MICROCAPITAL BRIEF: Microfinance Credit Bureau, MiDAS, Launched by
Microfinance Institutions in Philippines
» Posted by Courtney Snelling in Category: Asia,Risks at 6:48 am
Microfinance institutions (MFIs) Taytay Sa Kauswagan Incorporated
(TSKI), Opportunity Kauswagun Bank, CARD Bank, CARD NGO, Negros Women
for Tomorrow Foundation Incorporated, Ahon Sa Hirap and ASA Philippines
signed a memorandum of agreement creating the Microfinance Data Sharing
System (MiDAS) in January of this year after an initial pilot phase in
2011 [1]. Overindebtedness due to borrowing from multiple MFIs was the
impetus for the creation of MiDAS.
The seven participating institutions are voluntarily submitting data to
MiDAS, which can be used for assessing a prospective borrower's credit
worthiness. The Banking Association of the Philippines Credit Bureau
(BAP-CO) is partnering with the participating MFIs to implement MiDAS
[2]. The creators of MiDAS encourage other MFIs to contribute and
participate [1]. A functionality which differentiates MiDAS from
traditional credit information systems is that MiDAS allows users to
search for information on barangays (the smallest administrative
division in the Philippines, similar to a village, ward, or district)
and not only on clients [2].
There are about 200 banks and credit institutions in the Philippines
that engage in microfinance [1]. The US-based NGO Microfinance
Information Exchange (MIX) reports data on 93 MFIs in the Philippines
that have an aggregate loan portfolio of USD 632 million and serve 3
million borrowers.
By Courtney Snelling, Research Associate
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