Combining social and financial performance: A paradox?
This paper makes the case that when microfinance institutions exhibit strong financial performance, particularly if there is a well-planned social performance strategy in place, the results for social performance are also better. Studies have suggested this in the past but their conclusions were based on incomplete data. This analysis draws on 2006-2011 data taken from 344 evaluations of 295 MFIs in 51 countries that have a total outreach of more than 12 million borrowers. The conclusion is that the double bottom line is no ‘mission impossible’ but can be achieved when trade-offs and synergies are combined cleverly, following a well-planned social performance management strategy.Armendáriz B. and Szafarz A. (2009) ‘Microfinance mission drift?’, CEB Working Paper No. 09/015, CERMi, Brussels.
Bédécarrats, F., Bastiaensen, J. and Doligez, F. (2012) ‘Co-optation, cooperation or competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua’, Third World Quarterly 33: 143-60 <http://dx.doi.org/10.1080/01436597.2012.627245≯.
CGAP (2003) Microfinance Consensus Guidelines. Definitions of Selected Financial Terms Rations and Adjustments for Microfinance, World Bank, Washington, D.C.
Christen, R. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, CGAP, Washington, D.C.
Christen, R.P., Rhyne, E. and Vogel, R.C. (1994) Maximising the Outreach of Micro-Finance: The Emerging Lessons of Successful Programmes, The Harvard Institute for International Development, Washington, D.C.
Copestake, J.G. (2007) ‘Mainstreaming microfinance: Social performance management or mission drift?’ World Development 35: 1721-38 <http://dx.doi.org/10.1016/j.worlddev.2007.06.004≯.
Cornée S. (2006) Une proposition d’évaluation conjointe des performances sociales et financières en microfinance, CERISE-CREM, Paris.
Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Financial performance and outreach: A global analysis of leading microbanks’, The Economic Journal 117: 107-33 <http://dx.doi.org/10.1108/S1569-3759(2009)0000092004≯.
Dewez, D. and Neisa, S. (2009) MFI's Social Performance Mapping and the Relationship between Financial and Social Performance: Evidences against the Trade-Off Theory, Incofin, Wilrijk, Belgium.
Duflo, E. (2010) ‘Microcrédit, miracle ou désastre?’, Le Monde, 11 January, p. 18.
Dunford, C. (2002) Whats Wrong with Loan Balance? Freedom From Hunger, Davis, CA.
Engels, P. (2010) Mission Drift in Microfinance: The Influence of Institutional and Country Risk Indicators on the Trade-Off between the Financial and Social Performance of Microfinance Institutions, Ibidem-Verlag, Stuttgart.
Flückiger Y. and Vassiliev A. (2007) ‘Evaluation of microfinance institutions in Peru: an application of data envelopment analysis’, in B. Balkenhol (ed.), Microfinance and Public Policy: Outreach, Performance and Efficiency, pp. 89-110, Palgrave Macmillan, Basingstoke, UK.
Gonzalez, A. (2010) Microfinance Synergies and Trade-offs: Social versus Financial Outcomes in 2008, MIX Data Brief No. 7, Microfinance Information Exchange, Washington, D.C.
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, The Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.2307/20202271≯.
Hashemi, S. (2007) Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions, CGAP, Washington, D.C.
Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP, Washington, D.C.
Hermes N., Lensink R. and Meesters A. (2008) Outreach and Efficiency of Microfinance Institutions, Working Paper, University of Groningen, Netherlands.
Hirschland, M., Chao-Béroff, R., Harper, M. and Lee, N. (2008) Reaching the Hard to Reach: Comparative Study of Member-Owned Financial Institutions in Remote Rural Areas, Coady International Institute, Antigonish, Canada.
Lapenu, C. (2007) ‘Performances sociales versus performances financières: peut-on être rentable en s’adressant à des populations pauvres?’ Horizons Bancaires 334: 55-66.
Lapenu, C., De Bruyne, B. (eds) (2008) The Role of Investors in Promoting Social Performance in Microfinance, European Dialogue, eMFP, Brussels.
Lapenu, C. and Doligez, F. (2007) ‘Mesure des performances sociales: les implications pour le secteur de la microfinance’, RECMA - Revue internationale de l'économie sociale 304: 46-62.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28: 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.
Rosenberg R., Gonzalez A. and Narain S. (2009) ‘The new moneylenders: are the poor being exploited by high microcredit interest rates?’, CGAP, Washington D.C.
