Impact: What are the social benefits?

[MicroCapital Society]

Many taken it for granted that microfinance undoes poverty. But what is the evidence? Remember that the other side of credit is debt. Is saddling the poor with expenses microloans really helping? Are we sure microfinance is not actually doing damage?

[MicroCapital Society]

Monday, November 14, 2005 from MicroCapital.org
Does Microfinance Help the Hard-core Poor?


Even three decades after microfinance began, the controversy whether microfinance is reaching the “poorest of the poor” still exists. Part of the problem is that it is difficult to create an accurate methodology to assess the impact of microfinance on the hard-core poor, defined as those earning less than one dollar a day. Contradicting studies and statistics of the impact of microfinance on the hard-core poor have added to the controversy. Both sides make convincing arguments. On one hand, the hard-core poor can barely afford money for food and medicine, so paying back a micro-loan with interest could add to their burden. For instance, microfinance was unsuccessful in the “poorest of the poor” segment in Haiti. On the other hand, there is evidence that shows that the hard-core poor have sought informal financial services, particularly for savings.

[MicroCapital Society]

Wednesday, January 25, 2006 from MicroCapital.org
Does Microfinance Really Reduce Poverty? What You Should Know Before Investing

The question of poverty reduction is for good reason of the highest importance to those within the microfinance community. Maybe the answer is intuitive to you, but the details make for great controversy. A recommended retrospective on the topic (52 pages long):

"Written by Nathanael Goldberg, Measuring the Impact of Microfinance: Taking Stock of What We Know provides an interesting guide on the effectiveness of microfinance programs and the divergence in opinion among experts. It examines roughly 100 impact evaluations released since 1986, including Reaching the Poor with Effective Microcredit, Mahabub Hossain and Catalina P. Diaz’s report on Grameen-style microfinance in the Philippines, and Microfinance and Poverty, a new study published in 2005 by Shahidur Khandker."

Mr. Goldberg conducts a comprehensive review of studies evaluating the impact of microfinance, something that up till now has been lacking. Although there are discrepancies among the data, he finds evidence that microfinance impacts include increases in empowerment, contraceptive use, and improved nutrition. He also highlights the key determinants of impact which include the control of loan, incoming poverty level and family crises. Measuring the Impact of Microfinance: Taking Stock of What We Know is certainly worth a read. Links to the original studies are also available and useful for a more in-depth look. While the paper provides clarity in many respects, this is still an area of tremendous debate åö what are the types of impacts investors want to see? And what is the best approach to measuring impact? The battle roars on between those favoring quantitative methods and others who back social performance measures.

[MicroCapital Society]

Wednesday, February 15. 2006
Another Scorecard for Microfinance Investing: Grameen Foundation USA Introduces Poverty Progress Index

If there is one thing that the microfinance industry needs, it’s more and better performance indices. It looks like that is precisely what the Grameen Foundation USA (GFUSA) is serving up with a novel tool for tracking poverty alleviation called the Poverty Progress Index (PPI).

The UN Millennium Development Goals have placed a large challenge on the table: halve the number of people living in extreme poverty by 2015. In order to meet this challenge, effective means of measurement and evaluation are essential. In response to this need, Grameen Foundation USA has created this PPI measurement and management tool.


“MFIs will be better able to determine their clients’ needs, which programs are most effective, how quickly clients leave poverty, and what helps them to move out of it faster. By using established benchmarks and standards of measurement that produce reliable information, managers can build client profiles and track how they change over time.”So how does Grameen’s PPI track progress in poverty over time? This tool relies on country-specific, easy-to-collect indicators such as family size, typical diet, number of children attending school, etc. This information will be compared to a baseline drawn from the country’s national household survey or the country-specific World Bank Living Standards Measurement Survey. Currently, this program is being piloted in Latin America and Asia.Additional Resources

1) “GFUSA’s Poverty Progress Index Measuring Social Performance: An Innovative Tool for Microfinance Institutions,” www.gfusa.org

2) “Living Standards Measurement Study of the Worldbank,” http://www.worldbank.org/lsms/

3) MicroCapital Blog: “Does Microfinance Really Reduce Poverty? What You Should Know Before Investing,” January 25, 2006

4) MicroCapital Blog: “Does Microfinance Help the Hard-core Poor?,” November 14, 2005

[MicroCapital Society]

Wednesday, July 26. 2006
The Korea Times of South Korea Says Microcredit Is a Failure “due to lack of private donations and government support”

Apparently, microfinance in South Korea has failed. The Korea Times, a South Korean daily newspaper, attributes this failure to “lack of private donations and government support.” The South Korean government established the Social Solidarity Bank (SSB), the nation’s first non-governmental microfinance institution, in 2002. Since its inception, SSB attracted corporate donations of 3 billion won (USD $3.15 million), in large part from conglomerate Samsung Group and Kookmin Bank. However, The Korea Times believes this was “a miniscule amount of money and not enough to allow the bank to operate as a financial institution.”

