Annual report - 2010

2010annual report

1st european solidarity

microcredit platform

www.babyloan.org - annual report 2010 222|4040

compiled by

Babyloan Editorial officePauline Bodin

Babyloan CoordinationPauline BodinAurélie DuthoitArnaud Poissonnier

Design and executionAnne Saunier (www.la-thenardiere.com)

Photos and icons creditsFinadev - BeninChamroeun - CambodiaCepesiu - EcuadorAdie - FranceAfodenic - NicaraguaEdaprospo - PeruICDC - PhilippinesOxus - TajikistanWages - TogoSEDA - Vietnam

Babyloan – 14, impasse Carnot, F-92240 [email protected] or +33 1.71.16.21.28www.babyloan.org

www.babyloan.org - annual report 2010 3|

Table of contents Babyloan, a success story written by several participants 6

I Babyloan, an innovative social business ..............................7

What is the reality of social entrepreneurship? ...................... 7Laying the foundations of a new profession: solidarity-based loan• . 7Babyloan’s business model• ............................................................... 7

Babyloan’s missions ................................................................ 8Giving microfinance a social meaning by involving the general public• 8Supporting field partners and measuring social impact• .................. 8Making the general public more aware of new forms of solidarity• .. 9

I The team and the partners ..................................................10

The team .................................................................................. 10Arnaud Poissonnier: President and • co-founder................................ 10Aurélie Duthoit: General Manager and • co-founder ......................... 10Team picture• ..................................................................................... 11

The founders and social shareholders who support Babyloan... ..12The other institutional partners, professionals of the sector• ............ 12The strategic committee• ................................................................... 12

Our action in 2010 ........................................................... 13

I Babyloan in the world ..........................................................14

I Our field partners ................................................................16

What is a microfinance institution (MFI)? ............................... 16

What kind of relationship is there between Babyloan and the MFIs? ...........................................................................16

How does a MFI become a Babyloan partner? ........................ 17What are the required criteria for a MFI to form a partnership with •

Babyloan? .......................................................................................... 17

Our 10 MFI partners ......................................................... 19

Monitoring and grading MFIs .................................................. 20

2010 highlights ............................................................... 29

I A new version of the website was launched .........................30

I The bill backed by Babyloan and Adie passed .......................30

I Support French microentrepreneurs with Adie and Babyloan ..........31

I A significant media coverage ...............................................31

I The third event of the Rencontres de Babyloan ....................32

Babyloan’s awards ........................................................... 33

I Babyloan won the Fininnov international award .................33

I The Finansol label ................................................................33

I Babyloan took part in the G20 Young Entrepreneur Summit in Toronto ................................................................33

Microcredits, great stories................................................ 34

I Three stories, three continents… ........................................34

I Babyloanians .......................................................................38

I Three ways to get involved with your company ....................38

A social sustainable espadrille website .................................... 38

Commit associates in one collective project ............................ 38

Introducing Babyloan in a business foundation ...................... 38

Balance sheet as of 12/31/2010 ....................................... 39

" They didn’t know it was impossible, so they did it! " Mark Twain.

editorial ....This is a sentence that could be the Babyloan team creed. The path was long, difficult and full of obstacles but today we can say we made it. Indeed today our small social business just celebrated its third birthday. The business created in 2008 in the middle of the economic crisis created 10 jobs in France and dedicated its work to microentrepreneurs and Microfinance Institutions all over the world, hence embracing its social mission. Babyloan also became the second largest worldwide solidarity lenders community and we now have the hindsight to fully see the impact of our activity – that is, in fact, your activity. Here is our annual report so that you can see the impact of our works.

At the beginning, some people might have considered Babyloan as just a pipe dream but together, we showed them that dreams can come true. And here is another goal that we will share with you and invite you to take part in: if one European out of 1,000 lent €100, we could help 100,000 people to develop their talent, 100,000 families to live in better conditions and 300,000 children to have a better education. So, doesn’t that sound like a dream situation to you?

Aurélie Duthoit and Arnaud Poissonnier

web site

average loan

€63€102

average selection

3,000,000 pages views3,000,000 pages views3,000,000 350,000

visits350,000visits350,000

as of

12/3

1/20

10

8,072Babyloanians members

4,388 projects financed

83%of the beneficiaries are women

loans arepaid back100% average amount of microcredit

in developing countries€440

are women

Your action on€1,300,000lent to microentrepreneurs

€840,000invested

leverage effect of loans

MILLIONbeneficiaries190

€300 average microcredit amount in developing countries

of the beneficiaries pay their debt within the allowed time limit 96%

€60 billionof loans outstanding

Microfinance key figures79% of the beneficiaries are

women

the

Microfinance key figures

Babyloan key figures


After two years of existence, the Babyloan team is pleased to submit a statistical report of the company activity. It shows the internet users’ enthusiasm and their contributions to this new form of solidarity: the solidarity-based loan. 2010 is a key year for the company as the amount of money lent on Babyloan.org exceeded one million Euro.

What is microfinance?

Microfinance is a set of financial services intended for poor individuals excluded from the traditional banking

system and who do not benefit from a steady income or any property rights. The main “products” offered by microfinance are loans, savings products, microinsurance and money transfers. In France, beneficiaries may not be excluded from the banking system but have very low incomes nevertheless.

Babyloan, a success story written by several participants


I Babyloan, an innovative social business

What is a social business?

It is a company whose goal is to solve a social problem and in which employees work to improve the lives of

the poorest. These kinds of companies have common characteristics with traditional ones, such as at least achieving financial balance. The main difference is that social businesses do not seek profit. Their priority is to solve social issues or inequalities.

What is the reality of social entrepreneurship? Babyloan – which is a peer to peer solidarity-based loan platform – created a new form of solidarity and a new profession in France. The Babyloan team had to check if lending money online was legal by asking the regulatory authorities such as the Autorité des Marchés Financiers (the French stock market regulator) or the Banque de France (France central bank). For these legal reasons, it was difficult for Babyloan – which was a pioneer – to expand its activity in an associative framework at that time. In addition, the founders of Babyloan are deeply convinced that social entrepreneurship has many positive qualities. As a consequence they chose a simple entrepreneurial solution: the Société par Actions Simplifiée (which is similar to a limited liability company under the United States law) with a registered capital of €1,089,000 at the end of 2010. The articles of the company were modified to turn Babyloan into a “social business” and to change the Société par Actions Simplifiée into a “limited-profit” company.

Since its creation, Babyloan has carried out 3 fundraisings. Due to them, Babyloan could collect enough capital from 30 social investors to carry out its activities and is now ready to expand safely until it reaches its financial balance, which is estimated to be in 2014.

Laying the foundations of a new .profession: solidarity-based loan

Babyloan is the spearhead of a new profession: peer to peer solidarity-based loan, or should we say P2P microcredit. Thanks to its online platform, Babyloan established this new form of solidarity in Europe which dispels the “charity” logic by using microcredit , a noble way to develop and promote human dignity.

How does P2P solidarity work?

1/ Online microcredits are performed on an internet platform where lenders and borrowers can meet. The borrowers on Babyloan.org are microentrepreneurs

facing great financial difficulties or bank exclusion. The internet user can thus choose the entrepreneur and the project he wants to finance through this platform.

2/ Plus, there is thorough work in the field: the microentrepreneurs appearing on the website are monitored by a Microfinance Institution (MFI) on the ground level, which is involved in a partnership with Babyloan. This third party is essential for practical reasons (intermediation) as much as for its social aspect (MFIs support microentrepreneurs).

3/ Once the online loan agreement is confirmed, the lent money is used to finance or refinance the microentrepreneur’s project, who then pays the lender back with small monthly installments while carrying out his project.

4/ Once the money is back in the lender’s piggybank, he or she can choose between lending it to another microentrepreneur or to get his/her money back.

Babyloan is a pioneer, therefore we tried to set sound ground rules for this new profession.

Babyloan’s business model .How can Babyloan make sure it is financially sustainable? This question is a daily challenge for this young social business. The Babyloan team must make sure the company accounts stay positive in order to cover the running costs, salaries, expensive development of the website and the necessary investments to achieve our mission. We chose to split the income among all the project stakeholders. The cost of Babyloan is thus reduced to a minimum for everyone.

Social entrepreneurship: a modus operandi to be proud of.

Babyloan tries to focus on social matters in the economy and to be involved in a more human capitalism.

• Limited-profit company: Babyloan reinjects the money in the social objectives of the company and a minimum amount of the profits is distributed to potential shareholders

• Employees are shareholders.

• Governance is being taken care of by shareholding institutions and NGOs.

• Salaries are restricted with a maximum 1 to 5 ratio between the lowest and the highest salary (2.7 at the end of 2010), as stated in the articles of the company.

0

5

10

0000Sanitary situation

Income

Housing

Education


Fundraising >

Revenues from fundraising

- Commissions paid by internet users in 2010: €23,261

- Fees paid by MFIs to access the platform: €8,574

- Cash flow – mainly unused Babyloanian piggybanks: €35.24 (interest-bearing current account at the EONIA rate -0.5%)

Other activities creating income

We also conceived a business model that not only depends on the money lent but also on the skills and resources of the Babyloan team.

- Event sponsorship: €37,487

- Income earned for our counseling activities about the Babyfund Fixed Rate 2013: €6,625

- Reward for winning the Finninov competition: $100,000

Today Babyloan has not achieved its financial balance yet as that is estimated to be reached in 2014, when there will be 50,000 members and when the net outstanding loans will have reached €7,000,000. A lot of challenges still have to be met by this young and creative social organization. The way to stability is going to be long, but the team is truly willing to make things change along with you.

