Winners of the 2015 AGFUND International Prize announced

Gallery

This gallery contains 1 photo.

Prize Cermony2_sm
Abu Dhabi, UAE: His Royal Highness Prince Abdulaziz bin Talal bin Abdulaziz Al Saud, His Highness Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture, Youth and Community Development, UAE, and Her Majesty Queen Sofia of Spain honoured winners of the 2016 AGFUND International Prize for Pioneering Development Projects at a grand award ceremony held last evening in Abu Dhabi.

The event was held as part of closing ceremony of the 18th edition of the Microcredit Summit, which was held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council. It was attended by His Excellency Hussain Al Nowais, Chairman of Khalifa Fund for Enterprise Development, Nasser Bakr al-Kahtani, CEO of AGFUND, high level government officials, representatives of the local and international organisations, development experts, diplomats and media representatives.

Español | Français | Continue reading

An interview with Larry Reed

Gallery

Register today1
>> An interview with Larry Reed, director of the Microcredit Summit Campaign by Miranda Beshara

The first Microcredit Summit was held in 1997 and called for a nine-year campaign to reach 100 million of the world’s poorest families. In 2005, the Campaign was re-launched until 2015. In 2016, where does the Microcredit Summit Campaign stand and how does the future look like?

At the Halifax Global Summit in 2006, the microfinance community set two new goals for the Campaign. First, to reach 175 million of the world’s poorest families with microfinance and, second, to see 100 million of the world’s poorest families move out of extreme poverty. Our latest numbers, from 2014, show we still have a lot of work to do to reach those goals. Much of the growth of microfinance in recent years has been with families that are not living in extreme poverty. We have focused our attention on the types of finance that reaches to the poorest families, and helps them limit vulnerabilities and take advantage of opportunities.

Español | Français | Continue reading

Research on Ecuador’s digital platform to be featured at 18th Microcredit Summit

Gallery

This gallery contains 2 photos.

technologyinfographic
The Microcredit Summit Campaign, as part of its 6 Pathways, is helping to highlight ways that digital platforms are helping to expand financial inclusion, especially for the extreme poor. We are pleased to share with you this Executive Summary of their research.

At the 18th Microcredit Summit this research will be included in the breakout session “The Digital Revolution and Financial Inclusion.” We hope to see you there!


>> Authored by Jorge Moncayo and Marcos Reis.

Financial systems have a vital role in national economies. They provide savings, credit, payment, and risk management products to society. In this sense, inclusive financial systems — those with a high share of individuals and firms that use financial services — are especially likely to benefit poor people and other disadvantaged groups. On the contrary, poor people must rely on their limited savings to invest in their education or become entrepreneurs. In addition, small enterprises must rely on their limited earnings to pursue promising growth opportunities (Demirguc-Kunt and Klapper, 2012).

Español | Français | Continue reading

18th Microcredit Summit update: Dates extended at no extra cost

Gallery

This gallery contains 3 photos.

Responding to intense demand for more sessions, we have decided to extend the days of the 18th Microcredit Summit at no extra charge!
We have some exciting developments with the Summit agenda to share with everyone. Responding to intense demand for more sessions, we have decided to extend the days of the 18th Microcredit Summit at no extra charge!

The new dates will be Monday, March 14th to Thursday, March 17th, so please be sure to plan your travel dates to be in attendance for the Welcome Ceremony, which will now take place in the morning of March 14th. We apologize for any inconvenience this may cause you, but we hope the program will make it worth your while.

Español | Français | Continue reading

Implementing national financial inclusion mandates in the Arab region

Gallery

This gallery contains 1 photo.

MCS+KF+AGFUND+AMF+18MCSummit logos longBeth Rhyne’s recent review of the Davos report “Guidance on the application of the core principles for effective banking supervision to the regulation and supervision of institutions relevant to financial inclusion” articulately and clearly present some of the chief benefits of the Davos meeting as well as outline some of the important work that still largely remains in context of framing regulations to support achieving full financial inclusion.

The Campaign, like the Center for Financial Inclusion, has a mission that focuses on ensuring that as financial inclusion strategies are developed become the prime means of moving forward the global agenda to end poverty, that these strategies are sure to include those who are among the hardest to reach populations. This will take a mix of new and innovative programs as well as, as Beth Rightly phrased it, a reinvention of how regulatory frameworks facilitate those programs.

At the 18th Microcredit Summit, the Campaign is organizing, in partnership with the Arab Monetary Fund (AMF) and the Arab Gulf Fund for Development (AGFUND), a special meeting of Governors of central banks throughout the Arab region to discuss recent progress in achieving this redefined shape and meeting their financial inclusion mandates. With participation from key stakeholders like GIZ, CGAP, and others, we will be facilitating a deep discussion on the importance of many of the key issues that Beth has raised. Learn more about this side event, called “Implementing National Financial Inclusion Mandates.”

