Mission

M-CRIL will be a high quality provider of analytical, advisory and promotional services to institutions and programmes working for inclusive growth, so as to contribute to economic and social development opportunities for low-income families.

Values

In development, we are dedicated to inclusive, responsible growth for poverty reduction and gender equity.
Professionally, we are committed to integrity, quality and the highest standards of work.

We offer an environment that fosters learning, supports independent responsibility and encourages professionals to apply their education and skills to support development ideals.

M-CRIL offers the following advantages to partners and clients.

  • Professionalism: skilled teams working to deliver quality;
  • Expertise: a unique perspective for development, drawing on our skills in institutional analysis, field research and programme implementation;
  • Indepth analysis: emphasis on constructive and practical use of data with concise reporting;
  • Innovation: ability to provide new approaches and methods; we are well known for pioneering tools and methodologies in all our work areas;
  • International reputation: actively engaged with international initiatives for establishing standards in, for example, institutional ratings, value chain analysis, social performance, client protection, outcomes management;
  • Multi-country experience: country experience across S Asia, SE Asia, CEE and Africa;
  • Consistent focus: project engagement is guided by a focus on equity - working to improve the lives of low income households, and women.

Our Evolution

M-CRIL was established in 1998 in response to the need for an agency to provide a standardised assessment of governance, management and financial performance in microfinance and inclusive finance institutions. Starting as a pioneer in the development of a rating framework for Microfinance Institutions (MFIs).M-CRIL has extended the principles of rating to include social ratings, client protection certifications and other types of audits and assessments, with application to other development sectors - NGOs, affordable private schools, farmer producer organisations.

M-CRIL merged with its parent company EDA Rural Systems in 2016. EDA was established earlier, in 1983, one of the first consultancies of its kind to provide professional skills in research and management for development. EDA has over the years conducted impact studies, evaluations and policy studies, and designed and delivered training programmes, particularly in the fields of microfinance and livelihoods. The livelihoods team has been active in value chain assessments in different sectors (rural and urban) and in implementation of market based value chain models (in agriculture, honey, leather work).

From three people and a typewriter with one table in Lucknow in the early 1980s, we are now a national institution with an international standing, having a professional team working out India (Gurgaon, Patna), Myanmar, Cambodia and Indonesia. We have worked across all the states of India, and in 34 countries - in Asia, Africa and Eastern Europe/ Central Asia. We partner with networks, research institutions and with leading agencies supporting innovation and responsible practice in our field, such as the Social Performance Task Force, the Smart Campaign, the Rating Initiative.

M-CRIL's board includes three independent directors, each with outstanding life experience and contribution in financial inclusion and development.

  • Sanjay Sinha, Managing Director & Co-Founder

    Sanjay has knowledge and experience of over two dozen countries and over 35 years of economic and development research experience. He has specialized in the analysis of value chains of relevance to the livelihoods of poor people and microenterprise promotion in addition to financial inclusion. He was a UN Advisor on Inclusive Financial Sectors during the Advisor Group's tenure, 2006-2008.

    Key skills: Economic analysis, sectoral and policy perspective, institutional assessments, training, report writing and presentation.

    He has an M.A., M.Phil Economics degree from the University of Oxford, UK.

    Follow him on LinkedIn Sanjay Sinha

  • Frances Sinha, Director & Co-Founder

    Frances has over 30 years' experience in development based in India, working in countries of Asia and Africa. Team leader for research, evaluation and training in initiatives that support sustainability and value for low income, poor households, particularly women. Global consultant for social performance. Previously board member of the Social Performance Task Force. Member of the Social Performance Committee of AMK. Certified trainer by Grameen Foundation for the Progress out of Poverty Index.

    Key skills: M&E, social performance assessments and reporting, quantitative and qualitative research, poverty benchmarking, gender analysis.

    She has an M.A. (Oxon) and M SC Social Policy and Planning (with distinction) from the London School of Economics and Political Science, UK.

