April 21st Webinar: Is it too late for microfinance to be pro poor?

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You’re invited to an exciting webinar organized by Uplift on April 21st (10 AM EDT / GMT-4): “Is it too late for microfinance to be pro poor? The case for linking microfinance with graduation.”

The Graduation Approach was first developed by BRAC to help address the needs of those who were too poor for microfinance services.

In recent years, shifts in the regulatory environment and disruptive digital inclusion technologies have put pressure on microfinance institutions to go up market and move away from their original pro-poor mission.

Please register by April 19th. The password to register is “MCSEWORKSHOP”.

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An interview with Larry Reed

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>> 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.

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

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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).

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

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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.

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Implementing national financial inclusion mandates in the Arab region

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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.

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Create lasting change at the 18th Microcredit Summit

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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!

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Celebrate improving maternal and child health in the Philippines

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Over the past 20 years, the Philippines has enjoyed an increase in life expectancy, improved access to education and economic opportunity, and a decrease in communicable diseases. However, maternal health has lagged behind, and as 2015 draws to a close, the world will be reflecting on the Millennium Development Goals like #5, “Improve maternal health.” Three development organizations took action in 2014 to tackle this challenge and are now celebrating what has been achieved, new partnerships that have been formed, and plans for moving forward.

Freedom from Hunger and the Microcredit Summit Campaign partnered with CARD Mutually Reinforcing Institutions (CARD MRI) to implement a project called “Healthy Mothers, Healthy Babies: Kalinga kay Inay.” The project is supported by an educational grant from Johnson & Johnson and will conclude at the end of 2015.

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

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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.

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Rating progress toward financial inclusion on a scale of 1 to 10

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The Microcredit Summit Campaign is delighted to support CFI’s efforts to track the progress of the Financial Inclusion 2020 project. In contribution to the “Financial Inclusion 2020 Progress Report,” we recently conducted a series of interviews with microfinance leaders around the world who are committed to reaching the most marginalized. Read “Addressing the financial needs of the most excluded” to hear directly from practitioners engaged in this work. Elisabeth Rhyne believes you will be both astonished by the progress and daunted by the gaps that remain” in financial inclusion. Read her post below and visit the interactive Progress Report website to take part in this financial inclusion diagnosis.


The following blog post was originally published
by the Center for Financial Inclusion at Accion

>>Authored by Elisabeth Rhyne, Managing Director, Center for Financial Inclusion

Today the Center for Financial Inclusion (CFI) is proud to launch the Financial Inclusion 2020 Progress Report, an interactive website that portrays the recent progress and unmet challenges on the path to global financial inclusion.

When we began the FI2020 project in 2011, we hoped to create a sense of both urgency and possibility. We believed that enabling everyone in the world to gain access to quality financial services was a goal of major development significance. We also saw that with many active players and the promise that digitization would enable many more people to be reached at lower cost, it was no longer simply wishful thinking to call for full inclusion within a reasonable timeframe. Global financial inclusion had entered the realm of the possible.

Today, in 2015, we are both astonished by the progress and daunted by the gaps that remain. Global Findex data shows 700 million new accounts in the three years from 2011 to 2014, reducing the number of unbanked worldwide from 2.5 to 2 billion. National governments have created ambitious financial inclusion strategies, the FinTech industry is exploding with $12 billion in global investments in 2014 alone, and the World Bank has a plan for reaching universal financial access to transaction accounts by 2020.

Our quantitative review, By the Numbers revealed that if the current trajectory of expansion in accounts continues, many countries will achieve full account access by 2020. The rails are being laid at a rapid rate, and there is great momentum toward universal access. But access to an account is not the same thing as financial inclusion, and progress toward meaningful financial inclusion, in which people actively use a full range of services, is lagging. The passengers — customers — are often still waiting at the station for services that take them where they want to go.

With assurance of great momentum around access, CFI believes that the time is right to turn greater attention to quality and value for the customer, which are the genuine heart of financial inclusion. In the Progress Report, you will find a recurring concern with the customer side of the equation. Meeting the customer challenge requires everyone — national policymakers, regulators, financial service providers of all types, non-profits, and global bodies — to step up. The challenges range from protecting consumers in the digital age, to building financial capability, to creating services that enable customers to meet important life goals.

As you read the Progress Report you will see just how many players are actively pursuing these goals in innovative ways all over the world. We cite and celebrate dozens of examples. Nevertheless, we find that in many areas, such as financial capability, the level of effort is not yet commensurate with the challenge at hand, and large shifts are called for, both in deployment of resources and in assignment of roles and responsibilities. For example, we find that meaningful financial inclusion requires providers to take on greater responsibility for customer value.

