マイクロファイナンスの投資ファンドの課題

―収益性と社会インパクトの両立に向けて―

抄録

Microfinance Investment Vehicles (MIVs) has rapidly increased its investment in microfinance (MF) in the past decade. MIVs attracted the fund from many public and private investors since they pursue not only financial returns but also social returns, such as job creation of the poor in developing countries, and have become the flagship of the impact investment. The purpose of this study is to analyze the MIVs for their contribution to the development of MF and their challenges to attain the double bottom lines of financial and social returns.

Microfinance has rapidly increased the portfolio during the 2000s at the annual growth rate of 45%. MIVs have supported the growth of many MF institutions (MFIs) as well as their transformation from NGOs to non-bank financial institutions and to banks by providing the necessary funds. However, the concentration of MIVs' funds in several markets resulted in too fast growth of MF portfolio beyond their capacity, which saturated the market and created crisis such as over-indebtedness of clients, increased bad debt, and collapses of MFIs. In those markets, the emphasis on growth and the higher returns by MIVs and other private investors created strong incentives for the fast expansion of MFIs.

To avoid such crisis, MIVs have introduced a variety of measures, including emphasis on social performance, client protection, promotion of ESG investment, etc. Oikocredit, a leading MIV, is actively engaged in efforts such as introducing the ESG scorecard for screening and monitoring MFIs.

Since the level of effort by MIVs for ESG investment seems varied, the following is recommended: 1) strengthen ESG investment system and information sharing by MIVs; 2) promotion of MIVs' investment to underdeveloped markets of MF and collaboration with public institutions; and 3) harmonization and coordination among MIVs.