The J.P. Morgan Chase Foundation, the charitable arm of the U.S.-based financial services company, has provided a USD 3 million grant to Bankers Without Borders (BwB), a volunteer program of the Grameen Foundation based in the U.S. that supports microfinance and technology initiatives related to finance in low-income countries.According to a J.P. Morgan Chase press release, the grant will be distributed over three years and will be used to expand the program as well as build capacity of microfinance institutions (MFI) that are part of the program. The press release does not specify where the funds will be used. BwB has over 50 projects in nine countries. The J.P. Morgan Chase Foundation was an inaugural sponsor of BwB in 2008.
By Christopher Maggio, Research Assistant
About: Grameen Foundation
The Grameen Foundation, founded in 1997, is a non-profit organization based in Washington, D.C. 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. The foundation aims to help microfinance institutions 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 microfinance institutions (MFIs) in about 37 countries worldwide.
MicroCapital’s Microfinance Universe profile: Grameen Foundation
About: Bankers Without Borders
Bankers Without Borders is a volunteer program started by the Grameen Foundation that supports microfinance and technology initiatives related to finance in poor countries. It was founded in 2008 and, as of February 5, 2010, has over 50 projects and operates in nine countries. It has received funding from J.P. Morgan Chase and the Bill and Melinda Gates Foundation.
MicroCapital’s Microfinance Universe profile: Bankers Without Borders
Additional Resources:
J.P. Morgan Chase press release entitled ‘J.P. Morgan supports Grameen Foundation’s expansion of Bankers without Borders microfinance program’: http://www.jpmorgan.com/cm/cs?pagename=JPM_redesign/JPM_Content_C/Generic_Detail_Page_Template&cid=1264634763046&c=JPM_Content_C
J.P. Morgan Chase Community Partnership: http://www.jpmorgan.com/pages/jpmc/community
Bankers Without Borders: http://www.grameenfoundation.org/take-action/volunteer
Grameen Foundation: http://www.grameenfoundation.org/
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