This study examines the ownership structure, expectations, and achievements of microfinance institutions that have been established by transforming nongovernment organizations (NGOs) in Africa, Asia, and Latin America. It contends that although the number of such institutions is low, these organizations have had a catalytic effect and major influence on the microfinance industry. Shareholders and potential investors will gain a better understanding of how transforming an NGO into a regulated financial institution works and learn how to improve an NGO's operations in order to effectively serve larger segments of the poor.
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Nimal A. Fernando is the lead rural finance specialist in the regional and sustainable development department of the Asian Development Bank.
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