Lim Eun-eui, a SSB public relations officer, blames the bank’s failure on the lack of support from the government and private sector: “We have not been able to live up to our objectives in terms of helping people in need, as there is only so much we can do in the face of the indifference of private companies.’’

Contrary to these accusations, the government has been hard at work, devising new plans to strengthen the microfinance sector. Earlier this year, the Justice Ministry introduced a plan to set an interest rate cap of 40%, in order to prevent credit defaults and the extension of risky loans. However, the plan met resistance from policymakers and the finance industry. The Ministry of Finance and Economy also toyed with the idea of seizing funds from inactive accounts at local banks, an estimated 722.4 billion won (USD $753.6 million) accumulated over the past 5 years. These plans, too, were felled by the self-serving finance industry which balked at the proposed forced donation.

The Korea Times and the SSB may seek to lay the blame elsewhere, but the failure of a state bank is the oldest story in the book.

Additional Resources

1) The Korea Times: “Micro-Credit Provides Little Help for Poor”

2) Bloomberg Currency Calculator

[MicroCapital Society]

Thursday, August 17. 2006 at MicroCapital.org
Another Day to Remember: The New York Times Recognizes the Challenges of For-Profit Microfinance

Tyler Cowen, in his August 10 article for The New York Times, examined the success of microfinance in helping the poor through the MIT-supported Poverty Action Lab’s research on Spandana, an Indian microfinance institution. Mr. Cowen concluded that “microfinance is working, but it is often more corporate, more commercial and under more attack than I had expected.” Excerpts from “Microloans May Work, but There Is Dispute in India Over Who Will Make Them” are below:

Microfinance is not actually “micro” in scale. It is far more organized than the individual moneylenders in poor communities, the traditional source of finance. Spandana borrows from banks, has about 2,000 employees and deals with about 800,000 loan recipients. The resulting economies of scale make possible lower interest rates. Spandana has been lending at interest rates of 10 to 15 percent a year, while other Indian microlenders may have rates ranging up to about 30 percent a year. Traditional moneylenders receive 5 or 10 percent a month or more. It is no wonder that Spandana has grown.

Spandana seeks to earn a profit through higher repayment rates. Unlike the moneylenders, Spandana lends to small groups of 5 to 10 people rather than to individuals; each member is liable if other group borrowers do not repay. The carrot is that good borrowers become eligible to receive higher sums.

[…] Near Hyderabad, in the state of Andhra Pradesh, political opposition to microfinance has begun. State officials have fed negative stories to the media. They charge that microfinance debts have driven some people to ruin or perhaps suicide. They call Spandana’s programs “coercive” and “barbaric.” They question whether the “community pressure” behind repayment is sometimes too severe.

The motives behind this campaign are twofold. The state is not a neutral umpire but rather has its own “self-help group” banking model, which lends at the micro level. Spandana and some of the other private microfinance groups are unwelcome competition. More generally, opposition to money lending has been frequent in the history of both India and the West. Not every loan will have a positive outcome, and it is easy to focus on the victims. Not all Indians have accepted the future of their country as an open commercial society with winners and losers.

The government has abruptly shut down the branch offices of some microlenders, including Spandana, without respect for due process. There is talk of legally capping microfinance interest rates at levels — 10 to 15 percent a year — that would put many microlenders out of business. Such regulations would drive the poor back to the far more expensive private moneylenders and also to the state government.

Some microlenders have responded by raising their interest rates to reflect the new political risks. Spandana has moved in the opposite direction and is now issuing many loans at the much lower rate of 7.5 percent a year. This may forestall political attacks, but can the company make money in this new environment? The real problem with microfinance is suddenly clear: the lenders are now large enough and public enough that they become political targets.