Von Pischke, J.D. (1996) ‘Measuring the trade-off between outreach and sustainability of microenterprise lenders’, Journal of International Development 8: 225-39.
Armendáriz B. and Szafarz A. (2009) ‘Microfinance mission drift?’, CEB Working Paper No. 09/015, CERMi, Brussels.
Bédécarrats, F., Bastiaensen, J. and Doligez, F. (2012) ‘Co-optation, cooperation or competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua’, Third World Quarterly 33: 143-60 <http://dx.doi.org/10.1080/01436597.2012.627245≯.
CGAP (2003) Microfinance Consensus Guidelines. Definitions of Selected Financial Terms Rations and Adjustments for Microfinance, World Bank, Washington, D.C.
Christen, R. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, CGAP, Washington, D.C.
Christen, R.P., Rhyne, E. and Vogel, R.C. (1994) Maximising the Outreach of Micro-Finance: The Emerging Lessons of Successful Programmes, The Harvard Institute for International Development, Washington, D.C.
Copestake, J.G. (2007) ‘Mainstreaming microfinance: Social performance management or mission drift?’ World Development 35: 1721-38 <http://dx.doi.org/10.1016/j.worlddev.2007.06.004≯.
Cornée S. (2006) Une proposition d’évaluation conjointe des performances sociales et financières en microfinance, CERISE-CREM, Paris.
Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Financial performance and outreach: A global analysis of leading microbanks’, The Economic Journal 117: 107-33 <http://dx.doi.org/10.1108/S1569-3759(2009)0000092004≯.
Dewez, D. and Neisa, S. (2009) MFI's Social Performance Mapping and the Relationship between Financial and Social Performance: Evidences against the Trade-Off Theory, Incofin, Wilrijk, Belgium.
Duflo, E. (2010) ‘Microcrédit, miracle ou désastre?’, Le Monde, 11 January, p. 18.
Dunford, C. (2002) Whats Wrong with Loan Balance? Freedom From Hunger, Davis, CA.
Engels, P. (2010) Mission Drift in Microfinance: The Influence of Institutional and Country Risk Indicators on the Trade-Off between the Financial and Social Performance of Microfinance Institutions, Ibidem-Verlag, Stuttgart.
Flückiger Y. and Vassiliev A. (2007) ‘Evaluation of microfinance institutions in Peru: an application of data envelopment analysis’, in B. Balkenhol (ed.), Microfinance and Public Policy: Outreach, Performance and Efficiency, pp. 89-110, Palgrave Macmillan, Basingstoke, UK.
Gonzalez, A. (2010) Microfinance Synergies and Trade-offs: Social versus Financial Outcomes in 2008, MIX Data Brief No. 7, Microfinance Information Exchange, Washington, D.C.
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, The Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.2307/20202271≯.
Hashemi, S. (2007) Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions, CGAP, Washington, D.C.
Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP, Washington, D.C.
Hermes N., Lensink R. and Meesters A. (2008) Outreach and Efficiency of Microfinance Institutions, Working Paper, University of Groningen, Netherlands.
Hirschland, M., Chao-Béroff, R., Harper, M. and Lee, N. (2008) Reaching the Hard to Reach: Comparative Study of Member-Owned Financial Institutions in Remote Rural Areas, Coady International Institute, Antigonish, Canada.
Lapenu, C. (2007) ‘Performances sociales versus performances financières: peut-on être rentable en s’adressant à des populations pauvres?’ Horizons Bancaires 334: 55-66.
Lapenu, C., De Bruyne, B. (eds) (2008) The Role of Investors in Promoting Social Performance in Microfinance, European Dialogue, eMFP, Brussels.
Lapenu, C. and Doligez, F. (2007) ‘Mesure des performances sociales: les implications pour le secteur de la microfinance’, RECMA - Revue internationale de l'économie sociale 304: 46-62.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28: 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.
Rosenberg R., Gonzalez A. and Narain S. (2009) ‘The new moneylenders: are the poor being exploited by high microcredit interest rates?’, CGAP, Washington D.C.
Von Pischke, J.D. (1996) ‘Measuring the trade-off between outreach and sustainability of microenterprise lenders’, Journal of International Development 8: 225-39.
Armendáriz B. and Szafarz A. (2009) ‘Microfinance mission drift?’, CEB Working Paper No. 09/015, CERMi, Brussels.
