[1] We use the World Bank definition of “extreme poverty” to mean those living on less than US$1.90 per day PPP (the recently updated international poverty line). We use this interchangeably with “poorest” and “very poor.” Where we mention the “ultra poor,” we are referring to people living on less than $0.70-$0.80 per day. The World Bank has also adjusted the $2-a-day poverty line (the “poor”) upward to $3.10 a day.
[2] World Bank, 2015, “Overview,” Topics: “Poverty” on worldbank.org, http:/www.worldbank.org/en/topic/poverty/overview.
[3] Ibid., “Overview,” Global Findex on worldbank.org, http://www.worldbank.org/en/programs/globalfindex/overview.
[4] Ibid., “World Bank’s New End-Poverty Tool: Surveys in Poorest Countries,” press release, 15 October 2015, http://www.worldbank.org/en/news/press-release/2015/10/15/world-bank-new-end-poverty-tool-surveys-in-poorest-countries.
[5] For the full list of SDGs and their descriptions, see http://www.un.org/sustainabledevelopment/sustainable-development-goals/.
[6] We use the World Bank definition of “extreme poverty” to mean those living on less than US$1.90 per day (the recently updated international poverty line). We use this interchangeably with “poorest” and “very poor.” Where we mention the “ultra-poor,” we are referring to people living on less than $0.70–$0.80 per day.
[7] World Bank Group, 2015, “Ethiopia Poverty Assessment 2014” (Washington, DC: World Bank), https://openknowledge.worldbank.org/handle/10986/21323.
[8] GSMA, 2014, “2014 State of the Industry: Mobile Services for the Unbanked” (London: GSMA), http://www.gsma.com/mobilefordevelopment/wp-content/uploads/2015/03/SOTIR_2014.pdf.
[9] Center for Financial Inclusion, 2014, “Addressing Customer Needs, Progress to Date: The Growing Access-Usage Gap,” in Financial Inclusion 2020 Progress Report, http://www.fi2020progressreport.org/addressing-customer-needs/.
[10] D. Bishai et al., 2014, “Factors Contributing to Child Mortality Reductions in 142 Low- and Middle-Income Countries between 1990 and 2010” (South Africa: WHO), http://www.who.int/pmnch/knowledge/publications/bishai.pdf?ua=1.
[11] Examples from this study: Cambodia saw “improvements in education, nutrition, and access to improved water and sanitation have been central to mortality declines and better health.” Ethiopia’s “Health Extension Program (HEP), introduced in 2004, established community-based primary care and is carried out by health extension workers (HEWs)…HEWs provide greater access to health care through their dissemination of various health interventions covering maternal, child and newborn health; disease prevention and control; personal and environmental hygiene and sanitation; and health education. HEP now employs 38,700 HEWs who, along with the construction of 16,000 health outposts, provide wide-reaching service to the country’s most rural communities.” Partnership for Maternal, Newborn, and Child Health and World Health Organization et al., 2014, “Powerful Synergies across Different Sectors Improve Health of Poor Women and Children” (Arlington, VA, USA: PMNCH and WHO), 7 and 9, http://www.who.int/entity/pmnch/media/news/2014/sf_press_release.pdf?ua=1.
[12] D.S.K. Rao and M. Bhadule, 2014, “Behaviour-Changing Health Education to SHG Members of Nanded District in Maharashtra State,” unpublished study (Washington, DC: Microcredit Summit Campaign).
[13] A. Johnson et al., 2014, “Longitudinal Study of the Impact of the Integration of Microfinance and Health Services on Bandhan Clients in India” (Washington, DC: Freedom from Hunger), 13, https://www.freedomfromhunger.org/longitudinal-study-impact-integration-microfinance-and-health-services-bandhan-clients-india.
[14] Ibid., 13-14. Bandhan’s health loans are available to clients with two years of loan experience. At the time of the pilot program (2006-2009), the health loan had an annual flat rate of 10 percent (2.5 percent lower than their business loan).
[15] This project is implemented in partnership among the Microcredit Summit Campaign, Freedom from Hunger, and CARD Mutually Reinforcing Institutions (CARD MRI) with the support of Johnson & Johnson.
