Corporate Governance in Microfinance Institutions

This paper is organized as follows: this introduction is followed by a primer on the industry and on the evolution of the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and credit un...

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Main Authors:	Di Benedetta, Pasquale, Lieberman, Ira W., Ard, Laura
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	CREDIT MANAGEMENT FINANCIAL SERVICES SAVINGS SERVICES DEBT FUNDS LINES OF CREDIT VILLAGES DEPOSITS FINANCING INTEREST INSTITUTIONAL INVESTORS EDUCATION LOANS MICRO-LENDING DEPOSITORY INSTITUTIONS SAVINGS ACCOUNTS ENTREPRENEURS DEPOSIT BALANCES MULTINATIONAL REVENUES LIQUIDITY RISK CAPITAL ADEQUACY LOAN FEE BORROWERS CORRUPTION DELIVERY COSTS PAYMENTS E-BANKING DEVELOPMENT FINANCE INSTITUTIONS INFORMATION SYSTEMS MFIS RETAIL BANK SMALL BUSINESS TECHNICAL ASSISTANCE GROUP LENDING INDEBTEDNESS FINANCIAL INSTITUTION HIGH INTEREST RATES COMMERCIAL BANK LOAN PRODUCTS DEBTS FINANCIAL INSTITUTIONS PAYMENT CAPITAL MARKET DEBT INVESTMENT VEHICLE ENTERPRISES BANK CREDIT CONSULTING SERVICES FINANCING COSTS SHORT-TERM DEPOSITS BANKS INVESTMENT DECISIONS UNIONS DEPOSITORS INVESTMENT BANKS FINANCIAL TECHNOLOGY HUMAN CAPITAL BUSINESS FINANCE CAPITAL BUSINESS DEVELOPMENT SERVICES LIQUIDITY CRISIS FINANCIAL CAPITAL ACCESS TO FINANCE BUSINESS DEVELOPMENT SMALL BUSINESS LENDING BANK EQUITY FUNDS INVESTMENT VEHICLES REFUGEE LOAN PORTFOLIO SAVINGS PRODUCTS BUSINESS LENDING TRAINING CENTER EQUITY INVESTMENT DIVERSIFICATION RISK OF DEFAULT MICROCREDIT CREDIT RISK PROFITABILITY MICROFINANCE ECONOMIC DEVELOPMENT LOAN OFFICERS FINANCIAL INTERMEDIATION COMMERCIAL BANKS LOAN PRINCIPAL ACCESS TO SERVICES LOAN SIZE EMPLOYEE LOAN AMOUNTS PRIVATE INVESTORS SMALL BUSINESS LOANS EARNINGS DEVELOPMENT FINANCE NEW COMPANY BANKING SUPERVISION TERMS OF LOAN FEES REMITTANCES ENTREPRENEUR COOPERATIVE SELF-EMPLOYMENT DEVELOPMENT BANK CASH FLOW EMPLOYEES MFI MICROFINANCE INSTITUTION MONEY LENDERS DEPOSIT CAPITAL MARKETS INITIAL LOANS NATIONAL BANKS BUSINESS OPPORTUNITIES PEOPLE BUSINESS STRATEGIES VILLAGE INFORMATION SYSTEM EMPLOYMENT OPPORTUNITIES INTEREST RATE STOCK MARKET DISCLOSURE REQUIREMENTS SOCIAL RESPONSIBILITY INSURANCE POLICIES MICRO-BUSINESS CREDIT PORTFOLIO SAVING CREDITORS INTERNATIONAL BANK LENDER MICROFINANCE INSTITUTIONS DOUBLE BOTTOM LINE PRICE DISCOVERY DEVELOPMENT CORPORATION RISK PERCEPTIONS SMALL-BUSINESS BUSINESS LOANS COMMUNITY DEVELOPMENT SAVINGS START-UP INITIAL PUBLIC OFFERINGS CREDIT UNIONS MICRO-FINANCE INSTITUTIONS CREDIT BUREAUS UNION ENTREPRENEURIAL DEVELOPMENT INTEREST RATES DEPOSIT ACCOUNTS CAPITAL REQUIREMENTS SMALL-BUSINESS LENDING LENDERS MICRO-ENTREPRENEURS ACCOUNTS RECEIVABLE BANKERS LOANS MICRO FINANCE FINANCIAL SYSTEM PRIVATE EQUITY DEBIT CARDS FINANCE SMALL