The Indian political authorities must decide whether they will allow new businesses to spread, even when commercialization leads to some disappointments or competes with a state interest. The stipulation that no one can be harmed by progress is a sure recipe for stagnation.

[MicroCapital Society]

Tuesday, March 6. 2007 from MicroCapital.org.
PlaNet Finance and the United Nations Development Programme Launch the Programme for the Support of the Associates and Communities Struggling Against HIV/AIDS in Burkina Faso

French-based PlaNet Finance, umbrella organization of the PlaNet Microfinance Fund, has teamed up with the United Nations Development Programme (UNDP) to launch the Programme for the Support of the Associates and Communities struggling against HIV/AIDS (PAMAC). The program, whose goal is to provide guarantee funds to people with HIV/AIDS, began in January of 2007 in Burkina Faso, a West African landlocked nation with a population of 13.2 mn, 2.3 percent of which are infected with AIDS.

PlaNet’s goal is to implement a proper structure for enabling people with HIV/AIDS to carry out income generating activities so that they can finance the medical expenses associated with the disease for themselves or their family members. PlaNet hopes to complete this goal by August 2007 despite the reluctance of other organizations, such as credit unions and NGOs that provide loans.

To accomplish this goal, PlaNet will provide technical assistance to implement and manage the guarantee funds that will support via microcredit HIV/AIDS patients, their families, and NGO members of PAMAC.

PlaNet Finance reported a total income of the equivalent of USD 5.6 mn in 2005, 80 percent of which comes in the form of private sector donations. According to PlaNet Finance’s official website, 95 percent of its resrources are allocated to missions conducted in developing countries where microfinance is growing significantly: Africa (40%), Asia (31%) and Latin America (24%).


- Lisa Kalajian, Microcapital.org Writer

Sources

1. PlaNet Finance

[MicroCapital Society]

Tuesday, June 5. 2007 from microcapital.org.
MICROCAPITAL STORY: World Bank makes $15 Million Microfinance loan to Bangladesh’s Palli Karma-Sahayak Foundation to Aid Rickshaw Drivers

Reuters reports on a $15 million microfinance loan by the World Bank to the government of Bangladesh (see story). The capital city of Bangladesh, Dhaka, recently passed a Non-Motorized Transportation ban on major roads within the city. This jeopardizes rickshaw drivers’ economic stability. These newly-awarded funds will be directed at those whose livelihood is seriously threatened by the ban.

The money will be passed on by the government to the wholesale lender to microfinance institutions, Palli Karma-Sahayak Foundation (PKSF). As reported in a previous microcapital.org article, the PKSF was founded in 1990 to provide financial and non-financial services to Bangladeshi MFIs. It has received funding from the government of Bangladesh, the World Bank and USAID, among others (see article). PKSF does not report to the MIX Market, the microfinance information clearinghouse. However, according to the most recently available annual report, PKSF had total assets of $363 million and operating income (from loans to MFIs) of $7.5 million as of July 30, 2005.

The World Bank website reports that this project will reach “about 40,500 of the adversely affected poor rickshaw owners, their family members, and those pullers that would like to give up rickshaw-pulling in favor of a new career.” It will provide those individuals with microcredit and other services. In addition to direct micro-loans, “the borrowers will also be provided with training in technical skills to facilitate career change.”

According to allheadlinennews.com (AHN), this funding comes from the International Development Association (IDA), a concessionary lending arm of the World Bank. The loan has 40 year maturity with a ten year grace period. The current terms of IDA lending stipulate that the loan is interest free but does carry a service charge of 0.75%. This funding comes as an addition to the Second Poverty Alleviation Microfinance Project in Bangladesh, which was approved by the World Bank in January 2001, with the goal of horizontally and vertically expanding rural microcredit in the country. Additionally, the project aimed to diversify financial services and delivery systems, as well as to focus on lending to “progressive or graduate microentrepreneurs who have entrepreneurial talents to scale up their activities,” according to the World Bank’s Project Overview (see above link). This project has already reached 3.5 million borrowers through PKSF, including some 335,000 urban poor, said Shamsuddin Ahmad, World Bank Senior Financial Sector Specialist and project team leader.

