strømme foundation microfinance as annual report 2010

STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2010 1

S T R Ø M M E M I C R O F I N A N C E A S

ANNUAL REPORT 2010

2 3

Strømme Microfinance AS

STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2009STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2009

Highlights from 2010Strømme Microfinance AS (hereafter called SMF AS) has successfully ended its second year of operation. While the first year was somehow marked by the formalized founding of the company, SMF AS has in its second year had a full focus on its core business concept with further product developments and improvements on specific microfinance methodologies. And we proudly acknowledge as a result of the different developments and improvements that SMF AS now seems to have both products and monitoring tools that in the field of micro-finance is first class.

Social resultsSMF AS has a clear vision to eradicate poverty. The company has tried to operationalise its vision into dynamic strategies and programs for the different subsidiaries. In 2010 there was a significant growth of 22,4% compared with 2009 in the outreach of the different programs were 304 323 women and 88 214 men, totally 392 536, took part in the Microfinance programs initiated and/or funded by SMF AS and its subsidiaries. Out of the total, 308 220 people was reached by institutio-nal microfinance and the remaining 84 316 by Community Managed Microfinance (CMMF). In total 95 implementing partners have been working with SMF AS and its subsidiaries in its four regions of activities.

Financial resultsThe financial results are according to the expectations. SMF AS has taken the strategic decision of providing loans to its borrowers in their local currency since it is believed that neither the end market nor the end clients are capable of taking on loans with interest levels that holds the full cost element of the potential currency losses. The currency cost has been the main cost in the last years and particulary during the financial crisis and has lead to significant losses for the com-pany. In 2010 it however came clear that the previous roller costar ride of currency fluctuations now had ended leaving the market in more normal variations. Nonetheless, the NOK has strengthen its position to both USD and other more exotic currencies, thus the company had a currency loss of 4,9 million NOK in 2010. With a net financial gain of 2.364.264 NOK in SMF AS and 4.607.674

NOK for the whole group the financial expectations to secure the financial sustainability was met.The subsidiaries, in East Africa, Stromme Microfinance East Africa Ltd, and Sri Lanka, Stromme Microfinance Asia GL, and the activities in Bangladesh have in 2010 further positioned themselves as financial sound and solid microfinance operators. They all are Operational Self Sufficient (OSS), have solid equity and increased their total capital. In total the whole group increased its total capital with approximately 10% during 2010 to 151 million NOK.

Business- and operational developmentsDuring 2010 SMF AS had a strong focus on its core business concepts with further product developments and improvements on micro-finance specific methodologies. On the product side several developments have happened. In the Company’s subsidiary in East Africa, Stromme Microfinance East Africa Ltd, a new pilot for housing microfinance was initiated. It aims to develop a microfinance product for the massive need from the poor of having a decent house to live in. This will be a new innovative microfinance product for an almost untouched market. In Sri Lanka there has been a stronger attempt to bring microfinance out to a target population that is more or less abandoned by other Microfinance actors.In West Africa a strategic decision has been made to focus only on Community Managed Microfinance (CMMF) and thus has a natural termination on all conventional microfinance activities (wholesale loans). By this, the region will be better equipped to make the most of its core competence and reach even more people. During the year SMF AS and its subsidiaries has undertaken a process of developing and implementing a new methodology for measuring social performance. This will enable the whole Group to be able to measure effects that our products have on the lives of the poor and their families. This process has been very important for the whole Group both as a quality assurance on the work but also as an assur-ance to existing and new potential investors on the use of the financial and human resources in the Group.

STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2010 STRØMME MICROFINANCE AS \\ ANNUAL REPORT 20104 5

Governance Structure

SMF AS BOARD OF DIRECTORS

SF

SMF AS

BOARD OF DIRECTORS BOARD OF DIRECTORS

SMAGLSMF EA LTD BANGLADESH (MF) RO (MF) WEST AFRICA RO (MF) SOUTH AMERICA

Finance & Credit committee

NetworkingDuring the year strategic alliances has been further developed or made.In the subsidiary Stromme Microfinance East Africa Ltd a new share-holder has entered. Cordaid, a Dutch development organization took a 20% shareholding position in the East African company in June 2010. The new shareholder has shown to be a very good strategic partner both in terms of business development, funding and a door opener to other strategic partners. As a part of the company’s strategy on Community Managed Microfinance (CMMF) a global consortium has been founded between Stromme Microfinance AS, Freedom for Hunger and Oxfam America, which are two American development organization that share the same believes and thoughts as SMF AS. The consortium regulates the shared ownership of the Saving of Changes program, a specific CMMF program currently used by SMF AS in West Africa. This agreement enables the Company more easily expand it CMMF programs by implementing it in other regions. During the year an agreement to cooperate has been signed with Alliance Microfinance AS, a Norwegian microfinance actor owned by Mission Alliance. Based on this agreement the two organizations now share the same office facilities in order to make use of the common mi-crofinance expertise they both hold. Secondly the two parties will join hands in common attempts to seek investments from the Norwegian Market in order to expand its microfinance activities in the regions.

The road aheadMany preparations for 2011 are made in 2010. The company’s desire for 2011 is to see a fully implemented and functional monitoring tool for its social performance. At the same time a lot of resources will be put in the companies financing activities. A new microfinance fund will be rolled out in 2011 inviting wealthy Norwegians to become active investors in microfinance and thus expand the company’s core microfinance activities in the regions.

Strømme Microfinance AS is a company limited by shares owned 100 % by Strømme Foundation. The Board of Directors (BoD) is an independent board, but consists of the same members as for Strømme Foundation. The BoD has delegated some of the supervision to the Finance and Credit Committee (FCC). SMF AS has two subsidiaries doing wholesale lending MF. The share-holding company Strømme Microfinance East Africa Ltd (SMF EA Ltd) is located in Kampala, Uganda and covering interventions in Uganda, Kenya, Tanzania and Sudan. SMF AS holds, together with the SF regional office in East Africa, 70 % of the shares. The remaining 30 % is owned by SIDI1 with 10% and Cordaid2 with 20%. Strømme Microfinance Asia Guarantee Ltd is a company limited by guarantee located in Colombo, Sri Lanka covering Sri Lanka only. A wholesale company in the MF sector are usually called an Apex which is also the general terms used in SMF AS. The two independent institutions have their own boards consisting of representatives from SMF AS, local independent directors and other shareholders in East Africa. The boards are chaired by the respective Regional Director. The wholesale lending institution in Bangladesh is yet to be approved by the local government and remains for now legally and accounting wise as a department of SMF AS. In the accounts of SMF AS are also the activities in South America and West Africa. SMF AS is working through SF´s regional offices in the respective regions. SMF AS is considered as the Finance Committee for the activities in the regions without legal wholesale lending institutions.The organisational chart illustrates SMF AS and its subsidiaries.

