Does anti-poverty work actually … work?

Photo credit: Giorgia Bonaga & Shamimur Rahman

Photo credit: Giorgia Bonaga & Shamimur Rahman

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The following blog post is re-posted with permission. Read the original article on Next Billion, “NexThought Monday – Does Anti-Poverty Work Actually … Work?: Three questions every ‘pro-poor’ group needs to ask themselves.”


>>Authored by Chris Dunford and Carmen Velasco

This month, the United Nations will celebrate achievement of Millennium Development Goal No. 1. The number of people living in extreme poverty has fallen by more than half, from 1.9 billion in 1990 to 836 million in 2015. How did this happen? Is it because of targeted anti-poverty programs, or is it due to broad-based economic growth, especially in China and India? If economic growth is the main cause, as it seems to be, further progress may be doubtful. Economic growth alone is unlikely to reach the residual hundreds of millions still living in extreme poverty.

Nor is it likely that anti-poverty programs, whether public or private, will lift this “bottom billion” from extreme poverty. For example, the U.S. poverty rate hovers around 15 percent of the population, nearly unchanged for decades, despite the hundreds of billions of dollars spent on U.S. anti-poverty programs. For another example, in poorer countries, microfinance was billed as a self-financing solution to deep poverty and became a darling of international development donors in the 1990s and “social investors” in the 2000s. Then smart social scientists tested the claims with sound field research and found little to no impact on poverty.

Is it reasonable, however, to expect anti-poverty programs, by themselves, to lift large numbers of people above an arbitrary poverty line? Given that the poor must overcome many burdens before they can seize whatever economic opportunities are available, perhaps we should ask a different question:

Do anti-poverty programs ease the burdens of poverty?

While the recent research into microfinance shows little to no increase of annual household income, on average, the same studies very often show that the burden of poverty is alleviated by giving microfinance participants access to money when they really need it during the year. Economists call this impact “consumption smoothing.” In plain terms, it means people get enough to eat throughout the year instead of going without adequate food for a day, a week, or even months at a time. If so, this is an impact worth celebrating, is it not?

Even with this more modest and realistic expectation, some anti-poverty programs are effective and some are not. We know this from our collective experience in anti-poverty work, with more than 70 years between us. We know the challenge is to distinguish what works from what does not. It is better to seek out “pro-poor” rather than “effective” anti-poverty work, because there are gradations of effectiveness. All programs have room to improve. “Pro-poor” programs actually strive to improve toward greater effectiveness. Transparency and accountability are not just about separating wheat from chaff; they are about improving.

How can we fully distinguish pro-poor programs from those that are not?

In a volunteer initiative called Truelift, leading thinkers of the “social performance” movement in microfinance (seeking social as well as financial return on investment) have hit upon a truth that applies to all anti-poverty work: Truly pro-poor programs provide the right answer to each of three straightforward questions.

First: Does the program work with people living in poverty?

Straightforward indeed! But how do you know a person living in poverty when you see one? More important: How does a program know them, recruit them, include them and keep others who are not poor from co-opting what the program offers?

Too many anti-poverty programs cannot answer this question. Regardless of legitimate reasons, these programs are flying blind in their poverty outreach and, therefore, their potential to impact poverty. “Blind” programs may be “wasting” precious resources on the “wrong” people — even though much good may be done. Such programs are not entitled to the “pro-poor” label — they need a different justification. Or, they can get serious about knowing the poverty status of the people they work with.

Second: Does the program design and adapt its services specifically for people living in poverty?

The staff of a pro-poor program changes and adapts the services and products they offer — intentionally and systematically, always listening carefully to people living in poverty and being clear about the benefits the program seeks to provide them. It is basic good business practice — know your customers, listen to them, design for them, satisfy them.

The Réseau des Caisses Populaires in Burkina Faso (RCPB) discovered while providing savings and credit services to groups of rural women that they wanted information about how to prevent and treat malaria, a disease that kills children and robs adults of far too many productive work days. At left, an RCPB animatrice (field agent) shows a women’s group how to understand the symbols on a take-home card that shows illiterate people how malaria is prevented and treated. (Image credit: Karl Grobl for Freedom from Hunger)

Third: Does the program track the progress of the people using its services?

