Impact Report 2020

A customer of MIFIDA running a retail shop in Yangon, Myanmar / Taejun Shin

Contents

A Word from our CEO Taejun

4

Gojo’s Vision, Mission, and Guiding Principles

6

A Word from Baillie Gifford Shin Nippon

8

How We Translate Funds into Impact

10

Our Partner Companies

12

Our Commitment to the SDGs

14

The Impact of Covid-19

16

Stories from the Field

22

Research and Innovation

27

Impact Measurement

32

Our Governance Framework

34

Corporate Governance Structures and Systems

35

Role of the Board and Board Committees

37

Board and Committee Composition

38

Meeting Attendance and Reasons for Selection as Director

39

In Conclusion: 2021 and Beyond40

A Word from our
CEO Taejun
Dear readers,
It is my pleasure that we issue our second impact report.
Thanks to the support from our group companies, we managed
to incorporate more data into this year’s impact report. I sincerely
appreciate their efforts.
When we look back on what has happened during the last
12 months, we cannot avoid talking about the impact of Covid-19,
though we have already heard it discussed so many times by somany other people. Any shocks almost always hit the vulnerable
the hardest. The strict lockdowns in developing nations wiped out
most of the income-generating activities on which our end clients
relied. The World Bank estimates that 150 million people will bepushed into extreme poverty due to the Covid-19 pandemic.
The positive news is that many developing nations are recoveringfrom the pandemic despite some exceptions, and many clients are
optimistic about their future. Many of them have said, “it should be
alright as long as lockdown is not imposed again,” and I hope that ourclients will show their resilience just as they have done over thelast few decades. Also, the previous 12 months have considerably
accelerated our digitalization initiatives. For example, at Satya, morethan 90% of loan collections became cashless. Maxima launched anagent-network-based digital loan program; the number of clients isincreasing by approximately 50% month on month.
The last 12 months have made us realize the importance of microfinance again. The first role of microfinance is to stabilize people’s
consumption through various instruments, primarily through savingsand loans. We should help our clients make sure that food is on

4 | Gojo Impact Report 2020

the table every day. Also, we should work to support our customers
to access various business or life improvement opportunities.
As there will inevitably be the next pandemic or large-scale climate
disasters down the line, we have to review our services to be well
prepared for the future.
To truly support our end clients, we need to understand the reality,
not wishful narratives within which even veteran practitioners canoften be trapped. Seeing the facts is not easy, especially when ourlens is that of a financial institution. To our end clients, MFIs are
an important funding source for a rainy day, so it is natural that theytell us rosy stories. We have to overcome the temptation to see things
as we wish.
To understand the reality, sometimes I randomly visit villages
without being accompanied by any of our MFI colleagues andinterview the villagers. Although these visits are always immensely
insightful, the data tends to be qualitative and unstructured andthus has limitations.
To complement these field visits, we are starting our financial
diaries project in Cambodia with support from JICA. In this project,
we will collect detailed longitudinal data on all respondents’ cash
flow activities. Stuart Rutherford, our board member, pioneered thismethodology two decades ago, and it has proved to be of immense
value to help us understand our typical clients. It is a key project forour impact measurement, and we are hoping to run the same
exercise in more countries of operation in the future.
I hope you enjoy reading the report. We welcome any constructive
criticism or feedback.

A Word from our CEO Taejun | 5

Gojo’s Vision, Mission,and Guiding Principles
Our vision
To create a world where everyone can determine their own destiny

Our mission
To extend financial inclusion to everyone

2030 Goal
To enable provision of high-quality financial services to more than
100 million unserved and underserved people in 50+ countries

Gojo members at
a recent team meeting on Zoom /Gojo & Company

6 | Gojo Impact Report 2020

Guiding Principles
Our Guiding Principles are inspired by Greek philosophy, and centre on the trinity of
Truth, Ethics, and Aesthetics, together with the principle of Consistency. We reference
the Guiding Principles in all of Gojo’s policy documents and strive to follow them ineverything we do.

Truth:

Think and behave rightly

Ethics:Do nothing with which we cannot face our clients, family, and friends

Aesthetics:

Pursue the best quality, the best efficiency, and the best simplicity

Consistency:

Be consistent in what we believe, what we speak, and what we do

Gojo values
Our name, “Gojo” (五常), comes from the 5 Confucian values of compassion, integrity,
courtesy, wisdom, and trust. We use a modern interpretation of the values to guide ourdecisions and day-to-day work.

Stand by our Clients
We strive to see things from the perspective of our end clients so that
our services support their goals.
Act on Principles
We are guided in all we do by our principles without exception.
Listen FirstWe always keep an open mind and uphold everyone’s right to beheard and respected.
Learn–Think–Share
We challenge the conventional, consider the practical, and share ourknowledge with others.
Be Genuine
We build trust and demonstrate our loyalty by telling the truth without
concern for appearances.

Gojo’s Vision, Mission, and Guiding Principles | 7

A Word from
Baillie Gifford Shin Nippon
Baillie Gifford Shin Nippon investment trust

sections of the population lack access to benign

believes in the power of capital to promote positive

sources of capital.

social change.
Investing in Gojo is a new departure in the 35-year
We think very carefully, not just about generating

history of Shin Nippon. It’s the first lender of its

strong returns for our clients, but also abouttype in which we’ve taken a stake, the first whose

how potential portfolio companies can address

field of operations is entirely outside of Japan, andthe needs of society and change the world forone of the first private companies in our portfolio.

the better.
We’re proud to invest in Gojo because we
As investment managers tasked with seeking out

share Taejun Shin’s vision of how best to bring

Japan’s most exciting growth companies, we see asustainable benefits to the world’s poorest.

close alignment of our goals with those of Gojo.

It’s a goal that fits well with Shin Nippon’s wider
promise to its shareholders: to do well for them,

Why? Because despite all its recent economic

while supporting companies whose products

gains, Asia still contains a significant proportion

make life better for their customers.

of the world’s poorest people. Linked to that,
according to the Global Findex, over 780 million

Praveen Kumar

Asians are still ‘unbanked’. They lack access toManagerthe commercial loans and other basic financial

Baillie Gifford Shin Nippon Plc

products that would help them attain the basic
necessities of life.
Like Gojo and its partner lenders across Asia,
Shin Nippon believes that access to financial
services, enhanced by the possibilities of digitaland mobile technology, is the best route toeconomic participation. Microfinance, lending foraffordable housing and SME financing all help
to promote social mobility as well as presenting
a growth opportunity in countries where vast

8 | Gojo Impact Report 2020

Girls in a children’s home supported by Satya MicroCapital / Taejun Shin

A Word from Baillie Gifford Shin Nippon | 9How We Translate Funds
into Impact

Operations
We work with partners to improve local
operations, implement best practices,and develop effective policies and processes.