ENTERPRISE FREE LOANS PROFIT MARGIN SOCIAL ENTREPRENEURS EQUITY LOAN REPAYMENT SMALL BUSINESS DEVELOPMENT HANDICRAFT OPERATING COSTS WOMAN FAMILY BUSINESS CREDIT CREDIT FORMAL FINANCIAL SERVICES MICRO- ENTREPRENEURS SOCIAL RESPONSIBILITIES EQUITY INVESTMENTS INVESTMENT BANK SOCIAL ENTREPRENEUR WORKING CAPITAL REPAYMENT ENTERPRISE SOCIAL NETWORKS EQUITY INVESTORS EQUITY RATIO RURAL BANK CREDIT POLICIES OVERHEAD COSTS INTERESTS COMMERCIAL LENDERS MICRO ENTREPRENEUR SECURITY INVESTMENT LOAN PORTFOLIOS COLLATERAL MICRO-FINANCE COOPERATION FINANCIAL INTERMEDIARY COOPERATIVES REVENUE BORROWING INVESTMENTS RISK MANAGEMENT INTEREST RATE RISK SMALL-BUSINESS FINANCE FORM OF COLLATERAL EXCHANGE RATE LACK OF INFORMATION WOMEN OUTREACH DONOR FUNDING BANK BRANCHES MONEY TRANSFERS GUARANTEE CONSUMER PROTECTION EXTERNAL SHOCK REPAYMENT RATE
Online Access:	http://documents.worldbank.org/curated/en/2015/05/24534148/corporate-governance-microfinance-institutions http://hdl.handle.net/10986/22059

id	okr-10986-22059
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	CREDIT MANAGEMENT FINANCIAL SERVICES SAVINGS SERVICES DEBT FUNDS LINES OF CREDIT VILLAGES DEPOSITS FINANCING INTEREST INSTITUTIONAL INVESTORS EDUCATION LOANS MICRO-LENDING DEPOSITORY INSTITUTIONS SAVINGS ACCOUNTS ENTREPRENEURS DEPOSIT BALANCES MULTINATIONAL REVENUES LIQUIDITY RISK CAPITAL ADEQUACY LOAN FEE BORROWERS CORRUPTION DELIVERY COSTS PAYMENTS E-BANKING DEVELOPMENT FINANCE INSTITUTIONS INFORMATION SYSTEMS MFIS RETAIL BANK SMALL BUSINESS TECHNICAL ASSISTANCE GROUP LENDING INDEBTEDNESS FINANCIAL INSTITUTION HIGH INTEREST RATES COMMERCIAL BANK LOAN PRODUCTS DEBTS FINANCIAL INSTITUTIONS PAYMENT CAPITAL MARKET DEBT INVESTMENT VEHICLE ENTERPRISES BANK CREDIT CONSULTING SERVICES FINANCING COSTS SHORT-TERM DEPOSITS BANKS INVESTMENT DECISIONS UNIONS DEPOSITORS INVESTMENT BANKS FINANCIAL TECHNOLOGY HUMAN CAPITAL BUSINESS FINANCE CAPITAL BUSINESS DEVELOPMENT SERVICES LIQUIDITY CRISIS FINANCIAL CAPITAL ACCESS TO FINANCE BUSINESS DEVELOPMENT SMALL BUSINESS LENDING BANK EQUITY FUNDS INVESTMENT VEHICLES REFUGEE LOAN PORTFOLIO SAVINGS PRODUCTS BUSINESS LENDING TRAINING CENTER EQUITY INVESTMENT DIVERSIFICATION RISK OF DEFAULT MICROCREDIT CREDIT RISK PROFITABILITY MICROFINANCE ECONOMIC DEVELOPMENT LOAN OFFICERS FINANCIAL INTERMEDIATION COMMERCIAL BANKS LOAN PRINCIPAL ACCESS TO SERVICES LOAN SIZE EMPLOYEE LOAN AMOUNTS PRIVATE INVESTORS SMALL BUSINESS LOANS EARNINGS DEVELOPMENT FINANCE NEW COMPANY BANKING SUPERVISION TERMS OF LOAN FEES REMITTANCES ENTREPRENEUR COOPERATIVE SELF-EMPLOYMENT DEVELOPMENT BANK CASH FLOW EMPLOYEES MFI MICROFINANCE INSTITUTION MONEY LENDERS DEPOSIT CAPITAL MARKETS INITIAL LOANS NATIONAL BANKS BUSINESS OPPORTUNITIES PEOPLE BUSINESS STRATEGIES VILLAGE INFORMATION SYSTEM EMPLOYMENT OPPORTUNITIES INTEREST RATE STOCK