1) Solidarité Internationale pour le Développement et l´Investissement (SIDI) is a French non- governmental organization involved in Microfinance. 2) Cordaid is a Dutch non-governemental organization involved in Microfinance.

Countries of activity 2010

PERU

MALI

BURKINA FASO

SUDAN

BURMANIGER

KENYA

TANZANIA

UGANDA

SRI LANKA

BANGLADESH

Mali 41 194 9

Burkina Faso 6 876 4

Niger 6 863 2

West Africa 54 933 15

Total outreach

No.of partners

Bangladesh 161 068 9

Sri Lanka 47 431 28

Burma 16 192 1

Asia 224 691 38

Total outreach

No.of partners

Uganda 70 076 27

Tanzania 22 365 8

Sudan 5 064 1

Kenya 14 975 5

East Africa 112 480 41

Total outreach

No.of

partners

Peru 433 2

South America 433 2

Total outreach

No.of partners

Total 392 536 308 220 84 316 95

Institut. MF CMMF

No.of partners

Total outreach

6 7

Microfinance in SMF AS

STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2009 STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2009

As the Microfinance activities differ in size and complexity in the four southern regions of interventions, the microfinance programs have been contextualized to meet needs of partners and clients. In general the Microfinance approach of SMF AS can be divided in two main cate-gories of interventions:

I) Institutional Microfinance with provision of a) financial and b) non-financial services as well as c) networking with relevant institutions and II) Community Managed Microfinance (CMMF) with the promotion of savings- and lending groups.

I) Financial and non-financial services

a) Financial Services The main means of financial intervention have so far been:• Loans• Guarantees• Equityholdings As such, SMF AS conducts wholesale lending as one of its main inter-ventions. (Promotion of clients’ savings, however, is of essential impor-tance for the funding and security of the MFIs) The lending activities have increased significantly over the last years. SMF AS aims at offering competitive credit facilities for our partner MFIs, yet without compromising the local financial markets. SMF AS thus should not subsidize the interest rate, as we believe one of our missions is to promote inclusive, financial markets. Having that said, SMF AS also aims at promoting business between local banks and national MFIs.

Guarantees have become more common over the years. It is of great importance for the MFIs to have access to local capital.

A guarantee is needed when there is too much asymmetry between the lender (Bank) and the borrower. This is frequently the case when MFIs want to access the commercial financial markets. The conventional financing institutions have very limited knowledge of the MF sector. Hence a guarantee from an accepted institution can help the MFI ac-cess commercial capital. In this process it is essential that the guarantee should decrease over time (or the loan amount increase) so that the guarantee amount may be leveraged. Thus a certain amount in guaran-tee will leverage a higher amount in loans. An Apex institution could

play a key role in this context. That is what SMF AS wants to do.

As a way of supporting the Microfinance sector and build external relationships, SMF AS has chosen to make some few direct investments. These equity instruments, when invested in stakeholder companies in the North, open doors of collaboration with international players in the field, give access to information and new networks and let SMF become an international, recognised Microfinance player. When investing in partner MFIs in the South, the rationale could be a need for closer monitoring by having a seat on the Board, a symbolic support to an interesting, growing partner or a financial investment in a strong MFI. SMF AS also aims at exploring various quasi equity instruments, such as subordinated loans when involved in this sector. Acknowledging the inadequate capital structure of most NGOs / Microfinance players, the latter is a challenge calling for innovations.

b) Non-financial services By non-financial services and technical assistance, SMF AS is promoting a number of different services. To SMF AS this is part of the holistic ap-proach and integrated in Microfinance. Capacity building and non-financial services can be funding of product development, developing manuals and plans for the institutions, institutional capacity building, market development support, applied research, provision of equipment for the MFI etc. This support helps building up a strong structure for the Microfinance entities in the regions, concentrating on conducting microfinance servi-ces to MFIs with good governance, strong management, transparency and accountability. The grants are increasingly directed at the emerging or weaker MFIs often in the early part of their life cycle. Since all parties should strive to reach at least operational sustainability, the grant ele-ment should be limited accordingly and reducing.

c) NetworkingThe involvement in Networking can be further divided according to two categories:

i) Networks for capacity buildingSMF AS acknowledges the importance of strong, national networks wit-hin microfinance, be it on MFI level, Apex and wholesale lending level, between different donor agencies or collaboration with governmental bodies, both in the Global South as well as in Norway. These networks

vary in quality, functionality and in some countries they are non-existent. SMF believes, through financial and managerial support, one should support these structures in the chosen countries of intervention.

ii) Networks for funding and co-operationIn line with the increasing professionalism and commercialisation of the Microfinance industry, SMF AS sees an ever growing need to part-ner up with other, strong entities involved in our playfield. Reasons for partnering is both co-funding, sharing of recourses and responsibility in a project as well as strategic co-operation and knowledge sharing. Part-ners are both public institutional donors, such as Norad as well as other private actors like Oikocredit from The Netherlands, SIDI in France etc.

Below is a list of some of the networks where SMF AS is affiliated:

Internationally:Microcredit Summit, CGAP, Social Performance Taskforce, The SEEP network, SMART campain, The European Microfinance Platform in Lux-embourg ICCO, Oikocredit, Terrafina Microfinance, SIDI, OIKOS, Freedom for Hunger and OXFAM America

Nationally: Norway: Bistandstorget (Norwegian Development Network)Uganda: Uganda Association of Microfinance Institutions (AMFIU).Kenya: Association of Microfinance Institutions (AMFI)Tanzania: Tanzania Association of Microfinance Institutions (TAMFI).Mali: Association des Praticiens et institutions de la Micro finance (APIM) Sri Lanka: Donor MF Coordination Network, Microfinance Practitioners’ Network in Sri LankaBangladesh: INAFI Bangladesh

II) Community Managed MicrofinanceCommunity Managed Microfinance (CMMF) is microfinance program based on groups where the group members save together and by their own savings build the loan fund where the members of the group can ask for loans. Thus the group meet each members need for a safe and convenient place to save and access to the small loans the group can provide. CMMF is often implemented in a rural environment where every villager needs a lump of cash usually around the planting season. There is no question that it is better to use your own money than go into debt when meeting a crisis or for putting food on the table. So far,

this has been a successful way of mobilizing women and the interven-tion is globally considered a women’s initiative. However, men are co-ming in and seeing the value of the small money being saved regularly.In the partnerships and methods where SMF AS is involved, there is no external capital entering the groups and the loan fund. SMF AS only support partners with capacity building and funds for training new groups and expansion of the model. CMMF is primarily used in East and West Africa.