As a holding company, a key focus of Gojo’s work is raisingfunds from investors aligned with our mission and channelingthose funds into partner companies to expand their reachand strengthen their impact.

If necessary, the Operations team also
facilitates turnarounds.

Finance
We help partners to find and negotiate
debt funding to support their operations.

Due diligence

Capital injection

We conduct a rigorous due diligence

In 2020, we invested $49 million inprocess with potential investees,

our partner companies to expand

incorporating the ALINUS indicators

their businesses and support their

Governanceinto our process. We focus particularly

continued growth.

In 2020, we strengthened our governanceon their alignment with Gojo’s mission

by moving toward a three-committee

and ability to achieve both financial

Funds raisedboard structure and formalising oursustainability and social impact.

processes for monitoring and reviewing
partners’ business performance.

79% of Gojo’s investors said theirmain reason for investing in Gojo
was alignment with Gojo’s mission,
vision and values, or the desire toinvest in social impact.

Technology
We laid the foundations of Gojo’s tech
infrastructure, developing our Digital Field

Recruitment and retention

Management support

We recruit world-class talent fromWe spent $5.9 million on Gojo’s

diverse backgrounds, and work to

operating costs this year, enabling us

create a supportive, principled culture

to provide management support towhere everyone can be their best

partners according to their needs.

Application, and starting work on Gojo’s
customer app and data lake.

selves. In our anonymous March 2021
employee satisfaction survey, 92.5% of
respondents agreed with the statement,“I am proud to work at Gojo.”

Impact measurement andSocial Performance Management
We identified impact measurement leads ateach partner and implemented data collection
for a core set of outcome indicators tied to ourown financial well-being framework.

10 | Gojo Impact Report 2020

How We Translate Funds into Impact | 11

Our Partner Companies 1
1. Client numbers correct as of end March 2021

Date ofinvestment

2014

Maxima Microfinance, Cambodia
6,000 clients
In Cambodia’s competitive and crowded microfinance market, Maxima stands out for
its rigorous credit assessment practices and its commitment to innovation. Maxima isreaching underserved client segments by providing fast, small digital loans in rural
areas, enabling clients to access cash for emergencies or other short-term needs

Augustwithout having to liquidate their assets.

Sejaya Microcredit, Sri Lanka

2015
February

33,100 clients
Sejaya is providing income-generating loans to women clients in Sri Lanka. Sejaya
became one of only 4 licensed Microfinance Companies in Sri Lanka in 2020, enabling
Sejaya to begin taking saving deposits from clients as collateral against existing loans.
Sejaya has since been planning the launch of its savings services to encourage
low-income people to move away from an overreliance on credit.

AugustMicrofinance Delta International (MIFIDA), Myanmar
175,100 clientsMIFIDA provides microenterprise, education, and emergency loans as well as voluntarysavings for clients. Myanmar has had a more turbulent year than most other countries,
dealing with the impact of current political unrest as well as Covid-19. In addition toproviding support to clients and their communities during the pandemic, MIFIDA has
made strides forward in improving its digital infrastructure this year, working with Gojo

2016

12 | Gojo Impact Report 2020

to develop a digital field application and a voluntary savings product.

2017
2018

Ananya Finance for Inclusive Growth, India
68 MSME partners with 4.8 million end clients

February

Ananya provides wholesale lending and capacity-building support to MFIs, agrifinanceproviders and other SMEs, which have over 4.8 million end clients. Through its
partnerships with MFIs, Ananya provides skills training and loans to microentrepreneurs
to enable them to successfully launch and grow their businesses. In recent months,
Ananya has also embarked on retail lending and now has 38,600 retail clients.

July

Satya MicroCapital, India
498,500 clients
Satya is the fastest growing MFI in India’s microfinance history, serving half a million
clients in just 4 years since establishment. Satya provides group and individual loans,
as well as loans for water, sanitation and hygiene (WASH) and energy. Satya’s cashless
repayment model proved valuable this year during the Covid-19 pandemic, and theyfurther demonstrated leadership through their support of local communities affected by
Covid-19 this year (see page 19-21 for more details).

2019
AVIOM India Housing Finance, India
20,200 clients
AVIOM’s mission is to help families in semi-urban areas realise their dream of owninga home. They serve women borrowers who typically work in the informal economy andmight otherwise struggle to provide the documentation needed to obtain a loan. In
addition to affordable home loans, AVIOM also provides finance for home upgrades andsanitation. Their sourcing model, AVIOM Shakti, provides employment opportunities forover 16,000 rural women by enabling them to earn commissions for referrals to AVIOM.

AugustLoan Frame Technologies, India
425 SME clients
Loan Frame is a supply chain finance platform serving the ‘missing middle’ by aiming tobuild the largest SME lending marketplace in India. Loan Frame uses proprietaryscoring and risk assessment algorithms that process traditional and alternative data,and has automated all major workflows to enable same day loan disbursals. This year,

Decemberthey have continued to strengthen their tech platform by launching vendor financing
and invoice discounting, and adding more lenders and anchor corporates.

Our Partner Companies | 13

Our Commitment
to the SDGs
As a business whose core mission is to enable financiallyexcluded people to overcome barriers to building better futures,
Gojo is committed to Goal 1: End poverty in all its forms
everywhere, Goal 8: Decent work and economic growth and
Goal 10: Reduced inequalities.
At the same time, given (i) the different products offered by ourpartners, (ii) the role Gojo plays in supporting partners’ governanceand operations, and (iii) the fact that 98% of our clients are women,
our work also touches on Goal 5: Gender equality, Goal 6: Clean
water and sanitation, Goal 7: Affordable and clean energy, andGoal 16: Peace, justice and strong institutions.
This year, we disbursed over $276 million in loans to over 730,000
clients. We have expanded the range of Impact Reporting and

14 | Gojo Impact Report 2020

Evening dance exercise in Phnom Penh.
People pay 10-50 cents to join in /Taejun ShinInvesting Standards (IRIS+)2 and SDG-aligned indicators that wecollect, while continuing to work on implementing the financial diary
projects and outcomes-focused indicators that will give us a deeper
understanding of who our clients are and how their lives arechanging through our services.

