金闲评
Thursday, October 18, 2007
  Indian microfinance is attracting big business

By Amy Yee
Published: October 12 2007

The Indian microfinance sector is starting to attract private equity groups and hedge funds after a series of high-profile deals cast the sector in a different light from its charitable origins.

Leading Indian microfinance groups, such as SKS Microfinance, Share, Spandana and Basix, make small loans of typically less than $100 to the poor and, until a few years ago, were largely viewed as a destination for charitable donations rather than serious investment.

However, this week, Indian and foreign investors interested in investing in the fast-growing sector have met about 40 microfinance institutions at an inaugural microfinance investment fair in New Delhi.

Private equity investors’ entry into the field follows that of big banks such as ICICI of India, ABN Amro, Standard Chartered and Citibank, which have in recent years greatly increased the capital they give to microfinance institutions.

The heightened interest in India, one of the largest microfinance markets, comes after a flurry of deals, which included Sequoia, the Silicon Valley venture capital company that backed Google, investing $11.5m in SKS Microfinance this spring.

“There is huge commercial interest in the sector,” said Vikram Akula, SKS chief executive. SKS has been approached by about 20 private equity funds and even hedge funds, he added.

The number of microfinance borrowers in India reached 36.8m, according to a report from the Ford Foundation, the Swiss agency for development and microfinance advisory access. Outstanding loans distributed by Indian microfinance institutions increased 76 per cent to about $766m in 2006-2007. Repayment rates of about 98 per cent have created confidence in the business.

Dubai-based Legatum Capital this week announced it would pay $8.4m for a minority share in Intellecap, an Indian adviser that focuses on microfinance.

Legatum this spring paid $25m for a majority stake in Share, as well as $4.5m for an undisclosed interest in Fino, maker of microfinance technology, such as Smart cards and card readers.

Legatum hoped that its investments would “send a powerful signal to other equity investors that the microfinance industry is worth looking at”, said Mark Stoleson, the president.

US-based Unitus Equity Fund (UEF), whose partners include the investment company of Ebay founder Pierre Omidyar, invested $500,000 in SKS last year and this year closed a $23.4m fund devoted to microfinance in Asia and Latin America.

Chris Brookfield, UEF director, said the fund would be making more investments in India soon.

Sequoia will focus on its investment in SKS but anticipates others will enter the fray. “It may not be us but you will see a lot more investors coming in,” said Sumir Chadha, managing director of Sequoia Capital India.

But he warned: “Now there is so much euphoria around microfinance, many companies expecting overnight success will probably be disappointed if they have these expectations.”

Apart from India’s biggest leading microfinance companies, many fledgling groups lack the experience to prepare for investment, said Vipin Sharma, chief executive of Access, a sector ad­viser formerly part of humanitarian organisation Care. Access has been working with small microfinance companies to develop business plans and help woo investors at Thursday’s conference. But the possible entry of private equity players has raised questions about how this could alter microfinance’s original mission of uplifting the poor.

Vijay Mahajan, chairman of Basix, pointed out that this year’s flotation of Mexican microfinance group Compartamos had made its founders millionaires. “Presumably, this will attract more capital, but on what terms to the ultimate users? Is this what we set up this sector for?” he told the magazine Microfinance Insights.

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Thursday, May 10, 2007
  中国筹建首家「穷人银行」
2007-05-10

  (联合早报网讯)据中时电子报报道,中国国务院扶贫办公室下属的中国扶贫基金会小额信贷部主任刘冬文表示,经过近十年的小额信贷实践后,扶贫基金会决定将下属的小额信贷部按照银行模式运作,将建成中国首家专门为穷人贷款的「穷人银行」。

  香港「大公报」今天引述刘冬文说,「穷人银行」的业务专为穷人量身订做,一般单笔农户贷款的额度为人民币一千至五千元,期限为六至十二个月,年利率为百分之七至九,每月分期还款,无需任何抵押或担保。