It is not enough to reach out to people living in poverty and to design and adapt services to suit their needs and constraints. We must have some evidence that our work is helping them move in the right direction, even if not all the way to the intended destination. This is not just to show that our work is worthy of the money spent, but also to know how to improve our work. We need “real time” information about change in clients’ lives.

We operate programs in a world where sophisticated research into cause and effect is rare and likely to remain so. Logic, experience and some evidence indicates that programs providing the “right” answer to each of the three Truelift questions are likely to show positive impacts on people living in poverty, if and when sophisticated impact research is done.

It is not too difficult for managers, donors, investors, regulators and business leaders to ask these three questions and know when they get good answers. We can know a pro-poor program when we see one — and act to support it.

Truelift_RGBChris Dunford and Carmen Velasco are co-chairs of the Truelift Steering Committee.


Read the full article on Next Billion.

Learn more about Truelift.

The Truelift Indicators are now available in the SPI4

Photo courtesy of Carsey

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CERISE and SPTF have created, with the support of their membership, the SPI4, a universal social performance assessment tool that integrates emerging industry social performance standards. MFIs can use the SPI4 as a self-assessment tool, or with the assistance of someone trained in the SPI. This blog post was originally published by Truelift on July, 29 2015.


The Truelift Indicators Tool has been streamlined and incorporated into the SPI4 as the pro-poor module. The SPI4 is a universal social performance assessment tool that integrates emerging industry social performance standards (Read more about the SPI4).

The streamlined SPI4 Truelift pro-poor module not only significantly reduces the number of indicators that need to be answered, it also contains guidance and examples of compliance for each indicator, easing practitioner completion of the self-assessment.

Completed SPI4 Truelift pro-poor modules can be still be submitted to Truelift by emailing the Excel file to info[at]truelift.org with the subject “Institution Name: SPI4 Truelift pro-poor module” to get verified and recognized as an Aspirant Milestones institution.

Download and complete the Truelift pro-poor module in the SPI4.

#tbt: The Need for Pricing Transparency in Microfinance

Muhammad Yunus signs onto the MicroFinance Transparency. With Chuck Waterfield

Muhammad Yunus endorsese the MicroFinance Transparency (MFT). With Chuck Waterfield, MFT founder, at the 2008 Microcredit Summit in Bali.

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We are pleased to bring you this #ThursdayThrowback blog post, which was originally published in The State of the Microcredit Summit Campaign Report, 2009. This particular Box is especially relevant given the news about MFT closing down and the stakeholder meeting hosted by the Microfinance CEOs Working Group on April 21st.


>> Authored by Chuck Waterfield, the developer of Microfin, a business planning tool used by microfinance institutions worldwide, and MicroFinance Transparency (MFTransparency), which was launched at our 2008 Microcredit Summit in Bali, Indonesia.

Microfinance has long been a highly transparent industry, and rightly proud of it. Unfortunately however, the true price of microfinance loan products has never been accurately measured nor reported. For an industry born to displace the moneylenders by providing low-cost credit to the working poor, this is hard to imagine and even harder to explain.

Many countries require commercial lenders to state true product pricing using standards such as the APR (Annual Percentage Rate) formula mandated forty years ago in the US Truth-in-Lending Act. Such laws were enacted to help consumers make informed decisions regarding choosing loan products with different pricing. Currently, the same disparity that existed prior to Truth-in-Lending laws can be found in the microfinance industry. For example, a quoted interest rate of 3% per month can, depending on how this rate is applied, result in an APR between 36% and 96%, and beyond. Unfortunately, such misleading claims are commonplace in microfinance today. Why should the same principles of transparent pricing applied within the commercial finance industry not be applied to the microfinance industry?

The widely practiced non-transparent pricing in microfinance has evolved and perpetuated for two reasons. Firstly, there is no single market interest rate for micro-loans. The industry recognizes that interest rates on micro-loans must be higher than interest rates on larger commercial loans, but it is seldom recognized that there is no single “market rate” for micro-loans. In a market where all MFIs deal with the same cost structures, the smaller the micro-loan, the higher the interest rate necessary for that MFI to cover the costs of that loan and achieve sustainability. Due to the challenges of explaining why MFIs need to charge higher interest rates than the commercial sector, and to charge the highest interest rates to the poorest clients, the easiest alternative has been to use non-transparent pricing, where a quoted price is generally significantly lower than the actual price.

