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What are the most effective ways to measure social impact outcomes for microfinance programs?

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Microfinance is the provision of small loans and other financial services to low-income individuals and groups, often in developing countries. It aims to empower them to start or grow their own businesses, improve their livelihoods, and contribute to social and economic development. But how do we know if microfinance programs are achieving their intended social impact outcomes, such as reducing poverty, increasing gender equality, enhancing education, or improving health? In this article, we will explore some of the most effective ways to measure social impact outcomes for microfinance programs, and why they are important for both the providers and the beneficiaries of microfinance.

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Andrew Brisbin

Tech for Good aficionado, Investor, and Advisor
Heidi Fisher MBE

Impact Measurement Expert | Enabling healthcare & social enterprises to use better impact data for income growth…
MOSES OKELLO

Women's Economic Empowerment Lead & Jasiri Fund Manager at CREAWKenya

1 Define the outcomes

The first step to measure social impact outcomes for microfinance programs is to define what outcomes are expected and relevant for the specific context and objectives of the program. Outcomes are the changes or benefits that occur as a result of the program's activities and outputs, and they can be short-term, medium-term, or long-term. For example, a microfinance program that targets women entrepreneurs in rural areas may have outcomes such as increased income, improved household decision-making, reduced vulnerability to shocks, or enhanced access to education and health services. Defining the outcomes clearly and realistically helps to set the goals and indicators for the measurement process, and to communicate the value and impact of the program to the stakeholders.

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Heidi Fisher MBE

Impact Measurement Expert | Enabling healthcare & social enterprises to use better impact data for income growth, smarter decisions & greater social impact | SROI, impact reports, data systems, frameworks & training
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The outcomes that get measured should be the ones that matter to the key stakeholders, rather than outcomes that might only be a priority for a funder. Also, it's important to think about negative outcomes and unintended impacts.

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MOSES OKELLO

Women's Economic Empowerment Lead & Jasiri Fund Manager at CREAWKenya
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Knowledge and experiences of the key local actors and stakeholders are pivotal to employing localized and contextualized approaches in identifying and defining the specific social impact outcomes and this has proven to be effective and efficient in successful roll out of such programs in Kenya. In addition, it enhances ownership and full participation from program participants during harvesting of such outcomes.

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Deng David

M.Sc.. Agricultural and Applied Economics (University of Nairobi), M.A Monitoring and Evaluation (UTAMU), PGD. M&E (UTAMU) and B.Sc. Agricultural Economics (University of Eldoret)
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From my personal point of view, the social impact of microfinance is measure in aspects. First of all, the application of skills and knowledge of financial management by the individuals who are the direct beneficiaries of the microfinance program. For instance, improving levels of saving by individuals, increased in investment at the expense of spending are key features in determining social impact of microfinance. This is true because the program doesn't only provide financial support but also give technical support in terms of skills and knowledge provision, through financial management trainings. Secondly, improved living standard and welfare of beneficiaries. i.e capacity to access both basic & secondary needs, living dignified life

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Alberto Labarca Blanco

Founder CEO de BELIFi / Startup / Fintech / Insurtech / Personal Financial Management PFM / Finanzas Integrales / Banca-Seguros / Marketing Digital IA
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Una forma efectiva de medir el impacto social de programas de microfinanzas es a través de indicadores cuantificables, como el aumento en los ingresos y la mejora en el acceso a servicios básicos. Por ejemplo, si un programa otorga microcréditos a mujeres emprendedoras, se podría medir el impacto observando cuánto han aumentado sus ingresos y si han logrado mejorar la calidad de vida de sus familias al acceder a educación o atención médica. Además, se podría evaluar la tasa de retorno del préstamo para garantizar la sostenibilidad del programa y su capacidad para continuar beneficiando a la comunidad.

