The Haiti Mobile Money Initiative (HMMI), a competition developed by the Haiti Integrated Finance for Value Chains and Enterprises (HIFIVE) that provides prize money from the Bill and Melinda Gates Foundation and US Agency for International Development (USAID), continues to accept proposals from private sector organizations to develop mobile money services in Haiti. The Bill and Melinda Gates Foundation has provided a grant of USD 10 million to HMMI, to be awarded to institutions that develop innovative and effective mobile payment systems. USAID has made available an additional USD 5 million to provide technical assistance to winners to “help address obstacles to the implementation of these payment systems.” Digicel, a Bermuda-based mobile operator, received the first award of USD 2.5 million from HMMI, as was reported by MicroCapital in January 2011.
Brian Branch, COO of WOCCU, is encouraged by the success of mobile banking initiatives in Mexico and Kenya and states that, “Given the challenges the Haitian people face, we believe mobile banking may be the best and, in some cases, only option for financial services as their country continues to rebuild.”
USAID offers a suite of resources aimed at improving the outcomes of microenterprise development research and practice at http://microlinks.kdid.org
By Rohan Trivedi, Research Associate
About The Bill and Melinda Gates Foundation:
Based in the US, the Bill & Melinda Gates Foundation provides grants to organizations in approximately 100 countries with the aim of enhancing health care, reducing poverty and expanding educational opportunities and access to information technology. As of December 2009, its endowment totaled USD 34 billion. The Bill & Melinda Gates Foundation’s Financial Services for the Poor initiative focuses on providing people with secure methods for saving. To support this initiative, the foundation works with financial organizations to increase access to technology (point-of-sale devices, automated teller machines, etc) and forge partnerships between mobile phone companies, banks and microfinance institutions. It also supports the startup and growth of new banks in developing markets.
About The United States Agency for International Development (USAID):
The United States Agency for International Development (USAID) is a government agency that provides international economic and humanitarian assistance. It focuses on areas such as economic growth, agriculture, trade, global health, democracy, conflict prevention and humanitarian assistance. Under the Development Credit Authority (DCA), it provides partial credit guarantees that cover up to 50 percent of defaults on wholesale loans made by private financial institutions to institutions that lend on a retail basis to underserved borrowers.
About World Council of Credit Unions (WOCCU):
Headquartered in the United States, WOCCU is a trade association and support agency for credit unions. WOCCU advocates before international organizations on behalf of 40 credit unions operating in 51 countries, and it coordinates with national governments regarding legislation and regulation. Its technical assistance programs introduce tools and technologies intended to strengthen the financial performance of credit unions and increase their outreach. WOCCU consists of three entities: (1) WOCCU proper, (2) WOCCU Services Group, which functions as a for-profit corporation and (3) Worldwide Foundation for Credit Unions, which serves as a charitable organization. WOCCU reported total assets of USD 14 million in its 2009 annual report.
Sources and Additional Resources:
[1] World Council of Credit Unions (WOCCU) News Releases: “WOCCU Proceeds with Haiti Mobile Money Initiative”, http://www.woccu.org/newsroom/releases?id=1811
MicroCapital.org story, January 18, 2011: “MICROCAPITAL BRIEF: Bill and Melinda Gates Foundation Provides $10m for Haiti Mobile Money Initiative (HMMI) in Collaboration with US Agency for International Development (AID)”, https://www.microcapital.org/microcapital-brief-bill-and-melinda-gates-foundation-provides-10m-for-haiti-mobile-money-initiative-hmmi-in-collaboration-with-us-agency-for-international-development-aid/
MicroCapital Universe Profile: Bill and Melinda Gates Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bill+and+Melinda+Gates+Foundation
MicroCapital Universe Profile: United States Agency for International Development (USAID), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=United+States+Agency+for+International+Development+%28USAID%29
MicroCapital Universe Profile: World Council of Credit Unions (WOCCU), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=World+Council+of+Credit+Unions+%28WOCCU%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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