Letter From The CEO
The myriad crises and conflicts that have continued to unfold throughout my first full year as CEO have served as a reminder that global development challenges are increasingly protracted, complex, intertwined, and demanding of collective and coordinated responses. Conflict in Eastern Europe has continued to threaten the food security of nations worldwide and strained access to natural resources for many. Sharp increases in inflation added additional stresses, while extreme weather events due to a warming climate were felt around the world and devastated communities, livelihoods, infrastructure, and property. These crises hit the poorest and most vulnerable the hardest.
To address these issues, build effective resilience capacities for those most exposed to shocks and stresses, and generate new or better opportunities, the solutions must be as cross-cutting as the issues themselves. The same is true for financial inclusion. We cannot work in a silo that doesn’t consider the ways in which other development challenges (and goals) intersect those of the financial inclusion community, nor ignore the many ways in which inclusive finance can contribute to addressing some of the most pressing global challenges and be an enabler of development. Deep collaboration and holistic approaches that consider the interconnected challenges we face — and the different stakeholders working on them — are the only way we will continue to see poverty alleviated and build the resilience of the most vulnerable. For CGAP, this means weaving an increased focus on global development challenges, especially on climate, fragility, and particularly excluded groups (like women and MSEs), into everything we do.
Indeed, CGAP’s new five-year strategy, which was released at our Annual Meeting in early June, lifts the focus of our work onto global challenges and aims to maximize the contribution of financial inclusion to the world’s broader efforts to address these challenges. As the international community crosses the halfway point in the time allocated to achieve the Sustainable Development Goals (SDGs), it is especially evident that we need to draw on all the tools at our disposal. We are convinced that this must include inclusive finance. Our goal is to bring to life “Financial Inclusion 2.0” — a concept that has been floated by various people in recent years. At CGAP, we believe this means going beyond fostering an increase in the breadth and depth of financial inclusion (i.e., increasing the access and usage of financial services and improving financial health), to also increasing the utility of financial inclusion (i.e., enhancing the practical benefits and positive outcomes financial inclusion generates). CGAP’s new strategy will contribute to making financial ecosystems meet the needs of everyone — including those living in poverty and micro and small firms — to enhance their resiliency to shocks and their ability to seize economic opportunities and to participate in a green transition.
The release of our new strategy followed many conversations with our members, partners, and stakeholders. I am grateful to everyone who helped inform, solidify, and validate this new strategic focus and I look forward to continuing these collaborations and together bringing Financial Inclusion 2.0 to life. For our part, we have started in earnest on the next phase of CGAP’s work program.
While our eyes are firmly on the future, there is much I am proud of when I consider the work CGAP has done in FY23. We released our first sets of insights and published our first papers on the links between climate change and financial inclusion. This included regulatory considerations for climate risk and financial inclusion, initial research into bolstering women’s climate resilience and adaptation through financial inclusion, and a focused assessment of opportunities for strengthening rural women’s climate resilience. In addition, we made strong progress in our new project on financial services for inclusive carbon markets.
We also advanced understanding around the opportunities to leverage digital financial services to improve livelihoods and jobs. This included providing guidance to platforms, financial services providers, and fintechs seeking to embed financial services for gig and platform workers; identifying new business models and data-driven opportunities for closing the micro and small enterprise (MSE) credit gap; and providing practical guidance to microfinance institutions looking to digitize to better serve their customers. We also laid out our vision for a responsible digital finance ecosystem to better address the increasing consumer risks that digital financial services also come with and we will continue to advance this work during CGAP VII. In addition, we made strong progress in our new project on the role of inclusive finance in fragile contexts.
Across the entire range of CGAP’s agenda, we continued to deliver research-driven, evidence-based insights and new knowledge to a wide range of public, private, and non-profit stakeholders, who are focused on building more inclusive economies, more resilient societies, and a more sustainable planet through financial inclusion.
As always, we look forward to working together in FY24 to maximize the role of financial inclusion in improving development outcomes.
