An assessment of performance and sustainability of microfinance institutions :: A Case study of vision fund (Cambodia)

CHHIM, Mao, Lincolin Arsyad, Ph.D

2009 | Tesis | S2 Magister Ekonomika Pembangunan

Studi ini bertujuan bertujuan untuk mengukur dan menganalisis kinerja dan kesinambungan VisionFund (Kamboja),sebuah institusi pembiayaan mikro yang beroperasi di Kamboja. Untuk menganalisis dan menginterpretasi kinerja institusi pembiayaan digunakan pendekatan deskriptif dan kuantitatif. Rerangka kerja penelitian ini diformulasikan sekitar aspek kinerja finansial dan indikator – indikator outreach yang di dalamnya termasuk kualitas portofolio, produktivitas dan efisiensi, manajemen keuangan, profitabilitas dan kesinambungan, serta skala dan kedalaman outreach. Data dalam studi penelitian ini dikumpulkan dari dokumen-dokumen seperti laporan keuangan tahunan dari institusi keuagan tersebut dan wawancara terhadap 7 staf termasuk 3 manajer program. Data yang diperoleh harus dipertimbangkan keabsahan dan keandalannya melalui perluasan studi, observasi yang berkesinambungan dan audit laporan keuangan, pengecekan mitra kerja melalui diskusi dan pengecekan anggota. Kemudian data tersebut dikalkulasi untuk mendapatkan rasio yang relevan dan, menganalisis kinerja dan kesinambungan institusi melaui proses penelitian. Hasil studi ini menunjukkan bahwa kinerja VisionFund (Kamboja) antara wajar dan bagus, secara keseluruhan kesimpulan kinerja financial dan outreach : terdapat portofolio yang berkualitas bagus, trend yang meningkat dalam produktivitas; efisiensi belum cukup tinggi untuk dapat mencapai kesinambungan, dan profitabilitas yang rendah harus diperhatikan dan ditingkatkan; terdapat kenaikan yang tinggi dalam ternd outreach. Tetapi, lisensi untuk mendapatkan tabungan dari National Bank of Cambodia harus dipertimbangkan dan dipenuhi secepat mungkin sebab tabungan tersbut dapat menjadi sumber modal utama dan berkesinambunagan untuk operasi di masa datang. Meskipun institusi ini dapat mencapai visi dan misinya dengan menyediakan hampir seluruh kreditnya kepada orang miskin, klien –klien yang lain seperti pengusaha kecil dan menengah harus dijadikan target untuk meningkatkan operasinya dan mengurangi risiko. Gaji karyawan dan insentif/motivasi kerja harus diimplementasikan dan dikaji ulang secara seksama seiring dengan industri pembiyaaan mikro di Kamboja yang menjadi semakin kompetitif.

This research study was aimed to assess and analyze the performance and sustainability of VisionFund (Cambodia), an MFI operating in Cambodia. Descriptive and quantitative approach was used to analyze and interpret the performance of the institution. The conceptual framework of the research study was formulated around the aspects of financial performance and outreach indicators which include portfolio quality, productivity and efficiency, financial management, profitability and sustainability, and scale and depth of outreach. The data of the research study was gathered through documents such as annual financial reports of the institution, and interviews from 7 staff including 3 managers of the program. The data obtained should be considered as validity and reliability through the extension of the study, continuous observation and audition of the financial reports, partners’ checking through discussion and member checking. Then, the data was calculated to find the relevant ratio and analyze the performance and sustainability of the institution throughout the research process. The results of this study show that the performance of VisionFund (Cambodia) is between fair and good in overall conclusion of all financial performance and outreach indicators: there was a good portfolio quality, increasing trend in productivity; efficiency was not yet high enough to reach sustainability, and low profitability should be concerned and improved; there was high increase in trend of outreach. However, a license to be able to generate savings from the National Bank of Cambodia should be taken into account and fulfilled as soon as possible because it may become a main and sustainable source of capital for the future operations. Though the institution can reach its vision and mission by providing almost its outstanding loan to the poor, other clients such as small and medium businessmen should be targeted to increase its operation and reduce risk. Staff’s salary and working incentives/motivation should be also implemented and reviewed carefully as microfinance industry becomes more competitive in Cambodia.

Kata Kunci : Microfinance,Financial performance,Outreach,Sustainability