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In the Progress Report, we present our assessment of progress toward global financial inclusion through the lens of five topics that will shape its future: Financial Capability, Addressing Customer Needs, Technology, Credit Reporting and Data Analytics, and Consumer Protection. The report provides a qualitative and interactive assessment of who is doing what, as a companion piece to By the Numbers. The FI2020 Progress Report celebrates the most significant accomplishments, and highlights the gaps that create the agenda for the coming years.

Aside from the content of the Progress Report, we are excited to share with you the format for its presentation. Rather than producing a traditional document, the report takes the form of an interactive website, which allows you to move from topic to topic according to your own interest, and which allows us to bring you many specific examples and graphic illustrations in sidebars throughout the report. We hope you enjoy the format. (If you prefer a traditional PDF, that is also available.)

To provoke a conversation, we have rated progress in each area on a scale of 1 and 10, and we explain why we chose that score. We invite you to use the interactive feature on the website to cast your own vote and compare your scores to ours. Go ahead, disagree with us! While we stand behind the research and analysis that went into our ratings, they are — of course! — our own, and they reflect a global look, which may vary greatly from one region or country to another.

Most of all, consider with us the ways to close the gaps so that each of the scores rises to 10. That’s the point of this exercise, after all: to diagnose where we are today in order to work toward a future of full, meaningful financial inclusion.

Campaign to host workshop with World Bank Annual Meeting in Peru

Attending the World Bank meeting in Peru? Join our workshop, “6 Financial Inclusion Pathways to End Extreme Poverty – What Role Can You Play?”

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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?

As the 2014 Global Findex has shown, important progress toward universal financial access is evident. However, there has been much less progress for groups commonly considered to be among the most excluded or hardest-to-reach. Ensuring that these groups are not left out of the march toward universal financial access in the coming four years, intentionality in our approach will be essential as will be a clear framework for actors to coordinate their efforts.

The Campaign is highlighting six pathways that have shown positive outcomes for reaching and including the hardest-to-reach groups especially when delivered in an integrated manner. This lens can offer helpful ways to view opportunities where investment can accelerate progress in including the most excluded, hardest-to-reach populations by 2020.

Session Objective

We will show how the Universal Financial Access by 2020 (UFA2020) campaign links with ending extreme poverty by 2030. In breakout groups, participants will brainstorm how organizations like theirs (CSOs, in Bank-speak) can contribute to financial inclusion pathways to end extreme poverty.

Speakers

  • Larry Reed, Director, Microcredit Summit Campaign
  • Susy Cheston, Senior Advisor for the Center for Financial Inclusion at Accion and leads the Financial Inclusion 2020 campaign
  • Martin Spahr, Senior Operations Officer at the International Finance Corporation
  • Carolina Trivelli, Economist, CGAP

Date

October 8, 4-5:30 PM

Contact Jesse Marsden for more information.

* Note that registration for the Forum is closed. You can see the full Forum agenda here.


The 2015 Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) will be held on October 9 – 11 in Lima, Peru. The Civil Society Policy Forum, a program of events including policy sessions for civil society organizations (CSOs), will be held from October 6 – 9, 2015.

Imprimir

Some Annual Meeting sessions will be livestreamed. Find out how to watch.

The registration platform for CSO representatives interested in attending the Civil Society Policy Forum is now closed. We will be processing registration requests that were received within the last few days and will be notifying applicants on the status of their request. This process can take a couple of weeks and so we ask for your patience. As previously published, no new registration request will be entertained.

WSBI’s journey in making small-scale savings work

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Mobile banking service, Popote, in Tanzania, allows savings banks clients to access their account information anywhere. Photo courtesy of WSBI

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>>Authored by Ian Radcliffe, Director, WSBI-ESBG, Belgium

WSBI has long been a supporter of the Microcredit Summit Campaign and its goal of helping 100 million families lift themselves out of extreme poverty. As an organisation that represents the interests of approximately 6,000 savings and retail banking institutions across 80 countries, advancing financial access and financial usage for everyone is core to our members’ missions.

In fact, it is part of a heritage that can be traced back to our members’ roots that in some cases go back to the late 18th and early 19th centuries in promoting self-help among poor communities. And, since it has nowadays become broadly accepted that financial inclusion brings material economic and societal benefits including lifting people out of poverty, the Microcredit Summit Campaign’s mission is entirely congruent with WSBI and its members’ values.

