As the microfinance industry matures, a question that has come into sharper focus is how social investors committed to advancing responsible finance practices should “exit responsibly” from the microfinance institutions (MFIs) in which they have invested over the years. As they prepare to sell their stakes, what options do development-minded investors have to help ensure responsible behavior by their partner MFI into the future and healthy development of the broader market?

In this paper, the Center for Financial Inclusion at Accion (CFI) and the Consultative Group to Assist the Poor (CGAP) seek to spark discussion among the stakeholders working to advance financial inclusion and in particular the investor community that will result in greater clarity around the goal of responsible exits and the policies and practices that would support it.

Danielle Piskadlo

Former Director, Investing in Inclusive Finance

Danielle Piskadlo worked with the Investing in Inclusive Finance team from 2011 to 2019. She was responsible for developing capacity of board members through peer learning and exchange. Danielle also worked closely with investors to make active, sustainable investments in financial institutions that serve the base of the pyramid. Danielle holds Master’s Degrees in International Business from the Fletcher School of Law and Diplomacy at Tufts University, and in Public Administration from the Harvard Kennedy School. She received her Bachelor’s Degree in Business Administration from the University of Vermont.

Deborah Drake

Consultant

Deborah Drake was a member of CFI’s staff from its inception in 2008 until 2022. Currently, she serves as a consultant to CFI and Accion. In her previous role as vice president of investor engagement and research, Deborah led CFI’s investor engagement and governance efforts to strengthen the inclusive finance ecosystem. She directed the Financial Inclusion Equity Council (FIEC), a membership organization of private entities making equity investments in financial institutions in the developing world. She also led CFI’s research work in the impact investing space.

Before the establishment of CFI, Deborah held multiple leadership roles at Accion focused on developing and implementing financial initiatives to facilitate microfinance institutions’ access to capital. She managed Accion’s $9 million guarantee fund for Latin America and the United States, and led the financial analysis unit, which collected and analyzed data to achieve greater financial transparency and establish international standards of financial performance for microfinance institutions. Deborah also was responsible for the development and delivery of training to microfinance institutions in the areas of transformation, governance, and investment readiness.

Deborah is co-editor of The Commercialization of Microfinance: Balancing Business and Development, and the co-author of Alchemists for the Poor: NGOs as Financial Institutions. Before joining Accion, she was a banking specialist at the World Bank and a commercial banker.

Deborah holds a bachelor’s degree in foreign service from Georgetown University and an MBA from Babson College. She speaks English, Spanish, and Portuguese.

Daniel Rozas

Senior Microfinance Expert, European Microfinance Platform (e-MFP)

Daniel Rozas is a Senior Microfinance Expert at e-MFP and a consultant and researcher on a broad range of topics. Daniel is also co-founder of the MIMOSA project, which provides a methodological assessment of market saturation and risk of overindebtedness for leading microfinance markets. Prior to his microfinance career, Daniel worked for the US mortgage investment company Fannie Mae during 2001-08, where he had first-hand experience with the extraordinary boom-and-bust cycle that took place in the US mortgage market during this period. Daniel resides in Brussels, Belgium, and holds an MBA from the University of Maryland and an undergraduate degree in music from the Peabody Conservatory.

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