Table 1 - Contributions towards SDG targets
SDG targets

KPIs

March 2019

March 2020

March 2021

1.2. By 2030, reduce the numberof people living in poverty at leastby half

Total number ofactive clients3

340,562

558,783

732,978% of rural clients4

87.0%

87.2%

86.8%

Rural clients’ % ofloan portfolio5

64.0%

74.7%

86.0%

Savings balance(voluntary andcompulsory)$1,700,600$4,828,000$7,215,000

5.a. Give women equal rights toeconomic resources% of womenclients

99.7%

98.5%

98.0%

8.3. Encourage the formalisationand growth of MSMEs, including
through access to

Number of
SME clients6

N/A

15,40331,84810.2. By 2030, empower andpromote the social, economic andpolitical inclusion of all

2. IRIS+ is the generally accepted system for measuring, managing, and optimizing impact, developed by the Global Impact Investing Network
3. Excluding Ananya and Loan Frame’s enterprise clients
4. The March 2019 numbers exclude Ananya, Loan Frame and two companies who did not report on rural client numbers at the time;
the March 2020 and March 2021 numbers exclude Ananya, Loan Frame and one other group company not reporting on rural clients
5. As above
6. We began collecting this data in 2020. The March 2020 and March 2021 numbers excluding AVIOM, which only lends to individuals,
and one other company which does not currently report SME client numbers

Our Commitment to the SDGs | 15

The Impact of Covid-19

The impact of the Covid-19 pandemic on our

The impact of the pandemic on our clients’ lives

clients’ lives and our partners’ businesses has

In the early months of 2020, we watched Covid-19

been profound. For those of us fortunate enoughspread across the world and worried about how

to have secure jobs and decent internet, theexactly it would affect our clients and operations.

pandemic has mostly meant a year spent working
from home, taking one video call after another.

By the end of April, in Cambodia, more than half

Our clients in India, Myanmar, Sri Lanka, andthe garment factories where our clients worked

Cambodia have not been as fortunate. Lockdown

were either entirely closed or had suspended

has meant loss of jobs and income as businesses

operations. Clients in other lines of business, such

have been forced to close. The loss of income andas small restaurants, agriculture or tuktuk drivers,

patchy welfare systems have meant dipping into

were reporting that their income was at 50% toprecious savings for daily expenses. Limited

80% that of their income in December 2019.

access to smartphones and the internet has
meant losing contact with family, or jostling withIn India and Sri Lanka, the first lockdowns started

household members for time on shared mobiles.

at the end of March, severely restricting the

For women and children, staying home has meant

movement of people and goods. Clients’a life increasingly circumscribed by genderedbusinesses were badly affected. Ananya’s SME

caregiving and housekeeping roles, or losing out

clients were unable to open their offices andon months of education.

staff were unable to travel to the office or the field,
hampering collections and disrupting normal

This crisis forced us to hastily adapt the way webusiness processes. Loan Frame’s SME clients

work, while providing the impetus to consider how

were in much the same boat, unable to either

to build long-term sustainability and resilience

open or repay their loans during the prolonged

into the way we do business. Microfinance has

lockdown. In Sejaya, around 15% of clients,

traditionally been a ‘people business’ withparticularly those who were employed as dailyfrequent face-to-face touchpoints between clientswage workers in the transportation and tourism

and staff, but with many clients afraid to attend

sectors, lost their income entirely.

meetings this year and constantly changing job
situations, we have had to make do with seeing

Even after restrictions were lifted, clients wereclients less and finding other ways to stay in touch.

understandably reluctant to return to attending
in-person meetings, with meeting attendance at

16 | Gojo Impact Report 2020

A member of the Maxima team waits at
the front desk to take the temperature ofpeople arriving at the office /Maxima Microfinance Plc

MIFIDA and Sejaya at 40% and 50% respectively

including funding, in time, we began regularin the middle of the year.

biweekly catch ups with all partner management
teams to monitor the changing situation. We

The uneven application of rules regarding travel

began to consider the client protection risks thatamong different states also created difficulties inmight come with the pandemic. Gojo’s SPM

India, making some areas inaccessible, while indepartment shared recommendations for bestothers, transport services became erratic andpractices with regard to hygiene and client

expensive, eating into time and margins as ourprotection with our partners, and took a firm standstaff attempted to conduct field visits. Theseagainst putting pressure on clients to pre-pay

transport issues compounded the challenges

their loans when we heard rumours that someexperienced by India’s sizeable population of

microfinance providers were doing this.

migrant workers, whose sources of work in cities
had dried up with the start of lockdown. With noTo protect staff, each company has been

income, little savings, and unreliable transport

responding dynamically to the situation as

networks, millions of migrant workers were forced

outbreaks continue to come and go in our various

to make their way on foot along the highways backlocations. In addition to closing the offices andto their villages, hundreds or even thousands ofencouraging staff to work from home as casemiles away.

numbers have risen, Gojo and our partners put inplace stringent guidelines for staff regarding

Our response

mandatory mask-wearing, temperature checks,

By early March, we were forced to confront thehand washing, and social distancing, particularly

fact that 2020 would be a year unlike any other.

for staff who were required to continue visiting

To keep abreast of the impact of Covid-19 on ourclients in the field.

partners and provide any support needed,

The Impact of Covid-19 | 17

Another key concern for staff during this timeother companies were not disbursing yet. They

was job security. Early in the pandemic, Gojo,

were able to disburse US$5.2 million in loans

Loan Frame, and Sejaya took steps to reassure

between July 2020 and February 2021 andemployees of the continued security of their jobs

increase their client base by 7,454 (~30%) during

over the next year, and Gojo and all partners

this period, while keeping PAR 30 on loans

were able to continue paying staff their full

disbursed during period low at 0.2%. Maxima wassalaries this year without furloughing or laying off

able to reduce its dropout rate by 6% compared

any employees due to the pandemic.

with the previous year while continuing to maintain
good portfolio quality, with PAR 30 of 1% at

To date, 174 out of 5,294 employees (3%) acrossDecember 2020, compared to an average of 2.1%

the group have been infected with Covid-19.

across the Cambodian microfinance industry, andan average of 5.7% at similar non-deposit taking

While clients’ meeting attendance remained low

Cambodian MFIs.

for much of the year, our partners managed to stayin contact by checking in with clients on the

The pandemic also drove home the need tophone. Regular phone contact enabled Maxima

digitalise services as soon as possible among

and Sejaya to monitor clients’ changing situations

many of our partners. MIFIDA, Maxima, and Sejaya

regularly and make decisions about the timing of

began working with Gojo’s technology team thismoratoriums and disbursement which balanced

year to implement digital financial infrastructureclient protection with financial sustainability.

