Frequently Asked Questions (FAQs)

When comparing an MFI’s performance to the national or regional aggregate, it is possible that there may be biases from new entrants to the market, how can I be sure that the results are not influenced by new actors?

What adjustments are made to financial data?

General

What makes MIX Market’s solutions unique and beneficial?

As a mission-driven organization, MIX is relentlessly committed to financial inclusion and transparency in the microfinance industry. We are proud to be the premier source for objective microfinance data and analysis; we provide unparalleled access to financial and social performance information, including quarterly results, on more than 2,100 MFIs in the developing world covering 94 million borrowers.

That number grows every day, by virtue of the trust that MIX has established in its years of relationships with microfinance actors, giving MIX users unmatched insight into market dynamics and performance at the individual MFI level.

Can I use MIX Data and Publication content for my own research and analysis?

Publicly available data on MIX Market and MIX Publications are available for use in research and analysis. Data and content may only be used for non-commercial purposes. If the material is published or distributed, it should be attributed to MIX with the appropriate citation.

The appropriate citation for publications is the following:

Author. “Report Name.” MicroBanking Bulletin, Date

Author. “Report Name.” MIX Microfinance World , Date

If the content is used online, the “Report Name” should be hyperlinked to the source on MIX's website.

For tables and graphs using our data, cite MIX Market as the source and include the appropriate date. The citation should appear to the right or directly below the table or graph.

For further details, view our Terms of Service, including the sections on License and Restriction of use.

What are MIX Premium solutions?

In Fall 2010, MIX embarked on an intensive market research campaign in an effort to dramatically improve our ability to serve the microfinance industry. Throughout conversations with our users, one message rang loud and clear – provide more timely, actionable data and analysis to meet your business needs. And so, in response to the clear mandate that we have received from users like you, MIX extended its current list of offerings to include premium offerings. Our full suite of services will enable us to further our mission of microfinance transparency and financial inclusion, to better meet your business needs, and to do so in a self-sustainable manner.

To learn more about MIX premium solutions, visit our Business Solutions page

What is MIX Market Intelligence?

Country Briefing - In-depth, annual briefings detailing the history of the sector, impacts from changing politics, the evolution of regulations, trends in supply & demand, market performance (financial and social), and funding landscape (Sample coming soon).

Quarterly Update - Sourced from MIX’s on-the-ground market analysts, these quarterly reports analyze balanced data of key market metrics to better isolate trends and utilizes enhanced graphing tools to provide multiple data views (View Sample). To balance data, the reports include only those institutions that have reported for the time periods selected for the report (the time periods are provided and are the same across all non-annual data per report). MIX chooses the time periods for each report based on the availability of data and comparability of the data over time. On the first page for each metric, the number of institutions included in the balanced panel, as well as the market share of those institutions is given. The value visible on MIX Market is also provided for comparison. It is possible to see any biases in the data by looking at the peer grouping graph on the second graph of each metric.

Barometer – Market forecasts produced quarterly in coordination with local market actors to predict future directions for market development, focusing on outreach, risk, and portfolio size (View Sample).

To learn more about MIX Market Intelligence a la carte, please click here.

Can I find ratings on MIX Market?

MIX does not produce ratings, but we do post rating summaries submitted by MFIs, which you can locate in the Files tab under MFI profiles.

Does MIX provide microfinance loans?

MIX does not offer grants or financing of any kind. MIX provides qualified performance information and objective analysis with the goal of strengthening the global microfinance sector.

Who do I contact for questions about MIX Market?

If you could not find the answer to your question in our FAQ or Help, please contact us using our online contact form.

How do I download data from the Tableau graphs?

If you already have Tableau: Click on the “Download” button in the bottom right corner of the image. This will open a new window in your default internet browser.

Click “Download Workbook.” This will download the file to your computer at which point you can open it in Tableau.

Click on the “Download” button in the bottom right corner of the image. This will open a new window in your default internet browser.

Click on the “Free Download” button. This will walk you through the steps of obtaining a copy of Tableau. A new window will open with at least one tab, though depending on the chart may have multiple tabs (Summary and Underlying). Each tab will have an option to download all rows as a text file. Click this link. A .CSV file will download to your computer.

