Methodology

This is an abbreviated guide. For an explanation of the methodology behind the penetration and capacity values, see the MIMOSA 2.0 white paper and the MIMOSA 2.1 model update.

The MIMOSA score

The MIMOSA index consists of several measures. The primary score evaluates the degree to which the level of penetration exceeds estimated market capacity. Scores are currently available for 87 countries, based on the 2025 World Bank Findex data.

MIMOSA score	Penetration / capacity (%)	Standard deviations	Market status
6	> 11.3%	3+	Saturated
5	7.5–11.3%	2 to 3	Saturated
4	3.8–7.5%	1 to 2	Saturated
3	0–3.8%	0 to 1	Normal
2	-3.8–0%	-1 to 0	Normal
1	< -3.8%	< -1	Underserved

Component metrics

In addition to the score, we include the component metrics underlying the capacity and penetration calculations:

Metric	Description
Human Development Index (HDI)	Developed by UNDP to assess the level of development, comprising GNI per capita, life expectancy, and education metrics. The scale ranges from 0–1.
Population density per km²	Standard measure retrieved from country statistical bureaus.
Credit Bureau Score	Derived from the Getting Credit measures in the World Bank Doing Business report. We include the level of coverage, and amount of information (both repayment history and debt outstanding) provided. The scale ranges from 0–400. MIMOSA is in the process of updating this measure to use the World Bank B-READY data.
Borrowing Capacity	% of adults expected to be active borrowers, based on the MIMOSA model.
Borrowers per adult	Derived from multiple sources, including the World Bank Findex survey, central bank reports, credit bureaus, and MIMOSA field surveys.
Microfinance borrowers (% of loans)	Number of active loans of microfinance institutions. Usually defined either by institutional registration with the regulator or membership in the microfinance association. Multiple loans held with the same institution are counted once.
GDP 3-year CAGR (current $)	Three-year cumulative growth rate of GDP. Figure from IMF WEO.
GDP per capita (constant LCU)	Figure from IMF WEO.

Risks and mitigants

In addition, we include a list of indicators that serve as additional risks or mitigants that in aggregate may increase or reduce the country’s ability to manage increased levels of penetration:

Category	Indicator	Measure	Mitigant	Neutral	Risk
Regulation	Overall quality of regulation	Overall Microscope score (0–100)	≥ 65	50–65	< 50
Regulation	Consumer protection (overindebtedness)	Microscope score 3.2 (0–100)	≥ 90	60–90	< 60
Regulation	Consumer protection (transparency, sales, collections, consumer rights framework)	Avg of Microscope scores 4.1.1; 4.1.2; 4.1.3a (0–100)	≥ 90	60–90	< 60
Competition / overheating	Level of competition	Herfindahl-Hirschman Index (1–10,000)	HHI > 3,000	1,500 < HHI < 3,000	HHI < 1,500
Competition / overheating	Multiple borrowing	% borrowers with 3+ loans	< 5%	5–15%	> 15%
Competition / overheating	Prior growth	Loan portfolio 3-year CAGR	< 2x GDP growth	2–3x GDP growth	≥ 3x GDP growth
Competition / overheating	Future growth	Loan portfolio 12-month growth expectations	< 2x GDP growth forecast	2–3x GDP growth forecast	≥ 3x GDP growth forecast
Maturity of microfinance institutions	Age of FIs	% clients of MFIs > 20 years or < 10 years old	> 65% of the borrowers are clients of MFIs > 20 years old	Other	> 65% of the borrowers clients of MFIs < 10 years old
Maturity of microfinance institutions	Prior crisis experience	Date of previous crisis	Market experienced crisis in past 15 years	No crisis experience
Transparency	Composite score (out of 4.0)	See Transparency worksheet	≥ 3		< 1.5
Transparency	Ratings	% leading MFIs rated in past 2 years	≥ 75	50–75	< 50
Other risks	FX exposure	% of loans in foreign currency	< 10	10–25	≥ 25

The complete dataset is available to subscribers through Atlasdata.org or by email. For information about subscriptions, email info@mimosaindex.org.