Our Commitment to the Microcredit Summit Campaign was announced during the 2013 Microcredit Summit in the Philippines and renewed again at last year’s Summit in Mexico. Our commitment focuses on two elements:

  1. Identifying successful inclusive finance strategies for youth markets.
  2. Holding events with our partners and member banks to share knowledge about pricing research and the implications on offering savings products for the poor.

Both Commitments have been pursued under the auspices of WSBI’s major financial inclusion program that started in 2008 and that will come to an end later this year. The program’s aim was to significantly increase the number of savings accounts among the poor, working with savings and retail banks primarily in 10 countries [1]. We were developing new business models and distribution channels and, in many cases, taking advantage of mobile technology.

At the end of this particular journey, we are delighted that six of the banks that sustained projects throughout the life of the program doubled savings accounts, and their growth continues. They have developed business models based on lower-income populations and in so doing, these six banks have undergone significant internal cultural shifts, leading to strengthened identities by clarifying their market positioning. One bank even managed to turn a 75 percent dormant customer base into a 75 percent active one with almost all improvement coming from modest-turnover, low-balance savings accounts.

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Making small-scale savings work in a digitized world
September 23, 2015
Four Seasons Hotel | Washington, D.C.
8:15 AM to 2 PM
Learn more

The banks’ projects were inevitably supported by a great deal of research and analysis performed by WSBI (including the youth research referred to in our Campaign Commitment), which is available on our website. And, apart from project implementation, the core goals of the program included articulating and disseminating lessons learned to a variety of stakeholders, which is where the Campaign Commitment of holding events with partners and member banks comes in.

On September 23rd, WSBI will run its final major event under this program: a workshop in Washington, D.C., entitled Making small-scale savings work in a digitized world.” We will showcase the successes and challenges faced by the banks that participated with us in our journey. Panel sessions and debates will address how banks and their projects have evolved to adapt to changing environments and competitive pressures. We will explore how strategies, institutional cultures, and practices have adapted as a consequence of program lessons. We will also examine what remains to be done and how the banks and others see the way forward.

The accumulated learning on display at “Making small-scale savings work in a digitized world” will be of clear interest to savings and retail banks, policymakers, and other practitioners involved in the financial inclusion world. The program and registration may be found here; participation is free and we really encourage anyone interested to join us at this workshop.

As we all work together in progressing our journey towards full financial inclusion, WSBI remains committed to continuing its work in this field, as witnessed by its commitment to the Universal Financial Access 2020 goal announced at the World Bank Group’s 2015 Spring Meetings. We are actively forging new partnerships aimed at addressing critical legal and regulatory reforms needed to facilitate WSBI members’ activities in improving financial access. We will continue to support the development of financial infrastructures that are tailored to individual environments. We will draw on the wealth of experience generated by our savings program to support savings and retail banks by way of advisory services aimed at overcoming technical or capacity shortcomings and promoting cultural or behavioral change. And finally, more than ever these days, we will support banks in adapting to the digitized world in which we all now exist to stimulate innovation so as to reach out to new customers, in particular those who currently have little or no access to financial services.

Footnote

[1] Mainly Burkina Faso, El Salvador, Indonesia, Kenya, Lesotho, Morocco, South Africa, Tanzania, Uganda, and Vietnam. Initiatives have also been pursued during 2015 in Ghana and Sri Lanka.


Related reading

Who will pay for the end of poverty?

RESULTS UK is launching a report called 'Who Pays for Progress?' at Addis. It is an in-depth study that looks at one country and one sector - health in Kenya - to unpick that complexity and give some guidance as to what really matters when trying to decide the right financing mix.

RESULTS UK launched a report called ‘Who Pays for Progress?’ at the Financing for Growth conference in Addis Ababa. It is an in-depth study that looks at one country and one sector — health in Kenya — to unpick that complexity and give some guidance as to what really matters when trying to decide the right financing mix. Download the report.

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On Monday, RESULTS UK (a sister organization to our RESULTS Educational Fund) released a report at the Financing for Growth conference in Addis Ababa, Ethiopia, (which is happening right now) where the global community is negotiating who will foot the bill to eradicate poverty. 

