Gojo & Company, Inc.

会社名: UNLEASH Capital Partners, Inc.

本社所在地: 東京都渋谷区千駄ヶ谷三丁目14番5号

代表者: 菅井夏樹（創業者・代表取締役社長）

持分比率: 49.0%（持分法適用関連会社）（2025年3月時点）

資金規模: 50億円（2025年5月時点）

Kohei Katada

Managing Partner & CFO

Prior to joining Gojo, Kohei has served as Senior Vice President of Finance at SmartNews, Inc., a developer of a news discovery app. As its 7th employee and part of its management team, he led $80 million of equity financing and undertook a wide range of responsibilities including financial control, accounting, recruiting, people operations, legal, and investor relations.

As one of the founding members and as Chief Financial Officer at LIFENET INSURANCE COMPANY, a leading online life insurer in Japan, Kohei led it’s successful $100 million Initial Public Offering in 2012, and also setup a joint venture in Korea.

Kohei started his career at Morgan Stanley in its Investment Banking Division, where he was involved in multiple cross-border M&A transactions. In 2005, he moved to Hong Kong and joined Och-Ziff Capital Management, a global asset management company.

Kohei has a B.A. in Law from the University of Tokyo. While at school, he did an internship at a local NGO in Bangladesh where he was inspired by the power of microfinance that can unlock the potential of micro-entrepreneurs.

Kohei enjoys playing with his two boys over the weekends. He loves sports and has successfully finished the long-distance triathlon.

堅田航平

執行役CFO

大学在学中にバングラデシュのNGOにおけるリサーチ・インターンを通じて、マイクロファイナンスの可能性と課題を認識。大学卒業後、インドの英文校正スタートアップの立ち上げに関与したのち、モルガン・スタンレー証券投資銀行本部においてM&Aアドバイザリー業務に従事。Och-Ziff Capital Management(Hong Kong)を経て、2008年にライフネット生命保険に入社し、経営管理、事業開発、組織開発、韓国におけるJV設立などを担当。IPO準備の責任者として同社を東証マザーズ上場に導き、執行役員CFOに就任。

2014年に7番目の社員としてスマートニュースに入社。コーポレート部門の立ち上げ、累計85億円強の資本調達、米国子会社の設立、採用・人事・組織開発等を担当したのち執行役員財務担当に就任。

スポーツと軽井沢とカレーをこよなく愛する二児の父。
日本証券アナリスト協会認定アナリスト(CMA)。

Cheriel Neo

Head of Impact

Cheriel works on initiatives to measure and learn from the impact of Gojo’s partners’ products and services on our clients’ lives. She has a BA (Hons.) in History and English from Exeter College, Oxford University, and an MSc. in Translation Studies from the University of Edinburgh. Cheriel got started in the world of social impact during her time in Oxford, where she ran a homeless outreach, and helped found what would become a national student-led charity for social justice.

After graduating, she joined Social Finance, a social investment financial intermediary, where she designed Impact Bonds in the UK, Cameroon and the West Bank, and helped create an app to track young people’s outcomes after leaving state care. She is a founding director of Proof Bakery, a social enterprise training and employing refugee women in the UK.

In her spare time, Cheriel enjoys reading, snacking, and exploring her neighbourhood. She is an accomplished knitter and an avid home cook.

Cheriel Neo

Head of Impact

五常グループの商品やサービスが顧客の生活に与える影響の測定に取り組んでいる。オックスフォード大学で歴史と英語の学士号、エディンバラ大学で翻訳学の修士号を取得。オックスフォード大学では、ホームレス支援活動を行い、社会正義のための全国的な学生主導チャリティ団体の設立に携わった。

卒業後は、社会的投資の金融仲介を行うSocial Financeに加わり、英国、カメルーン、ウェストバンクでインパクト・ボンドを設計し、国の保護を離れた若者の成果を追跡するためのアプリ作成を支援した。また、英国で難民女性をトレーニングし雇用する社会的企業、Proof Bakeryの創設者でもある。

余暇には、読書、おやつ、近所を探索することを好む。編み物や家庭料理も得意。

Ryo Satake

Head of Accounting & FP&A

Ryo is a Certified Public Accountant and works at Gojo as a head of Accounting and FP&A. Ryo has a bachelor’s degree in Economics from Keio University. While at university he passed the CPA exam, the youngest to do so that year. He did an internship at Ernst & Young Philippines, where one of his clients was a microfinance institution, and was impressed with the purpose of microfinance and its business model.

After graduating, he joined Ernst & Young in Tokyo, where he engaged in financial audits, internal control audits, operations/financial management advisory and financial due diligence for potential M&A. He also spent 2 years on secondment at the EY Los Angeles office, where he was in charge of supporting a unicorn startup company headquartered in the United States. He has experience auditing under IFRS, US-GAAP and J-GAAP.

Ryo is very fond of traveling, reading books, watching soccer and going to the sauna.

佐竹亮

Head of Accounting & FP&A

2020年8月より五常・アンド・カンパニーに所属。同社でHead of Accounting and FP&Aを担当している。

大学2年次に公認会計士試験に合格し、非常勤としてEY新日本監査法人に入社。大学在学中に、語学留学、EYフィリピンで金融アドバイザリー、国内会計事務所で経営アドバイザリーを経験。EY新日本で3年間勤務後、EYロサンゼルス事務所で2年間駐在。IFRS、US-GAAP、J-GAAPでの監査をそれぞれ経験。

マイクロファイナンスとの出会いは、学生時代、フィリピンでのインターン。

Company name: UNLEASH Capital Partners, Inc.

Address: 3-14-5 Sendagaya, Shibuya-ku, Tokyo

Management: Natsuki Sugai (Founder & Managing Partner)

Gojo’s ownership: 49.0% (Equity method affiliate) (As of March 2025)

Fund size: 5 billion JPY (as of May 2025)

Company homepage: https://unleashcp.com/

会社名: CJSC MDO Humo

本社所在地: 148/1 N. Qaraboev Street, Dushanbe

代表者: Firdavs Mayunusov （General Director）

持分比率: 97.0%（連結子会社）（2025年3月時点）

総資産: 177.9百万米ドル（2024年12月時点）

顧客数: 302千人（融資・預金・カード・モバイルバンキング等顧客の合算）

URL: https://humo.tj/en/

会社名: CJSC Bank Arvand

本社所在地: Prospect I. Somoni 1 “A”, Khujand city, Sughd region

代表者: Shoira Sodiqova （Chairperson）

持分比率: 9.0%（投資先（非連結））（2025年3月時点）

総資産: 137.4百万米ドル（2024年12月時点)

顧客数: 193千人（2025年3月時点）

URL: https://arvand.tj/en/person/

会社名: Baobab S.A.S.

