INTERNATIONAL

VISIONFUND

NEWS » CEO CONFERENCE HIGHLIGHTS

» ‘BIG PUSH’ MAKES SIGNIFICANT PROGRESS

» NEW WEBSITE LAUNCHED

FROM THE DESK OF SCOTT BROWN, CEO

VISIONFUND BOARD SPOTLIGHT ON GARY DUIM AND MICHAEL MITHIKA

ISSUE 2 | 2012

A COMMITMENT TO OUR IDENTITY FACILITATOR GUIDE

6 CEO CONFERENCE HIGHLIGHTSLate March brought nearly one hundred VisionFund International and MFI Leadership delegates together at the CEO Conference in Arusha, Tanzania. Read the highlights.

8 ‘BIG PUSH’ MAKES SIGNIFICANT PROGRESSOur three year strategy to improve our operations is well under-way across our global network of MFIs.

10 NEW WEBSITE LAUNCHEDWith much anticipation, we have launched a dynamic new website incorporating statistics, rich content and social media. 4 FROM THE DESK OF SCOTT BROWN, PRESIDENT & CEOReflections on leadership

12 BOARD SPOTLIGHTGary Duim and Michael Mithika

18 INDUSTRY UPDATES

19 PRAISE AND PRAYER REQUESTS

20 TRANSITIONS & UPCOMING EVENTS

Para ver nuestro boletín de noticias (o des-cargar en formato PDF) en su computadora, teléfono inteligente o una tableta en español visite este enlace:www.visionfundmedia.org/eReader/news/2012/2/espanol

IN THIS ISSUE

VISIONFUND NEWS | QUARTER 2 | 2012 | 3

COVER: Emmanuel of Tanzania anticipates a future full of hope and possibilities.

ABOVE: Two brothers walk home in Northern Tanzania. Turn to page six to read about the MFI CEO Leadership Conference.

EN ESPAÑOL

SCAN AND READ QR codes allow you to read an article on your smart phone or tablet. Use your phone or tablet to scan the code. You may need to download an app before you scan.

STAFF ARE BEING MOTIVATED ACROSS THE NETWORK

FROM THE DESK OF SCOTT BROWN, CEO

Leadership is not something to take for granted. Where would we be without a vision and guidance to follow?

While strong leadership is a must, its effectiveness is measured by the motivation of teams, their understanding of the strategy and the targets they reach.

Attending the MFI CEO conference certainly demonstrated how our new strategy is being embedded and how staff are being motivated across the network.

One of the most powerful examples of how our leadership is taking shape came from Fernando Torres, CEO of our MFI in Bolivia. In his devotion, Fernando gave a frank overview of why our three-year strategy makes sense. He outlined the significance and role of the MFIs and showed us all why we need to support each other.

Previously, there was resistance from some CEOs. Sometimes resistance is borne out of a lack of understanding, fear of change and fear of the unknown. However many of you now understand our strategic focus in the regions. More importantly you understand the significant role we all play to ensure its success.

VISIONFUND NEWS | ISSUE 2 | 2012 | 5 4 | VISIONFUND NEWS | ISSUE 2 | 2012

If we keep sharing our best practice; Keep lifting each other up when we fall; Ask questions with an open mind to learning; I am confident that we will see our vision fulfilled.

On page six we share some of the highlights from the CEO leadership conference.

I hope it is a reminder in what we have learnt; and gives you a greater desire to see our mission fulfilled, together.

Children like Fiona of Uganda have hope when their parents’ small businesses succeed.

Han of Cambodia was able to care for her three sons when her agricul-ture business took off. She can now send them to school.

Before when local economies were struggling, people like Maria had no access to clean water. When businesses improve, local economies can flourish.

If we keep sharing our best practice; keep lifting each other up when we fall; ask questions with an open mind to learning; I am confident that we will see our vision fulfilled.

“

”Scott BrownPRESIDENT & CHIEF EXECUTIVE OFFICERADDRESSING A RURAL COMMUNITY GROUP IN SRI LANKA

HIGHLIGHTS FROM THIS YEAR’S CEO CONFERENCE IN ARUSHA, TANZANIA 26 -30 MARCH

3.5 MILLION CHILDREN EVERY YEAR ‘VisionFund must be mission driven’. This was the key message delivered by new board member Michael Mithika. Speaking on day one, Michael urged delegates to focus on children, women and communities in the first instance, before serving ‘Portfolio At Risk’ and portfolio size. ‘The goal must be more than financial inclusion’. Michael spoke of targeted integration, responsible finance framework and access to productivity. These are the things that separate VisionFund from commercial microfinance.