[16] MFIs for Health was created in 2013 to provide integrated health and microfinance to the communities in which they work.
[17] L. Greenslade, 2014, “The ‘Celebrity Couples’ of Global Health and Development,” Global Motherhood blog on HuffingtonPost.com, 2 October 2014, http://www.huffingtonpost.com/leith-greenslade/the-celebrity-couples-of-_b_5915662.htm.
[18] Marcia Metcalfe et al., 2012, “State of the Field of Integrated Health and Microfinance in India, 2012” (Washington, DC: Microcredit Summit Campaign, 11, http://microcreditsummit.org/resource/41/state-of-the-field-of.html.
[19] Learn more about integrated health and microfinance from research conducted by Freedom from Hunger at https://www.freedomfromhunger.org/resources/microfinance-health, but start with our state of the field reports found here: http://www.microcreditsummit.org/resources.html.
[20] See Microcredit Summit Campaign, 2014, “Reaching the Excluded,” video recording, Plenary 3, 17th Microcredit Summit, Mérida, Mexico, 3-5 September 2014, http://17microcreditsummit.org/reaching-the-excluded/.
[21] S. Mine et al., 2013, “Post-Project Replications of Savings Groups in Uganda,” (Durham, NC, USA: Datu Research), http://www.daturesearch.com/wp-content/uploads/DatuResearchUgandaReport.WEB_lr.pdf.
[22] M. Gash, and K. Odell, 2013, “The Evidence-Based Story of Savings Groups: A Synthesis of Seven Randomized Control Trials”, SEEP Network (Washington, DC: SEEP), http://www.seepnetwork.org/filebin/pdf/resources/FINAL_Evidence-Based_Savings_Web.pdf.
[23] Ibid., 9.
[24] R. Tapscott, 2013, “Improving Access to Health for Rural Populations: A Study of CRS’ Microinsurance Pilot in Benin,” Case Study Report (Baltimore, MD, USA: Catholic Relief Services), http://www.crs.org/our-work-overseas/research-publications/improving-access-health-rural-populations.
[25] CARE International, 2013, “Connecting the World’s Poorest People to the Global Economy: New Models for Linking Informal Savings Groups to Formal Financial Services,” http://www.care.org/sites/default/files/documents/ECON-2013-CARE-%20Connecting-the-worlds-poorest_0.pdf.
[26] GSMA, 2015, “Savings Groups: A Rural Sales Channel for Mobile Money in Africa?” (London: GSMA), http://www.gsma.com/connectedwomen/wp-content/uploads/2015/01/Savings-Groups-MMU-CW-full-report-Jan2015.pdf.
[27] S. Ramnarain, 2015, “Interrogating Women’s Peace Work: Community-Based Peacebuilding, Gender, and Savings’ Co-operatives in Post-conflict Nepal,” Community Development Journal 50(4): 677-92, doi: 10.1093/cdj/bsu065, http://cdj.oxfordjournals.org/content/early/2014/12/23/cdj.bsu065.abstract.
[28] US Agency for International Development, 2013 “Real Impact: Ethiopia—Productive Safety Net Program Plus,” Real Impact Series (Washington, DC: USAID), http://www.usaid.gov/sites/default/files/documents/1865/PSNP_Plus_Real_Impact_Case_Example_030614_508.pdf.
[29] Oxfam America, 2015, “International savings groups NGOs aim for 50 million members by 2020,” press release, 15 March 2013, http://www.oxfamamerica.org/press/international-savings-groups-ngos-aim-for-50-million-members-by-2020/.
[30] Note that references to $1.25 per day (PPP 2005) is the equivalent of $1.90 per day (PPP 2011).
[31] J-PAL and IPA, 2015, “Building Stable Livelihoods for the Ultra-Poor” Policy Bulletin (Cambridge, MA, USA: Abdul Latif Jameel Poverty Action Lab and Innovations for Poverty Action), 3 and 11, https://www.povertyactionlab.org/sites/default/files/publications/TUP.pdf.
[32] Ibid., 6-10.