such as our own Digital Field Application (DFA),For instance, thanks to its insight into clients’ realclient app, and a new core banking system. In time,situations, Sejaya made the decision to restartthese systems will enable us to improve the speed

disbursements in July 2020, at a time when mostand reliability of our services, while providing
additional channels for receiving rapid feedback
from clients in times of crisis. In the meantime,
MIFIDA and Maxima were able to adapt to the lackof in-person meetings by encouraging clients toswitch to cashless repayments through local
mobile money services such as Wave and Wing
Money, with MIFIDA successfully switching 60%
of clients to cashless repayments. Satya’s long
history of investing in digital transformation stoodthem in good stead this year, with the successful
implementation of their cashless collection
process through Satya Pay. Over US$33 million(>90%) of Satya’s collections in 2020-21 were
cashless. In addition, Satya launched an Android

A poster created by Satya to promote good
handwashing habits / Satya MicroCapital Ltd

18 | Gojo Impact Report 2020

application for clients, called Satya Client Connect,enabling clients to access key information andA Sejaya client receives a support
package from staff /Sejaya Microcredit Ltd

updates about services and repayment anytime,

infected with Covid-19 or who were facing

anywhere. Through the app, clients can not only

business difficulties.

access up-to-date information about theirloans and repayment schedule, but also request

Spotlight on Satya’s initiatives supporting

emergency loans and auto-dial Satya’s toll

their community

free number.

We especially wanted to highlight the particulareffort made by Satya this year to look after the

In addition to helping clients manage their loan

wellbeing of their employees, clients, andrepayments, our partner companies supported

community. Two initiatives which stand out are

our clients and their communities who were

the implementation of a toll-free medical helpline

hardest-hit by Covid-19 by providing grants,

for all employees, clients, and their families, andcash assistance, emergency loans, and supplies

Satya Rasoi, an ambitious initiative to support

to those badly affected. Sejaya provided foodthe migrant workers travelling on foot back to

supplies to 522 clients who were infected with

their villages.

Covid-19 and self-isolating, and also raisedaround $5,000 in Covid-19 donations for clients.

As Kusum, Assistant Vice President for Social

Ananya donated around US$3,400 worth of ration

Performance Management at Satya, writes,

kits to 250 vulnerable people, including sanitation“Amidst the enforcement of national lockdown,

workers, senior citizens, widows, and disabled

one crucial challenge was how to makepeople. MIFIDA provided special emergency loans

marginalised communities aware of the relevanceto 3,480 clients whose businesses were strugglingof preventive measures such as quarantine anddue to pandemic restrictions and who neededsocial distancing in the midst of their struggle toadditional investment to rebuild, as well as overensure the next meal for their families.”

US$8,000 in cash grants to clients who had been

The Impact of Covid-19 | 19

Volunteers for Satya Rasoi provide foodand drinks to migrant workers travellinghome / Satya MicroCapital Ltd

The toll-free helpline was introduced as a way

herself and her son. She said, “Satya’s medical

to enable Satya’s clients and employees tohelpline is a good step by the company in theeasily access free medical consultations andcurrent crisis because we have limited healthprescriptions from doctors without having toservices in our village, and we can’t go to cities forphysically travel to clinics and hospitals. Satyatreatment. It not only addressed my healthworked with HealthAssure, India’s largest primary

problem but helped me learn more about the riskscare network, to make phone consultationsof Covid-19.”

available 6 days a week, from 9.30am to 7pm.
They used text messages to inform clients of theservice, and had Satya field staff demonstrate how
to access the helpline to clients, while collecting
feedback on the service. As of August 2020, over
70,000 clients and their family members had
made use of the medical helpline.
Jyotshna Rui Das, 35, a client in Asansol,
West Bengal, had been suffering from a fever
together with her son for several days, and had
self-medicated with medicine from a local
pharmacy without consulting a doctor. Whentheir condition did not improve, she heard about
Satya’s medical helpline, and was able to geta prescription from a doctor to properly treat

20 | Gojo Impact Report 2020

A flyer explaining how to use Satya’s toll-free
medical helpline / Satya MicroCapital Ltd

Migrant workers form a long line as theywait to receive food and relief packets /Satya MicroCapital Ltd

In addition to the medical helpline, in May 2020,

come, staying in touch with our clients’ needs

Satya launched a food distribution initiative, Satyafor restructuring and additional support, while

Rasoi, to support the millions of migrant workers

managing business needs for liquidity.

forced to walk hundreds of miles back home.

In the long term, our work on digital transformation

By building on its existing connections withwill give us more ways of hearing from clients,

local administrative bodies and wide network ofunderstanding their real needs, and responding

field staff, Satya was able to mobilise cooks andrapidly to crises.

volunteers in over 35 locations across Assam,
Punjab, Haryana, Rajasthan, Uttar Pradesh,

As Taejun says in his foreword, many people

Madhya Pradesh, Jharkhand, Chhattisgarh, Bihar,

continue to display optimism about the future

Odisha, and West Bengal to deliver fresh,

despite the challenges of the previous year.

nutritious meals to migrants walking along thePeople will eventually begin dreaming andhighways. In total, Satya was able to distribute

planning for the future again, and we now needfresh meals and relief packets to over 400,000

to consider the role our services ought to play inmigrant workers over the course of 15 days.

helping to rebuild their lives. The savings products
we have been working on will help clients

The outlook from here

conserve resources for future plans, while our

The Covid-19 pandemic continues to wreak

financial diary projects will help us to develop

havoc across the world, and despite the rollout ofsensitivity to what people want to do, so that we

vaccinations in most countries, it will be a longcan develop services that help them to do it.

time until our clients are able to safely go about
their lives as they did before. In the short term, we
continue to respond to successive waves as theyThe Impact of Covid-19 | 21

Stories from the Field

Yan Sina sits proudly at her silk loom /Maxima Microfinance Plc

Keeping a traditional craft alive
Yan Sina, 35, is a married mother of one who lives

She adds, “I am really thankful to MAXIMA forin Prek Luong, Kandal, Cambodia. She learned the

supporting our business, which is important to me

traditional craft of silk weaving from her mother,not just as a business but as our valued Khmerand started her own silk weaving business in 2014

tradition. Thanks to the growth in my income fromafter marrying her husband. After a few years, she

this loan, we've been able to fully support our

was approached by a credit officer from Maxima tochild’s school fees and renovate our house.”

see if she might be interested in using a loan toexpand her business. Sina discussed it with her
husband, and decided to apply for a US$2,000
loan from Maxima to pay for business inputs.
She says, “I took a loan from MAXIMA to buy silk
fabric for my weaving business to produce silk
skirts, and it has helped me to create embroideringand dyeing jobs for women in my village.
They can do their tasks at home while receiving
income. Because of this, they don’t need to travel
to a neighboring country just to find jobs.”
The business has enjoyed remarkable growth andhas many orders from customers at the local
market. “Everything we produce is unique and iscreated with passion. We work hard to offer
the best quality silk fabrics to customers,”
Yan Sina says.