MARKET DISCLOSURE REQUIREMENTS SOCIAL RESPONSIBILITY INSURANCE POLICIES MICRO-BUSINESS CREDIT PORTFOLIO SAVING CREDITORS INTERNATIONAL BANK LENDER MICROFINANCE INSTITUTIONS DOUBLE BOTTOM LINE PRICE DISCOVERY DEVELOPMENT CORPORATION RISK PERCEPTIONS SMALL-BUSINESS BUSINESS LOANS COMMUNITY DEVELOPMENT SAVINGS START-UP INITIAL PUBLIC OFFERINGS CREDIT UNIONS MICRO-FINANCE INSTITUTIONS CREDIT BUREAUS UNION ENTREPRENEURIAL DEVELOPMENT INTEREST RATES DEPOSIT ACCOUNTS CAPITAL REQUIREMENTS SMALL-BUSINESS LENDING LENDERS MICRO-ENTREPRENEURS ACCOUNTS RECEIVABLE BANKERS LOANS MICRO FINANCE FINANCIAL SYSTEM PRIVATE EQUITY DEBIT CARDS FINANCE SMALL ENTERPRISE FREE LOANS PROFIT MARGIN SOCIAL ENTREPRENEURS EQUITY LOAN REPAYMENT SMALL BUSINESS DEVELOPMENT HANDICRAFT OPERATING COSTS WOMAN FAMILY BUSINESS CREDIT CREDIT FORMAL FINANCIAL SERVICES MICRO- ENTREPRENEURS SOCIAL RESPONSIBILITIES EQUITY INVESTMENTS INVESTMENT BANK SOCIAL ENTREPRENEUR WORKING CAPITAL REPAYMENT ENTERPRISE SOCIAL NETWORKS EQUITY INVESTORS EQUITY RATIO RURAL BANK CREDIT POLICIES OVERHEAD COSTS INTERESTS COMMERCIAL LENDERS MICRO ENTREPRENEUR SECURITY INVESTMENT LOAN PORTFOLIOS COLLATERAL MICRO-FINANCE COOPERATION FINANCIAL INTERMEDIARY COOPERATIVES REVENUE BORROWING INVESTMENTS RISK MANAGEMENT INTEREST RATE RISK SMALL-BUSINESS FINANCE FORM OF COLLATERAL EXCHANGE RATE LACK OF INFORMATION WOMEN OUTREACH DONOR FUNDING BANK BRANCHES MONEY TRANSFERS GUARANTEE CONSUMER PROTECTION EXTERNAL SHOCK REPAYMENT RATE
spellingShingle	CREDIT MANAGEMENT FINANCIAL SERVICES SAVINGS SERVICES DEBT FUNDS LINES OF CREDIT VILLAGES DEPOSITS FINANCING INTEREST INSTITUTIONAL INVESTORS EDUCATION LOANS MICRO-LENDING DEPOSITORY INSTITUTIONS SAVINGS ACCOUNTS ENTREPRENEURS DEPOSIT BALANCES MULTINATIONAL REVENUES LIQUIDITY RISK CAPITAL ADEQUACY LOAN FEE BORROWERS CORRUPTION DELIVERY COSTS PAYMENTS E-BANKING DEVELOPMENT FINANCE INSTITUTIONS INFORMATION SYSTEMS MFIS RETAIL BANK SMALL BUSINESS TECHNICAL ASSISTANCE GROUP LENDING INDEBTEDNESS FINANCIAL INSTITUTION HIGH INTEREST RATES COMMERCIAL BANK LOAN PRODUCTS DEBTS FINANCIAL INSTITUTIONS PAYMENT CAPITAL MARKET DEBT INVESTMENT VEHICLE ENTERPRISES BANK CREDIT CONSULTING SERVICES FINANCING COSTS SHORT-TERM DEPOSITS BANKS INVESTMENT DECISIONS UNIONS DEPOSITORS INVESTMENT BANKS FINANCIAL TECHNOLOGY HUMAN CAPITAL BUSINESS FINANCE CAPITAL BUSINESS DEVELOPMENT SERVICES LIQUIDITY CRISIS FINANCIAL CAPITAL ACCESS TO FINANCE BUSINESS DEVELOPMENT SMALL BUSINESS LENDING BANK EQUITY FUNDS INVESTMENT VEHICLES REFUGEE LOAN PORTFOLIO SAVINGS PRODUCTS BUSINESS LENDING TRAINING CENTER EQUITY INVESTMENT DIVERSIFICATION RISK OF DEFAULT MICROCREDIT CREDIT RISK PROFITABILITY MICROFINANCE ECONOMIC DEVELOPMENT LOAN OFFICERS FINANCIAL INTERMEDIATION COMMERCIAL BANKS LOAN PRINCIPAL ACCESS TO SERVICES LOAN SIZE EMPLOYEE LOAN AMOUNTS