本社所在地: 1 Rue de Gramont, Paris

代表者: Philip Sigwart （Chief Executive Officer）

持分比率: 16.4%（投資先（非連結））（2025年3月時点）

資産総額: 981.5百万USD （2024年12月時点）

顧客数: 526千人（2024年12月時点）

URL: https://baobab.com/en/

会社名: JSC Credo Bank

本社所在地: R. Tabukashvili Street #27 Tbilisi

代表者: Zaza Pirtskhelava（Chief Executive Officer）

持分比率: 16.8%（持分法適用関連会社）（2025年3月時点）

総資産: 1,093.2百万米ドル

顧客数: 498千人（融資・預金顧客の合算、2024年12月時点）

URL: https://credobank.ge/en

会社名: Loan Frame Technologies Pte. Ltd.

本社所在地: 2/15, 1st Floor, Adjacent to Patel Nagar Metro Station, West Patel Nagar, New Delhi

代表者: Shailesh Jacob （Founder & CEO）

持分比率: 26.3%（持分法適用関連会社）（2025年3月時点）

総資産: 5.8百万米ドル

顧客数: 1,142社

URL: https://www.loanframe.com/

会社名: Sejaya Micro Credit Limited

本社所在地: No. 374, High Level Road, Gangodawila, Nugegoda

代表者: Anthony Francis Rizanth （Chief Executive Officer）

持分比率: 100.0%（連結子会社）（2025年3月時点）

総資産: 21.6百万米ドル（2024年12月時点）

顧客数: 72千人

URL: https://sejayacredit.com/

会社名: Microfinance Delta International Company Limited

本社所在地: Building 18, 4th floor, Room No.501~507, MICT Park, Hlaing Township, Yangon

代表者: Michel Iams （Chief Executive Officer）

持分比率: 85.7%（連結子会社）（2025年3月時点）

総資産: 24.0百万米ドル

顧客数: 87千人（融資・預金顧客の合算）

URL: https://www.mifida-myanmar.com/

会社名: MAXIMA Microfinance Plc.

本社所在地: No 0841, 1st floor, Unit No 1H, Preah Monivong Blvd., Phum 4, Sangkat Tonle Basak, Khan Chamkar Mon, Phnom Penh

代表者: 磯崎智弘（Chief Executive Officer）

持分比率: 100.0%（連結子会社）（2025年3月時点）

総資産: 25.6百万米ドル（2024年12月時点）

顧客数: 10千人

URL: https://maxima.com.kh/home-en/

会社名: Ananya Finance for Inclusive Growth Private Limited

本社所在地: 903, 9th Floor, Sakar-IX, Besides Old RBI, Ashram Road, Ahmedabad

代表者: Abhisek Khanna （Managing Director）

持分比率: 95.8%（連結子会社）（2025年3月時点）

総資産: 79.2百万米ドル

個人顧客数: 129千人（Prayasを含む） / 法人顧客数: 23社

URL: https://www.ananyafinance.com/

会社名: SATYA MicroCapital Limited

本社所在地: 7/A, Sector – 125, Noida, Uttar Pradesh

代表者: Vivek Tiwari (Managing Director & CEO)

持分比率: 70.7%（連結子会社）（2025年3月時点）

総資産: 721.2百万米ドル

顧客数: 1,710千人（SATYA Micro Housingを含む）

URL: https://satyamicrocapital.com/

Company name: Baobab S.A.S.

Address: 1 Rue de Gramont, Paris

Management: Philip Sigwart (Chief Executive Officer)

Gojo’s ownership: 16.4% (Investment (Non consolidated)) (as of March 2025)

Asset size: 981.5 million USD (as of December 2024)

No. of clients: 526 thousand clients (as of December 2024)

Company homepage: baobab.com

Company name: CJSC Bank Arvand

Address: Prospect I. Somoni 1 “A”, Khujand city, Sughd region

Management: Shoira Sodiqova (Chairperson)

Gojo’s ownership: 9.0% (Investment (Non consolidated)) (as of March 2025)

Asset size: 137.4 million USD (as of December 2024)

No. of clients: 193 thousand clients (as of March 2025)

Company homepage: https://arvand.tj/en/person/

Company name: CJSC MDO Humo

Address: 148/1 N. Qaraboev Street, Dushanbe

Management: Firdavs Mayunusov (General Director)

Gojo’s ownership: 97.0% (Subsidiary) (as of March 2025)

Asset size: 177.9 million USD (as of December 2024)

No. of clients: 302 thousand clients (aggregate of lending, saving, cards, online banking clients etc.)

Company homepage: https://humo.tj/en/

Company name: JSC Credo Bank

Address: R. Tabukashvili Street #27 Tbilisi

Management: Zaza Pirtskhelava (Chief Executive Officer)

Gojo’s ownership: 16.8% (Equity method affiliate) (as of March 2025)

Asset size: 1,093.2 million USD (as of December 2024)

No. of clients: 498 thousand clients (aggregate of lending and saving clients as of December 2024)

Company homepage: https://credobank.ge/en

Company name: Sejaya Micro Credit Limited

Address: No. 374, High Level Road, Gangodawila, Nugegoda

Management: Anthony Francis Rizanth (Chief Executive Officer)

Gojo’s ownership: 100.0% (Subsidiary) (as of March 2025)

Asset size: 21.6 million USD (as of December 2024)

No. of clients: 72 thousand clients

Company homepage: https://sejayacredit.com/

Company name: Microfinance Delta International Company Limited

Address: Building 18, 4th floor, Room No.501~507, MICT Park, Hlaing Township, Yangon

Management: Michel Iams (Chief Executive Officer)

Gojo’s ownership: 85.7% (Subsidiary) (as of March 2025)

Asset size: 24.0 million USD

No. of clients: 87 thousand clients (aggregate of lending and saving clients)

Company homepage: https://www.mifida-myanmar.com/

Company name: MAXIMA Microfinance Plc.

Address: No 0841, 1st floor, Unit No 1H, Preah Monivong Blvd., Phum 4, Sangkat Tonle Basak, Khan Chamkar Mon, Phnom Penh

Management: Tomohiro Isozaki (Chief Executive Officer)

Gojo’s ownership: 100.0% (Subsidiary) (as of March 2025)

Asset size: 25.6 million USD (as of December 2024)

No. of clients: 10 thousand clients

Company homepage: https://maxima.com.kh/home-en/

Company name: Ananya Finance for Inclusive Growth Private Limited

Address: 903, 9th Floor, Sakar-IX, Besides Old RBI, Ashram Road, Ahmedabad

Management: Abhisek Khanna (Managing Director)

Gojo’s ownership: 95.8% (Subsidiary) (as of March 2025)

Asset size: 79.2 million USD

No. of clients: 129 thousand clients (including Prayas) / 23 wholesale partners

Company homepage: https://www.ananyafinance.com/

Company name: Loan Frame Technologies Pte. Ltd.

