December 2, 2022

Gojo’s Sri Lanka Financial Diaries Tracking Survey: October 2022 Results

In this blog post we introduce the October 2022 tracking survey results of Gojo's Sri Lanka Financial Diaries project. This time, we included brief report on a voucher distribution program we did this September. Read the full report in PDF here and our August 2022 report here.

  • Majority of the diarists are still stressed
  • Less and less diarists have difficulties in accessing food, but the rising prices of food items is still a major concern
  • Diarists’ income keep on decreasing, as almost half report their income has decreased from September

Have you had difficulties finding food in shops near you in the past week?

How did your  income / your partner’s income change in the past month?

Can you tell us whether you experienced any instance where you had to source funds in the last 2 weeks?

On a scale of 1-10 where 1 = Not stressed at all and 10 = Very stressed, how stressed are you in the past two weeks financially?

Did you face any of the below situations in the last 2 weeks? (Food)

Did you face any of the below situations in the last 2 weeks? (Healthcare)

How did your  income / your partner’s income change in the past month?

Can you tell us whether you experienced any instance where you had to source fund from a financial institution or from a friend / neighbor in last 2 weeks?

What at this right moment, is the worst aspect of the crisis for you and your family?


  • We distributed food vouchers to all diarists as a token of our appreciation for their participation in the project, with the help of the Sejaya and Sparkwinn teams
  • Each voucher was worth 5000 LKR
  • Recipients were able to use the vouchers at Cargills stores, a supermarket chain in Sri Lanka

After receiving the voucher, when did you use it?*

*data was collected 2 weeks after distribution

What did you use it for?

October 13, 2022

Gojo’s Sri Lanka Financial Diaries Tracking Survey: August 2022 Results

In this blog post we introduce the August 2022 tracking survey results of Gojo's Sri Lanka Financial Diaries project. This time, we included an interview we did with one of the diarists. Read the full report in PDF here and our July 2022 report here.

Overall, there was an improvement in stress levels and access to food and healthcare, but people are still experiencing continuous decrease in income. 

  • Majority of the diarists are still stressed, but stress levels are now more scattered
  • 56.7% have difficulties in accessing food - an improvement from July’s 69.4%
  • Food spending ratio continues to increase
  • Diarists’ income keep on decreasing, as more than half report their income has decreased from July
  • However, less people had to source funds (18.9%) compared to July (31.6%)

Have you had difficulties in accessing food during the last week?

Is there change in income you / your partner earned in the last 2 weeks compared to a month ago?

Can you tell us whether you experienced any instance where you had to source funds in the last 2 weeks?

On a scale of 1-10 where 1 = Not stressed at all and 10 = Very stressed, how stressed are you in the past two weeks financially?

Did you face any of the below situations in the last 2 weeks? (Food)

Food spending ratio in households (Dec '21-Jun '22)

Did you face any of the below situations in the last 2 weeks? (Health)

Is there change in income you / your partner earned in last 2 week compared to a month ago?

Can you tell us whether you experienced any instance where you had to source fund from a financial institution or from a friend / neighbor in last 2 weeks?

What at this right moment, is the worst aspect of the crisis for you and your family?

Inflow and outflow of households (Dec ‘21-May ‘22)


Interview with a Diarist

We interviewed a woman in her 30s who lives in Walakumbura, Narammala. She lives with her husband and three children (12yo, 3yo, 2mo). Her source of income is her husband who works as a driver.

During her pregnancy, she had lots of difficulties due to her husband not having work. There were times where her family only ate rice and sambol, and had to eat one meal to cover both lunch and dinner. She used to receive food stamps, but the program has been halted. 

Compared to the previous 2 months, her financial situation has slightly improved because her husband is now able to find work and receive a better salary. She was not able to buy clothes for her two elder children in the past 6 months. But now, she is able to do so.

There are still minor issues due to inflation and the fuel crisis. She says, "My husband gives me Rs 25,000 for household expenses for the month. I somehow stretch that money for two months but with the baby, I cannot stretch it that far. It’s very difficult...I am wondering how we will be able to bear all these expenses". She stopped buying snacks for the children, and had to reduce spending on milk. Before the crisis, she always had fish and meat stocked, but now she has only been able to buy meat once this month. 

September 9, 2022

Gojo’s Sri Lanka Financial Diaries Tracking Survey: July 2022 Results

In this blog post we introduce the July 2022 tracking survey results of Gojo's Sri Lanka Financial Diaries project. Read the full report in PDF here and our June 2022 report here.