  刘冬文表示,目前「穷人银行」已确立了明晰的产权,建立了一套独特而规范的操作和管理程序,开始严格按照金融机构的规范流程运作。

  在运作中,「穷人银行」坚持贷款额度小,利率较高,五户连保,现场集中发放和整贷零还等基本规则,排除非贫困农户借款,确保将款贷给穷人。

  而且,贷款的穷人还可以得到全程服务,在向农户提供小额贷款的同时,还有专门的信贷管理人员为农户提供法律、经营管理和生产技术等培训及资讯服务,提高农户的自立和自我发展能力,使农户真正实现增收,确保其能脱贫致富,顺利还款。

  刘冬文指出,中国扶贫基金会已与国家开发银行签署小额信贷扶贫项目合作协定,国家开发银行为基金会的小额信贷扶贫项目提供一亿元贷款本金支持,此外,还有一些地方政府提供扶贫资金,因此,将扩大放贷力度,使更多的贫困人口得到贷款脱贫致富。

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Sunday, April 22, 2007
  尤努斯将在华设小额信贷公司 选三地试点
周岚/文《财经》网络版 [2007-04-22]

 格拉珉信托将独立运作只贷不存的小额信贷公司,从总部派员,拟首先在四川、内蒙古和海南三地开展业务,预期今年上半年启动。

  尤努斯认为,中国现在的小额信贷公司只能放贷,不能吸纳存款,是一条腿走路,不能自立更生;相关法规应更加简单

【网络版专稿/《财经》杂志记者周岚 发自海南博鳌】去年获得诺贝尔和平奖的孟加拉格拉珉银行行长尤努斯再次受邀访华,出现在本届海南博鳌亚洲论坛上。他说,60%的人口只拥有全世界总收入的6%,他们的贫穷是制度失灵所致。尤努斯认为,人类需要互相帮助,赚钱不应是企业惟一目的,企业对社会应有关爱和互助之责。“社会企业(Social Business)”是建立在有社会基础、由社会责任和社会目标驱动的公司。

尤努斯在“企业社会责任和可持续发展“的分论坛上介绍,目前乡村银行有2.4万多名员工,总共贷出60亿美元,有700万名左右的借款者,偿还率高达99%。尤努斯说,现在全孟加拉国80%的贫困农民都希望从这些乡村银行借款,有95%的借款人是女性。

  尤努斯表示,他每次来中国,都感受到变化。虽然并没有去过中国的农村,但他听说农村的变化比城市来得慢一些,他认为,那会带来一些问题。他说,中国的领导人事实上也关注到并正致力解决这一问题。当被问到如何评价中国现正进行的新农村改革,他说,农村金融体制改革非常重要,中国应该有全新的思路和清晰的法律架构,并积极在地方进行尝试。

  他指出,中国目前正积极推动小额信贷,其一是应为小额信贷公司立法。现在的小额信贷公司只能放贷,不能吸纳存款,是一条腿走路,不能自立更生;其二是中国已经放开了村镇银行(Township and village banks)、贷款公司、农村资金互助社等农村金融组织的准入,但申请起来依然非常困难。原因是乡镇银行必须要有传统的商业银行为背景,商业银行需持有 20%的股权,同时,任何其他一个股东的股权均不得超过10%。因此,加上商业银行,乡镇银行起码要有九个股东方能设立,这样一来,组织就很难。

  他认为,相关法规应该更加简单,应该谁都可以做。若要有所限制,可对经营的地域作出限制,哪怕是在地区先做试验,再向全国推广。

据悉,孟加拉格拉珉银行目前正通过旗下的格拉珉信托(GRAMEEN TRUST),与中国有关部门商讨在中国推行若干个试验性质的小额信贷计划。格拉珉信托董事总经理H·I·Lstifee教授和尤努斯一同出现在博鳌亚洲论坛上。他对《财经》记者表示,格拉珉银行过去已经在中国的17个地方进行交流和合作。目前,其小额信贷公司的申请,原则上已经获批,只待一些程序的完成(Formality)。

与过去的交流合作不同,这个小额信贷公司将完全由格拉珉信托独立运作,并会从总部派员,然后对本地员工进行培训。至于地方政府的角色,Lstifee则表示,地方政府主要提供道义支持,而不会有资金的参与。他透露,目前其小额信贷公司拟首先在四川、内蒙古和海南三地开展业务,预期今年上半年启动。鉴于小额信贷公司只能放贷而不能吸纳存款,他们的计划资金完全来自海外。