Address: 2/15, 1st Floor, Adjacent to Patel Nagar Metro Station, West Patel Nagar, New Delhi

Management: Shailesh Jacob (Founder & CEO)

Gojo’s ownership: 26.3% (Equity method affiliate) (as of March 2025)

Asset size: 5.8 million USD

No. of clients: 1,142 SME clients

Company homepage: https://www.loanframe.com/

Company name: SATYA MicroCapital Limited

Address: 7/A, Sector – 125, Noida, Uttar Pradesh

Management: Vivek Tiwari (Managing Director & CEO)

Gojo’s ownership: 70.7% (Subsidiary) (as of March 2025)

Asset size: 721.2 million USD

No. of clients: 1,710 thousand clients (including SATYA Micro Housing)

Company homepage: https://satyamicrocapital.com/

川城瑛

社外取締役

日本法及びイリノイ州法弁護士。サウスゲイト法律事務所・外国法共同事業パートナー。国内及びクロスボーダーのM&A、スタートアップ投資を中心に取り扱う。東京証券取引所における勤務経験を活かして、証券取引所関連規制についてのアドバイスも強みとする。

2013年に森・濱田松本法律事務所にてキャリアをスタートし、主に、国内及びクロスボーダーのM&A取引、独占禁止法対応に従事。五常においては、社外取締役として取締役会及び各種委員会に出席することにより、独立した見地から経営陣のモニタリングを行っている。

Kshama Fernandes

社外取締役

資本市場、リスク管理、およびストラクチャードファイナンス分野において30年の経験を持ち、過去15年間はインドの金融包摂分野に注力。金融の力を活用した良い社会の実現に対する知識と献身が評価され、インド政府によって設置された様々な高権限委員会のメンバーも務めた。また世界銀行、シカゴ・マーカンタイル取引所（CME）、インド財務省、NSEITなどの機関のコンサルティング業務に携わった経験も持つ。従来の金融機関によって取り残されてきた人々を対象とした債務市場の創出と発展において、革新的で先駆的な取り組みを通じてインドに多大な貢献を果たす。またNorthern Arc Groupの副会長も務め、インドの銀行サービスを受けていない法人を投資家と結びつけている。にインドの金融市場およびインパクト投資の分野で指導的な人物として認識されている。

数学の学士号、経営学の修士号、ファイナンスの博士号を取得。エクストリームスポーツの愛好家であり、プロレベルの登山、セーリング、スカイダイビング、バイクを楽しむ。

社員インタビュー：Rania Manayra（Corporate Planning Officer）

入社のきっかけを教えてください。
私はずっとビジネスと社会的インパクトが交わる領域で働きたいと思っていました。そのため、インパクト投資はキャリアの出発点として自然な選択に感じられました。中でも五常に惹かれた理由は、グループ会社との関わりの深さです。投資によるリターンを追求するだけでなく、より多くの人々にインパクトを届けるために積極的に関与している姿勢に強く共感しました。

五常での一日を教えてください。
毎日本当に違っていて、同じ日はありません。朝は東京オフィスに出社しメールやSlackを確認した後、分析業務などに取り組みます。午後から夕方にかけてはインドやヨーロッパ、グループ会社にいる同僚たちとの業務に入るため、会議中心の時間になります。オフィス勤務の特権のひとつは、合間に東京チームのメンバーとコーヒーブレイクを楽しめることです！

五常で働くことの挑戦とやりがいはなんですか。
スピード感のある環境は大変な部分もありますが、やりがいのある部分でもあります。日々さまざまなチームやグループ会社で新しい動きがあり、変化に対応する必要があります。その中で本当に喜びを感じるのは、五常のサービスが顧客の生活に変化をもたらしたと直接話を聞く瞬間です。

将来の五常メンバーへ一言お願いします。
自分自身の成長と同時に、自分より大きな何かに貢献したいと思っている方は、きっと私と同じように五常での時間を楽しめるはずです。

琴坂将広
社外取締役

慶應義塾大学総合政策学部教授とオックスフォード大学Saïdビジネススクールアソシエイトフェロー。2017年3月に社外取締役として五常に参画。

数社の起業を経験の後、マッキンゼー・アンド・カンパニーの日本およびドイツを拠点に主に海外企業の経営支援に従事。その後、オックスフォード大学に移籍し、経営学の優等修士号と博士号を取得。立命館大学経営学部を経て、2016年より現職。専門は、経営戦略、国際経営、および、制度と組織の関係。慶應義塾大学政策・メディア研究科委員、上場企業を含む複数のスタートアップの社外役員を兼務。著書に『STARTUP優れた経営者は何を考え、どう行動したか』、『経営戦略原論』、『領域を超える経営学』、分担著に『Japanese Management in Evolution』などがある。

Haruna Tanaka

Head of Corporate Planning & PMI

Haruna is a professional with expertise in strategy, business development and incubation. She is the Head of Corporate Planning and PMI of Gojo, working on strategy development, post merger integration, corporate governance, social performance management, impact measurement, stakeholder impact management and any other projects that are needed to further enhance Gojo’s work.

Prior to Gojo, she worked for Rakuten, a Japanese internet services company for 10 years. As a member of the CEO’s office, she worked on special projects and other items on the CEO’s agenda, including acquisition of overseas companies, enrollment of Englishnization at Rakuten, strategy development of Rakuten Mobile and more. Amongst other things, she also led Rakuten’s ebook business as business manager in Japan and Taiwan, Asian business development, and innovation activities, including internal and external accelerator programs. Before Rakuten, she was a strategy consultant at Booz and Company. She graduated from Tokyo University majoring in Economics. She has lived 3 years in UK and a year in US in her childhood and is fluent in Japanese and English.

Outside of work, Haruna is a partner and board member of Social Venture Partners Tokyo, an NPO supporting seed stage social entrepreneurs to succeed. She is also a mother of 2 children, and enjoys reading and playing the flute.

Sohil Shah

Principal/Head of VC

Sohil graduated from the University of Michigan, Ann Arbor, with a Masters in Finance and completed his under graduation in Electronics Engineering from the University of Mumbai. Before joining Gojo, Sohil was a part of the Aavishkaar-Intellecap Group where he led Intellecap Impact Investment Network, an early-stage angel network focused on making investments in social impact start-ups. In his five years with the group, he led around 35 investments in India and East Africa of which they exited from 6 companies and another 15 companies raised follow-on round of investment.

An Investment Banking professional with over six years of experience in India and US, Sohil previously worked as a Senior Analyst at Bank of America. He was part of the Global Investment Banking team, with a key focus on the healthcare sector, where he was a part of a few billion-dollar M&A transactions. Prior to that, he worked with the investment banking teams at Fortune Financial Services (India) Ltd and Crucible Capital Group in New York.

Apart from being an avid brewer, Sohil is an angel investor in his personal capacity as well. He lives in Pune with his family.

