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Microfinance in Emerging Markets: Lesson from Peru
July 2014
Department of Economics
Center for International Policy Studies – Fordham University
Universidad Antonio Ruiz de Montoya, Peru
Prof. Erick W. Rengifo
Email: [email protected]
Website: www.fordham.edu/economics/rengifo
Number of credits: 4
Number of Contact Hours: 60
The aim of this course is to present the basic concepts related to microfinance, its origins and
evolution, analyzing the successful Peruvian experience.
The class will also analyze and compare the main Latin American microfinance models and try to
find the main reasons of why the Peruvian model has succeed. It will review how Microfinance
institutions (MFIs) are organized and how they differ from the banking sector providing loans to
micro-entrepreneurs. The class will present a detailed analysis of MFIs in Peru, its results in
terms of micro-business development and its impact on development and social inclusion. It will
present the products and instruments used and how Peruvian MFIs make them attractive and
accessible for their clients and at the same time profitable allowing them to create a self-
sustainable business model.
The course will have three components that make it a complete one: a theory part, an applied one
and a conversational Spanish part. The theoretical part will be taught in our partner institution
(Universidad Antonio Ruiz de Montoya) in Lima. It will present the tools and techniques that will
allow the students to think strategically when facing financial problems inside or outside a given
microfinance institution (MFIs). It also will provide basic risk management tools applied by
microfinance institutions. In this part of the course, Peruvian experts will present different topics
related to microfinance that will provide a view on what is actually happening, some insights
about the problems that the MFIs face and how they see microfinance evolving in the mid and
long term. In the second part, students will be involved in understanding the practical issues that
MFIS face in their daily activities. Students will have the opportunity to do mini-internships in
several successful MFIs in Lima and other main cities. Finally, and as part of the class, our
partner university in Peru will provide conversational Spanish to all the students that participate
in this course.
During the last day of class, students will discuss what was learned about the Peruvian experience
in microfinance and how this can be replicated in other countries (including the USA). It will
include a panel of specialist that will guide them in the conversations.
Course Requirements
This class is open to undergraduate students of any field, interested in microfinance. It is also
open to graduate students.
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Even though the class is a self-contained one, previous background in finance or related areas is
important.
The classes will be taught in English. However, some Spanish language experience would help in
interacting with MFIs clients.
Grades
The grade will be based on:
Class participation 50%
Final Discussion 50%
Classroom Outline
The course has 30 hours of theory, seminars and panels.
Sessio
n
Lecture outline
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3.
4.
5.
6.
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10.
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14.
15.
Basics of Financial Markets and Microfinance. Interest rates.
Inflation and exchange rates
Basics of Risk Management: Market, Inflation, Currency and Credit Risk
Strategically Planning in Microfinance Corporation
Microfinance Management in Peru: Experience and cases.
Negotiation and Conflicts Resolution
Microfinance Customer Service in a multicultural country
Social Reality and Microfinance in Latin America (SRMLA): Introduction
(SRMLA): Social Marketing
(SRMLA): Social Responsibility in Peruvian Microfinance System
(SRMLA): New products in Microfinance
(SRMLA): Insurance in Microfinance System
(SRMLA): Microfinance Personal Management
(SRMLA): Policy and Ethics in Microfinance Corporation
What we have learned from the Peruvian Experience
Intership
In addition to the theoretical classes, the course will have 30 hours of practical experience in the
Jesuit’s “Servicios Educativos El Agustino” (micro-business development) in Lima and in a couple of
other microfinance institutions in Cuzco (CCAIJO and Odebrecht). More information about the last two organizations can be found in: http://www.perurural.org/index.php?option=com_content&view=article&id=41:ccaijo&catid=3:directorio
-institucional http://www.odebrecht.com.pe/es
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Pre-departure and Post-departure Requirements
Visa: No visa is required for traveling to Peru
Immunizations: None required since we will not travel to the jungle.