  • Vivek Rae, Independent Director

    Vivek Rae, a former Secretary, Ministry of Petroleum & Natural Gas, Government of India, served in the Indian Administrative Services for 36 years. During this period, he served as Deputy Commissioner in the State of Arunachal Pradesh, India, Joint Secretary in the Ministry of Finance, GOI, Chief Secretary of Andaman & Nicobar Islands, Director General (Acquisition) in the Ministry of Defence, GOI and superannuated as Petroleum Secretary to the Government of India. He also served as Chairman of the Board of Petronet LNG Ltd, India and Indian Strategic Petroleum Reserves Ltd in an ex-officio capacity. He was Assistant Resident Representative with the United Nations Development Programme (UNDP), New Delhi during 1991-1995.

    After retirement, Mr Rae was a member of the 7th Central Pay Commission and was on the Board of Indian Oil Corporation Limited as an Independent Director.

    He is a Graduate in Economics from St. Stephen’s College, University of Delhi, and has an M.A. degree in Economics and Politics from the University of Oxford, UK.

  • Hemendra Mathur, Independent Director

    Hemendra has over 23 years of experience in venture capital, private equity, management consulting and investment banking.

    He is a Venture Partner with Bharat Innovation Fund – investing in early stage deep-tech start-ups across sectors working on innovations in areas such as agri-inputs, market linkages, mechanization, food nutrition and value chain financing. Hemendra is also co-founder of ThinkAg – a platform for accelerating the adoption of innovations in agriculture space. He also is the Chairman of FICCI Task Force on Agri Start-ups.

    He is a management graduate from IIM, Ahmedabad, India and Agricultural Engineer from Rajasthan Agricultural University, India.

  • Tanmay Chetan, Independent Director

    Tanmay has over 20 years experience in the financial inclusion industry and remains passionate about viable access to finance for un-banked populations.

    Tanmay is the Founder-CEO of Agora Microfinance. Agora Microfinance Group creates and supports strong local financial institutions in frontier markets. Its current portfolio includes four equity investees that deliver retail and wholesale microfinance products in Africa and Asia. Prior to founding Agora, Tanmay served as the first CEO of AMK Cambodia during 2003-2007.

    Tanmay holds a Masters in Public Administration from the Harvard Kennedy School and an MBA from IIFM, Bhopal (India) .

Our professional staff have degrees from leading universities and schools of management in India, and the UK. Several members of team have been with us for more than 10 years.

Our senior management, listed below, are supported by teams of analysts working out of M-CRIL's head office in Gurgaon, country offices in Myanmar Cambodia and Indonesia, and livelihood executives based in various states of India (Bihar, Uttar Pradesh and Sikkim).

  • Sanjay Sinha, Managing Director & Co-Founder

    M.A., M.Phil Economics, Oxon
    Key skills: Economic analysis, sectoral and policy perspective, institutional assessments, training, report writing and presentation

    Knowledge and experience of over two dozen countries and over 35 years of economic and development research experience. He has specialized in the analysis of value chains of relevance to the livelihoods of poor people and microenterprise promotion in addition to financial inclusion. He was a UN Advisor on Inclusive Financial Sectors during the Advisor Group's tenure, 2006-2008.

    Follow him on LinkedIn Sanjay Sinha

  • Frances Sinha, Director & Co-founder

    MA (Oxon), M SC Social Policy and Planning (with distinction), LSE
    Key skills: M&E, social performance assessments and reporting, quantitative and qualitative research, poverty benchmarking, gender analysis.

    Over 30 years' experience in development based in India, working in countries of Asia and Africa. Team leader for research, evaluation and training in initiatives that support sustainability and value for low income, poor households, particularly women. Global consultant for social performance. Previously board member of the Social Performance Task Force. Member of the Social Performance Committee of AMK. Certified trainer by Grameen Foundation for the Progress out of Poverty Index.

    Follow her on LinkedIn Frances Sinha

  • Ashok Kumar, Executive Director, Livelihoods & Value Chains

    MBA, Institute of Rural Management, Anand (IRMA), B-Tech (Agriculture) Rajendra Agricultural University, Pusa, Bihar.