--Chryssa Rask, MicroCapital Writer

Additional Resources:

AllHeadlinenews.com: World Bank Provides $15 Million More For Urban Micro-Credit Services In Bangladesh

International Development Association

Microcapital.org: UK Government to Provide Bangladesh with Aid for Microfinance Expansion
PKSF: Annual Report 2005
Reuters: Bangladesh rickshaw-pullers get helping hand

World Bank: News & Broadcast

World Bank: Second Poverty Alleviation Microfinance Project

[MicroCapital Society]

Monday, August 6, 2007
MICROCAPITAL STORY: Habitat for Humanity Accelerates Post-Tsunami Reconstruction with Creative Microfinance Initiative, “Save and Build”

In the wake of the 2004 Indian Ocean earthquake, Habitat for Humanity International (HFHI), a non-profit organization founded in 1976, is accelerating its efforts to return decent housing to the over 500,000 Sri Lankan citizens displaced by a devastating tsunami. Combined with HFHI’s traditional donation-funded building program, the organization has implemented a program entitled “Save and Build” to help low-income families pool funds to meet construction costs.Here is how the program works. HFHI facilitates the creation of small savings groups, or micro-credit cooperatives, consisting of twelve families. The families work together to save the equivalent of USD 0.15-0.17 per day for a period of six months, a hefty sum considering many of the individuals in need of housing earn less than USD 1 per day. As the families save, they also amass locally available building materials such as rock and sand to make bricks. After six months, the families’ combined savings are sufficient to construct a domicile for one family.

HFHI uses gift-donations to “match” the construction costs of two more houses for two additional families in the cooperative. The process continues for approximately 24 months until all twelve families are housed. After initial construction is complete, families have the option to remain in their savings group to work toward a new goal, expanding their homes.

HFHI’s “Save and Build” program targets the poorest of the poor. The program is designed to reinforce collaborative community effort and group savings, providing housing usually out of reach. It helps families escape the debilitating effects of paying rent while establishing an alternative to mortgage-based housing. The program is also active in India and is being deployed in many other Asian countries.

HFHI’s involvement in microfinance is not limited to its “Save and Build” program. HFHI also worked with ACCION International, a U.S. based non-profit which heads a network of 27 microfinance institutions, to further study the role of microfinance in generating adequate housing in Latin America. “Getting to Scale in Housing Microfinance” highlights findings of the two organizations.

-Steven Craig

Trackbacks:

http://www.microcapital.org/cblog/index.php?/archives/921-PAPER-WRA...

Additional Sources:

Habitat for Humanity International: http://www.habitat.org/

Habitat for Humanity International: http://www.habitatforhumanity.org.uk/lea_save.htm

[MicroCapital Society]

Monday, September 17, 2007
MICROCAPITAL STORY: International Finance Corporation (IFC) and Blue Financial Services Group to Integrate HIV/AIDS Prevention with Microfinance

The International Finance Corporation (IFC), a member of the World Bank Group, announced plans to work with Blue Financial Services Group, a publicly traded African financial services company with over 100 branches in seven countries, on a pilot HIV/AIDS awareness and prevention program in Botswana, South Africa, and Zambia. A statement released by the IFC explained that the program will target small companies and local communities, seeking to preserve jobs and businesses by integrating traditional financial services with HIV/AIDS prevention. According to the press release, the IFC will help develop financial products, while Blue Financial Services will use its broad branch network in the three countries to deliver information and prevention services to staff, clients and communities.

The IFC, established in 1956, is now made up of 179 member countries which provide its capital, determine its policies, and approve its investments. In 2006, the IFC received a rating of Aaa, which suggests the highest quality investment grade, with minimal credit risk, from Moody’s Investor Services, a private company that performs financial research on commercial and government institutions. That year, according to Moody’s, the IFC’s assets totaled USD 28.49 billion, its return on assets (ROA) was 4.33 percent, and its return on equity (ROE) was 11.23 percent. As of February 2007, Blue Financial Services Group reported USD 573 million in total assets and USD 140 million in total liabilities.

By Elizabeth Nelson, Research Assistant

Additional Resources:

International Finance Corporation (IFC) Press Release: “IFC and Blue Financial Services Help Small Businesses and Local Communities in Botswana, South Africa, and Zambia Fight HIV/AIDS”

Microfinance Gateway: “African Consumer Finance Firm To Combine Access to Finance With HIV/AIDS Prevention”

International Finance Corporation (IFC) General Inquiries
IFC Corporate Relations
Tel: [phone]

Blue Financial Services Group

World Bank Group

Moody’s Investor Services Contact Info

Moody’s Investors Services: “Credit Opinion, International Finance Corporation” (pg 1)

Blue Financial Services: “Annual Financial Statements” (pg 86- ‘Balance Sheet’)

will use its broad branch network in the three countries to deliver information and prevention services to staff, clients, and communities.