A full-transparency policy

For example, when you make a €80 loan, you pay a €2 additional support commission to Babyloan and the microentrepreneur you decided to support is effectively given €80. Babyloan does not take money from your loan to cover its operating costs which are borne by the additional income described above and by capital investments of Babyloan social shareholders.

Babyloan’s missions

Giving microfinance a social meaning by .involving the general public

Babyloan’s main mission is to help microentrepreneurs facing great financial difficulties to benefit from better borrowing conditions so that they can carry out their projects. In order to do this, Babyloan allows the general public to support more microentrepreneurs all over the world – including in their own country – thanks to solidarity-based loans. By receiving a solidarity-based resource coming from the general public, Babyloan’s MFI partners save money on their costs and can thus concentrate on their social mission by lowering the interest rates charged to their beneficiaries. Indeed finding funds

is a constant source of concern for MFIs, and this burden often makes them neglect their social mission. In addition, MFIs experience difficulties in finding low-cost funding that would make their activities sustainable, despite the great success of microfinance over the last few years.

Babyloan opened the way to a new participant that now takes part in microfinance lending which is the general public. The Babyloanian community is made up of philanthropists who can refinance small and medium-sized MFIs that have a strong social impact on their beneficiaries who do not have access to low-cost financing.

Your social action on Babyloan for a social microfinance

Babyloan’s social vocation is to support MFIs (with your help) so that they can help more microentrepreneurs in the best conditions and lower the interest rates, provide more support and adapt the financial products to the needs that were identified in the field.

Supporting field partners and measuring .social impact

Babyloan designed a tool to assess the social impact of microcredits on beneficiaries which is based on tools recognized in the field of microfinance. This way, part of the information collected in the field is used to assess the social situation of the microentrepreneurs when they receive the loans. This assessment is based on 4 major points (financial situation, sanitary conditions, level of education and living conditions) with 8 corresponding questions asked in the field by the credit agents. If a microentrepreneur asks for a new microcredit, this social assessment is updated and shows the evolution of the microentrepreneur’s living conditions. This assessment has a double aim: first, it shows the internet users the social impact of their loan;

Diagram assessing the living conditions of a microentrepreneurDiagram assessing the living conditions of a microentrepreneur


and second, it shows the MFIs tools can be useful to measure the social impact in order to extend the reach of their social mission.

In addition, we chose to include a social performance monitoring form in the annual report we ask of our partner MFIs, in order to check the social impact of their actions throughout the years.

Finally, our objective for 2011 is to encourage MFIs to conduct a global impact assessment thanks to a tool recognized in microfinance: the SPI (Social Performance Indicators). As Babyloan volunteers go in the field to work with our partner MFIs, they can provide additional help to conduct this study. Once it is completed, the MFIs can publish the results and then Babyloan can share them with the internet users for more transparency.

Making the general public more aware .of new forms of solidarity

For Babyloan it is very important to raise the awareness of the general public about the different stakes of the new forms of solidarity – be it microfinance, solidarity on the web or social business. For this very reason, the entire Babyloan team has always been convinced that it is necessary to go past the virtual aspect of the web and to meet the general public for us to discuss and exchange points of view.

Babyloan created a website which is full of interesting information about the different topics raised above. This educational approach is complementary to the entrepreneurial process of the company, that is to say taking part in forums, working groups and conferences in France, Europe or the rest of the world.

The third annual event of “Convergences” that took place in 2010 established this forum as one of the major annual Parisian meetings for microfinance and social entrepreneurship participants. In 2010, this event gathered nearly 1,200 people in the meeting rooms of the town hall of Paris and a study named “the microfinance barometer” was published this same year. Several key factors contributed to the success of this forum’s third event: such as the partnerships with French daily paper Le Monde (that published a special issue of its economy supplement about the forum), the presence of leading public bodies (AFD, CDC, United Nations, European Union, etc.), of several major companies and banks, and most of the solidarity participants interested

in these questions. In fact, only a few events in Europe gather such a large panel of major figures. All these participants had the opportunity to exchange points of view during 15 conferences about the following subjects:

* Structuring and financing social business for the Microfinance decade to come. Back to basics: how to ensure a sustainable impact for the poorest?

* Economic development and microfinance in Africa: how can we go forward?

* Reinsertion and business creation: how to develop microcredit in France.

Africa was at the heart of the discussions as many African participants came to share their various experiences.

Babyloan was actively involved in this event by taking part in the preliminary steering committees, by promoting this event on the Babyloan network and also during the event. Arnaud Poissonnier participated in several debates, and the entire Babyloan team got equally involved.

CaSe STudY: Convergences 2015

micro credits, great stories


I The team

and the partners

The team

arnaud Poissonnier: President and .co-founder

Arnaud Poissonnier obtained a master’s degree in private law and prepared a postgraduate degree in business management and administration in Lille (North of France). Then he obtained a diploma to become a notary in 1992. Arnaud spent 12 years in banks and

dedicated his work to wealth management in Paris. When he was posted sustainable development manager in OBC bank in 2004, Arnaud got involved in a skills partnership in order to develop the activities of OXUS – the microcredit branch of the French NGO ACTED. He went to Tajikistan and his passion for microfinance began! In 2005, he decided to leave his job in the bank in order to structure the OXUS microfinance institutions network.

In February 2008 he created ABC Microfinance – in partnership with ACTED, the BRED and the Crédit Coopératif – which was a pioneer company and its website, Babyloan.org, became the first European solidarity-based microcredit website. Arnaud also became an ACTED administrator in 2008.

Arnaud defined by Aurélie Duthoit: Arnaud is brimming with ideas. He is making everyone dizzy with the countless number of ideas he gets every minute. Every morning, I discover the new project of the day… and I am amazed by this myriad of altruistic challenges. I am 15 years younger than he is but I have to act as a mother to channel all the spiritual energy of this 44-year-old child at heart who tries his hand at everything.

aurélie duthoit: General Manager and .co-founder

Aurélie was destined for a successful career with her diploma from Edhec Management School, but she decided to move to Ecuador for a year with the NGO Heifer, specialized in microcredit. As she was in total immersion in native communities, she realized how a microcredit can change a woman’s life. They allow them to have better life conditions, to gain self-esteem and respect in their home and in their community. This experience confirmed her will to work in the microfinance sector. She attended a training program to learn how to create international solidarity projects, then she joined OXUS, the microfinance branch of ACTED. But her real motivation was to launch a project of her own. The story moved forward when Aurélie met Arnaud in ABN AMRO France where he worked as Director of Sustainable Development.

Being a young mother and an entrepreneur at heart, she got involved in the Babyloan adventure with the will to protect the well-being of future generations.

Aurélie defined by Arnaud Poissonnier: When I met Aurélie for the first time, I did not know what to expect. If you start talking to this microfinance enthusiast – and enthusiast in general – you take the risk of following her in a never-ending adventure! When I decided to launch Babyloan, I obviously asked her if she wanted to be the strong arm of this project and I thought she would refuse as she just had a baby. But in fact she said yes! The Babyloan team is in her image: a group of enthusiastic entrepreneurs who have a passion for the social dimension of this wonderful project.

© Babyloan


Team picture .

From left to right, front row

Florence, Institutional Relations Manager – Mariella, General Secretary – Yasmine, Operations Manager – Anne-Charlotte, Microfinance Institutions Partnership Director – Nadia, Translator.

From left to right, back row

Pauline, Communication Director – Aurélie, General Manager – Baptiste, Innovation Manager – Clotilde, Press Relations and Event Manager – Arnaud, President

ACTEDAgence d'Aide à la Coopération Technique Et au Développement

F. Roussel - Crédit © ACTED


The founders and social shareholders .who support Babyloan...

... a one of a kind alliance between banks, NGOs and private investors to promote solidarity-based microcredit.

The NGOs >

ACTED (founder),

ACTED’S COMMITMENT Interview of F. Roussel, Development director in ACTED

" ACTED has been involved in microcredit since 1997. Year after year, microfinance appeared to be essential in our intervention process as

it is an efficient way to create income and to reduce poverty for our beneficiaries – who became our clients. This way we decided to get involved with technical, operational and financial partners in order to adapt our microfinance services to the needs and contexts, with the aim to create an innovative project together. Amongst these participants was Babyloan, a young company that highlights the social impact of microcredit and conveys a positive message about microfinance. ACTED has been supporting this initiative since its creation as we want these online exchanges between lenders and borrowers to continue. We want to encourage this new kind of (micro)financing so that many people can benefit from opportunities creating income and ensuring an optimistic future. "

The Fondation Crédit Agricole Grameen

Etimos

The banks >

BRED (Founder)

Crédit Coopératif

Neuflize OBC

Philanthropic private investors >

Arnaud Poissonnier (founder), Aurélie Duthoit (founder), the Baelen, Holweck and Dodin families and around 20 other philanthropic private investors who share Babyloan’s values.

The other institutional partners, .professionals of the sector

Since the beginning of Babyloan, its founders always made a point of principle to surround the company with various partners in order to have a more professional approach, to expand the company’s concept and to take part in the structuring of the peer-to-peer lending profession.

The strategic committee .This is Babyloan’s decision-making body. The committee holds meetings on a quarterly basis to decide on all strategic aspects of the project. It is made up of 10 people: a part of them represent the social investors and the others are recognized professionals of the social sector. The project founders, NGOs and partner institutions hold a major part of the votes in this strategic committee.