    Key skills: Market based programme design and management support to livelihoods and enterprise promotion programmes; assessment/rating tool development and assessment of Farmer Producer Organisations (FPOs) and management consulting in the FPO sector; consulting in agricultural value chain, business development services and value chain finance programmes, assessments and evaluation of such programmes; policy research/studies, market research, business planning, socio-economic appraisal, cost benefit analysis and value for money analysis of livelihoods and agricultural value chain programmes; training design and delivery of training related to livelihoods, enterprise promotion, agricultural value chain and value chain finance in India and other countries - a certified trainer from CGAP for MFIs.

    Over 25 years of work experience and comprehensive expertise in a range of economic sectors in various socio-economic contexts, rural and urban, farm and non-farm across India and other countries of Asia including Myanmar, Nepal, Cambodia, Vietnam and Bangladesh. Leads the Livelihood and Enterprise Promotion Team, based out of Patna, Bihar.

    Follow him on LinkedIn Ashok Kumar

  • Tirupathaiah Namani, Vice President, Lead-Technical Assistance (TA) & Training and Country Manager, Myanmar

    Post Graduate, Commerce and Social Work, Osmania University, Hyderabad.

    His key areas of expertise include technical assistance encompassing financial ratings, institutional assessments, due diligence, portfolio audits, risk management, design of rating frameworks, credit scoring tools/Indices, operational standards & benchmarks, product design, business planning, HR & Appraisal processes. He has assessed over 70 financial institutions (FIs) and performed about 50 different technical assistance projects for international institutions such as the World Bank, ADB, bilateral donors, impact investors, INGOs, and banks. He has designed and delivered over 60+ customized trainings for FI staff in India, Afghanistan, Bangladesh, Cambodia, Myanmar, the Philippines, Sri Lanka and Timor Leste. He has led number of Training of Trainers (ToT) programmes to senior managers of FIs, SHGs, Cooperatives, FPOs and NGOs.

    Tirupathaiah Namani (Tiru) has 22 years of work experience in the Inclusive Finance, SME and social sectors and has undertaken projects in over 20 countries in Asia and Africa.

    Follow him on LinkedIn Tirupathaiah Namani

  • Shayandeep Chakraborty, Assistant Vice President and Country Manager, Cambodia

    PGDFM from IIFM, Bhopal, B-Com from Ranchi University, Jharkhand, India.

    Key Skills: Microfinance institutional and social ratings, research and surveys, due diligence, capacity building, training, institutional assessments, portfolio audit, process maps, impact and code of conduct assessments, third party evaluation, digital diagnostic and client protection certification. He also has experience in developing several training modules (includes financial inclusion, financial advocacy and consumer protection), delivering and coordinating trainings on various courses for senior staff of MFIs.

    Shayandeep has over 10 years of experience in the financial services industry. He has been associated with M-CRIL for over 8 years. His countries of experience include Cambodia, India, Bangladesh, Myanmar, Nepal, Sri Lanka and Vietnam. He has been certified by CERISE as an auditor on Social Performance Indicators (SPI-4).

    Follow him on LinkedIn Shayandeep Chakraborty

  • Kalpana Kashyap, Assistant Vice President, Inclusive Finance

    PGDFM from Indian Institute of Forest Management, Bhopal

    Key Skills: Client Protection Certification, Institutional Assessments, Financial Inclusion, Digital Financial Services

    Kalpana started as a microfinance practitioner and has worked in multiple spheres of financial inclusion like Operations, Strategy, Training, Policies, Client Protection Principles, etc. She has collaborated with various startups while working with a Fintech incubator. She has also worked on multiple projects with International Organizations in the financial inclusion space.

    Kalpana has over a decade of experience in the financial inclusion sector.

