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Fondeo de microfinancieras. Tom áš Hes Prague , 1 7th of May 2011. ONE OF 3 MAJOR OBSTACLES FOR PRODUCTIVE GROWTH OF DEVELOPING COUNTRIES IS….. LACK OF PRODUCTIVE CAPITAL . ABSURD DISPARI TY between the need and the availability

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fondeo de microfinancieras

Fondeo de microfinancieras

TomášHes

Prague, 17th ofMay2011

slide2

ONE OF 3 MAJOR OBSTACLES FOR PRODUCTIVE GROWTH OF DEVELOPING COUNTRIES IS…..LACK OF PRODUCTIVE CAPITAL

slide3

ABSURDDISPARITY between the need and the availability

    • of capital
  • price of capital in
  • Europe / USA price of capital
  • in emerging markets
  • 2-5% p.a.
  • 7-20%p.a.
  • Capital is interested in projects in emerging
  • markets simply because of major yields.
slide4

COMPARACIÓN DE PRECIO DE CAPITAL ENTRE MÉXICO Y OTROS PAÍSES

Central bank interest rates

Japan 0.5%

Brazil 11.25%

Egypt 8.75%

South Africa 10.0%

Canada 4.5%

Australia 6.50%

China 7.02%

Hong Kong 6.75%

India 7.75%

Japan 0.50%

Korea 5.00%

New Zealand 8.25%

Taiwan 2.88%

Czech Republic 3.25%

EMU 4.00%

Norway 4.50%

Sweden 3.75%

Switzerland 2.50%

United Kingdom 5.75%

Turkey 17.50%

United States 5.25%

México 8%

n ew phenomenon of new millenium socially responsible investment
New phenomenon of new milleniumSOCIALLY RESPONSIBLE INVESTMENT

$2.71 trillion in total assets

Each one in 9 dollars is related to SRI

SRI increased by 18% entre 2005-2007, while other assets under professional custody increased only 3%

However only 0.5% of SRI is channeled to microfinance

Data from 2007 Report on Socially Responsible Investing Trends in the United States

socially responsible investments in 2007 2 71 trillion
Sociallyresponsibleinvestments in 2007: $2.71 Trillion

Social responsible investments represented 11% of $25.1 trillions under professional custody in 2007

miv assets 2005 2009
MIV Assets 2005-2009

Source: Microrate 2010 MIV Survey

microfinance investments1
Microfinanceinvestments

Feweconomiesoutof 137 sample grouphavelegalprotectionsagainst unfair practices in financialsector

Source: Financial Access 2010

microfinance debt characteristics1
Microfinancedebtcharacteristics

Structure of international microfinance funding in 2006

Source: MicroBanking Bulletin

microfinance investment vehicles
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles1
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles2
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles3
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles4
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles5
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

microfinance investment vehicles6
Microfinanceinvestmentvehicles

Source: CGAP MIV Report 2010

slide20

CAPITAL SOURCES

ARE UNLIMITED

slide21

Mayores mitos relacionados con el fondeo

  • faltan recursos
  • aunque no falten los recursos, mi empresa no tiene la capacidad de ser elegida
  • es cuestión de suerte
  • fondeo no es un proceso
  • fondeo es resultado de amistad con el fondeador
  • fondeador no tiene memória
  • importante es el volúmen, no estructura de fondeo
slide22

Estrategia optimal de fondeo

  • nunca aceptar riesgo cambiario demasiado grande
  • balancear las fuentes
  • es preferente tener de muchas fuentes poco que tener de pocas mucho
  • siempre seguir buscando vinculos y mantener comunicacion
  • buscar fondeo a largo plazo
  • crear reservas de capital social como el unico capital seguro
slide23

Whyisthere not more funding in microfinanceifthereisso much capital?

  • LACK OF INFORMATION
  • LACK OF INFRASTRUCTURE
  • PERCEIVED RISK LEVEL
  • LACK OF CONFIDENCE
slide24

Who is myELEN.com? GENESISThe idea was conceived in 2006, after experience of one of the founders in Mexican microfinance. The inspiration was blatant disparity between price of capital in Mexico and Europe – linked with internet.

slide25

Between years 2007-2011, Czech myELEN.com has proven its microfinance funding model, belonging to the first endeavors of its kind. myELEN.com is the only funding portal that intermediates investment funding through direct legally founded relationship between the investor & MFI. Today, the portal has managed to channel to 5 Mexican MFI´s cca. 1,000,000 EUR from cca 400+ private investors.

