CGAP (Consultative Group to Assist the Poor), a US-based, nonprofit research center that aims to facilitate the expansion of financial access, and the Citi Foundation, the charitable arm of US-based financial services firm Citigroup, recently launched the “East Asia Digital Financial Inclusion Program”. The program’s goal is to engage policymakers in China, Indonesia and the Philippines to bring best practices relating to digital financial services to and from other parts of the world.
Timothy Lyman, the Global Policy Architecture Lead at CGAP, said: “The policy environment is a crucial factor in closing the financial inclusion gap to over 2 billion unbanked people around the world. It helps determine the range and quality of formal financial services available and on how many…customers take up and use the services on an ongoing basis”.
Regina Seow, the Regional Head of Corporate Citizenship at Citi Asia Pacific, said: “The rapid development of digital financial services promises to be a game-changing opportunity for reaching the excluded and underserved populations. However, a hasty adoption may also pose risks. We are pleased to partner with CGAP to better understand the implications of digital financial inclusion both at the global and country levels and work at advancing a more enabling and protective environment”.
As of June 2015, CGAP reported a budget of USD 24 million. It is co-located with the offices of the World Bank Group in Washington DC. As of December 2015, the Citi foundation’s annual giving was USD 78 million in 2015.
By Kevin van den Brink, Research Associate
About CGAP
CGAP (the Consultative Group to Assist the Poor) is a US-based nonprofit policy and research center dedicated to increasing financial access worldwide by providing market intelligence, promoting standards and offering advisory services to governments, microfinance providers, donors and investors. As of June 2015, CGAP reported donor contributions totaling USD 24 million and total operating expenses of USD 24 million. CGAP is co-located with the offices of the World Bank Group in Washington DC.
About Citi Foundation
Citi Foundation is the charitable arm of US-based financial services provider Citigroup. The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization. The foundation’s annual giving was USD 78 million in 2015.
Sources and Additional Resources
[1] CGAP, Latest News, “CGAP Launches Citi Foundation Funded East Asia Digital Financial Inclusion Program”
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MIcroCapital Universe Profile: Citi Foundation
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