He said, ‘Our donors believe in our mission and desire to see people live lives free from poverty. Our primary concern should be ensuring our impact measure-ment is greater than that of the commercial industry.’

INTEGRATION, INTEGRATION, INTEGRATION ‘VisionFund is critical to our mission’. ‘World Vision is a perfect partner’.

Such were the sentiments of Tim Andrews, National Director of World Vision Tanzania and Adrian Merryman, CEO of VisionFund Tanzania. Speaking on day two, Tim highlighted the milestones achieved through partnership and integration at a local level. He described World Vision’s market-led agricultural project and referral system. Local farmers are referred to VisionFund

to determine their eligibility for accessing loans and micro products. Tim said, ‘We now bring VisionFund into our meetings to explain how interest rates are calculated. We also plan what farming groups and which ADPs we will approach next.’

Tim and Adrian see integration as a strategic imperative. They urge local offices to tackle the hurdles that prohibit integration. ‘Great results come through trust, planning and hard work’, they said.

CONFERENCE HIGHLIGHTS CONTINUED

10 WAYS TO STRENGTHEN SOCIAL PERFORMANCE Staying focused on child well-being was the goal of a workshop led by Richard Reynolds, Director of Operations, and Lisa Jackinsky, Director of Integration & Christian Commitment.

Lisa highlighted the importance of ‘intentionality’. She explained this as the deliberate steps towards objectives to improve the lives of children.

During the workshop, MFI leaders discussed how their products linked in with the ten preferred Child Well-Being Indicators. Richard ended the workshop with a list of 10 ways to strengthen MFI social performance. They are:

1. Link social mission and objective 2. Focus on our Target Client 3. Choose from VisionFund’s 10 preferred Child Well-Being Indicators

4. Focus on ‘intentionality’ first 5. Verify the number of children impacted 6. Ensure client protection 7. Improve data collection and reporting 8. Explore client training 9. Be selective with external ratings and reporting 10. Use the support and resources available

A Tanzanian woman greets World Vision, VisionFund and MFI staff with the drums during an ADP visit.

VisionFund Tanzania CEO, Adrian Merryman, and World Vision Tanzania National Director, Tim Andrews, led a keynote session on the strategic importance of micro-finance integration within World Vision’s development work.

6 | VISIONFUND NEWS | ISSUE 2 | 2012 VISIONFUND NEWS | ISSUE 2 | 2012 | 7

Conference delegates connect after the latest keynote during an afternoon break.

During an evening performance, a children’s choir shared local and indigenous songs and dance with delegates.

STRATEGY UPDATE

‘BIG PUSH’ STRATEGY MAKES SIGNIFICANT PROGRESS

Our ‘Big Push’ strategy is making significant progress. We are realising our goal to ‘add value and improve the work of our operations’ by sharing best practice across all our MFIs and strengthening our global network.

VisionFund has established 59 core microfinance processes since the Standardisation Programme was created in 2007. These processes are a means to ensure our MFIs implement necessary controls, utilise best practice and streamline operations. In 2011 we began piloting significant changes to standardise our policies and procedures.

By designing model procedures for each of the 59 processes, the MFIs now have a foundation to build on and can share best practice in a systematic and methodical way. So far results have been promising.

Our MFI in Uganda has been one of the first to pilot the new approach and has seen marked improvements in the last few months. These include: • Improved credit criteria approvals across all branches • Systematic delinquency response • Streamlining forms, including client applications and internal reporting forms. This was done to remove unnecessary information and formalise steps for financial reviews at the end of a given period.

• Reporting and using best practices for product development

The results come from a partnership between us and our MFI in Uganda. The local project team has made a significant amount of effort in adapting to the new processes. This includes training their staff and ensuring the changes have been fully implemented.

Brian Frazier Policy & Standardisation Manager Brian_Frazier@wvi.org

SUPPORT CONTINUES FOR CHILDREN AND FAMILIES IN THE HORN OF AFRICA

Children in East Africa are still suffering from the effects of drought in the Horn of Africa.

Our MFIs in Kenya and Ethiopia have been reporting on the effects of the drought and the support we’re giving to clients who have taken loans for their agriculture business.

Unreliable rainfall patterns have affected work productivity. This has resulted in many clients losing their harvest and livestock.

Many have benefited from the additional support offered by VisionFund. This includes three hundred clients affected by the drought who were selected by two ADPs in Ethiopia. The two branches were able to address 100 new clients, amounting to a total loan value of USD $16,232.