Gürol Michael Sari

Chief Operating Officer

Gürol Sari joined Gojo in June 2020 as our Chief Operating Officer, and oversees the strategic and operational development of our partner institutions. Gürol has extensive leadership experience in retail banking, SME finance, microfinance & financial digitalization, as well as experience in turnarounds of several institutions. He has worked in the banking sector for over 30 years in many countries, including Germany, Austria, Myanmar, Turkey, Albania, Russia, Australia, and Tanzania.

From the start of his career, his interest was drawn towards innovation and impact: Gürol created the first fully automated online credit solution in Germany, easyCredit, which is ranked No.1 today in Germany. Prior to joining Gojo, Gürol worked as Chief Operating Officer of Vision Fund Myanmar, where he developed and implemented a fully digitized microfinance system that provided over 300,000 clients in extreme poverty with access to credit, savings, and education. He currently advises several international banks on digitization and change processes.

Gürol has a creative spirit and is always active. He is passionate about architecture, gardening, handicraft (particularly remodeling houses), and loves to bike and to play tennis. He dreams of sailing with his wife once his two children are independent.

Takao Takahashi

Chief People & Inclusion Officer

At Gojo, Takao leads corporate planning and HR. Before joining Gojo, Takao was an Investment Officer at International Finance Corporation (IFC), the private sector arm of the World Bank Group, based in both Washington DC and Jakarta. In his 7 years with IFC, he led investments in microfinance institutions, banks and fintech startups in emerging markets. Before IFC, Takao worked as the Bhutan Prime Minister’s Fellow, developing microfinance regulations and financial inclusion policy to contribute to Bhutan’s Gross National Happiness (GNH). He also worked for 4 years as a management consultant with McKinsey & Company based in Frankfurt and Tokyo.

Takao graduated from Georgetown University, USA, with a Master of Science in Foreign Service and completed his Bachelor of Laws from Kyoto University, Japan.

Takao loves singing, both opera and karaoke. Tennis is his favorite sport. He has authored a book in Japanese, the English translation of the title being; ‘What is true happiness? Thoughts from Bhutan’

Arnaud Ventura

Managing Partner

Arnaud has founded and led two of the leading European financial inclusion groups active in Micro and SME finance, as well as digital finance.

Between 1998 and 2008, Arnaud cofounded and led PlaNet Finance with the support of Jacques Attali (Chairman) and Muhammed Yunus (Chairman Advisory Board). It was one of the most successful European financial inclusion groups, providing mainly advisory services in the sector. Between 2008 and 2019, Arnaud founded & led Baobab (formerly MicroCred), the leading Micro&SME digital bank in Africa & China. In 2019 alone, Baobab lent $1 billion to 1 million clients, generating around $200 million total revenues and more than $40 million pre-tax profit.

Arnaud is a Young Global Leader of the World Economic Forum. He also cofounded the French China Foundation, the leading network of Young Leaders between France and China, and Share Africa, a platform to promote Africa’s innovation and creativity. Arnaud graduated from EFREI, Paris, in Computer Science, and La Sorbonne in Philosophy. He speaks French, English and Spanish fluently and loves reading history & philosophy. He loves skiing and hiking in the mountains (particularly in the South of France), and has 2 young boys.

Akira Kawashiro

Outside Director

Akira Kawashiro is an attorney qualified to practice both Japanese law and Illinois law, currently serving as a Partner at Southgate, a law firm in Tokyo. His practice primarily focuses on domestic and cross-border mergers and acquisitions (M&A), venture capital investments, and securities regulations. He has also been seconded to the Tokyo Stock Exchange, and has a deep knowledge of disclosure regulations.

Akira began his career in 2013 at Mori Hamada & Matsumoto, where he engaged in domestic and cross-border M&A and antitrust matters. At Gojo, Akira monitors management from an independent standpoint through board and committee meetings as an Outside Director.

Taejun Shin

Founder, Managing Partner & CEO

Taejun cofounded Gojo in 2014 and has led the company’s growth until today as the CEO. Before Gojo, Taejun worked as an investment professional at Morgan Stanley and Unison Capital. To deal with an enormous number of investment projects, Taejun studied programming and automated many financial models, some of which are used even today.

While working in the sector, Taejun founded Living in Peace, an NGO, in 2007 and created the first microfinance investment fund in Japan. Taejun has been involved in Japan’s child foster care for more than a decade and co-established Japan Office for Standards on Children Services in 2021 to conduct third-party inspections on the local authority children services in Japan.

Taejun is the Young Global Leader of the World Economic Forum and is the youngest founding board member of Endeavor Japan. He is an author of 10 books, a finisher of the 1648 km ultra-marathon, and a Karate black-belt holder (he just recently started Brazilian Jiu-jitsu and owns a blue belt as of 2022). Taejun is fluent in Japanese, Korean, and English. He plays drums and loves shooting street photos of the world.

Masahiro Kotosaka

Outside Director

Masahiro Kotosaka is Professor at Keio University, an Associate Fellow of Saïd Business School, University of Oxford, and a non-executive director of Gojo & Company since March 2017. He is an expert in Internationalization strategy and early stage business development, and advisor/non-executive director of several start-up/multinational companies.

Before moving to Keio, he was an associate professor of multinational management at Ritsumeikan University, a teaching & research associate at the University of Oxford, and a consultant at McKinsey & Company based in Frankfurt and Tokyo. As a practitioner, he worked for strategy/marketing projects with sixteen client organizations across nine industries and nine countries and spent four years running three profitable IT/Retail businesses before joining McKinsey.

He graduated from the University of Oxford with D.Phil. (Ph.D) in Management Studies and MSc in Management Research with Distinction. His recent publication includes STARTUP (Co-authored, NewsPicks Publishing, 2020), The Element of Strategic Management (Toyo Keizai, 2018), and The Japanese Business in Evolution (Co-authored, Routledge, 2017).

Royanne Doi

Outside Director

Royanne Doi is the former Corporate Chief Ethics Officer of Prudential Financial Inc., and former Advisor for Global Legal, Ethics & Compliance to Yamaha Corporation.

Prior to Yamaha, Royanne held senior legal positions with major global financial institutions. At one point, she managed 200+ staff around the world, with business experience in North and South America, Asia, and Europe. During her tenure as a global ethics officer, Prudential Financial received Ethisphere’s designation as one of the World’s Most Ethical Companies for the first time in 2015, and multiple times thereafter. As a member of Gojo’s board, she will further accelerate the strengthening of internal audit and corporate governance to enable the sustainable growth of Gojo group.

Royanne has an undergraduate degree in Philosophy, from Washington University in St. Louis, graduating Magna Cum Laude, Phi Beta Kappa. She earned her Juris Doctorate from UCLA School of Law. She is married to her law school sweetheart and has lived in Japan since 1994. She has three passions: economic empowerment for women, Asia with an emphasis on Japan, and the intersection between neuroscience and behavioral ethics.