[MicroCapital Society]

Friday, December 14, 2007
MICROCAPITAL STORY: CGAP-Supported Global Microfinance Consumer Protection Campaign Launched in Ghana by GHAMFIN and SPEED Ghana

The Ghana Microfinance Institutions Network (GHAMFIN) and SPEED Ghana have teamed up to launch a consumer education and protection (CEP) campaign that specifically targets customers of the country’s microfinance sector. The campaign, a global initiative promoted by the Consultative Group to Assist the Poor (CGAP) and the Small Enterprise and Education Promotion Network (SEEP), seeks to ensure that clients are treated fairly and with respect by financial institutions.

GHAMFIN is an informal network of institutions and individuals operating in the Ghanaian microfinance industry which evolved from a research program sponsored by the World Bank. The network’s objectives include establishing performance indicators to enable self-regulation of the industry, developing an information base in the country, promoting best practices among members, enhancing integration between the formal and informal sectors and collaborating with the government, donors and other networks to source research and development.

SPEED Ghana is a networking institution and support program for the development of micro, small and medium enterprises (MSMEs). SPEED Ghana also supports intermediaries such as business development and microfinance service providers to deliver market-oriented technical and financial services.

Executive secretary of GHAMFIN, Dr. David Andah, explained that the initiative will teach financial literacy and how to acquire the right information from financial institutions at various stages of the borrowing and investment cycle. It will educate them about their rights and responsibilities as consumers. The goal is to enable clients to responsibly handle matters relating to their financial well-being.

The campaign will utilize communication methods such as drama, posters, stickers and road shows in order to disseminate information.

Parallel to client education, the campaign will also promote client-oriented practices among financial institutions. The program will cover such topics as quality of service, respectful treatment of clients, accuracy and transparency of information and appropriate pricing.

Currently, seven Ghanaian microfinance providers report to the Microfinance Information eXchange (MIX). These institutions report a total gross loan portfolio of USD 53.5 million and roughly 146,000 borrowers.

However, according to a paper produced at the Woodrow Wilson School of Public and International Affairs in 2004, the number of potential clients of formal microfinance institutions in Ghana is estimated to be 3 million (pg 5). The same paper reported that there were 117 rural banks, 10 savings and loan providers, 253 credit unions, 50 NGOs and over 4,000 informal traders and money lenders in the country serving 2.8 million clients (pg 8) with various financial services.

Additional Resources:

Daily Guide: “Consumer Protection Campaign Introduced.”

Ghana Microfinance Institutions Network (GHAMIN)

GHAMFIN: “Mission Statement.”

SPEED Ghana

Consultative Group to Assist the Poor (CGAP)

Small Enterprise and Education Promotion Network (SEEP)

“Ghana: Microfinance Investment Environment Profile.” By Amit Jha, Neeraj Negi and Rekha Warriar.

Microfinance Information eXchange (MIX)

[MicroCapital Society]

Wednesday, February 20, 2008
MICROCAPITAL STORY: Crédit Agricole Contributes €50m for the Creation of a Non-Profit Foundation in Cooperation with Grameen Bank of Bangladesh

Crédit Agricole, the largest bank in France, announced that it will contribute EUR 50 million towards the establishment of a non-profit foundation in cooperation with Grameen Bank, a Bangladeshi micro-bank. The foundation will finance micro credit providers worldwide through credits, guarantees, and equity capital. In 2009, the foundation will create a fund, open to investors, in order to raise an additional EUR 100 million for operations, according to Crédit Agricole, as reported by Forbes.com.

Founded in 1920, Crédit Agricole and its subsidiaries have a history of participation in microfinance. The bank invested in Banco del Desarrollo in Chile and conducts consulting in Egypt for microfinance institutions (MFIs) across Africa, as reported by MicroCapital. Additionally, the Agricultural Cooperative Bank of Armenia (ACBA), in which Crédit Agricole is the largest shareholder at 28 percent, has concentrated on banking services for low-income entrepreneurs in Armenia’s agriculture sector since 1996, according to the MIX Market. Crédit Agricole’s USD 85 billion of Tier 1 Capital (a measure of a bank’s financial strength) in 2007 was ranked 4th highest in the world, according to The Banker.

