/a><\/h3>","post_title":"The Practice of Corporate Governance in Microfinance Institutions (2012)","post_excerpt":"","post_status":"draft","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-practice-of-corporate-governance-in-microfinance-institutions-2012","to_ping":"","pinged":"","post_modified":"2023-05-05 14:26:50","post_modified_gmt":"2023-05-05 18:26:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/the-practice-of-corporate-governance-in-microfinance-institutions-2012\/","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":31825,"post_author":"66","post_date":"2014-04-14 00:00:48","post_date_gmt":"2014-04-14 00:00:48","post_content":"As the microfinance industry matures, a question that has come into sharper focus is how social investors committed to advancing responsible finance practices should \u201cexit responsibly\u201d from the microfinance institutions (MFIs) in which they have invested over the years. As they prepare to sell their stakes, what options do development-minded investors have to help ensure responsible behavior by their partner MFI into the future and healthy development of the broader market?\r\n\r\nIn this paper the Center for Financial Inclusion at Accion (CFI) and the Consultative Group to Assist the Poor (CGAP) seek to spark discussion among the stakeholders working to advance financial inclusion and in particular the investor community that will result in greater clarity around the goal of responsible exits and the policies and practices that would support it.","post_title":"The Art of the Responsible Exit in Microfinance Equity Sales","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"the-art-of-the-responsible-exit-in-microfinance-equity-sales-2","to_ping":"","pinged":"","post_modified":"2018-09-24 15:14:53","post_modified_gmt":"2018-09-24 15:14:53","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?p=31825","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}]},"custom":{"card_type":"","cards":false},"full_width":false,"colored_background":false}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":false,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true,"person_name":{"first_name":"Danielle","last_name":"Piskadlo"}},"url":"danielle-piskadlo"}],"series":[{"term_id":3802,"name":"Financial Inclusion Equity Council","slug":"financial-inclusion-equity-council","term_group":0,"term_taxonomy_id":3802,"taxonomy":"series","description":"","parent":0,"count":5,"filter":"raw"}],"personas":false,"start_date":null,"start_time":null,"end_date":null,"end_time":null,"event_timezone":null,"location":null,"host":null},"_links":{"self":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/26307"}],"collection":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/comments?post=26307"}],"version-history":[{"count":7,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/26307\/revisions"}],"predecessor-version":[{"id":29797,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/posts\/26307\/revisions\/29797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/media\/29603"}],"wp:attachment":[{"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/media?parent=26307"}],"wp:term":[{"taxonomy":"regions","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/regions?post=26307"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/series?post=26307"},{"taxonomy":"types","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/types?post=26307"},{"taxonomy":"client","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/client?post=26307"},{"taxonomy":"topics","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/topics?post=26307"},{"taxonomy":"personas","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/personas?post=26307"},{"taxonomy":"institutional_partnerships","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/institutional_partnerships?post=26307"},{"taxonomy":"clients","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/clients?post=26307"},{"taxonomy":"program_teams","embeddable":true,"href":"https:\/\/content.centerforfinancialinclusion.org\/wp-json\/wp\/v2\/program_teams?post=26307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}