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> Posted by the Microfinance CEO Working Group

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What’s been happening with the Microfinance CEO Working Group (MCWG)? We’re glad you asked. Fresh-off-the-press is a new annual report from the MCWG, detailing the Working Group’s key accomplishments and activities of the past year. Consumer protection is among the standout areas for the MCWG for 2016. Over the course of the year, 14 local partners belonging to the MCWG network achieved Smart Certification, including BRAC Bangladesh, the first microfinance provider in the country and the largest in the world to reach the consumer protection milestone. In total, 21.9 million clients are served by 39 MCWG network Smart Certified institutions.

The MCWG is comprised of the leaders of 10 global microfinance organizations: Accion; Aga Khan Agency for Microfinance; BRAC; CARE; FINCA; Grameen Foundation; Opportunity International; Pro Mujer; VisionFund International; and Women’s World Banking. The newest member, added in 2016, is the Aga Khan Agency for Microfinance and its General Manager Jesse Fripp. The MCWG also harnesses the expertise of more than 40 senior staffers across the member organizations, who meet regularly across seven Peer Groups focused on specific areas of microfinance, from digital financial services, to social performance, to communications, taxation, and others. Members and local partners work with more than 89 million clients in 87 countries, providing them with financial services as well as other support to help them succeed and lift their families out of poverty.

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> Posted by Beth Porter, Financial Inclusion Policy Advisor for the United Nations Capital Development Fund (UNCDF) and the Better Than Cash Alliance

The following post was originally published on the Better Than Cash Alliance blog and has been re-published with permission. 

Did you ever wonder why there is not International Men’s Day? There actually is such a day, by the way—it’s on November 19th, but there aren’t too many people marking it with a night off from cooking or cleaning or childcare for the guys!

The reason we celebrate International Women’s Day on March 8th each year is that the other 364 days look quite a bit like men’s days. In fact, globally, women spend an average of 4.5 hours a day on unpaid work, while men spend less than half that much time—and the unpaid labor gap is particularly large in developing countries. We are a long way from Planet 50:50 or gender parity. Indeed, the World Economic Forum predicts that the gender gap will not be closed until 2133.

This lack of parity manifests itself in many ways, including gaps in education, employment, and wages, and in the board room and public high office. And access to finance is no different.

While globally ownership of accounts is on the rise, the gender gap persists in developing countries, with the majority of the 2 billion globally without access to finance being women. We should not simply conclude that women do not want accounts—just as we cannot suppose that they do not want more education, the opportunity for gainful employment, or equal wages for equal work. We know that women living in a cash-only economy do not have adequate control over their finances, do not have the confidentiality they need to save and borrow and can only make or receive payments at others’ convenience, not their own. Wouldn’t a more plausible conclusion regarding the gender gap in financial inclusion be that women face barriers that men do not encounter in accessing financial services? Let’s explore this idea a bit further.

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> Posted by Center Staff

Today, around the world individuals, governments, and organizations are celebrating women and calling for increased action towards gender parity, including in the financial services arena. And for good reason. Research indicates that when women control finances, they’re more likely to be spent on household necessities, like food, water, and children’s education and healthcare. In recognition of International Women’s Day, we compiled some of our favorite recent industry efforts to further financial inclusion for women. But first, here’s a quick run-down of where inclusion for women stands.

The Global Findex tells us that there is a gender gap in access to accounts at seven percentage points globally (65 percent vs. 58 percent), and across developing countries it’s nine percentage points. In some regions, this gap is significantly more severe – 18 percent in South Asia, for example. Gender gaps exist in other areas, too. GSMA estimates that in developing countries there are 200 million fewer women than men who own a mobile phone. And as one example of the gap in financial capability, in the World Bank Group’s 2014 Financial Capability Survey in Morocco women scored significantly lower than men.

Prioritizing financial inclusion for women is not only the right thing to do, it benefits everyone. In addition to benefitting women and women’s households, financial inclusion of women augments economies writ large. About half of women worldwide are missing from the workforce. In Egypt, for example, the IMF estimates that achieving equal labor participation among men and women would increase GDP by 34 percent. The IFC estimates that women-owned businesses have an unmet financing need of $320 billion worldwide.