Our action in 2010

AdieFrance

FinadevBenin

Mali

Rep. Dem. of the Congo

Tunisia

FinadevBenin

WagesTogo

Haiti

EdaprospoPeru

CepesiuEcuador

Afodenic - Nicaragua


I Babyloan in the world

Oxus - Tajikistan

Chamroeun Cambodia

SedaVietnam

ICDCPhilippines

Palestine

Indonesia

FinadevBeninFinadevBenin

Rep. Dem. of the CongoRep. Dem. of the Congo

Kenya

Tunisia

FinadevBenin

WagesTogo


Seda

Vietnam

Indonesia

Babyloan partners as of January 1st, 2011

Potential partners for 2011, which candidacies are being studied

Key

92.3% EuropeEuropeEurope

5.62% AfricaAfrica0.93%

AsiaAsiaAsiaAsia

North Am.Oceania

South Am. 0.31% 0.31% 0.31% 0.31%

0.73%0.73%0.73%0.73%

Proportion of Babyloanian members, by continent

Reimbursement

... Reimbursements + interests ... RRReiiimbbbursemen MFI

www.babyloan.orgLender

Entrepreneurs

www.babyloan.org

...Online payment

...Transfer of the lent amounts

...Reimbursement of the lent amounts

Microcredit...


I Our field

partners

What is a microfinance institution (MFI)? A microfinance institution is a local structure offering financial and non-financial services to people who are excluded from traditional banking systems.

For this reason these institutions are often called “banks for the poor”. They are not humanitarian organizations strictly speaking: even though they have a strong social mission, their goal is to achieve financial stability. MFIs can have various legal forms: they can be mutual banks, NGOs, organizations or commercial structures and they can be regulated or not, depending on the country legislation and the articles of the MFIs. Their role is to lend money but also to assist and to train beneficiaries, which are services that traditional financial institutions do not provide.

MFIs are Babyloan’s partners in the field; they choose microentrepreneurs, take their pictures and assess their projects to grant microcredits, and they are our intermediates for money transfer and refunding.

What kind of relationship is there between Babyloan and the MFIs?Babyloan is a refinancing platform. Indeed, when the MFI imports microentrepreneurs’ profiles on the website, it is about to or it has already financed the beneficiary. The Babyloanians refinance the projects by allocating their loans in place of the resource used by the MFI to finance them.

Babyloan is a tool intended for the general public that allows internet users to discover microcredits and the challenges faced by beneficiaries. But the action takes place in the field and is led by microfinance institutions. These institutions do an outstanding job by supporting and monitoring microentrepreneurs and their families, usually thanks to a devoted team driven by a sincere altruistic

vocation. Babyloan’s part is thus minor and we would like to congratulate and thank microfinance institutions for their work as Babyloan would not exist without them.

Babyloan.org / How does it work?


A Babyloan partner MFI plays an important part for two main reasons:

Proximity with microentrepreneurs >

MFIs identify people and their needs. They select viable projects that would not place the project owners in a more precarious situation when they have to refund the microcredit. MFIs support and train entrepreneurs throughout the process and thus they are able to inform us about the project monitoring and evolution.

Logistics and legal matters >

Internet users and MFIs are bound by a contract corresponding to the chosen microentrepreneur. This choice is motivated by three reasons:

> MFIs have banking facilities to receive loans from Babyloanians, unlike beneficiaries.

> They refund the loans if the microentrepreneur cannot do it. This gives them a sense of responsibility and they cannot be tempted to have their bad debts refinanced by internet users.

> It would be impossible to sign contracts individually and directly with microentrepreneurs who, in most cases, do not know how to read, to write and – indeed – to speak a common language with the lender.

Why not lend directly to microentrepreneurs?

We are often asked why we do not work directly with beneficiaries, thereby avoiding the intermediate work of the MFIs. But this is an essential step of our model and strategy. We cannot and do not want to do the MFI’s work, as they perform social assistance, grant and recover microcredits. Moreover, setting up such a model in developing countries, just as in France, would be a great risk for internet users. If internet users are in touch and finance microentrepreneurs directly, they run a default risk that is extremely high and dangerous, as it was noticed in other European countries.

How does a MFI become a Babyloan partner? Even if MFIs are necessary intermediates for Babyloan, all MFIs cannot be our partners. Babyloan gives priority to MFIs with human and fair values and that have a high social impact – but still pays particular attention to risk management – because these kinds of organizations are in phase with our commitment for a social microfinance and against a financial microfinance that strays from its initial values.

Step #1: Babyloan is in contact with several hundred small and medium-sized MFIs that could be interested in forming a partnership with us, via microfinance professional partners’ networks (ACTED, OXUS, EDM, Pamiga, Etimos, the Crédit Agricole Grameen foundation, etc.). Other MFIs also contact us directly. Babyloan’s financial analysts assess if the MFI is stable and loyal to its social mission (that includes assistance, training or non-financial services).

Step #2: Once both parties seem interested in forming a partnership, the MFI sends us documents that allow us to study its audited accounts, capital structure, social performance, governance, and skills, and to determine if its personnel is reliable.

Step #3: Once this application file is completed, it is handed out for approval to a selection committee made up of microfinance, finance and risk management professionals such as ACTED, Horus Development Finance, the Crédit Agricole Grameen foundation, Oxus Development Network, Etimos, Crédit Coopératif, ABN Amro, RBS, etc.

What are the required criteria for a MFI .to form a partnership with Babyloan?

Even though we target small and medium-sized MFIs, we had to set up minimum risk management criteria. In fact, there are more than 10,000 MFIs all around the world, a third of which is unsustainable in its structure. Unsustainable MFIs present a social risk for the microentrepreneurs because of their precariousness. In addition, very small MFIs can disappear within 2 weeks, and we have to guarantee to Babyloanians that our partners are reliable and serious.


Minimum criteria to form a partnership:

> 2,000 borrowers,

> Total loan outstanding: €200,000,

> 3 years of experience,

> One year of audited financial statements,

> Legal registration undertaken by a legal authority,

> Country allowing payment and refunding in euro,

> MFI indexed on the Mix Market, the international reference website regarding MFI information and notation.

1 First screening by Babyloan. Preliminary application analysis. MFI audit / visit in the field

. Overall analysis, file is completed and sent to the person in charge of the external committeeOverall analysis, file is completed and sent to the person in charge of the external committee

2 Second screening by the external committeeSecond screening by the external committee. Validation of the internal analysis by the person in charge of the file and recommendationsValidation of the internal analysis by the person in charge of the file and recommendationsValidation of the internal analysis by the person in charge of the file and recommendationsValidation of the internal analysis by the person in charge of the file and recommendations

. These recommendations are sent to the other members of the committee for comments These recommendations are sent to the other members of the committee for comments These recommendations are sent to the other members of the committee for comments These recommendations are sent to the other members of the committee for comments

3 Final decision. Contribution of the committee sent to Babyloan’s directors.Contribution of the committee sent to Babyloan’s directors.Contribution of the committee sent to Babyloan’s directors.Contribution of the committee sent to Babyloan’s directors.Contribution of the committee sent to Babyloan’s directors.Contribution of the committee sent to Babyloan’s directors.

. Final decision Final decision Final decision Final decision Final decision Final decision Final decision

. Integration of the MFI partner and signing of the contractsIntegration of the MFI partner and signing of the contractsIntegration of the MFI partner and signing of the contractsIntegration of the MFI partner and signing of the contractsIntegration of the MFI partner and signing of the contractsIntegration of the MFI partner and signing of the contracts

4 Monitoring and evaluation

MFI selection procedure

average duration to study a partnership: 9 months

The Babyfund Fixed Rate 2013The Babyfund Fixed Rate 2013: Babyfund Fixed Rate is a solidarity fund (90/10) launched in October 2009 by Babyloan together with Seeds Finance, the Crédit Coopératif/Ecofi Investments. This fund is approved by the French stock market regulators (AMF) and managed by Ecofi investments. 5 to 10% of the assets are used to grant credit lines to Babyloan MFI partners who receive funds through intermediary French or European solidarity organizations.

The Babyfund is a complementary source of financing – in addition to the loans made by internet users on Babyloan.org – that allows us to meet the demands of the MFIs in a more efficient way (lending

rates around 2.5%). In 2010, €775,000 were lent to 3 Babyloan MFI partners: Oxus in Tajikistan, Chamroeun in Cambodia and Adie in France.

Babyloan is the only platform in the world offering both a peer-to-peer solution and an additional savings tool to its MFI partners. This gives access to high-value-added solutions to our partners.


Our 10 MFI partners


Our local partners (MFIs) are in charge of selecting the microentrepreneurs, managing and monitoring the loans in the field. Their social mission with microentrepreneurs and their families is also significant.

Monitoring and grading MFIsThe situation of the MFI evolves throughout the partnership. Babyloan asks MFIs to send reports regularly in order to keep the assessment updated, as it is displayed on our website. These reports allow us to keep track of the situation of each one of our partners. This way, we can continuously assess the financial risk of the institution and check if it respects its social mission.

Thus MFIs must send us reports including information on their financial statement, their social mission, the development of their products, the evolution of their staff, etc. In addition to this, Babyloan does a “country risk monitoring” in order to keep track of the political, economic and context evolution in the countries where our MFI partners are implemented. This information is displayed on the page of each MFI for the internet users to see.