Datasets

What MFI data can I find in MIX Market?

MIXs’ primary objective is to increase transparency in the microfinance industry through data collection and analysis. To meet this objective, MIX presents a range of data on MFIs, from financial and operational data, to data on social performance, products and funding structure. Through a prioritization process reviewed and validated by regional microfinance experts, MIX Market displays MFI profiles from developing markets that are most representative of microfinance at each geographical level rather list all MFIs in the world. Smaller actors with a strong commitment to transparency or links to networks where MIX works also appear on MIX Market. All data submitted from an individual MFI can be viewed on each individual MFI’s MIX Market profile. All data submitted to MIX is submitted on a voluntary basis so if you find data is missing on an MFI’s profile, it means the institution did not submit that data to MIX or the institution is no longer in operation. Guidelines to the data collected from MFIs can be found in MIX’s data collection form.

Indicators: MIX calculates a series of key ratios and indicators based on the raw data collected. These indicators are not reported directly by MFIs (e.g. no MFI reports it’s Return on Assets), but are calculated automatically based on the industry standards included in the SEEP Network’s Framework and financial industry reporting standards. Definitions for the indicators can be found in our online glossary or by clicking the information icon next to any concept.

Financial and Operational Datasets: MIX collects financial and operational data from MFIs and partners using original source documents, such as audited financial statements, supported by additional questionnaires when necessary. Data collection is based on microfinance industry reporting standards and aligned with International Financial Reporting Standards (IFRS). To ensure the accuracy of submitted data, MIX’s database review system conducts more than 135 quality checks. The financial data includes balance sheets, income statements and data found in the relevant notes to those statements, including detailed portfolio report information. MIX reviews data against audits and ratings and uses trend data and industry benchmarks for accuracy. Data is further reviewed against more than 150 business rules to identify potential reporting errors.

Social Performance Dataset: MIX and the Social Performance Task Force (SPTF) have developed a set of indicators by which to monitor the social performance of microfinance institutions (MFIs) to provide a platform for benchmarking and analysis. MIX focuses on indicators that are clearly and directly linked to results, have quality that can be tested and benchmarked, and can be easily validated by third parties. Click here for the list of the 11 indicators' categories being collected. To find an MFI’s social performance information simply view the MFI’s profile page on MIX Market, where you will find its social performance information directly alongside financial performance information.

Funding Structure Dataset: With debt financing increasingly funding MFI portfolios, MIX collects and reports on debt financing in microfinance. MIX’s funding structure data includes information on lenders, types of debt, interest rates, maturities (terms), and the currency of lending to MFIs. All debt types are included and the database covers both domestic and cross-border lending. MIX sources the data from MFI audit reports, wherever possible, and directly from MFIs in other cases.

Product Dataset: MFIs offer an increasingly diverse range of products to their clients, and MIX’s product dataset captures the variety of both credit and deposit products. Typical product data include lending broken out by microenterprise, consumer and SME lending and deposits broken out between institutional and retails deposits. Product data can be viewed for any institution by clicking the ‘+’ (plus) icon next to any concept for which there is detailed product information.

How do I know the data is reliable?

MIX Market has a deep historical dataset, tracking industry development since the 1990s. MIX sources data from audits, internal financial statements, management reports or other documents and complements this data with questions directly to the MFI. MIX analysts and partners enter all data into the database; all data is reviewed by MIX staff and validated against a set of business rules before publication. All data submitted to MIX is submitted on a voluntary basis so if you find data is missing on an MFI’s profile, it means the institution did not submit that data to MIX or the institution is no longer in operation.

To ensure the accuracy of submitted data, MIX’s database review system conducts more than 135 quality checks. Users can view and download source documents directly from MIX Market to perform their own validation of the data entered by MIX. Interim data in most cases is unaudited, by definition, but MIX cleans its data extensively using a data audit system with over 150 audit rules that help analysts focus on the right issues and follow-up with MFIs when necessary. Audit rules cover factors such as whether financial statements balance or whether ratios levels are abnormally high or low for an MFI.

What are the diamond rankings on a MFI Profile and Report?

