Reimagining Microfinance
The Summer 2008 issue of the Stanford Social Innovation Review has an interesting article entitled "Reimagining Microfinance" where they argue that microfinance should be viewed as a platform, not as a product. One of the critical factors in this transformation is the creation of holistic performance standards and a certification program that add transparency to this market.
If microfinance is going to live up to its billing as a double bottom line business--that is, a business that charts both financial and social returns--MFIs must develop and agree upon robust measures of and standards for their social impacts. Social performance standards will also redound to MFIs' first bottom line by assuring that clients and their businesses are healthy in every sense of the term. Moreover, regularly measuring client progress will help MFIs focus innovation on lagging groups and regions.
The article argues convincingly for the creation of a certification program for microfinance institutions (MFIs) based on the following four categories:
To me, this could be an ideal application of the Balanced Scorecard and the strategy map to help add transparency and strategic focus to the process. The natural "cause and effect" logic model of the strategy map could help MFIs articulate their strategy within the context of the four certification categories.
A standardized Balanced Scorecard report, used by all certified MFIs, could also help investors and potential clients evaluate the MFIs and decide which organizations they wanted to do business with. The openness and transparency afforded by the process could help reinvigorate the market and allow it to truly acheive "double bottom line" success.
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In summary, it says that making huge economic loans to countries doesn't work as well as stimulating their economies through microfinance.
http://www.wilsoncenter.org/index.cfm?essay_id=361.... It is called the MicroMagic of MicroCredit.