[33] In Participatory Wealth Ranking (PWR) community members determine who among their peers are the poorest based on their understanding of poverty. For more information, please watch Rural Finance Learning Center, 2003, “Serving the Very Poor: Participatory Wealth Ranking and CASHPOR House Index,” video (Rome: FAO, RFLC), https://www.youtube.com/watch?v=njmdvpiA99c.
[34] S.M. Hashemi and A. de Montesquiou, 2011, “Reaching the Poorest: Lessons from the Graduation Model” CGAP Focus Note, no. 69 (Washington, DC: CGAP), 2-5, http://www.cgap.org/sites/default/files/CGAP-Focus-Note-Reaching-the-Poorest-Lessons-from-the-Graduation-Model-Mar-2011.pdf.
[35] Ibid., 6.
[36] C. Trivelli, 2014, “Graduation Programs as Part of Targeted Social Policy,” blog on CGAP.org, http://www.cgap.org/blog/graduation-programs-part-targeted-social-policy.
[37] Hashemi and de Montesquiou, 2011, 6.
[38] A. de Montesquiou and T. Sheldon, with F. F. DeGiovanni and S. M. Hashemi, 2014, “From Extreme Poverty to Sustainable Livelihoods: A Technical Guide to the Graduation Approach” (Washington, DC: CGAP), http://www.cgap.org/sites/default/files/graduation_guide_final.pdf.
[39] Ibid.
[40] World Bank, 2008, “Agriculture and Poverty Reduction,” Agriculture for Development Policy Brief, excerpted from World Development Report 2008 (Washington, DC: World Bank), http://web.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTRESEARCH/EXTWDRS/0,,contentMDK:21501332~pagePK:478093~piPK:477627~theSitePK:477624,00.html.
[41] World Bank Data (online), 2015, “World Development Indicators: Agriculture & Rural Development,” map (Washington, DC: World Bank Group), http://data.worldbank.org/topic/agriculture-and-rural-development.
[42] FAO, 2015, The State of Food and Agriculture 2015: Social Protection and Agriculture—Breaking the Cycle of Rural Poverty (Rome: FAO), xii, http://www.fao.org/3/a-i4910e.pdf.
[43] World Bank, 2008, “Agriculture and Poverty Reduction,” 1.
[44] T. Carroll et al., 2012, Catalyzing Smallholder Agricultural Finance (Dalberg Global Development Advisors), http://dalberg.com/documents/Catalyzing_Smallholder_Ag_Finance.pdf.
[45] Farming First, n.d., “Rural Women: Policies to Help Them Thrive,” Policy Paper (www.Farming First.org), 1, http://www.farmingfirst.org/wordpress/wp-content/uploads/2012/03/FF-Policy-Paper-Rural-Women.pdf.
[46] J. Folkema, 2013, “Weather Index Insurance: A Market-based Approach to Managing Climate Risks,” Case Study (Ottawa and Mississauga, ON, CA: Canadian Coalition for Climate Change and Development, and World Vision Canada), http://c4d.ca/wp-content/uploads/2013/03/2013-CaseStudy-WVC-Tanzania.pdf.
[47] B. Van Campenhout, 2012, “Mobile Apps to Deliver Extension to Remote Areas: Preliminary Results from Mnt Elgon Area” (Washington, DC, USA: Grameen Foundation and IFPRI), https://alexcountshaitibook.files.wordpress.com/2015/10/differences-in-differences-study-report-final-july-5-2012.pdf.
[48] S. Hanson, 2015, “Calling for a Distribution Revolution with Stephanie Hanson,” interview, Farming First TV, 4 February 2015, https://www.youtube.com/watch?v=jcDiii8BUIE.
[49] S. Hanson, n.d., “One Acre Fund Farmers First,” PowerPoint presentation on Wilsoncenter.org, http://www.wilsoncenter.org/sites/default/files/Stephanie%20Hanson_One%20Acre%20Fund%20Presentation_1.pdf.>
[50] One Acre Fund, 2015, “Asset Financing at One Acre Fund” (Farmers First), http://www.oneacrefund.org/uploads/all-files/White_Paper_Farm_Finance__Asset_Financing__FINAL.pdf.
