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Issue #11 January/February 2010 viability of such training depends on the qualifications and motivation of New CMF Study!

the trainer. Additionally, a dearth of Do Financial Literacy Training qualified and low-cost trainers may create obstacles to effective scaling up.

In ThIs Issue
Do Financial Literacy Training Videos Make Cents?
By Dr. Jeremy Shapiro and Stuti Tripathi Dr. Jeremy Shapiro is a post-doc fellow at Yale University and Stuti is a CMF Research Associate based out of Ahmedabad. Pg. 1

Videos Make Cents?

By Dr. Jeremy Shapiro and Stuti Tripathi

The microfinance movement represents a push to make financial products and services available to lowincome households. Underlying this movement is the notion that access to products will allow households to accumulate savings, finance productive endeavours and better manage risks The study, led by Professor Shawn Cole and cash flow. at Harvard Business School, Dr. Bilal Access however, is only one of the Zia at the World Bank and Dr. Jeremy factors limiting use of financial services. Shapiro at Yale University, aims to test Evidence also suggests that there may the efficacy of the intervention across a be serious demand-side constraints, diverse group of people drawn from the specifically low levels of knowledge slums of Ahmedabad, India. Saath, a and capacity, which limit the spread local non governmental organization (NGO) with extensive operations in and impact of financial services. and around Ahmedabad (www.saath. In order therefore for the microfinance org), agreed to allow its members to movement to strengthen its potential participate in the study. to alleviate poverty, households must have sufficient knowledge about The research team chose Saath as a financial products and services to partner based on their desire to map realize their value. Moreover, impact the impact of financial literacy training will hinge on whether decision makers across gender, as well as microfinance in the household have the capacity to clients vs. non-microfinance members. Saath serves a demographic range of optimize the use of financial tools. clients, both male and female, and has Driven by these lines of inquiry, a product diversity in its microfinance new Centre for Micro Finance study portfolio: as a cooperative Saath offers will test how delivering education micro-savings and other non-credit on various aspects of household products to clients. Furthermore, finance influences financial literacy Saath provides non-microfinance and whether it ultimately affects a services to members, such as households financial behaviour. interventions related to education, health, infrastructure development, Various microfinance organizations and employment. Combined, this across India currently offer such creates a sufficient number of groups training, via trainer-group format, to compare differential effects of the to their clients. While potentially financial literacy training. valuable, the effectiveness and Centre for Micro Finance at IFMR Research 8th Floor, West Wing, Fountain Plaza, Khaleel Shirazi Estate 31/2 A, Pantheon Road, Egmore, Chennai, 600 008, India Phone: (91) 44 4289 2725 | Fax: (91) 44 4289 2799 | Web: www.ifmr.ac.in/

Motivated by the policy question of whether effective financial education can be delivered at reduced costs, this study focuses on education delivered through a series of video-based lessons. Video was chosen as the training medium both for consistency of content as well as the low barriers to scale, should the intervention prove impactful.

Studying the Effects of Health Insurance on New Mothers and Babies


By Helena Garcia Helena is a student in the MPA-ID programme at Harvards Kennedy School of Government and interned at CMF during summer 2009. Pg. 2

Do Paper-Based Surveys Have a Future?


By Dr. Ajay Tannirkulam Ajay is the Head of the Analytics Unit at CMF. Pg. 4

State of the Sector-inspired Initative


By Deepti KC Deepti is the program associate for the Microfinance Researchers Alliance Program .Pg. 5

Client Protection - A Boon or a Burden for MFIs?


Interview conducted by Akhand Tiwari with Kate McKee of the Consultative Group for the Assistance of the Poor (CGAP). Akhand is a CMF research associate based out of Allahabad. Pg. 6