Overall, there was an improvement in access to food and healthcare, but people are still experiencing continuous income decrease and are tapping into different sources of funds to cope with this situation.

  • Majority of the diarists feel high levels of stress
  • 69.4% have difficulties in accessing food - an improvement from June’s 86%
  • 69.4% claim that their income decreased and more people (31.6%) had to source funds compared to June (27%)
  • Food spending ratio in households continues to increase

Have you had difficulties in accessing food during the last week?

Is there change in income you / your partner earned in the last 2 weeks compared to a month ago?

Can you tell us whether you experienced any instance where you had to source funds in the last 2 weeks?

On a scale of 1-10 where 1 = Not stressed at all and 10 = Very stressed, how stressed are you in the past two weeks financially?

Did you face any of the below situations in the last 2 weeks? (Food)

Food spending ratio in households (Dec '21-May '22)

Did you face any of the below situations in the last 2 weeks? (Health)

Is there change in income you / your partner earned in last 2 week compared to month ago?

Can you tell us whether you experienced any instance where you had to source fund from a financial institution or from a friend / neighbor in last 2 weeks?

What at this right moment, is the worst aspect of the crisis for you and your family?

Inflow and outflow of households (Dec ‘21-May ‘22)

  • The spike in April is due to the New Year, which inevitably demands an increase in income
  • The financial inflow also increased in April to meet the spendings
  • Inflation has led to an overall trend of increased expenditure
  • To support each other's finances, financial outflow (lendings and repayments) also increased

August 19, 2022

Gojo’s Sri Lanka Financial Diaries Tracking Survey: June 2022 Results

In this blog post we introduce the June 2022 tracking survey results of Gojo's Sri Lanka Financial Diaries project. Read the full report in PDF here.

In 2021 October, Gojo started a Financial Diary project in Sri Lanka. We collect daily inflows and outflows of 100 households in Sri Lanka which gives us a lot of rich insights about the financial situation of the households, including their income sources, major spending, financial transactions such as loans and savings etc.

Given the recent political and economic instability of the country, we have decided to take monthly surveys with the diarists to understand how the crisis is impacting each of the households. Here's what we found:

  • 80% of the diarists feel high level of stress, while 77% feel mentally unsafe
  • 99% had to cut down on food spendings
  • 29% are purchasing less medicine due to financial reasons
  • 83% claim their income has decreased compared to last month
  • 27% borrowed money, mainly from neighbours to meet daily needs

How much stress did you feel financially in the last 2 weeks?

The reasons of stress include a rapid increase in commodity price, loss of job, and lack of money to meet basic needs.

Did you feel mentally or physically unsafe in the last 2 weeks?

Reasons include children crying because of hunger, inability to procure necessary medicines, and mental breakdowns due to struggle.

Did you face any of the below situations in the last 2 weeks (Food)?

Did you face any of the below situations in the last 2 weeks (Healthcare)?

Is there change in income you/your partner earned in the last 2 weeks compares to a month ago?

Reasons include the lack of resources to conduct jobs, daily wage work being unavailable, and inability to find jobs.

Did you borrow money from someone in the last 2 weeks?

Those who answered "Yes" mainly borrowed money from their neighbours to buy essentials, meanwhile those who answered "No" either already have other loans to pay or can't find anyone who is willing to lend.

June 10, 2022

How Accounting Can Influence the Capitalism Transformation

If we look back at the history of accounting, it has been changing and improving constantly since its birth, and the scope it is covering is spreading and adapting with the ever-changing world of business.

Read more

May 2, 2022

Ukraine Crisis Fireside Chat

Fireside Chat featuring Firdavs Mayunusov (Co-founder and General Director, MDO Humo) and Taejun Shin (Founder & CEO, Gojo & Company), moderated by Arnaud Ventura (Managing Partner, Gojo & Company) was held on the 14th April 2022. The one-hour event focused on the Ukraine crisis effect on Humo and their management of the crisis. The informative session was supported by the active engagement from the audience.

We were able to deep dive into the crisis situation including specific topics as below. 