Our colleagues in both MFIs are working hard to address ‘coping mechanisms’ for clients experiencing hardship. They state that developing risk mitigation plans is important for an MFI whose portfolio is mainly agriculture sector and is something they are looking into.

VisionFund Cambodia staff visit and provide feedback to borrowers in a rural area. The ‘big push” strategy is adding value and improving the work of operations in places like Cambodia.

AREAS OF IMPACT

8 | VISIONFUND NEWS | ISSUE 2 | 2012 VISIONFUND NEWS | ISSUE 2 | 2012 | 9

To date, the new approach has been launched in our MFIs in Zambia; Uganda; Ghana; Ethiopia; Malawi; Cambodia and the Philippines.

With efforts well under way in the Latin America and Caribbean region, we are excited to see continuous improvements.

Catherine, at only three years old, has faced severe hunger, malnutrition and illness. World Vision and VisionFund are working to provide opportunity in the Horn of Africa.

MARKETING & FUNDRAISING

KATHERINE GALLIANO GLOBAL DIRECTOR OF PEOPLE & CULTURE

Katherine Galliano joins VisionFund Global Centre as Global Director of People & Culture and is a member of VisionFund Senior Executive Team.

Katherine was previously head of human resources at Médecins Sans Frontières / Doctors without Borders UK, where she was involved in setting up a new global remuneration system for expatriate staff, as well as a performance management system for UK based staff.

Katherine was born and brought up in Gibraltar where she had a Catholic upbringing and education, something that she believes shapes the work she does today. Originally trained as a midwife, Katherine retrainted as an HR generalist and career coach. She has a keen interest in management and leadership development.

Katherine said, ‘I’m really pleased to join VisionFund International. Having spent 15 years in my last role, I was a bit apprehensive at starting somewhere new, but that ceased within hours of starting, when I received so many wonderful welcoming emails from around the world.

‘This is an exciting time for VisionFund International and I am sure we will face many challenges in trying to achieve our ambitious strategic plan. I look forward to meeting the many people that make up the organisation and will do my very best to ensure my contribution is valuable to the People and Culture function and to VisionFund globally.’

Katherine Galliano VisionFund International Global Director of People & Culture Katherine_Galliano@wvi.org

STAFF SPOTLIGHT

VISIONFUND NEWS | ISSUE 2 | 2012 | 11

VISIONFUND LAUNCHES NEW WEBSITETo complement the recent global rebranding effort we have launched a dynamic new website. Viewers can explore the entire network of MFIs and interact through social media tools. We’ve got up-to-date videos, photos and news stories, as well as monthly updates of social impact and financial figures. The interactive graphics are fun to explore. They help viewers understand the strength of our MFI network and the impact we make on the lives of children, women and communities.

‘We’re thrilled to see the new VisionFund site launch. Our hope is that the vibrant content, beautiful imagery and clean interface will allow users to explore VisionFund at a level they never have before,’ says VisionFund International’s Global Director of Marketing and Fundraising, David Knights.

10 | VISIONFUND NEWS | ISSUE 2 | 2012

We’ve also implemented a thorough content management system that allows authorised users to update and modify certain sections of the site. Access details are available on request. We urge all MFIs to update their designated section of the website with photos, stories and information about specific products.

The launch of our new website marks a tran- sition from VisionFundInternational.org to VisionFund.org. The shorter name will help MFIs develop their own presence on the website. Visit VisionFund’s new website online at www.VisionFund.org. In addition to the standard site, a mobile version for smart phones has also been created.

Brad Stave Marketing Managerr Brad_Stave@wvi.org

BOARD SPOTLIGHT

SPOTLIGHT ON OUR BOARD MEMBERS

VisionFund International Board Members make a vital contribution to the organisation by sharing their expertise, knowledge and passion for microfinance.

GARY DUIMAs a former banker, Gary understands the importance of capital in developing and sustaining a healthy business or community. During visits to several World Vision projects Gary has witnessed first-hand the positive impact microfinance has on the quality of life among the families we serve. He believes that when microfinance is included in a well-conceived holistic development

strategy, it is an excellent opportunity for individuals and communities to escape poverty.

Gary retired as Vice Chairman of U.S. Bancorp after 38 years. He has served on a variety of boards including Pacific Coast Banking School, University of Washington and Federal Reserve Bank, Portland, USA. Gary currently serves on the boards of World Vision US and Fortune Bank in Seattle, USA.