STRØMME MICROFINANCE AS \\ ANNUAL REPORT 20108 9STRØMME MICROFINANCE AS \\ ANNUAL REPORT 2009

42 002 496

61 933 989

662 625

1 070 667

East AfricaWest AfricaAsiaSouth America

Outstanding balance Institutional MF

MFI CMMF Total East Africa 26 14 40 West Africa 6 9 15 Asia 38 0 38 South America 2 0 2 72 23 95

Numbers of partners

MFICMMF

East Africa

West Africa

Asia

South America

1030

0

4020

East Africa 82 400 30 080 112 480 West Africa 697 54 236 54 933 Asia 224 691 - 224 691 South America 433 - 433 308 220 84 316 392 536

TotalCMMFMFI

Clients outreach by SMF funding

MFICMMF

0 75 000 150 000 225 000

East Africa

West Africa

Asia

South America

Strømme Microfinance AS is committed to social per-formance. This includes providing a range of products and services meeting the needs of local partners as well as their clients. For institutional MF, SMF AS is providing financial services accompanied by capacity building or technical assistance. Striving to be trans-parent and responsible when pricing, the lending is primarily done in local currency. Being a responsible and social investor, SMF AS is striving to work against negative developments such as over indebtedness.

The outreach, both in terms of people reached and local partner organisations, continued to increase in 2010. SMF AS, directly and through the subsidiaries, was by the end of 2010 in partnership with 95 local or-ganiations. In total, the partner organisations reached more than 6 million people in 2010. Reaching women is a goal in itself and a priority to SMF AS. Not only are women often excluded from the financial services, falling within the categories of the poorest but research prove that giving women access to MF provides families with health care, children go to school and women themselves are encourage to actively take part in the local communities.

Social results and return Outreach can be calculated in many different ways. For Institutional MF, the outreach of SMF AS is based on the relative share of SMF funding to each partner and thereby extracting the coherent share of number of clients. We acknowledge the fact that most of our partners have several funders. Being able to attract several lenders is one of the goals in developing solid and sustainable local institutions and further contributing to the overall goal of building a sustainable financial structure. The outreach is calculated a bit differently in CMMF, following the nature of the program. SMF AS’s role is solely to introduce the model and facilitate the groups as they move towards graduation. SMF AS does not provide any capital for lending. The members of the groups are therefore followed one by one. In total, the funding from SMF AS and its subsidiaries reached 392 563 people in 2010.By year end 2010, SMF AS and its subsidiaries had 105 million NOK outstanding with local partners. The average loan differs between regions and countries. The numbers presented here are calculated based on the numbers given by the partners of SMF AS.

0 25 50 75 100

East Africa

West Africa

Asia

South America

Outreach # of female clients % female clients East Africa 30 080 21 622 72 % West Africa 54 236 54 236 100 % Asia - South America - 84 316 75 858 90 %

CMMF outreach

East Africa

West Africa

Asia

South America

0 25 50 75 100

FemaleMale

Female Total East Africa 486 692 1 218 851 40 % West Africa 33 093 45 128 73 % Asia 4 012 308 4 839 922 83 % South America 129 361 146 500 88 % 4 661 455 6 250 401 74,6 %

% female clients

Clients outreach by SMF partners

NOKSri Lanka 1 166 Bangladesh 498 East Africa 2 290

Average loan


Microfinance used to be characterized as financial services with a social purpose and goal; to eradicate poverty. After years of rapid growth and maturing of the industry, new actors and new demands have come in. The short and simple success stories are now not enough neither for donors nor practitioners. The search for results and the attempts to measure the social results have led to the vast and extensive focus on Social Performance in the micro finance industry. The Social Performance is described as the institution’s ability to translate the social mission to practice. Combining this with the Result Based Management, the standard has raised to measure not only what is done but also the change in the lives of the participants.

Some researchers have started to question whether MF is a suitable tool in the fight against poverty. In the midst of the debate are those who would say that Microfinance never was a silver bullet and that poverty alleviation is too much to ask for. They would claim that financial access and banking the unbanked is enough of a goal. Developing the financial sector should extend people’s access to financial services and thereby reducing the uncertainty and vulnerability of the poor or at least the excluded ones. To a social investor, this discussion often ends in the choosing of none of the goals, but the focus on both developing the sector as well as the need for

Measuring resultsmeasuring the social results with the end beneficiary, the poor client. And so is the case for SMF AS. SMF AS is a social investor committed to its vision of poverty eradication. To reach this goal, SMF AS finds it is necessary to target excluded areas and people.

SMF AS is supporting and promoting the global standards and initiatives. Such as the work done by the Social Performance Task force1 by both being a member of the group of Social Investors as well and is taking part in other working groups.

While change in the lives of the clients is our ultimate goal, it is equally im-portant to safeguard and protect the clients. SMF AS has signed the Client Protection Principles2 and are actively promoting as well as including them in assessments and monitoring of partners.

In addition to securing good financial management for the partners and working towards the goal of a long term sustainable financial sector and supply for the poor, there is need for more knowledge about the change in the lives of the target group – the poor. SMF AS has therefore strengthened the focus on the social indicators to assess and measure non-financial and social results.

SMF AS has developed a framework and uses several tools to measure the social results. The standard output indicators, such as outreach, are implemented to be measured on a quarterly basis. These indicators are aligned with the indicators developed and reported to The MiX3 . Outreach has been the most common indicator for measuring the social result of the organization. Others like share of women, retention rate and average loan size have been used as proxies to measure the poverty level of the clients. These indicators are all fulfilling their mission to indicate something, but SMF AS has the desire to measure change.