Many organizations are working to close the gap:

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> Posted by Center Staff

“We would not be here without the visionary work of the pioneers who came before us, especially the women leaders who fought to build the very first banks for women in countries with seemingly insurmountable barriers,” writes Mary Ellen Iskenderian, President and CEO of Women’s World Banking in the forward of a new online book, Celebrating Women Leaders: Profiles of Financial Inclusion Pioneers. The book shares the stories of 31 women leaders from around the world who made the financial inclusion landscape what it is today.

Those recognized in the book include practitioners, academics, researchers, regulators, thought leaders, financiers, and more. Among them, the industry’s earliest pioneers, like Ela Bhatt, founder of Self-Employed Women’s Association (SEWA), as well as those who joined more recently, like Ruth Goodwin-Groen, Managing Director of the Better Than Cash Alliance, and Jennifer Riria, CEO of Kenya Women Holding. Full disclosure: of the 31 included in the book are also CFI leaders and partners, including Anne Hastings, Elisabeth Rhyne, Essma Ben Hamida, and Jayshree Vyas.

The book was the idea of Samit Ghosh, CEO and Founder of Ujjivan. Ujjivan and Women’s World Banking worked together on the project, with young women working in the sector researching, conducting interviews, and writing the leader profiles.

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> Posted by Jessie Fisher and Robyn Robertson, Good Return

Globally 1.2 billion people live in extreme poverty, with women and girls disproportionately affected. Increasing access to technology creates opportunities in education, expanded informational resources, employment, entrepreneurship, and financial services – all of which can help break the cycle of poverty.

These are not new or debated ideas. However, in the realm of financial services, in order to harness advancements in technology and achieve greater and more meaningful inclusion of women, we still need to better understand their preferences and behaviors and the social context they inhabit.

This is where quality gender-based data, which has almost entirely been lacking in financial inclusion, plays a key role.

For example, to ensure we understand a new market, we must ask ourselves questions like: Have we invested the time and resources needed to meaningfully engage with both men and women? Have we considered the time needed to build trust in these communities (especially if they have had disappointing experiences with other organizations in the past)?

Satisfying such considerations isn’t simple or easy. We may also need to travel further to reach women clients, and provide safe spaces for them to speak openly about their lives and the things they would like to change.

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> Posted by Alex Counts, President and CEO, Grameen Foundation

The following post was originally published on the Grameen Foundation blog and presented at the ‘Financial Services for the Poor: Lessons and Implications of the Latest Research on Credit’ event hosted by CGAP, IPA, J-PAL, and The World Bank on February 27, 2015.

I would like to start by congratulating the researchers involved in these six new studies, as they add to the body of knowledge about microcredit and microfinance that has been accumulating for several decades, and has made us a stronger industry as a result. I would also like to congratulate the organizers of this event, and thank them for inviting me to share my views, as a representative of Grameen Foundation and the Microfinance CEO Working Group, which I co-chair with Mary Ellen Iskendarian of Women’s World Banking.

I actually find these studies encouraging. The frame I use to digest them is this: what do they tell us about what microcredit is accomplishing, and about what it can accomplish. Somehow, the main frame people seem to be using to interpret these results is what microcredit does not do. I don’t think that frame is appropriate, nor helpful.

I think that we can all agree that while microcredit has been “transformative” for individual clients, it is not today “transformative” for the average client, especially in the time frames that are being studied. I presume we can all also agree that microcredit has not cured cancer, nor the common cold. But why use unrealistic standards to frame the discussion?

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> Posted by Mary Ellen Iskenderian, President and CEO of Women’s World Banking, and Michael Schlein, President and CEO of Accion, who are Co-Chair and Founding Member, respectively, of the Microfinance CEO Working Group

The following post was originally published on the Microfinance CEO Working Group blog.

As leaders of international organizations dedicated to financial inclusion, we welcome and support initiatives that hold the microfinance industry to the highest standards of client protection, social performance, and pricing transparency. This is the principal reason why the members of the Microfinance CEO Working Group came together – a shared commitment to these principles as well as a shared recognition that enforcing them takes work that none of us can do alone.

When our group first formed in 2011, we scanned the landscape of actors and initiatives working to enforce high quality microfinance industry standards. Chuck Waterfield and MFTransparency (MFT) stood out. Pricing transparency is widely considered the most challenging standard to uphold in our industry, and there was no denying that Chuck and his small but dynamic team had created something unprecedented with MFT.