Titled “Who Pays for Progress? The Role of Domestic Resource Mobilisation and Development Assistance in Financing Health. A Case Study from Kenya,” RESULTS UK’s report focuses on Kenya’s reclassification from a low-income country (LIC) to a lower-middle-income country (LMIC) and how that reclassification will affect financing for health needs in Kenya. Oxley’s HuffPo article lays out RESULTS’ argument for strong and ambitious commitments from the global community to finance the next phase of development goals and the end of poverty. He closes his article with this warning:

The draft text of the Addis Ababa Accord has recently been weakened. We’ve lost time-bound commitments for rich countries to meet their aid-giving targets…If our leaders cannot make the political decisions and show the leadership necessary to ensure we have the funding needed to build a more just and equitable world, then history will judge us harshly. I, for one, want to be able to say it was this generation that finished off poverty. And I know we can.

The following article by Aaron Oxley (executive director of RESULTS UK) was originally posted on Huffington Post on July 8, 2015. Read Oxley’s article below for inspiration, and to the 2015 RESULTS International Conference (July 18-21) to learn how you can make a difference and influence policy making. 


One of the things I love about my job is that I get to be optimistic every day. That’s because I, and my colleagues working in international development, look at the problems of the world that are rooted in poverty and inequality, and refuse to accept that the world is not smart enough or rich enough to defeat them.

The evidence of history is on our side. Since the year 2000 the world has halved the number of people living in extreme poverty, the mortality rate for children under five has dropped almost 50%, millions more children live past their fifth birthday, and 90% of children now attend primary school. It’s been the best 15 years our species has had in its entire existence, with 1.7 billion undernourished people in 1999 dropping to ‘just’ 836m today. While we have a long way to go, that’s staggering progress.

That poverty still exists is a question of politics. Should we get the politics right, we can continue and accelerate those rapid gains and, truly, wipe out poverty in the next 15 years. At which point I’ll be happily out of a job.

This year, the world is coming together in a series of global meetings to decide the level of political ambition we’ll bring to the eradication of poverty. If we aim high, I get to head off to a beach somewhere in 2030. If we fail, the price isn’t just that my retirement is delayed: it means more human suffering and unnecessary death, a drag on economic growth that hurts us all, and wastes the potential of hundreds of millions of lives.

The first of those critical meetings is the Financing for Growth conference in Addis Ababa, happening from the 13th to 16th of July. This conference is all about the money: how are we going to pay for the end of poverty, and who will pay for what? I’d assert that money is not the most important element in ending global poverty, but it’s clear that so much simply cannot and will not happen without it.

Continue reading…

Aaron Oxley with John Mathai of Global Health Advocates India and a RESULTS US grassroots volunteer at the 2011 RESULTS International Conference.
Follow Aaron Oxley on Twitter: @ATOxley

How you can influence global policy priorities at the World Bank (event)

RESULTS is hosting its 35th annual International Conference on Capitol Hill in Washington DC from July 18th to July 21st, featuring many leading poverty experts, activists. and policy makers.

Join us at the 2015 RESULTS International Conference in Washington, D.C., this July 18-21. Leading poverty experts, activists, policymakers, and YOU will convene for a unique conference that mixes an educational experience and advocacy opportunities around increased access to education, health, and economic opportunity. Together, we can change the world!

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In just two weeks, RESULTS Educational Fund, the parent organization of the Microcredit Summit Campaign, will celebrate its 35th anniversary with the 2015 International Conference in Washington, D.C. We invite you to join in the festivities and attend our workshop called “Partnerships to End Poverty: Health, Government, and Financial Services” on Sunday, July 19th at 4:30 – 6:00 PM. The conference will be held at the Washington Court Hotel on Capitol Hill.

Only $85 a day!

RESULTS International Conference — only $85 a day!

Attendees of the International Conference will hear from leading experts, activists, and policymakers on the challenges and solutions to ending poverty. Join World Bank President Jim Yong Kim, Senator Sherrod Brown (D-Ohio), and Nobel Peace Prize laureate Muhammad Yunus (and, of course, founder of the Grameen Bank). Find out who else will be speaking here.

The conference agenda is designed to provide the information and tools to influence policymakers — so you can deliver the message directly to your representative on Capitol Hill and policymakers at the World Bank and USAID!

The Microcredit Summit Campaign’s role at RESULTS is to lift up financial inclusion solutions designed for the world’s extreme poor, creating economic opportunities to help lift themselves out of poverty. The Campaign will be leading a workshop at the International Conference about the future of financial inclusion.

Our session, entitled Partnerships to End Poverty: Health, Government, and Financial Services,” will focus on integrated health and microfinance and linking the graduation model and conditional cash transfers (CCTs). Learn why these are key pathways to help end extreme poverty and how you can influence the global development agenda. (Read more about the six pathways.)