MIX is committed to microfinance transparency and uses a “diamonds” system to indicate an MFI’s level of transparency and supporting documentation for all data on MIX Market.

A higher number of diamonds means a more transparent MFI and more reliable data.

Currently, each profile on the site receives an overall profile diamond score and an annual score for each full year of data that is published on the site. You can see the profile diamonds next to the MFI name in the upper left-hand side of each page, as in the screenshot below. The profile diamonds reflect the number of diamonds for the last year. In other words, the profile diamonds reflect the most recent information that we have on this MFI.

If you want to see how data from an MFI has evolved over time, the annual diamonds can be found within the Report section for any MFI as in the screenshot below. Annual diamonds are available for download and reporting for individual MFIs.

The rules for the diamonds are in the table below. The “profile” diamonds reflect the most recent year of data for the MFI, with a nine-month window for reporting after fiscal year-end.

Level	Annual Diamond
1	Profile is visible.
2	Level 1 and some data on products and clients for the year
3	Levels 1 and 2 and some financial data for the year
4	Levels 1 - 3 and audited financial statements are published for the year
5	Levels 1 - 4 and rating or due diligence report is published for the year

Why does an MFI have a particular diamonds level?

To see why an MFI receives a certain diamond score, we can inspect the data used by the rules above to generate the score. This report contains key data points for all MFIs. To look at one example, we can use the profile for Al Amana in Morocco.

First, we can see in this report that data on products and clients (outreach) is complete for each year, which qualifies them for 2-diamond status. Another report shows that we also have financial data since 1997, qualifying them for 3-diamonds for those years. Al Amana further qualifies for four and five diamonds based on audits and ratings that are available in the Files section of their profile. However, since their most recent rating report is from 2008, these reports qualify Al Amana for four diamonds overall.

To check the same data for any other MFI you can either modify the same report links as above or check the profile directly.

How can I change my diamonds level?

To receive higher levels of diamonds, an MFI needs to provide data or reports to meet the requirements in the rules listed above. To post updated data refer to the guidelines in our FAQ or contact your regional analyst directly.

Diamond scores are generated automatically based on the information published on the site. However, if you think the score for a particular institution is incorrect or out-of-date, contact us and we will look into it and provide you with an update.

What are future plans for the diamonds?

As of today, the diamonds only incorporate reporting on basic outreach, standard financial statements and financial audits and rating reports. But the microfinance industry is changing quickly and we are bringing more and more data to the world – such as data on social performance or on debt financing used by MFIs - along with more types of supporting documentation, such as social audits and social ratings.

Looking ahead, we will be completely revamping how we reflect the transparency of MFIs that report data to MIX to incorporate these new types of information and to give a better view on transparency as we know it today. To help inform our efforts, please send your comments and insights using our online contact form.

Where can I find the Microbanking Bulletin Benchmarks?

Using the Cross-Market Analysis tool, all benchmarking tables can now be created on demand by MIX users. The Cross-Market Analysis uses the exact same data and methodology as in the Microbanking Bulletin historical benchmarks – now users can generate their own benchmarks dynamically at any point in time. Due to differences in the time to process data for different regions and institutions, users can check the MFI count (number of reporting institutions) for the period to determine if they are comfortable with the sample for a given period. Generally, waiting between 6 to 9 months after the fiscal year-end should provide a robust enough sample for meaningful benchmarks, although some countries will provide data faster or slower on occasion. Historical benchmark tables are available online for reference purposes here and will be updated on a periodic basis.

Alternatively, users can download the global data set to conduct analysis by going to the Profiles & Reports tab and clicking on the cloud icon at the top right which says “Download MIX Market MFI Data.” Access to raw data in this format allows construction of peer groups by other factors or more granular analysis of MFI performance.

Does MIX have market penetration rates?

Market penetration rates involve capturing the total reach of market reach, relative to some target population. Typically, we are concerned with credit penetration rates for a country, although penetration rates can be calculated for any product or all products or at any geographic level. MIX Market data focuses primarily on specialized microfinance institutions. Users can directly track penetration rates using MIX Market data, grouped by country, using the Cross-Market Analysis. MIX also periodically updates a broader data set, that covers data from some other sources to provide global market penetration levels. The most recent version of this data is posted here. In addition, MIX has carried out similar landscape analysis for sub-Saharan Africa, the data for which can also be accessed here and easily converted to market penetration rates. For sub-national penetration rates, we refer you to MIX research and publications on this topic, accessible here.

