Indigo partners took part recently in the world's largest annual microfinance event, the Global Microcredit Summit, which ran from 14-17 November 2011 in Valladolid, Spain. This was the 15th summit organised by the Global Microcredit Campaign, and was attended by around 2,000 speakers, VIPs and delegates, including Queen Sofia of Spain and Muhammad Yunus, Founder of the Grameen Bank.
A substantial programme of plenaries, workshops and associated sessions dealt with issues facing the microfinance sector worldwide. There was a sense of the field being at a transitional point, facing considerable economic, ethical and PR challenges, as well as tremendous opportunities offered by technology and partnership working, between microfinance institutions, with business, and with others.
While the issues are complex, some of the proposed 'solutions' appear relatively clear, if not exactly simple to implement. MFIs were urged to 'get back to basics': to be driven by client need, rather than technological advances; to work on building trust, relationships and capacity, not only with clients but within MFI staff teams; and to remember the underlying desire to alleviate world poverty which led them to working in the sector in the first place.
The event showcased some of the excellent examples of good practice existing in Europe, while revealing that we in Europe are at a very early stage in terms of our provision and support for asset building by those with low incomes.
One excellent session, led by Indigo partner Faisel Rahman of Fair Finance, explored innovative practices for reaching the poorest, most excluded and most vulnerable in our societies. To download Faisel's paper go to our Resources section.
For more information about the Summit go to www.globalmicrocreditsummit2011.org/.
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