The work to develop a full monitoring plan continues on the measurement of outcome – the change in the life of the poor. Outcome means measur-ing the change the project or program has had on the initial situation. The effect should not be mistaken by the effectiveness and how to be effec-tive. A project may be effective in the way it has organized the inputs and

activities. However by effect the meaning is the more immediate tangible and observable change, in relation to the initial situation and established objectives. Appropriate indicators will be needed to measure the change in the lives of the target group. Such indicators need to be part of a full monitoring system.

SMF AS is developing and tailoring several tools to measure outcome. The Most Significant Change technique has been adapted and stories will be collected twice a year. This method is unique in the sense that it has no pre-defined indicators. It leaves the participants and different actors to define the change they value as the most significant. The technique is subjective and the selection will naturally follow the valuation of the ones selecting. But as the stories are selected through different levels, the one finally selec-ted will be representing several others.

Alongside with the Most Significant Change technique, two surveys are developed. The one will assess partners and further focus on the added value of the partnership with Strømme Microfinance. The other survey will be targeted to clients and for them to identify the change in their lives. The survey amongst clients will target a representative and random selection of clients. Both assessments will be undertaken once a year.

Gender equality, environmental sustainability and cultural freedom are all areas of particular interest and focus to SMF AS. All three issues are chosen as cross-cutting issues and will permeate SF as an organisation, structurally and in all activities; in a) Development Interventions, b) Human Resources and Administration and c) External Communication. Regions may also adopt other cross-cutting issues in line with other important issues that are considered crucial in a given region (e.g. HIV/AIDS in East Africa and peace & reconciliation in Asia). Strømme Foundation has together with SMF AS developed a tool for assessing the cross-cutting issues. Raising awareness on these key issues is looked upon as important and even conditions for sustainable and long-term change. Assessments of all partners are done yearly and first and foremost by the partners for themselves to indicate and guide them in their work.

Though it is important for SMF AS to show its effects and results of the interventions, the measurement should at all times stay motivated by the urge to provide the service desired and to meet the needs of the poor. Measuring results should aim at improving the work and never just to prove the effects.

I am member of a Saving For Change4 group set up and monitored by staff of CAEB. I had heard about the Saving For Change program in Ladjibougou (an hamlet nearby my village) and I went there to learn more about it. I was convinced that it was a good initiative and asked the CAEB animator to come and create a group for me and my neighbours. He started by sensitizing all the women in the village about the approach. Fortunately it was popu-larly accepted and a first group was set up with me as one of the members. We have continued to meet regularly.Since my start in a Saving for Change group, my entire life has been different. But two things have really taken my attention. The poverty situation of my family has reduced and the relationship between the women in the village has improved enormously.From my point of view, the most important of these is without any doubt the poverty reduction in my family. I chosen the poverty reduction in my family because ear-lier it was a bad situation and it did not allow me doing a

lot of things. Before the Saving For Change program, some days neither me nor my husband had any money. I could not bring my children to the health centre when they were sick and my husband and I were not able to purchase school materials for them. With the Saving For Change program my financial situation has become very different. I have access to loans in the group. The loans have helped me reinforcing my enterprise of mangos and yam selling. I buy these articles in a town 64 km from here and sell them in my village. Now, I always have money available for my ex-penditures. My children receive necessary health care at the Health centre and all of their school materials are covered for.I also own five moutons that I have bought from my part after sharing of funds at the end of the cycle in my group. The moutons are for economic security. For sure, I am not a rich lady but I do not lack means to cover my financial needs today - thanks to Saving For Change.

The most significant change - the story of Aminata Diarra (Mali)

1) The Social Performance Task Force was established in 2007 and consists most of the leading microfinance networks, financial service providers, rating agencies, donors and social investors. See www.sptf.info for more information. 2) www.smartcampaign.org 3) www.themix.org

4) Saving For Change is one of the types of CMMF promoted by SMF. Saving For Change is developed and promoted jointly by Freedom From Hunger, Oxfam America and Strømme Foundation.


BangladeshThe Apex in Bangladesh is still to be legally approved as a separate legal entity. The virtual Apex is at the time functioning as an Apex governed as a division within the Regional Office in Sri Lanka. The Apex in Bangladesh is involved in institutional MF.

BANGLADESH

BALANCE SHEET (all numbers in NOK): 31.12.10 31.12.09Total current assets: 37 965 289 37 724 665Total non-current assets: TOTAL ASSETS 37 965 289 37 724 665

Total current liabilities: -12 851 92 134Total non-current liabilities: 37 965 048 38 048 365Total equity: 13 093 -415 834 TOTAL LIABILITIES AND EQUITY 37 965 290 37 724 665

INCOME AND EXPENSES STATEMENT 2010 2009Total operating income 3 153 167 2 854 223Total financing expenses 1 229 876 1 277 785Provision for loan losses+write-offs 1 121 386 1 074 652Total operating expenses 381 939 498 738Net income from operations 419 966 3 048Income tax - -Currency loss /gain - -Total grants received - -Net income after grants for the period 419 966 3 048

SMF AS The microfinance activities in West Africa, South America and parts of Asia, are part of the Income Statement and Balance Sheet of SMF AS. SF´s Regional Director in the relevant region is responsible for the ma-nagement and supervision of these interventions whereas the sole role of SMF AS, as a holding company, is to support the regional offices and subsidiaries implementing Microfinance in the local areas of interven-tion. Support is given by governing the subsidiaries and other activities as well as by fundraising, networking, and professional and technical development. The intervention in West Africa is only focusing on CMMF. In the other countries only institutional MF is used for now.In the Asian region, the institution in Bangladesh is still to be legally ap-proved as a separate legal entity. The accounts of the Apex are therefore included in the Income Statement and Balance Sheet of SMF AS. Ho-wever, the key performance indicators for Bangladesh will be presented separately since the institution is ready and is expected to become a legal entity soon. During the 2010 SMF AS also had a loan to a partner in Myanmar, but this loan ended before year end.

SMF AS has for various reasons decided to acquire ownership parts in external MF companies abroad. Overview of these investments can be found in the notes. The loans and equity holdings in the Apexes will appear in the balance of SMF AS.