PRIVATE INVESTORS SMALL BUSINESS LOANS EARNINGS DEVELOPMENT FINANCE NEW COMPANY BANKING SUPERVISION TERMS OF LOAN FEES REMITTANCES ENTREPRENEUR COOPERATIVE SELF-EMPLOYMENT DEVELOPMENT BANK CASH FLOW EMPLOYEES MFI MICROFINANCE INSTITUTION MONEY LENDERS DEPOSIT CAPITAL MARKETS INITIAL LOANS NATIONAL BANKS BUSINESS OPPORTUNITIES PEOPLE BUSINESS STRATEGIES VILLAGE INFORMATION SYSTEM EMPLOYMENT OPPORTUNITIES INTEREST RATE STOCK MARKET DISCLOSURE REQUIREMENTS SOCIAL RESPONSIBILITY INSURANCE POLICIES MICRO-BUSINESS CREDIT PORTFOLIO SAVING CREDITORS INTERNATIONAL BANK LENDER MICROFINANCE INSTITUTIONS DOUBLE BOTTOM LINE PRICE DISCOVERY DEVELOPMENT CORPORATION RISK PERCEPTIONS SMALL-BUSINESS BUSINESS LOANS COMMUNITY DEVELOPMENT SAVINGS START-UP INITIAL PUBLIC OFFERINGS CREDIT UNIONS MICRO-FINANCE INSTITUTIONS CREDIT BUREAUS UNION ENTREPRENEURIAL DEVELOPMENT INTEREST RATES DEPOSIT ACCOUNTS CAPITAL REQUIREMENTS SMALL-BUSINESS LENDING LENDERS MICRO-ENTREPRENEURS ACCOUNTS RECEIVABLE BANKERS LOANS MICRO FINANCE FINANCIAL SYSTEM PRIVATE EQUITY DEBIT CARDS FINANCE SMALL ENTERPRISE FREE LOANS PROFIT MARGIN SOCIAL ENTREPRENEURS EQUITY LOAN REPAYMENT SMALL BUSINESS DEVELOPMENT HANDICRAFT OPERATING COSTS WOMAN FAMILY BUSINESS CREDIT CREDIT FORMAL FINANCIAL SERVICES MICRO- ENTREPRENEURS SOCIAL RESPONSIBILITIES EQUITY INVESTMENTS INVESTMENT BANK SOCIAL ENTREPRENEUR WORKING CAPITAL REPAYMENT ENTERPRISE SOCIAL NETWORKS EQUITY INVESTORS EQUITY RATIO RURAL BANK CREDIT POLICIES OVERHEAD COSTS INTERESTS COMMERCIAL LENDERS MICRO ENTREPRENEUR SECURITY INVESTMENT LOAN PORTFOLIOS COLLATERAL MICRO-FINANCE COOPERATION FINANCIAL INTERMEDIARY COOPERATIVES REVENUE BORROWING INVESTMENTS RISK MANAGEMENT INTEREST RATE RISK SMALL-BUSINESS FINANCE FORM OF COLLATERAL EXCHANGE RATE LACK OF INFORMATION WOMEN OUTREACH DONOR FUNDING BANK BRANCHES MONEY TRANSFERS GUARANTEE CONSUMER PROTECTION EXTERNAL SHOCK REPAYMENT RATE Di Benedetta, Pasquale Lieberman, Ira W. Ard, Laura Corporate Governance in Microfinance Institutions
description	This paper is organized as follows: this introduction is followed by a primer on the industry and on the evolution of the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and credit unions, and commercialized vehicles; how they differ and why corporate governance differs according to the nature of the MFI; and (b) large networks, investment and bank-holding groups, and social services/faith-based groups. The authors then consider how corporate governance evolves and develops in MFIs as their structure and ownership changes. This is followed by an examination of the recurring issues and growing risks in the microfinance industry. The authors conclude with a look at the responses of governments, investors, and the industry itself to these issues and risks and propose some next steps.
