MICROCAPITAL BRIEF: President of Kenya Calls for Microfinance Institutions (MFIs) to Provide Broader Range of Services to Increase Clients’ Wealth

Mwai Kibaki, the President of Kenya, speaking at the opening of the 2010 Africa/Middle East Regional Microcredit Summit being held in Nairobi, called for microfinance institutions (MFIs) to provide a broader range of services to better improve their clients’ economic positions. President Kibaki said, “We need to effectively tackle the challenges that continue to stand in the way of achieving universal access to financial services for the poor in our region. The sources of funds and the cost of providing financial services as well as the technology and infrastructure available to the sector remain real challenges.” He advocated specifically reducing costs in the provision of microfinance services and putting in place credit rating systems. President Kibaki acknowledged the contribution of microfinance in economic development when he said, “experience has shown that it is micro- and small businesses, and not large corporations, that drive employment, growth and development in the emerging markets.”

By: Christine Chang, Research Associate

Additional Resources:

Capital FM Kenya: Kenyan President challenges MFIs, April 7, 2010: http://www.capitalfm.co.ke/business/Kenyabusiness/Kenyan-President-challenges-MFIs-4036.html

MICROFINANCE EVENT: 2010 Africa/Middle East Regional Microcredit Summit (AMERMS) on April 7-10, 2010 in Nairobi, Kenya: https://www.microcapital.org/microfinance-event-2010-africamiddle-east-regional-microcredit-summit-amerms-on-april-7-10-2010-in-nairobi-kenya/

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