Sohil Shah

Principal/Head of VC

ムンバイ大学で電子工学の学士号を、ミシガン大学でファイナンスの修士号を取得。五常入社以前は、Aavishkaar-Intellecapグループに所属し、ソーシャルインパクト・スタートアップへの投資に焦点を当てたエンジェル投資ネットワークであるIntellecap Impact Investment Networkを率いた。5年間の在籍中、インドと東アフリカで約35件の投資を主導した。

投資銀行業務の専門家。以前はBank of Americaにシニアアナリストとして勤務していた。グローバル投資銀行チームに所属し、ヘルスケア分野に重点を置き、数十億ドル規模のM&A取引に関与。それ以前は、インドのFortune Financial Services LtdとNYのCrucible Capital Groupの投資銀行チームに所属していた。

ビール好きであるほか、個人的にエンジェル投資家としても活動。家族と一緒にプネに住んでいる。

Gürol Michael Sari

Chief Operating Officer

2020年6月にCOOとして入社し、パートナー会社の運営を監督。リテールバンキング、SMEファイナンス、マイクロファイナンス、デジタルファイナンスの分野で豊富なリーダーシップ経験を持ち、また、複数の金融機関のターンアラウンドも経験。複数の国で30年以上銀行部門に携わってきた。

キャリアをスタートさせた当初から、イノベーションとインパクトに関心があり、現在ドイツ1位にランクインする初の完全自動化オンラインクレジットソリューション、easyCreditを開発。五常入社以前は、Vision Fund MyanmarのCOOとして、完全デジタル化されたマイクロファイナンスシステムを開発・導入し、貧困顧客30万人以上にローン、預金、教育へのアクセスを提供。現在は、デジタル化と変革のプロセスについて、いくつかの銀行にアドバイスをしている。

クリエイティブな精神を持ち、常にアクティブに活動。建築、ガーデニング、ハンドクラフト（特に家の改造）に熱中し、自転車とテニスをこよなく愛している。2人の子供が独立したら、妻と一緒にヨットに乗るのが夢。

高橋孝郎

Chief People & Inclusion Officer

世界銀行グループIFC（国際金融公社）のワシントンDC本社とジャカルタ事務所でインベストメント・オフィサーとして7年間、マイクロファイナンス・フィンテック向けの投資・融資を担当。IFCの前はブータンで１年間ブータン首相フェローとして金融包摂を通じたGNH（国民総幸福）の向上に従事。

最初のキャリアはマッキンゼーの経営コンサルタントとしてで東京とフランクフルトで計４年を過ごした。

京都大学法学部卒業。ジョージタウン大学外交政策大学院で開発学修士を取得。

趣味は歌（オペラ、カラオケ）、テニス。

著書：ブータンで本当の幸せについて考えてみました。 -「足るを知る」と経済成長は両立するのだろうか？

Sanjay Gandhi

共同創業者執行役CIO

2014年に最高投資責任者として五常を共同創業し、以来、投資部門を率いている。投資先開拓のほか、グループ会社の取締役会や委員会に参加し、グループ会社におけるガバナンス強化に積極的に貢献している。

Delhi University卒業前に公認会計士(CPA)の資格を取得。1990年代前半にインドで監査マネージャーとして勤務した後、金融会社でコーポレートバンキング（北インド）チームを率いる。

2003年にマイクロファイナンス業界に入り、以来、29カ国で約125のMFI格付けと評価を実施し、400以上のMFI格付けレポートを承認した。世界銀行、ADB、UNDP、Cordaid、Mercy Corpsなどの案件を担当。2013年にカンボジアのMFIでCEOを務めた後、慎と共に五常を設立し、マイクロファイナンス分野における豊富な経験を活かしている。

妻と2人の娘とインドで暮らす。英語、ヒンディー語、パンジャブ語を話し、読書、映画、音楽をこよなく愛する。長年The Beatlesを愛している。

Arnaud Ventura

執行役

世界有数の金融包摂グループ2社を設立、CEOとして率いた。

Jacques Attaliとムハマド・ユヌスの支援を受け、プラネットファイナンスを共同設立し、世界中でアドバイザリーサービスを提供。またアフリカ9カ国と中国でBaobab（旧MicroCred）を設立・CEOとして主導。退職前の2019年にBaobabは100万人の顧客に10億ドルを貸し出し、約2億ドルの総収益と4000万ドル以上の経常利益を創出。

世界経済フォーラムのヤング・グローバル・リーダーであり、the French China FoundationとShare Africaの共同設立者でもある。パリのEFREIでコンピュータサイエンスを、La Sorbonneで哲学を学んだ。フランス語、英語、スペイン語を流暢に話し、歴史と哲学を愛する。スキーとハイキングが好きな二児の父。

Milena Nikolova
社外取締役

投資銀行、ウェルスマネジメント、ベンチャーキャピタル、インパクト投資において20年以上の経験を有する金融セクターの専門家。幅広い経験を通じて、インパクトのために資金を投じることは、利益を損なうことなく、世の中のために強力な力となり得るという信念をもつ。

ミレーナは、スタートアップ向けアドバイザーのTherion Advisersの共同創業者兼Managing Partner、気候変動の課題解決に取り組む革新的なソリューションに投資するグローバル・ベンチャーキャピタルであるAera VCのVenture Partner、ベンチャーキャピタルAntlerのVenture Partnerを務めています。以前はロンドンでUBSグループ投資銀行部門のExecutive Director、シンガポールのウェルスマネジメントのコンサルタントを歴任。慈善活動にも力を注いでおり、複数のNGOの創設者やパートナー。米国証券アナリスト。London School of EconomicsでInternational Accounting and Financeの修士号を取得。

Royanne Doi
社外取締役

以前の経歴は米国プルデンシャル・ファイナンシャル Chief Compliance Officer及びChief Ethics Officer、ヤマハ株式会社 Global Legal, Ethics & Compliance Advisor。

ヤマハ株式会社入社前には、プルデンシャル・ファイナンシャル、ステート・ストリート信託銀行、シグナ・コーポレーション、エース・リミテッドなどのグローバル大手金融機関各社でシニア法務担当者を歴任。北米、南米、アジア、欧州で200名以上の従業員を管理した経験も有する。また、Global Ethics Officerとして携わったプルデンシャル・ファイナンシャルは、2015年に初めて「世界で最も倫理的な企業」の1つに認定され、その後複数回にわたり認定を受ける。Doi氏はセントルイスのワシントン大学で哲学の学士号を(最も優秀な学生に贈られるMagna Cum Laude、Phi Beta Kappaを取得)、カリフォルニア大学ロサンゼルス校ロースクールにて法務博士号を取得。1994年より日本に在住し、日本を中心にアジアにおける女性のエンパワーメント、神経科学、行動倫理に取り組む。

慎泰俊

共同創業者代表執行役CEO

1981年東京都生まれ。モルガン・スタンレー・キャピタル、ユニゾン・キャピタルで8年間にわたりプライベート・エクイティ投資実務に携わった後、2014年に五常・アンド・カンパニーを共同創業。グループ経営、資金調達、投資など全般に従事している。