  • Impact of the crisis on Tajikistan’s macroeconomics: GDP growth and inflation
  • Impact on Humo’s loan portfolio’s credit quality and hedging cost
  • How the impact on remittance flow would influence Humo’s business  
  • Impact on deposit
  • Product focus: Agriculture, Government employees
  • Plan on green finance
  • 3 top challenges under the crisis
  • Gojo’s position (as a shareholder and an investing company)  

To watch or rewatch the webinar, the recording is available here, while the slideshow used by the speakers can be downloaded here.

If you are interested in learning more about Gojo and receiving invitations to our future webinars, subscribe to our newsletter at the bottom of this page.

April 6, 2022

Gojo’s Governance Framework

Why governance matters for Gojo is clear — Because Gojo aims to operate in 50 countries by 2030, which means Gojo will have to manage at least 50 different group companies as a holding company by then.

Read more

March 4, 2022

Inch by Inch — My Thoughts on Teamwork

This is a message from Kohei Katada, Gojo's CFO and devoted teamplayer.


A formation of elephants I met in Kenya. “If you want to go fast, go alone. If you want to go far, go together.”

Me and teamwork

Working together as a team and winning a game has always been an important part of my life.

Since I started working, it has become difficult for me to make time for team sports, so I mainly enjoy individual sports (triathlons, marathons, and recently, kickboxing). However, teamwork has always been an important part of my life as I have played various team sports such as soccer, basketball, and lacrosse since my childhood.

Recently, Taejun, our founder, recommended that I watch “The Playbook”, a documentary series on various sports coaches on Netflix. In this blog, I would like to write about my thoughts on teamwork at work.


What is teamwork

When I think back to some of the most memorable projects I’ve had, they have always involved teamwork with wonderfully talented people. When I was in investment banking, M&A advisory work required collaboration with clients, supervisors, colleagues, and external stakeholders such as lawyers and tax accountants. Preparing for the IPO of LIFENET INSURANCE also required close cooperation with the management team, a securities firm, and leaders from different departments. At Gojo, we have overcome many challenges as a team, such as raising funds for the Series D round and implementation of IFRS across group companies.

What is teamwork in the first place? I personally found the following definition by Andrew Carnegie, the Steel Magnate, to be the most convincing (I was a little happy to learn that the term “teamwork” existed over 100 years ago, even in Carnegie’s time!):

Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishments toward organizational objectives. It is the fuel that allows common people to attain uncommon results.

Mr. Deguchi, the founder of LIFENET INSURANCE, where I used to serve as CFO, had this to say about people and teamwork:

“People are all different and imperfect. By combining uneven members with different strengths, you can build a team like a strong stone wall and achieve great results.”

There is also a famous African proverb that goes like this:

“If you want to go fast, go alone. If you want to go far, go together.”


Essentials of teamwork

So, what do we need to work effectively as a team in a diverse, low-context environment like Gojo?

My hypothesis, which is still under development, is that the following elements are necessary.

Three prerequisites:

(from “Team Geek” by Brian W. Fitzpatrick, Ben Collins-Sussman)

  • Humility: No one on the team is perfect, and no one knows the right answer alone.
  • Respect: A sincere concern for the people you work with. Treating members as individuals and fairly evaluating their abilities and achievements.
  • Trust: Belief that every other team member is capable and will do the right thing.

Team Geek also has the following statement, which I agree with 100%.

“Almost every social conflict can ultimately be traced back to a lack of humility, respect or trust.”

Three key elements:

  • Shared Purpose/Goals: Each team member must share the purpose and goals with strong ownership.
  • Communication: Sharing information is the basis for good decision-making. High-frequency communication is essential for mutual trust and psychological safety.
  • Feedback: Based on the belief that everyone can grow, support each other’s growth and development through mutual feedback.

Our team

When I joined Gojo in 2019, I wrote the following in my personal blog.

“I’m committed to devoting myself to everything I must/want to do to bring Gojo closer to its vision. However, it would be impossible for me to do this on my own, so I want to gather the best people I can find and steadily build up step by step to move forward.”

Two and a half years have passed since I joined Gojo. The road has not been smooth, with the Covid-19 pandemic and the coup d'état in Myanmar…etc., however, my desire to build the best team in the industry with the best people has not changed from day 1.

In order to share our purpose as a team, we discussed and created our team’s mission statement during a workshop in 2020 and have been brushing it up every now and then. Below is the latest version of the statement.