    Follow her on LinkedIn Kalpana Kashyap

  • Rakhi Gupta, Finance Manager

    Associate Member of the Institute of Chartered Accountants of India (ICAI)

    Key Skills: 16 years of comprehensive experience in the fields of finance, accounts, audits and compliance assurances. Worked with various corporates, non-corporates and development sector organisations covering Educational Institutions, Training Centres, Hospitals and other Charitable Organisations. Provided core consultancy to NGOs on registration under various laws, accounting, policies & procedures, audit and compliances for their smooth functioning.

    Follow her on LinkedIn Rakhi Gupta

An illustrative list of our partners are as follows

INTERNATIONAL

Consultative Group to Assist the Poor - CGAP

Cerise

Grameen Foundation

MEDA (Canada, US)

Oxford Policy Management, UK - OPM

The Rating Initiative, Luxembourg

Smart Campaign, Accion

Social Performance Task Force – SPTF

Bath Social and Development Research, UK- Home to Quip

INDIA

Small Industries Development Bank of India - SIDBI

Microfinance Institutions Network (India) – MFIN

The Association of Community Development Finance Institution

Small Farmers’ Agri-Business Consortium

Region wise representative list of our clients is as follows

Global– international organisations, agencies, funds

Accion International
Boulder Institute of Microfinance
Consultative Group to Assist the Poor – CGAP
Cordaid
Department for International Development – DFID/UK AID
Economist Intelligence Unit – Global Microscope
Food & Agriculture Organisation - FAO
Ford Foundation
Hivos
ING Bank, Billion to Gain

International Finance Corporation – IFC
International Labour Organisation – ILO
Microcredit Summit Campaign – Results
Novib
Oikocredit
Opportunity International (Australia)
Swiss Development Cooperation - SDC
The World Bank
UN Capital Development Fund - UNCDF
UNOPS
USAID
Women's World Banking

South Asia

INDIA

Ananya Finance for Inclusive Growth
Bellwether fund
Caspian Advisors
Dastkar
Dastkar Andhra
DiaVikas Capital
Friends of Women's World Banking - FWWB
Grey Ghost Capital
Habitat for Humanity
MFIs including: Arohan Financial Services, Cashpor, Disha Microfin, ESAF, Equitas, Fusion Microfinance, Grameen Koota Financial Services, Satin Creditcare, Sonata, Shakti Mahila Sangh, Ujjivan, Utkarsh
Ministry of Housing and Urban Poverty Alleviation
Ministry of Trade Investment & Industry
MUDRA
National Bank of Agriculture and Rural Development - NABARD
National Dairy Development Board - NDDB
National Housing Bank, India
Norwegian Microfinance Initiative (NMI)
Reserve Bank of India
Small Farmers Agricultural Business Consortium - SFAC
Small Industries Development Bank of India - SIDBI
The Aga Khan Economic Planning Board for India - AKEPB
Water.org

Pakistan

Damen MFI, Kashf Foundation, Jinnah Welfare Society, Mojaz Foundation, RCDS, TRDP
First Microfinance Bank
Pakistan Microfinance Network (PMN)
Pakistan Poverty Alleviation Fund (PPAF)
Tameer Microfinance Bank,
Urban Poverty Alleviation Programme (UPAP) of NRSP

BANGLADESH

BRAC
DFID/Business Finance for the Poor-Bangladesh
MFIs – including: Ashrai MFI, BEES, BURO Bangladesh, CARE Bangladesh, Credit & Development Foundation (CDF), RDRS, Sajida Foundation, Shakti Foundation
SDC/Sonali Bank

NEPAL

Association for Craft Producers
MFIs including: NirdhanUtthan Bank Limited, Paschimanchal Gramin Bikas Bank, SwabalambanBikas Bank Ltd, Chhimek Bikas Bank Ltd, Deprosc Development Bank, NERUDE Laghubitta Bikas Bank Ltd, Rural Reconstruction Nepal, VYCCU Savings & Credit Cooperative Ltd, Jeevan Bikas Samaj, Neighbourhood Society Service Centre, FORWARD, Nepal Rural Development Society Centre, Centre for Self Help Development, National Educational and Social Development Organisation
Nepal Rastra Bank (The Central Bank of Nepal), NMB Bank, Rural Microfinance Development Centre (RMDC)
SamriddhaPahad
Swiss Development Cooperation – Swiss Capacity Building Facility (SCBF)
Ukaid - Sakchyam Access To Finance Programme
WSP - formerly Louis Berger