format	Report
author	Di Benedetta, Pasquale Lieberman, Ira W. Ard, Laura
author_facet	Di Benedetta, Pasquale Lieberman, Ira W. Ard, Laura
author_sort	Di Benedetta, Pasquale
title	Corporate Governance in Microfinance Institutions
title_short	Corporate Governance in Microfinance Institutions
title_full	Corporate Governance in Microfinance Institutions
title_fullStr	Corporate Governance in Microfinance Institutions
title_full_unstemmed	Corporate Governance in Microfinance Institutions
title_sort	corporate governance in microfinance institutions
publisher	World Bank, Washington, DC
publishDate	2015
url	http://documents.worldbank.org/curated/en/2015/05/24534148/corporate-governance-microfinance-institutions http://hdl.handle.net/10986/22059
_version_	1764449976802344960
spelling	okr-10986-220592021-04-23T14:04:06Z Corporate Governance in Microfinance Institutions Di Benedetta, Pasquale Lieberman, Ira W. Ard, Laura CREDIT MANAGEMENT FINANCIAL SERVICES SAVINGS SERVICES DEBT FUNDS LINES OF CREDIT VILLAGES DEPOSITS FINANCING INTEREST INSTITUTIONAL INVESTORS EDUCATION LOANS MICRO-LENDING DEPOSITORY INSTITUTIONS SAVINGS ACCOUNTS ENTREPRENEURS DEPOSIT BALANCES MULTINATIONAL REVENUES LIQUIDITY RISK CAPITAL ADEQUACY LOAN FEE BORROWERS CORRUPTION DELIVERY COSTS PAYMENTS E-BANKING DEVELOPMENT FINANCE INSTITUTIONS INFORMATION SYSTEMS MFIS RETAIL BANK SMALL BUSINESS TECHNICAL ASSISTANCE GROUP LENDING INDEBTEDNESS FINANCIAL INSTITUTION HIGH INTEREST RATES COMMERCIAL BANK LOAN PRODUCTS DEBTS FINANCIAL INSTITUTIONS PAYMENT CAPITAL MARKET DEBT INVESTMENT VEHICLE ENTERPRISES BANK CREDIT CONSULTING SERVICES FINANCING COSTS SHORT-TERM DEPOSITS BANKS INVESTMENT DECISIONS UNIONS DEPOSITORS INVESTMENT BANKS FINANCIAL TECHNOLOGY HUMAN CAPITAL BUSINESS FINANCE CAPITAL BUSINESS DEVELOPMENT SERVICES LIQUIDITY CRISIS FINANCIAL CAPITAL ACCESS TO FINANCE BUSINESS DEVELOPMENT SMALL BUSINESS LENDING BANK EQUITY FUNDS INVESTMENT VEHICLES REFUGEE LOAN PORTFOLIO SAVINGS PRODUCTS BUSINESS LENDING TRAINING CENTER EQUITY INVESTMENT DIVERSIFICATION RISK OF DEFAULT MICROCREDIT CREDIT RISK PROFITABILITY MICROFINANCE ECONOMIC DEVELOPMENT LOAN OFFICERS FINANCIAL INTERMEDIATION COMMERCIAL BANKS LOAN PRINCIPAL ACCESS TO SERVICES LOAN SIZE EMPLOYEE LOAN AMOUNTS PRIVATE INVESTORS SMALL BUSINESS LOANS EARNINGS DEVELOPMENT FINANCE NEW COMPANY BANKING SUPERVISION TERMS OF LOAN FEES REMITTANCES ENTREPRENEUR COOPERATIVE SELF-EMPLOYMENT DEVELOPMENT BANK CASH FLOW EMPLOYEES MFI MICROFINANCE INSTITUTION MONEY LENDERS DEPOSIT CAPITAL MARKETS INITIAL LOANS NATIONAL BANKS BUSINESS OPPORTUNITIES PEOPLE BUSINESS STRATEGIES VILLAGE INFORMATION SYSTEM EMPLOYMENT OPPORTUNITIES