Secondly, once the industry began widely employing confusing product pricing, it became very difficult for MFIs to convert to transparent pricing. To do so, the MFI would advertise what appeared to be the highest price in the market, even though their true price could actually be the lowest. As a result, the vast majority of MFIs practice non-transparent pricing even though many would prefer to do otherwise.

In recent years the industry is shifting from the goal of “sustainable microfinance” to the goal of “high-profit microfinance.” When MFIs are operating in a very opaque pricing environment – where nobody knows how the price of one product compares to the price of another product – there exists the opportunity for MFIs to charge a price that results in very high profit levels. High profits generated off of the poor by charging non-transparent prices can create a bad public image for the microfinance industry and result in a strong backlash.

Given this reality, the industry has been in intensive dialogue and several initiatives are underway to address non-transparent pricing. One initiative is the “Campaign for Client Protection” that began after an April 2008 conference that produced the “Pocantico Declaration.” Transparent and fair pricing is one of the six core principles advocated in the campaign.

The second initiative is MicroFinance Transparency, a non-profit agency that will address pricing transparency through two joint activities. First, MFTransparency will collect product prices on all micro-loan products around the world and report those prices by a common, objective measurement system. Second, MFTransparency will undertake the equally important role of developing and disseminating straightforward educational material to enable microfinance stakeholders to better understand the concept and function of interest rates and product pricing.

It can be argued that an industry-wide effort towards transparent pricing is essential to the long-term survival of the microfinance industry. The mainstream public media is already reporting the interest rates typically charged in microfinance, but there is little explanation or understanding of why microfinance interest rates are higher than previously believed, nor why there is significant variation in interest rates among different institutions. What non-transparent pricing has kept hidden for years is no longer hidden. A forum for the industry must be built in order to report – in a clear, consistent and fair fashion – what actual interest rates are and why interest rates in competitive microfinance markets need to be higher than in commercial finance.

By practicing pricing transparency, a healthy and vibrant market for microcredit products can be built, providing a valuable component necessary in free markets and currently absent in microfinance – transparent, open communication about the true cost of products.

Over 100 microfinance industry stakeholders have endorsed MFTransparency. You may view the list and choose to sign up and endorse at the website.
Chuck Waterfield, Founder, MFTransparency, http://www.mftransparency.org/endorsements.

Truelift’s progress and what the future holds

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A message from the Truelift Steering Committee was posted on the Center for Financial Inclusion blog on January 21st, “Truelift’s Progress and Future in Pursuit of Transparency and Accountability in Poverty Alleviation Efforts.” The message opens with the pronouncement that defines what Truelift is all about: “Institutions built upon a promise of poverty alleviation must be motivated and supported to make good on that promise.”

Formerly known by the name of The Seal of Excellence for for Poverty Outreach and Transformation in Microfinance, Truelift officially launched in 2011. It emerged through the coordinated action of leaders in the global microfinance community who were catalyzed the Microcredit Summit Campaign early in 2010. We have been and will continued to be strong supporters of Truelift.

Now, however, Truelift’s resources have diminished to the point where they must depend on volunteer staff and committee members to maintain access to the Truelift information, tool, and services. The Microcredit Summit Campaign is committed to helping maintain what Truelift has already built, and together, we seeking new funding to regain momentum.

In the meantime, practitioners and others can continue to access the Truelift information and tool through our website and to receive responses to questions/queries about use of the tool and interpretation of results. Self-assessments as well as external assessments by rating agencies remain viable options.

We invite you to read the entire message from the Steering Committee and learn more about Truelift’s progress and future in pursuit of transparency and accountability in poverty alleviation efforts.

www.truelift.org

From Intent to Action: Resources to Pursue Responsible Inclusive Finance

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Dina Pons of Incofin IM, the moderator of the workshop, “Responsible, client-centric practices at every level, and demonstrated commitment to fulfilling its mission,” started the presentation with the following description of Responsible Inclusive Finance:

Every institution along the value chain of “responsible inclusive finance” – whether socially or financially motivated – employs responsible, client-centric practices at every level of its business and demonstrates commitment to fulfilling its mission.

Read the summary of proceedings for this workshop.

