Catherine Quense, ACCION International’s Chief Administrative Officer and Chief Deputy, will take over as interim president and CEO, replacing Maria Otero, who has left to join the Obama Administration as Under Secretary of Global Affairs in the US State Department. Ms. Quense will direct ACCION in line with its 2008-2011 strategic plan and the key initiatives launched under Ms. Otero’s direction, “ACCION’s Model for Social Change” from its 2007 annual report. The four issues the plan addresses are “low income, poor quality of life, vulnerability and lack of dignified solutions,” through which the provision of financial services to low-income households will address. ACCION will broaden and reach beyond its target audience from informal-sector microentrepreneurs in urban Latin America for a greater global reach. The new areas include Inner Mongolia, China and Nigeria.
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MICROCAPITAL STORY: enConfianza Microfinanciera Signs a “Technical Assistance Contract” with Accion International to Provide Financial Services to a Broader Audience of Micro-entrepreneurs in Mexico
enConfianza S.A. de C.V. SOFOM ENR (enConfianza Microfinanciera) recently announced that they have signed a “Technical Assistance Contract” with Accion International to provide financial services to a broader audience of micro-entrepreneurs in Mexico. According to Accion, the microfinance company based in Mexico City (enConfianza Microfinanciera) will receive consultation on best practices in the areas of credit methodology, risk management, project and process management, human resources and organization development. Mauricio Hubard, president and CEO for enConfianza expects that the partnership will allow the microfinance company to create new products and trends, while developing an advanced business model for the microfinance industry. No additional information regarding the terms of the contract are provided.
MICROCAPITAL STORY: ACCION International’s CEO Maria Otero To Be United States Under Secretary of Democracy and Global Affairs
The White House has nominated the president and CEO of ACCION International, Ms. Maria Otero, to assume the position of Under Secretary of Democracy and Global Affairs in the US Department of State. Although the Senate Foreign Relations Committee has yet to approve the nomination, Ms. Otero has indicated that she will accept the position should her nomination be successful. Ms. Otero has been profiled in MicroCapital’s Who’s Who in Microfinance series in May 2007. Her position at ACCION International will be filled temporarily by Ms. Catherine Quense, Chief Administrative Officer and Chief Deputy, while a committee searches for Ms. Oteros successor. Ms. Diana Taylor, Vice Chair of the ACCION Board, comments, “Her nomination as Under Secretary comes as no surprise to those of us who know her and her deep commitment to social and economic justice, and we know that she now has an even more effective platform from which to help build better lives for the world’s citizens.” Ms. Otero was born and raised until the age of 12 in La Paz, Bolivia, whereupon she and her family moved to Washington DC. She holds a BA in Literature from the University of Maryland and an MA in International Relations from Johns Hopkins. She has been with ACCION since 1986 and became CEO in 2000. ACCION International is a microfinance organization founded in 1961 and consisting of 27 partner microfinance institutions (MFIs) in 20 countries. The position of Under Secretary of Democracy and Global Affairs was established under Section 161(b) of the Foreign Relations Authorization Act for Fiscal Years 1994 and 1995. In total, there are five Under Secretaries of State in the Department of State, headed by Secretary Hillary Rodham Clinton.
MICROCAPITAL STORY: Accion International Wins Inter-American Development Bank’s First Juscelino Kubitschek Award
ACCION International has been awarded the Juscelino Kubitschek Award by the Inter-American Development Bank (IDB) along with two other institutions for their contribution to development in Latin America and the Caribbean. ACCION won the prize in the field of economics and finance which drew nominations from 30 institutions. The criteria used to select the winner for the field of economics and finance was based on the magnitude of its social impact. The award recognizes contributions in two areas: economics and finance, and in the cultural, social and scientific fields. Fe y Alegría and Associacao Vaga Lume will share the award for the social, cultural and scientific category, which received 115 nominations.
MICROCAPITAL STORY: Center for Financial Inclusion at ACCION International Holds First Meeting of the Steering Committee for the Campaign for Client Protection in Microfinance; International Leaders Endorse the Six Principles of Client Protection in the Meeting
In the face of client protection failures in the mainstream financial sector, the first meeting of the Steering Committee for the Campaign for Client Protection in Microfinance was hosted by the Center for Financial Inclusion at ACCION International. The meeting was attended by members of the committee which comprises of twenty-three leaders from various microfinance organizations representing a diversity of regions, types of institutions and expertise. The purpose of the meeting was aimed at ensuring microfinance providers worldwide remain committed to serving their clients’ best interests. According to a press release on PRNewsire, the leaders attending the meeting officially endorsed the six principles of client protection in microfinance launched by the campaign at the Clinton Global Initiative in September, 2008. MicroCapital had previously reported on the official launch of the campaign; more information on the story can be found here. The press release states the meeting has a ‘sense of importance and timing’ given the current financial crisis sweeping the world and the increasing focus on interest rates and transparency.
MICROCAPITAL EVENT: HBS-ACCION Program on Strategic Leadership for Microfinance by Harvard Business School and ACCION International
HBS-ACCION PROGRAM ON STRATEGIC LEADERSHIP FOR MICROFINANCE
MICROCAPITAL STORY: Microfinance Institution ACCION International Launches New Hub in Africa
ACCION International, a microfinance organization founded in 1961, launched a new hub office and training center in Accra, Ghana, with the aim to expand financial services for Africa’s poorest populations. The new center will offer support to East and West African microfinance institutions (MFIs) in the form of education and training to increase capacity. According to the press release, ACCION’s goals are to train 3,000 microfinance practitioners in such disciplines as business planning, risk management, lending and governance; all through its training center network.
