Microfinance Distance Learning Course
Full Review
Reviewed by: Heather Montgomery, Former Research Fellow, ADBI, 2000 - 2005
Review posted 4 August 2004
Review No. 17
Content: Policy-related Capacity Building.
Reviewer's Background: Heather Montgomery is a Research Fellow at the ADB Institute.
Publication Date: 1 September 2002
Audience: Microfinance practitioners, donors, and policy makers involved in microfinance who want an introduction to current standard practice in the field. Geared toward those new to the field.
Size: Course: 635 MB; Readings: 25.2 MB
Price: US$49.95 plus shipping
Manual needed: Yes
How to order:
Order by mail:
(Asia and the Pacific region)
United Nations Capital Development Fund
Room DC2-0853, Dept. 1004
New York, N.Y. 10017
USA
E-mail: publication@un.org
Tel: +1 800 253 9646, +1 212 963 8302
Fax: +1 212 963 3489
Order from other regions via the UNCDF-SUM website.*
Order a free "Guided Tour CD-ROM" by e-mail:
E-mail: distancelearning@uncdf.org
Fax (+1 212) 906-6479 Access course online.*
The United Nations Capital Development Fund (UNCDF) Special Unit for Microfinance's "Microfinance Distance Learning Course" provides an engaging introduction to current practices in sustainable microfinance.
Users
This course is not aimed at a specific target audience, instead providing a broad overview of the most important issues in microfinance. The content is geared toward new entrants to the field. Those already familiar with some aspects of microfinance may be frustrated by the progressive lesson structure: it is not possible to skip sections that users may already be familiar with in order to focus only on certain issues (see below under navigability). Potential users might include practitioners, donors, and government officials involved in microfinance. Content is practical and hands-on rather than academic.
Content
The course is organized into 3 modules of 2-5 lessons each. The total running time is 7 hours and 10 minues/430 minutes.
- Module 1 – The World of Microfinance covers clients and services, microcredit methodologies, and a discussion of the effects of the local environment.
- Module 2 – Financial Analysis teaches users how to read financial statements, make adjustments to the balance sheet and calculate effective interest rates, measure delinquency, and evaluate financial viability.
- Module 3 – Institutional Analysis provides guidelines on gauging institutional viability and recommendations on effective donor – MFI (Microfinance Institution) relations.
All the lessons in module 1 are well designed, and I appreciated the three case studies of microfinance clients. The cases use realistic examples from various regions to demonstrate how clients evaluate products and product prices.
Module 2 on financial analysis is particularly well conceived. Every lesson in this module includes very detailed examples and exercises, complete with excel spreadsheets containing macros required to conduct the analysis. Issues unique to microfinance are specifically discussed. Unfortunately, key formulas are not included in the text, but the CD-ROM provides an excellent reference for those interested in practical information on how to perform or interpret financial analysis of microfinance institutions.
Module 3 on institutional analysis is the shortest section and does not go into as much detail as modules 1 or 2 or provide as many concrete examples. Still, this module does touch on the most important points to consider in gauging institutional viability and building effective donor-MFI relations.
Overall, the topics were well chosen and the course content well designed. Background readings provided on a separate CD-ROM were well chosen and relevant.
One improvement that could be made to the overall content would be to provide more examples from actual MFIs: complete with financial statements, details on specific clients, regulatory policies, political situations and macroeconomic environments, and some background on donor involvement.
User Friendliness
Overall very user-friendly. The workbook provides clear instructions on how to use the package and tips to address potential problems in using the CD-ROM or accessing readings. Information on the run-time for each lesson is very useful in mapping out a study plan. One improvement that could be made on user-friendliness would be to include the name of the current section, in addition to lesson title, as a header while the CD-ROM is running. This adjustment would make it easier for users to self-pace their study.
A glossary and calculator are included with the CD-ROM. The calculator function is quite useful for conducting exercises in the financial analysis module. The glossary, however, could be improved substantially and is of limited usefulness now. Several terms couldn’t be located, and those that are included do not provide enough detail in the definition. To really review terms it is necessary to recall the lesson in which the term is introduced and go back to review the entire lesson.
Navigability
It is possible to review past material at any time, and readings from any lesson are always available. However, it is not possible to skip ahead or change the order of the course to suit ones own needs or interests. This constraint likely reduces demand for the course since some potential users may be looking for a review or introduction only to certain issues and not willing to invest the time to go through the entire course in order to access those lessons.
Interactive Facilities
The course is very interactive, particularly for those who are able to participate in the virtual classroom with a tutor, homework assignments and classroom discussions. Even for those who opt to do individual self-paced study, the course is highly interactive.
Each lesson begins with a self-assessment of the topic to explore facts and myths about sustainable microfinance to check the users current knowledge of that lesson topic. There are also questions throughout many of the lessons to check assimilation of the information presented. Concepts introduced during the lesson are reviewed with a final check toward the end of the lesson. These tools are effective in reinforcing the material and engaging users.
Incorrect answers prompt a brief review of the concept and/or details on how the correct answer should be calculated. For each correct answer, users are awarded a "coin" which can be "cashed in" at any time to listen to an interview with one of several experts on microfinance around the world. This was a great feature to include in the course. One relatively minor improvement would be to include a brief phrase describing the topic discussed during the interview along with the name of the expert to guide users in selecting those interviews of most relevance.
Distribution
The course package can be easily obtained through the UNCDF-SUM website*and the contact provided there responds quickly to requests for the materials. The course retails for US $49.95 plus shipping.
Sustainability
The world of microfinance continues to develop and change and as a result the issues under debate and consensus on those issues is continually changing as well. However, many of the tools provided in this course are fundamentals that will remain relevant as the field of microfinance continues to progress.
The UNCDF Microfinance Distance Learning course makes an important contribution to development by providing easy access to the current stock of knowledge on key issues in the field of microfinance.
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Comment(s)
There are [2] comment(s) for this entry. Post a comment. - Jo Woodfin
(posted 03 December 2004 / 06:06:49 AM)
Dear Heather,
As Manager of the Microfinance Distance Learning product (MFDL) at UNCDF I am writing to express my appreciation for this very positive and balanced review. This type of feedback is extremely useful and provides food for thought about how to improve this unique training tool.
I agree that the inability to navigate between lessons is a constraint and would like to take this opportunity to indicate that UNCDF is taking steps to remedy this.
Those that already have a copy of the workbook can request a file that allows instant access to all 11 lessons. In addition, translated / updated versions of the MFDL will automatically allow global access. Thus, students that purchase the French version of the course, due to be published towards the end of the first quarter of 2005, will be able to pick and choose between the chapters on clients and services and measuring delinquency.
Sincerely,
Jo Woodfin - PATRICK AWUKU DOGBE
(posted 01 December 2004 / 03:40:10 PM)
Hello Heather,
Even though I have not gone through the MFDL CD-ROM yet I see that Module 2 will be very relevant to me as a Treasurer of a Microfinance Institution in Ghana. I am therefore rushing for a copy of the CD-ROM now
Thanks
Patrick Awuku Dogbe,Treasurer, Opportunity International SINAPI ABA Savings & Loans Ltd, KUMASI-GHANA, WEST AFRICA
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