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A Commitment to the Future

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The work that took place is a moment in history when the industry has rededicated itself to the mission of using microfinance to help end poverty.EspañolFrançais Continue reading

Countdown to End of #PaP2013

The Closing Plenary session for the 2013 Partnerships against Poverty Summit begins in just 30 minutes. You don’t want to miss this session–and you don’t have to! Visit http://partnershipsagainstpoverty.org/livestream to watch the session LIVE.

WATCH NOW!

The Closing Plenary will have two main focal points: Truelift Milestone Institution Recognition and announcing the Global Commitments from attending organizations.

Truelift debuted at the 2011 Global Microcredit Summit in Valladolid, Spain as a global initiative to renew focus on the pro-poor objective of microfinance, i.e., a Trustmark that signifies a commitment to positive and enduring change for people living in poverty, in microfinance and beyond.

Truelift recognizes and advocates for pro-poor principles in microfinance, provides a framework, learning environment and recognition, aligns profitability with social inclusion, draws attention to good models, and collaborates with industry efforts including Smart Campaign and Social Performance Task Force.

Among the first 7 “milestone” MFIs that Truelift will be recognizing, the Negros Women for Tomorrow Foundation (NWTF) is the first Filipino MFI. They are receiving this award for showing the highest poverty outreach of all MFIs in the Grameen Foundation poverty calculation research (from 30%-64%) based on the PPI data. The Board at NWTF has also established an SPM Committee to work more on positive change in client’s lives and provide direction based on the poverty movement data received, including an increase in the activities of the Client Service Department for non-financial services. Gilbert Maramba, research and development manager for Negros Women for Tomorrow Foundation, Inc. in the Philippines will be representing.

2013Summit-banner_nologosGlobal Commitments to end poverty will also be announced at the closing plenary. According to the Global Findex study, more than half of the people in the world do not currently have formal financial accounts, especially the poor, women, people living in rural areas, and those with limited education.

To increase meaningful financial inclusion, two key avenues must be pursued. The first is to promote broader use of reliable and accurate poverty measurement tools so that practitioners can more clearly identify their level of poverty down-reach and better target their services to intended client groups. The second is to facilitate practices that lead to movement out of poverty through learning, product and service development, creating cross sector partnerships, targeted investor and donor funding, and building ways to better serve poor clients and meet their needs for the journey out of poverty.

Large multinational institutions, small practitioners just setting out, advocates and members of civil society, funders, investors, academics and the financial service providers themselves will be making commitments for achieving the 100 Million Goal:  helping 100 million families lift themselves out of severe poverty.

Solar loans for poor people in Tanzania and Uganda

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Social entrepreneurs in Tanzania and Uganda are innovating in the field of green energy. Read this blog post from Truelift to learn about Tujijenge Afrika, who spoke about their solar loan projects at the Convergences Global Forum last week. (And see this interview with Michaël Knaute, special advisor & board member of Convergences, that we posted last week).

2013Summit-banner_nologosAt the 2013 Partnerships against Poverty Summit that we’re co-hosting in just 2 weeks, we will be offering a workshop called “Microfinance Goes Green: Energy Inclusion to Help Alleviate Poverty.” Sebastian Groh (MicroEnergy International, MEI) is organizing this workshop, and it will include speakers Allan Sicat (MCPI), Francesca Randazzo (ADA), Wonjin Seol (ADB), Minh Cuong Le Quan (Prakti Design), and Camilla Hall (special advisor to Dr. Ashok Khosla).

Learn more about the “Going Green” workshop here: http://bit.ly/PaPGoingGreen

Register for the 2013 Summit today! http://bit.ly/Summitreg


Volunteer for a FREE registration to the Summit! We understand that the Summit fees can be costly. We hope to make the opportunity to attend as widely available as possible, so we are re-opening the volunteer application process. You can save as much as $650 on your registration fee by applying to be a volunteer at the Summit.

If you are interested in volunteering, please fill out this online form today!

Truelift

At this year’s Convergences Global Forum, Tujijenge Afrika executive director, Felistas Coutinho, discussed their solar loan projects in Tanzania and Uganda. Since 2006, Coutinho has been developing and refining the loan programs, with 1,577 clients served in the first year alone.

These projects demonstrate a successful model for product development that meets the needs of poor people through partnership and perseverance. Below are some of highlights, including challenges faced and lessons learned, as presented by Coutinho at the Global Forum.