SMF AS BALANCE SHEET (all numbers in NOK): 31.12.10 31.12.09 Total current assets: 6 120 427 44 582 175 Total non-current assets: 117 571 331 81 700 996 TOTAL ASSETS 123 691 759 126 283 171 Total current liabilities: 819 118 697 004 Total non-current liabilities: 76 907 338 76 795 715 Total equity: 45 965 303 48 790 452 TOTAL LIABILITIES AND EQUITY 123 691 759 126 283 171 INCOME AND EXPENSES STATEMENT 2010 2009 Total operating income 3 532 327 17 589 255 Total financing expenses 266 545 292 201 Provision for loan losses+write-offs 1 537 773 1 000 000 Total operating expenses 3 282 179 2 958 407 Net income from operations -1 554 169 13 338 647 Income tax 20 339 71 260 Currency loss /gain -4 899 569 -24 698 358 Total grants received 7 296 990 5 715 170 Net income after grants for the period 822 912 -5 715 801

Now, my daughter is top in her class

The consolidated numbers contains 100% of all the numbers from all subsidiaries and regional offices.

Interventions by geographical involvement


East Africa - Strømme Microfinance East Africa Ltd (SMF EA Ltd)SMF EA Ltd is a company limited by shares, incorporated in 2004. The company is located in Kampala, Uganda and manages the microfinance activities for the East African region (Uganda, Kenya, Tanzania, and Sudan). SMF EA is a complete Apex organisation with a local Board of directors, a full set of manuals covering including a Business Plan, and policies for the Board, Accounting, Human Resources management and Operational & Financial issues. SMF AS holds the majority of shares in the company and the regional director serves as chairperson of the Board. SMF EA Ltd has interventions in both Institutional Microfinance and CMMF.

SMF EA LTD.

BALANCE SHEET (all numbers in NOK): 31.12.10 31.12.09 Total current assets: 60 324 271 58 866 695 Total non-current assets: 676 064 481 380 TOTAL ASSETS 61 000 335 59 348 075

Total current liabilities: 1 488 785 2 899 059 Total non-current liabilities: 22 652 739 38 297 570 Total equity: 36 858 811 18 151 446 TOTAL LIABILITIES AND EQUITY 61 000 335 59 348 075

INCOME AND EXPENSES STATEMENT 2010 2009 Total operating income 6 132 893 6 081 469 Total financing expenses 1 738 541 1 835 627 Provision for loan losses+write-offs 1 799 875 1 024 106 Total operating expenses 5 618 927 5 535 001 Net income from operations -3 024 451 -2 313 265 Income tax 102 358 - Currency loss /gain -511 287 -613 589 Total grants received 3 356 226 3 328 961 Net income after grants for the period 740 704 402 106

Sri Lanka - Strømme Microfinance Asia Guarantee Limited (SMAGL) SMAGL is incorporated under the Companies’ Act no 17 at the Registrar of Companies on January 6th 2006 with SF as the Founding Member. The company manages all the Microfinance activities in Sri Lanka and has its seat in Colombo. SMAGL is a complete Apex organisation with a local Board of directors, a full set of manuals, a Business Plan, policies for the Board, Accounting, Human Resources management and Operatio-nal & Financial issues. The SF Regional Director is chairing the board. SMAGL is involved in institutional Microfinance.

SMAGL

BALANCE SHEET (all numbers in NOK): 31.12.10 31.12.09Total current assets: 31 662 117 25 730 247Total non-current assets: 79 308 137 252TOTAL ASSETS 31 741 425 25 867 498

Total current liabilities: 2 500 184 31 577Total non-current liabilities: 18 965 384 15 638 145Total equity: 10 275 857 10 197 776TOTAL LIABILITIES AND EQUITY 31 741 425 25 867 498

INCOME AND EXPENSES STATEMENT 2010 2009Total operating income 2 868 619 2 650 204Total financing expenses 361 829 289 936Provision for loan losses+write-offs 1 800 421 855 494Total operating expenses 1 050 308 1 113 541Net income from operations -343 938 391 233Income tax 30 417 372 545Currency loss /gain -Total grants received 6 501Net income after grants for the period -374 355 25 188

Now, we work together and support one and other

Now, I send my children to school


Report from the Strømme Microfinance AS Board 2010

«Poverty buster»Strømme Microfinance AS (SMF AS) is an important player in the Micro-finance field in Norway. The Company is owned 100% by the Strømme Foundation.The company was established as a Mother company in a group with the daughter companies Strømme Microfinance East Africa Ltd (SMFEA) and Strømme Microfinance Asia Guarantee Limited (SMAGL) located respectively in Kampala, Uganda and Colombo, Sri Lanka. In addition the company has a branch office in Dhaka, Bangladesh.In addition to being an active holding company, the Company, to-gether with its daughter companies, is offering financial services to-wards its MFI partners. It also offers training opportunities and capacity building of staff and organisations in the field of microfinance. SMF AS

ANNUAL REPORT 2010STRØMME MICROFINANCE AS

has its governors and top managers, as well as the head office address, in Norway, but the field activities take place in Peru, Mali, Burkina Faso, Niger, Bangladesh, Sri Lanka, Myanmar, Tanzania, Kenya Sudan and Uganda.

The Financial year 2010The main objective of SMF AS is to reach out to has many poor people as possible with affordable and needed financial products. During 2010 we have actively tried to improve these products. We have also tried to develop further our existing business model. We have also improved our reporting and budgeting procedures, in particular when it comes to the measuring of social impact. The company has in this field develo-

ped an innovative approach within the microfinance establishment and created effective indicators of social change among the end user of our services.As a normal part of our main objectives the company has an invest-ment philosophy which includes that currency losses shall be borne by the Company itself. This means that our end user will not be charged with currency losses. Despite a total currency loss of 4,3 mill. NOK in 2010, the company has a positive financial result.The non-financial results as well as the financial results of our company for 2010 are therefore as expected and well in line with our action plans and the Board’s expectations.The outstanding portfolio is considered to be solid.