[51] Ibid.
[52] Ibid., 2015, “Flexible Repayment at One Acre Fund,” White Paper (Farming First), https://www.oneacrefund.org/uploads/all-files/White_Paper_Farm_Finance_Flexible_Repayment_FINAL.pdf.
[53] Opportunity International, 2012, “Agricultural Finance: The Opportunity Difference,” (Washington, DC: Opportunity International), http://c187197.r97.cf1.rackcdn.com/wp-content/uploads/2012/02/Agricultural-Finance-Brochure.pdf.
[54] Microcredit Summit Campaign, 2014, “Reaching the Next Generation of Smallholder Farmers: Capacity Building and Value Chain Partnerships,” video of workshop at the 17th Microcredit Summit, Merida, Mexico, 3-5 September 2014, http://17microcreditsummit.org/reaching-the-next-generation-of-smallholder-farmers-capacity-building-value-chain-partnerships/.
[55] K. Matthew et al., 2011, Connected Agriculture: The Role of Mobile in Driving Efficiency and Sustainability in the Food and Agriculture Value Chain (London and Newbury, UK: Accenture and Vodafone), http://policy-practice.oxfam.org.uk/publications/connected-agriculture-the-role-of-mobile-in-driving-efficiency-and-sustainabili-145251.
[56] Ibid.
[57] International Fund for Agricultural Development (IFAD), 2012, “Environment and Natural Resource Management Policy: Resilient Livelihoods through the Sustainable Use of Natural Assets” (Rome: IFAD), http://www.ifad.org/climate/policy/enrm_e.pdf.
[58] IFAD, 2011, “Environment and Natural Resource Management Policy: Resilient Livelihoods through the Sustainable Use of Natural Assets,” document presented to IFAD Executive Board, 18 April 2011 (Rome: IFAD), http://www.ifad.org/gbdocs/eb/102/e/EB-2011-102-R-9.pdf.
[59] IFAD and World Food Program, 2011, rep. 2015, “Weather Index-based Insurance in Agricultural Development: A Technical Guide” (Rome: IFAD and WFP), http://www.ifad.org/ruralfinance/pub/WII_tech_guide.pdf.
[60] ILO, Impact Insurance Facility, 2014, “Impact Insurance Annual Report 2014” (Geneva: ILO), http://www.impactinsurance.org/news/2015/march/annual-report-2014.
[61] Ibid., “Annual Report 2014: Our Predictions for 2015″ (Geneva: ILO), http://www.impactinsurance.org/emerging-insights/ei102.
[62] C. Miller, 2011, “Microcredit and Crop Agriculture,” paper presented at the 2011 Global Microcredit Summit, Valladolid, Spain, 14-17 November 2011 (Washington, DC: Microcredit Summit Campaign), http://microcreditsummit.org/resource/34/microcredit-and-crop-agriculture-new.html.
[63] Folkema, 2013, “Weather Index Insurance.”
[64] Ibid.
[65] Ibid.
[66] Ibid.
[67] Matthew et al., 2011, “Connected Agriculture.”
[68] N.J. Halewood and P. Surya, 2012, “Mobilizing the Agricultural Value Chain,” chap. 2 in Information and Communications for Development 2012: Maximizing Mobile (Washington, DC: IBRD and World Bank).
[69] Folkema, 2013, “Weather Index Insurance.”
[70] Global Partnership for Financial Inclusion and International Finance Corporation, 2011, Scaling Up Access to Finance for Agricultural SMEs Policy Review and Recommendations (Washington, DC: IFC), http://www.gpfi.org/sites/default/files/documents/G20_Agrifinance_Report%20%28FINAL%20ONLINE%29.pdf.