Bédécarrats, F., Bastiaensen, J. and Doligez, F. (2012) ‘Co-optation, cooperation or competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua’, Third World Quarterly 33: 143-60 <http://dx.doi.org/10.1080/01436597.2012.627245≯.
CGAP (2003) Microfinance Consensus Guidelines. Definitions of Selected Financial Terms Rations and Adjustments for Microfinance, World Bank, Washington, D.C.
Christen, R. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, CGAP, Washington, D.C.
Christen, R.P., Rhyne, E. and Vogel, R.C. (1994) Maximising the Outreach of Micro-Finance: The Emerging Lessons of Successful Programmes, The Harvard Institute for International Development, Washington, D.C.
Copestake, J.G. (2007) ‘Mainstreaming microfinance: Social performance management or mission drift?’ World Development 35: 1721-38 <http://dx.doi.org/10.1016/j.worlddev.2007.06.004≯.
Cornée S. (2006) Une proposition d’évaluation conjointe des performances sociales et financières en microfinance, CERISE-CREM, Paris.
Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Financial performance and outreach: A global analysis of leading microbanks’, The Economic Journal 117: 107-33 <http://dx.doi.org/10.1108/S1569-3759(2009)0000092004≯.
Dewez, D. and Neisa, S. (2009) MFI's Social Performance Mapping and the Relationship between Financial and Social Performance: Evidences against the Trade-Off Theory, Incofin, Wilrijk, Belgium.
Duflo, E. (2010) ‘Microcrédit, miracle ou désastre?’, Le Monde, 11 January, p. 18.
Dunford, C. (2002) Whats Wrong with Loan Balance? Freedom From Hunger, Davis, CA.
Engels, P. (2010) Mission Drift in Microfinance: The Influence of Institutional and Country Risk Indicators on the Trade-Off between the Financial and Social Performance of Microfinance Institutions, Ibidem-Verlag, Stuttgart.
Flückiger Y. and Vassiliev A. (2007) ‘Evaluation of microfinance institutions in Peru: an application of data envelopment analysis’, in B. Balkenhol (ed.), Microfinance and Public Policy: Outreach, Performance and Efficiency, pp. 89-110, Palgrave Macmillan, Basingstoke, UK.
Gonzalez, A. (2010) Microfinance Synergies and Trade-offs: Social versus Financial Outcomes in 2008, MIX Data Brief No. 7, Microfinance Information Exchange, Washington, D.C.
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, The Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.2307/20202271≯.
Hashemi, S. (2007) Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions, CGAP, Washington, D.C.
Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP, Washington, D.C.
Hermes N., Lensink R. and Meesters A. (2008) Outreach and Efficiency of Microfinance Institutions, Working Paper, University of Groningen, Netherlands.
Hirschland, M., Chao-Béroff, R., Harper, M. and Lee, N. (2008) Reaching the Hard to Reach: Comparative Study of Member-Owned Financial Institutions in Remote Rural Areas, Coady International Institute, Antigonish, Canada.
Lapenu, C. (2007) ‘Performances sociales versus performances financières: peut-on être rentable en s’adressant à des populations pauvres?’ Horizons Bancaires 334: 55-66.
Lapenu, C., De Bruyne, B. (eds) (2008) The Role of Investors in Promoting Social Performance in Microfinance, European Dialogue, eMFP, Brussels.
Lapenu, C. and Doligez, F. (2007) ‘Mesure des performances sociales: les implications pour le secteur de la microfinance’, RECMA - Revue internationale de l'économie sociale 304: 46-62.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28: 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.
Rosenberg R., Gonzalez A. and Narain S. (2009) ‘The new moneylenders: are the poor being exploited by high microcredit interest rates?’, CGAP, Washington D.C.
Von Pischke, J.D. (1996) ‘Measuring the trade-off between outreach and sustainability of microenterprise lenders’, Journal of International Development 8: 225-39.
Armendáriz B. and Szafarz A. (2009) ‘Microfinance mission drift?’, CEB Working Paper No. 09/015, CERMi, Brussels.
Bédécarrats, F., Bastiaensen, J. and Doligez, F. (2012) ‘Co-optation, cooperation or competition? Microfinance and the new left in Bolivia, Ecuador and Nicaragua’, Third World Quarterly 33: 143-60 <http://dx.doi.org/10.1080/01436597.2012.627245≯.
