The Boma Project, a nonprofit organization in northern Kenya that aims to improve the ability of women to earn their own incomes, recently has become the first African organization to be certified by Grameen Foundation, a US-based nonprofit, on the Progress out of Poverty Index (PPI) Advanced Standards of Use. PPI is a tool for estimating and tracking the poverty rates of their clients. The Standards of Use establish the criteria an organization must meet to accurately and transparently collect and report poverty level information using PPI. There are three levels of users: basic, advanced and tracking-over-time. The basic standards are mandatory for all organizations using the PPI, while the advanced and tracking-over-time standards are for institutions that have been using PPI for longer or are tracking poverty changes over a period of time.
Grameen Foundation awarded the advanced certification to Boma following a review of Boma’s intent, data collection, training, processing and reporting.
As of 2010, Boma held total assets of USD 163,000. Boma does not report to the US-based nonprofit Microfinance Information Exchange (MIX), and further financial information on Boma is unavailable.
By Charlotte Newman, Research Associate
About Boma Project
The Boma Project is a nonprofit organization that was founded in 2005 innNorthern Kenya and aims to improve the ability of women to earn their own incomes. Boma’s principal project is the Rural Entrepreneur Access Project (REAP), which offers business training, start-up grants and two years of mentoring to businesses run by two or three women. Boma also offers a savings product. As of May 2012, Boma has helped launch 952 businesses in 18 settled villages and approximately 75 nomadic villages. As of 2010, Boma held total assets of USD 163,000. The organization does not report to the US-based nonprofit data provider the Microfinance Information Exchange (MIX).
About Grameen Foundation
The Grameen Foundation, a nonprofit based in Washington, DC, aims to help microfinance institutions throughout the world replicate the joint-liability model of the Grameen Bank of Bangladesh. The Grameen Foundation provides financial, technological and managerial support to provide new business opportunities and telecommunication services for poor people in rural areas. Though it is independent of the Grameen Bank, Dr Muhammad Yunus, the founder of the Grameen Bank, serves on the foundation’s Board of Directors. Grameen Foundation reported total investments of USD 19.0 million and total assets of USD 27.3 million as of March 31, 2011.
Sources and Additional Resources:
Grameen Foundation: Press Release: “First African Organization Certified in Poverty Measurement Using the PPI,” http://www.grameenfoundation.org/press-releases/first-african-organization-certified-poverty-measurement-using-ppi
Progress Out of Poverty: “Grameen Foundation PPI Standards of Use,” http://www.progressoutofpoverty.org/ppi-standards-use
MicroCapital.org story, May 10, 2012, “MICROCAPITAL BRIEF: Grameen Foundation India Launches Newest Versin of Progress Out of Poverty Index,” https://www.microcapital.org/microcapital-brief-grameen-foundation-india-launches-newest-version-of-progress-out-of-poverty-index/
MicroCapital.org story, September 26, 2011, “MICROCAPITAL BRIEF: Haitian Microfinance Institution Fonkoze Using ‘Progress out of Poverty Index’ to Monitor Economic Progress of Clients in Disaster-Affected Areas,” https://www.microcapital.org/microcapital-brief-haitian-microfinance-institution-fonkoze-using-%E2%80%9Cprogress-out-of-poverty-index%E2%80%9D-to-monitor-economic-progress-of-clients-in-disaster-affected-areas/
MicroCapital Universe Profile: BOMA Project
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Boma+Project
MicroCapital Universe Profile: Grameen Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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