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Travel Itinerary
Date Time Session Comments
June 30
(Saturday)
noon Travel to Peru
- Arrival time: midnight
- Sleep in University
accommodations
July 1
(Sunday)
All day Visit to Historical
Places in Lima
July 2
(Monday)
7:30-8:30
8:45-10:30
10:30-10:45
10:45-12:30
12:30-13:30
14:30-16:15
16:15-16:30
16:30-18:00
18:00-19:00
19:00-19:30
Breakfast
Session 1
Break
Session 2
Lunch
Session 3
Break
Spanish & boot camp
Dinner
Welcome by the Rector
of the Universidad
Antonio Ruiz de
Montoya.
July 3
(Tuesday)
7:30-8:30
8:45-10:30
10:30-10:45
10:45-12:30
12:30-13:30
14:30-16:15
16:15-16:30
16:30-18:00
18:00-19:00
Breakfast
Session 4
Break
Session 5
Lunch
Session 6
Break
Spanish & boot camp
Dinner
July 4
(Wednesday)
7:30-8:30
8:45-10:30
10:30-10:45
10:45-12:30
12:30-13:30
14:30-16:15
16:30-21:00
Breakfast
Session 7
Break
Session 8
Lunch
Session 9
Independence day
Celebration, Dinner and
5
Visit to Miraflores and
Barranco
July 5
(Thursday)
7:30-8:30
8:45-10:30
10:30-10:45
10:45-12:30
12:30-13:30
13:30-19:30
20:00-20:30
Breakfast
Session 10
Break
Session 11
Lunch
First visit to SEA
Dinner
Students will visit a Jesuit
intuition in “Servicios
Educativos El Agustino”
(SEA), a marginal
neighborhood in Lima where
Jesuits are working with
micro-entrepreneurs.
July 6
(Friday)
7:30-8:30
8:45-10:30
10:30-10:45
10:45-12:30
12:30-13:30
13:30-19:30
20:00-20:30
21:00-24:00
Breakfast
Session 12
Break
Session 13
Lunch
Second visit to SEA
Dinner
Visit to a Pena (typical
Peruvian music and
dance)
Students will visit a Jesuit
intuition in “Servicios
Educativos El Agustino”
(SEA), a marginal
neighborhood in Lima where
Jesuits are working with
micro-entrepreneurs.
July7
(Saturday)
8:30-9:30
9:45-11:30
10:30-10:45
10:45-12:30
12:30-13:30
Breakfast
Session 14
Break
Session 15
Lunch
Free activities in Lima
July 8
(Sunday)
5:00-5:30
7:00
9:00-17:00
18:00-19:00
Breakfast
Flight to Cuzco
Visit several Historical
monuments in Cuzco
City
Dinner
Physical adaptation
July 9
(Monday)
7:30-8:30
9:00-17:00
18:00-19:00
19:00-19:30
19:30-21:00
Breakfast
Mini stage in Jesuit
MFIs (includes lunch)
Dinner
Debriefing
Conversations on
current issues (optional)
Students will be located in
hosting MFIs to observe and
participate daily MFI activities
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July 10
(Tuesday)
7:30-8:30
9:00-15:00
15:00-17:00
18:00-19:00
19:00-19:30
19:30-21:00
Breakfast
Mini stage in Jesuit
MFIs (includes lunch)
Boot camp
Dinner
Debriefing
Conversations on
current issues (optional)
Students will be located in
hosting MFIs to observe and
participate daily MFI activities
July 11
(Wednesday)
7:30-8:30
9:00-15:00
15:00-17:00
18:00-19:00
19:00-19:30
19:30-21:00
Breakfast
Mini stage in Jesuit
MFIs (includes lunch)
Boot camp
Dinner
Debriefing
Conversations on
current issues (optional)
Students will be located in
hosting MFIs to observe and
participate daily MFI activities
July 12
(Thursday)
7:30-8:30
9:00-15:00
15:00-17:00
18:00-19:00
19:00-19:30
19:30-21:00
Breakfast
Mini stage in Jesuit
MFIs (includes lunch)
Boot camp
Dinner
Debriefing
Conversations on
current issues (optional)
Students will be located in
hosting MFIs to observe and
participate daily MFI activities
July 13
(Friday)
All day Visit to monumental
Cuzco and main Inca’s
ruins
July 14
(Saturday)
All day Visit Macchu Picchu
July 15
(Sunday)
Morning
Afternoon
Midnight
Return to Lima
Free time
Flight to NY