MICROCAPITAL STORY: ACCION International Hires Ascendant Strategy Management Group to Develop Performance Metrics
ACCION International has hired Ascendant Strategy Management Group to develop performance metrics for ACCION managers. The system will be based on Ascendant’s “balanced scorecard” framework, the name for its general consulting package that it tailors to individual clients. Further specifics, including which areas of ACCION will be employing the new measurements, was not available, although it appears that ACCION’s Center for Financial Inclusion will be involved.
MICROCAPITAL STORY: ACCION International President, Maria Otero, Awarded Ellis Island Medal of Honor for Pioneering Work in Microfinance
ACCION International President and CEO, Maria Otero, was awarded the Ellis Island Medal of Honor by the The National Ethnic Coalition of Organizations (NECO) in recognition of her contribution to sustainable development in the global microfinance sector.
PAPER WRAP-UP: Guidelines to Evaluate Social Performance by ACCION International by Rehka Reddy
This 21-page paper provides microfinance institutions (MFIs) guidelines to measure their social performance and thus stay true to their mission and goals. Part of ACCION International’s InSight Series, the paper was written by Senior Director Rekha Reddy, who is responsible for measuring the poverty and social performance of ACCIOn affiliates. ACCION International is an international, non-profit microlending organization. One can find the full paper here.
MICROCAPITAL STORY: Non-Profit ACCION International and Africa’s Ecobank Group Launch Microfinance Institution (MFI) in Ghana
ACCION International, a microfinance-oriented non-profit, and Ecobank, a banking group with operations throughout Africa, have partnered to launch microfinance bank EB-ACCION Savings & Loan in Ghana.
MICROCAPITAL STORY: UPS to Issue Grants Totaling USD $1m to Microfinance Organizations ACCION International, Opportunity International and FINCA International
United Parcel Service (UPS), a global package delivery service founded in 1907, has created a Centennial Grants Fund in honor of UPS’s 100 year anniversary. UPS’s fund has issued USD 1 million to three microfinance organizations that support micro-entrepreneurs across the globe. ACCION International will receive USD 400,000, Opportunity International will receive USD 390,000 and FINCA International will receive USD 210,000. The creation of the Centennial Grants Fund is the first time UPS has dedicated such a large portion of its corporate philanthropy to microfinance and micro-lending.
MICROCAPITAL STORY: A Leading Group of Microfinance Players, including Microrate, Global Partnerships, ACCION International, the Calvert Foundation and Calmeadow, Create The FX Consortium, A Foreign Exchange Risk Mitigation Service
The FX Consortium has been founded by a group of leading players in the US microfinance industry to provide a “Foreign Exchange Risk Mitigation Service”. Its aim is to help microfinance institutions (MFIs) that want to use complex financial processes, such as hedging, to manage their hard currency foreign debt obligations.
MICROCAPITAL STORY: ACCION International Gateway Microfinance Infrastructure Fund Invests in Rural Internet Service Provider United Villages
Through its Gateway Microfinance Infrastructure Fund (GMI), ACCION International, a private, nonprofit organization with 35 microfinance institution (MFI) partnerships worldwide, has announced an unspecified investment in United Villages, Inc., a rural Internet Service Provider which provides people in the developing economies a voicemail box, an email address, and Internet access for less than $1 per person.
MICROCAPITAL STORY: Ecobank and ACCION International to Launch New Microfinance Banks in 20 African Countries
Ecobank Transnational Incorporated, an African regional bank and parent of the Ecobank Group, and ACCION International, a global microlending organization, announce completion of plans to open microfinance banks in at least 20 countries across
Credit Suisse and Boston-Based ACCION International Sponsor Capital Markets Conference
ACCION International, a Boston-based microfinance network, will partner with Credit Suisse, a global financial services group, to sponsor its annual investor conference on microfinance, scheduled for March 19-20, 2007 in New York City’s Waldorf-Astoria. Scott Budde, managing director of social and community investing for TIAA-CREF, a huge pension fund, will deliver the keynote speech. According to the press release, other featured speakers and panelists will include senior executives from Citigroup, State Street Corporation, Standard & Poor’s, The World Bank, Blue Orchard Finance, ShoreCap Management, and FMO.
High Water Women raises USD $800,000 to support microfinance beneficiaries ACCION International, the Grameen Foundation, and Women for Women International
High Water Women, a New York based philanthropic group comprised of wealthy female executives, raised $800,000 on January 18th by organizing a casino night for hedge fund managers and Wall Street investors. This was High Water Women’s second annual casino night and the goal of the evening was to “promote the economic empowerment of underserved women in New York City and around the globe.”
Three microfinance organizations, ACCION International, the Grameen Foundation, and Women for Women International, were named as primary beneficiaries of the Casino Night event. ACCION international and the Grameen Foundation are both non-profit organizations that support and network with microlenders or microfinance institutions (MFIs) around the world. Women for Women International provides support to women in war torn regions of the world through credit, loans, and a range of other services.
Boston-Based ACCION International Partners with Togo-Based Ecobank Transnational Incorporated to Expand into Western Africa
Accion International, a private US-based nonprofit microfinance network that partners with 22 microbanks globally which held a total, collective loan portfolio of USD 1.34 bn in 2005, partnered with Ecobank Transnational Incorporated (Ecobank), an independent regional West African bank based in Togo. The two organizations will work together over the next three to five years to deliver products such as microcredit, business training and other financial services through Ecobank’s existing branch network. These products will also be available through Ecobank’s ATMs, point-of-sale terminals and phone banking system. With the support of Accion, Ecobank will now offer financial services such as savings and insurance products and loans as low as USD 100.