  据《财经》记者了解,这些小额信贷公司并非银监会监管框架下的金融机构性质。在去年尤努斯访华期间,他曾受到监管当局的邀请,到中国来开办格拉珉银行的分行甚至本地注册,以进入中国的农村金融市场。但受孟加拉法律和监管法规的限制,这一作法并无可能。其后,尤努斯试图通过格拉珉信托在中国申办村镇银行。与格拉珉银行96%的股份属于孟加拉当地的贷款者不同,该机构注册于海外、运作资金主要来自于海外捐赠,但未能满足中国银监会关于村镇银行或贷款公司等形式的设立要求。因此,此次格拉珉信托在中国设立的这些小额信贷公司与传统的小额信贷组织并无二致。■

《财经》过往相关报道:  
尤努斯叩门   
“穷人的银行家”

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Tuesday, March 27, 2007
  小额信贷立规仍无期

缺乏明确合法地位使得现有小额信贷机构的健康发展受到约束

  【网络版专稿/《财经》杂志记者 张宇哲】近日,在北京大学农村金融研究所举办的“中国小额信贷立法和监管研讨会”上,与会专家一致认为,监管当局应尽快制定关于小额信贷机构的法规或部门规章,确立现有小额信贷机构的法律地位,推动小额信贷纳入主流的金融体系。

  目前,在中国存在的大量小额信贷机构中,除了那些以信用社和银行类金融机构为名义进行的小额信贷,大部分小额信贷机构处境堪忧。在这些小额信贷实践者们看来,小额信贷组织无法得到健康发展有一个关键问题,即缺乏明确合法地位,使得现有小额信贷机构的健康发展受到约束。

  小额信贷需要商业化运作才能持续,而所谓商业化运作的本质和商业银行的存、贷业务基本相同。但是,现有的商业银行法并不适用大部分类型的小额信贷组织。

   去年年底,在央行推行七家“只贷不存”小额贷款公司试点改革之后不到一年,银监会发布了《中国银行业监督管理委员会关于调整放宽农村地区银行业金融机构 准入政策,更好支持社会主义新农村建设的若干意见》,提出农村金融市场开放的试点方案,并于前不久批准内蒙古、吉林、湖北、四川、青海和甘肃等六个试点省 (区)的村镇银行。

  在北京大学农村金融研究所所长王曙光看来,央行和银监会在其试点方案中,均回避了现有信贷机构尤其是非政府组织小额信贷机构的合法性和监管问题。“小额信贷组织再次被排除在监管者的视野之外。”

   目前,中国小额信贷机构有七种类型:农村信用社的小额信贷;邮政储蓄银行的小额信贷;国家开发银行和农业发展银行等政策性银行进行的批发性的小额信贷; 各种非营利的非政府组织所进行的小额信贷;私人建立的一定区域内有限度吸收公众存款的营利性质的小额信贷机构;央行试点的商业性小额信贷公司;农村民间的 资金互助和村镇银行所进行的小额信贷。

  在“中国小额信贷立法和监管研讨会”上,王曙光、中国社会科学院农村发展研究所副所长杜晓山、中国农业 大学经济管理学院教授何广文等专家均认为,监管当局应该尽快制定关于小额信贷机构的法规或部门规章,确立现有小额信贷机构的法律地位,推动小额信贷纳入主 流的金融体系,予以它充分的发展空间。杜晓山曾在河北贫困县易县成立“扶贫社”进行首家小额信贷试点。

  此外,针对不同的小额信贷机构应采取不同的监管模式。对于大量非政府组织小额信贷机构,由于其不吸收公共存款,应借鉴某些国际经验,适用宽松灵活的非审慎性监管体系,包括到监管机构注册以增加透明度和保持完整的账目,以及各种消费者保护手段等。

  研究小额信贷的央行研究局副局长焦瑾璞指出,“中央一号文件”表示希望建立一个能有效满足需求的多层次的农村金融体系,但他也承认,有关部门还未对是否会为现有小额信贷机构立规作出任何决定。■

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