The need:
Why are solar lanterns needed in Tanzania and Uganda? Especially in in rural areas, some benefits of solar lanterns for people living poverty are listed below:

  • Increased productivity due to availability of light in the evening
  • Children are able to study in the evenings
  • Solar lanterns offer clean, healthier light than other alternatives
  • Less expensive than other alternatives by at least 25%
  • Access to electricity fills the phone…

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Strategic Partnership To Deliver Social Performance Assessments

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Moody’s and the Microfinance Centre (MFC) made an exciting announcement recently about a new strategic partnership to help microfinance institutions track and compare social performance with the Moody’s Analytics Social Performance Assessment (SPA), bringing attention to the important question of whether we are truly having a positive effect on the lives of the poorest and most vulnerable. Moreover, the SPA will help social investors to identify and support those MFIs that do.

Join us in the Philippines this October 9-11 for the 2013 Partnerships against Poverty Summit where representatives from Microfinance Opportunities, Moody’s Financial, and Alexandria Business Association – Small and Micro Enterprise will discuss how practitioners are using technology to better facilitate serving the poor and whether it can truly strengthen an institution’s social mission in the workshop “Mobile Banking: Perspectives on Challenges and Ways Forward.” Is it, in fact, a feasible means to serve the very poor? Join this panel to learn about solutions that will help make digital platforms more powerful resources for moving out of poverty.

Register today for the 2013 Summit! www.partnershipsagainstpoverty.org

Photo credit:  Equitas


Microfinance Centre to deliver Moody’s Analytics Social Performance Assessments

Warsaw, September 9, 2013 – Moody’s and the Microfinance Centre (MFC) have launched a new strategic partnership in Europe and Central Asia to deliver the Moody’s Analytics Social Performance Assessment (SPA) of microfinance institutions and operations.

This new partnership is part of Moody’s commitment to provide globally comparable assessments with local market expertise for microfinance programs. It also builds on the MFC’s vision for a sustainable and mission-focused industry. Moody’s Social Performance Group and the MFC are aligned in their commitment to ensure microfinance institutions assist the poor and underserved.

“Moody’s brings over 100 years experience in ratings and assessments while the Microfinance Centre was the first global player to work on social performance issues,” said Jody Rasch, Senior Vice President, Social Performance Group at Moody’s Analytics. “The Microfinance Centre brings a local practitioner’s perspective to the table and we are very excited to work with an organization with such a great track-record.”

“The Microfinance Centre continues to advance responsible finance and in particular social performance throughout Europe and Central Asia,” said Katarzyna Pawlak, Deputy Director of MFC. “Moody’s Analytics Social Performance Assessments will help those organizations track and compare performance, which will help bring needed attention of social investors to this sector.”

The SPA is based on a global methodology developed by Moody’s Analytics through extensive market research and participation from over 100 microfinance institutions, investors, and service providers including the Social Performance Task Force, the MIX, the SMART Campaign and others. The SPA uses a scale ranging from SP1, the highest grade, to SP5, the lowest.

About the Microfinance Centre
MFC is a regional microfinance resource center and network which brings together 103 organizations (including 78 MFIs) in 27 countries of Europe and Asia, who aid over 800,000 low-income clients. Its mission is to contribute to poverty reduction and the development of human potential by promoting a socially-oriented and sustainable microfinance sector that provides adequate financial and non-financial services to a large numbers of low income families and micro-entrepreneurs.

About Moody Analytics’ Social Performance Assessments
Moody Analytics’ SPA is an independent analysis of the operations of a microfinance institution that helps stakeholders better understand how effective it is at translating its social mission into practice.

Moody’s Analytics SPA has been recognized by the Clinton Global Initiative for contributing to the development of the microfinance industry through the creation of a comprehensive, global standard to measure social performance. Further information is available here.

About MFC’s Responsible Finance work
Since 1999, MFC has worked with practitioners and support organizations on impact assessments, social performance management, client protection, and social responsibility towards clients, shareholders, community and environment. Over 100 MFIs have benefited from MFC’s trainings, workshops, guidelines, advice and institutional assessments, and significantly more from awareness raising events. Learn more here.

About Moody’s Analytics
Moody’s Analytics helps capital markets and credit risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges.