Creating jobs and improving livelihoods are a crucial foundation for achieving development goals. Throughout FY23, CGAP has been exploring how inclusive financial services can improve economic prospects for micro and small enterprises (MSEs) and through the fast-growing gig work sector.
Nearly half a billion micro and small enterprises (MSEs) in emerging markets provide livelihood opportunities for millions of low-income households around the world. But access to relevant, affordable, and responsible finance remains a persistent barrier, constraining sustainability and growth for these MSEs – especially the smallest firms and those in the informal sector owned by women. While the financial inclusion community has long focused on supporting MSEs, FSPs and funders often view the entire MSE sector as a monolith and do not consider the diversity of firms within that universe. In reality, MSEs have a variety of motivations and journeys, differing financial and nonfinancial needs, and diverse experiences in accessing financial services. To better understand how segmenting the market can help MSEs access the financial services they need, CGAP undertook primary research with nearly 400 MSEs in India, Kenya, and Peru. The resulting focus note advocates the importance of a segmented approach to understanding and addressing MSE needs.
New technologies are transforming the financial sector, and some could be the keys to enabling business models that can overcome traditional barriers to MSE finance: the need for suitable collateral, high operating expenses, low lifetime customer value, and credit risk uncertainty. CGAP’s reading deck highlights technological trends and fintech business models with high potential to reach underserved MSEs with improved and responsible financial services.
CGAP also launched partnerships with five fintech companies in FY23, with the goals of exploring the potential of technology-enabled business models in expanding access to responsible finance for excluded and underserved MSEs and deepening financial inclusion. As part of these pilots, CGAP is providing technical assistance tailored to partners’ needs in various areas including market research, product design and development to better target women customers, testing and iteration, marketing and communication, delivery, customer support and education. Based on these efforts, and a post-pilot impact assessment being carried out by 60 decibels, CGAP will share insights about the opportunities and challenges fintech business models face in addressing the MSE finance gap.
Across emerging markets, millions of informal workers are joining gig platforms in sectors like ride-hailing and deliveries. Amidst welcome scrutiny towards fair and sustainable gig work, this growth trajectory will continue as informal work becomes increasingly digitally mediated and gig platforms become a significant source of income for low-income segments globally. FY23 marked the culmination of a three-year CGAP partnership with gig platforms and fintechs testing the effectiveness and value of financial services for gig workers in many emerging markets (such as credit, savings, and insurance products) and to support a learning community around this frontier of innovation.
CGAP undertook 5 pilots with partners and fostered a learning collaborative with 50 executives from platform companies, FSPs, and fintechs interested in introducing financial services for gig workers. Research from the partnership considered how alternate credit scores using work and earnings data can extend credit to gig workers; looked at examples of successful design and delivery methods employed by industry leaders in providing financial services to gig workers; and discussed how platforms, financial service providers, and others need to assess local conditions and then create partnerships and alliances to bring the right skills, expertise, and regulatory licenses to the table.
Leveraging Digital Innovations
Digital innovations have been changing the financial inclusion space for nearly two decades. Today, a powerful new wave of digital innovation is gathering on the horizon, and innovations in digital financial services continue to redefine the inclusive financial ecosystem. In FY23, CGAP focused its attention on three areas likely to be especially relevant for stakeholders and consumers in low- and middle-income countries: changing market structures for financial services, microfinance digitization, and data-driven financial services.
Building on its Fintech and the Future of Banking work over the past four years, CGAP released a working paper exploring the market-level modularization of financial services by studying illustrative examples of new models that are emerging, how they are coming about, and what they mean for the financial inclusion of low-income people in emerging markets and developing economies. It is enabling a specialization of functions along the finance value chain, which is opening up new opportunities for innovation, competition and ultimately financial inclusion. Simultaneously, it is posing new challenges for policymakers, regulators and supervisors. This changing nature of digital financial services will require ecosystem-wide collaboration and is a central theme running through CGAP’s new five-year strategy and our work program for FY24.
