Each year, Microfinance Institutions (MFIs) from around the world are ranked and reviewed by the Microfinance Information Exchange (MIX), a leading business information provider dedicated to strengthening the microfinance sector by providing financial and social performance transparency.
In 2010 MIX recognised MFIs located all over the world for their excellence in reporting social performance through the Social Performance Reporting Award. Social performance refers to the commitment to serve the poor and marginalised with products and services that meet their needs and develop their lives and the lives of their families.
The Social Performance Reporting Award was developed and launched by CGAP (Consultative Group to Assist the Poor), the Social Performance Task Force (SPTF), the Michael & Susan Dell Foundation, the Ford Foundation, and with microfinance information provided by MIX in 2009.
With hundreds of submissions, VisionFund is proud to announce that affiliated microfinance institution, VisionFund (Cambodia) was recognised by MIX for its integrity and transparency in reporting, measuring, and data collection of social performance with a gold award. Social performance reporting allows MFIs to better target the poor and design appropriate products and services.
A gold award for social performance reporting is given by MIX when an MFI completes the social performance reporting report, provides data on poverty measurement, and has a social rating that includes auditing of the poverty tool used by the MFI.
Chee Chin Hoe, CEO of VisionFund (Cambodia), shared, “At VisionFund (Cambodia), we believe that it is important to promote and achieve social performance objectives–especially at a time when the microfinance industry is under increasing scrutiny arising from the recent Andhra Pradesh crisis. The MIX gold award will help to further reinforce the trust and confidence our stakeholders have in VisionFund (Cambodia). We are thrilled to be recognized internationally for our transparency in social performance. Yet our greatest motivation remains in seeing lives changed and children impacted through our microfinance services.”
The year 2010 was a significant milestone for VisionFund Cambodia, as they serviced over 100,000 clients for the first time. As of 2010, VisionFund (Cambodia) has over 108,000 borrowers with roughly $30 million in loans. This translates into roughly 432,000 children impacted and sustained roughly 100,000 jobs.
VisionFund (Cambodia) joins VisionFund affiliated microfinance institutions, AzerCredit of Azerbaijan, and CEVI of the Philippines, as one of three VisionFund affiliated microfinance institutions who have received the Gold Award from MIX in social performance reporting in 2010.
Scott Brown, President & CEO of VisionFund International expressed his congratulations to all the management and staff of VisionFund (Cambodia) in their first-ever gold award received, and said, “VisionFund Cambodia, CEVI, and AzerCredit have now set the standard which all MFIs will now strive to achieve.”
VisionFund, the microfinance subsidiary of World Vision, serves nearly 650,000 borrowers in 40 countries. For more information about VisionFund’s work in microfinance through its network of MFIs, please visit: www.visionfundinternational.org.