MICHAEL MITHIKAMichael is passionate about microfinance because it offers simple income generating opportunities for poor people who don’t have access to the most basic of services and benefits. With micro credits, millions are able to increase their household incomes, enabling them to provide for themselves and their families, and as a result live more decent lives.

Michael believes that as microfinance is evolving from a service provided by specialist institutions to one offered by more mainstream and diversified organisations, the focus is shifting towards greater financial inclusion.

Michael is an independent financial services consultant, entrepreneur and CEO of J.M. Mantle & Co. Limited, a finance and advisory firm that he co-founded in 1997. In 2005 Michael founded the School of African Microfinance, an international executive training course for senior managers and consultants, which has so far trained over 600 professionals from over 35 countries in high-performance microfinance.

 

 

Between December 2011 and February 2012, VisionFund International Communications Team conducted an employee engagement survey throughout the whole VisionFund network of microfinance institutions.

A big thanks goes to everyone who took the time to complete the survey. We received feedback from 27 MFIs.

The survey was intended to understand employees’ views on being part of VisionFund and World Vision; whether staff receive sufficient information and how our internal communications can be improved.

We found that communication varied greatly among MFIs and improvements need to be made by staff at both the local and global level. Encouragingly, most employees expressed a desire to receive more information from the global centre and to have the opportunity to share experiences with other MFIs across the network.

The survey has helped us create an engagement strategy to improve the flow and effectiveness of communications across the network. We will share our action points to all VisionFund employees in subsequent issues of our newsletter.

GLOBAL HIGHLIGHTS

EMPLOYEE ENGAGEMENT

12 | VISIONFUND NEWS | ISSUE 2 | 2012 VISIONFUND NEWS | ISSUE 2 | 2012 | 13

KEY FINDINGS

• Respondents expressed a desire for more work related training.

• Respondents are keen to know VisionFunds’ plans and to understand how their MFI sits within the network.

• VisionFund MFI staff would like a platform to share experiences and exchange ideas across the network.

• Staff working in MFIs would like to see more opportunities for integration between VisionFund and World Vision.

• In the future, MFI staff would like to receive news from VisionFund International through emails, via a newsletter and from written publications. Wherever possible publications should also be translated in Spanish.

A COMMITMENT TO OUR IDENTITY FACILITATOR GUIDE

VISIONFUNDFAITH & IDENTITY

DID YOU KNOW?MFIs and their clients are recycling to improve their income and communities.

DID YOU KNOW?

Samon Thai is a client of VisionFund Cambodia. She makes lamps using empty canned milk containers that she buys from local restaurants and beverage shops. Ms Thai purchases old cans inexpensively and turns them into lights that she sells for a profit. This helps the environment by reusing unwanted products.

Ms Thai began her business in 1988 after her husband had his leg amputated and could not go out to work. Over the years, Ms Thai incurred debt due to the financial struggles of raising nine children.

In 2011 she wanted to grow her business and reduce her debt. She sought a loan from VisionFund. The microloan allowed Ms Thai to expand her business into a neighbouring province. With the increased income, Ms Thai is paying off her debt faster and helping the environment by reusing more cans.

‘My canned lamp business benefits me and people around me in many ways. It provides income to educate my children, creates job opportunities because I need workers to help me and it is environmentally friendly since I transform junk cans into a needed product,’ Ms Thai said.

CLIENTS IN CAMBODIA TURN WASTE INTO WANT

Our MFI in Nicaragua is taking extra steps to help the environment. The office has a plan to save energy by only using air conditioning at certain times of the day and by printing on both sides of paper.

The office also has paper-recycling bins. When the office has enough waste paper, they call Los Pipitos, which is a non-governmental organisation (NGO). Los Pipitos picks up the paper and sells it to a recycling company. The money Los Pipitos receives from recycling the paper helps the NGO raise money for disabled children in Nicaragua. In this way VisionFund Nicaragua indirectly gives disabled children access to medical services for free or a low price.

‘We believe that this helps the economy of the parents. Some children sponsored by World Vision receive support from this NGO as well,’ said Christopher Artola, Operations Director of VisionFund Nicaragua.

This year, the MFI hopes to form alliances with other NGOs working towards environmental conservation. C hristopher explains, “We do this to help the environment, specifically our forests, which are the lungs of our country and world. Perhaps this sets a precedent and example to follow in order to be more responsible with resources. Small actions replicated by everybody become great changes.”