The Board is of the opinion that the conditions for continued opera-tions are existing.The company’s lending activities to other microfinance institutions are exposed to credit risk and country risk. Due to the monitoring system and diversification of the portfolio, the Board believes that the credit risk is reduced to an acceptable and manageable level. The specific country risk cannot be influenced directly by the company but the sum of country risks have been reduced through the company’s strategic decision of spreading the its activities over several countries. The company has during 2010 been actively working to develop its position towards its strategic partners.Cordaid, an important Dutch microfinance operator bought in 2010 a


Kristiansand, 26.05. 2011

Inge Lønning

Olaf Gundersen

Svein Ove Faksvåg

Karianne Toppe AngelskårAsle Jøssang

Anna Minj

Trond Randøy

Øyvind Aadland Secretary General

Strømme Microfinance AS Parent Company Group Parent Company Group 2010 2010 2009 2009 Investment income 573 375 1 604 928 334 546 1 363 313 Other interest income 4 770 204 10 945 758 3 658 163 7 909 488 Other investment income 11 478 203 964 6 626 348 005 Sum interest and similar income 5 355 058 12 754 651 1 3 999 335 9 620 806 Financial expenses -50 339 -94 433 -39 600 -480 162 Other interest costs -266 545 -665 485 -203 931 -353 899 Sum interest and similar costs -316 884 -759 918 -243 532 -834 061 Net interest and similar income 5 038 174 11 994 733 3 755 803 8 786 745 Contribution from the Strømme Foundation and others 1 826 425 5 182 651 596 996 3 932 458 Countributions for loans 5 470 565 5 470 565 3 879 622 3 879 622 Sum contributions 7 296 990 10 653 215 4 476 618 7 812 080 Sum contributions and interest income 12 335 164 22 647 948 8 232 421 16 598 825 Loss on exchange -4 899 569 -4 388 281 2 -9 671 993 -10 285 582 Salary costs -2 125 126 -3 828 566 -1 804 060 -2 347 330 Other personnel costs - -164 953 - -202 493 Sum salary costs -2 125 126 -3 993 519 3 -1 804 060 -2 549 823 Other operating costs -1 358 913 -6 214 016 -465 403 -5 385 182 Depreciation costs -29 180 -170 754 -30 715 -111 432 Provision for losses on accounts receivable -1 537 773 -3 120 590 -751 000 -751 000 Sum other operating costs -2 925 866 -9 505 360 4,5 -1 247 117 -6 247 615 Sum operating costs -9 950 560 -17 887 161 -12 723 170 -19 083 020 OPERATING RESULT 2 384 603 4 760 788 -4 490 749 -2 484 195 Result of ordinary activities 2 384 603 4 760 788 -4 490 749 -2 484 195 Tax expenses -20 339 -153 114 6 -18 083 -244 712 ANNUAL RESULT 2 364 264 4 607 674 -4 508 832 -2 728 907 Of this, minority share - 137 676 0 33 951 To other equity 2 364 264 4 469 998 -4 508 832 -2 762 858 2 364 264 4 607 674 -4 508 832 -2 728 907

Note

minority shareholding in SMFEA. We also signed a global Agreement of Co-operation with Oxfam America and Freedom from Hunger pertai-ning to the ownership and continued development of the microfinance program called Savings for Change, a loan- and savings program that has reached out to more than 300.000 women in our intervention areas in West Africa.SMF AS has in 2010 strengthened its cooperation with the Alliance Microfinance AS with common offices in Kristiansand and common funding. Together we have established and developed an investment fund, GAVN Mikrofinans AS, where the investment capital from external inves-tors shall be reinvested in the two partners. The final deployment of the fund will take place in 2011.

Working environment and staffThe company has a very low absence rate. There have been no injuries or accidents during 2010. The working environment is considered to be good.It is a goal of the company to offer equal opportunities to men and women. SMF AS is continuously working on guide lines and monitoring methods in order to secure equality at all levels in the organisation. In 2010 2 out of 7 Board members were women. 26% of the SMF AS group staff were women. The Company makes every effort to reduce pollution of the environ-ment. SMF AS also works continuously in order to secure that our mi-crofinance activities abroad do not impact the environment negatively.


Balance Sheet Accounting Principles

The annual accounts are established in accordance with the Norwegian Accounting Act and generally accepted accounting principles.Accounting principles for subsidiary and associated companies, and consolidation basis.The consolidated accounts comprise:

Owner shareParent company/subsidiariesStrømme Micro Finance AS (parent company) incl. Strømme Micro Finance BangladeshStrømme Micro Finance East Africa 70 %Strømme Microfinance Asia Guaratee Limited 100 %

Accounting principles for shares in subsidiaries and associated companies.Shares in subsidiaries and stakes in associated companies are assessed in accordance with the cost method in the company accounts.

Consolidation PrinciplesSubsidiaries will be consolidated from the point at which the control is transferred to the corporation (date of acquisition).

Acquisition of subsidiariesAccounting for acquired subsidiaries is undertaken in the group ac-counting, based upon the parent company’s acquisition cost. The acquisition cost is assigned the actual value of identifiable assets and debt in the subsidiary, which is entered into the corporation accounts according to the actual value of the acquisition date.

Elimination of internal account itemsIn the corporation accounts, the item “shares in the subsidiary” is repla-ced by the subsidiary’s assets and debts. The corporation accounts are drawn up as if the corporation were a single economic entity.Transactions, unrealised profits and claims between companies in the corporation are to be eliminated.

Conversion of foreign subsidiaries The subsidiaries’ functional currency is the country’s local currency. Conversion of the accounts is undertaken by using the current rate

Parent Company GroupASSETS 01.01.10 31.12.10 01.01.10 31.12.10 Fixed assets Fixed assets 2 917 987 3 081 315 7 3 156 753 3 506 662 Financial assets (shares) 34 981 748 30 320 909 8 3 342 207 3 208 021 Portfolio loans 43 801 261 46 204 060 0 - Sum fixed assets 81 700 996 79 606 284 6 498 960 6 714 683

Short term assetsAccounts receivable 1 145 332 1 151 620 1 676 342 1 610 007 Other liquid assets 947 081 88 864 7 974 503 10 148 741 Portfolio loans 31 432 220 30 509 530 9 105 871 584 95 648 662 Bank deposits, cash and similar 11 057 542 17 471 032 10 15 682 482 36 816 681 Sum liquid assets 44 582 175 49 221 046 131 204 910 144 224 091

SUM ASSETS 126 283 171 128 827 329 137 703 870 150 938 774

EQUITY AND LIABILITIESEquity Share capital 10 500 000 10 500 000 10 500 000 10 500 000 Share premium account 40 000 000 40 000 000 40 000 000 40 000 000 Other deposited equity 2 297 886 2 297 886 19 398 198 26 007 258 Other equity 501 400 -4 048 425 -13 371 537 -17 037 565 Annual result -4 508 833 2 364 264 -2 728 907 4 607 674 Sum equity 48 790 452 51 113 725 11-15 53 797 753 64 077 367 Of this, minority share 1 398 091 10 384 303 DebtLong term liabilities Liabilities to credit institutions 3 353 771 3 665 320 7 569 221 8 954 511 Other long-term debt 73 441 944 73 760 967 73 052 665 73 398 976