CENTRE FOR MICRO FINANCE

Excerpt from the India Development Blog

A Day with Rickshaw Pullers


September 2nd 2009 By Deepti KC, CMF One of the Microfinance Researchers Alliance Program (MRAP) participants received funding to study how rickshaw pullers from Delhi manage their money. Last week, I visited Dehli and participated in interviewing several groups of rickshaw pullers. The study focused on understanding where these pullers migrated from, their livelihoods, how much they make and spend, what kind of items they spend on (such as alcohol, tobacco etc), how many meals they take per day, etc. Most of the rickshaw pullers I met were from Bihar and shared similar stories. On an average day, they made Rs. 200-250, out of which they paid Rs. 50 to the rickshaw owner, spent Rs. 20 on alcohol and/or tobacco and Rs. 20 on food. The remainder they used to pay loans or saved. Not surprisingly, none of them had bank accounts. Some of the observations that I made that day included: - None of them skipped their meals in order to save for the future. - They had a very strong social network though only within their village group. Some pullers have been in Delhi for 10 years, yet they never talked with pullers from other places even though they operated in the same neighborhood. They also preferred borrowing and lending among these few trusted friends only. - Only one had a rental apartment as he had recently got his wife and children to Delhi. The rest slept under the bridges or the rickshaw garages, used public toilets, skipped meals if failed to make enough money on any day, and surprisingly, one of them mentioned that he

Saath currently works in six areas of Ahmedabad and reaches roughly 8000 people through its microfinance operations. Its total savings portfolio is about Rs 1.54 crore. In late 2007 Saath transitioned from an individualto a group-lending model. Today, it has close to 300 Joint Liability Groups and about 1700 borrowers, with an outstanding loan portfolio of close to Rs 1.67 crore. Saath is also among a handful of MFIs in India that function as a cooperative and offer a formal micro-savings facility to clients. Ekta and Sakhi Bachat Samiti, the two cooperatives promoted by Saath, were recently given permission by the Ahmedabad Municipal Corporation (AMC) to work in 20 wards of the city. Drawing participants from Vasna and Behrampura areas of Ahmedabad, the study will invite roughly 1000 people to a computer centre over twelve months. Two-thirds (or about 667 participants) will be randomly assigned to a group that receives the aforementioned financial literacy videos on budgeting, loans, savings and insurance. The other participants will be shown videos on health topics pertinent to their context. Both the treatment and non-treatment groups will participate in five video sessions lasting two hours apiece and followed by a discussion. The treatment group will be further sub-divided to assess if and what services, or combination of services, have an impact on financial behavior. For example, a random subset of the treatment group will receive payments if they successfully remember lessons from a previous video session. Another random subset will be given posttraining deadlines such as opening an account, buying an insurance policy, etc.; while yet another subset will be given access to a personal financial counselor to help him/her with financial planning and budgeting. A final survey to measure differential impacts between the treatment and non-treatment groups will be administered three months after people have watched the last video. As the project is staggered across four phases (with each phase holding

screenings for about 250 people) some preliminary results can be expected by the end of 2010.

Studying the Effects of Health Insurance on New Mothers and Babies


By Helena Garcia and Knowledge Management Team
Why might you find Centre for Micro Finance surveyors on an overnight bus in rural Karnataka carrying scales and measuring tape? Read on to understand.
In 2007, SKS Microfinance introduced Swayam Shakti, a health insurance cover for major events including catastrophic illness, accidents or the birth of a child. After piloting the policy in a branch in Karnataka, SKS rolled out the health insurance to 600 of its branches. The Centre for Micro Finance, in collaboration with the Abdul Latif Jameel Poverty Action Lab has been working to evaluate the impact of SKS health insurance combined with micro- credit on various household economic, social and health outcomes. As part of the impact evaluation, the CMF research team identifies pregnant women and conducts a followup interview, if they are willing, immediately after the birth of their child. The visit combines anthropometric measures of the newborn and the mother as well as a paper-based survey with the mother. The followup visits and surveys were piloted and then launched in the first quarter of 2009. Anthropometric measures are comparative measures of the human body. By comparing actual measurements to standardized charts, it is possible to detect differences in nutrition and growth. In the case of newborn babies, anthropometric measures can accurately capture the way a pregnancy developed in terms of nutrition, etc., as well as pinpoint certain genetic characteristics.

A newborn babys weight fluctuates in the first few days, dropping sharply immediately after birth but rising again as the baby begins to eat. This variance can be controlled for by taking other measures that are highly correlated with birth weight, such as length and the circumferences of the head, chest and mid- upper arm. Measurements of chest and head circumference are also useful as the torso and head constitute the main part of the babys weight in the womb. For a new mother, measuring the upper middle arm circumference provides information on muscle mass and since low-income people in developing countries are likely to have little subcutaneous fat - can be used to diagnose protein-energy malnutrition. The indicator also has less variance than others, such as waist circumference. In order for anthropometric data on newborns to be useful, it is critical to record information within three days of delivery! Thus, the CMF survey team must always be on call or ready to visit new mothers. A complicating factor is that mothers-to-be sometimes relocate in the final weeks of pregnancy to be with extended family. The survey team must be prepared to traverse these distances to conduct the survey. Prior to the post-birth visit, members of the survey field team visit SKS center meetings and identify pregnant women. The women are asked questions about their pregnancy and requested to contact the team after the birth of their child. As an incentive for a new mother to call the survey team, the mothers are offered Rs. 50 if they call within the first 72 hrs of birth. If the mother calls the team, two surveyors travel to visit the mother and child.

