Driving Women's Financial Inclusion at All Levels

“The year 2012 is the UN year of cooperatives. After a roller-coaster year for microfinance—where markets were a solution, then markets created a problem, a state reigning in the markets while being a player—it is a good time to reflect on where it started and where it thrives. We have three examples and a few thoughts. These institutions did not exist for profits, not scale, just relevance to their customers.

By Mary Ellen Iskenderian

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“…Learn how microfinance creates miracles. “When women are economically empowered, they’re more likely than men to put money back into the family and spend on things like education for their kids, health care for the whole family, and improving their housing,” says Mary Ellen Iskenderian, the president of Women’s World Banking, an organization that helps low-income women entrepreneurs in 27 countries. Microfinance gives these women access to capital they’d never qualify for at traditional banks…”

In less than 40 years, microfinance has spread around the world, today providing access to credit and other financial services to more than 205 million poor clients,1 most of whom were previously ignored by mainstream financial institutions. From modest roots, microfinance has built a global network of institutions dedicated to serving low-income people. It has transformed our understanding about the power of opportunity.

Click here to read the entire article in Spanish on the Center for Microfinance Leadership’s website

“…A strong philanthropist leader in her own right, Mary Ellen Iskenderian, president and CEO of Women’s World Banking, said she believes that individual leaders can affect not only the lives of others, but also the world at large.

“In coming to Women’s World Banking, I’d say, the greatest privilege is that I meet — literally, daily — women who are clients, who are leaders of our institutions, founders of our organizations, whose lives, if left to their own devices, would have gone in a very, very different path,” Iskenderian said…”

WWB has a vision that one day all women will have access to a secure financial future for themselves and their families. We work with our 39 network member institutions, including CECM in Burundi, to help them create sustainable financial solutions for women and girls. Microfinance is about much more than credit, and has the capacity to help more than entrepreneurs. Our network reaches more than 26 million clients, 80 percent of whom are women. The key economic priorities for poor women continue to be health care, the education of their children, and housing.

On March 21, 2011, Women’s World Banking held its annual Global Dinner Celebration at Capitale in New York City. We were delighted by the confluence of over 400 men and women from different corners of the world who came together to celebrate women entrepreneurs and to support financial inclusion for the poor.

WWB’s annual dinner honors women who have championed and advanced the cause of empowering women.

While world poverty has decreased over recent years, we still live in a world where economic justice has not been achieved. Almost two thirds of the world’s people live without the security of knowing that they can earn enough to sustain themselves and their families.

This means they are unable to do the things we take for granted – like sending their kids to school, being able to go to a doctor, having a job, or even having access to land to grow food. The poorest of the poor (just under 1 billion) don’t even know where their next meal is coming from.

A topical discussion with leading experts on the development and impacts of microfinance around the world. Chaired by Lori Bittner, a director in Deloitte Consulting LLP focused on emerging markets, the event will feature a panel discussion among experts from both the commercial and non-profit sectors.

Microfinance is an area of considerable research and attention in the economic development community. The Deloitte Northeast International Business Resource Group (IBRG) hopes to deepen understanding of microfinance and engage Deloitte professionals and guests by offering:

WWB network member enda in Tunisia, which has 60 offices nationally, continues to operate amid a change in government that has left the country in an uneasy limbo. Michael Cracknell, co-director of enda, wrote “We are naturally concerned for our operations and our staff, and especially our clients. I learned yesterday that at least three have died. But we are trying to keep our operations working since the clients need us more now than before, especially some whose businesses have been damaged.