Publicly reporting pricing information is extremely complicated, which is why all industries struggle with it. The microfinance industry, however, is actually further along than most, and that is largely due to MFT’s efforts. Chuck and his staff developed a methodology to present credit pricing information in a clear and consistent way, so all stakeholders can learn the true price of credit products for clients. As a direct result of MFT’s methodology, microfinance institutions in many countries now report their pricing data. Multiple institutions also reduced their prices after publishing data and determining that they were out of line with other institutions in their market. Since MFT has been operating, many governments have also started to require pricing transparency in their regulation of the microfinance industry.

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> Posted by Center Staff

Happy International Women’s Day! We hope you were able to partake in the worldwide celebration yesterday. If you missed out on the action, not to fear. Plenty of activities are still underway. And of course, acknowledging the achievements of women and advancing the movement for gender equality are practices best executed every day.

To spotlight the importance of financial inclusion for women, here’s a snapshot of recent research in this area. To follow are ways that you can join groups, including the United Nations and Grameen Foundation in getting involved.

In honor of International Women’s Day, last week Gallup shared global statistics on how women view their lives – graded on a 10-point scale from suffering to struggling to thriving. About a quarter of all women questioned view themselves as thriving, while the rest chose either struggling or suffering. The two areas cited most often as important for improving their lives were jobs and personal safety. While the latter is a shocking finding, this post starts with jobs, though ultimately we will see connections to personal safety as well. Global estimates pin men as almost twice as likely as women to be in full-time formal employment. In Mexico, for example, less than 50 percent of women are part of the labor force, compared to 85 percent of men.

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> Posted by Sonja Kelly, Fellow, CFI

Participants in a workshop on aging and financial inclusion, organized by the Center for Financial Inclusion at Accion and HelpAge, held last week in New York City at MetLife.

When we wrote about the topic of aging in our recently-released paper Aging and Financial Inclusion: An Opportunity, I have to admit that I was skeptical that any stakeholders would be motivated to action — regardless of how compelling the paper was. Aging, I thought, is something people feel uncomfortable talking about, whether because they worry about their own old age, or that of their parents, or because they consider older people an uninteresting market segment. Whatever the reason, I was worried that our effort to call attention to this issue would fizzle out and fade into the internet abyss.

I was thrilled to be proved wrong.

Last week, discussing the new paper in our various meetings in Washington, D.C. and in New York City and in a global webinar, we learned that much more is happening in this area than we had initially known, and that more people are willing to consider what aging may mean in their own work than we expected.

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> Posted by Anne Hastings and Tyler Owens, Microfinance CEO Working Group

The following post was originally published on the Microcredit Summit Campaign’s blog, 100millionideas.org.

Since its inception in the spring of 2011, the Microfinance CEO Working Group has worked diligently and collaboratively to define the concept of Responsible Microfinance around the globe and lead by example to try to fulfill this vision. It has focused on three key pillars on which Responsible Microfinance is built: client protection, pricing transparency, and social performance management. A responsible microfinance institution (MFI) is one that, at a minimum:

  • Does all in its power to protect its clients from harm;
  • Is transparent about fees and interest rates; and
  • Implements best practices in social performance management including monitoring effectiveness in achieving desired client level outcomes.

An MFI can achieve this by complying with the industry-developed standards of the Smart Campaign, MicroFinance Transparency, and the Social Performance Task Force, known as the Universal Standards for Social Performance Management.

The Working Group is a collaborative effort of the CEOs of Accion International, FINCA International, Freedom from Hunger, Grameen Foundation, Opportunity International, Pro Mujer, VisionFund, and Women’s World Banking. At the Microcredit Summit in Manila in October 2013, the Working Group publicly encouraged its collective 224 affiliated MFIs around the globe to embrace Responsible Microfinance by sharing a list of commitments. Since making those commitments, the group has made significant headway toward strengthening each one of the pillars of Responsible Microfinance.

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The views and opinions expressed on this blog, except where otherwise noted, are those of the authors and guest bloggers and do not necessarily reflect the views of the Center for Financial Inclusion or its affiliates.