Chamroeun: CambodiaPartnership started in July 2008

Number of financed projects by 12/31/2010: 1,767

Total amount lent by 31.12.2010 : €283,565

General presentation: Chamroeun was created in March 2006 by Entrepreneurs du Monde (a French NGO) and it gives access to financial products to small entrepreneurs from Phnom Penh, Cambodia. Three agencies were opened in 2006 and the offer of financial products broadened little by little (loans, savings, health insurance). Three new agencies opened in Phnom Penh in 2007 and Chamroeun began providing non-financial services (professional trainings, acquisition

of skills and awareness programs) in order to optimize the impact of its financial products. At the end of 2008, there were 8 Chamroeun agencies and 4,213 active borrowers. In 2009, Chamroeun became a Private Limited Company. By the end of the year, Chamroeun counted 7,151 borrowers.

Chamroeun - Cambodia. Credit © Babyloan

MFI Rating

Financial stability.................................

Social performance ..............................

Organization stability...........................

Context/country rating.........................


Finadev: Benin Partnership started in July 2008

Number of financed projects by 12/31/2010: 342

Total amount lent by 12/31/2010: €214,200

General presentation: Finadev is implemented in Cotonou and started its activities in 1998 with a pilot phase that led to the creation of a “FINADEV microfinance office” integrated into the Financial Bank network and thus implemented in their agencies. After 10 years of experience in this sector, Finadev is now settled in 4 regions of the country – Borgou, Atlantique, Mono and Ouémé. The organization now has 6 agencies, 3 of which are located in Cotonou. The clients are mainly merchants, craftsmen, microentrepreneurs, wage-earners, farmers and breeders and 70% of them are women. Finadev offers its services to people living in urban, suburban and rural areas of the country. In order to adapt to its customers, Finadev developed – among others – a product named “Campagne” that meets the needs of farmer microentrepreneurs as it is seasonal, and another product called “Crédit scolaire” granted to its best clients for them to deal with their childen’s school fees at the beginning of the school year.

Finadev - Benin. Credit © Babyloan

MFI Rating

Financial stability .................................


Organization stability ...........................

Context/country rating ........................


Oxus: Tajikistan Partnership started in July 2008



General presentation: Oxus Tajikistan was created to take up from ACTED’s microfinance activities. ACTED is an international relief organization that was created in 1993. It has been implemented in Tajikistan since 1997 and it performs different kinds of actions: population relief, rehabilitation and development. Microcredit gradually became the ACTED main strategic tool, implemented as a development tool during periods of reconstruction.

In 2005, ACTED transferred its microfinance department in OXUS Tajikistan and it has recently been recognized as an independent microcredit organization in Tajikistan. OXUS Tajikistan showed significant growth and already granted more than 33,000 loans to very poor Tajikistani, thus a total amount of 21.6 million dollars.

Seda: VietnamPartnership started in February 2009



General presentation: SEDA (Centre for Small Enterprise Development Assistance) – a Vietnamese non-governmental organization, under supervision of VUSTA (Vietnam Union of Scientific Technical Association) – is entitled to carry out its activities since April 11th 2007 by the Vietnamese Science and Technology Ministry. As SEDA is a non-profit organization, it is entirely dedicated to society and community and supports small businesses and families with a low income, mainly women and families facing significant problems.

SEDA is a social and nonprofit NGO which tries to establish connections within the communities. The respect of the clients is an essential value as it is the core of its social mission. SEDA always gives priority to honesty, transparency, efficiency and productivity in its services and regulations. It conveys information on a regular basis, thus following one of the world’s and Vietnam’s best codes of conduct, in order to improve its works and to expand in a sustainable way. After the annual audit, SEDA decided to focus on 5 main values which are: transparency, efficiency, client service, creativity and teamwork.

Oxus - Tajikistan. Credit © Babyloan

MFI Rating




Context/country rating .........................

MFI Rating






Seda - Vietnam. Credit © Babyloan


Cepesiu: ecuador Partnership started in March 2009



General presentation: Cepesiu has been involved in the development of micro-enterprises for more than 25 years. As its mission is to support, Cepesiu created services that aim to strengthen institutional structures that interact with micro-enterprises. The Cepesiu team is made of professionals known for their strategic expertise and for their technical and operational skills in microentrepreneurship.

Its mission is to help local economies to grow in a fair and sustainable manner by supporting small size economic units. This MFI also wants to become a reference organization in Ecuador regarding the socioeconomic development of the most vulnerable populations and to establish local economic development models that can be copied.

MFI Rating





Cepesiu - Ecuador. Credit © Babyloan


ICdC: PhilippinesPartnership started in April 2009



General presentation: Inner City Development Cooperative was founded in 1995. It is a savings and credit fund which aims to teach the values of savings, independence and entrepreneurship to the inhabitants of Barangay Tatalon – one of the most underprivileged communities of Quezon City, the most populated suburb of Manila. The organization formerly was a cooperative and turned into Inner City Development Cooperative in 2005.

ICDC currently supports the weakest microentrepreneurs. At the beginning, ICDC provided financial products and social services to the members of the Barangay Tatalon community for them to sustain themselves better. Then the organization managed to help two other poor neighborhoods of Quezon City: Galas (2007) and Baghay Toro (2008). In 2009, ICDC counted with 3,638 members in which 2,133 borrowers in three agencies.

Current context: On September 26th 2009, typhoon Ondoy destroyed Manila. As ICDC clients mainly live in shantytowns they were particularly affected by this catastrophe and were unable to pay their loans back. The debt of the most affected entrepreneurs was

written off. As for the entrepreneurs that were less affected, their loan repayment was suspended for the 6 months following the catastrophe. Their current debts were rescheduled and they were granted new loans to relaunch their activities. Babyloan wants to keep on supporting this MFI in its human and social missions as these entrepreneurs need help today more than ever. ICDC’s current financial situation is still very delicate and loans are risky; this is why Babyloan suspended the financing of this MFI on the website.

MFI Rating

Financial stability................................. -




ICDC - Philippines. Credit © Babyloan


afodenic: Nicaragua Partnership started in January 2010



General presentation: AFODENIC (Asociación para el fomento al desarrollo en Nicaragua) is a nongovernmental organization created on May 12th 1999 in order to stimulate economic, social and cultural development for populations who do not have access to commercial banks. To do so, the association gathers economic and human resources to provide financial services that reinforce the economic unity of our clients’ families (individual producers, groups of producers, urban or rural microentrepreneurs). AFODENIC’s main ambition is to be known as an institution that encourages production and trade, especially among rural and urban vulnerable populations and organized groups able to manage credit funds.

Wages: TogoPartnership started in April 2010



General presentation: In 1993, a majority of the men living in Lomé lost their jobs during a general strike and had to leave the region because they had too few economic resources. The women were the only ones who could support their families, so they had to find informal jobs. At this time the NGO CARE supported the creation of WAGES, an association whose aim was to finance the activities of these women. In 1999, the association became a regulated microfinance

institution and hence was able to establish and spread its activities. Today, WAGES is a major microfinance actor in Togo. Its objective is to help low-income Togolese men and women by offering them financial services so that they can increase their income and improve the living conditions of their households.

MFI Rating





MFI Rating




Context/country rating......................... Wages - Togo. Credit © Babyloan


MFI Rating





edaprospo: PeruPartnership started in November 2010



General presentation: In 1978, Peru was ruled by military dictatorship and 5,000 union leaders were laid off because they called a national strike. At that time, a Peruvian sociologist, a French priest and a German cooperative director join forces with a religious organization in order to help these people. In the 1990’s, Edaprospo also decided to support small entrepreneurs – mainly unemployed people and immigrants – through a program named “Ecosalud” that aimed at improving their sanitary situation. At the same time, the organization tried to find solutions for groups who need financing so Edaprospo took part in the creation of the first savings and credit cooperative for itinerant sellers called CREDIVAC. Then Edaprospo created training programs, local credit organizations and financial support services that led to the creation of the microfinance program called PROSPERIDAD. Today, Edaprospo runs 7 agencies, more than 440 local credit organizations and more than 4,900 loans in progress. 86% of the clients are women and the institution’s loan portfolio exceeds one billion dollars.

Edaprospo - Peru. Credit © Babyloan

Afodenic - Nicaragua. Credit © Babyloan


adie : France Partnership started in December 2010

Number of financed projects by 12/31/2010: partnership effectively started in January 2011

Total amount lent by 12/31/2010: partnership effectively started in January 2011

General presentation: Adie is a microcredit pioneer in France and in Europe. It was created in 1989 by Maria Nowak who drew her inspiration from Muhammad Yunus’ Grameen Bank in Bangladesh and adapted it to an industrialized country. Adie finances all types of projects. The criteria taken into account are the capacities and the determination of the entrepreneur as well as the viability of his project. A majority of the projects concern trade or services. Here are a few examples of financed activities: graphic designer, house painter, florist, grocer, beautician, electrician, market seller, restaurateur, architect, breeder, and photographer. Today, there are 130 local centers and 190 hotline centers in France. Nearly 500 persons ensure the continuity of the phone service and are attentive to entrepreneurs. 1,500 volunteers help them in their work thanks to their various qualifications (management, administrative support, commercial development, bank insertion…). Since its creation, Adie granted more than 90,000 microcredits which created 90,000 jobs. The financed companies’ durability rate is the same as the national average: 68% after the first two years of existence.

Adie sees itself as an airlock to enter the traditional banking system. The potential microcredit demand in France is estimated at 30,000 loans each year, provided that the institutional context is favorable.