Short term liabilties Other short dated liabilities 697 004 287 318 3 284 232 4 507 919 Sum liabilties 77 492 718 74 048 285 16,17 83 906 117 86 861 406 SUM EQUITY AND LIABILITIES 126 283 171 128 827 329 137 703 871 150 938 773

Note


Notes Strømme MicroFinance AS

Note 1 Interest and similar income

Parent company GroupGeographical distribution 2010 2010Bangladesh 3 153 167 3 153 167 Sri Lanka 342 038 2 868 619 Uganda 1 305 793 4 061 133 Kenya 154 368 866 511 Tanzania - 1 426 351 Norway 189 844 180 206 Peru 70 026 70 026 Mali 77 517 77 517 Burkina Faso 19 439 19 439 Cambodia 1 847 1 847 Burma 41 019 41 019 Total 5 355 058 12 765 835

Note 2 Foreign exchange losses distributed by currency

Currency type Parent company Group 2010 2010

Kenyan shilling -150 331 -150 331 CFA Franc BCEAO -212 574 -212 574 American dollar 107 029 107 029 Danish kroner 200 485 200 485 Ugandan Shilling -5 423 984 -4 912 696 EURO -155 388 -155 388 Sri Lanka Rupee 335 815 335 815 Swedish kroner 24 628 24 628 Bangladeshi Taka -83 318 -83 318 Other 458 069 458 069 -4 899 569 -4 388 281

of exchange in such a way that the balance is converted into the accounting-day rate of exchange, and the profit and loss accounting is converted into the average rate of exchange. All conversion differences are accounted for directly against net capital.

IncomeThe company’s income is mainly connected to interest income and contribution and is posted as ingoings as it is acquired.

Classification of balance sheet itemsAssets intended for permanent possession or use are classified as fixed assets. Assets which are connected to goods circulation are classified as short term assets.Accounts receivable are classified as short term assets if they are to be repaid in the course of one year. For debt, analogue criteria will be used. The first years’ repayments on long-term debt and claims are neverthe-less not classified as a short term asset and short-term debt.

Acquisition CostIn the case of purchase in foreign currency, the asset is recorded in the balance sheets according to the rate of exchange at the time of the transaction.

Fixed AssetsLand is not depreciated. Other assets are depreciated on a straight-line basis to the remaining value of the fixed asset’s expected available lifetime if they have a cost which is in excess of 15,000NOK. The fixed assets’ useful lifetime, together with their residual values, are evaluated

each year end and amended should this be necessary. Maintenance of assets is recorded continuously under operating expenses. Renewals or improvements are added to the asset cost price and depreciated along with the asset.The distinction between maintenance and renewal/improvements is calculated in relation to the asset’s condition at the time of purchase. The assets are depreciated in accordance with the balance method.

Accounts receivable Accounts receivable are recorded in the balance after deduction of provision for expected losses. The provision for loss has been made on the basis of an individual assessment of accounts receivable and an additional provision to cover other foreseeable loss risk. Other accounts receivable, both current assets and fixed assets, are stated at the lowest end of nominal value and market value. The provision is assessed in the same way as it is for accounts receivable.

DebtDebt is recorded in the balance sheets as a nominal debt sum.

Foreign CurrencyAccounts receivable and debt in foreign currency are assessed accor-ding to the exchange rate at the end of the fiscal year.

Tax The company is not liable to pay taxes in Norway. In respect of foreign legislation, a tax cost in relation to income tax and tax on interest will nevertheless result.

Note 3 Salary costs, total employees, remuneration, loans to employees etc

Salary costsPayroll 1 815 289 3 518 731 1 384 669 2 247 324Employers’ national insurance contributions 235 005 235 005 81 493 81 493Pension costs 74 831 74 831 18 513 18 513Other payments 0 164 952 0 202 493Sum 2 125 125 3 993 519 1 484 675 2 549 823 Employed full-time positions (man-labour years) in the financial year was 4,5 in the parent company and 17 in the corporation.

Payment to leaders General Manager Administration Salary 0 0 Pension costs 0 0

Strømmestiftelsen’s General Secretary is the manager of the company, and has received no salary from it. No loans or collateral for loans were granted to senior employees.

Parent company2010

Parent company2009

Group2009

Group2010


Note 4 Payment to the auditor

Expensed payment to the auditor distributed as follows:

Statutory audit (inc. Technical assistance with financial statements) 131 250 208 074 35 014 104 733Other authorisation services 0 0 25 505 25 505Legal aid 118 899 118 899 15 925 15 925Sum 250 149 326 973 76 444 146 163Amounts are given without VAT.

Note 5 PensionsThe company is obliged to provide an occupational pension scheme under the Act for mandatory pensions. The company has entered into an agreement concerning the pension scheme which meets the requirements of the mandatory pension scheme.

Amounts are given without VAT. 74 831 74 831

Note 6 TaxCompany tax: Parent Company Group 2010 2010Income tax 0 108 416Tax on interest 20 339 44 697 20 339 153 113

Note 7 Fixed assetsParent company Fixed assets Vehicles Fixtures Sum fixed assetsAcquisition cost 01.01. 3 076 690 0 0 3 076 690Purchase costs 01.01 0 0 192 508 192 508 Purchase costs 31.12 0 0 0 0 Acquisition cost 31.12. 3 076 690 0 192 508 3 269 198Accumulated depreciation 31.12. -187 883 0 0 -187 883 Book value 31.12 2 888 807 0 192 508 3 081 315 Annual depreciation 29 180 0 0 29 180 Depreciation % 1 %

Note 8 Financial assets Parent company 31.12.09 31.12.10 Shares Kolibri Kapital 20 400 20 400 Shares SMFEA 16 360 699 12 303 139 Shares SMAGL 15 658 708 15 139 773 Shares Jami Bora Bank 1 869 150 1 804 380 Shares Jami Bora Scandinavia 323 080 347 708 Shares SIDI France 547 813 514 357 Shares Oikocredit 90 078 86 247 Owner share OIKOS 111 820 104 905 34 981 748 30 320 909 Group 31.12.09 31.12.10 Shares Mbinga bank 22 124 18 510 Shares in Alterfin, Belgium 2 026 1 695 Shares in Tujijenge Africa 355 716 309 819 Shares in Kolibri Kapital 20 400 20 400 Shares Jami Bora 1 869 150 1 804 380 Shares Jami Bora Scandinavia 323 080 347 708 Shares SIDI France 547 813 514 357 Shares Oikocredit 90 078 86 247 Owner share OIKOS 111 820 104 905 3 342 207 3 208 021

Note 9 Portfolio loans Receivable/Outstanding Portfolio 2010 2010 Total portfolio 39 274 530 105 670 525 Provision for losses on receivables -5 135 329 -10 021 863 Net portfolio to loans 34 139 201 95 648 662 No loan expires later than one year.