[71] International Social Security Administration, 2013, “Bolsa Família: Brazil’s Social Security Cash Transfer Program,” Facts and Figures 02 (Geneva: ISSA), https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CB8QFjAA&url=https%3A%2F%2Fwww.issa.int%2Fdocuments%2F10192%2F191130%2F2-issa-facts-figures-2-bolsa-familia.pdf%2F94ca609c-a815-458c-ba86-143101b29add&ei=CT9BVbbzHqTdsATXj4GwDQ&usg=AFQjCNG9LhabbswK7AHrpl6ueSKEL80tIg&sig2=wiOEE76nTpsYpp8P9t6ziw&bvm=bv.92189499,d.cWc&cad=rja.
[72] J. de Hoop and F.C. Rosati, 2013, “Cash Transfers and Child Labour,” Working Paper (Rome: Understanding Children’s Work), http://www.ucw-project.org/attachment/Cash_Transfers_and_Child_Labour20130506_165200.pdf.
[73] L.D. Cluver et al., 2014, “Cash Plus Care: Social Protection Cumulatively Mitigates HIV-Risk Behaviour among Adolescents in South Africa,” AIDS 28 (Supplement 3): S389-S397, http://journals.lww.com/aidsonline/Fulltext/2014/07001/Cash_plus_care__social_protection_cumulatively.19.aspx.
[74] M. Grosh et al., 2008, “For Protection and Promotion: The Design and Implementation of Effective Safety Nets” (Washington, DC: World Bank), 317, http://siteresources.worldbank.org/SPLP/Resources/4616531207162275268/For_Protection_and_Promotion908.pdf.
[75] T. Campello and M. Côrtes Neri, eds., 2014, Bolsa Família Program: A Decade of Social Inclusion in Brazil, (Brasilia, Brazil: Institute for Applied Economic Research), 15, https://www.wwp.org.br/sites/default/files/sumex_bolsa_familia_program_decade_social_inclusion_brazil_pe.pdf
[76] J. Ledgerwood, J. Earne, and C. Nelson, eds., 2013. The New Microfinance Handbook: A Financial Market System Perspective (Washington, DC: World Bank), 274,
[77] Fundación Capital, n.d., “Financial Inclusion: Proyecto Capital,” website (Bogotá, Columbia: Fundación Capital), http://fundacioncapital.org/financial-inclusion/proyecto-capital/?lang=en.
[78] Department for International Development, 2009, “Designing and Implementing Financially Inclusive Payment Arrangements for Social Transfer Programmes” (London: DFID), http://www.microfinancegateway.org/sites/default/files/mfg-en-toolkit-designing-and-implementing-financially-inclusive-payment-arrangements-for-social-transfer-programmes-dec-2009.pdf.
[79] S. Kelly, 2014, “The Mexico Promise: A Better Microfinance Environment,” Center for Financial Inclusion blog on CFI.org, http://cfi-blog.org/2014/11/25/the-mexico-promise-a-better-microfinance-environment/.
[80] Visa and Government of Rwanda, 2011, “Visa-Rwanda Partnership to Drive Electronic Financial Services,” press release, 6 December 2011, http://www.bnr.rw/index.php?id=246&eID=dam_frontend_push&docID=36.
[81] GSMA Intelligence reported an estimated 7.2 billion mobile phones in use in October 2014 (https://gsmaintelligence.com). In an older report, the International Telecom Union predicted there to be 6.8 billion mobile phone subscriptions by 2013 with over 5 billion of those in the developing world alone (www.itu.int).
[82] GSMA Intelligence, 2015, The Mobile Economy 2015 (London: GSMA), http://www.gsmamobileeconomy.com/GSMA_Global_Mobile_Economy_Report_2015.pdf.
[83] T. Suri and B. Jack, 2012, “Reaching the Poor: Mobile Banking and Financial Inclusion,” Future Tense blog on Slate.com, http://www.slate.com/blogs/future_tense/2012/02/27/m_pesa_ict4d_and_mobile_banking_for_the_poor_.html.
[84] A. Demirguc-Kunt et al., 2014, “The Global Findex 2014: Measuring Financial Inclusion around the World,” Policy Research Working Paper 7255 (Washington, DC: World Bank, Development Research Group, Financial and Policy Sector Development Team), http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/04/15/090224b082dca3aa/1_0/Rendered/PDF/The0Global0Fin0ion0around0the0world.pdf#page=3.
