The Microcredit Summit Campaign has two goals:
- Working to ensure that 175 million of the world’s poorest families, especially the women of those families, are receiving credit for self-employment and other financial and business services by the end of 2015
- Working to ensure that 100 million families rise above the US$1.25 a day threshold, adjusted for purchasing power parity, between 1990 and 2015
In the data reported to us this year, for the first time, we are no longer on course to achieve goal 1.
Related: Challenges and Opportunities
In Figure 4, gives the trajectory of growth by the microfinance industry since 2005 in reaching the poorest and the year-to-year growth required in order to meet our 2015 deadline for goal 1. Average growth between December 31, 2009, and December 31, 2011, has been 4.8%. If we continue on this path, we will be shy of the goal by nearly 25 million clients.
Figure 4: Growth Trajectory of Poorest Clients Reached
(2005 to 2015)
Achieving our goals of reaching the world’s poorest families and providing them with tools to aid their climb out of poverty will require more than a focus on growth. It will require a new understanding of our clients’ needs, preferences, and aspirations as well as new tools for delivering products and services to them at lower costs.
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Table of Contents
- Executive Summary
- Reaching Fewer
- The Promise of Mobile Technology
- The Psychology of Scarcity
- Developing Appropriate Products
- Conclusion and Recommendations
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