Group2010

Group2010

Group2009

Parent company2010

Parent company2010

Parent company2009

Buildings and land/plots

Group Fixed assets Buildings and land/plots Vehicles Fixtures Sum fixed assets Acquisition cost 01.01. 3 076 690 274 084 244 130 3 594 904 Purchase costs 01.01 0 337 264 205 687 542 951 Purchase costs 31.12 0 120 181 0 120 181 Acquisition cost 31.12. 3 076 690 491 167 449 817 4 017 674 Accumulated depreciation 31.12. -187 883 -143 235 -179 894 -511 012 Book value 31.12. 2 888 807 347 932 269 923 3 506 662 Annual depreciation 29 180 104 320 37 254 170 754

Note 10 Restricted bank deposits, overdrafts Parent company Restricted cash 2010

Restricted cash 102 649

Allocated drawing rights

Unused overdraft 1 194 380

Parent Company Group


Note 12 Share capital and shareholder information

Summary of the largest shareholders 31.12.2010

Owner shareStrømmestiftelsen 100,0% Totalt number of shares 100,0 %

Note 11 Equity Annual changes in equity

Parent company acc. Result exchange diff. Total equityOpening balance 01.01.2010 10 500 000 40 000 000 2 297 885 -4 007 433 48 790 452 Result 2010 2 364 264 Foreign exchange effect -40 992 Closing balance 31.12.2010 10 500 000 40 000 000 2 297 885 -1 643 169 -40 992 51 113 724

share capitalshare

premium account«Other equity

(donated equity)»

Group acc. Result Total equityOpening balance 01.01.2010 10 500 000 40 000 000 442 440 18 955 758 -16 040 232 -60 213 53 797 753 New share capital 9 105 296 Result 2010 4 607 674 Increased elimination of provision for losses on receivables -1 196 105 Foreign exchange effect -2 237 251Closing balance 31.12.2010 10 500 000 40 000 000 9 547 736 18 955 758 -12 628 663 -2 297 464 64 077 367

share preminum

account

other deposited

equity

other equity (donated

equity)share capitalexchange

diff.

Note 14 Inter Company Loans

Group Other debts 2010Loan to Stromme Microfinance East Afrikca ltd 17 514 913Loan Stromme Microfinance Asia Guarantee Limited 10 357 784Sum 27 872 697

Of this, long-term receivables due >5 år 27 238 676

Loans are issued in local currency

Note 15 Balance with the Strømme Foundation Parent company 2010 2009Other short-term liabilities - -Short-term claim 511 018 648 742 511 018 648 742

Long-term liabilities - -3 000 000Long-term subordinated loans 73 435 267 -70 052 665 73 435 267 -73 052 665

The SMF AS Group are consolidated with the Strømme Foundation, and the consolidated accounts may be disclosed by contacting The Strømme Foundation, PO Box 414, 4664 Kristiansand, Norway

Note 13 Long-term debt Long-term debt Parent Company Interest rate Parent Interest rate 2010 2009 Nordea NOK 3 805 620 6,25 % 4 366 228 6,25 % OIKOS DKK 2 999 257 3-5% 3 000 000 3-5% Strømmestiftelsen NOK 0 0 % 3 000 000 1,8 % Strømmestiftelsen (subordinated loan) NOK 73 435 267 0 % 70 052 665 0 %

Strømmestiftelsen (subordinated loan) of NOK 73 435 267 is due later than in 5 years. Group Interest rate Group Interest rate 2010 2009 Kolibri USD 700 000 5 % 0 0 % SIDI UGS 850 150 000 8 % 850 150 000 8 % Alterfin USD 300 000 5 % 300 000 5 % Nordea NOK 3 805 620 6,25 % 4 366 228 6,25 % OIKOS DKK 2 999 257 3 000 000 3-5% Strømmestiftelsen NOK 0 3 000 000 1,8 % Strømmestiftelsen (subordinated loan) NOK 73 435 267 0 % 70 052 665 0 % Strømmestiftelsen (subordinated) of NOK 73 435 267 is due later than in 5 years.


Note 16 Subsidiaries, associate companies and joint venturesParent company Subsidiaries Registered office Owner share Book value SMFEA Kampala, Uganda 70,6 % 36 858 811 695 336 15 119 211 SMAGL Colombo, Sri Lanka 100 % 10 399 084 -231 605 18 965 384 Book value 31.12. 47 257 895 463 731 34 084 595 SIDI has a 9.8% share in SMFEA, while Cordaid owns19.6%.

Note 17 Loans to employees There are no loans to leading employees. 2010Total employee loan 88 864

The issued loans are for 2 employees in Bangladesh. The loans are charged at 5% interest and shall be repaid over 4-5 years.

Equity last year (100 %)

Result last year (100 %)


Strømme Microfinance AS Strømme Foundation, June 2011

Lay-out and graphic design: Strømme Foundation All photos: Strømme Foundation

The Strømme Foundation is member of

The Norwegian Control Comittee for Fundraising

APPENDIX ABBREVIATIONS:

BOD: Board of Directors

CGAP: Consultative Group to Assist the Poorest

CMMF: Community Managed Microfinance

MF: Microfinance MIS : Management Information Systems

MFI : Microfinance Institutions NGO: Non Governmental Organisation

RD: Regional Director (in SF)

RO : Regional Office (in SF)

SF: Strømme Foundation

SIDI : Solidarité Internationale pour le Développement et l’Investissement

SMAGL : Strømme Microfinance Asia Guarantee Ltd

SMF AS.: Strømme Microfinance AS

SMF EA Ltd : Strømme Microfinance East Africa Ltd

TA: Technical Assistance

Skippergaten3•Box414•N-4664KristiansandNorwayTel+4738127500•Fax+4738025710•Org.no952002139

E-mail:[email protected]•www.stromme.org

strømme foundation microfinance as annual report 2010

Documents

microfinance programs

solid microfinance operators

institutional microfinance

financial expectations

stromme microfinance

financial crisis

financial sound

financial sustainability