1 According to Panama’s official poverty line (distinguishing between rural and urban environments). Source: Ministry of Finance and the Economy. Clients whose net income (i.e. profit obtained from their micro-enterprise) divided by the number of members in the family unit (per capita) is no more than 3 times the poverty line of their corresponding country and type of environment (rural/ urban).
2 Takes into account clients that joined during the year (new clients).
There has been a growing trend in the last few years in acquiring clients in the educationally vulnerable group, while the proportion of women clients has remained the same over the last 3 years. Rural clients are still an important group, although slightly down from 2015.
2 Takes into account clients that joined during the year (new clients).
The weight of the installment as a proportion of average sales remains stable over the period.
2 Takes into account clients that joined during the year (new clients).
3 Average disbursement, calculated as the average first disbursement for new clients each year.
4 Weight of the installment calculated as a ratio average (installment divided by sales) of each client.
The per capita net income of those who have been clients for less than a year is slightly higher than for those who have been banking with Microserfin for 1 to 3 years (USD 294) because new clients have higher incomes– nevertheless, there is a rising trend after more time with the MFI (USD 381 after 4 or more years).
5 Data as of December 31, 2015.
72% of those served live on an average of USD 6.50 per person per day. 19% exist on just USD 3.00 per person per day.
5 Data as of December 31, 2015.
6 Poverty lines are for the urban environment.
Clients’ activities are equally balanced between different sectors, with agriculture leading in the case of rural clients, and trade when it comes to clients in urban environments.
7 Data as of December 31, 2015.
7 Data as of December 31, 2015.
29% of clients generate at least one job other than their own, but in most cases, the client is the only employee of their business.
7 Data as of December 31, 2015.
More vulnerable clients are less highly leveraged: liabilities make up 9% of the assets of extremely poor clients and 13% in the case of non-vulnerable clients.
8 Assets and equity calculated at the time of credit evaluation (i.e. not including the microcredit granted).
9 Data as of December 31, 2015.
9 Data as of December 31, 2015.
The weight of the installment is similar, whatever the vulnerability level; on average it represents 6% of sales. Average gross margin is 45%.
10 Calculations based on clients reporting expenditures.
11 Data of current clients as of December 31, 2015, and that have had a data update in the last 12 months. The situation at outset is shown (data in their cohort year) and their situation at the end of December 2015. The Outset is the moment that the first loan was granted.
11 Data of current clients as of December 31, 2015, and that have had a data update in the last 12 months. The situation at outset is shown (data in their cohort year) and their situation at the end of December 2015. The Outset is the moment that the first loan was granted.
The direct correlation between the increase in the business assets and the duration of the relationship with Microserfin can be seen: performance improves with the passage of time, i.e. the longer a client stays with the institution, the better the “asset’s investment ratio”.
11 Data of current clients as of December 31, 2015, and that have had a data update in the last 12 months. The situation at outset is shown (data in their cohort year) and their situation at the end of December 2015. The Outset is the moment that the first loan was granted.
The client retention rate has performed similarly over the last 4 cohorts analyzed. After two years, on average, 59% of clients leave.
In the last two years, over 200 clients have overcome poverty; 20% of those who were classed as poor when they started with the bank.
12 Percentage of clients in each cohort still current as of December 31, 2015.
13 Shows the situation at the outset and the current situation as of December 31, 2015 of clients in each cohort current at that time.
14 Clients participating in the sample are current clients and have had their data updated in the last 12 months.
15 Clients participating in the sample are outstanding clients and have had their data updated in the last 12 months.
Sustained increase in the credit sums given to clients, accompanying them as they grow. These have grown by an average of 55% after two years.
16 Average disbursement, calculated as the total disbursement made in a year divided by the number of transactions by each client participating in the disbursement in said year.
10% of businesses served by Microserfin create at least one new job position in the first 3 years.
17 Proportion of Enterprise, of those still current in each cohort, that have increased their payroll.
Productivity (measured as sales by employee) is higher among clients who have been with the MFI for longer.
18 Only clients who have at least one employee on the payroll are included.
In the first two years, 8% of clients served are in a position to enlarge or improve their home.
19 Proportion of clients still outstanding in each cohort who have moved into their own home, have made home improvements or who have increased the number of rooms in their home from when they registered at the outset.
Gross loan portfolio (USD)
23,441,244
Total disbursed in 2015 (USD)
19,476,000
Nº transactions in 2015
13,993
Average disbursement in 2015 (USD)
1,392
Deposits & other (USD)
NA
Nº Employees
224
Nº Offices
11
Clients receiving financial education
2,700
20 Data as of December 31, 2015.
