“Building an Inclusive Financial Sector in Azerbaijan” Third Azerbaijan Micro-finance Conference Hyatt Regency Hotel Baku, Azerbaijan: May 26-27, 2006.

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Presentation transcript:

“Building an Inclusive Financial Sector in Azerbaijan” Third Azerbaijan Micro-finance Conference Hyatt Regency Hotel Baku, Azerbaijan: May 26-27, 2006 Transparency in the microfinance sector Microfinanza Rating Aldo Moauro

AMFA, Baku - May 26/27, Transparency in microfinance “Transparency” refers to accurate, timely information about the financial and social performance of an MFI, including the production, verification, reporting, and use of that information. Source: CGAP

AMFA, Baku - May 26/27, Transparency in microfinance The distinct processes of transparency Information Systems Internal Control External Audit Assessment / Performance Measurement Peer Group / Benchmarking Performance Standards Rating Supervision Source: CGAP

AMFA, Baku - May 26/27, Benefits of transparency Transparency improves performance Identify areas for improvements; make comparisons and better decisions Transparency attracts funders Make informed funding decision; track indicators Transparency protects clients Disclose product terms; inform about the quality of managment and safety of deposits

AMFA, Baku - May 26/27, Actions for transparency Enhance MIS and make it accessible but secure Have an Internal control/audit function External audited financial statements Member of networks, databases, credit bureaus (where available) Information activities (newsletters, website, etc) Up-dated written manuals Disclose credit policies (interest rates, etc.) Financial and Social rating

AMFA, Baku - May 26/27, Actions against transparency Centralization of responsibilities and power Close approach to external and internal environment by governance and management of the MFI –Keep books closed –Affirm that the managed institution is too particular to be assessed and compared

AMFA, Baku - May 26/27, Thank you!!! Aldo Moauro – Executive Director MF Rating Latin America Calle Pasaje El Jardín N° 152 y Avenida 6 de Diciembre Quito – Ecuador Tel.: MF Rating HQ Corso Sempione Milan – Italy Tel: Fax: