Posts Tagged ‘card bank’

Tackling the Challenges of Offering Voluntary Savings to the Poor

December 23, 2011

Leo Tobias is Grameen Foundation’s Technology Program Manager of the Solutions for the Poorest Microsavings Initiative.

Offering savings programs for the poor can be challenging. First, the microfinance institutions (MFIs) that want to offer these services are competing with a variety of alternatives, such as home-based savings (under mattresses, in strongboxes, etc.), or keeping money with relatives or neighbors. Second, offering savings products fundamentally changes the relationship between the MFI and its customers.  When clients only want loans, making that the primary purpose for their interactions with the MFI, there is a standard process. Taking voluntary customer deposits radically changes that relationship, to one that is initiated by the customer and that involves varying amounts of deposits or withdrawals. In other words, the customer interaction is less predictable.  At any time of the day or night, the customer can ask for her balance and withdraw from it.

A loan officer from CASHPOR in India processes loan payments on her mobile phone.

A loan officer from CASHPOR in India processes loan payments on her mobile phone.

Grameen Foundation’s Microsavings team has found that poor customers all want to have easy and convenient access to their funds.  The MFIs we work with face common technology challenges involved with providing such access.

In this post on the CGAP Technology Blog, Leo Tobias, our technology program manager for the Grameen Foundation Microsavings Initiative, discusses two of the major technology challenges facing MFIs.

Reaching the Poor and Very Poor with Appropriate Savings Services

June 22, 2011

What does it take to design and create savings products that are useful and safe for poor people? In a guest piece for the CGAP Microfinance blog, Debbie Dean — Grameen Foundation’s Microsavings Project Director — discusses the team’s experience working with CARD Bank in the Philippines. Together, they are integrating poverty data and financial data to better understand the savings behavior of CARD’s existing clients and the markets it is serving, as well as to design products to fill needs where there are gaps. Her guest blog post is part of a special series on savings.

Attending Grameen Foundation’s Spring 2011 Gala

April 26, 2011

Smita Satiani is a guest blogger who attended Grameen Foundation’s Spring 2011 Gala on April 5, 2011. She currently works for the Clinton Foundation’s Economic Opportunity Initiative in Harlem, New York.

Grameen Foundation’s Spring 2011 Gala was held at 583 Park Avenue in New York City, and I was grateful to have the experience of attending such an inspirational and eye-opening event. The evening kicked off with a moving video message from Nobel Peace Laureate and Grameen Bank founder Muhammad Yunus, who electrified the room and opened the door to a night of ideas, knowledge sharing, and stories of success from around the globe.

After being treated to live entertainment from Ballet D’Afrique Djoniba, guests enjoyed messages from Paul Maritz, CEO of VMware and Chairman of Grameen Foundation’s Board of Directors, and Grameen Foundation President and CEO Alex Counts, both of whom illustrated their strong passion for microfinance and providing opportunities for individuals to escape poverty across the world. The Foundation also honored shoe designer Christian Louboutin for his “Peace of Shoe,” a limited-edition creation designed to benefit microfinance. (Grameen Foundation is a charity of choice for Christian Louboutin and received substantial funding through this promotion.) And Margaret Sirovatka, Vice President for J.P. Morgan’s Global Trade Advisory, gave a riveting personal account about her experiences as a volunteer in Tunisia for Grameen Foundation’s Bankers without Borders® program.

Paul Maritz, CEO of VMware and Chairman of Grameen Foundation's Board of Directors, talked to guests about the power of the "double bottom line" for microfinance institutions, and how Grameen Foundation's Progress out of Poverty Index enables them to measure how well they are meeting their social goals

The final remarks of the evening were from Dolores Torres, President and CEO of CARD Bank, located in the Philippines. Initially formed as a replica of Grameen Bank, CARD is now the largest microfinance institution in the country. I have long believed in the work of the Grameen Foundation, but there is truly no better proof of the power of microfinance than to hear a woman like Ms. Torres speak about her successes in providing access to capital to millions of women and families in the Philippines alone.

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