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Jose Sergio Torres

Growth Hacker | DASM? | Google Project? Manager
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Para medir el impacto social de programas de microfinanzas, evalúa indicadores cuantitativos como el aumento de ingresos y la creación de empleo. Incorpora datos cualitativos a través de historias de éxito y cambios en la calidad de vida. Analiza la inclusión financiera y empoderamiento de mujeres. Mide la sostenibilidad económica a largo plazo y la capacidad de las comunidades para superar la pobreza. La combinación de enfoques cuantitativos y cualitativos brinda una evaluación integral del impacto social, asegurando la efectividad y la humanidad en la implementación de programas de microfinanzas.

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2 Choose the indicators

The second step to measure social impact outcomes for microfinance programs is to choose the indicators that will be used to track and assess the progress and performance of the program. Indicators are quantitative or qualitative measures that show how well the program is achieving its outcomes, and they should be SMART: specific, measurable, achievable, relevant, and time-bound. For example, an indicator for the outcome of increased income could be the percentage change in the average monthly income of the microfinance clients, compared to a baseline or a control group. Choosing the indicators carefully and consistently helps to collect and analyze the data that will demonstrate the impact of the program, and to identify the strengths and weaknesses of the program.

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MOSES OKELLO

Women's Economic Empowerment Lead & Jasiri Fund Manager at CREAWKenya
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Financial inclusion programs are not only critical for enhancing socio-economic recovery and resilience of program participants and the community at large but have also proven key to improving well-being of the target clients. From experience, designing of indicators is dependent majorly on the sub-objectives of a program that is part of the main objective. For instance, a program designed to create dignified and fulfilling employment opportunities and reduce violence on women will consider the nexus between financial inclusion and GBV and use finance as a tool to enhance entrepreneurship that is expected to create jobs in addition to all other relevant resultant outcomes.

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Alexandre JEAN

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Très clair : on comprend bien qu’en substance une méthodologie rigoureuse permet d’éviter des biais et donc des interprétations des résultats erronées

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Keith ASSADJI ??

Président du Bureau des étudiants de Lomé Business School ?? | Référent Digital | Graphic Designer | #Fintech #DigitalMarketing #ReleveDigitaleDuTogo
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Les indicateurs peuvent être les degrés de solvabilité des clients et aussi le taux d'adhésion des ménages au nouveau programme élaboré.

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3 Collect the data

The third step to measure social impact outcomes for microfinance programs is to collect the data that will be used to calculate and verify the indicators. Data collection can be done through various methods, such as surveys, interviews, focus groups, observations, or secondary sources. The data collection methods should be appropriate for the type and level of data required, and they should be reliable, valid, and ethical. For example, a survey may be used to collect data on the income, expenditure, and savings of the microfinance clients, while an interview may be used to collect data on their perceptions, attitudes, and behaviors. Collecting the data systematically and accurately helps to ensure the quality and credibility of the measurement process, and to avoid errors and biases that may affect the results.

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Andrew Brisbin

Tech for Good aficionado, Investor, and Advisor
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Microfinance can be a brilliant solution, but it comes with its drawbacks. Inherent to the size of the ticket/financing you provide, are the time and effort expectations of both parties. With small tickets, you are unable to invest extensively in any single transaction because the returns are likely already quite tight. Equally the investee/borrower is also pressured by the requirements of their finite time and hopefully growing success. Recipients of microfinance may be unlikely to have sophisticated systems in place to monitor the progress. Recognize that extensive reams of data will be challenging to come by, and a north star metric/outcome may be the most important data point. Distinguish between the "nice to haves" and the essential.