also skilled at explaining the purpose tions in the individual. Lower birth of the visit as well as allaying any anxi- weight and ponderal index (weight/ ety among the mother or her family. length) are associated with a higher risk of adult cardiovascular disease, and Anthropometric measures of the new- both low and high birth weight with born baby and the mother yield in- an increased risk of type II diabetes. sight into four areas - some directly related to the impact evaluation and 2. Self-selection into the insurance. At the time of the survey, SKS microothers more tangential: finance clients in the study areas were 1. Characteristics of the study popu- required to buy health insurance if lation. Maternal age and anthropom- they wanted to take a loan; they also etry are significantly associated with had the option of, for a slightly higher newborn anthropometry, particularly premium, including up to three family birth weight. Higher maternal anthro- members in the same policy. Since mapometric means are associated with ternity is one of the explicit benefits of higher birth weights. Furthermore, this product, and it is a condition that low birth weight has been found to is not necessarily unexpected, it can be be positively correlated with mothers the case that some family members are age (women younger than 20 or older included because they are expecting a than 30), low income group, and low baby and want the health insurance education.It has also been found that to cover the delivery in a clinic. These mothers who visit a doctor before giv- women might have some underlying ing birth have heavier babies on aver- characteristic that makes them choose age. insurance and also to take better care of themselves during pregnancy, so Measurements at birth can also serve their babies will have different anthroas predictors of future health condi- pometric measures than non-insured women. Then these differences cannot be solely attributed to being insured.

3. Usage of insurance. The ma-

ternity benefit of the health insurance was included as something that would appeal to its clients. With the follow up survey it is possible to see if insured mothers are using their coverage during birth and why or why not.

4. Effect of delivering the baby in a clinic or hospital versus home deliveries. This is especially sig-

A group of four Centre for Micro Finance surveyors has A new mothers upper arm is measured by CMF field team as part of the SKS New Mothers survey (photo been trained to handle new- by Helena Garcia) borns as well as how to take the measurements. They are

nificant where there were complications during childbirth. It would be expected that being insured will have an effect on where women choose to give birth (the insurance only covers deliveries in clinics or hospitals), and consequently on what happens in the case of complications during childbirth; including how costly it is for the family to deal with these situations. Results from the survey will be forthcoming in 2010.

preferred having alcohol than food. - The only way for them to transfer money to loved ones in their respective villages was through local travelers who came to the city from their villages to collect money from them. Obviously, such money collectors charged for their services. Whenever such people came to the city, these rickshaw pullers borrowed money from the local moneylenders. One group relied on a manager of a local motel, and the other group relied on an owner of a tea shop. They viewed these moneylenders as saviors and had high regards for them. It was interesting to understand that in order to send money to their families, these rickshaw pullers paid interests to two parties - the moneylender as well as the person who came from the village to collect money from them. Most of them realized this problem and expressed their desire to open bank accounts. The following were related observations:- Most of them knew about smart cards, ATMs; one puller even knew that money could be transferred through the internet - All of them mentioned that they wanted to open bank accounts. All asked how we could help them in opening bank accounts. It was interesting to find out that while all of the rickshaw pullers I met knew the importance of bank accounts and talked about how bank accounts would reduce the costs of transfering money to their famillies, none of them knew the procedure to open a bank account. Alas! http://www.indiadevelopmentblog.com/2009/09/day-withrickshaw-pullers.html

Is There a Future for PaperBased Surveys? By Dr. Ajay Tannirkulam, Head of Analytics Unit

and voice transfer seemed to have passed with flying colors with better than 99.5% transcription accuracy. The Centre for Micro Finance processes more than 15,000 paper-based surveys annually; despite its heavy reliance on paper surveys for data collection, institutionally it is open to technological innovation and potential efficiency gains. In fact, CMF has already piloted surveys using PDAs.