Stories from the Field | 23

Sitaben Zala engages
50-60 women in the business ofembroidering blank fabric for city vendors /Prayas Financial Services Ltd

Helping clients survive the pandemic
Sitaben Zala is a longstanding client of Ananya’s

During lockdown, Prayas offered a moratorium topartner, Prayas, and runs a business procuring andborrowers like Sitaben, easing the pressure on

embroidering blank fabric from vendors in city

their finances. Even after the end of the lockdown

markets for the creation of sarees, dupattas,

and moratorium period, Prayas continued toshawls, and traditional dresses. Since taking hermonitor its clients’ situations, and did not pressure

first loan from Prayas six years ago, she has been

Sitaben to repay beyond what she genuinely could

able to expand the business such that she now

during the period. The Prayas team also sharedengages 50 to 60 women from neighbouring

information with Sitaben and other clients about

villages in the work of hand-embroidering fabrics.

the precautions needed to protect their families
from Covid-19, and provided advice about

The Covid-19 lockdown in India brought her

prudent financial behaviour to cope with thesebusiness to a complete standstill for four months.

difficult times.

Even after the restrictions eased, Sitaben and thewomen working with her struggled to earn

By September 2020, Sitaben’s household finances

enough, as the city vendors’ business slowed,

were back to normal and she was able to return toand there was less work to be had than before.

her regular loan repayments. When asked if theloan had been a source of stress for her this year,
she said that she instead sees loans as a blessing
for women like her, who run small businesses andneed to increase their families’ earnings. Sheplans to use loans to continue growing her
business after this year.

24 | Gojo Impact Report 2020

Shanti Devi worked with her husband tobuild a profitable bamboo products
business from scratch /Satya MicroCapital Ltd

Persevering with big dreams
Shanti Devi, 34, lives with her husband andrest to fund business inputs. Over the next couple

3 children in Badhdin, a small village in Jharkhand,of years, they were able to double their monthly

India. Both her and her husband’s family madesales, and by increasing production, were also able

their living from making and selling bamboo

to start selling their products in big central markets

products such as fans, mats, and baskets tofor twice the price in the local market.

middlemen for extremely low prices. Sincechildhood, she had dreamt of becoming an

When the first wave of Covid-19 hit India, Shanti

entrepreneur to cut out the middlemen and sell

Devi was unable to take her products to thethe bamboo products directly for higher margins.

market, and with the country in lockdown, shestruggled to meet her family’s basic needs, keep

She decided to take a step forward and managed

the business going, and repay her loan from Satya.

to persuade her husband and in-laws to start a

Upon consulting Satya’s field officer, she decided

bamboo business by borrowing some money fromto make use of the RBI’s Loan Moratorium Facility

relatives, neighbours and a private moneylender.

to relieve the pressure on her finances. She also

But the high rate of interest on the moneylender’sreceived cash assistance of Rs.45,000 from Satyaloan ate into their profits, and they became unable

after the lockdown, and was able to adapt to travelto save any money and eventually had to sell theirrestrictions by selling their bamboo products

land. Their debts began to mount up, and Shanti

door-to-door.

Devi’s husband began suggesting that they should
shut the business down.

Her business improved with the easing ofrestrictions, and she was able to increase

At this time, Shanti Devi heard about the groupproduction further and sell their products in theloans offered by Satya from some neighbours, andbig central markets again. At the encouragement

promptly attended a centre meeting to find outof Satya staff, she has started saving regularly,

more. After discussing with her husband, sheand the increase in her income over the past

applied for a loan of Rs.21,000. She used half ofcouple of years has enabled her to start sending

this to pay off their debts to money lenders, and theher two daughters to private school.

Stories from the Field | 25

Pradeepa stands in a shed withthree of her cows /Sejaya Microcredit Ltd

From one cow to a sustainable income
Pradeepa lives in Kegalle district, Sri Lanka,

Pradeepa is now planning to get another loan

with her husband, their 5-year-old child, and herfrom Sejaya to further improve her business bymother-in-law. Her husband’s income from casualerecting a new cattle shed and purchasing alabour was not sufficient for the family’s needs,

three-wheeler to transport grass to feed the cows.

so 8 years ago, she began dairy farming withShe looks forward to the future in the expectation

one cow to supplement the household’s income.

of a sustainable income.

After some time, she wanted to buy more cows toincrease her milk yield, but was unable to findthe money to do it.
In 2018, however, she heard about Sejaya’s
services and obtained a Rs.40,000 loan to develop
her business. Today, 3 years later, she is on her
third cycle with Sejaya, with a loan of Rs 200,000.
Using these loans, she has been able to buy
three additional milking cows and three calves.
Her business has now become the family’slargest source of income, earning aroundRs.90,000 per month.

26 | Gojo Impact Report 2020

Research and Innovation
Designing a savings app

were a key source of additional cash during the

One of the defining characteristics of poverty is

period, as many households either drew down

precarity, or vulnerability to sudden shocks.

their stored cash or sold assets to pay for daily

The pandemic has had a profound impact onneeds. In the medium to long term, the World Bank

the world’s poor and near-poor, as income

estimates that up to 150 million people will besources dried up and daily foodstuffs became

pushed over the brink into extreme poverty by theharder and harder to obtain. Surveys of overpandemic. Given these circumstances, creating

30,000 respondents from Africa, Asia and Latin

useful ways for low-income people to save has

America have shown that from country to country,

never been more important.

between 9% and 87% of respondents (medianshare 45%) were forced to miss meals or reduce

With this in mind, we began considering how weportion sizes from April to June 2020.

could develop more effective savings solutions forclients. We decided to begin with MIFIDA, our onlyThis study, in addition to data from our partner

partner with a license for taking voluntary savings

company MIFIDA and Stuart Rutherford’s

deposits, but which typically had low usage of

Hrishipara diary data, also tells us that savings

savings accounts. After a round of desk research

Research and Innovation | 27

to understand best practices in various countries,

Based on this, we put together a design for

we engaged Prudentia Research, a consultancy ina digital savings app with two account types:

Myanmar, to conduct a series of interviews witha flexible general savings account, and goal-based

a number of low-income people in Myanmar tosavings accounts. Both would use mobile money

understand attitudes towards saving. The findings

services for deposits and withdrawals, butaffirmed our hunch that low-income people look

the goal-based savings accounts would havefor a combination of convenience and discipline inself-imposed controls around the timing ofsavings mechanisms—that it is useful to have bothwithdrawals which would make it harder to cash

the flexibility to deposit and withdraw wheneverout on impulse. Keeping in mind that many

they like, as well as features which encourage

low-income people in Myanmar still do not havethem not to cash out unnecessarily, especiallysmartphones, or share smartphones with family

when saving for a goal.

members, we also designed several different ways
to enable clients to receive balance updates

While these two needs may seem contradictory,

through SMS, phone calls, QR codes, or an app.

in reality they make sense. For most low-income
households, savings are not necessarily an end in

While we have not yet been able to start work onthemselves, but a way of moving money fromthe app in Myanmar due to the current situation,

the present to the future. Future needs can be

we believe that with a few adjustments, thepredictable, in which case they can be framed

underlying ideas can work well in other countries

as savings goals, or unpredictable, in which casetoo. We are currently working with Sejaya to adapt

savings would need to be withdrawn quickly

the design to a Sri Lankan setting, where licensed

and easily.

microfinance institutions are allowed to takecollateral deposits.

28 | Gojo Impact Report 2020

Field Officer taking photos of a new
M-Lady client using Gojo’s DFA /Koh Terai

Developing our Digital Field Application

human side of their interactions. We expect that

Alongside broader digital transformation efforts,

most processing times will be vastly reduced.

this year also saw Gojo’s technology team working

For instance, the separate tablet application weclosely with MIFIDA and Maxima to develop andlaunched for the M-Lady Project in Cambodia

implement our very own Digital Field Application

succeeded in cutting the waiting time for(DFA), called Gojo Bridge. The DFA is a mobile app

the approval of a loan from roughly three days towhich will digitise all of credit officers’ touchpoints

under two minutes, thanks to automated credit

with clients, from loan application to regularassessment logic. Individual productivity

repayments. At the moment, loan applications andincreased to the point that a single agent is able

collections in many MFIs are heavily paper-based,

to serve two or three times the number of clients

consisting of manual processes which are tediousthat can be served by an entire physical branch,for clients and credit officers, while also being

albeit for loans of smaller sizes. The new DFA will

prone to human error. These processes not only

reduce processing times and increase productivity

make obtaining a loan a complicated and lengthy

in a similar way, while taking the automation ofprocess, but also mean that a lot of data which

operations even further.

could otherwise be used for business or impact
analysis is not being captured in any usable format.

A first version of the DFA has been ready since
February 2021, when we planned to launch it with

With the DFA, every credit officer and agent will

our Burmese partner MIFIDA. It supports

have a dedicated tablet running the custom-made,MIFIDA’s loan process flow and is built with an

cloud-connected application. This will allow for theoffline-first philosophy, allowing for all actions to

optimisation and automation of most operations,be performed regardless of the mobile data

enabling credit officers to concentrate more on theconnectivity at the client’s location.

Research and Innovation | 29

Because of the political turmoil afflicting Myanmar,

helping the clients improve the quality of their daily

the launch of this first version has been

lives. The other is the impact on M-Ladies. We are

postponed. In the meantime, Gojo’s technology

empowering the local community by creating jobs,

team has continued working on the product,and sharing knowledge and skills with those

expanding its capabilities and preparing it for

involved. We are always impressed by how ourlaunch also with our Cambodian partner, Maxima.

local agents are motivated to learn newtechnology and financial skills.”

Update on Maxima’s small digital loans project
It has now been a year since Maxima launched its

Financial diaries

small digital loans service, known as the M-Lady

For the past year or so, we have been working with

Project, and we wanted to share an update withJapan International Cooperation Agency (JICA),

readers of our impact report.

one of our shareholders since 2019, to plana financial diaries project with 120 diarists inThis project was designed to offer small cash

Cambodia. Unfortunately, due to the outbreak ofloans to financially excluded people in order to

Covid-19 in Cambodia in February 2021, the field

meet their daily needs. To justify the economics ofwork required to launch the project has been

the business, we developed a digital process of

unable to proceed as planned. We are monitoring

disbursement and collection with our own agent

the Covid-19 situation in Cambodia continuously

network (called M-Ladies) and a partnership withand hope to launch the project as soon as safely

a third-party remittance provider.

possible this year.

Since its launch in early 2020, Maxima has

In addition, we are working with Sejaya to plan

registered 1,236 new clients on their platform via

a financial diaries project with a group of clients,

this project, with 32 M-Ladies. Feedback fromwith whom we are also piloting the use of savings

clients has been quite positive, especially on theboxes. The financial diaries will track how

price, speed and relationship with their local

low-income people use savings boxes alongside

M-Ladies. Due to our business model with lower

other financial services in their everyday lives.

operational costs, the price is set at the cheapest

Building on previous studies on savings boxes

level in this segment, and disbursements takedone by Innovations for Poverty Action andplace within several hours of loan application atothers in Malawi and Kenya, the data will help us

the latest. Clients regard M-Ladies as their kindto understand the impact of providing a simple

neighbours, rather than white-collar MFI staff.

savings box for free to microfinance clients in
Sri Lanka, where low-income people have long

Tomohiro Isozaki, COO and Deputy CEO of
Maxima, says, “We are glad to see the rapid
growth of the project with two kinds of impact.
One is the impact to the clients. We are building
creditworthiness based on community trust, whileproviding a convenient service, which is surely

30 | Gojo Impact Report 2020

been reliant on loans, rather than savings.