Calculations

How are currencies converted?

MIX follows industry conventions for converting source financial data from local currencies to USD or other common presentation currencies. Income statement items and other "flow" data are translated into USD or other currencies using average rates for the period covered. Average rates utilize all interim dates within the period; MIX receives daily exchange rate updates and consequently these rates are generally based on daily averages. Balance sheet items and other "stock" data are translated using period-ending rates. However, MIX does not follow this method for the 'Myanmar Kyat' (MKK) as the official rates quoted by the government prior to April 2012 had no basis in the market value of the currency.

How are averages calculated?

Average values (such as for assets or loan portfolios) are calculated based on existing prior period data. If restatements are made to opening balances, these restatements are made to the prior period, keeping a single figure for the opening balance. In addition, in the case that interim results, other than annual results, are available, those data points are incorporated into the average calculation. When more than one value exists for the same date -- for example interim results for the fourt quarter as well as annual results for that same end date -- an average is taken of these values to arrive at one single value for this date and proceed with the averages calculation as described above.

How does MIX handle fiscal years?

The fiscal years used by microfinance institutions for reporting differ around the world. Fiscal year-ends are generally determined by legal status and country practice, and thus vary across and within countries. For instance, in the United States, non-profit institutions often use a June 30^th fiscal year-end, although they may also use September 30^th or December 31^st. The MIX Market site employs a set of rules to standardize MFI fiscal years to allow for comparison.

We always use the date of the MFI’s own fiscal year end. We do not require institutions to report for a global calendar. If an MFI closes its books in March, we use March as its fiscal year-end.
Over 80 percent of institutions on MIX Market report data with a December 31 year-end.
Some common variations in fiscal year-ends are the following:
- March 31: India, Afghanistan (with a few exceptions).
- June 30: Most institutions in Bangladesh, and some institutions in Pakistan. MFIs in Ethiopia recently transitioned to a June fiscal year-end, from a mix of June and December closers.
- July 16/17: Nepal. This is the only prominent case where the fiscal year-end does not coincide with the month-end. MFIs in Nepal close their books on July 16^th or 17^th, depending on the Nepali calendar, meaning the exact date varies year-to-year.
- September 30: A small number of institutions scattered across many countries, although it includes many affiliates of the CHF network.

Annual reporting: For annual data, we apply a simple rule to categorize data for comparable fiscal years. If the fiscal year-end is June or earlier, we subtract one year from the calendar year. For example, if an MFI closes its books on March 31^st, 2010, we consider the data for 3/31/10 as part of fiscal year 2009. If the fiscal year-end is July or later, we use the calendar year as the fiscal year. For example, if an MFI closes its books on September 30^th, 2010, we consider September data as part of fiscal year 2010.
- The result of this categorization may or may not coincide with what the institution considers to be the year of its fiscal year.

Quarterly reporting: Quarterly (and other interim) reporting is more difficult to categorize. In this case, we need to be able to determine which fiscal year any individual quarter should apply to, using the reporting date (as of date) and the fiscal year-end for the MFI. So data reported for 1/1/11 – 3/31/11 is part of the 2011 fiscal year for an MFI that closes its books in December, but part of the 2010 fiscal year for an MFI that closes its books in March. To categorize quarterly (and other interim) reports, we use the following rule:

IF(MONTH(FISCAL YEAR-END)<=6,

IF(MONTH(AS OF DATE)<=MONTH(FISCAL YEAR-END),YEAR(AS OF DATE)-1,YEAR(AS OF DATE)),

IF(MONTH(AS OF DATE)>MONTH(FISCAL YEAR-END),YEAR(AS OF DATE)+1,YEAR(AS OF DATE)))

In essence, this rule checks if the MFI closes its books before or after June, and based on that information, then determines if the month for the report is before or after the fiscal year-end (i.e. in the current or prior fiscal year).