Paper-based surveys have long been the bread and butter for empiricists such as economists, political scientists and public health experts. In the absence of alternative technologies, paper-based surveys have been faithful servants to the social science CMF piloted a brief, three-page microfinance take-up survey in and and the formation of policy. around Allahabad, Uttar Pradesh, However, even a casual observer will in March 2009. The pilot utilized notice that despite their utility, tra- five Palm Centros programmed ditional paper surveys have recurring with Pendragon software, a fairly problems. Some of the frequent is- user-friendly platform. The entire sues encountered during surveying process of hardware purchase, softand subsequent data entry include ware procurement, survey design (i) logical inconsistencies in surveyor and testing took less than twoand-a-half weeks to complete. The entries, (ii) questions left blank at the surveyors whim, and (iii) inaccurate work by data entry companies. Even after survey responses have been recorded, per Institutional Review Boards (IRBS) requirements, they must be stored for several years before disposal. Logistics for this, such as protecting the paper from ro- A CMF surveyor interviews a microfinance client in Orissa dents, pests and humid- using a paper survey. Will the next round of surveys use ity, present a host of new PDAs? (photo by Lakshmi Krishnan) challenges. 1 In the last few years, technology has opened up new avenues for surveying. Personal Digital Assistants (PDAs), mobile phones supported by voice recognition software, electronic tablets and mini Laptops are a few of the high-profile arrivals. Research groups (see Patnaik, Brunskill and Thies 2008 for a review) have begun incorporating some of the technology into their data collection schemes. Patnaik et al., for example, tested some these tools (also compiling literature data) and PDAs
1. Professor Chris Blatmann http://chrisblattman.blogspot.com/ does an excellent job at expressing general frustration with paper surveys.

data collection in the field was also smooth. Motivated by this success CMF also conducted an elaborate test of PDAs in late November 2009 with CMFs weather insurance project in Gujarat. For an organization conducting large surveys on a regular basis, PDAs may make economic sense. Take the following costing scenario for a company that, on average, targets several thousand households per large scale survey: To complete a sixty-page paper-based survey that targets 3,000 households in a month will need approximately

thirty surveyors; subsequent data data on the same day of data collecentry for the paper surveys will cost tion. Software can be designed to force surveyors to enter only logicalroughly $2600.00 ly consistent data, eliminating a key A standard PDA with reasonable difficulty with paper-surveys. Furfeatures costs approximately $150 thermore, laptops allow researchers (~Rs. 7000). For the same survey to include cognitive games and ranand timeline, thirty PDAs would to- domize question order in surveys. tal $4500 as an initial up-front investment. But, PDAs eliminate the Paper surveys are a deeply ingrained need for data entry and can be used part of social science research and researchers have developed a love-hate anew after the first survey is done. relationship with them. Replacing Thus, it would only take two large them will likely be a slow process. surveys (approximately 3,000 house- But given the abundance of innoholds) using PDAs for the initial vative new technology, conducting $4500.00 investment to be recov- field surveys will certainly see changes over the decade. ered vis-a-vis paper surveys. Of course PDAs are not without their drawbacks, the largest being the high costs of vernacular software. In a country like India where spoken languages and scripts change every 600-800kms, software in the Roman Script is a potential downside. It could be difficult to find local surveyors comfortable in the areas vernacular as well as English. Additional drawbacks of PDAs are that their screens are small, pictures or animations are hard to display, and electronic respondent games, a feature in many surveys, are hard to implement. Looking beyond PDAs, laptops like the Dell Inspiron Mini 9 and HP MiniNote are small, lightweight and extremely portable. They pack a fair fraction of the capabilities of a standard PC and will soon be available in the $300.00 range, making them economically viable for large surveys. Like PDAs, mini laptops allow both viewing and analysis of survey

this workshop were twofold: (a) to understand the ideas of each MRAP scholar and their individual plans to execute the initiative and (b) to provide a platform where the scholars could receive feedback from MRAP advisor Dr. Malcolm Harper and Mr. N. Srinivasan, Author, State of the Sector Report. During the workshop, the scholars project plans fell into one of two types: (i) broad, multi-district examinations of microfinance at a state level and (ii) focused, issue-based examinations with a geographic area in mind. Dr. Harper and Mr. Srinivasan gave extensive and tailored feedback to each of the MRAP participants who presented. Following the workshop, MRAP participants were given several weeks to incorporate the workshop feedback and revise their plans. MRAP scholars plan to study microfinance in most regions of India, through individual research interests. Selected states include Uttarakhand, Gujarat, Uttar Pradesh, Rajasthan, Karnataka, Tamilnadu, Madhya Pradesh, Jharkhand, West Bengal and Assam, among others. Revised topics include an examination of MFI marketing strategies for MFIs, an exploration of microfinance and women empowerment and a study of how women in mature self-help groups behave. At the end of the year, the scholars will be asked to present a report of their findings, which Centre for Microfinance will compile and publish.

