The Center for Financial Inclusion (CFI), an affiliate of US-based nonprofit Accion, and HelpAge USA, an affiliate of UK-based NGO network HelpAge International, have launched a research initiative on the financial inclusion of older adults in developing countries. The initiative will research expenses, income streams and possible financial services for older adults, with a focus on the South American nation of Colombia. The goal is to publish a paper on the topic in November 2014 and hold roundtable discussions regarding the same in both Colombia and the US city of New York.
As of 2013, Accion reports total assets USD 333 million and, in association with its partner MFIs, has an active loan portfolio of USD 7.9 billion serving 6.7 million borrowers in 31 countries in Africa, the Americas and Asia.
By Ananya Tiwari, Research Associate
About Center for Financial Inclusion (CFI):
The Centre for Financial Inclusion (CFI) is an initiative of US-based nonprofit Accion. The center works with regulators, banks, investors and academics in an effort to increase financial inclusion by connecting the microfinance community to capital markets and technology. As of 2013, Accion reports total assets USD 333 million and, in association with its partner MFIs, has an active loan portfolio of USD 7.9 billion serving 6.7 million borrowers in 31 countries in Africa, the Americas, and Asia. In 2012, Accion expended approximately USD 4 million as a functional expense to support CFI.
About HelpAge USA:
HelpAge USA is an affiliate of HelpAge International, a UK-based network of nonprofits. The organization works with an international network of partners and affiliates in an effort to increase financial inclusion for older adults in developing countries. As of 2012, HelpAge reports total assets of USD 442,890. In 2012 the organization’s total revenue was USD 761,582 and total expenses were USD 538,211. More recent financial information is unavailable.
[1] Information provided to MicroCapital by Accion, October 2014
MicroCapital, September 29, 2011: https://www.microcapital.org/microcapital-brief-in-center-for-financial-inclusion-cfi-report-%E2%80%9Copportunities-and-obstacles-to-financial-inclusion%E2%80%9D-microfinance-stakeholders-cite-financial-education-as-top-need/
MicroCapital Universe Profile: Center for Financial Inclusion (CFI),https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Center+for+Financial+Inclusion+%28CFI%29
MicroCapital Universe Profile: HelpAge International https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=HelpAge+International
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