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> Posted by Miranda Beshara and Natasha Tynes, Editorial Team, CGAP Arabic Microfinance Gateway

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Microfinance in the Middle East and North Africa (MENA) is currently facing a number of challenges that are stifling its growth. On November 19, we attended the Governance Working Group (GWG) call on governance challenges in microfinance institutions (MFIs) in the Arab region organized and hosted by Accion’s Center for Financial Inclusion (CFI). A total of 11 participants representing global MFI governance expertise and initiatives discussed key governance challenges facing MFIs in the region – many of which we captured for the CGAP Arabic Microfinance Gateway while live tweeting from the call.

Several of the call participants were recently engaged in the provision of technical assistance to MFI boards in the Arab region. Karla Brom, a financial consultant, gave a corporate governance workshop at Sanabel’s tenth annual conference. She noticed that risk management and its relation to governance is a key challenge facing the sustainable growth of many MFIs in the region.

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> Posted by Sumaiya Sajjad, Program Manager, Financial Inclusion, The MasterCard Foundation

In Luxembourg recently, I took part in the European Microfinance Week, whose theme this year was “Developing Markets Better”. The event brought together an excellent group of people from various organizations around the world involved in financial inclusion. On the evening before the formal opening of the conference, Accion’s Center for Financial Inclusion hosted a special cocktail reception where I helped to launch the Accion Africa Board Fellowship program – proudly supported by The MasterCard Foundation.

This program aligns strongly with our Foundation’s goal of promoting financial inclusion in order to help catalyze prosperity and reduce inequality in developing countries. As part of that work, we recognize the critical importance of building capacity at all levels of the financial services industry – especially in that segment of the industry serving the poor. We’ve found that strong, committed, and capable leadership can have the most catalyzing effect on entire organizations, improving the quality of their work, and benefiting the clients they serve.

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The following post was originally published on the Microfinance Gateway.

As the microfinance industry grows and becomes more complex, governance plays an increasingly important role in managing sound institutions and preventing crises. Corporate governance provides the framework through which an institution’s diverse stakeholders—investors, board members, management, and employees—set the strategic vision, monitor performance, and manage risks.

The Center for Financial Inclusion at Accion has recently announced a partnership with The MasterCard Foundation to launch the Accion Africa Board Fellowship program. The new program will promote peer-to-peer learning on governance and risk management practices at financial institutions that serve low-income clients in sub-Saharan Africa, a region with more than 6.6 million microfinance clients.

We spoke with Beth Rhyne (left), Managing Director of the Center for Financial Inclusion at Accion, and Ann Miles (right), the Director of Financial Inclusion at The MasterCard Foundation, to learn more about their vision for the program.

Good governance helps an institution fulfill its mission, increase efficiency, and improve its ability to attract customers and investors. Why do you think the microfinance industry in Africa needs such a program at this time?

Miles: Good governance begins at the top of any organization. The policies that are set, and the signals that are sent, by board members and CEOs permeate throughout an organization. They are a major component, perhaps the major component, in determining how an organization succeeds in its given mission. So, how a board does its work is critically important, and it’s something that we at The MasterCard Foundation care about a lot.

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> Posted by Center Staff

The microfinance industry in sub-Saharan Africa, boasting roughly 6.6 million clients, is growing fast. This expansion of financial services to the base of the pyramid, bolstered by an increasingly diverse array of providers and products, is enabling many lower-income individuals, entrepreneurs, and households to access and use essential tools like loans and savings accounts for the first time. To ensure the stability and success of the institutions that provide services, however, strong institutional governance and risk management needs to be a core priority. A new CFI initiative, generously supported by The MasterCard Foundation, sets out to address this.

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