MFI Rating





Adie - France. Credit © Romain Joly - Adie


2010 highlights


I a new version of the

website was launched

2010 was a turning point for the platform as a new version was launched – that the team calls the V2. Indeed the first version of the website quickly showed its limitations. Thus we decided to redesign the whole website in order to obtain a more ergonomic, secure and professional platform, to introduce new community options, and to make it easier to use for our field partners. The new version was launched in August 2010 after several months of hard work.

From now on, you can create and join groups on the website or even invite your Babyloan friends to raise funds in order to rally your network to finance a microentrepreneur.

I The bill backed by Babyloan

and adie passed

On Tuesday, June 27th 2010 the French Senate voted the bill on consumer credit which key measures put the highlight on microcredit. A few months earlier, Maria Nowak and Arnaud Poissonnier appealed for the development of microcredit in France and this resulted in a change in the French legislation.

French microcredit associations such as Adie will be able to access new financial resources, by allowing the general public to lend their money via platforms like Babyloan.org. Until now, the French law did not allow private individuals to lend money to microcredit associations which could only rely on banks to finance their activities.

As such, French people could only lend to microentrepreneurs living in the southern hemisphere through websites like Babyloan.org but could not lend to people in their own country, which is the last straw considering the current economic situation!

Babyloan's Website V1 Babyloan's Website V2


I Support French microentrepreneurs

with adie and Babyloan

Thanks to these new measures, Babyloan was able to form a partnership with a French MFI. Today, French people can lend money to microentrepreneurs of their own country and support their projects.

The presence of French entrepreneurs on the website will boost microcredit in France and improve these microentrepreneurs’ performances, as they will have a greater visibility on the web thanks to their project files on Babyloan’s website.

I a significant media coverage

Babyloan has not yet reached financial balance (it will in 2014), this is why the communication budget is very low and Babyloan does no advertising. Yet, the platform is dedicated to the public in general and it is vital to be seen. In 2010 Babyloan received significant media

coverage that resulted in the expansion of the company. With the media widely relaying Babyloan’s initiatives and actions, the platform could reach 1 million Euros of loans.

2,500 vis i tors

22speakers

people attending the solidarity brunch

DGET€42,000

One Manila shantytown

12/3

1/20

10

conferences including 1 “for kids only”5 thematic

workshops5

Thousands of hours of work, countless liters of

1 “for kids only”speakersBuDGET€42,000

Les Rencontres de Babyloan #3

± 40partners

1,500 b a l l o o n s1,500 b a l l o o n s1,500

A 10-meter Babyloan graffiti

200www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 www.babyloan.org - annual report 2010 3232323232|404040

I The third event of the

Rencontres de Babyloan

2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de 2010 was also marked by the third event of the “Rencontres de Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was Babyloan”, an event dedicated to new forms of solidarity. It was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was organized by Babyloan with the help of nearly forty partners and was a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated a real success. This original and participating event was dedicated to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, to the website members and people interested in social business, microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity. microfinance and online solidarity.

The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation The “Rencontres de Babyloan” took place in the Jardin d’Acclimatation (Paris) from October 15(Paris) from October 15(Paris) from October 15(Paris) from October 15(Paris) from October 15(Paris) from October 15th to 17 to 17 to 17th 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four 2010. The program included four conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening conferences on subjects related to Babyloan, a networking evening where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals where several hundred students had the chance to talk with professionals of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila of various branches of the solidarity sector, a reconstruction of a Manila shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 shantytown, a conference “for kids only” and a solidarity brunch with 5 exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that exceptional women. This year’s bonus was the thematic workshops that allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.allowed people to learn the basis of social business or online solidarity.

The key figures of the Rencontres de Babyloan >


Babyloan’s awards

I Babyloan won the Fininnov

international award

One of Babyloan’s new projects named “Ch@ng€ for microcredit” was chosen from amongst 800 candidatures for the final of the

“Concours international de l’innovation financière pour le développement” (in English: international competition of “Marketplace in innovative

financial solutions for development”). This competition was organized by the Agence Française pour le Développement, the World Bank and the Bill & Melinda Gates foundation and its goal is to put the spotlight on innovative projects that encourage development.

On March 4th and 5th 2010, the 20 finalists were invited to a forum in the Cité des Sciences et de l’Industrie (Paris) along with development specialists, philanthropists, social entrepreneurs, intellectuals, financing institutions representatives and decision makers in order to exchange their points of view regarding financial innovations for development.

The Babyloan team received a $100,000 reward for its project and this will allow us to expand the “Ch@nge for microcredit” project. It is an original concept that will eventually turn e-consumers into e-consum’actors, by rounding up their purchases to the nearest euro when they buy online.

The next challenges for Babyloan in 2011: Choose online shopping websites to form partnerships and expand this new financing solution with them.

I The Finansol

label

In March 2009, the Babyloan microloan obtained the Finansol label. This label certifies that the investment is solidarity-based and transparent. In 2010 Babyloan obtained this label for the second time.

I Babyloan took part in the G20 Young entrepreneur Summit in

Toronto

What is the Young Entrepreneur Summit? The Canadian government recognized it as officially

part of the G20. More than a hundred young entrepreneurs (aged 18 to 40) from all participating countries gathered for a summit organized on the same model as the G20, with one sherpa and one president. Each country can come with 7 young entrepreneurs and Arnaud Poissonnier was part of the French delegation.

Arnaud Poissonnier, founder of Babyloan, was invited to take part in the G20 Young Entrepreneur Summit in Toronto. From June 20th to 22nd 2010, more than 140 entrepreneurs participated in debates and exchanged points of view on how to boost global economic growth in a sustainable way. Their proposals were submitted to the Heads of State during the G20 that took place in Toronto on June 26th and 27th

2010.

Babyloan has already been invited to the Young Social Entrepreneur Summit that will take place in Nice in November 2011.


Microcredits, great storiesMicrocredit changed their lives. The stories shown here are just a tiny part amongst the thousands of microentrepreneurs that could carry out their projects thanks to Babyloanians. They also are a tiny part of the millions of microfinance beneficiaries all around the world.

But they all have something in common: they were granted a microcredit, which is a noble tool to promote human dignity, in order to carry out their projects and thus work their way out of poverty.

I Three stories,

three continents…

Célestine Couton / Benin

Célestine lives in Cotonou, in a neighborhood called Dékagon. She has been married for 10 years and has 3 children. Célestine was tired of seeing her husband working himself to death to support their family. As she is fighter, she decided to launch her own activity: she has been running a shop where she sells cosmetics for 4 years. Célestine’s customers were becoming more numerous throughout the years and she has already been out of stock and thus unable to fulfill the needs of her clients. Célestine decided to apply for a microcredit from Finadev and she obtained a FCFA 200,000 loan (€300) over 10 months in order to increase her working capital. Now she continually has a sizeable stock and she is able to meet customer demand. Célestine’s income kept on growing since then and she is proud of being in charge of a profitable business. She helps her husband pay the household expenses and her living conditions have improved significantly. A Babyloanian named BDD421 helped her by making a solidarity-based loan.

Célestine Couton - Bénin. Crédit © Babyloan

www.babyloan.org - annual report 2010 35|Wages - Benin. Credit © Babyloan


Nguyen Thi dung / VietnamNguyen Thi Dung lives in a Vietnamese town called Tuan Le, 15 kilometers from Hanoi. After her neighbors told her to borrow money from SEDA, she received several microcredits which allowed her to improve the quality and quantity of her farming activities.

Dung, who is aged 38, lives with her husband and her son. She grows rice, fruit and vegetables, and her husband is a builder. She goes to the market every day to sell her fruit but she also sells them in the street in order to make ends meet. She asked for a microcredit from SEDA in order to expand her activity.

She was granted a loan that was 100% financed by Babyloanians. Seven people helped her by making solidarity-based loans: Florian954, TomMar, Binomax, Manu2g, BELLISSAN, IsabellA and Vèvère.

Since she received her loan, she raises pigeons and chickens that she sells at the market. She raises high-quality chickens so they have a great success especially around Têt holiday, which is the Vietnamese New Year.

Thanks to this microcredit she now earns a stable income and she can fulfill the needs of her family.

Seda - Vietnam. Credit © Babyloan


Mercedes / PeruMercedes is a 56-year-old microentrepreneur who raises her 4 children and 2 nephews in

her little house located in the Coma district of Lima. She has been a member of a group in Edaprospo called Las Violetas since 2009. She was granted several microcredits to expand her activity.

She decided to set up her own business 4 years ago in order to be independent from her husband. As she did not go to university, she chose an activity she knows and likes; she hesitated between cooking home-made meals and sewing. She decided to become a seamstress and, as she already knew the techniques, she only needed financial help to work on her own – because at the beginning she had to borrow her friends’ sewing machines. She heard of Edaprospo from her neighbors and she joined the group Las Violetas. She was granted a first microcredit of 300 soles (@ €74) with which she could buy basic equipment: a sewing machine, fabric and thread. Her business started thanks to word-to-mouth and the orders of her friends.

Today, Mercedes’ business has evolved significantly. She owns several industrial machines such as a machine to cut fabric that she can program. This way, her products are more varied, numerous and of higher quality. She also works in better conditions, thus she has more time to take care of her family.

She mainly sells household linens (bed sheets, drapes, etc.), flags, banners and custom-made clothes. It takes her more or less half an hour to make a sheet that she sells 40 soles (€9.8) and flags are worth 15 soles (€3.7). She makes her best sales in the months of October and November. During this period, she produces around 50 products a week and her monthly profits can reach 800 soles (€191).