Grameen Bank was founded in Bangladesh in 1976 and has 7.4 million borrowers as of January 2008, spanning more than 96 percent of villages across the country. The bank reported total assets of USD 820 million in 2006 and loans of USD 532 million in 2007, according to the MIX Market, the microfinance information clearinghouse. In 2006, Grameen Bank had a debt/equity ratio of 825% and return on assets of 2.44%

By Anthony Busch, Research Assistant

Additional Resources:

The Banker: “Top three shuffle in global listing”, July 2, 2007

BusinessWeek.com Company Profile: Crédit Agricole Group

Crédit Agricole: Home

Forbes.com: “Credit Agricole puts 50 mln eur towards foundation for micro credits”, February 18, 2008

Grameen Bank: Home, MIX Market

MicroCapital article, September 10, 2007: “Bank of Nova Scotia (NovaScotia Bank) Invests USD 810 million on Chilean Bank Banco del Desarrollo”

MicroCapital article, August 31, 2007: “European Bank for Reconstruction and Development (EBRD) and Citigroup Loan USD 16.4 Million to ACBA-Credit Agricole Bank in Armenia”

MicroCapital article, April 4, 2007: “IFC sign partnership with Crédit Agricole in France and Environmental Quality International in Egypt to support financial and microfinance institutions (MFIs) in Africa”

[MicroCapital Society]

Friday, April 11, 2008
MICROCAPITAL STORY: Bill Gates Cites Microfinance as He Urges Businesses to Help the Poor

Ina Fried of CNET reports that Microsoft chairman Bill Gates gave two speeches in Miami on April 4, in which he promoted the importance of businesses being involved in serving the poor and participating in partnerships with the government and non-governmental organizations (NGOs).

In remarks to the Government Leaders Forum (transcript), Gates stressed the role of microfinance as a model of “creative capitalism.” This means that businesses see their mission as more than merely responding to market demand — over and on top of this, they seek to fulfill the ever-persistent need to help the poor. In this framework, microfinance is “creative capitalism” practiced by financial institutions. Besides microfinance, other examples could include the food industry developing micronutrients or drug companies focusing on treatment of diseases prevalent among the poor.

Additionally, Gates said about microfinance that “the idea of how they create loans for the poorest is part of it,” but that there should be an emphasis on making savings and insurance products available to them as well.

He added that new technologies need to be continuously introduced into the sector to help lower transaction costs and, as a result, interest rates.

Earlier in the day, Gates was at the Inter-American Development Bank (IDB), a multilateral development bank, discussing with officials the importance of strategic partnerships between governments, NGOs, and corporations. He also was optimistic in the face of skepticism expressed by some business leaders regarding his “creative capitalism” concept.

“As we have examples of success, we can overcome that [skepticism],” Gates said.

MicroCapital has reported on the activities of the software magnate’s Bill and Melinda Gates Foundation on numerous occasions, including a USD 34 million grant to International Labour Organization last December; the naming of its microfinance head last April; and a USD 15.4 million grant to Opportunity International, a USD 24 million grant to the Consultative Group to Assist the Poor, and USD 29 million in grants and loans to ProCredit microfinance banks last February.

By Stephen Son

Additional Resources:

CNET: “Gates: Businesses need to embrace the poor”

Microsoft: Bill Gates: Government Leaders Forum Americas 2008

MicroCapital.org article, December 17, 2007: “The Gates Foundation Makes USD 34 Million Grant to the International Labour Organization to Set Up Microinsurance Initiative”

MicroCapital.org article, April 13, 2007: “Gates Foundation Names Robert Peck Christen of the Boulder Institute of Microfinance as Head of Microfinance Team”

MicroCapital.org article, February 22, 2007: “The Gates Foundation distributes 15.4 million to Opportunity International”

MicroCapital.org article, February 6, 2007: “The Gates Foundation Accelerates by Lending and Giving $29 Million to ProCredit Microfinance Banks in Angola, Democratic Republic of Congo (DRC), Ghana, Mozambique, and Sierra Leone”

MicroCapital.org article, February 1, 2007: “Gates Foundation Grants USD 24mn Over 5 Years to Consultative Group to Assist the Poor (CGAP) to Promote Microfinance Technology”