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Financial Services for the Poor: the Basics 5 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized ANNUAL REPORT CONSULTATIVE GROUPTOASSIST THEPOOREST CONSULTATIVE 2002 Photographs, front cover (background, then left to right): Two women holding money, Cambodia (Tim Hall/Getty Images); Women removing fish traps, Okavango River, Botswana (Peter Johnson/Getty Images); Farmer on carriage, Egypt (Hisham F. Ibrahim/Getty Images); Woman selling flowers at market stand, Ecuador (Corbis); Bulls pulling carts on a rainy day, India (Corbis). Photographs, back cover (background, then left to right): Outdoor market, Bombay, India (Eyewire Collection/Getty Images); People making food, Burkina Faso (©1993, The World Bank Photo Library/Curt Carnemark); Woman weaving, Kenya (© The World Bank Photo Library); Man with water buffalo cart, Philippines (©1975, The World Bank Photo Library/Edwin G. Huffman). Consultative Group to Assist the Poorest Tel: (202) 473-9594 c/o The World Bank Fax: (202) 522-3744 1818 H. Street, N.W. email: [email protected] Room Q4-400 http://www.cgap.org Washington, D.C. 20433 CGAP ANNUAL REPORT 2002 JULY 1, 2001- JUNE 30, 2002 CONTENTS From the Director 1 Financial Services for the Poor: The Basics 5 About CGAP 9 Organization • Evaluations • Donor Commitments • Operational Budget CGAP Services & Activities, FY2002 17 Activity Highlights, 2001-2002 • Information Dissemination Donor Effectiveness 23 Financial Transparency 27 Policy Framework 31 Poverty Outreach 35 Institution Building 39 Annex 1: List of Consultative Group of Member Donors 44 Annex 2: CGAP Staff Biographies 47 Annex 3: Historic Budget Commitments of CGAP Member Donors 51 Annex 4: Websites & Publications 52 Annex 5: CGAP Investments (1995-2002) and Pro-Poor Innovation Challenge Award Recipients 56 Acronyms Used in this Report Inside back cover Two women holding money, Cambodia. (Tim Hall/Getty Images.) FROM THE DIRECTOR FINANCIAL SERVICES FOR THE POOR ICROFINANCE works. It has cooperatives, and insurance or credit card compa- proved to be a powerful instrument nies. The term “microfinance” will no longer be M for poverty reduction that enables the necessary as we remove the walls–real and imagi- poor to build assets, increase incomes, and reduce nary–that separate the microfinance community their vulnerability to economic stress. from the much broader world of financial systems, Microfinance is sustainable. There is greater con- markets, and development. sensus than ever before about what is needed to make microfinance sustainable, such as cost-cov- ering interest rates, demand-driven products, and “The term ‘microfinance’ will no longer be a relentless focus on efficiency. Yet, with an necessary as we remove the walls–real and unserved market of nearly one billion poor people imaginary–that separate the microfinance still lacking access to basic financial services, espe- community from the much broader world of cially the very poor, the microfinance challenge financial systems, markets, and development.” and opportunity remain ahead of us. This is the decade in which microfinance must Opening up microfinance to embrace a diversity either realize its vast potential to equip truly large of organizations and models is urgent. Right now, numbers of people to improve their own lives, or the growth of poverty and unrealized human fade into an unfulfilled promise. Success requires potential is outpacing the incremental growth of that we refuse to accept a status quo in which it is microfinance. But it is also well within our reach considered normal for a country’s financial system because many of the elements needed to scale up to serve only a tiny minority of its population, and diversify financial services to the poor are in while the vast majority remains outside the sys- place. A great deal of knowledge about the tem. It requires understanding the dramatic and requirements of sustainable microfinance already subtle differences between poor people and their exists through the experience of microfinance needs. It requires recruiting and deploying many practitioners to date. Remarkable cost efficiency more distribution channels to build on and com- has been achieved by several vanguard microfi- plement the success of existing microfinance insti- nance institutions. Elsewhere, advances in infor- tutions. And it requires delivering a far wider vari- mation technology promise to lower costs, and ety of financial services to the poor and the very risks, further. Some large banks and other organi- poor, in rural and urban areas, in large countries zations with nationwide distribution systems are and in small. beginning to take an interest in reaching poorer clients or in leveraging their existing networks To achieve this we must change