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Pierre Champsavoir

Finance durable et inclusion socio-économique | Gestion des risques opérationnels, ESG et climatiques | Mon objectif est d'aligner la finance durable et l'entrepreneuriat à impact
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Je pense qu'il est essentiel en amont de la définition des objectifs de réaliser une analyse des risques, d'abord liés au contexte d'opération, puis à l'impact potentielle des produits de microfinance sur ce contexte, et enfin les risques liés au déploiement de ces produits dans ce contexte, c'est à dire les risques liés aux processus de l'institution. Il est intéressant de noter que l'accès au financement doit être coordonné avec l'accès aux connaissances permettant de transformer ces financements en valeur durable. Je parle ici de durabilité quant au modèle économique qui est promu par ces financements, mais aussi de durabilité dans le temps, c'est-à-dire d'éviter la dépendance des clients à cette nouvelle source de financement.

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Keith ASSADJI ??

Président du Bureau des étudiants de Lomé Business School ?? | Référent Digital | Graphic Designer | #Fintech #DigitalMarketing #ReleveDigitaleDuTogo
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Les données peuvent être collectées par les Google forms qui seront après traitées sur un logiciel donné à l'instar de Excel ou Power BI pour plus de réactivité.

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4 Analyze the data

The fourth step to measure social impact outcomes for microfinance programs is to analyze the data that has been collected, and to interpret and report the findings. Data analysis can be done through various techniques, such as descriptive statistics, inferential statistics, or qualitative analysis. The data analysis techniques should be suitable for the type and format of data available, and they should be transparent, rigorous, and objective. For example, descriptive statistics may be used to summarize the data on the indicators, such as the mean, median, or frequency, while inferential statistics may be used to test the hypotheses or relationships between the variables, such as the correlation, regression, or difference. Analyzing the data comprehensively and logically helps to generate and communicate the evidence and insights that will inform the decision-making and learning of the program.

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5 Compare the results

The fifth step to measure social impact outcomes for microfinance programs is to compare the results of the data analysis with the expected outcomes and indicators of the program, and with the results of other similar or relevant programs. Comparing the results helps to evaluate and understand the effectiveness and efficiency of the program, and to identify the factors that influence the outcomes and impact of the program. For example, comparing the results with the expected outcomes and indicators helps to measure the achievement and progress of the program, and to determine if the program is meeting its goals and targets. Comparing the results with other programs helps to benchmark and contextualize the performance and impact of the program, and to learn from the best practices and challenges of others.

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6 Use the feedback

The sixth and final step to measure social impact outcomes for microfinance programs is to use the feedback from the measurement process to improve and adapt the program, and to share and disseminate the results and lessons learned with the stakeholders and the wider community. Using the feedback helps to enhance and sustain the impact of the program, and to increase the accountability and transparency of the program. For example, using the feedback to improve and adapt the program helps to address the gaps and issues that may arise during the implementation and delivery of the program, and to respond to the changing needs and preferences of the microfinance clients. Using the feedback to share and disseminate the results and lessons learned helps to raise the awareness and recognition of the program, and to influence the policies and practices of the microfinance sector.

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Alexandre JEAN

???????????? & ???????????????????? ? +???????? ???????? / ???????? ?? #??????????????????
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Très proche de la méthode japonaise kaizen qui est utilisé dans les processus industriels avec le volonté d’une amélioration constante

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Alexandre JEAN

???????????? & ???????????????????? ? +???????? ???????? / ???????? ?? #??????????????????
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En premier lieu ajouter des illustrations sinon c’est imbuvable ! Des schémas à minima Dans la partie donnée et interprétation évoquer l’outlier ( souvent gommé dans la phase interprétation ) : ce qu’il peut signifier dans ce domaine et son intérêt Une aparté sur corrélation n’est pas causalité ?a peut être sympa De exemples en dernier lieu : le storytelling ?a fait vendre mais ?a fait lire aussi ! Globalement les paragraphes successivement font le job mais c’est lourd à lire sans illustrations , humour , exemples , anecdotes

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What are the most effective ways to measure social impact outcomes for microfinance programs?

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1 Define the outcomes

2 Choose the indicators

3 Collect the data

4 Analyze the data

5 Compare the results

6 Use the feedback

7 Here’s what else to consider

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