(Ecofin Agency) - Sub Saharan microfinance markets should grow by 15 to 20% in 2016, a recent report published by world’s biggest microfinance private investor, ResponsAbility, revealed.

Sub Saharan Africa comes behind Asia Pacific which should grow by 30% over the next year, as a result of the impressive expansion of microfinance markets of Cambodia and India. Central Asia and Caucasia should however register a 0-10% growth due to Russia’s stagnating economy. In Latin America, microfinance institutions should grow by 5-10% against 10% in Eastern Europe and 10-15% in Northern Africa and the Middle East.

The global microfinance market is expected to grow by 10-15% in 2016, against 12% in 2015.

To achieve these results, ResponsAbility which has 18% of global microfinance investments, interviewed a representative sample comprised of experts from various rating agencies, microfinance institutions (MFI), investors and counselors.

40% of the surveyed sample says that a safe and healthy regulation is a good driver for the sector.

71% professionals and experts believe that technology is essential to the development of microfinance as it allows small entrepreneurs to access isolated markets and establish powerful risks assessment tools. “Mobile money and branchless banking enable the microfinance industry to leap over phases,” ResponsAbility’s director, Rochus Mommartz, told Swiss newspapers Le Temps.

The report also highlights that MFIs are moving beyond mere access to loan by broadening their range of services: possibility to place deposits, get insurance or rent premises.