Mercedes’ business has two main characteristics that allow her to have loyal customers and to be well-known in her neighborhood. First, she never refuses an order even if the clients ask her to make something she never did before. She always takes the time to learn new techniques in order to satisfy her customers. Plus, she knows how difficult the living conditions of her clients may be, so she does not hesitate to lower prices when her customers come from poor neighborhoods such as Comas.

Some of you already know Mercedes because you supported her. The 1,200 soles (€296) microcredit she received recently was financed by 12 Babyloanians and will allow her to buy a machine to make blue

jeans. In the long run, Mercedes would like to promote her business on the web, to offer more varied products of better quality. She wants her business to become a large company that her children will be able to take over. Microcredit really changed her life. Today she is independent and can offer good living conditions to her family. She has less financial problems and is able to make plans for her future.

Edaprospo - Peru. Credit © Babyloan


I BabyloaniansThe story would be incomplete if we did not pay a tribute to the thousands of Babyloanians, as this adventure could not have existed without them. By December 31st 2010, there were 8,072 members that lent more than €1,300,000. These loans are made from all around the world as there are 128 Babyloanian nationalities. This is the reason why the website is currently in French, English and Spanish.

Portrait of an average Babyloanian

The average Babyloanian member is 38 years old. He supports approximately 4.2 microentrepreneurs’

projects all around the world. His loans amount to around €60 and his average “selection” is worth more or less €100.

I Three ways to get involved

with your company"

a social sustainable espadrille website

Maurice et Moi is a very young social sustainable business selling espadrilles made in France. This dynamic team was convinced that today businesses must have a social dimension. When the brand was launched and the first products were sold, Maurice et Moi and Babyloan formed a partnership. Each time a pair of shoes is sold Maurice et Moi transfers a part of the sales price to support microentrepreneurs. As of today, 24 projects have been supported!

Commit associates in one collective project

Cortal Consors – European leader specialist in savings and online trading for private individuals – organized an awareness campaign for its associates in a very original way. The Babyloan team went to the Cortal Consors head office to conduct a conference about microfinance. The aim was to increase the associates’ awareness and to inform them in an original way about microfinance, microcredit and new forms of solidarity. After this conference some of the associates received a Babyloan Gift Passport from the company in order to use their new knowledge. A “Cortal-Babyloanian” community is born…

www.cortalconsors.fr

Introducing Babyloan in a business foundation

The L’Oréal foundation was created in 2007 and is based on the company values and professions. It aims to

reinforce the community commitment of the Groupe L’Oréal, to make it sustainable and to involve its associates in the process. It is dedicated to three key sectors which are science, solidarity and education.

The foundation decided to support female microentrepreneurs who work in the beauty sector through the Babyloan website.

Balance sheet as of 12/31/2010


aSSeTS (Net value in €) >

As of 12/31/2010 As of12/31/2009

Brandnames, softwares and similar rights 73,93 99,905

Other tangible assets 29,672 31,09

Long term investments 153

Other financial fixed assets 1,15 1,15

Trade receivables 25,409 12,093

Suppliers receivables 490

Social security 3,368 3,869

Turnover tax payable 17,813 47,175

Others (amounts receivable from internet users to MFIs)

389,507 185,194

Marketable securities 192,223

Cash 434,444 244,984

Prepaid expenses 3,309 470

TOTAL ASSETS 979,244 818,153

LIaBILITIeS (Net value in €) >

As of 12/31/2010 As of 12/31/2009

Share capital 1,089,000 851,3

Share capital premiums 269,332 207,922

Profit/loss brought forward -751,789 -252,106

Profit/loss for the period -455,075 -499,692

Overdrafts 174 77

Loans 8,223

Supplier liabilities 21,71 33,033

Total tax and payroll liabilities (social charges provision) 58,055 45,647

Turnover tax payable 3,162 1,568

Other taxes 148 319

Other debts 736,313 430,085

TOTAL LIABILITIES 979,244 818,153

Profit and loss statement >

As of 12/31/2010 As of 12/31/2009

Net sales 161,785 37,259

Total operating income 162 38,042

External costs (website development and costs) 198,838 196,465

Taxes 4,477 3,859

Wages and salaries 249,672 200,977

Social charges 96,408 78,081

Depreciation of fixed assets 61,355 49,978

Other expenses 1,15 398

TOTAL operating expenses 611,899 529,756

OPERATING RESULT -449,9 -491,715

Total financial income 452 3,165

Total financial expenses 1,785 1,6

FINANCIAL RESULT -1,333 1,565

CURRENT RESULT BEFORE TAXATION -451,232 -490,15

Total extraordinary expenses 3,842 9,542

EXTRAORDINARY RESULT -3,842 -9,542

Total income 162,451 41,206

Total expenses 617,526 540,898

NET RESULT -455,075 -499,692

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samia, Samir, Samuel, samy, sandra, Sandrine, sara, SARAH, Savannah, saveria, SAWADOGO, seb, sebastien, Sébastien, Sébastien et Anne, SEFIOU, segolene, sei, seif, selim, Semanti, Serge, SERGINE, Sergio, Servane, Severine, Séverine, shiraz, Sibylle, sidi, Sidonie, SIGISCAR, Sigrid, Silvana, Simon, sion, SOBOUA, SOFIE, soifoine, Soizic, sokea, Solange, so-lena, solenn, Soline, sonia, sopar, Sophan, sopheak, Sophie, Sophy, Soraya, Soulef, souley, soumya, Sovatha, STANISLAS HUBERT, Stefan, stella, stellio, stephane, Stéphane, Stéphanie, sterenn, steve, Sullivan, Sundages, Susana, Susi, suzel, Svetlana, swiss, Sybille, Syl, Sylvain, sylvestre, sylvia, sylviane, sylvie, taki guillaume, Tamara, TANG, Tanguy, tania, tayabou, TCHIDI, Tebaa, TEILLAGORRY, té-rence, Teruko, test, testest, Thanh Huyen, Thérèse, THES JEAN YVES, thiago, Thibault, thibaut, Thierry, Thierry & Arthur, Thierry Lafleur, thiozo, Thippha, Thmas, Thomas, Thu-Hoa, TIENSONNON JEAN-MARC, Tiffany, tim, tiphaine, titilolo, Tjadem, TKI, To Suong, Tommaso, Toni, traore, tresor, tristan, Troubati, TU-NESI, Tunia&Erik, Türkân BAYRAK, Ulrich, vahé, Valentin, Valentin Bouazo, Valentine, Valériane, Valé-rianne, Valerie, Valérie, Valéry, Vanessa, vannarit, Verene, VERO, VERONIQUE, Véronique, VEYSSET, vian-ney, viano, Victoire, Victor, Victoria, Vigneau, Vincent, Vincent-Grégoire, Vinz, Violaine, Violette, Virgile, Virginie, visnja, VIVIANE, Vivien, Volodia, Voltaire, wakil, Wathanak, weilland, wesley, Wilfrid, wilfried, willene, william, wilson, Xavier, xiexie, Xuan, Xuoan, xxxxxx, Yacine, Yaël, YAN, Yann, yannick, YAO ALEXIS, yao germain, YAPI, Yasmine, Yauthin, yawo, Yingchen, yoann, yohann, Yona, younes, Youssouf, yvan, Yves, YVES CONSTANT, yves-germain, yvette, yvon, yvonne, zaid, Zaki, zango, ZERR, Ziggy, zmirou.

Dalila, dalma, Damien-Marie, dangmann, Daniel, Daniel et Annie, daniel gentil, daniela, Daniele, Danièle, danièle et alain, Danielle, danith, dany, Dara, dargaud, Dariu, Daryl, David, Davy, Davyd, de Chateauvieux, Debalja, débora, Deborah, déborah, DELAB, Delcour, delcroix, Délis Rimé, Delphine, DelphineThierry, Dempsey, Denis, denise, Déva, Dharamsi, dia, diabagaté, Diana, DIANE, Diarafa, did, DIDIER, didier materne, Didier.Audey.Ozma, Dimitri, DINA, Dinho, Ditte, djahonon pascale joëlle, djamel, djémory, Dolores, dominiq, Dominique, donald, dong, dorothée, dov, Drissa, droniou, DSK, Dufaure-Garé, Eby Noel, Eddy, Edem, Edgar, EDHEC Microfinance Tour, Edith, Edouard, edwige, Ehlin, Elaine, Elena, Eléonore, Elfriede, ELHADJI, Eli, eliane, Elias, Elicat, Elisa, elisabeth, elise, élise, Elizabeth, Elodie, élodie, élodie marie, Elsa, Elvira, Emelyne, eMicrOcredit - EMLYON, Emile Désiré, Emilia, Emilie, emilienne, emma, Emmanuel, emmanuelle, ENDA, Enrike, enzo, eric, Éric, ERICK, Erik, erika, Ermelinde, Ernest, Ernestine, Ervin, Erwan, ESMERALDA, estelle, Esther, Eti, Etienne, Eugénie, Eulalie, Eva, ève, EVELINE, EVELYNE, EVRARD, Ewelina, Eymeric, FABBRO, fabien, elise, élise, Elizabeth, Elodie, élodie, élodie marie, Elsa, Elvira, Emelyne, eMicrOcredit - EMLYON, Emile Désiré, Emilia, Emilie, emilienne, emma, Emmanuel, emmanuelle, ENDA, Enrike, enzo, eric, Éric, ERICK, Erik, erika, Ermelinde, Ernest, Ernestine, Ervin, Erwan, ESMERALDA, estelle, Esther, Eti, Etienne, Eugénie, Eulalie, Eva, ève, EVELINE, EVELYNE, EVRARD, Ewelina, Eymeric, FABBRO, fabien, elise, élise, Elizabeth, Elodie, élodie, élodie marie, Elsa, Elvira, Emelyne, eMicrOcredit - EMLYON, Emile Désiré, Emilia, Emilie, emilienne, emma, Emmanuel, emmanuelle, ENDA, Enrike, enzo, eric,

