The Consultative Group to Assist the Poor (CGAP), a World Bank associated agency for international microfinance, announced its partnership with the Bill and Melinda Gates Foundation, including a USD 24 mn grant spread over five years to pilot technologies for increasing access to financial services for the global majority.
CGAP technology expert Gautam Ivatury hopes that technology breakthroughs will provide incentive for more commercial banks to serve the rural poor. CGAP capitalizes on the now prevalent mobile phones throughout the impoverished areas to reach those who are “unbanked” due to barriers such as weak institutions, ineffective aid, and inappropriate policies and regulations.
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