  • Enhance the credibility of Gojo and its Partners (group companies) as an investment destination through transparent communication and amplify the financial inclusion around the world
  • Enable internal stakeholders within Gojo and Partners to make high-quality decisions and to achieve our mission, by delivering reliable financial information and thoughtful risk/opportunity analyses in a timely manner
  • Explore and implement an optimal and resilient capital structure that supports dynamic resource allocation in collaboration with Partners
Photo from the finance team workshop in January 2022

Inch by inch

I’d like to conclude this post by writing about “winning” as a team.

I mentioned the documentary “The Playbook — A Coach’s Rules For Life” at the beginning of this post. It was indeed great and I would recommend it to everyone, especially if you have ever played a team sport.

Personally, I’d recommend Episode 1: Doc Rivers, who is currently the head coach of the Philadelphia 76ers (The documentary is mostly about his days with the Boston Celtics and Los Angeles Clippers). I was particularly impressed by the following two statements by him.

“A person is a person through other people. I can’t be all I can be unless you are all you can be. (…) I can never be threatened by you because you’re good, because the better you are, the better I am.”
(Rule No. 3: UBUNTU IS A WAY OF LIFE)

“Champions get hit over, and over, and over. You know, it’s just that the champion is the one that decides to keep moving forward”
(Rule No. 5: CHAMPIONS KEEP MOVING FORWARD)

The second quote is about the 2008 NBA Finals, in which the Boston Celtics defied all expectations to win against the L.A. Lakers and become NBA champions for the first time in 24 years.

One last thing. Let me quote here my favorite speech Al Pacino from the movie “Any Given Sunday”.

“You find out that life is just a game of inches. So is football. Because in either game — life or football — the margin for error is so small. I mean one half step too late or too early and you don’t quite make it. One-half second too slow or too fast and you don’t quite catch it. The inches we need are everywhere around us. They are in every break of the game every minute, every second.

On this team, we fight for that inch. On this team, we tear ourselves and everyone else around us to pieces for that inch. We claw with our fingernails for that inch. Because we know when we add up all those inches that’s gonna make the f****** difference between WINNING and LOSING, between LIVING and DYING!”

Our long-term goal is to enable the provision of high-quality affordable financial services for 100+ million unserved and underserved people in 50+ countries by 2030. There have been and I believe there will be so many unexpected things happening. However, let’s work together as a team and move forward one step at a time, inch by inch, until we win.


Kohei Katada is Gojo’s CFO. He leads Gojo’s fundraising, finance and admin teams. Prior to joining Gojo, Kohei served as the Senior Vice President of Finance at SmartNews and as CFO at LIFENET INSURANCE COMPANY.

February 10, 2022

Successful delinquency management as a new competitive advantage

As a contribution to the post-COVID recovery, GOJO’s Operations will post a series of posts related to effective delinquency management practices, which could be helpful for the readers. This is the first blog post with more posts to follow.

Microfinance Institutions (MFIs) were long evolving on the correct idea that poor people can pull themselves out of poverty by borrowing small amounts of money. Before the widespread adoption of mobile phones, loan officers delivered these loans directly to small groups of women or individual borrowers. As loan officers were working and living in the neighborhood, they would initiate peer pressure to encourage the repayment of the loan1.

In recent years the digital transformation in the financial sector has taken the delivery of small loans to a very new level. As smartphones have taken over the world and cost per 1GB of data continued to decrease in most places, fully digital microfinance players started to gain market presence and pose competitive pressure on traditional players. Their model does not rely on the judgment of loan officers or group members but the metadata from the borrower’s smartphone. The advanced R&D, IT, and behavior-based scoring have become keys for the success of this newly rising business model in the microfinance sector.

Thus, as these business models would require different drivers for effective operations, the critical business elements of each model also differ:

TRADITIONAL MICROFINANCE
PLAYER
FULLY DIGITAL PLAYER
- Branches/Proximity
- Loan officers
- Algorithms
- Software engineers

Note that it is generally very difficult to have all parts of this equation in one institution. Traditional MFIs usually don’t have adequate resources for the successful R&D needed to develop practical metadata-based scoring, and most digital MFIs are not interested in the investment in branches and loan officers because they fear it would drive all California-based hi-tech investors out of them. (One of the aims of Gojo Group MFIs in their digital transformation journey is to achieve that difficult balance of “Tech & Touch” that leverages the efficiency of digital processes while keeping the trust-worthiness and inclusivity of in-person interactions, but that’s already the topic of other posts on this blog.)

A manager from Maxima Microfinance talking with a client in Cambodia.