The digitization of microfinance gained further attention in FY23. Microfinance institutions (MFIs) have proven critical to the delivery of credit and other financial services to low-income customers, including MSEs. Many have identified an opportunity to adapt their existing business models to emerging digital ecosystems, which would allow them to serve both existing and new customers more effectively. CGAP analysis and pilots revealed that most advanced MFIs that use digitization to generate value for their business and customers anchor their efforts in solid business intelligence. To support other MFIs interested in digitization, CGAP published materials outlining this approach and providing guidance for MFIs implementing new digital products and channels.
CGAP also convened a community of practice comprising the original project partners, 23 additional microfinance providers and 14 digitization “champions” from among microfinance funders, networks and holding companies. Through this community and a series of broader events, CGAP supported a broad group of microfinance institutions, along with microfinance funders, donors, and support organizations to understand how to leverage technology to grow microfinance businesses, deliver value to customers, and embark on a digital future.
When used responsibly, consumer data has incredible potential to benefit service providers and customers alike. Open finance can give low-income consumers greater control of their personal information. This can help make their data work for them, can give them access to more products at lower costs through multiple and easy-to-access channels, and can allow for remote consumer onboarding. However, this unprecedented ability to move entire financial histories both empowers consumers and poses risks.
CGAP identified the basic data protection provisions that should be in place for an open finance regime, as well as how they can be implemented through law and regulation. We also took a closer look at the data trails of the digitally included poor, providing an enhanced description of the data trails of low-income individuals to encourage more FSPs to experiment with data-driven models serving the target segment. Of particular note, we found that only 67% of the digitally included poor have a bank account and so leveraging their data trails to offer accounts could reduce the financial exclusion gap by 40-50%. Through a combination of 15 pilots and case studies CGAP engaged with providers to showcase data driven solutions for low-income customers. Our research showed how transactional data can be used to expand credit to those without a traditional credit history as well as how data can be used to expand inclusive insurance.
Strengthening the Foundations
In FY23, CGAP also explored and provided advice on new opportunities to improve some of the building blocks of responsible and inclusive financial systems.
CGAP’s work on distribution focused on expanding rural agent networks. A series of publications on agent networks at the last mile provided insights for financial service providers, regulators, policymakers, and funders. An episode in the first season of CGAP’s “Inclusive Finance Frontiers” podcast explored the latest advances in agent networks and what they mean for the future of inclusive finance.
Throughout FY23, CGAP provided direct support to 13 project partners in order to implement agreed action plans – this ranged from field pilots to test new products or agent management processes, through to detailed market assessments to advance business, policy or regulatory agendas. To ensure a broader set of stakeholders could benefit from these learnings, we published our findings on developing rural agent business models at scale in Colombia, extending rural credit and increasing the participation of women in agent networks in India; and an analysis of Côte d'Ivoire's mobile money market as a case study for the contribution of market disruptions to financial inclusion. Lastly, CGAP delivered further sessions of an e-learning course on how to promote rural agent networks – the course has now been taken by a total of 178 students from 83 countries.
FY23 saw a continuation of CGAP’s commitment to advancing responsible digital finance ecosystems. The WAEMU digital financial services (DFS) consumer protection lab entered its third year, with work underway in Côte d'Ivoire, Senegal and Burkina Faso. To help monitor the digital credit market, assess consumer risks, and identify potentially concerning providers, CGAP piloted a social media analysis tool in India based on Artificial Intelligence (AI). It used CGAP’s new typology of digital finance consumer risks and CGAP’s market monitoring toolkit (especially social media monitoring) as key frameworks. CGAP also developed a new tool around consumer advisory panels to help financial supervision proactively identify, understand, and track consumer risks and behaviors by gathering more direct insights about consumer experiences and feedback on regulations and other policy initiatives. Additionally, CGAP carried out research on the role of industry associations in promoting responsible digital finance.
The research covered 23 associations globally, including those made up of fintechs, digital lenders, and traditional financial institutions actively offering digital financial services.
Instant payments remained a focus as well. Two technical notes shared CGAP analysis from FY23. The first helps explain why changes in instant payment pricing are occurring, assesses their impact on market development, and offers suggestions for a path forward. The second is framed to help policymakers and payment system operators understand recent trends in payment initiation and customer experience in making interoperable payments work better for low-income populations.