CGAP (2003) Microfinance Consensus Guidelines. Definitions of Selected Financial Terms Rations and Adjustments for Microfinance, World Bank, Washington, D.C.
Christen, R. (2001) Commercialization and Mission Drift: The Transformation of Microfinance in Latin America, CGAP, Washington, D.C.
Christen, R.P., Rhyne, E. and Vogel, R.C. (1994) Maximising the Outreach of Micro-Finance: The Emerging Lessons of Successful Programmes, The Harvard Institute for International Development, Washington, D.C.
Copestake, J.G. (2007) ‘Mainstreaming microfinance: Social performance management or mission drift?’ World Development 35: 1721-38 <http://dx.doi.org/10.1016/j.worlddev.2007.06.004≯.
Cornée S. (2006) Une proposition d’évaluation conjointe des performances sociales et financières en microfinance, CERISE-CREM, Paris.
Cull, R., Demirguc-Kunt, A. and Morduch, J. (2009) ‘Financial performance and outreach: A global analysis of leading microbanks’, The Economic Journal 117: 107-33 <http://dx.doi.org/10.1108/S1569-3759(2009)0000092004≯.
Dewez, D. and Neisa, S. (2009) MFI's Social Performance Mapping and the Relationship between Financial and Social Performance: Evidences against the Trade-Off Theory, Incofin, Wilrijk, Belgium.
Duflo, E. (2010) ‘Microcrédit, miracle ou désastre?’, Le Monde, 11 January, p. 18.
Dunford, C. (2002) Whats Wrong with Loan Balance? Freedom From Hunger, Davis, CA.
Engels, P. (2010) Mission Drift in Microfinance: The Influence of Institutional and Country Risk Indicators on the Trade-Off between the Financial and Social Performance of Microfinance Institutions, Ibidem-Verlag, Stuttgart.
Flückiger Y. and Vassiliev A. (2007) ‘Evaluation of microfinance institutions in Peru: an application of data envelopment analysis’, in B. Balkenhol (ed.), Microfinance and Public Policy: Outreach, Performance and Efficiency, pp. 89-110, Palgrave Macmillan, Basingstoke, UK.
Gonzalez, A. (2010) Microfinance Synergies and Trade-offs: Social versus Financial Outcomes in 2008, MIX Data Brief No. 7, Microfinance Information Exchange, Washington, D.C.
Gutiérrez-Nieto, B., Serrano-Cinca, C. and Molinero, C.M. (2009) ‘Social efficiency in microfinance institutions’, The Journal of the Operational Research Society 60: 104-19 <http://dx.doi.org/10.2307/20202271≯.
Hashemi, S. (2007) Beyond Good Intentions: Measuring the Social Performance of Microfinance Institutions, CGAP, Washington, D.C.
Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP, Washington, D.C.
Hermes N., Lensink R. and Meesters A. (2008) Outreach and Efficiency of Microfinance Institutions, Working Paper, University of Groningen, Netherlands.
Hirschland, M., Chao-Béroff, R., Harper, M. and Lee, N. (2008) Reaching the Hard to Reach: Comparative Study of Member-Owned Financial Institutions in Remote Rural Areas, Coady International Institute, Antigonish, Canada.
Lapenu, C. (2007) ‘Performances sociales versus performances financières: peut-on être rentable en s’adressant à des populations pauvres?’ Horizons Bancaires 334: 55-66.
Lapenu, C., De Bruyne, B. (eds) (2008) The Role of Investors in Promoting Social Performance in Microfinance, European Dialogue, eMFP, Brussels.
Lapenu, C. and Doligez, F. (2007) ‘Mesure des performances sociales: les implications pour le secteur de la microfinance’, RECMA - Revue internationale de l'économie sociale 304: 46-62.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’ World Development 38: 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Morduch, J. (1999) ‘The microfinance promise’, Journal of Economic Literature 37: 1569-614.
Morduch, J. (2000) ‘The microfinance schism’, World Development 28: 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.
Rosenberg R., Gonzalez A. and Narain S. (2009) ‘The new moneylenders: are the poor being exploited by high microcredit interest rates?’, CGAP, Washington D.C.
Von Pischke, J.D. (1996) ‘Measuring the trade-off between outreach and sustainability of microenterprise lenders’, Journal of International Development 8: 225-39.
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