NpM at CGAP Annual Meeting in Luxembourg: “Financial Inclusion for Development”

2 August, 2016

The quarterly e-MFP Summer 2016 Newsletter published an article about CGAP’s annual meeting in Luxembourg May 10-11, which Josien Sluijs, NpM Director attended. The theme of the meeting was “Financial Inclusion for Development” and the participants examined global trends in financial inclusion, innovations that help excluded and marginalized people get access to the financial services they need, and the impact of the digital age on microfinance institutions.

Her Royal Highness the Grand Duchess of Luxembourg presented her welcoming remarks to CGAP members, highlighting how new players such as telecom operators and mobile financial services open new perspectives for reaching the poorest populations with financial services. Her Royal Highness the Grand Duchess of Luxembourg is a longtime advocate for microfinance, exemplified by her role as a High Patron of ADA and honorary chairperson of the LUXFLAG Microfinance Label.

CGAP CEO Greta Bull thanked the Luxembourg government for hosting CGAP’s meeting and extended her deep appreciation to Her Royal Highness for opening the event. She said, “More than two billion people still lack access to formal financial services such as bank accounts, savings and loans that many of us take for granted. CGAP, with the support of partners such as Luxembourg, is seeking to extend access to the financial tools people need to improve their lives and help move them out of poverty.”

In a session on ‘Understanding Smallholder Families: Developing Financial Solutions’, CGAP presented emerging evidence around financial needs and behavior of smallholder families. So far, three high-level messages are coming out of the data: 1) The entry point to financial inclusion may not be agriculture, even though it is central to smallholder identity; 2) These are the barriers fulfilling the potential of DFS for smallholders, especially in terms of access, capability and relevance; and 3) Smallholder households are key to advancing financial inclusion, as they are currently using few formal financial services and even few informal services.

The meeting brings together CGAP’s Council of Governors, CGAP’s highest governing body which is responsible for setting CGAP’s broad policies and strategic direction. CGAP’s members include bilateral and multilateral development agencies, regional development banks, development finance institutions and private foundations.

For the entire version of e-MFP Summer 2016 Newsletter and more news on the CGAP’s annual meeting in Luxembourg click here (online version) or to download it, click here (pdf version).

About CGAP

CGAP (Consultative Group to Assist the Poor) is a global partnership of 34 leading organizations that seek to advance financial inclusion. CGAP develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale. Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives. Our mission is to improve the lives of poor people by spurring innovations and advancing knowledge and solutions that promote responsible, sustainable, inclusive financial markets.

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