We encourage you to read her assessment on where Davos has brought the regulatory sector and what roads and challenges lie ahead for it. Furthermore, if the topic really grabs you, the Davos report is open for public comment until March 31, 2016.

Español | Français | Continue reading

Create lasting change at the 18th Microcredit Summit

Gallery

This gallery contains 12 photos.

18MCSummit top image_EN
The 2015 State of the Campaign Report underscores the challenge microfinance faces in realizing its original goal — to alleviate poverty by providing quality microfinance services to the poorest segments of society. In it, we make the case for the scale-up of financial services “pathways” that can advance the end of extreme poverty with prescriptive actions for financial service providers, government policymakers, and others. These “Six Pathways,” which you can read all about in the report, will be featured throughout our 18th Microcredit Summit.

Financial inclusion is “the first step” in achieving the World Bank’s twin goals by “giving people the tools to get out of poverty [by 2030] and into shared prosperity,” as explained by Alfonso García Mora at the 17th Microcredit Summit in Mexico. Participants will engage in a thoughtful discussion around effective ways to reach the most vulnerable and marginalized and the microfinance services and financial inclusion strategies that promote inclusive, sustainable economic growth and social empowerment that helps improve their lives.

Join us in Abu Dhabi, U.A.E., on March 14-17, 2016, for another great microfinance conference!

Español | Français | Continue reading

New report calls for scale-up of financial services “pathways” to help end extreme poverty

Gallery

This gallery contains 2 photos.


The Microcredit Summit Campaign released our 17th annual survey of the global microfinance industry Wednesday at the Inclusive Finance India Summit held in New Delhi, India. Larry Reed featured the publication, Mapping Pathways out of Poverty: The State of the Microcredit Summit Campaign Report, 2015, in his presentation on Wednesday to attendees of India’s premier financial inclusion conference.

What does the 2015 report say about the data?
According to our annual survey, the global microfinance community reached 211 million borrowers as of December 31, 2013, and 114 million of them were living in extreme poverty (households living on less than $1.90 per day, PPP).

What this means is that, while the microfinance community provided loans to the most clients since we began tracking this number in 1997, the number of poorest clients fell for the third straight year. This is concerning.

Español |Français | Continue reading

Where’s the Map? Another sneak peek!

Gallery

This gallery contains 1 photo.

John Snow mapped out London's cholera epidemic in the 1850s. This helped my make connections between seemingly unrelated unrelated
“A map does not just chart, it unlocks and formulates meaning; it forms bridges between here and there, between disparate ideas that we did not know were previously connected.”
— Reif Larsen, The Selected Works of T.S. Spivet

How does BRAC, the world’s largest non-governmental organization (NGO), develop pathways out of poverty for the poorest people in a village? They begin with a map. As you see in the photo on the cover of this report, they bring the village together and start drawing maps in the dirt, identifying each household, market, business, and place of worship. They then ask the help of the community to identify the poorest households, marking each one on the map. Their work begins with those households.

This painstaking, household-by-household approach of identifying the excluded and locating them within their community and context represents the next step that we need to take to achieve a new set of ambitious global development goals.

Español | Français | Continue reading

Sneak peek of the 2015 State of the Campaign Report

Gallery

This gallery contains 2 photos.

The map on the right illustrates the prevalence of below $1.90 per day poverty in rural areas. Source: Adapted from World Bank Data (online), 2015, "Rural Population (% of total population)," http://data.worldbank.org/indicator/SP.RUR.TOTL.ZS; and ibid., "Poverty gap at $1.90 a day (PPP 2011) (%)," http://data.worldbank.org/indicator/SI.POV.GAPS.
The World Bank and the United Nations have both set their sights on ending extreme poverty by the year 2030. The Bank has also set a concomitant target of universal financial access by 2020 as a major contributor to ending extreme poverty. Our assessment, after reviewing the contributions that microfinance institutions and other financial providers have made toward these two goals, is this: if financial services are meant to play an important part in bringing an end to extreme poverty, we will not come close to reaching it.

Microfinance has demonstrated the viability of providing financial services to people in poverty and technological advances have drastically reduced the cost of providing financial services. But, we still do not see widespread adoption of financial services among the largest groups of those that still need to be reached: those living in extreme poverty.

Español | Français | Continue reading

Insufficient and greatly uneven progress on the maternal health MDG

Gallery

This gallery contains 6 photos.