slide27

IDEA ofmyELEN.com

to fundmicrocredit on line

instant accessthrough internet fromanywhere

offerofselectedMFIs

directchoiceofthedebtor

peer to peer lending: thepoorindividualscan

benefitfromwealthierindividualwholoan

themdirectly

slide29

Shareholders of the project belong to important Czech economists and entrepreneurs. The IT structure of the project is based upon experience of creators of izip.com, system of electronic health records, which earned distinction of Project of e-Health the Year in European Union in 2005, currently with 2,000,000+ clients.

slide30

EvolutionofmyELEN.com

Stockcompany

Microfinance a.s.

owneroftheportal

  • 2006: Czech team of economists, bankers, entrepreneurs was formed.
  • In 2006 we thought we were pioneers! In late 2006 we discovered kiva.org
  • In the start of 2007, a stock company Microfinance a.s. and Microfinance Endowment Fund were established in Prague, with seed capital of 2,000,000 CZK
  • In 2007, Microfinance a.s. launched the portal myELEN.com in beta version (my Electronic Loan Exchange Network), built up by a subcontractor GEM International Ltd.

Foundation

MicrofinanceEndowmentfund

complementary non-profit activities

  • myELEN.com was the first project of its kind in Europe.
slide31

In January 2008, followed by a great attention of press, politicians, diplomats and NGOs, the portal was launched officialy.

slide32

Howitworks

  • Two language mutations available
  • Deep analysis and finance control, site inspection
  • results in careful selection of the microfinancepartners promoted on the portal
  • Concrete photo and story about borrowers
  • Innovation: Electronic signature of contracts
  • Robust legal contracts

debtor

Investors

Bank accountPrague

Bank account MFI, Mexico

debtor

debtor

slide33

Back office: non-automatedoperations

  • ocularcontrolofthecontracts
  • transfersofinvestmentsfromPragueaccount to
  • Mexico MFI account in packages
  • transfersofrepaymentsfromPragueaccount to
  • investor bank account
  • steadycommunicationwithMFIsandinvestors CZ + ENG
  • back office photoapplicants + investors
  • tax & audit for Microfinance a.s. + Microfinance Endowment Fund
  • communicationwith authorities
  • archiving
slide34

PORTAL ENTRAILS

portal www.myelen.com

presents on the web photographs and description of:

a) Individual applicants, clients of partner MFI

b) Village banks, composed by clients of partner MFI

c) MFI´s, that present on the web

• their financial statements

• founding charter

• CV’s of top management

• business plan

• resolutions of the board

The investor, physical person or institution, has the opportunity to select desired debtor

according to sector, country and type of organization. Currently we offer three type

of investment products in USD, EUR, CZK:

a) investment with repayment of interest & capital after 12 months

b) investment with repayment of interest quarterly and capital after 12 months

c) investment with repayment of interest & capital quarterly in 12 months

The interest rate to investors ranges from 2% p.a. to 8% p.a.,

according to the amount. Minimum investment is 300 USD, maximum is unlimited.

The FX is in all cases born by the MFIs.

experience was getting collected
experience was getting collected…
  • EXPERIENCE MADE
  • In the beginning, MFIs take some time to master the technology,
  • but once the investment flow is steady, they collaborate well and with enthusiasm.
  • 80% of the small scale investors, once their investment is repaid, do re-invest,
  • increasing the amount.
  • The average funding amount hovers between 1,000 -2,000 USD
  • In general, Czech people have welcomed the concept and are keen to invest, even if small amounts, once they become acquainted with the portal.
slide37

Política de fondeo e instituciones que les interesa apoyar1. MICROFINANCIERAS DE TAMAÑO MÉDIO, ONGS Y PRIVADAS 2. COOPERATIVAS - 3 años en el mercado - números negros - política de expansión conservadora - empresas consolidadas y con una fuerte política social

slide38

 Experiencias1. números negros 2. expansión mesurada 3. buena combinación entre la administracion financiera y el impacto social 4. tamaño mayor a 15 mdp en portafolio 5. crédito grupal 6. capacidad de comunicación por internet rápida y interactiva 7. capacidad de aceptar pequenas inversiones de 1-2 k USD 8. aceptación de firma digital en los contratos + pagarés paralelamente

slide39

Experiencia nos demostro que: 1. 80% los inversionistas privados reinvierten 2. la confianza se construye entre inversionistas privados y la IMF paso a paso 3. la capacidad de manejar a la tecnología es un proceso en la IMF 4. tardanzas y falta de comunicación lleva a perdida de inversionistas 5. el inversionista privado prefiere saber la verdad de que dar vueltas y sabe remunerar esta capacidad