金融機関で働くかたわら、2007年にLiving in Peaceを設立し(2017年に理事長退任)、日本初のマイクロファイナンス投資ファンドを企画した。過去15年以上にわたり社会的養育を受ける子どもの支援に携わっており、2021年に日本児童相談業務評価機関を共同設立した。

単著は10冊。日本縦断1648kmウルトラマラソン完走。空手黒帯、ブラジリアン柔術青帯(2022年時点)。世界経済フォーラムのYoung Global Leader 2018選出。朝鮮大学校法律学科、早稲田大学大学院ファイナンス研究科卒。趣味はストリート写真を撮ること。時々バンドでドラムを叩く。

Haruna’s Story

Why did you join Gojo?
Since the beginning of my career I had wanted to spend my time on supporting people in developing countries. However, I ended up starting my career as a strategy consultant. After 3 years, I joined Rakuten, a Japan-based internet services company, where I worked mainly at the CEO office as an internal consultant. There were many interesting projects and I really enjoyed my time there, but I couldn’t give up on my original aspiration. After spending 10 years at Rakuten I decided to shift my career to pursue my personal mission. You can read more about my career here.

What does a day in your life look like?
A typical day will be like this:
0700-0900 : Time with kids – breakfast, send them off to school, dish washing, laundry etc
0930-1200 : Start working at home. Morning is usually more quiet and I get time to do analysis, write / read reports etc. (if I’m lucky)
1200-1300 : Lunch
1300-1800 : Meetings with Gojo team members, group company counterparts, executive committees and board meetings
1800-2000 : Time with kids – dinner, bath, homework etc
2000-2200 : Not everyday but sometimes late night meetings, some additional work to be done

What do you find challenging and rewarding about your job?
The best part is the people you work with. It is amazing to work with really talented people who share the same values and the goal to achieve a social mission. Everyone is very kind and empathetic, while being super professional. I also like the flat and open culture – you are encouraged to dissent without fear, almost all information is disclosed to everyone so transparency is quite high, very little hierachy. The challenges are workload management and distance with the clients. Being a startup there is always so much work that needs to be done, while as a working mother there is only limited time I can spend, so it sometimes becomes difficult. Being in Japan, it is sometimes difficult to provide effective support to clients in a timely manner. Having said that I feel that the challenges are possible to overcome with the great team members.

A word for prospective team members
I think it was one of my best decisions I made in my life to come to Gojo. I am sure you will feel the same too.

社員インタビュー：田中はる奈（Head of Corporate Planning & PMI）

入社のきっかけを教えてください。
キャリアの最初から発展途上国の人々を支援する仕事に携わりたいという思いがありました。しかし、実際には戦略コンサルタントとしてキャリアをスタートさせ、その後は楽天に転職し、主に社長室で社内コンサルタントとしてさまざまなプロジェクトに関わっていました。とても刺激的で楽しい時間でしたが、心のどこかで最初に描いていた志を諦めきれませんでした。楽天で10年間働いた後、自分自身のライフミッションを追求するために転職する決断をしました。私のこれまでのキャリアについては、こちらでもご覧いただけます。

五常での一日を教えてください。
0700-0900：子どもたちとの時間（朝食、学校への送り出し、皿洗い、洗濯など）
0930-1200：在宅勤務で仕事を開始します。午前中は比較的静かなので、分析やレポートの作成など、集中が必要な作業に取り組める時間です（うまくいけばですが）
1200-1300：ランチ
1300-1800：五常メンバーやグループ会社の担当者との会議、経営会議や取締役会などの打ち合わせが中心
1800-2000：子どもたちとの時間（夕食、お風呂、宿題など）
2000-2200：ミーティング、追加の仕事（毎日ではないです）

五常で働くことの挑戦とやりがいはなんですか。
五常で働く上で一番魅力を感じているのは「人」です。同じ価値観やミッションを共有する、本当に優秀な仲間たちと働けることは素晴らしい経験です。みんなとても優しく思いやりがある一方で、非常にプロ意識が高いです。また、フラットでオープンな企業文化も魅力の一つです。異なる意見を恐れずに発信することが推奨されており、透明性も非常に高く、ほとんど全ての情報がメンバーに共有されます。一方で、業務量の管理や顧客との距離が課題として挙げられます。スタートアップであるためやることが常に山積みで、ワーキングマザーとして使える時間には限りがあるため、バランスをとることが難しいこともあります。また、日本にいると顧客に対してタイムリーに十分な支援を行うことが困難だと感じる場面もあります。それでも、この素晴らしいチームメンバーと一緒なら、こうした課題も乗り越えられると考えています。

将来の五常メンバーへ一言お願いします。
五常に入ったことは、私の人生の中で最善の決断の一つです。みなさんも同じように思うことを願っています。

田中はる奈

Head of Corporate Planning & PMI

21年4月より五常に参画し、現在は経営企画部長。戦略策定、PMI、コーポレート・ガバナンス、ソーシャルパフォーマンス管理、インパクト測定、ステークホルダー・インパクトマネジメントなどを担当。前職の楽天株式会社では、主に社長室で全社戦略を担当する傍ら、テクノロジーを活用し社会起業家を支援する楽天ソーシャルアクセラレータを立ち上げ。

プライベートでは社会起業家を支援するSVP東京のパートナーであり二児の母。五常財団事務局として運営に携わっている。

Sohil’s Story

Why did you join Gojo?
Prior to joining Gojo, I worked with one of India’s largest impact investing groups covering many sectors like healthcare, financial services, agriculture, education etc. After 5 years, I felt the need to build deep expertise in a particular area so as to make a meaningful contribution. With financial inclusion as its core theme, Gojo not only gave me an opportunity to work directly on the field but also think about how I can make real impact.

What does a day in your life look like?
Even after a few years at Gojo, my days are still intellectually stimulating! Typically I have a bunch of calls/meetings on various issues – building investment pipelines, negotiating new investments, managing group companies, etc. Initially it did look overwhelming, but I like the fact that it gives me an opportunity to cover multiple facets related to building a strong foundation for the group. There are also a lot of casual chats with colleagues between meetings which make for a fun day!

What do you find challenging and rewarding about your job?
The only challenge I see at Gojo is our remote style of working. Throughout my career, I have worked with colleagues co-located in a physical office so this was definitely new to me. But the rewards outweigh the challenges and make it all worthwhile. The opportunity to understand the hardships of our clients, experience their lives, and constantly strive to make them better keeps me going. You feel that you’re making a dent in the universe, in your own small way, and that feeling has been very satisfying for me.

A word for prospective team members
Despite the large scale, Gojo still operates like a start-up. If you want to make a difference to the society while working in a flat organization with a high level of ownership, then this is the place for you!