Sonja Kelly of the Center for Financial Inclusion at Accion will moderate a panel discussion with Olumide Elegbe of FHI 360 and our own Dr. DSK Rao and Larry Reed. Join us to develop your message and advocacy strategy around financial inclusion to end extreme poverty, and take it directly to major financial inclusion funders like the World Bank and USAID to influence their programmatic priorities in the over coming years.

About the panelists


Sonja Kelly, Fellow, CFI

Sonja Kelly is a fellow at the Center for Financial Inclusion at ACCION (@CFI_ACCION). She conducts research on supply and demand side opportunities to advance financial inclusion around the world, including income growth, demographic change, and policy shifts. Ms. Kelly is finishing her PhD at the School of International Service at American University, writing her dissertation on financial inclusion policy and regulation in low and middle income economies. Her research articulates the ways that international organizations and internal politics influence financial sector policy. She is also a consultant at the World Bank and the president of the DC chapter of Women Advancing Microfinance. Prior to joining CFI, Ms. Kelly worked in microfinance at Opportunity International.

Olumide Elegbe Olumide Elegbe, senior relationship manager at FHI 360, is a health and development expert with demonstrated results of building successful partnerships across sectors and geographies. With a focus on forging trusted, long term partnerships between the government, nonprofit and private sectors, Mr. Elegbe has a track record of brokering collaborative partnerships that drive social change by addressing health, education, sustainability and/or other development challenges. This, while delivering results and outcomes tailored to suit the needs of stakeholder individuals and organizations including market access, efficiencies in supply chain, and contribution to local GDP.

Mr. Elegbe has extensive international and cultural experience, spanning sub-Saharan Africa, Eastern and Western Europe as well as the USA. Prior to joining FHI 360, he worked as a public health specialist and a visiting lecturer in population medicine in the United Kingdom, and as technical advisor on public health programs in Nigeria.

Mr. Elegbe holds a Master’s Degree in Public Health with a minor in Health Services Management from the London School of Hygiene & Tropical Medicine in the United Kingdom.

Dr. D.S.K. Rao, Regional Director for Asia-Pacific, Microcredit Summit Campaign

Dr. DSK Rao has been the regional director for the Asia-Pacific region with the Microcredit Summit Campaign since 2000. The Campaign draws heavily on his wide experience and familiarity with the sector while organizing the regional and global summits. Dr. Rao has conducted scores of workshops and trainings on tools for practitioners in Asia to track poverty and other social outcomes including the Cashpor Household Index, Poverty Wealth Ranking, and the Progress out of Poverty Index. Dr. Rao is presently implementing a Johnson & Johnson-funded project for integrating health with microfinance in India, in collaboration with Freedom from Hunger. He has co-authored two books on microfinance: The New Middlewomen and Development and Divinity and Dharma.

Larry Reed, Director, Microcredit Summit Campaign

Larry Reed has headed up the Microcredit Summit Campaign (@MicroCredSummit) since taking over the reins from founder, Sam Daley-Harris in 2011. Mr. Reed has co-authored the annual State of the Campaign Report for the last 5 years. He has worked for more than 25 years in designing, supporting, and leading activities and organizations that empower poor people to transform their lives and their communities. For the majority of that time, Reed worked with Opportunity International, including five years as their Africa regional director and eight years as the first CEO of the Opportunity International Network.


Our workshop will be held on Sunday, July 19th
from 4:30 – 6:00 PM
.

To attend the workshop and the International Conference, email IC2015[at]results.org
or register online

Daily registration is only $85.

RESULTS is an international movement of grassroots advocates raising their voices to end poverty. Through government program and policy advocacy, RESULTS staff and its massive network of grassroots activists help to address the root causes of poverty: lack of access to medical care, education, and opportunity to move up the economic ladder. Click here to read more about RESULTS.


Get Inspired. Set a Goal. Make a Commitment.

Join the movement to help 100 million families lift themselves out of extreme poverty:

E-Workshop Recap: Helping Clients to Prepare for their Old Age

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On June 9th, the Microcredit Summit Campaign co-hosted with the Center for Financial Inclusion (CFI) an E-Workshop focusing on financial inclusion for the elderly. This is part of their 2014 Campaign Commitment to bring greater attention to the issue of aging and financial services and to further support the inclusion of those with disabilities. HelpAge International and Micro Pension Foundation helped make it a great discussion about opportunities for organizations (specifically microfinance institutions) to help clients prepare for their old age. The conversation looked both at the supply and demand sides of financial inclusion to better understand what is happening in clients’ lives and how best to approach these issues.