Fabienne, Fabiola, Fabrice, faïma, famille, Fanny, Fany et Nico, Farah, FARANAK, farid, FATIHA, fatmey, fatoumata, FELI, Felicie, Felix, Ferdinando, Fiacre, Finenza, FirstName, Flavia, Fleur, flo, flora, flore, Florence, florent, florian, Floriane, Florie, Foly Djifa, fortina, FOUQUET, Fournier, France, Francine, francis, Francis et Anne Marie, franck, franck michael, francois, François, françois et isabelle, Francoise, Françoise, Francois-remy, François-Xavier, frank, Fred, frederic, Frédéric, Frederick, Frederik, Frédérique, FREDO, Frieda, fuojui, Gabriel, GABRIELLE, Gaël, Gaëlle, Gaétan, Gaëtan, Gagnon Kouami, Gala, Gallo, Gaoussou, garance, gaud, gauthier, gautier, Gavin, gbadoue, Gbaou bi Loh Olive, GENEVIEVE, Geneviève, Geoff, geoffray, Geoffrey, Geoffroy, george, Georges, GEORGES PAUL, Georgette, Gerald, Gérald, geraldine, Géraldine, Gerard, Gérard, Gerard3, Géraud, Germain, Germaine, Gerson, Gery, GGGGG, GHISLAIN, Ghislaine, Ghyslaine, Gianluca, Gil, gilbert, GILDAS, Gilles, GILLOT, Gini, Giovanna, Girardeau, Gisele, Gisèle, Giulio, Giuseppe, GL, gladys, Glyn, Godwin, Goodgood, Graziella, Greg, GREGOIRE, Grégoire, Gregory, Grégory, Gro Helland, Guénaëlle, Guilhem, Guillaume, Guillou, Gustavo, Guy, guy gbahi, Guy Komanda Makiadi, Gwenaël, gwenaela, gwenaelle, Gwenaëlle, gwenn, gwenola, HADJERIA, haesun, Haifa, hajatiana, Hamid, Hanna, Hanneke, Hannelore, hans, Hans-Luzius, HAPSA, harouna, Hassen, HAVYARIMANA, hawa, Helen, Hélen, helene, Hélène, Henk, Henri, Henriques Cintra, Henry, Henry-Noël, Hérick, hermann, Herrick, Hervé, Herve Rostand, Herwör, hiba, Hicham, Hierro, hilaire jean, Hippolyte, Hortensia, houda, Hubert, Hugo, Hugues, Iamena, IBRAHIM AZIZ, Ibrahima, ilies, Ilitch, ilona, ilonka, Inconnu, indrah, Inès, Ingrid, Iona, IRENE, Irène, Iris, Irwin, Isabel, Isabelle, Ismael, ismail, Issa, Ivan, Ivano, IVES, Ivy, j.paul, Jackie et Jean-Paul, jacky, jacob, Jacqueline, Jacques, Jacques Olivier, Jacques-Henri, james, JAMEY, Jamila, Jana, Jane, janick, janine, Jany, jb, Jean, Jean Baptiste, jean christophe, JEAN CLAUDE, Jean Didier, jean dominique, JEAN FRANCOIS, jean François, Jean Guy et Marie, jean jacques, Jean Louis, Jean Luc, Jean Marc, Jean Marie, Jean Michel, jean noel, jeanpaul , jean philippe, jean pierre, Jean Yves, Jean-Baptiste, jean-bernard, Jean-Cassien, jean-charles, Jean-Christophe, Jean-Claude, Jean-Daniel, Jean-Emile, Jean-Emmanuel, jean-francois, Jean-François, jean-frannçois, Jean-Guy, Jean-Hubert, Jean-Hugues, JEANJACQUES, jean-jacques, Jean-Lévy, Jean-Louis, Jean-Loup, Jean-Luc, Jean-Marc, Jean-Marc Maurice, Jean-Marie, Jean-Marin, jean-michel, Jeanne, jeannine, Jean-Noel, Jean-Noël, jean-pascal, Jean-Paul, jean-philippe, Jean-Phylips, JEANPIERRE, Jean-Pierre, Jean-René, Jean-Sébastien, Jean-Stéphane, jean-yves, Jean-Yves et Anne, Jeffers, Jehan, Jennie, Jérémie, jeremy, Jérémy, Jerom, jerome, Jérôme, jesper, Jessica, Jessy, jian, JL, JM, jmi, Jo, Joan, Joao, Jocelyn, Jocelyne, joe, Joé-aude, joel, Joël, joel brice, Joelle, joëlle, johan, johanne, John, Jonathan, JONNY, Joo Hymn, Jordan, Jori, Joris, José, Joseph, josephine, josette, josette noelle, josiane, Joy, JP, j-philippe, jr, Jude, Judicaël, Judith, Julia, Julian, Julie, Julien, juliette, Justine, K MOUSTAPHA, K@rine, kader, kaine, Karen, karene, Kari, KARINA, Karine, Karl, Karl Elvis, Karol, Kate, Kathleen, katia, Katrina, KATY, KELTOUM, kenza, keti, KETTY, kevin, Kévin, khaled, Kieu-My, KIM3, KLMM, Koami, koffi ismael, Kokou, Komi, komlan, Kone, kossi, Kossi Sena, KOUABENA FIENI, kouacou inocent, kouame olivier, Kouamelan Cyrille Hermann Arnaud, KOUEVI-MENSAH, Koulibali, Krousarkhmer, krystel, kyphung, la 5e B, la5eC , Labodja, Ladies Room, Laeticia, Laetitia, Laëtitia, lahcene, Lailla, Lakdar, lambert, lamidemarc, landour, landry, LANDRY WENCESLAS, Lantame, lara, LASPERAS, Lassana, Late’, Laura, Laure, Laureen, Lauren, Laurence, Laurène, Laurent, Laurent & Alix, Lauriane, Laurine, Le, Le Sens du Partage, Lea, Léa, Ledoyen, LEDUC, Leeng, lefrancois, Leila, Lélian, LENG PHAO, Léo, Léon Marcel, leonard, Léopold, Les Bouliks, leslie, leyla, lherbier, lhery, LibrairieSolidaire , lich, Liliana, liliane, Linda, Line & Jean-Séraphim, Linjia, lionel, Lisa, lise, lison, Livia, Loic, Loïc, Loïck, Lora, loraine, Lou, louis, Louisa, Louise, LOUIS-MARIE, loulan, Luc, Luc & Matt, Lucas, Luce-Marie, Lucia, luciano, Lucie, Lucien, lucienne, Lucile, Ludivine, Ludovic, Lugdivine, Luis, Luz Elena, Lydia, LYDIE, Lynda Maminirina, Lynn, lyoko, lyonel, LYSTHON, madalena, madeleine, mads, mady, mael, Maël, maelle, Maëlle, maelys, maeva, Maëva, magali, Magalie, Magloire, magloire dieunedort, Magmick, MAGUY, Mahammadsobir, Mahé, Mainguené, Maïté, Maïté & Roland, Maïténa, Malek, malika, mallory, mamadou, mamadou mamoune, Manoël, Manon, Manou, Manuel, Manuela, Manuelle, Marc, Marc-Antoine, Marcel, Marcelle, Marco, Marc-Olivier, Marcus, margaux, margot, Marguerite Marie, Mari, maria, Marialla, Mariam, mariama, Mariana, mariane, Marianna, Marianne, Marie, Marie Christine, Marie Claire, Marie Claire et Patrice, marie edith, MARIE FRANCE, marie helene, Marie Laure, Marie Michèle, Marie Noëlle, Marie Pascale, Marie Paule, MARIE PIERRE, marie the, marie thérèse, Marie-Alexandra, Marie-Amélie, Marie-Anne, Marie-Antoinette, Marie-Céline, Marie-Charlotte, Marie-Christine, Marie-Claudine, Marie-Emilie, Marie-Estelle, Marie-Eve, marie-france, Marie-Helene, Marie-Hélène, MARIE-JEANNE, Marie-José, marie-josèphe, Marie-Julie, marie-laure, Marie-Laurence, Marie-Line, Mariella, Marielle, marie-lorraine, marie-marthe, marie-noelle, Marie-Noëlle, marie-odile, marie-pascale, marie-paule, Marie-Pierre, Marie-Thérèse, MARIETHIERRY, Marie-Zelie, mariko, Marilyne, Marina, Marine, Mario, Marion, Marité, marjo, marjolein, marjorie, Mark, Markus, MARLENE, Mars, Mars&Fred, Marta, martin, MARTINE, Martinelli, Mary-José, marylene, MARYLINE, maryse, Maryvonne, massimo, masson, Mastrogiacomi, Mathieu, Mathilde, mathurin, Mats, Matthias, Matthieu, Matthiews, Maud, Maurane, Maurice, Maurice et Georgette, Max, Maxecne, MAXIME, Maximilien, maya, Maylis, MAYZA, mc, MCHAR, meagan, Mehdi, Melanie, Mélanie, Melika, Mercedes, MERCIER, MERLIN, Messan Mawutoe, meurice, Micaela, MICHAEL, michel, MICHEL & VIOLETTE, MICHELE, michèle, micheline, Michelle, Mickael, mickaël, miep, Miguel, Mikael, Mikaël, minh, mir, Mireille, Mitaux nicolazo, ml, mohammed, moïse, monelle, Monica, MONIQUE, MONSAINGEON, moreau, morgan, Morgane, Morgane et Agathe, MORY, mouloud, Moumouni, moundir, mourad, MUNU, Muriel, muriele, Murielle, mustapha, my, myriam, Nacima, Nadege, Nadia, Nadine, nadir, Nadja, Nael, Naïma, Najet, nana, Nanan, Nancy, Nassim, Nastassia, nat, Nat et Nico, Natalie, Nath & Henri, Nathalie, Nathalie-Zoé, nazer, Ndéye Penda, ndeye talla, nelly, N’fassou, Ng, Ngoc Loan, Nico, Nicolas, nicole, nicoletta, Nicolette, Nilgun, Nilsson, Nina, nnn, Noa et Mahé, NOE, Noé, Noël, NOEL KOUAKOU, noelie, Noëlle, noemie, Noémie et Thomas, Nolwenn, NORBERT, Norma, Nouglozé Kodjo, nouhou, Noura, Oceane, Odile, Ogier, Olga, olinde, Oliver, olivia, Olivier, omar, Ombeline, Ophélie, Orady, Orel, ornella, OUADEBA, ouary, OUATTARA, PADONOU, Pamela, paolo, parents, pascal, Pascale, Pascaline, patino, patrice thierry, patricia, Patrick, patrick herman, Patrick-François, Paul, Paul Aristide, paul edouard phine, Paul-Antoine, Paule, Paule Josée, Paulette, Pauline, paulyucon, Pedro, Peggy, Penty, Perthuisot, Peter, Péwili, PHIL, philibert, Philippe, philippon, phuong, pia, picard, Pierre, pierre arnaud, Pierre dit Florent, Pierre Edouard, Pierre Emmanuel, pierre louis, pierre-alex, Pierre-François, Pierre-Henri, Pierre-Jacques, Pierre-Marie, Pierre-Michel, Pierre-Olivier, pierrette, pierre-yves, Pierrick, PIGAT, Pol, Polo, Prades, PRIGENT, prince, priscilla, priscille, Purvi, Quentin, Quentin-Alexandre, Quitterie, Rabie, Rachel, Rachel et Sebastien, Rachid, Rafal, Raly, Raoul, Raphael, Raphaël, Raphaelle, Raphaëlle, Rask, Raymond, raynald, reald, REDA, Réda, Régine, Régis, Remi, Rémi, remy, Rémy, Renaud, René, renee, Renny, Richard, riquelme, RIQUIER, rita, Riya, RIZLAINE, Robert, roberto, robin, rodolph, Rodolphe, rodrigue, roger, Roland, rolande, Romain, Romane, Romaric, Ronan, Rosalie, Rosalinda, Rose Mary, rose-helene, Roseline, Rose-Marie, Rosemary, Rotana, rounia, Roussel, roxane, Rozenn, rtrh, ruby, RUET, RV, Rym, Sabatier, Sabina, Sabine, sabira, SABRINA, SACKY MOUSSA, Sahim, said, Salah Eddine, salama, salifou, Salokine, salome, Saloua, salwa, sam, Samer, sami, samia, Samir, Samuel, samy, sandra, Sandrine, sara, SARAH, Savannah, saveria, SAWADOGO, seb, sebastien, Sébastien, Sébastien et Anne, SEFIOU, segolene, sei, seif, selim, Semanti, Serge, SERGINE, Sergio, Servane, Severine, Séverine, shiraz, Sibylle, sidi, Sidonie, SIGISCAR, Sigrid, Silvana, Simon, sion, SOBOUA, SOFIE, soifoine, Soizic, sokea, Solange, solena, solenn, Soline, sonia, sopar, Sophan, sopheak, Sophie, Sophy, Soraya, Soulef, souley, soumya, Sovatha, STANISLAS HUBERT, Stefan, stella, stellio, stephane, Stéphane, Stéphanie, sterenn,

