The United Kingdom’s Department for International Development (DFID) will provide GBP 8 million, the equivalent of over USD 12.1 million, to the CGAP (Consultative Group to Assist the Poor) Technology Program. Through the program, CGAP helps policymakers develop regulations that promote mobile banking for the low-income sector. The program was founded in 2006 and is co-funded by the Bill and Melinda Gates Foundation. DFID has also supported mobile banking services through the provision of GBP 1.4 million, the equivalent of over USD 2.1 million, to Facilitating Access to Financial Services through Technology (FAST), a United Kingdom-led program supporting biometric and mobile phone-based banking in Asia and Africa.
By Christopher Maggio, Research Assistant
About
Department for International Development (DFID)
Description
Department for International Development (DFID) is the department of the British government responsible for carrying out overseas development work. In fiscal year 2008/2009, the British government, through DFID, spent GBP 5.5 billion, the equivalent of over USD 8.3 billion, on international development. The major spending areas included Government and Civil Society (25 percent), Health (21 percent), Economic Growth (16 percent), Education (14 percent), and Humanitarian Assistance (10 percent).
About
CGAP (Consultative Group to Assist the Poor)
Description
Housed at the World Bank Group, CGAP (Consultative Group to Assist the Poor) is an independent policy and research center dedicated to providing financial access for the world’s poor. CGAP is supported by over thirty development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors.
Contact Information
CGAP (Consultative Group to Assist the Poor)
Headquarters Office
900 19th Street, N.W.
Suite 300
Washington D.C. 20006
USA
Tel: +202 473 9594
Fax: +202 522 3744
Email: cgap@worldbank.org
About
Bill and Melinda Gates Foundation
Description
The Bill & Melinda Gates Foundation provides grants to organizations within the United States and in more than 100 countries around the world with the aim of enhancing health care, reducing poverty and expanding educational opportunities and access to information technology.
As of September 2009, the asset trust endowment totaled USD 34.17 billion. USD 21.08 billion in grants has been committed since the foundation’s inception.
The Bill & Melinda Gates Foundation’s Financial Services for the Poor initiative focuses on providing people with secure places to save money. To support this initiative, the foundation works with financial organizations to increase access to technology (point of sales devices, automated teller machines, etc.) and forge partnerships between mobile phone companies, banks and microfinance institutions. It also supports the startup and growth of new banks in difficult markets.
Additional Resources
PR Newswire article entitled ‘Boost for Mobile Banking for the Unbanked as CGAP, DFID Announce New Partnership’: http://www.prnewswire.com/news-releases/boost-for-mobile-banking-for-the-unbanked-as-cgap-dfid-announce-new-partnership-87318042.html
Finextra article entitled ‘UK government provides CGAP with £8m for m-banking’: http://www.finextra.com/News/Fullstory.aspx?newsitemid=21178
MicroCapital’s Microfinance Universe profile: Department for International Development (DFID)
MicroCapital’s Microfinance Universe profile: CGAP (Consultative Group to Assist the Poor)
MicroCapital’s Microfinance Universe profile: Bill and Melinda Gates Foundation
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