Over 25% of adults globally receive government-to-person (G2P) payments, which creates an immense opportunity to advance financial inclusion. In FY23, CGAP delivered the final year of its G2P payments project and continued to work with specific national governments. CGAP and G2Px published a framework for a modern G2P architecture which can support long-term development outcomes through the digitalization of G2P payments. It will serve as a reference guide for governments and those advising policy makers when considering, designing, and implementing digital government-to-person (G2P) payments. CGAP’s G2P work this year also included recommendations on intentional architecting and implementation that seeks to support active digital financial services usage beyond an initial G2P payment. Throughout FY23, Niger engaged on a reform to modernize the delivery of its Social Safety Nets supported by CGAP in partnership with GIZ and the World Bank, the World Food Program integrated G2P choice into is new cash policy (it is now the world’s largest provider of humanitarian cash), and CGAP supported Peru as it plans to expand its national agent infrastructure to enhance payments.
In FY23, CGAP also explored new opportunities for financial inclusion to be deployed as a tool to address several crucial development challenges – namely, advancing women’s economic empowerment and building climate resilience while enabling a just social transition. We also began exploring the role of inclusive finance in fragile countries. While this work is still underway, we published some initial observations and learnings from the experience of Sudan.
Advancing Women's Economic Empowerment
Data consistently shows that women are more adversely affected by shocks and stresses, whether related to climate, health, conflict, or economic events. In FY23, CGAP continued to work with partners to better understand how to improve women’s economic empowerment through financial inclusion.
Globally, young women remain one of the most marginalized financial service client segments. Despite improvements over the last several decades, young women ages 15-24 still have lower literacy rates, higher HIV rates, and lower labor force participation than their male peers.
CGAP research released this year showed that marginalized young women can benefit from financial services in both economic and non-economic ways. But with over half a billion women aged 15-24 in the world, the life stages, needs, and contexts of this population are tremendously diverse. A segmentation exercise by CGAP determined among which segments of young women investments in improved financial services could make the most impact. Over the next three years, CGAP will work with funders, market facilitators, FSPs, and organizations working with youth to explore and test ways to maximize the impact of financial inclusion for young women.
In partnership with the World Bank’s Women, Business and the Law (WBL) project, CGAP looked at the persistent gender-based barriers that impede the success of women entrepreneurs – such as unequal access to financial accounts, constrained credit, and normative roles that keep women in the role of primary caregivers.
CGAP and WBL presented data on how National Financial Inclusion Strategies could spur policy and regulatory reforms in support of women’s entrepreneurship.
FinEquity, CGAP’s community of practice for women’s financial inclusion, continued to grow, reaching over 7000 people through its global and regional communities. CGAP launched a regional FinEquity hub on the African continent in FY23, which now reaches 321 practitioners focused on women’s financial inclusion in Africa. FinEquity’s regional group in Latin America and the Caribbean, FinEquity ALC, grew by more than 17% in FY23 (to reach 2,422 people) and played an intensive convening role throughout the year, delivering 11 workshops with an average of 142 attendees.
In FY23, CGAP continued to advance the conversation around the role of gendered social norms. CGAP's “The Social Frontier of Financial Inclusion” podcast (part of the Inclusive Finance Frontiers series) shone a spotlight on how Women’s Micro Bank (also known as Mama Bank) in Papua New Guinea pushed geographical, technological, and normative boundaries to expand rural women’s access to banking services.
Launched in FY23, the Supply-side Gender-Disaggregated Data (S-GDD) project aims to contribute to a reduction in the financial inclusion gender gap by developing technical guidance for financial sector authorities to design and implement effective frameworks to collect, manage, use, and disseminate S-GDD and associated indicators. Project activities so far have included some initial exploration of pilot countries and a review of the literature.
CGAP has continued mainstreaming gender in its diverse projects, with 55% of its deliverables in FY23 incorporating a gender lens. Key project insights have informed CGAP’s subsequent recommendations, including on the detrimental impact of gender norms in limiting access to financial inclusion, the importance of gender-disaggregated data in all aspects of the financial system, the benefits of segmentation in tailoring services, and the significant potential of inclusive business models for both business and social impact. As of the end of FY23, around 40% of CGAP staff had become internal “gender champions” through building their knowledge, sharing their experiences, and pursuing work to advance women’s financial inclusion.