What happens when an MFI changes fiscal years? MFIs change their reporting periods occasionally. This could happen when an MFI transforms and changes its legal status or it could happen when a regulator or network requests a change for other reasons. When an MFI changes fiscal years, we update their institutional information. All reports captured after the change are categorized according to the new fiscal year-end. All reports stored prior to the change remain with the original fiscal year designations. If possible, we often bridge the gap between reporting periods with an interim report (say, for June – December, if the MFI changes from a June to December closer), although this is not always possible and a gap in reporting may occur.

How are results annualized?

MIX annualizes MFI performance indicators for MFIs that submit results for data that covers a time interval greater than or less than a full year for various reasons (e.g. the MFI is a start-up that year; the MFI has transformed legal status and is reporting only for the period under the new charter). Annualization compares the full period (one year) against the number of days covered in the results reported to create an annualization factor. All indicators that include flow data (such as information from income statements) are then annualized using this factor.

Benchmarks

What are peer groups?
Peer groups represent groups of institutions that share common traits, such as legal status, country of operations, scale of lending operations, or age. These groups are organized and categorized based on the peer group methodology applied in microfinance benchmarking analysis and available throughout the MIX Market site for benchmark comparisons. Below is a description of each peer group category:

What should I know about benchmark comparisons?

Median vs. Weighted Average and Sum
Aggregate benchmark results can be presented as either medians or weighted averages (and sums) depending on a user’s selection. The median represents the middle value in a series, that is, the point at which half of all observed values are higher and half are lower. Choosing medians removes the influence of outliers, such as the influence of extremely large MFIs on outreach results or exceptionally efficient MFIs on efficiency results. Weighted averages calculate a value weighted by the denominator of the ratio. For example, the weighted average return on assets will weight results by the average assets of each of the observations included. Thus, weighted average returns would typically reflect the profitability of larger institutions more than smaller institutions. Since medians are un-weighted, all institutions are treated equally. When weighted averages are selected for data points other than ratios, sums are presented.

Observations
Aggregate results will display the count of observations in each group. When analyzing aggregate data it is important to review the number of observations that it includes to understand how robust the aggregate results are.

There are a few ways to do this:

a) In the cross-market analysis tool, you can select “balanced” under Trend Data. A balanced panel freezes which MFIs that you are looking across at time period. Balanced panels can be run either for a series of years or a series of quarters, but not both together. Also, be aware balanced panels may not be possible for the most recent period. If your query returns no data, try limiting the date range and checking to be sure you have only annual or only quaterly selected.

The balanced option in cross market analysis should be available for the following data points:
Gross Loan Portfolio
Number of active borrowers
Portfolio at risk > 30 days
Return on assets
Borrowings
Deposits
Number of depositors
Assets
Number of deposit accounts
Return on equity
Write offs

b) You can create a portfolio by selecting, for example all of the MFIs operating in India in 2004, and then use that portfolio to compare it to a single MFI’s performance over the same time period.

c) Another way would be to make two separate reports of India and an MFI and using the peer groups facility, download the data into excel and identify any large player that enters the sample over the time period.

What adjustments are made to financial data?

The microfinance industry has agreed upon some standard adjustments for microfinance performance data to ensure comparable results. By default, all data is presented in unadjusted format. However, users can generate benchmarks and other queries for data in both adjusted and unadjusted format.

After the financial statements of each MFI are re-classified and converted to a standard chart of accounts, four analytical adjustments are applied to produce a common treatment:

a) An inflation adjustment accounts for the effects of inflation on the real value of monetary balances

b) A subsidized cost of funds adjustment removes the impact of subsidized funding which some MFIs may receive

c) An in-kind subsidy adjustment removes the impact of in-kind donations or subsidies that MFIs may receive for their operations

d) Adjustments for loan loss provisioning and write-off policies ensure that MFIs are treated as if they had a common policy for provisioning and write-offs, removing loans overdue for more than one year.

For more information on the effects of these adjustments on financial statements, click here. For more information on the adjustments model, please click here. To preserve confidentiality of some internal information, MIX does not present adjusted results for individual MFIs for public users. However, adjusted results are available for benchmark comparisons or aggregate analysis for all users.

Check out our glossary

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