Recognizing Commitments to Transparent Social Performance Reporting and Management
With the microfinance industry evolving at a rapid pace, over the past several years the criteria by which we evaluate the performance of microfinance institutions has changed. Now more than ever it is important to not only look at the growth or financial sustainability of an MFI; but their commitment to transparency and accountability in their efforts to achieve their social ends as well.
Since MIX started social performance data collection in 2009 with about 200 MFIs, our numbers have grown significantly. Today, over 600 institutions across the globe have completed social performance profile information on MIX Market.
To recognize those MFIs committed to transparent social performance monitoring and management, MIX, along with the Michael & Susan Dell Foundation, the Ford Foundation and CGAP, initiated an award program in 2009 aimed at promoting social performance reporting. Since its launch, the criteria of the social performance reporting awards has evolved beyond rewarding MFIs on the basis of transparency, but also recognizing good practices in social performance management.
The 2011 reporting awards feature 3 levels: Silver, Gold, and Platinum.
To receive the Silver Award, institutions must have:
- Completed the social performance questionnaire found in MIX’s Online Profile Editor
- Submitted proper documentation to MIX proving the existence of reported social performance policies
- Reported poverty measurement data to MIX
To receive the Gold Award, institutions must have:
- Completed the requirements of the Silver Award
- Have a social rating from 2008 or later
- Showed social change related to their mission
To receive the Platinum Award, institutions must have:
- Completed the requirements of the Silver and Gold Awards
- Completed an additional survey assessing new social performance indicators
The 2011 Platinum Award recipients are: ABA, AMK, AzerCredit, Banco ADOPEM, Banco FIE, CEVI, JSC MFO Crystal, D-Miro, EKI, Finca Peru, FODEMI, Fonkoze, Fundación Amanecer, Fundación Paraguaya, Fundación Espoir, IMON, Insotec, Manuela Ramos, MiBanco, PRISMA, SEF-ZAF, Ujjivan, UNRWA, VFC.
In 2011, 460 MFIs reported complete 2010 social performance data to MIX and by February 2012, 15% of them were entitled to an award. Seventy eight MFIs provided a social rating and 122 MFIs shared supporting documents for data validation which were reviewed by MIX analysts and MIX’s partner networks.
This years’ social performance reporting awards also recognized several MFI networks for their efforts of promoting social performance reporting of their MFI affiliates to MIX as well as several investors, for reaching the majority of financed enterprises reporting social data to MIX.
MIX would like to congratulate all of the social performance reporting award recipients. To view the complete list, click here.