CGAP continues to explore the ways financial inclusion can support effective global climate action. In FY23, following extensive research and interviews with FSPs, funders, and authorities we published our first guidance on how stakeholders can and must integrate financial inclusion as a tool for better responses to climate change.
At COP27 in Sharm El-Sheik, CGAP partnered with the Social Protection and Jobs Global Practice of the World Bank to deliver a joint session at the World Bank’s pavilion on how adaptive social protection programs can strengthen countries’ preparedness for and responses to climate shocks: by helping to maintain food security, supporting just transitions, and reducing the costs from climate impacts.
CGAP also published a paper illustrating how women are disproportionately impacted by climate change and how financial services can strengthen their adaptive capacities to climate change. The story of Farzana, a smallholder farmer in Bangladesh, illustrates how, when an extreme climate event hits, women may resort to coping strategies that have greater negative effects on their immediate and future well-being than those experienced by men.
Rural women in particular face disproportionate threats from climate stresses and shocks, despite the central role they play in building more resilient global food systems. CGAP and Mercy Corps AgriFin shared their experience working with service providers to build rural women’s resilience and livelihoods.
Following their partnership in FY22, CGAP and IDH embarked on a mission to unpack gender-inclusive and climate-smart approaches in agriculture and rural contexts and measure their impact on business performance. They began laying the groundwork for an accelerator that empowers businesses with data, technical support, and a collaborative space for peer learning to enhance company value and rural women’s climate resilience. The accelerator is on track to be operational during FY24.
Additionally, to better understand the different motivations, behaviors, and needs of rural women and thereby enable service providers to reach and cater to them more effectively, CGAP explored three personas of rural women and their distinct customer journeys through product and service engagement. The work aims to provide a deeper understanding of the challenges and opportunities rural women face—including in the context of climate change—so they can be better addressed. It also spotlights concrete examples of providers offering services tailored to rural women that can ultimately help build climate resilience. These personas will be refined further based on forthcoming CGAP work with Savings and Credit Cooperative Organizations (SACCOs) and farmer producer organizations in Kenya, as well as service providers in different parts of the world.
Climate change also poses risks for financial inclusion. CGAP explored how such risks could drive the financial sector away from serving the most vulnerable and least profitable clients, including MSMEs and low-income, rural households. Drawing on literature in economics, recent work from global standard setting bodies, and interviews with prudential supervisors in over a dozen emerging markets and developing economies, CGAP published a paper that outlines how inclusive green finance policies and regulations can help reduce these risks and create a virtuous cycle that improves financial stability while driving a just transition to a sustainable economy. CGAP’s initial insights and conceptual framework have already been used by the London School of Economics and Political Science and the Grantham Research Institute on Climate Change and the Environment as part of their INSPIRE toolbox for sustainable central banking. The framework lays the foundation for deeper work in FY24 to better understand how climate-related financial sector policies can impact financial inclusion.
Financial inclusion plays a critical role in enabling autonomous (or grassroots) climate change adaptation, yet it is currently a vastly underused tool. For inclusive finance to fulfill its potential for improving climate resilience, a wide range of actors will need to take up the challenge to make it fit for purpose. A forthcoming CGAP focus note synthesizes findings from the first year of the Climate Resilience and Adaptation project. It aims to provide the most comprehensive picture to date of the intersections between climate change and financial inclusion, offering insights for stakeholders in both spaces.
Insights in FY24 will center on building financial systems for climate resilience, creating climate-ready social protection schemes, and enabling carbon markets to support a just transition.
CGAP is constantly exploring new ways to advance financial inclusion and ensure it can benefit people and economies in light of contemporary challenges. Reflecting on current global context and opportunities, CGAP’s Council of Governor’s endorsed its new five-year strategy (2023-2028) at the close of FY23. The new strategy will contribute to making financial ecosystems meet the needs of everyone — including those living in poverty and micro and small firms — to enhance their resiliency to shocks and their ability to seize economic opportunities and participate in a green transition. Along with the new strategy, CGAP has an updated vision and mission.