INTEREST RATE STOCK MARKET DISCLOSURE REQUIREMENTS SOCIAL RESPONSIBILITY INSURANCE POLICIES MICRO-BUSINESS CREDIT PORTFOLIO SAVING CREDITORS INTERNATIONAL BANK LENDER MICROFINANCE INSTITUTIONS DOUBLE BOTTOM LINE PRICE DISCOVERY DEVELOPMENT CORPORATION RISK PERCEPTIONS SMALL-BUSINESS BUSINESS LOANS COMMUNITY DEVELOPMENT SAVINGS START-UP INITIAL PUBLIC OFFERINGS CREDIT UNIONS MICRO-FINANCE INSTITUTIONS CREDIT BUREAUS UNION ENTREPRENEURIAL DEVELOPMENT INTEREST RATES DEPOSIT ACCOUNTS CAPITAL REQUIREMENTS SMALL-BUSINESS LENDING LENDERS MICRO-ENTREPRENEURS ACCOUNTS RECEIVABLE BANKERS LOANS MICRO FINANCE FINANCIAL SYSTEM PRIVATE EQUITY DEBIT CARDS FINANCE SMALL ENTERPRISE FREE LOANS PROFIT MARGIN SOCIAL ENTREPRENEURS EQUITY LOAN REPAYMENT SMALL BUSINESS DEVELOPMENT HANDICRAFT OPERATING COSTS WOMAN FAMILY BUSINESS CREDIT CREDIT FORMAL FINANCIAL SERVICES MICRO- ENTREPRENEURS SOCIAL RESPONSIBILITIES EQUITY INVESTMENTS INVESTMENT BANK SOCIAL ENTREPRENEUR WORKING CAPITAL REPAYMENT ENTERPRISE SOCIAL NETWORKS EQUITY INVESTORS EQUITY RATIO RURAL BANK CREDIT POLICIES OVERHEAD COSTS INTERESTS COMMERCIAL LENDERS MICRO ENTREPRENEUR SECURITY INVESTMENT LOAN PORTFOLIOS COLLATERAL MICRO-FINANCE COOPERATION FINANCIAL INTERMEDIARY COOPERATIVES REVENUE BORROWING INVESTMENTS RISK MANAGEMENT INTEREST RATE RISK SMALL-BUSINESS FINANCE FORM OF COLLATERAL EXCHANGE RATE LACK OF INFORMATION WOMEN OUTREACH DONOR FUNDING BANK BRANCHES MONEY TRANSFERS GUARANTEE CONSUMER PROTECTION EXTERNAL SHOCK REPAYMENT RATE This paper is organized as follows: this introduction is followed by a primer on the industry and on the evolution of the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and credit unions, and commercialized vehicles; how they differ and why corporate governance differs according to the nature of the MFI; and (b) large networks, investment and bank-holding groups, and social services/faith-based groups. The authors then consider how corporate governance evolves and develops in MFIs as their structure and ownership changes. This is followed by an examination of the recurring issues and growing risks in the microfinance industry. The authors conclude with a look at the responses of governments, investors, and the industry itself to these issues and risks and propose some next steps. 2015-06-24T21:49:47Z 2015-06-24T21:49:47Z 2015-04-15 Report http://documents.worldbank.org/curated/en/2015/05/24534148/corporate-governance-microfinance-institutions http://hdl.handle.net/10986/22059 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper

Corporate Governance in Microfinance Institutions

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