thanksGILLOT, Gini, Giovanna, Girardeau, Gisele, Gisèle, Giulio, Giuseppe, GL, gladys, Glyn, Godwin, Goodgood, Graziella, Greg, GREGOIRE, Grégoire, Gregory, Grégory, Gro Helland, Guénaëlle, Guilhem,

thanksGILLOT, Gini, Giovanna, Girardeau, Gisele, Gisèle, Giulio, Giuseppe, GL, gladys, Glyn, Godwin, Goodgood, Graziella, Greg, GREGOIRE, Grégoire, Gregory, Grégory, Gro Helland, Guénaëlle, Guilhem, Guillaume, Guillou, Gustavo, Guy, guy gbahi, Guy Komanda Makiadi, Gwenaël, gwenaela, gwenaelle, Gwenaëlle, gwenn, gwenola, HADJERIA, haesun, Haifa, hajatiana, Hamid, Hanna, Hanneke,

thanksGuillaume, Guillou, Gustavo, Guy, guy gbahi, Guy Komanda Makiadi, Gwenaël, gwenaela, gwenaelle, Gwenaëlle, gwenn, gwenola, HADJERIA, haesun, Haifa, hajatiana, Hamid, Hanna, Hanneke, Hannelore, hans, Hans-Luzius, HAPSA, harouna, Hassen, HAVYARIMANA, hawa, Helen, Hélen, helene, Hélène, Henk, Henri, Henriques Cintra, Henry, Henry-Noël, Hérick, hermann, Herrick, Hervé, thanksHannelore, hans, Hans-Luzius, HAPSA, harouna, Hassen, HAVYARIMANA, hawa, Helen, Hélen, helene, Hélène, Henk, Henri, Henriques Cintra, Henry, Henry-Noël, Hérick, hermann, Herrick, Hervé, Herve Rostand, Herwör, hiba, Hicham, Hierro, hilaire jean, Hippolyte, Hortensia, houda, Hubert, Hugo, Hugues, Iamena, IBRAHIM AZIZ, Ibrahima, ilies, Ilitch, ilona, ilonka, Inconnu, indrah, Inès, thanksHerve Rostand, Herwör, hiba, Hicham, Hierro, hilaire jean, Hippolyte, Hortensia, houda, Hubert, Hugo, Hugues, Iamena, IBRAHIM AZIZ, Ibrahima, ilies, Ilitch, ilona, ilonka, Inconnu, indrah, Inès, Ingrid, Iona, IRENE, Irène, Iris, Irwin, Isabel, Isabelle, Ismael, ismail, Issa, Ivan, Ivano, IVES, Ivy, j.paul, Jackie et Jean-Paul, jacky, jacob, Jacqueline, Jacques, Jacques Olivier, Jacques-Henri, james, thanksIngrid, Iona, IRENE, Irène, Iris, Irwin, Isabel, Isabelle, Ismael, ismail, Issa, Ivan, Ivano, IVES, Ivy, j.paul, Jackie et Jean-Paul, jacky, jacob, Jacqueline, Jacques, Jacques Olivier, Jacques-Henri, james, JAMEY, Jamila, Jana, Jane, janick, janine, Jany, jb, Jean, Jean Baptiste, jean christophe, JEAN CLAUDE, Jean Didier, jean dominique, JEAN FRANCOIS, jean François, Jean Guy et Marie, jean jacques, thanksJAMEY, Jamila, Jana, Jane, janick, janine, Jany, jb, Jean, Jean Baptiste, jean christophe, JEAN CLAUDE, Jean Didier, jean dominique, JEAN FRANCOIS, jean François, Jean Guy et Marie, jean jacques, Jean Louis, Jean Luc, Jean Marc, Jean Marie, Jean Michel, jean noel, jeanpaul , jean philippe, jean pierre, Jean Yves, Jean-Baptiste, jean-bernard, Jean-Cassien, jean-charles, Jean-Christophe, Jean-thanksJean Louis, Jean Luc, Jean Marc, Jean Marie, Jean Michel, jean noel, jeanpaul , jean philippe, jean pierre, Jean Yves, Jean-Baptiste, jean-bernard, Jean-Cassien, jean-charles, Jean-Christophe, Jean-Claude, Jean-Daniel, Jean-Emile, Jean-Emmanuel, jean-francois, Jean-François, jean-frannçois, Jean-Guy, Jean-Hubert, Jean-Hugues, JEANJACQUES, jean-jacques, Jean-Lévy, Jean-Louis, Jean-thanksClaude, Jean-Daniel, Jean-Emile, Jean-Emmanuel, jean-francois, Jean-François, jean-frannçois, Jean-Guy, Jean-Hubert, Jean-Hugues, JEANJACQUES, jean-jacques, Jean-Lévy, Jean-Louis, Jean-Loup, Jean-Luc, Jean-Marc, Jean-Marc Maurice, Jean-Marie, Jean-Marin, jean-michel, Jeanne, jeannine, Jean-Noel, Jean-Noël, jean-pascal, Jean-Paul, jean-philippe, Jean-Phylips, JEANPIERRE, thanksLoup, Jean-Luc, Jean-Marc, Jean-Marc Maurice, Jean-Marie, Jean-Marin, jean-michel, Jeanne, jeannine, Jean-Noel, Jean-Noël, jean-pascal, Jean-Paul, jean-philippe, Jean-Phylips, JEANPIERRE,

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Annual report - 2010

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