Kenya-based Financial Services Deepening (FSD), a trust that provides funding to financial institutions, and US-based Women’s World Banking (WWB), a nonprofit that works with financial institutions to provide financial tools to low-income women in 28 countries, reportedly are partnering to provide financial services to women in Sub-Saharan Africa. FSD Africa will provide grants of up to USD 7.1 million by 2018 to Women’s World Banking to support financial institutions that target women. The partnership will allow WWB to maintain its current partnerships with Diamond Bank of Nigeria, a commercial bank; New Building Society of Malawi, a commercial bank; and National Microfinance Bank, a microfinance institution in Tanzania. WWB also plans to work with these companies to expand financial services such as savings products and rural credit.
As of 2013, the MFIs that are members of WWB collectively serve 26 million active clients, including 14 million women. These MFIs report a total of USD 4.4 billion in savings deposits and aggregated gross loan portfolio of USD 6.9 billion.
By Megan McGowan, Research Associate
About Financial Sector Deepening (FSD Africa):
Financial Sector Deepening Africa (FSD Africa) is an expansion of FSD Kenya, a trust that works directly with financial institutions, service providers and support institutions. FSD Africa is a program of the UK’s Department for International Development (DFID). FSD Africa’s budget has not been released.
About Women’s World Banking:
Women’s World Banking (WWB) is a nonprofit organization based in the US city of New York that was founded in 1979 to help women around the world by providing them microfinance services. As of 2013, WWB members serve 26 million active clients in 28 countries; the 39 MFI members of WWB reported USD 4.4 billion in savings deposits from an unspecified number of depositors, a gross loan portfolio of USD 6.9 billion and serve approximately 14 million women.
[1] CGAP Microfinance Gateway: “Partnership between FSD Africa and Women’s World Banking to Improve Women’s Financial Inclusion in Africa,” http://www.microfinancegateway.org/p/site/m/template.rc/1.9.63208/
MicroCapital: “Financial Sector Deepening: Central Bank of Kenya Regulations Cuts Profits of Kenyan Microfinance Institutions,” April 23, 2012, https://www.microcapital.org/microcapital-brief-financial-sector-deepening-central-bank-of-kenya-regulations-cuts-profits-of-kenyan-microfinance-institutions/
MicroCapital: “Women’s World Banking (WWB), Citi Foundation Launch Women in Leadership Program,” March 15, 2013, https://www.microcapital.org/microcapital-brief-womens-world-banking-wwb-citi-foundation-launch-women-in-leadership-program/
MicroCapital: “Triodos, Women’s World Banking to Co-Manage $30m Isis Microfinance Fund,” March 9, 2012, https://www.microcapital.org/microcapital-brief-triodos-womens-world-banking-to-co-manage-30m-isis-microfinance-fund/
MicroCapital Universe Profile: Financial Sector Deepening, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Financial+Sector+Deepening+Kenya+%28FSD+Kenya%29
MicroCapital Universe Profile: Women’s World Banking, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Women%27s+World+Banking+%28WWB%29
MicroCapital Universe Profile: Diamond Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Diamond+Bank+PLC
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