With Gates Backing, CGAP Expands Program To Link Technology, Microfinance
by Jim Rosenberg : Friday, January 26, 2007
Washington, DC, January 26, 2007 - CGAP, a resource center for microfinance whose members represent the bulk of aid to the industry, announced plans today to dramatically accelerate its quest for technology solutions that can bring critical financial services — from loan and savings accounts to money transfers — to billions more of the world’s poor.
The $26 million initiative includes a four-year, $24 million grant from the Bill and Melinda Gates Foundation. Most of this funding will support pilots to expand access to financial services with new technology approaches.
“Through wireless and other technologies, we can connect poor people to the financial systems of their countries, allowing these countries to leapfrog many stages of financial sector development,” said CGAP Chief Executive Officer Elizabeth Littlefield. “Imagine a villager in a remote rural area, days away from the nearest bank branch, having access to the same financial services you and I take for granted. That’s the vision we share with Bill and Melinda Gates, and we are very grateful for their support.”
Sylvia Mathews, President of the Global Development Program at the Gates Foundation, said the expanded focus on technology builds on CGAP’s ten-year track record of leadership and service to the microfinance industry.