Maxima’s M-Lady digital team with a M-Lady at her house right after a community gathering / Koh Terai

Research and Innovation | 31

Impact Measurement

Since mentioning in last year’s impact report thatloan and clients’ ability to spend on needs andwe would introduce new standardised measures

wants. Drawing inspiration from Innovations for

across the group and building field-level feedback

Poverty Action’s Financial Health Survey Manual,loops into our decision-making, we have madewe include questions such as, “Imagine that you

significant progress towards strengthening Gojo’s

have an emergency and need to pay 1 month of

impact measurement.

your income. What would be the main source thatyou would use to come up with this money within

We began by creating a financial wellbeing

the next 30 days? What about in the next 7 days?

framework which sets out the outcomes we hope

How easy or difficult would it be? What about ifclients will be able to achieve through our services.

you would like to invest 2 months’ worth of income

In line with our value, “Stand by our clients”, we arein a business idea in about 6 months’ time?”

calling it Gojo’s Client-Centric Framework. It is

We hope the data collected through these surveys

a working document that we aim to update as we

will tell us more about the quality and quantity oflearn more about what success looks like for our

options available to clients.

clients and our role in helping them achieve it.
We know that the process of developing useful
Based on the outcomes in the framework, we

indicators is iterative and requires a certain

developed a standardised set of impact indicators,

amount of trial and error. Over time, as we learn

which we are now working to implement withmore about our clients through the financial

each partner’s impact measurement lead. Starting

diaries and our impact indicators, we will also

from a much larger set of indicators, we prioritisedlearn which questions are most useful to ask, andthe data points which would be most feasible towhere the key gaps in our knowledge are.

collect using partners’ current systems and yield
the most actionable insights. This gave us a list of
10 or so core indicators on which we will now
collect data through the loan application form,client satisfaction surveys, and exit surveys.
This core set includes indicators that will shedlight on outcomes such as the quality of financial
access, increase in income over the term of the

32 | Gojo Impact Report 2020

Gojo’s Client-Centric Framework

Earn andAccess tofinance(Inflow)

Spend(Outflow)

Money-management Needs(Households)

Business Needs(MSMEs)

Earning Capacity“I have the capacity and skills to earna decent income”

Revenue growth“I grow my revenues because I have accessto customers and market, and know
my customer needs”

Access to finance“I can borrow the amount or withdraw
savings I need instantly when I need it”

Necessities“I have enough to spend on life’s necessities(Food, Shelter, Clothes)”

Daily expenses“I have enough to run day-to-day operations(labor, inventories, utilities etc)”

Wants fulfilled“I have enough to spend on what I want,
not only what I need”

Larger expenses“I have enough to spend on expanding
my business”

Convenience“I can store money safely andconveniently”

Preserve(Save/Invest)& Protect

Savings“I can grow my savings to cover spending onlife goals and times of need”
Protection“I have enough to protect myself andmy family from life’s emergencies”

Know my money“I know my financial status and can manage
my money wisely”

Manage &Control

Access to finance“I have access to reliable financial services toborrow whenever business needs arise”

Support dreams“I can support my family’s andmy own life wishes”
Stress free
“I don’t need to worry about my retirement or
my family after my death”

Liquidity“I have enough cash to get my businessthrough unexpected events.”
Investment“I can invest in tangible and intangible assets
for future growth”
Protection“Key business risks are insured”

Know my financials“I know my past financial statements andfuture projection”
Support dreams“I can achieve my company’s goals”
Stress free
“I can go to sleep peacefully withoutworrying about business”“I determine my own future”= Gojo’s mission where everyone can determine their own future

Impact Measurement | 33

Our Governance Framework

In 2020, Gojo’s Board of Directors took several

standards to the management of Gojo group.

significant steps to strengthen Gojo’s Corporate
Governance framework and operations to support

Upon joining Gojo’s Board, Royanne said,

the company’s long-term sustainable growth,“I am honored to serve on Gojo’s Board as anwhile maximizing value for all stakeholders.

independent director. My first touch point withmicrofinance banking was in 2010. I madeThe first step was shifting the Board structure toa contribution to the capital of a fledgling

the three statutory committees model, withmicrofinance bank, which was focused on

Nomination, Remuneration, and Audit Committees

unbanked women and farmers in India.”to perform the function of a monitoring board. In
addition, the Board of Directors established a

Gojo considers Corporate Governance theBoard advisory committee named the Impact

foundation which will enable us to achieve our

Committee. The Impact Committee will provide

vision, mission, and 2030 goal of delivering

inputs on critical management decisions from thehigh-quality financial services to over 100 million

perspectives of impact to end clients to ensure

people, while carefully monitoring thethat Gojo does not deviate from its mission.

implementation of our management principles

The Board will take the Impact Committee’s viewand five values, collectively known as the Guiding

into consideration while making its final decisions.

Principles. Therefore, since our establishment,
Gojo has adopted additional efforts beyond the

The second initiative was the establishment of

statutory requirements of the Japanese corporate

an Executive Committee consisting of theact. In the coming years, we are committed to

management team, to assist Gojo’s CEO’s

continuing our pursuit of the highest standards of

judgment from various perspectives: Technology,

Corporate Governance.

Operations, Strategy, Finance, Investment, and HR,
among others. The Executive Committee ispositioned as the center of group management.
The final piece is the appointment of a new
Outside Director, Royanne Doi, an Ethics andCorporate Governance specialist. The company
expects her to bring high governance and ethics

34 | Gojo Impact Report 2020

Corporate Governance
Structures and Systems
Corporate Governance System (as of 31st March 2021)

Type of system

Three Board Committees:• Nomination Committee• Remuneration Committee• Audit Committee

Number of Directors

5 (4 of whom are Outside Directors)

Number of Executive Officers

1 (CEO)

Term of office for all Directors

1 yearManagement Committees

Gojo has 2 internal Management Committees:•E xecutive Committee deliberates on company-wide management policy
and important issues• I nvestment Committee deliberates on new and additional investment
decisions for partner companies

Advisory committees tothe Board of Directors

The Impact Committee is established to assist the board such that it always takes
into account clients’ interests in Gojo’s decision making. The Impact Committee
also supports and monitors the activities of the Impact Measurement and R&D
departments.

Independent external auditor

Deloitte Touche Tohmatsu LLC

Corporate Governance Structures and Systems | 35

Overview of Gojo’s Corporate Governance and Internal Control System

General Meeting of Shareholders

Directors’ nominationand dismissal

Investment
decision

Supervision

Board

Management

Board of Directors

Nomination
Committee

Investment
Committee

Chair / CEO
Remuneration
Committee

CEO

Partners

OutsideDirectors
Executive
Committee

Audit Commit

AdviceSupervision

ReportSupervision

AdviceAdviceImpact Committee

Accounting
auditor’s
nominationand dismissal

Accounting Auditor

MemberChair

36 | Gojo Impact Report 2020

Collaboration

Gojo’s Internal
Audit

Partner’s Internal
Collaboration

Role of the Board
and Board Committees

Name

Composition

Primary role

Board of Directors

1: CEO & Director
4: Outside Directors

The Board’s role is to act in Gojo’s best interests and add value
to the company on behalf of the shareholders and all otherstakeholders. The Board monitors the deployment of resources
and capacity to check it is done in the most effective manner.
They do this through policy formulation, strategic guidance
and performance monitoring, and oversight of management.
The Board also ensures that the Company does not deviate
from its Guiding Principles.