[85] J. Zimmerman and S. Meinrath, 2015, “Mobile Phones Will Not Save the Poorest of the Poor,” Future Tense blog on Slate.com, http://www.slate.com/articles/technology/future_tense/2012/02/m_pesa_and_other_ict4d_projects_are_leaving_behind_the_developing_world_s_poorest_people_.html.
[86] W. Jack and T. Suri, “Risk Sharing and Transactions Costs: Evidence from Kenya’s Mobile Money Revolution,” American Economic Review 2014 104(1): 183–223, http://dx.doi.org/10.1257/aer.104.1.183.
[87] O. Morawcynski and M. Pickens, 2009, “Poor People Using Mobile Financial Services: Observations on Customer Usage and Impact from M-PESA,” CGAP Brief (Washington, DC: CGAP), https://www.cgap.org/sites/default/files/CGAP-Brief-Poor-People-Using-Mobile-Financial-Services-Observations-on-Customer-Usage-and-Impact-from-M-PESA-Aug-2009.pdf.
[88] T. Cook and C. McKay, 2015, “How M-Shwari Works: The Story so Far,” Access to Finance Forum, no. 10 (Washington, DC: CGAP and FSD Kenya), http://www.cgap.org/sites/default/files/Forum-How-M-Shwari-Works-Apr-2015.pdf.
[89] Women’s World Banking, 2015, “Digital Savings: The Key to Women’s Financial Inclusion?” (New York: WWB), 11, http://www.womensworldbanking.org/wp-content/uploads/2015/08/Digital-Savings-The-Key-to-Women%E2%80%99s-Financial-Inclusion_WomensWorldBanking.pdf.
[90] Grameen Foundation, “Mobile Money in Nigeria: The User Experience” (Washington, DC: Grameen Foundation), http://www.grameenfoundation.org/sites/grameenfoundation.org/files/resources/Nigeria%20Landscape%20Report%20FINAL%20Dec%2013%202014.pdf#overlay-context=resource/mobile-money-nigeria-user-experience.
[91] R. Lewis, J. Villasenor, and D.M. West, 2015, “Inclusion in India: Unpacking the 2015 FDIP Report and Scorecard,” TechTank blog on Brookings.edu, http://www.brookings.edu/blogs/techtank/posts/2015/09/09-fdip-report-results-india.
[92] Knowledge@Wharton, 2015, “Finance: Will India’s New Focus on Financial Inclusion Pay Off?” (Philadelphia: University of Pennsylvania, Wharton School), http://knowledge.wharton.upenn.edu/article/will-indias-new-thrust-on-financial-inclusion-pay-off/.
[93] A. Singh, M. Sharma, and M. Sadana, 2015, “Assessing the Most Ambitious Public Financial Inclusion Drive in History: An Early Dip-Stick Assessment of Bank Mitr’s under Pradhan Mantri Jan Dhan Yojana,” MicroSave India Focus Note, no. 114 (Lucknow, UP, India: MicroSave), http://www.microsave.net/files/pdf/IFN_114_Assessment_of_Bank_Mitrs_under_PMJDY.pdf.
[94] DNA, 2015, “RBI grants approval to 10 entities for small finance banks” (Mumbai, India: DNA), http://www.dnaindia.com/money/report-rbi-grants-approval-to-10-entities-for-small-finance-banks-2125921.
[95] Daniel Radcliffe, 2015, “Payments Banks: A Game-Changing Contribution to India’s Financial Inclusion Efforts,” Impatient Optimists (Seattle, WA, USA: Bill & Melinda Gates Foundation), http://www.impatientoptimists.org/Posts/2015/09/Payments-Banks-A-gamechanging-contribution-to-Indias-financial-inclusion-efforts#.Vjdze_krKUk.
[96] L. Datwani, 2015, “India’s List of Financial Inclusion Efforts Grows,” blog on CGAP.org, http://www.cgap.org/blog/india%E2%80%99s-list-financial-inclusion-efforts-grows.
[97] World Bank Group, 2015, “Ethiopia Poverty Assessment 2014.”
