CGAP (Consultative Group to Assist the Poor), a US-based nonprofit that aims to facilitate the expansion of financial access, and The MasterCard Foundation, a Canadian nonprofit that aims to promote youth learning and financial inclusion in emerging markets, recently awarded a total of USD 500,000 to the following four organizations: Freedom From Hunger, a US-based NGO operating in developing countries to alleviate poverty and hunger; IFMR Finance Foundation, an arm of India’s Institute for Financial Management and Research (IFMR) Trust Group; Innovations for Poverty Action, a US-based nonprofit organization that uses randomized evaluations to research development initiatives; and The MicroInsurance Centre, a US-based, for-profit research, product development and training firm. The grants are intended to fund projects that will provide insight into improved methods for delivering suitable financial services the unbanked and under-banked in developing countries.
Gerhard Coetzee, a Senior Financial Sector Specialist at CGAP, stated, “These projects will deepen our understanding of people’s financial needs, preferences and behaviors in important ways. Insights from these projects have the potential to help us overcome obstacles to formal financial service access and use among the poor.” Please see a related article listed below dated October 23, 2014 pertaining to a reward part of the same package given to ideas42.
As of 2013, CGAP reported operating expenses of USD 9 million. CGAP is co-located with the offices of the World Bank Group in the US city of Washington DC. CGAP is supported by approximately 40 development agencies and private foundations. As of 2014, The MasterCard Foundation reported approximately USD 9 billion in assets.
By Ananya Tiwari, Research Associate
About CGAP (Consultative Group to Assist the Poor)
CGAP (Consultative Group to Assist the Poor) is a US-based nonprofit policy and research center dedicated to increasing financial access to poor people worldwide. It is supported by approximately 40 development agencies and private foundations in its mission to provide market intelligence, promote standards and offer advisory services to governments, microfinance providers, donors and investors. CGAP reported operating expenses of USD 9 million as of 2013. CGAP is co-located with the offices of the World Bank Group in Washington DC.
About The MasterCard Foundation
Based in Canada, The MasterCard Foundation is a private foundation with the goal of enabling people living in poverty to improve their lives with increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from US-based payment processor MasterCard Worldwide during the company’s initial public offering. As of 2014, The MasterCard Foundation reported approximately USD 7 billion in assets and operates with partners in 49 countries.
About IFMR Trust Group (IFMR Trust)
Established in 2006, THE Institute for Financial Management and Research Trust (IFMR Trust) is a nonprofit organization in India. Its mission is to “ensure that every individual and every enterprise has complete access to financial services.” IFMR Trust carries out its mission through the following companies acquired or incubated by the Trust: IFMR Capital Finance Private Limited; IFMR Rural Finance Services Private Limited; IFMR Finance Foundation; IFMR Mezzanine Finance Private Limited; IFMR Rural Channels and Services Private Limited; IFMR Advisory Services Private Limited; and Pudhuaaru Financial Services Private Limited. As of February 2014, IFMR Investment Managers Private Limited was incorporated as an additional member of IFMR Trust. As of March 31, 2013, IFMR Trust reported total assets of INR 1.5 billion (USD 25.5 billion).
About Freedom from Hunger
Freedom from Hunger is based in the US city of Davis, California. Formerly called “Meals for Millions,” it is an NGO that operates in developing countries with the aim of alleviating hunger and poverty. The organization runs “integrated microfinance programs” that offer financial, education and health protection services. Additionally, Freedom from Hunger offers adult education services for women with the aim of promoting “better health, nutrition, business and money management.” As of 2014, Freedom from Hunger works with a total of 181 partners in 23 countries and has 5.7 million clients. As of June 30, 2013, Freedom from Hunger reported total assets of USD 5.3 million.
About Innovations for Poverty Action
Innovations for Poverty Action (IPA) is a US-based nonprofit organization that endeavors to find solutions to global poverty. Founded in 2002 as part of the US-based Financial Access Initiative (FAI), IPA is now an independent entity. As of 2014, IPA has worked with 250 academics on approximately 400 evaluations in 51 countries. In 2013, the organization reported total revenue of USD 40.5 million and total expenses of USD 40.1 million.