Vision: Responsible and inclusive financial ecosystems that enable a green, resilient, and equitable world for all.
Mission: CGAP works at the frontier of inclusive finance to test solutions, spark innovation, generate evidence, and share insights. Our knowledge enables public and private stakeholders to scale solutions that make financial ecosystems meet the needs of poor, vulnerable, and underserved people and of micro and small enterprises (MSEs), including through advancing women’s economic empowerment.
Collaboration remains a central focus for CGAP and will underpin much of the work in CGAP VII. This year saw the establishment of a new Partnerships Unit dedicated to supporting ongoing cooperation with CGAP members.
Supporting a Strong Financial Inclusion Sector
As a thought leader in financial inclusion, CGAP supports the sector to understand trends and new technical solutions. These span products and services, business models and frameworks, and regulatory or supervisory actions.
Our insights assist funders and investors to best deploy their resources to improve financial inclusion, including through our annual Trends in International Funding for Financial Inclusion report – drawing upon data from more than 50 major international funders, both public and private – and by continuing the Financial Inclusion Navigator, a participatory review process for funders. Both the annual funder’s survey and the financial inclusion navigator offered rich insights for funders this year. CGAP shared five key actions different types of funders can take to set themselves up effectively to drive transformational change, and five opportunities for funding transparency in financial inclusion.
We also launched the Funding Explorer, a set of seven interactive dashboards reflecting active international financial inclusion funding commitments as of December 31, 2021. The Explorer uses data from the CGAP Funder Survey complemented by publicly available contextual indicators.
We also continue to curate and share knowledge generated from across the financial inclusion sector in four different languages through the FinDev Gateway. Over 300 organizations shared knowledge resources from across the sector, accessible to more than half a million FinDev website users in FY23. Those who shared knowledge resources on FinDev represented a wide range of organizations, from fintech startups and MFIs to central banks and regional network organizations working on various topics related to inclusive finance. The FinDev blog featured contributions from 88 authors writing on a range of topics, including financial inclusion & climate change, food security, water supply and sanitation, inclusive savings, gender, fintech, artificial intelligence, and global inflation.
Global Reach and Influence
Documentation and Charts
CGAP is a trust-funded consortium of more than 30 members with a mandate of advancing access to financial services for the world’s poor. It is housed in the World Bank’s Equitable Growth, Finance, and Institutions Global Practice. The Equitable Growth, Finance, and Institutions Global Practice (EFI), on behalf of other member donors, has legal, financial, and administrative oversight of CGAP. CGAP follows the World Bank’s fiscal year, which ends on June 30.
These financial statements include a FY23 Financial Update, FY23 Member Contribution Update and accompanying notes. They are unaudited. Internal audits are performed by the World Bank Group Quality Assurance. CGAP also participates in the World Bank Group’s single audit exercise annually.
Key Highlights for Fiscal Year 2023:
Donor Contributions. Total member contributions received in FY23 were $35.9 million, an increase from $17.8 million in FY22. As of June 30, 2023, CGAP raised 128.4 million in form of cash, receivables, and high/medium pipeline for the CGAP VII Strategy cycle.
Operating Expenses. CGAP’s FY23 year-end expenses reached $26.7 million – $1.7 million or 7% over the originally approved budget of $25.0 million, and 3% over the revised FY23 projection of $26.0 million. This represents an increase of $3.2 million, or 14% over FY22 expenses of $23.5 million. Comparing FY23 financial results to FY22, this increase is mainly related to bringing additional staffing resources on board required for the successful start of the new strategic cycle and completion of activities that were scheduled to end by June 30, 2023.
Cash Position. CGAP ended FY23 with $29.0 million in cash on hand.
1. Basis of Accounting
CGAP financial reports are prepared on cash accounting basis.
Revenue from donor pledges is recognized when written notification of a donor’s intent to process the grant is received. In most cases, pledges are fulfilled during the fiscal year in which they were made. Sometimes they are received in the following year (s).