For more information please contact:
ABBAS QASIM
VP, Communication Moody’s Analytics
212.553.0041
abbas.qasim@moodys.com

LILIYA PESKOVA
Project Coordinator & Relationship Manager, Central Asia
Microfinance Centre
48.22.622.34.65 ext. 212
liliya@mfc.org.pl

Creating a Community of Partnerships to End Poverty

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If your vision is to create a better world, you have to see poverty as a social problem. EspañolFrançais Continue reading

Outreach to the poorest: by Lisa Kuhn Fraioli

Are MFI staff biased against the physical manifestations of severe poverty? Lisa Kuhn Fraioli, in this Truelift blog post, describes an exercise she took MFI staff through in order to illuminate how “the poorest members of society can become invisible to us.”

“Many of the people who were chosen based on their profiles were not chosen based on their pictures, revealing an apparent disconnect between the intent to serve poorer clients and the ability to identify them visually.” Read more!

Truelift

In the article below, Lisa Kuhn Fraioli recounts some experiences in the field and her reflections on pro-poor outreach:

Sometimes seeing is the first obstacle
to better outreach to the poorest.

In my work with microfinance organizations around the world, I have noticed that efforts to serve more poor people can stumble on the very first step: seeing them. 

One experience in particular stands out from my experience with a very well-meaning MFI whose staff claimed that there were not poorer clients or women to whom they could lend. In order to shed some light, I went out and interviewed people whom I thought were potential clients who were poorer than those currently served and took their pictures.  I also interviewed and photographed some people at a slightly higher economic level that I thought resembled the people they were currently serving.

photosAt a staff meeting, I posted pictures around the room and…

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Call for Tools! Tracking progress of poor people

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One of the 2 goals of the Microcredit Summit Campaign, as endorsed by delegates at our 2006 Global Microcredit Summit in Halifax, is for the global microfinance community, through appropriate products and services and establishing effective partnerships, to help 100 million families lift themselves out of severe poverty. In order to measure progress toward that goal, practitioners must track the progress of their clients and other stakeholders have a role to support that process.

If Truelift’s call for tools applies to you–your organization is tracking the progress of people living in poverty–please visit the post on Truelift to learn more.

Truelift

Do you track progress of people living in poverty?
Know someone who does?
We need your input!

Choose one of the TWO ways below to submit your tool for Tracking Progress of People Living in Poverty – email or the form below. Once you have submitted we will follow-up with you as soon possible. To learn more about tracking progress of poor people, click here.

tools

1) Send us an email telling us a little about:

  • You and your organization
  • What tool are you using to track progress of people living in poverty?
  • What is your tracking process?
  • What outcomes have you seen evidence of?
  • What have you learned from this process?

Send to info[at]truelift.org

OR

2) Complete the form below telling us a little about the ways you track progress of people living in poverty:

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Video Recording of “Matching Products & Preferences” Webinar

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Here is the promised video recording of the Bankers without Borders webinar from Friday, June 21. Continue reading

What we learned from the “Matching Products & Preferences” Webinar

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A recap of last Friday’s Bankers without Borders webinar on product development, featuring the Microcredit Summit Campaign, Truelift, and Microfinance Opportunities. Español Français Continue reading

What about Non-Financial Services? (reblogged from Truelift)

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Clearly, the Microcredit Summit Campaign advocates for providing non-financial services such as health education and such along side credit, savings, and insurance. We think it is a key ingredient in meeting the needs and preference of clients. With our Financing Healthier Lives project, our partner MFIs are providing those very educational interventions that help women change behaviors at home, thus eliminating diarrhea and improving the health of their family.

You can read about our work here:  

Truelift

Lively discussion
During the Technical Committee (TC) meetings leading up to the final methodology for Truelift Assessment and the Pro-Poor Principles, there was a great deal of discussion about non-financial services and whether or not they are essential to pro-poor microfinance. Initially, the TC explored a full dimension of the methodology dedicated to assessing non-financial services when undergoing Truelift Assessment. As these discussions evolved, some broader questions rose to the fore, including the pro-poor intent and strategy behind services provided, and the degree of commitment to pro-poor services in terms of quality, coverage, and duration.

Appropriate non-financial services
The result of the Technical Committee (TC) deliberations ultimately yielded Pro-Poor Principle #2: Services that Meet the Needs of People Living in Poverty. “Services” is perhaps an oversimplification as we include here products, delivery channels, and any other modifications that an MFI has implemented in favor of its poor clients. The indicators in…

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