MIF Rated Top Performer of SmartAid Index
With a score of 85 out of 100 points in the 2013 SmartAid Index, the Multilateral Investment Fund (MIF) is the top performing agency among the 19 aid agencies that have participated in SmartAid to date. A leading performer in the previous two rounds of SmartAid, the MIF continued to make significant improvements to remain among the best, as reported in the MIF SmartAid 2013 Report. It is the top rated agency on three out of nine SmartAid indicators—Strategic Clarity, Quality Assurance, and Appropriate Instruments.
What makes the MIF a leading funder in financial inclusion?
1. A clear vision that is always evolving to reflect the changes in the dynamic Latin American and Caribbean markets. The MIF recognizes the vast differences among LAC markets and has an adapted approach that allows it to support capacity where it is needed most, but to push the frontier of innovation in more mature markets.
2. An ability to articulate upfront its intent and then exit markets responsibly to avoid crowding out private actors and to ensure its presence is always “adding value”. The MIF is one of the few funders that has a long track record in exiting investments. It spends considerable time vetting the buyers of its stakes with the goal of ensuring the institution’s sustainability. To date, the MIF has exited from over 15 MFIs and MIVs.
3. A commitment to being a learning organization starting with strong data on project and market performance and internal mechanisms to share learning from projects with all staff. The MIF has continued to invest in technology platforms to collect and share data on projects. It has internal processes that promote analysis and reflection on performance and it invests in sharing lessons both internally and with the broader financial inclusion community.
“The MIF is very honored to have received this recognition from CGAP,” said MIF General Manager Nancy Lee. “From our long experience in microfinance and financial inclusion, to our more recent investments in knowledge sharing and impact measurement, we are proud of the progress we and our partners in Latin America and the Caribbean have made in expanding access to financial services for the poor and vulnerable. We appreciate CGAP’s thoughtful recommendations on how we may strengthen our efforts even further in the future.”
Five funders participated in SmartAid 2013, increasing the total number of funders participating in the SmartAid Index to 19. CGAP congratulates the broad range of funders that are open to taking a critical look at how they support financial inclusion and are committed to implementing concrete changes within their organizations. As SmartAid reports of the 2013 round become public, they will be posted on cgap.org. Reports from prior rounds can be found here.
In the coming weeks, CGAP will facilitate a brainstorming session with MIF staff surrounding the implementation of SmartAid recommendations, and discuss ways in which the MIF can continuously improve and strengthen its internal systems.