CGAP is a group of leading organisations with the goal of advancing global financial inclusion. Each year it releases a report documenting its progress and activity over the previous fiscal year.
Since 2013, CGAP has worked towards CGAP V, a five year strategy to build financial systems that work for the poor. The year 2016 prioritised the following objectives:
- Understand demand to effectively deliver for the poor.
- Forward financial innovation for smallholder families.
- Develop robust provider ecosystems.
- Build and enable a protective policy environment globally.
- Promote effective and responsible funding for financial inclusion.
Among its achievements of the past year, CGAP has provided significant support to the regulatory processes of Pakistan, India, Myanmar, Kenya and Ghana, partnered with the Ford Foundation to pilot the Graduation Approach in 8 countries, a scheme designed to help the poorest households out of poverty, and helped financial service providers to test several financial products and services in Zimbabwe, Cambodia and Senegal.
‘There is a steadily accumulating body of evidence that the ability to save, borrow, pay bills easily, and manage risk really does make a difference in enabling poor people to improve their lives’ – Greta L. Bull, Chief Executive Officer, CGAP.
By the end of term, CGAP V hopes to address 8 initiatives to improve the lives of the poor, ranging from financial innovation for smallholder families, covered here in an earlier post, to inclusive payments systems and global policy architecture.
To read the report in full, click here.