Through a webinar last week, the Grameen Foundation, a non-profit organization based in Washington, DC, that aims to help microfinance institutions (MFIs) replicate the model of the Grameen Bank, introduced its newest campaign, the Pioneer Fund, and examined how the organization assists MFIs so that they might reach poor people in underserved areas with microloans. The webinar was the organization’s largest online event ever held with over 600 subscribers [2].
The Pioneer Fund is a new initiative within the Grameen Foundation, which seeks to provide direct financing to the “next generation of microfinance institutions” that are working in remote or underserved areas, especially those in Sub-Saharan Africa. According to the Grameen Foundation, over 90 percent of funding in the microfinance sector goes to 150 of the largest MFIs, while the remaining 10 percent goes to the 9,850 smaller MFIs who are focusing on the poorest [2]. The Pioneer Fund aims to help this second group of MFIs.
The main presenter was Jill Chen, the director of financing programs at the Grameen Foundation. She joined the organization in 2007 after working for twenty years in the finance and banking sector. A video as well as a PDF version of the slideshow from the presentation may be downloaded from the Grameen Foundation’s website [3].
By Conner Brannen, Research Assistant
About Grameen Foundation:
The Grameen Foundation, based in Washington D.C., aims to help microfinance institutions (MFIs) throughout the world replicate the microfinance model of the Grameen Bank. It provides financial, technological and managerial support for local organizations and intends to provide new business opportunities and telecommunication services to the rural poor. The Grameen Foundation works with MFIs in about 37 countries worldwide. Though the Grameen Foundation is independent of the Grameen Bank, Muhammad Yunus, the founder of the Grameen Bank, serves on the Foundation’s Board of Directors.
Sources and Resources:
[1] MicroCapital Universe: Grameen Foundation: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Foundation
[2] Grameen Foundation: “The Making of a Tiny Loan,” May 7, 2010, webinar: https://www.microcapital.org/microfinance-event-reaching-the-poorest-of-the-poor-“the-making-of-a-tiny-loan”-hosted-by-the-grameen-foundation-on-may-7-2010-1200-pm-edt-webinar/
[3] Grameen Foundation: http://www.grameenfoundation.org/pioneer
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