VISIONFUND NICARAGUA RECYCLES TO IMPROVE CHILDREN’S LIVES

INTEGRATING FAITH AND PRACTICE Nearly two years ago we conducted a brief survey on devotional practices in our MFIs. The key feedback we received was that MFI staff wanted devotional materials that directly related to our work in microfinance. In response to this the Christian Witness Initiative (CWI) created staff orientation modules related to our Christian identity and faith-based approach to microfinance. These materials were translated into 22 languages. A total of 3,372 staff in 29 countries completed the orientation. Each MFI and VFI is now in the process of integrating the materials into their existing orientation for new staff.

We have also developed devotional materials that specifically address practical and challenging questions that we all face in

our work. This set of facilitated discussions will enable you to actively apply Biblical principles to help answer questions such as:

• ‘How can I be a witness when I am taking a client’s collateral?’ • ‘How do I handle temptation when I am handling a lot of cash?’ • ‘What is an appropriate amount of interest to charge? How much is too much?’

There are 10 topics in total, each one tackling a challenging question that many MFI staff face on a daily basis. These devotional materials are available in 11

languages and can be accessed on the VFI CWI Digital Library at http://tinyurl.com/vfqp1

Nate Brown, Integration Officer Nate_Brown@wvi.org

A COMMITMENT TO OUR IDENTITY Our brand facilitator guide helps VisionFund staff understand how our work is an expression of our witness to Christ and God’s kingdom. The guide offers a series of sessions that use prayer and Biblical reflection to facilitate discussion on each of our main messages. It can be used with the ‘Integrated Faith and Practice’ devotion material and is available to all MFIs through the CWI Digital Library http://tinyurl.com/vfqp1

14 | VISIONFUND NEWS | ISSUE 2 | 2012 VISIONFUND NEWS | ISSUE 2 | 2012 | 15

“This excellent work will be very useful in new staff induction processes and will be encouraging and motivational to our existing staff, too. “ Yudelka Flores, FIME (Dominican Republic)

DID YOU KNOW?

CONNECTING GIRLS INSPIRING FUTURESIf every International Women’s Day event held in 2012 includes girls in some way, then thousands of minds will be inspired globally.

International Women’s Day is celebrated on 8th March each year around the world. Thousands of events occur not only on this day, but also throughout the month. The day marks the economic, political and social achievements of women.

We celebrated International Women’s Day by highlighting Daw Win of Myanmar.

ONE WOMAN’S MICROLOAN EDUCATES A RURAL VILLAGE Daw Win and her family were once in debt following three years of floods that destroyed farmland in the Thayet Cho Gon village of Myanmar. In 2007 Daw Win received a $200 loan from VisionFund and today she runs a successful grocery business. What’s more, Daw Win’s three boys can now follow in her footsteps of attending university.

Daw Win’s microfinance story is a little different. A university graduate, Daw Win once had a successful career in a fishery company.

When Daw Win married, she went to live with her husband’s family in the delta and helped on their 30-acre rice paddy. After a series of devastating floods, Daw Win returned to the fish factory to pay off her family’s debt. She returned to the delta two years later but faced the same problems again.

When Daw Win and her family took out a microloan with VisionFund, they received home budgeting and saving guidance. They were also given agricultural training to help increase yield from their rice crops. Through the programme, Daw Win learned how to communicate with business partners and has since advocated for farmers from other villages.

Daw Win is passionate about spreading her success across her community. Through her grocery business and betel leaf garden, Daw Win has enough money to send her boys and two other children in the community to school. She teaches at the local high school and helps her neighbours with basic maths. But Dar Win’s legacy won’t stop there. ‘I am also dreaming of a hostel for children who live far away from high school.” Over 70% of our clients are female. Research

has found the women are more likely to invest income back into the family, with education and well-being of children being a top priority.

VISIONFUND NEWS | ISSUE 2 | 2012 | 17 16 | VISIONFUND NEWS | ISSUE 2 | 2012

RESEARCHER QUESTIONS MICROFINANCE, VISIONFUND RESPONDS Researcher David Roodman has questioned the need for microfinance in his latest book: ‘Due Diligence: An Impertinent Enquiry into Microfinance’.

http://tinyurl.com/vfcfi2

VisionFund, as one of the microfinance partners of the Microfinance CEO Working Group, has published a response to Roodman’s claims.

http://tinyurl.com/vfcfi

INDUSTRYUPDATES

GLOBAL MICROFINANCE INDUSTRY HIGHLIGHTS

The CEO Working Group consists of VisionFund International, ACCION, FINCA International, Freedom from Hunger, Grameen Foundation, Opportunity International, Pro Mujer and Women’s World Banking.

