The Microcredit Summit Campaign welcomes microPension Foundation (mPF) as the 58th organization to make a Campaign Commitment. mPF commits to provide an integrated, contributions-led micropension solutions for 25,000 domestic help workers in India and work to further social security inclusion for low-income informal sector workers. With this Commitment, mPF joins a global coalition to help 100 million families lift themselves out of extreme poverty.
The non-profit mPF is a specialized pension and social security inclusion R&D hub established in 2012 through an inception grant from VISA, Inc. mPF develops, field-tests, and mainstreams innovative and scalable technology-led solutions to enable secure, convenient, and affordable access to contributory pension and social security programs by low-income unbanked workers.
microPension Foundation joins our coalition and commits to the following:
- By encouraging mass-scale civil society action to achieve pension and social security inclusion by motivating P2P action using the first global e-commerce social security platform titled “gift-a-pension.” This web-platform enables middle and upper-middle income households to enroll their domestic help (cooks, drivers, maids, guards) for an integrated pension, insurance, and micropayment solution through the Internet.
Employers use electronic financial literacy tools (FAQs, animations, films, calculators) to explain pension and social security concepts and product features to their home help. Domestic help who do not have a bank account are provided a bank-issued prepaid card for channeling periodic micropension contributions to regulated pension funds and life insurers.
By December 2016, the microPension Foundation will aim to achieve coverage of 25,000 domestic help employed by middle and upper-middle income households in India. The microPension Foundation will also identify and work with like-minded institutions in other developing countries to implement the Gift-a-Pension platform in other countries.
- The microPension Foundation will collaborate with a specialized social security solutions enterprise to launch a new social security gateway named microPension-in-a-Box (mPIB). This gateway will enable governments, regulators, multilateral and bilateral aid agencies, MFIs, cooperatives, NGOs, and social enterprises more generally to offer an integrated social security program based on portable, individual pension and insurance accounts to their citizens, clients, or beneficiaries.
With the Microcredit Summit Campaign, the microPension Foundation and the new solutions enterprise will launch a global road-show in mid-2016 to show-case the mPIB solution to Campaign partners and to build a global partnership-led implementation network.
mPF will encourage, enable, and assist Campaign partners and other stakeholders to launch integrated, contributions-based micropension and microinsurance programs for low income excluded individuals. With this strategy, mPF seeks to multiply the impact of the social security inclusion effort and create a global micro-social security marketplace which will enable low-income, informal sector workers to achieve a secure and dignified old age through thrift and self-help.
Executive Director of Micro Pension Foundation, Parul Khanna, explains why they are committing with the Microcredit Summit Campaign:
“We are extremely excited about the huge potential global impact of the Microcredit Summit Campaign and are delighted to be a partner in this process. The mPF team is committed to work closely with the Campaign and fellow partners in the coming years to empower and enable low-income excluded women to achieve a financially secure and dignified old age.”
The Microcredit Summit Campaign looks forward to welcoming our newest partners to the global coalition and sharing their progress towards the Commitment achievement at the 18th Microcredit Summit. The Campaign’s 100 Million Project is building a movement among financial service stakeholders committed to helping to end extreme poverty through: public statements of commitment to action, expanding practices to reliably measure movement out of extreme poverty, and promoting innovations and best practices to accelerate movement out of poverty.
We invite you to join microPension Foundation and…
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