MRAP Workshop and State of the Sector Inspired Initiative By Deepti KC


One of Microfinance Researchers Alliance Programs objectives is to narrow the gap between research and practice by fostering knowledge partnerships between researchers and entities that provide financial services for the poor. Keeping to that objective, CMF has launched an initiative inspired by the State of the Sector Report, the seminal document on the Indian microfinance sector. The initiative was designed to fund selected MRAP participants to conduct a field-based overview of a particular region and the status of microfinance therein. As a launch for this initiative, CMF organized a workshop at the Ford Foundation office in New Delhi on October 29-30th. The purposes of

CMF Conference Updates


Risk Mitigation in Agriculture August 11th 2009
In conjunction with SEWA, the Centre for Micro Finance held a one day conference on Tuesday, August 11th 2009 titled, Risk Mitigation in Agriculture. Speakers at the conference included Professor Shawn Cole, CMF Principal Investigator (Harvard Business School) and Kolli Rao, Deputy General Manager of the Agricultural Insurance Company of India (AIC).

Client Protection - A Boon or a Burden for MFIs?


Interview with Kate McKee By Akhand Tiwari

Fair Code practices that the Reserve Bank of India (RBI) has issued. I have the impression that the statement of intent is out ahead of practice a bit, and so there is awareness of issues but theyre not being fully implemented on the ground. Akhand: There is a basic assumption of 100% client repayment rate. Do you think this basic assumption is too rigid and ultimately leads to issues which actually put us in the situation where we need to talk about client protection?

http://ifmr.ac.in/cmf/seminars_conferences/agrisk.html Financial Inclusion December 4th 2009 Summit

For the second year in a row, the Centre for Micro Finance was the knowledge partner for the Economic Times Financial Inclusion Summit 2009. This year the summit hosted speakers including Planning Commission deputy chairman Montek Singh Ahluwalia, along with Nandan Nilekani, chairman of the Unique Identification Authority of India.

Status of Microinsurance in India December 10/11th 2009


In collaboration with the Centre for Insurance and Risk Management (CIRM) and the UNDP-India, the Centre for Micro Finance organized a two-day conference on the status of microinsurance in India.

http://ifmr.ac.in/cirm/conference.htm Microfinance: Translating Research into Practice January 8/9th 2010


For the third straight year, the Centre for Micro Finance and the College of Agricultural Banking (CAB) hosted a conference on microfinance research. Distinguished speakers included Professor Jonathan Morduch and Professor Abhijit Banerjee.

http://www.ifmr.ac.in/cmf/ seminars_conferences/cab_ conf2010.html

Akhand Tiwari, Centre for Micro Finance Research Associate and podcast host, caught up with Kate McKee at the Microfinance India Summit in Delhi in October. We chatted with her about the current paradigms of client protection and the movements Kate: Yes, and if you dont mind I engagement with practitioners. This want to make a quick distinction. interview is also available on CMFs When we use the term consumer propodcast tection were thinking about all consumers in the market. We tend to see http://ifmr.ac.in/cmf/podcast.html that more as a matter of regulation. Regulators should be concerned about Akhand Tiwari: Kate, can you tell us all consumers in the market. We use some of the main issues in consumer the term client protection to be clear protection? that, this is the responsibility of providers for your own clients to be sure Kate McKee: Worldwide, client pro- that youre treating them fairly and tection [in microfinance] has crystal- that youre not causing unintended lized around six core principles. The harm to them. first is avoiding over-indebtedness and having suitable products. The second What has struck me in the last couple is transparency and were not just talk- of days during discussions on client ing about transparency of prices but protection and responsible finance is we think its critically important that that providers are putting their fingers clients also understand the terms and on some really important issues. One conditions of the financial services of them is what you mentioned, if we that theyre taking and what the key expect 100% loan recovery and 0% risks are as well as their own rights and percent delinquency, it is both unreobligations. alistic and inappropriate and it drives some of the behavior that were seeThe third principle is appropriate col- ing - overly aggressive collections for lections practices, the fourth is staff example. It even raises issues of staff ethics, the fifth is effective recourse ethics. mechanisms, so its not enough to just have a complaints box sitting next A second issue raised is around prodto the teller if people dont really be- ucts themselves. India is pretty-much lieve that their concerns are going to a mono-product microfinance sector be heard. We heard an interesting ex- - group loans, joint guarantee. There ample last night where one institution are very rigid products and repayment has chosen to put the CEOs mobile expectations and this also drives some number on all the loan contracts, so of the problems that we see. If you if the clients have a problem they call dont have opportunities to tailor the the CEO. So thats a more effective products to the actual cash flow of the recourse mechanism. And the final household, youre more likely to run principle is data privacy and confiden- into over-indebtedness problems and tiality. it raises transparency issues as well. Now if I look at the Indian situa- And if I can just add that one more tion it seems that a number of these issue thats come up is staff incentives [principles] are covered by the current and a recognition that staff incentives

