By Brad Stave, VisionFund International, Marketing and Communications
Each year, Microfinance Institutions (MFIs) from around the world are ranked and reviewed by the Microfinance Information Exchange (MIX), a leading business information provider dedicated to strengthening the microfinance sector by providing financial and social performance transparency.
In 2010 MIX recognised MFIs located all over the world for their excellence in reporting social performance through the Social Performance Reporting Award. Social performance refers to the commitment to serve the poor and marginalised with products and services that meet their needs and develop their lives and the lives of their families.
The Social Performance Reporting Award was developed and launched by CGAP (Consultative Group to Assist the Poor), the Social Performance Task Force (SPTF), the Michael & Susan Dell Foundation, the Ford Foundation, and with microfinance information provided by MIX in 2009.
With hundreds of submissions, VisionFund is proud to announce that affiliated microfinance institutions, AzerCredit of Azerbaijan and Community Economic Ventures, Inc. (CEVI) were recognised by MIX for their integrity and transparency in reporting, measuring, and data collection of social performance. Social performance reporting allows MFIs to better target the poor and design appropriate products and services.
A gold award for social performance reporting is given by MIX when an MFI completes the social performance reporting report, provides data on poverty measurement, and has a social rating that includes auditing of the poverty tool used by the MFI.
Jonar Dorado, CEO of CEVI, shared, “I am pleased that CEVI has received the Gold Award for social performance reporting from MIX. We are thankful for the valuable support and guidance through this process. All glory is given to God; for all that He has done through us.”
In 2009, CEVI disbursed over $7.8 million in loans to more than 21,000 borrowers. CEVI’s microfinance efforts impacted over 75,000 children and created or sustained nearly 39,000 jobs.
Ljiljana Spasojevic, CEO of AzerCredit, shared, “I am exceptionally proud of the efforts of AzerCredit in our ability to provide succinct, accurate, and transparent social performance reporting. I am pleased that AzerCredit has been internationally recognised for our commitment in best in class reporting. Excellent social performance reporting will allow AzerCredit to improve and develop our impact in the field amongst the borrowers we serve. In the end, it is our clients who will benefit the most.”
In 2009, AzerCredit disbursed over $33 million in loans to more than 33,000 borrowers. AzerCredit’s microfinance efforts impacted over 40,000 children and created or sustained more than 38,000 jobs.
Scott Brown, President & CEO of VisionFund expressed his congratulations to all the management and staff of AzerCredit and CEVI in their first-ever gold award received, and said, “AzerCredit and CEVI have now set the standard which all MFIs will now strive to achieve.” In 2009, seven VisionFund affiliated MFIs received MIX’s silver award for social performance reporting.