No matter which of the two approaches you lean towards, in 2020 players of both kinds have faced a very new enemy. This enemy didn’t care much about the scoring model MFIs would use. The hit of COVID-19 had an astonishing effect on both digital and traditional players, bringing the delinquency levels in the microfinance sector to levels no one could imagine possible.

In some countries, the virus outbreak has interflowed with other predicaments changing the situation from bad to worse. In Myanmar, the COVID-19 epidemic, intensified by the civil war after the well-known coup d'état, has affected the PAR>30 levels in the microfinance sector to a staggering 90%. Suddenly, traditional MFIs, which have always enjoyed a PAR>302 at about 1%, were left with staff and systems not trained to manage the avalanche of cases needing restructuring and rescheduling. And the digital MFIs were simply left with nothing but relying on countless SMSs and calls from out-of-country call centers.

But as the dust gradually began to settle, the level of PAR>30 among MFIs of Myanmar began to differ. Data from August 2021 shows that while some institutions were able to reach the relatively suitable level of portfolio quality,  a significant number of other MFIs continued to struggle with very high delinquency rates.

As most Myanmar MFIs have relatively similar products, systems, and personnel capacity, the critical differentiator here was the readiness and the efficiency of the deployment of delinquency management systems. MFIs that were more efficient in reaching out to customers with new, tailor-made offers to deal with sudden repayment difficulties ended up in a much better state and continue to widen their advantage.

The situation in Myanmar substantiated that no matter what type of MFI you are running, traditional or digital, the new reality will force you to consider the investment in developing a new element in your business model:

TRADITIONAL MICROFINANCE
PLAYER
FULLY DIGITAL PLAYER
- Branches/proximity
- Loan officers
- Delinquency management system
- Scoring algorithms
- Software engineers
- Delinquency management system

Of course, the overall impact of COVID-19 on the microfinance industry has yet to be fully understood. Still, effective delinquency management systems will become essential parts of the competitive advantage of modern MFIs. The MFIs that will deliver the best-in-class efficiency in delinquency management will come out as winners in major contemporary existential crises in the microfinance industry caused by COVID-19. In the following posts, we will discuss the instruments and approaches that proved effective in addressing this task.

1. Gojo and its Partners specifically focus on eliminating pressure practices.
2. Portfolio At Risk (PAR) is the percentage of gross loan portfolio that is at risk. So, PAR 30 is the percentage of the gross loan portfolio for all open loans that is overdue by more than 30 days.


Elchin Abdullayev is part of Gojo's Operations Team, and focuses on financial product development and strategic operation initiatives with Gojo's partners.

February 4, 2022

Gojo x Humo Webinar

On 20th January 2022, we held a webinar to share how Humo, our newest partner company, has established Humo Lab to spearhead digitalization and innovation. At Humo Lab, several products have been developed and launched, including mobile banking apps, payment apps, kiosks, and more. The webinar focused on Humo’s introduction, sharing best practices on how microfinance institutions can do better to extend financial inclusion. 

The one-hour event featured Taejun Shin (Founder & CEO, Gojo & Company), Firdavs Mayunusov (Co-founder and General Director, MDO Humo), Firdavs Nuriddinzoda (Director of HumoLab, MDO Humo), moderated by Arnaud Ventura (Managing Partner, Gojo & Company). The webinar consisted of four parts: Introduction of Gojo & Company, Introduction of Humo, Introduction of Humo Lab, and Panel Discussion.

In the first part, Taejun shared what financial inclusion is, what Gojo strives to achieve and how Gojo operates in many parts of the world with its newest footprint being Tajikistan. It was followed by a talk from Firdavs M. covering the history and evolution of Humo, the story of how Humo Lab was established, and how the collaboration between tech and business teams allows disruptive thinking. Firdavs N. continued the presentation to introduce user-friendly services of Humo Lab and strategies behind their provision. The last 20 minutes was a panel discussion answering questions from audience, including topics such as synergies between Gojo and Humo. 

The webinar was a great success, attended by over 150 people from 22 countries. The webinar was followed by an Ask Me Anything session where the audiences enjoyed direct interaction with the panelists.  

To watch or rewatch the webinar, the recording is available here:

https://www.youtube.com/watch?v=qOG8y8JIIH0

If you are interested in learning more about Gojo and receiving invitations to our future webinars, subscribe to our newsletter at the bottom of this page.

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