Sri Lanka

Bimputh Finance PLC
ECLOF
GIZ Sri Lanka
Prosperous
SANASA Development Bank
SEEDS

South East and East Asia

MYANMAR

ILO
LIFT/UNOPS
MFIs – including: LOLC Myanmar, Chin MFI (GRET), ASA Myanmar, Dawn MFI, Alliance, Proximity MFI, Vision Fund Myanmar
Myanmar Microfinance Association
PACT Global Microfinance Fund

CHINA

10 Micro credit companies in Inner Mongolia
Heilongjiang and Yunan
Hui Ying Jing Fu – HYJF (internet lending platform)

PHILIPPINES

CARD Bank
Cooperative Rural Bank of Bulacan, Inc
Cooperative Rural Bank of Bulacan, Inc, Taytay
MFIs – including: Negros Women for Tomorrow Foundation, Agricultural and Rural Development of Catanduanes, Inc., Baba's Foundation Incorporated, Taytay Sa Kauswagan Inc., ASA International/CMI
SaKauswagan Inc.

VIETNAM

Belgian Technical Agency
Capital Aid Fund For Employment of The Poor - CEP
Vietnam Women’s Union (VWU)

CAMBODIA

Cambodia Microfinance Association - CMA
MFIs – including: AMK, Amret, CBIRD, CREDIT, Hathakaksekar, InteanPoalroathRongroeurng - IPR, LOLC Micro Credit Ltd (earlier TPC), Maxima, Prasac, Samic/CHC, Sathapana, Vision Fund Cambodia
National Bank of Cambodia

INDONESIA

Hivos
MFIs – including: Ganesha Microfinance Foundation (PT Mitra Bisnis Keluarga Ventura), Yayasan Pokmas Mandiri, Yayasan Mitra Usaha, Bina Swadaya, BPR Chandra Muktiartha, BPR Danagung Bakti, BPR Danagung Ramulti, BPR Nusamba Banguntapan, BPR Shinta Putra
PT Bank Dagang Bali
PT BPR Delta Artha
PT BPR Duta PakuanMandiri
PT BPR Gunung Kawi
World Bank and Government of Indonesia’s PNPM Mandiri programme

TIMOR LESTE

IMFTL
Moris Rasik
Tuba Rai Metin (now KIF)

Pacific Islands

FIJI

Reserve Bank of Fiji (RBF)
Vodafone Fiji

VANAUTU

Vodafone Vanuatu

SOLOMON ISLANDS

Central Bank of Solomon Islands (CBSI)

Central Asia & CEE

KYRGYZSTAN

Kompanion Bank, Bai Tushum

AZERBAIJAN

Microfinance Bank of Azerbaijan
MFIs: AgroInvest, Amin, Komak, Ashikhli, Nurana, Hindarkh, Caucasus Credit, Viator Microcredit LLC

TAJIKISTAN

Bank Eskhata, Hamyori

GEORGIA

Bank Constanta
MFIs: Georgian Rural Development Fund, Small Business Development Fund, Crystal Fund, FinAgro, JSC Lazika Capital

KAZAKHSTAN

MFIs: Kazakhstan Community Loan Fund, Fund For Financial Support of Agriculture, OrtaNesie

RUSSIA

MFIs: Sakhalin Small Enterprise Development Foundation, Management Company Micro Finance Centre

Africa

African Microfinance Transparency Forum - AMT
BRAC international
Stromme Foundation

Ghana

afb Ghana Plc, Women’s World Banking, Sinapi Aba

Malawi

PRIDE, CUMO

Nigeria

Self-Reliance Economic Advancement Programme - SEAP

South Africa

NET1 UEPS Technologies Inc.
Small Enterprise Foundation - SEF
Women's Development Businesses - WDB

