At the Women’s World Banking (WWB) Microfinance and Capital Markets conference on March 23 and March 24, Ms Elizabeth Littlefield, the Chief Executive of CGAP (Consultative Group to Assist the Poor) who has been nominated to head the Overseas Private Investment Corporation (OPIC), declared “There’s a huge untapped pool of savings in poor households that’s desperate to be taken out from under the bed.” She added, “We should be focusing more and more on finding ways to strengthen institutions so they can become profitable and then licensed to mobilize those savings and provide that incredibly valuable service to poor people.”
Other topics discussed at the conference included: regional updates on the effects of the financial crisis, setting appropriate lending standards, return expectations and socially responsible investing.
By Stefanie Rubin, Research Assistant
About Women’s World Banking (WWB):
Women’s World Banking (WWB) is an organization that provides technical and advisory services to its global network of microfinance institutions (MFIs). As of February 26, 2010, WWB had 40 members working in 28 countries, and serves over 20 million microentrepreneurs. It was founded in 1976 and its international team is based in New York.
About CGAP (Consultative Group to Assist the Poor):
Housed at the World Bank Group, CGAP (Consultative Group to Assist the Poor) is an independent policy and research center dedicated to providing financial access for the world’s poor. CGAP is supported by over thirty development agencies and private foundations. Its mission is to provide market intelligence, to promote standards and to offer advisory services to governments, microfinance providers, donors and investors.
Additional Resources:
Source Article: Reuters: “NY Microfinance Conference Urges Savings from Poor,” http://www.reuters.com/article/idUSTRE62M5FA20100323
Women’s World Banking: “8th Annual WWB Microfinance and the Capital Markets Conference,” http://www.swwb.org/cmc2010
MicroCapital Universe: Women’s World Banking (WWB): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Women%27s+World+Banking+%28WWB%29
MicroCapital Universe: CGAP (Consultative Group to Assist the Poor): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=CGAP+%28Consultative+Group+to+Assist+the+Poor%29
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