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> Posted by Center Staff
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Globally, about 1.2 billion people live in extreme poverty, surviving on less than $1.25 a day. This is a huge number of people, roughly four times the population of the United States. Yet it is a smaller percentage of the world’s population than ever before – 17 percent of people living in developing countries lived in extreme poverty in 2011, compared to 43 percent in 1990. But we cannot be satisfied until extreme poverty disappears. The World Bank has put forth the goal of reducing the proportion of people living in extreme poverty to 3 percent or less of the world’s population by 2030.
Live Below the Line, which begins one month from today, is an opportunity to support the eradication of extreme poverty and gain some valuable perspective on what it’s like to live with such meager means. The global movement challenges individuals to live on a food budget of $1.50 a day for five days: April 27 – May 1. The set-up is simple. During the time leading up to Live Below the Line week, you pick one of 20 organizations targeting poverty elimination, then spread the word among your circles and gather fundraising support for your chosen organization. During the five days of living below the line, you and your team get a sense for the hardships that so many individuals around the world endure. To make the challenge more practical, the $1.50 budget only includes food and drink – not transport, health, or housing expenses.
> Posted by Jeffrey Riecke, Communications Associate, CFI
New data shows the Cambodian microfinance market disbursed $1.79 billion in loans over the first three quarters of 2014, amounting to a 51 percent increase over last year’s Q1-3 figures. The data comes from the Cambodia Microfinance Association (CMA) and includes loans issued by 45 of the country’s MFIs. Last year’s total for the same period was $1.18 billion from 39 institutions. In a country where fewer than 20 percent of the adult population has access to formal financial services, such expansion in activity might be exciting, but is it sustainable for borrowers and institutions?
Some individuals who are unfazed by the rapid growth point to the recent economic strengthening enjoyed by the country. Cambodia’s GDP increased annually on average 7.7 percent between 1994 and 2013, and it’s expected to maintain a nearly equivalent trajectory in the years to come. On distributing this wealth, the country achieved its Millennium Development Goal of halving poverty in 2009. Agriculture in Cambodia is big, constituting about 35 percent of the country’s GDP. About 90 percent of those who are poor or who are vulnerable to slipping into poverty live in rural areas. More small and medium sized entrepreneurs making investments in farming efforts, or other income-generating activities, aligns with an expanding economy.
> Posted by Alice Allan, Head of Advocacy, CARE International UK
The Financial Inclusion 2020 campaign at the Center for Financial Inclusion at Accion is building a movement toward full financial inclusion by 2020. Accordingly, this blog series will spotlight financial inclusion efforts around the globe, share insights coming out of the creation of a roadmap to full financial inclusion, and highlight findings from research on the “invisible market.”
Today marks the start of an important meeting in Monrovia, Liberia, where the UN High Level Panel will look at what might replace the current Millennium Development Goals (MDGs) when they expire in 2015. With a focus on economic transformation, the panel hopes that any future framework to reduce poverty includes increasing “jobs and growth,” and “tackling inequality.”
Those of us focused on financial inclusion believe increased access to finance can help achieve these admirable aims. But would the UN High Level Panel agree?
Last week the Banking on Change partnership between Barclays, CARE International, and Plan UK produced Banking on Change: Breaking the Barriers to Financial Inclusion, a report which, amongst other things, makes the case compellingly enough that we believe the UN High Level Panel should take note.
> Posted by Meghan Greene, Manager, CFI
Today, in front of the 3,000 attendees of the Convergences 2015 World Forum in Paris, microfinance leaders unveiled the “Global Appeal for Responsible Microfinance,” a landmark document that urges all microfinance stakeholders to take concerted action to ensure a strong and principled microfinance industry.
Over the past several years, the microfinance industry has made significant strides in advancing responsible practices that protect and appropriately serve clients. However, a more united, deliberate effort needs to be taken by stakeholders at all levels – including microfinance professionals, investors, and policymakers – to ensure the continued success of the industry. To that end, the Global Appeal asks signatories to outline their plans for improving their own practices – making measurable, time-bound commitments on how they will contribute to a responsible sector. Signatories are called to announce their plans by the end of December 2013.
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