Uganda

Pride Microfinance, Pearl Microfinance

Ethiopia

Amhara Credit and Savings Institution
National Bank of Ethiopia

Kenya

Kenya Women Finance Trust - KWFT

Morocco

Foundation Banque Populaire, Al Amana Microfinance

Rwanda

Centre Financier aux Entrepreneurs - CFE

Tanzania

Small Enterprise Development Agency (SEDA)

Zambia

Izwe loans

The following applies to M-CRIL Ratings and Client Protection Certifications.
  1. All rating reports are referred to members of an independent Rating Committee that takes the final decision on the rating grade assigned.
  2. M-CRIL’s Rating Committee consists of independent experts and/or senior management of M-CRIL who have not been associated with the mission.
  3. Independent experts have extensive background in financial inclusion and different development fields, relevant to the different types of rating undertaken by M-CRIL. They are usually drawn from the members of the M-CRIL Board.
  4. The draft rating report is referred to two persons from the Committee acting as a ‘sub-Committee’ for the specific report; recusal is applied wherever a member of the committee has a relationship with the rated institution;
  5. The rated institution’s responses to the comments of the rating team are presented to the sub-Committee along with the draft report; the sub-Committee for a particular report discusses the findings with the rating team, taking into account the rated institution’s response;
  6. It is only after discussion with the rating team (and, if necessary, after seeking further clarification from the rated institution), that the Rating sub-Committee decides the final grade to be assigned.
Conflict of interest policy for technical services

In response to the needs of the sector, M-CRIL offers both rating and technical assistance services to MFIs. Technical assistance includes support on streamlining operations, risk management, social performance management and client protection. A potential conflict of interest arises when a rating identifies technical assistance needs, or technical assistance leads to rating or certification, and both services are supplied by the same agency.1

In keeping with M-CRIL's pioneering role in facilitating the deployment of best practices in the microfinance sector, we have highlighted our approach to the issue of conflict of interest. M-CRIL has had a very strict approach to conflict of interest policy from its very first day of operations in 1998. Structural safeguards have been built into our operations from the start to protect the quality of our service and to maintain our reputation. This highlights M-CRIL's commitment to transparency in conducting its business.

M-CRIL's policy to address potential conflict of interest has three pillars: the time gap between services (technical and rating), personnel involved and oversight by an independent committee.2

1. In case of an MFI being provided technical services, M-CRIL will not rate that MFI for a period of one year from the date of completion of the TA assignment. For example, if the TA project ended on 30 June 2016, M-CRIL will not take up a rating before 30 June 2017.

2. Even at this stage, if M-CRIL takes up a rating assignment, the professionals in the rating team will be different from those who provided technical services.

3. In addition, if an MFI provided TA is rated (more than one year after the end of the TA) M-CRIL will (for another two years) disclose in its rating report the professional fee received for the TA as well as the nature of the service provided.

4. All M-CRIL ratings are, in any case, reviewed by an independent Rating Committee

5. These conditions apply in the same way to the provision of technical services after a rating.

Addendum3

M-CRIL is licensed to conduct certifications of MFIs on the client protection principles developed by the Smart Campaign. In accordance with the licensing agreement with the Smart Campaign, the same provisions above on TA and the review committee apply to Client protection, with the following difference, that "if M-CRIL provides technical assistance to an MFI in the area of client protection or Smart Campaign Certification, M-CRIL cannot certify that MFI for a period of two years thereafter and vice versa and that Company personnel involved in any consultation/management services for an MFI cannot be involved in a Smart Campaign Certification for such MFI for a period of two years."

1Technical assistancemay start with an assessment, which does not involve a conflict of interest, but is an integral component of the TA to provide a gap analysis.

2The following text was approved by the Board at its meeting on 7 August 2010, with minor revisions approved

3Approved by the Board, 16 March 2017

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