社員インタビュー：Sohil Shah (Principal/Head of VC)

入社のきっかけを教えてください。
五常に入社する前はヘルスケア、金融サービス、農業、教育など幅広い分野を扱うインド最大のインパクト投資グループで5年間働いていました。その中で、本当に意義のある貢献をするためには、特定の領域で専門性を磨く必要があると感じるようになりました。五常に入社することで、金融包摂という特定のの領域の知見を深めるとともに、自分自身がどうすれば本当の意味でのインパクトを生み出せるのかを見つめ直すきっかけを得ることができました。

五常での一日を教えてください。
五常に入ってから数年が経ちましたが、日々刺激を受けています。普段は、投資案件のパイプライン構築やディールメイキング、グループ会社のマネジメントなど、会議や打ち合わせが立て続けにあります。最初は少し圧倒されるように感じていましたが、会社の基盤を強化するために、こうした多様な業務に関わることができるのはとても面白いと感じています。会議の合間は同僚との気軽なおしゃべりもあります。

五常で働くことの挑戦とやりがいはなんですか。
五常で働く上で唯一難しいと感じているのは、リモートワークを基本とした働き方です。これまでのキャリアでは同じオフィスで同僚と一緒に働くことが当たり前で、自分にとって新しい環境でした。とはいえ、それ以上に得られものが大きいです。顧客が直面する困難を理解し、実際にその生活にも触れながら少しでも良くしようと日々取り組むことに大きなやりがいを感じています。自分の手で社会に変化を起こしていることを実感できることが何よりも大きな満足感とやりがいにつながっています。

将来の五常メンバーへ一言お願いします。
五常は成長した今でもスタートアップのようなカルチャーがあります。社会にインパクトを与えたい方、フラットな組織の中で主体性を持って働きたい方には、ぴったりの環境です。

Rania’s Story

Why did you join Gojo?
I’ve always been passionate about working at the intersection of social impact and business, so impact investing felt like a natural starting point for my career. What drew me specifically to Gojo was its hands-on involvement with its group companies. This allows Gojo to go beyond financial returns and actively extend its impact to reach more people, which really resonated with me.

What does a day in your life look like?
Everyday is always different! I usually head to the Tokyo office in the morning to catch up on emails, Slack messages, and conduct analysis work. In the afternoon-evening, when colleagues in India, Europe, and our group companies start their workday, I shift to meetings. One of the perks of being in the office is the chance to have coffee breaks with the Tokyo team between tasks 🙂

What do you find challenging and rewarding about your job?
The fast-paced environment is both the most challenging and most rewarding part of the job. Every day brings new developments across different teams and group companies. What truly makes it rewarding though, is hearing firsthand from clients about how Gojo’s services have made a difference in their lives.

A word for prospective team members
If you are someone who wants to grow while contributing to something bigger than yourself, I am sure you will enjoy your time at Gojo as much as I do.

Almira Zejnilagic

社外取締役

リスクおよび危機管理戦略において20年の経験を持ち、アドバイザー、取締役、経営陣として様々な企業の役職を歴任、投資委員会メンバーの経験も併せ持つ。近年は、急成長中のグローバルWeb 3金融サービス企業のシニアエグゼクティブとしても活躍。それ以前はFTIコンサルティングのパートナーとして10年間にわたりヨーロッパ、中央アジア、アフリカでグローバルリスクおよび調査実務を構築・運営した。

ボスニア難民として送金や金融アクセスに関する課題に直面した経験が、後に金融包摂やデジタル金融、また広範な社会問題に対する強い関心を抱くきっかけとなった。

世界経済フォーラムのヤング・グローバル・リーダーでもある。英語、セルボ・クロアチア語、ロシア語に加えて初級レベルのタジク語も話す。

余暇では家族と読書や料理を楽しむ。

Ignacio Mas-Ribo
社外取締役

五常の社外取締役のほか、タフツ大学フレッチャースクールの新興市場企業議会シニアフェロー、独立コンサルタントを務める。

2015年から2020年までデジタルマネーと電子決済に関する研修コースを提供する非営利団体であるDigital Frontiers Instituteの共同創設者および業務執行取締役を務めた。それ以前は、ビル＆メリンダ・ゲイツ財団の貧困層向け金融サービスプログラムの副ディレクター、CGAPのテクノロジープログラムのシニアアドバイザー、ボーダフォン・グループのグローバルビジネス戦略ディレクター、DoCoMo interTouchのマーケティングおよびアカウントマネジメント担当エグゼクティブVP、インテルキャピタルのヨーロッパにおける通信投資担当シニアマネージャーなどを歴任。

MITで数学および経済学の学士号を取得し、ハーバード大学で経済学の博士号を取得。またシカゴ大学のブース・スクール・オブ・ビジネスで非常勤教授を務めた経験もある。

Milena Nikolova

Outside Director

Milena has over 25 years of finance experience spanning across investment banking, wealth management, venture capital investing and startup advisory. She is a strong believer that directing capital for impact can be a powerful force for good without compromising financial returns.

Milena is Partner at Antares Ventures, an early-stage venture capital firm taking a strategic approach to investing globally in breakthrough innovations that address sustainability challenges in Asia’s Growth Markets. She is co-chair of the Climate Solutions Committee at the Singapore Venture & Private Capital Association. She is also involved in several philanthropic initiatives and is a Member of the Board of Trustees of the Clean Air Fund, a leading non-profit at the intersection of climate and health.

Prior to that she was Partner at Aera VC and focused on investing in transformative technologies to reverse climate change. In her earlier career as Executive Director at UBS Investment Bank in London, Milena advised leading financial institutions on mergers, acquisitions, and IPOs with over $10bn in deal value. In Singapore, she worked in UBS wealth management, advising ultra-high-net-worth individuals on asset allocation, wealth planning, and corporate structuring.

Milena holds a MSc Degree in International Accounting and Finance from the London School of Economics.

Kshama Fernandes

Outside Director

Kshama has three decades of experience in Capital Markets, Risk Management and Structured Finance, with the last 15 years focussed on the financial inclusion space in India. Respected for her knowledge and commitment towards the cause of unleashing the power of finance for the greater good, Kshama has been a member of various High Powered Committees setup by the Government of India and has worked on consulting assignments for the World Bank, the Chicago Mercantile Exchange, Ministry of Finance, Government of India, and NSEIT. Through her innovative and pioneering work, she has been instrumental in creating and developing the market for debt for the underbanked in India. Kshama is recognised as a leading figure in the Indian financial markets, and in the world of impact investing. She is also the Vice Chairperson of the Northern Arc Group, a leading finance company in India that invests and connects underbanked institutions and businesses to capital markets investors.

She has a bachelors in Mathematics, a Masters in Management and a Ph.D. in Finance. An adventure sports enthusiast, Kshama is a trained mountaineer, sailor, sky diver and an ardent biker.