not focus only on volume. In a growth environment theres a temptation to focus a lot on volume of portfolio and loan officer productivity, but also its not enough to say well were doing both volume and PAR in our staff incentives because if you just do PAR it can drive the temptation for overly aggressive collection practices. So I think theres a recognition we need a more nuanced and more balanced set of incentives for loan officers. Akhand: You have been part of this discussion all along and have been in conversations with microfinance institutions. What are some of the things that are being done? Kate: So as a representative of the Global Smart Campaign for fair treatment and client protection, we dont presume to tell practitioners in any single country or market how they should go about this because we recognize that the circumstances are specific the context is specific, the risks in any market, which areas are most problematic, transparency or over-indebtedness or collections recourse. So our philosophy is, lets explore these principles together, and see which of them should be priorities for which parts of the Indian microfinance sector. Here weve been focused on NBFCS and specialized MFIs, Im sure there are different issues with the SHG model or the cooperative model. So lets explore together what are the priorities, lets be realistic that there are some challenging tradeoffs around for example, price transparency, quality of products at the same time that youre trying to scale up quickly. And lets see this as a process, where we would love to find ways to support the industry as they find ways to move forward. I think the roles the campaign and CGAP can play are essentially twofold. A) Bring experience/examples

from providers in other countries that can be relevant and B) create stronger incentives by working with other investors and other funders to be both looking for better behavior and supporting the move to better behavior.

around staff incentives, credit policies, internal controls, client communication has emerged as a really important issue. Whats in your document? Are they plain language? Are they local language? Are you communicating with clients in ways that they can

Recent events in India and elsewhere have put client protection atop the agenda for practitioners and policymakers. But will the rhetoric trickle down to clients, like this group in Kanchipuram, Tamil Nadu? (photo by Alex Kobishyn)

Akhand: So Kate what kinds of tools reasonably understand? I think this would be a great tool wed love to see are available to providers? it widely available and used in India. Kate: The most powerful tool Id like Also Id like to mention the SMART to highlight that is available on the CAMPAIGN putting clients first in campaign website, is the self-assess- microfinance. Its a global campaign ment diagnostic tool thats intended to that now has more than 700 institube used by providers for them to look tions that have endorsed it, and in deeply at how they stack up against endorsing theyve said not only do we think these six principles are good but each of the six principles. we also commit to implementation. There are modules on over-indebtedness, on transparency etc. I think its For more on the Client Protection power comes from the fact that is has movement please visit some of the folbeen developed with practitioners so lowing resources: the process over the last year to engage deeply with about 25 practitioners; Website of the SMART Campaign: ranging from large NBFCs to even http://www.thesmartcampaign.org/ a downscaling bank, cooperatives, NGOs (big and small), to see what Center for Financial Inclusion at ACmakes sense to them in their own CION International (host of the Becontext. Its powerful for providers in yond Codes Movement): http://www. this market and elsewhere because it centerforfinancialinclusion.org/ so specific it really gets to the issues

Kate McKee is a senior adviser for Policy, Outreach and Aid Effectiveness at the Consultative Group for the Assistance of the Poor (CGAP), where she joined in 2006. She is also one of the leading advocates and promoters of the Client Protection movement within microfinance.

CENTRE FOR MICRO FINANCE


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