Watch the session recording:

Review the panelists’ slides:

Recap of the E-Workshop

Sonja Kelly from CFI introduced the focus of the session:

“Financial services needs change throughout the lifecycle, and if a client of microfinance services reaches their old age without having developed a plan to meeting their expense needs, it will be too late. Almost all participants in our webinar reported that they knew someone who had inadequately prepared for their older age. This common issue is one that microfinance can help to address by developing longer term savings products and pensions either in-house or through partnerships.”

Eppu Mikkonen-Jeanneret, head of policy at HelpAge International, began the discussion introducing the shift in populations and subsequently labor markets, noting that there are currently about 800 million people who are over 60 around the world. In 15 years, there will be over 1.3 billion people over the age of 60, of which 60 percent will live in low- and middle-income countries.

The common perception is that the 60 percent in low- and middle-income countries either will not save for their old age or lack the capacity to do so. However, the Global Findex report, which looks at the demand side data of financial inclusion, shows otherwise. According to the report, almost 25 percent of all adults say they have saved for old age in the past year — though it is predominately happening in high-income OECD countries and in East Asia and the Pacific. “Around 40 percent of adults in these two regions reported saving for old age, a far greater share than the roughly 10 percent who reported doing so in all other regions” (The Global Findex Database 2014, page 47).

Eppu explained that 18 percent of the pyramid base reported having saved for old age and 60 percent of the top. Sonja Kelly (CFI) noted that the question now is whether they are doing so in safe and secure mechanisms.

Eppu  expanded on this issue following the session, saying,
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“The world is in the middle of demographic sea change; the global population is growing older. This is a result of hugely successful development. We are healthier and better educated, we have less children and we live longer. As a result, in just 15 years the population of 60 years and over will increase from 800m to 1.3b. Far from being a developed country trend, aging is actually fastest in the low and middle income countries. Where it took the European countries over 100 years to transit to an aging population, countries like Bangladesh will do this in just a few decades. In fact, 60 percent of the 1.3 billion people will live in the developing countries.

“We know that people in developing countries continue to work into old age even though the type of work may change. Many work in the informal sector and women especially carry on providing unpaid labour at home. Yet our thinking is locked in outdated associations with people in the 60s onwards as somehow inherently, homogeneously vulnerable. It’s time we embrace the change and take action. Financial inclusion of people across the life course, facilitating social pensions, linking pensions with other financial instruments, and working closely with older women and men will help us all to adjust to the new world.”

Parul Khanna, associate director of projects for Micro Pension Foundation, continued the conversation. She noted this:

“Globally, rapid advancements in technology, telecommunications, and banking outreach have had a powerful impact on the ability of governments to deliver targeted fiscal transfers to the poor, including pension benefits to the elderly. Simultaneously, technology and telecom are reshaping financial services access and delivery, especially among low income excluded households. Most developing countries have a large young workforce, a predominantly informal labour market with modest incomes and savings capacities, a huge pension coverage gap, low banking and formal finance penetration, and limited capacity for large scale fiscal transfers.”

Parul presented their Gift-a-Pension project, which provides micropensions to low-income domestic workers, and she called on participants and readers to take action:
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“Can we do something for informal workers around us…[those] who touch our lives every day? Our maids, drivers, security guards or our washerwomen? Or the guy who we buy our bread from every day? Or our barbers? That seems feasible, right?

“For example, it is possible for you to imagine going home today, and spending just a few minutes with your maid or driver to tell them about the importance of saving for old age. And then spending just 10 minutes on the internet to open their own pension account for them? If your answer is yes, then you have within you the power to gift 20 years of a dignified old age to your maid or driver. And if all did this, we could collectively, as a civil society, change the lives of 40 million domestic help forever. Which, incidentally, is more than the total population of Canada.

It took India 6 years to get 3 million low-income people to start a pension account. If each of us go home today and gift a pension to just 1 excluded person in our lives, we could reach from 3 million to 43 million by this weekend!  After all, just 10 minutes of your time can change 20 years of someone else’s life. You can be the change! Try now with Gift-a-Pension.


Thank you to all panelists for contributing to this important conversation about the importance of saving for old age and how organizations can simplify the process for their clients. We also wish to thank all participants who submitted thought-provoking questions and comments to help make the session interactive!

Related resources:

Film on the micro pension model

About Gift-A-Pension


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