About Microinsurance Centre
Established in 2000 the US-based Microinsurance Centre is a for-profit initiative of MicroSave, an India-based technical assistance and training provider serving the microfinance industry. The Microinsurance Centre’s activities include research, product development and training.
Sources and Additional Resources
[1] CGAP Press Release, http://www.cgap.org/news/cgap- research-fund-supports-five- new-customer-focus-projects
MicroCapital, October 23, 2014, US Agency for International Development (AID), CGAP (Consultative Group to Assist the Poor) Award $1m to ideas42 for Financial Management Tool for Microentrepreneurs,http://www. microcapital.org/microcapital- brief-us-agency-for- international-development-aid- cgap-consultative-group-to- assist-the-poor-award-1m-to- ideas42-for-financial- management-tool-for- microentrepreneurs/
MicroCapital, July 24, 2014, CGAP (Consultative Group to Assist the Poor) Transfers Management of French-language Training to Luxembourg-based ADA, Cote d’Ivoire-based Africa Microfinance Network (AFMIN),http://www. microcapital.org/microcapital- brief-cgap-consultative-group- to-assist-the-poor-transfers- management-of-french-language- training-to-luxembourg-based- ada-cote-divoire-based-africa- microfinance-network-afmin/
MicroCapital, June 17, 2014, International Finance Corporation (IFC), MasterCard Foundation, Tigo to Expand Mobile Financial Services in Ghana,http://www.microcapital. org/microcapital-brief- international-finance- corporation-ifc-mastercard- foundation-tigo-to-expand- mobile-financial-services-in- ghana/
MicroCapital, March 25, 2014, MasterCard Foundation Donates $23m to Opportunity International for Agricultural Financing in Sub-Saharan Africa,http://www. microcapital.org/microcapital- brief-mastercard-foundation- donates-23m-to-opportunity- international-for- agricultural-financing-in-sub- saharan-africa/
MicroCapital, June 29, 2011, IFMR Trust, Manipal Education and Medical Group (MEMG) Join Government of India’s Rashtriya Swasthya Bima Yojana (RSBY) Health Microinsurance Program, https://www.microcapital.org/ microcapital-brief-ifmr-trust- manipal-education-and-medical- group-memg-join-government-of- india%E2%80%99s-rashtriya- swasthya-bima-yojana-rsby- health-microinsurance-program/ #more-13424
MicroCapital, September 8, 2009, India-Based IFMR Trust ‘Debunks’ Myths About The Poor And Financial Services In The Wall Street Journal,http://www. microcapital.org/ microcapitalorg-story-india- based-ifmr-trust-debunks- myths-about-the-poor-and- financial-services-in-the- wall-street-journal/#more-3659
MicroCapital, July 25, 2008, ICICI Foundation, IFMR Trust and CRISIL to Develop Rating Standards for Microfinance Institutions (MFIs) in India,http://www.microcapital. org/microcapital-story-icici- foundation-ifmr-trust-and- crisil-to-develop-rating- standards-for-microfinance- institutions-mfis-in-india/# more-2319
MicroCapital Universe Profile: CGAP (Consultative Group to Assist the Poor),http://www.microcapital. org/microfinanceuniverse/tiki- index.php?page=CGAP+% 28Consultative+Group+to+ Assist+the+Poor%29
MicroCapital Universe Profile: The MasterCard Foundation,http://www. microcapital.org/ microfinanceuniverse/tiki- index.php?page=MasterCard+ Foundation
MicroCapital Universe Profile: Innovations for Poverty Action (IPA)
https://www.microcapital.org/ microfinanceuniverse/tiki- index.php?page=Innovations+ for+Poverty+Action
MicroCapital Universe Profile: IFMR Trust Group, https://www.microcapital.org/ microfinanceuniverse/tiki- index.php?page=IFMR+Trust
MicroCapital Universe Profile: ideas42, https://www.microcapital.org/ microfinanceuniverse/tiki- index.php?page=ideas42
MicroCapital Universe Profile: Microinsurance Centre,http://www. microcapital.org/ microfinanceuniverse/tiki- index.php?page=The+ Microinsurance+Centre
MicroCapital Universe Profile: Freedom from Hunger,http://www. microcapital.org/ microfinanceuniverse/tiki- index.php?page=freedom+from+ hunger
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more athttps://www.microcapital.org/ products-page/
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