AZERCREDIT GAINS NEW SHAREHOLDERS VisionFund International has signed an agreement to transfer a minority interest in AzerCredit, our MFI in Azerbaijan.

The new shareholders, Incofin and Triple Jump will both take a 24% equity stake in AzerCredit.

Proceeds resulting from the sale will be used to develop microfinance activities in areas of the world where we can have a positive impact on a greater number of children’s lives.

VisionFund remains the majority shareholder in AzerCredit and will continue to support their future development as

a highly successful MFI that assists rural clients.

The transaction, which is subject to customary conditions to closing and competition clearance, is expected to complete within the next two months.

There will be no change to AzerCredit’s mission or its operation. We have deliberately chosen partners whose commitment to our social mission and client protection is as strong as our own. This commitment is enshrined within the shareholders’ agreement.

PRAYERAND PRAISE

PRAYER REQUESTS & PRAISES

LET PRAYER BE A GUIDING LIGHTThe following are prayer requests and praises from regional microfinance leadership, VisionFund and World Vision staff. Please submit prayer requests and praises to visionfundcomms@wvi.org.

Pedro of Mexico industriously works at his family’s carpentry workshop. Borrowers around the world like Pedro benefit from small loans.

Young Martha of Tanzania silences herself and prays to the Lord.

MALI | Please remember our MFI in Mali as they face the current political situation. Please pray specifically for our CEO, Jean Tchiapi, all the 121 MFI staff and their families and other World Vision National Office staff and leaders.

HORN OF AFRICA | Our clients living and working in the Horn of Africa are still facing hardship. Please remember those who are trying to maintain their businesses despite the drought. Pray that God gives our colleagues wisdom in supporting clients going through hardship.

CEO CONFERENCE | Praise God for a successful MFI CEO conference in Tanzania (26 – 30 March), where the focus was on reaching our overarching goal of positively impacting the lives of 3.5 million children by 2014 through integration with World Vision, working together as a unified network and building effective leadership. We are especially thankful for the growing sense of a common purpose and unity among VisionFund affiliated MFIs.

VISIONFUND NEWS | ISSUE 2 | 2012 | 19 18 | VISIONFUND NEWS | ISSUE 2 | 2012

VISIONFUNDINTERNATIONAL

www.visionfund.org weare@visionfund.org

We improve the lives of children living in povertyWe empower poor women and their families with small loans and other financial servicesWe unlock the potential for communities to flourishWe work as microfinance partners of World Vision

We are VisionFund

TRANSITIONS & UPCOMING EVENTS

NEW EXPERIENCES AND APPOINTMENTS

VisionFund International Board Meeting

World Vision Regional Communications ConferenceDAKAR, SENEGAL

MF Tech 2012 ConferenceKUALA LUMPUR, MALAYSIA*

*More information on external events can be found at

http://microfinanceassociation.ning.com/events

VISIONFUND INTERNATIONAL EVENTS

JUNE 13

JUNE 19-22

INDUSTRY EVENTS

JUNE 26

CALENDAR OF EVENTSNEW STAFF APPOINTMENTS

YACOB HELISIO CHIEF OPERATING OFFICER, VISIONFUND MFI IN RWANDA

TERESA DEMARIE TRAINING MANAGER BASED IN LOS ANGELES, US

ZORAN NOVAKOVIC MFI SYSTEMS EXPERT, BASED IN SERBIA

GERMAN PINEDA LAC REGIONAL PROJECT MANAGER FOR IT, BASED IN HONDURAS

LAUNCE MOSES VFI AUDIT DIRECTOR, BASED IN LONDON

ELISABETH MADDEN MERGERS AND ACQUISITIONS DIRECTOR, BASED IN LONDON, UK

PAUL ELLIOTT REGIONAL DIRECTOR FOR MEER, BASED IN NORTHERN IRELAND

KAREN POON BANKERS WITH VISION DIRECTOR, BASED IN SINGAPORE

JON SNYDER VFI BRAND SPECIALIST, BASED IN SEATTLE, US

CHARLOTTE GREEN VFI COMMUNICATIONS OFFICER, BASED IN LONDON, UK

EXECUTIVE EDITOR: David KnightsEDITOR: Dianne LowtherPRODUCTION: Brad StaveCONTRIBUTORS: Christopher Artola, Sophorth Khuon, Nate Brown, Brian Frazier, Charlotte Green, Brad Stave, Shimeles Tefera Abebe, Scott Brown.

20 | VISIONFUND NEWS | ISSUE 2 | 2012