CGAP Annual Report 2012
Financial inclusion advanced last year. Providers and policy makers accelerated efforts to translate their better understanding of demand-side needs into new product and policy approaches. Business model innovation aimed at increasing reach and lowering costs continued apace, in particular through the use of new technologies. The Global Financial Standard-Setting Bodies recognized the risks of financial exclusion, and nearly 40 developing countries and emerging markets with a combined population of 1.7 billion committed to advance financial inclusion domestically because they know that an inclusive, local financial system that reaches all its citizens is an important ingredient for economic and social progress.
While there will be setbacks and while we will make mistakes, the stars have begun aligning for real progress to be made in the next five years toward full financial inclusion—where everyone has the choice to access and use the broad range of financial services they need to improve their lives.
This Annual Report presents CGAP’s work in Fiscal Year 2012 (1 July 2011 through 30 June 2012). Our key achievements are described according to the key strategic areas set forth by CGAP’s members for FY2009–FY2013, along with a recently added focus area around clients:
- Better meeting underlying client needs
- Continued business model innovation to increase reach and lower costs
- Policy makers’ commitment to financial inclusion
- Effectiveness and quality of funding
CGAP’s mission is to improve the lives of poor people by advancing knowledge and spurring innovations that promote inclusive and responsible financial markets. Our work last year, described in more detail in this Annual Report, was aligned in support of global advancements in financial inclusion. We are proud of our contributions and remain humbled by the support and encouragement for our efforts from our partners and the broader set of stakeholders in the collective effort to advance financial access for the poor.