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The Untapped Information & Communication Technologies (ICT) Market in Microfinance
21st and 22nd October 2008
Microfinance has become a key poverty alleviation strategy the world over. The impact is visible in the form of enhanced assets, decreased vulnerability, increased livelihood diversification and overall improvement in levels of well being in client households.
The World Bank estimates that there are now over 10, 000 microfinance institutions, serving over 150 million poor people in developing countries. The total cash turnover of MFIs world-wide is estimated at US$30 billion and the potential for new growth is estimated at around 30%.
ICT proves proficient in enabling MFIs to conceptualize, develop and operate projects for financial inclusion. It supports sector initiatives which are aimed at enabling rural and remote un-banked areas to enjoy the benefits of formal financial products and services.
The need remains, however, to examine the use of various technology products and channels in the delivery of microfinance throughout the world, and the development there of.
Microfinance offers a great, largely untapped market for ICT technologies and a chance to make a big difference in outreach, sustainability and the impact of Microfinance.
For this reason, PlaNet Finance, partnered with the NASSCOM Foundation and the French Embassy, has launched a series of global Microfinance and New Technologies summits, aimed at MFIs and microfinance practitioners, ICT providers, regulatory authorities, donors and public agencies.
Summit Objectives:
- To raise awareness among the ICT providers of the untapped market in microfinance
- To increase knowledge of ICT solutions and their impact on the sector within the microfinance industry.
- To address the need for regulation enabling ICT use in microfinance.
The first MFNT summit took place in the Hyatt Regency Hotel, New Delhi on the 21st and 22nd of October 2008.
The opening speech was delivered by PlaNet Finance Vice President Arnaud Ventura and PlaNet Finance Executive Director Anna Somos Krishnan. The closing ceremony was performed by Dr Jacques Attali, President of PlaNet Finance and Mr Jerome Bonnafont, French Ambassador to India. The Indian MFNT gathered more than 70 both international and Indian panellists to discuss topics such as Mobile Banking, Innovations, management information systems (MIS), Credit Bureau and Regulation.
Due to its huge success, it has been decided to do another one next year in English aswell as one in Morocco in French, so stay tuned!
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