Almira Zejnilagic

Outside Director

Almira has two decades of experience in risk and crisis strategy management, having worked as an advisor, board member and management, as well as having extensive Investment Committee experience. Most recently she was a senior executive in a global, fast-growing Web 3 financial services business and previously a Partner at FTI Consulting where she spent a decade and helped build and ran Global Risk and Investigation Practic in Europe, Central Asia and Africa.

During her formative years, as a Bosnian refugee, Almira experienced challenges relating to remittances and access to finance, which later shaped her keen interest in finacial inclusion and digital finance as well as broader issues of social justice.

Almira is a Young Global Leader of the World Economic Forum. She speaks English, Serbo-Croatian and Russian (as well as some basic Tajik). She enjoys reading and cooking with her family.

Ignacio Mas-Ribo

Outside Director

Ignacio is a non-executive director at Gojo & Company, Senior Fellow at the Fletcher School’s Council on Emerging Market Enterprises at Tufts University, and an independent consultant.

During 2015-2020, Ignacio was co-founder and executive director at the Digital Frontiers Institute, a not-for-profit that develops professional development training courses around digital money and payments. Previously, he was Deputy Director in the Financial Services for the Poor program at the Bill & Melinda Gates Foundation and Senior Advisor at the Technology Program at CGAP. I have been Director of Global Business Strategy at Vodafone Group, Executive VP of Marketing and Account Management at DoCoMo interTouch, and Senior Manager responsible for telecoms investments in Europe for Intel Capital.

Ignacio has undergraduate degrees in maths and economics from MIT and a PhD in economics from Harvard University. He has been Adjunct Professor at the Booth School of Business at the University of Chicago.

Sanjay Gandhi

Co-founder, Managing Partner & CIO

Sanjay co-founded Gojo in 2014 as Gojo’s Chief Investment Officer and has led the Investment Division since then. Apart from recommending the investments to be made by Gojo, he also represents Gojo on the Board and Committees of the partner entities and contributes actively towards strengthening the governance at the partner level.

Sanjay qualified as a Chartered Accountant (CPA) before graduating from Delhi University. After his first job as an Audit Manager in India in early 1990s, he led the Corporate Banking (North India) team for a Finance company.

Sanjay joined the microfinance industry in 2003 and has been part of it ever since: conducted about 125 MFI ratings & assessments in 29 countries; approved more than 400 MFI Rating reports. Some of the assignments were for the World Bank, ADB, UNDP, Cordaid and Mercy Corps. After his CEO assignment at a Cambodian MFI in 2013, Sanjay and Taejun got together to set up Gojo, where Sanjay’s extensive experience in the microfinance sector has been invaluable.

Sanjay operates from India, where he stays with his wife and two daughters. He speaks English, Hindi, and Punjabi. Loves reading; movies; and music. “The Beatles” is his all-time favourite music band.

Customers

Our key focus is our net positive impact on our clients through financial inclusion, something enshrined in our corporate mission. This continuous effort is reflected in our score in the “Customers” category, by far the highest in our assessment with 50.6 points overall, out of a maximum of 80. We are not satisfied yet: our work to further improve how we serve and support our clients is detailed in the impact reports we publish every year.

Latest News:

Gojo developed its first Social Finance Framework covering bonds, loans, and equity financing, supported by an external review

Latest News:

Gojo developed its first Social Finance Framework covering bonds, loans, and equity financing, supported by an external review

Kannan

Respondent Kannan, aged 30, married, a fisherman who lives with his family. He sends his children to private schools. He had lived on small-sized informal loans in 2022 during the economic crisis, when Sri Lanka experienced a significant currency depreciation and sharp price increases.

In early 2023, he repaired his fishing boat and purchased fishing nets through a local microfinance institution. He shares that the fishing nets need to be changed twice or thrice per year and the financial services help in his business continuity. He is also a participant of ROSCA (Rotating Savings and Credit Association) and his income has seen an increase since mid-2023. He faces financial setbacks when his boat engine fails and he depends on his relatives for immediate cash to meet the household needs in times of emergencies.

In the photo, Kannan stands beside his boat and fishing nets.

Jessy

Respondent Jessy, aged 37, is divorced and a mother of two children. She lives in her mother’s house and earns through tailoring where the sewing machine and other tailoring equipment were purchased through a local microfinance institution.

She manages her household needs through occasional alimony from her ex-husband, Samurdhi government benefits and support from close relatives. She keeps monthly shop credit for basic food and grocery expenses and repays the following month. She wants to earn more and focuses on her tailoring skills. Jessy desires to build her own house in the future.

In the photo, Jessy sits next to her newly purchased sewing machine.

We counted the monthly income for each household in the Cambodia Diaries and aggregated the frequencies based on magnitude. The leftmost bar represents the number of months with no recorded income. Levels ranging from less than USD 10 to around USD 70 were the most frequently observed income levels. We can also see that as income increases, its frequency decreases.

Read more in our joint report with JICA.

This graph shows how the diarists borrow from financial institutions like microfinance institutions and banks for larger loan sizes and in less frequency, and how they borrow from relatives and individual lenders for smaller sized loans.

This is the total number and cumulative amount of all transactions recorded in the Cambodia Diaries. All transactions have been categorised into four quadrants. You can see various sources of income and expenses, as well as the inflows and outflows from financial or asset transactions.

Read more in our joint report with JICA.

This graph represents the count of expenses for each household in the Cambodia Diaries for over a monthly period, aggregated by magnitude. There were no instances of zero expenses over a month. Levels ranging from less than USD 50 to around USD 90 were the most common expense levels. Compared to the income distribution, the distribution of expenses is more skewed. It suggests that expenses are necessary even when there is no income; in cases of substantial income, some of it is saved instead of spent.

Read more in our joint report with JICA.

Prema

Respondent Prema, aged 33, a housewife and a mother of 3 children, lives with her spouse. Her spouse is a driver and her 13-year-old helps record daily cash flow in the financial diary.

The household purchased a piece of land through a local institution and has done house repairs in phases by pawning gold goods. The loan repayments, utility bills, school and tuition fees are the recurring high expenditures in 2023. In January 2024, they invested in a small business towards fragrant agarwood plants. The household aims towards varied objectives balancing monthly income and expenditures.

In the photo, Prema stands on her purchased land with construction materials.

Chandri

Respondent Chandri, a housewife, aged 33, lives with her spouse, two children and parents. Her spouse is a carpenter and she participates in ‘Equipment Seettu’ where regular deposits are made to a shop and by the end of the stipulated period, she receives household goods. Seettu is a group saving method practiced among Sinhalese men and women, and it operates through friends and social circles in the community. In this case, it is probably in collaboration with the seller of these pots.

She has a children’s bank account where she tries to save, though not regularly. The household had utilized small-sized loans from welfare societies and local lenders for the consumption / purchase of household goods. Chandri shares that managing the medical expenses of the parents is hard to get by, yet the financial diary helps to cut unnecessary expenses and save for emergencies.

In the photo, Chandri carries her new cooking utensils (equipment seettu).

Cambodia Financial Diaries