how microfinance with new services. Enabling policy frameworks is perceived–from a specialized niche of develop- are slowly being put in place and some unsup- ment to one of the cornerstones of any poor coun- portive ones are being dismantled. Financial try’s financial system. Building financial services for reporting and other standards are coalescing, the poor on this scale calls for a variety of distribu- eliminating unnecessary expense and the duplica- tion systems with different objectives and tion of effort. approaches for different market segments of the poor population. Legal and supervisory systems Integrating microfinance into the established will be designed to stimulate, support, and ensure financial sector and deploying more delivery chan- the soundness of a range of organizations that may nels will require patient and creative experimenta- include donor-supported non-profit organizations, tion with different models, mechanisms, products, CGAP Annual Report 2002 1 FROM THE DIRECTOR and services. It will require strengthening success- This is the mission CGAP seeks to achieve through ful existing microfinance institutions. It will its work with its many partners worldwide. Simply, require generous, timely, and effective informa- we are committed to helping build flexible, con- tion-sharing on experiments and lessons learned. venient, and affordable financial services for the And it will require far higher and more consistent poor and the very poor on a global scale. reporting standards, especially greater transparen- cy about the financial strength and performance of We would like to sincerely thank our member microfinance operations. donors for their steadfast support and engage- ment. Deep thanks also to the staff of the many networks, service providers, donors, and microfi- “Success requires that we refuse to accept a nance organizations who are our partners. It is status quo in which it is considered normal only through collective action that we will suc- for a country’s financial system to serve ceed–in this decade and on the breathtaking scale only a tiny minority of its population, before us–to truly build financial services for all while the vast majority remains outside the poor who require them, enabling them to the system.” build assets, educate families, seize opportunities, and chart their own path out of poverty. Subsidies will always be required for certain func- tions. Clarity about clients reached and the roles played by different organizations is essential in order to allocate these scarce subsidies. On the other side, donor agencies will need to overcome Elizabeth L. Littlefield internal limitations to their effectiveness and August 2002 provide financial support that is demand-driven, efficient, and complementary to other funding. 2 CGAP Annual Report 2002 Woman walking by dried chili peppers, Mexico. (©1994, The Word Bank Photo Library/Curt Carnemark.) FINANCIAL SERVICES FOR THE POOR: THE BASICS IKE everyone else, poor people need and or die. Existing financial institutions may not use financial services all the time. They offer financial products that are appropriate to L need financial services to take advantage of the needs of the poor. business opportunities, invest in home repairs and Recognition of the need to extend access to formal improvements, and meet seasonal expenses like financial services to the poor is not new. Beginning school fees and holiday celebrations. They need in the 1950s, development projects began to intro- financial services to prepare for life-cycle events like duce subsidized credit programs targeted at specific the wedding of a daughter or the death of a grand- communities. For example, governments and mother. They need financial services to cope with donors focused on providing subsidized agricultur- emergencies like the sudden death of a wage-earn- al credit to small and marginal farmers with the goal er or a monsoon that wreaks havoc on their village. of raising productivity and incomes. These subsi- To address these myriad needs, the poor utilize a dized schemes were rarely successful because the wide range of financial services–and have done so funds did not always reach the poor, ending up con- for centuries. Although in many cases they lack centrated in the hands of better-off farmers. access to the formal financial system, the poor Repayment rates were low and rural development enter into a variety of financial relationships. banks suffered massive erosion of their capital base Informal systems like moneylenders, savings due to subsidized lending rates. clubs, rotating savings and credit associations, and mutual insurance societies are pervasive in nearly “Through the 1980s and 1990s, microcredit every developing country. The poor also
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