Nomination
Committee

1: CEO & Director
4: Outside Directors

The Nomination Committee is responsible for nominating
Director candidates and recommending Executive Officer
candidates to the Board in order to support the Company’s
strategic objectives. The Committee also conducts Board
effectiveness evaluations.

Remuneration
Committee

3: Outside Directors

The Remuneration Committee is responsible for determining
the individual remuneration of Directors and Executive Officers.

Audit Committee

3: Outside Directors

The Audit Committee is responsible for ensuring the continued
independence of the accounting auditor, overseeing theaccounting audit process, reviewing the expertise, resources,and experience of Gojo’s finance function, and overseeing
Gojo’s internal audit function,internal controls, financial
reporting, and risk assessment management.

Impact Committee

1: CEO & Director
2: Outside Directors

The Impact Committee focuses on whether and how Gojo
improves client’s lives. The Committee assists the Board in
making the right decisions by reviewing and monitoring thecompany’s overall activities and policies from the end clients’perspective. Specifically, the Committee works to ensure thatclients are at the center of corporate strategy, decision-making,organizational design, and operations.

Role of the Board and Board Committees | 37

Board and Committee
Composition

Name & Role

Year of the first Independent
appointment

Committee Composition

Audit

Taejun ShinFounder & CEO
Board Chair

2014

Mangyo Kinoshita
Outside Director
Remuneration
Committee Chair

2015*

Masahiro Kotosaka
Outside Director
Audit Committee Chair

2018

Stuart Rutherford
Outside Director
Impact Committee Chair

2019

Royanne Doi
Outside Director
Nomination
Committee Chair

2021

­—

Nomination­—

ImpactObserver­—­—: Member: Chair* Mangyo Kinoshita served as Gojo’s Statutory Auditor between June 2015 and Feb 2021.

38 | Gojo Impact Report 2020

Remuneration­—

ObserverMeeting Attendanceand Reasons for
Selection as Director
Name & Role

Attendance of Board
Meetings in FY2020

Reason for selection as a Director

Taejun ShinFounder & CEO
Board Chair

12/12

Since founding Gojo in July 2014, Taejun has been at the helmof the Group’s management, achieving remarkable growth for
the Group. As Board Chair and CEO, Gojo anticipates that
Taejun will continue to enable further growth toward theGroup’s vision.

Mangyo Kinoshita
Outside Director
Remuneration
Committee Chair

12/12

Mangyo Kinoshita is an attorney qualified to practice Japanese
law and California law. His expertise in cross-border M&A, joint
venture, strategic alliances, private equity, venture capital deals,
and socially responsible projects at non-profit organisations
and local authorities helps Gojo to ensure our global expansion
is conducted in a socially responsible manner.

Masahiro Kotosaka
Outside Director
Audit Committee Chair

12/12

Masahiro Kotosaka is an expert in internationalization strategy
and early-stage business development and serves as an advisor
or non-executive director to several start-ups and multinational
companies. He brings a global standard of management
excellence to Gojo’s decision-making and processes.

Stuart Rutherford
Outside Director
Chairman of Impact
Committee

12/12

Stuart Rutherford has extensive knowledge and experience
as a researcher, practitioner, teacher, and consultant in financial
services for the poor in Asia and Africa. Stuart brings vivid
insight into the lives of our clients to Gojo’s thinking about
strategy and product development.

Royanne Doi
Outside Director
Nomination
Committee Chair

1/1*

Royanne Doi is an experienced Ethics and Corporate Governancespecialist. Gojo anticipates that Royanne’s joining will accelerate
corporate governance efforts to enable the sustainable growthof Gojo group.

* The appointment of Royanne Doi took place in February 2021, and she attended her first official Board meeting as a Board member in March
2021. She has attended the Board meeting as an observer since July 2020.

Meeting Attendance and Reasons for Selection as Director | 39

In Conclusion:
2021 and Beyond
2020 was a lesson in patience and perseverance for all of us
across the group. While some initiatives we had looked forward towere delayed due to Covid-19 and political instability, looking back,
we realise that we were nevertheless able to make some significant
strides forward in the areas of technology, innovation, impact
measurement and governance. The pandemic prompted us to lookclosely at its implications in our clients’ lives and develop a deeper
understanding of our clients’ needs and money management
behaviours than before.
In 2021 and beyond, we will continue to strive for shorter feedback
loops and a better understanding of what clients want to do andwhat is important to them. We will continue our work on digitaltransformation, which will enable new and more useful analysis ofdata from the field. As our financial diaries and R&D projects take off,
we hope to begin sharing what we are learning with colleagues in the
sector, and ultimately to advance the practice of financial inclusion.
In addition, we are in the process of expanding our definition of
impact in order to systematically and holistically consider our
responsibilities toward all stakeholders, from employees to theenvironment. We believe that being accountable for ouractions in these areas is the next step towards becoming
a truly sustainable company.

40 | Gojo Impact Report 2020

Villagers gather at an M-Lady’s house to learn about the service and register to become members. / Koh Terai

In Conclusion: 2021 and Beyond | 41

Kids in Haryana, India / Taejun Shin

Contributors
Gojo group: Arisa Oba / Cheriel Neo / Daw Thazin Khaing / Koh Terai /Kusum KC / Marco Giancotti / Nagendra Rajawat / Natsuki Sugai /Nuwan Rathnasinghe / Sayuri Aoyama / Sengdy Khiev / Taejun Shin /Takao Takahashi / Tomohiro Isozaki / Yoshinari Noguchi
Baillie Gifford: Praveen Kumar
Design: Haruka Yamada
Contact:
Cheriel Neo
cheriel.neo@gojo.co
Please reach out if you have feedback on this report or would like tocollaborate with us on impact measurement or SPM.
Gojo & Company, Inc. is headquartered in Japan, at
3-14-5 Sendagaya, Shibuya, Tokyo 151-0051
www.gojo.co© Images: Gojo & Company Inc / Ananya Finance for Inclusive Growth /Maxima Microfinance Plc / Satya MicroCapital / Sejaya Microcredit© Gojo & Company, Inc, 2021. All rights reserved.