Alex Counts is president, CEO and founder of Grameen Foundation, as well as the author of several books, including Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World.
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At Grameen Foundation, our goal is to spur innovation in the global movement to eliminate extreme poverty. Part of that work is to develop better solutions and share them with people like you.
On GF Insights, we share lessons learned from our leaders in the field, news about efforts to expand access to financial and information services for the poor, and how poverty-focused organizations are using data to improve the way they work.
Alex Counts is president, CEO and founder of Grameen Foundation, and author of several books, including Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World.
On Nov. 25, Thanksgiving Day in the U.S., I joined Vikram Akula, the founder of SKS Microfinance (India’s largest microfinance institution), for an interview on “Talk of the Nation,” which airs nationally on National Public Radio. This 40-minute interview followed our 90-minute debate at the Asia Society a few weeks earlier. I must say, my heart goes out to Vikram, since for him both sessions took place after midnight his time (he participated remotely from India).
By Alberto Solano, Regional CEO, Latin America and the Caribbean, Grameen Foundation
Eleven months have passed since an earthquake devastated the country of Haiti.
Many of you made a generous gift to help Haitian families rebuild their businesses and their lives and entrusted Grameen Foundation to carry out this important work. I want to report to you on how we used the funds you provided.
Nearly 100% of the $157,000 we raised is now invested in the people of Haiti. Of that, 59% was disbursed within just a few weeks of the earthquake.
Kimberly Davies is a Program Associate for the Microsavings Initiative, which is part of Grameen Foundation’s Solutions for the Poorest program. This is part three of Kim’s blog series. If you haven’t yet, we recommend you read part one and part two of her blog post series.
While I like to plan ahead, one overcast day in Varanasi, India, I quickly learned that you can’t always anticipate what comes your way. Upon leaving the offices of CASHPOR (our microfinance institution partner) with our project manager, we were faced with a drizzle that quickly turned into buckets of pouring water. The busy streets became increasingly chaotic as everyone scurried for shelter, forcing us to pull our motorbike over to wait for the rain to stop. As the road began to flood, we became concerned about the laptops, cameras, and mobile phones in our backpacks, and realized that we needed to get out of the rain quickly to shield our things. We hopped into an auto-rickshaw as our only alternative transportation. Since the rickshaw did not have doors, the rain streamed into the car. The engine began to stall as it flooded with water, but somehow we made it back to my residence. This delay forced us to cancel a call that evening, even though it had been scheduled for weeks. What would have just been considered a heavy rain in Washington, was a flood in Varanasi, and prevented people from necessary travel and daily business.
The unanticipated ordeal opened my eyes just how many unknowns there are in developing areas that prevent the poor from predicting what obstacles will hit them down the road. This uncertainty is why we see a need for the poor to have access to risk-management tools, especially access to savings products, to act as a shield against shocks.
Jason Polen works as Social Media Intern for Grameen Foundation based out of our Seattle office.
Investing in Technology– Is it worth it for MFIs?
From “Speed-Geeking” to “ROTI”; when microfinance and technology leaders come together in India to explore the power of technology, innovation is inevitable. This year’s Microfinance Leadership Summit in India was called, “Fueling Growth: Strategic Technology for Microfinance”. One of the key goals of the conference was to engage microfinance and technology leaders in a dialogue about the immense potential of technology in helping microfinance institutions (MFIs) grow.
Starting a dialogue around investing in technology is vital for leaders of small and medium sized MFIs. As MFIs scale, they begin asking themselves a number of critical questions about the use of technology. How can technology help us grow? Which kind of technology is right for us? How much will it cost? How difficult will it be to integrate it into our existing system? When is the right time to invest? All these unknown factors can be summarized into one term a speaker at the conference, PC Narayan, introduced: ROTI – Return on Technology Investments.
Most MFIs are not adverse to adopting technology. In fact, they are usually ahead of the curve, especially in India; however, when operating at the grassroots level, adopting technology incongruent with their clients’ can mean failure. In other words, MFIs are very conscious about the importance of using technology appropriately. A key theme throughout the conference was answering this question: “Is it worth it?” Fully understanding the risks and benefits is essential. Picking the correct technology at the right time ensures they will fully capture the benefits.