>>Authored by Marion Cosquer and Sabina Rogers

MDG 5: Improve maternal health

Target 5.A: Reduce by three quarters, between 1990 and 2015, the maternal mortality ratio

In 1990, 380 pregnant women were dying for every 100,000 live births. As of 2013, the global maternal mortality ratio has decreased by 45 percent to 210 women per 100,000 live births. The highest gains were seen in South and Southeast Asia with a 64 percent and 57 percent reduction, respectively. Developing regions overall achieved a 46 percent reduction. Maternal survival has been aided by a one-third increase in childbirth attendance by skilled health personnel. Thus, the news in the U.N. Millennium Development Goals Report for MDG 5 is promising.

Nonetheless, progress towards improving maternal health so far falls far short of the targets set under MDG 5 and has lagged far behind the other MDGs. Additionally, global figures tend to mask regional inequalities. For example, there were 510 maternal deaths per 100,000 live births in sub-Saharan Africa compared to 190 in South Asia and 140 in Southeast Asia.

Progress in raising the proportion of births delivered with skilled personnel has been modest over the last 15 years, reflecting the lack of universal access to care. Indeed, one in four babies still being delivered without skilled personnel and wide disparities are found among regions. For example, there is a 52 percent spread between the largest rural/urban disparity across regions:

Español | Français | Continue reading

Campaign to host workshop with World Bank Annual Meeting in Peru

Gallery

This gallery contains 1 photo.


Are you attending the 2015 Annual Meetings of the World Bank Group and the International Monetary Fund in Lima, Peru? Join us at the Civil Society Policy Forum* for a workshop to explore how microfinance and financial inclusion can contribute to the fight against extreme poverty.

The Microcredit Summit Campaign will host a workshop at the Forum at the World Bank Annual Meeting in Lima from October 6-9. The Forum promotes substantive dialogue and an exchange of views between Bank/Fund staff, civil society organizations (CSO), government officials, academics, and other stakeholders.

6 Financial Inclusion Pathways to End Extreme Poverty — What Role Can You Play?

Español | Français | Continue reading

#tbt: 2011 workshop paper on microfinance for remote, hard-to-reach areas

Gallery

#Tbt_18
In 2011, we commissioned more than 40 papers to accompany the workshops and plenaries organized at our Global Microcredit Summit 2011. This week’s #ThrowbackThursday is a great opportunity to review the wealth of knowledge generated by the Summit. Listen to the audio recording from the workshop here.


What is the Cutting Edge for Microfinance in Remote, Hard to Reach Areas?

Authors: Anne Hastings and Steven Werlin

Introduction

Maximizing access to financial services in remote rural areas requires us to face a range of challenges that demand, in turn, a range of solutions. The problem is no more uniform than the regions that the services need to get to or the nature of the services required.

Access is not an end in itself but merely an important means towards progress for rural families and the communities they inhabit. That means that there are two sides to the question of access. On one hand, we must ask: what are the most effective ways to deliver financial services to especially hard-to-reach areas. Getting standard financial services to some areas presents significant challenges. On the other, there are distinct products and services that can help families living in remote rural areas in important ways. In other words, there is both a question of delivery of services and a separate question of the design of those services. In this paper, we have chosen to focus almost exclusively on the delivery of services.

Español | Français | Continue reading

#tbt: 2011 workshop paper on financial literacy

Gallery

This gallery contains 3 photos.

#Tbt_18

In 2011, we commissioned more than 40 papers to accompany the workshops and plenaries organized at our Global Microcredit Summit 2011. This week’s #ThrowbackThursday is a great opportunity to review the wealth of knowledge generated by the Summit. Continue to the blog post to read “Financial Literacy: A Step for Clients Towards Financial Inclusion” by Monique Cohen and Candace Nelson and listen to the audio recording from the workshop.


Introduction: Financial Education for Financial Inclusion

These are tumultuous and exciting times for microfinance, marked equally by the stunning potential of the cell phone to change the face of financial services and disturbing reports of suicides linked to over-indebtedness. Against this backdrop, a shift in the industry is taking place, drawing our attention from the financial institution back to the client. Indicators of a renewed concern for clients include research to quantify the “unbanked,” rallying calls for consumer protection, and efforts to better meet customer needs with diversified products. A key driver of this change in focus is the now widely embraced goal of “financial inclusion.” Governments of developed economies, in G20 Summit agreements, have recognized financial inclusion and consumer protection as integral to achieving financial stability and integrity. Financial access has been highlighted as a “key accelerator” to meet the Millennium Development Goals. Key to attaining this laudable goal is financial education (World Savings Bank Institute, 2010).

Español | Français | Continue reading

Voices from the Field: Beth Porter

Gallery

This gallery contains 1 photo.

Talks about what’s next for the microfinance industry in a post-MDG era EspañolFrançais Continue reading