EMN Financial Crisis Survey- Results

This paper presents results of a survey that 24 member organizations of the European Microfinance Network (EMN) participated in at the end of November 2008. Survey respondents answered questions about the impact of the financial crisis on European MFIs. Survey results include:

• 96% view the current financial and economic crisis as an opportunity to improve efficiency and strengthen outreach;
• 77% consider that their organization is or will be affected in 2009;
• Most think that there will be an increase in default payments;
• Respondents propose to take measures to soften negative impact of the crisis;
• Softening measures include seeking additional funding sources and guarantees, ensuring stronger client-follow up and developing new products.

Fifty-eight percent respondents plan to communicate with their staff, clients, government, banks and the general public, stating that the crisis is an opportunity. Finally, 91percent of respondents believe that EMN should take specific action to deal with the crisis, through information sharing, support for fund raising, networking, reinforcement of the prudential framework and ensuring that the voice of the microfinance sector is heard.