Microfinance Reporting Standards Committee, Concept Note

This concept note documents the need for a microfinance standards committee to create reporting standards, and bring continuity and consistency to reporting in a rapidly evolving sector. The committee will monitor industry developments and ensure that reporting standards keep pace with developments in the industry.The committee will support the industry by ensuring reports evolve in step with the industry. It will aim to improve comparability, increase investor comfort, enable technology data standard and provide proof of concept and practical framework for the establishment and maintenance of social performance data standards. It will host various activities to improve reporting standards like:

• Collecting queries from constituents;
• Reviewing and vetting queries;
• Issuing updates;
• Promoting reporting standards.

The note further discusses the functioning, composition and funding of the committee. Measures of its success include:

• Increased standards complaint reporting by MFIs;
• Committee decision lead to standards adopted by MFIs;
• Microfinance information consumers reference the standards committee and microfinance reporting standards in their requests for information.