These (unaudited) financial statements are prepared on a historical cost convention and are denominated in United States dollars.
2. Contributions from Donors – Core and Preferenced
CGAP’s revenues consist of donor contributions (including pledges that have not yet been received but are being processed by the donor), interest income, and foreign exchange gains. Per CGAP’s charter, all members are expected to contribute core funding to carry out CGAP’s operations. Once donors have made core (unrestricted) contributions, they can also make in exceptional cases a contribution limited to a specific purpose (preferenced). The amounts of donor contributions to CGAP’s core funds can be found in the table on CGAP Member Donor Contributions.
3. Interest Income
Interest Income is the interest received during the fiscal year on cash balances held.
4. Operating Expenses: CGAP’s operating expenses are comprised of the following:
- Staff Salaries and Benefits of direct-hire CGAP staff.
- Consultant fees are costs related to the hiring of individual CGAP consultants.
- Travel are expenses related to delivery of corporate activities including inter alia participation in external events, CGAP-hosted meetings, etc.
- Contractual/Firm services are related to the hiring of external companies.
- Other Operating Expenses include all other expenses related to delivery of CGAP’s program, including those related to the organization of CG and ExCom meetings, office and building expenses, telecommunications, office supplies, etc.
5. Operating Reserve
Operating Reserves are funds available for ongoing operations and future commitments. Since CGAP does not generate revenue, an operating reserve is maintained to cushion the potential effects of delays in member contributions and to allow an orderly wind-down of CGAP activities should members decide to discontinue CGAP's operations in its present form. Our practice is to target operating reserves at a level that would sustain at least 6 months of operating costs and contractual obligations, which is at estimated at $20 million. It is particularly important to have this reserve in place as we move from one strategy cycle to the next, as members generally secure their contributions over the course of the first two years of a new strategy.
(As of June 30, 2023)
Chair: Juliet Anammah, Jumia
María Paula Arregui, MercadoPago, at-large
Henri Dommel, UNCDF
Nathalie Gabala, Mastercard Foundation
Buhle Goslar, Copia Global, at-large
Shinjini Kumar, SALT, at-large
Sandra Louiszoon, Netherlands Ministry of Foreign Affairs
Jean Pesme, World Bank
Christine Poursat, Agence Française de Développement (AFD)
Ola Sahlén, Sida
Sophie Sirtaine, CGAP
CGAP COUNCIL OF GOVERNORS & REPRESENTATIVES
The Council of Governors (CG) is the membership and governance body of CGAP, chaired by a World Bank Senior Director. Each member appoints a focal point as its CG representative and has one vote on the council. At the annual CG meeting in May, members discuss CGAP’s strategic direction, review and approve work plans and budgets, and share knowledge about new innovations and trends.
Denmark: Maike Schäfer
Germany: Ian Lachmund, Daniel Taras, Florian Henrich, Linnea Kreibohm, Judith Frickenstein
Italy: Francesco Capecchi
Norway: Kim Kristmoen and Nikolai Østråt Owe
Sweden: Ola Sahlén
Switzerland: Philippe Sas
Australia: Peta Mills and Selina Hughes
Canada: Philip Halliday and Manele Belghouar
Japan: Takumi Kunitake, Tomomi Uchikawa and Reiko Wakatsuki
Jersey: Simon Boas, Edward Lewis and Gilly Challinor
Luxembourg: Michel Haas and Paul Weber
The Netherlands: Sandra Louiszoon
Republic of Korea: Junki Min
United Kingdom: Rebecca Waghorn and Sian Parkinson
United States: Fernando Maldonado and Paul Nelson
Bill & Melinda Gates Foundation: Michael Wiegand, Jason Lamb, Daniel Radcliffe, and Deon Woods Bell
Credit Suisse: Laura Hemrika and Andrina Schwartz
Flourish: Arjuna Costa and Stella Klemperer
Mastercard Center for Inclusive Growth: Shamina Singh, Payal Dala, Arturo Franco, Leslie Meek-Wohl, Erica Matsumoto and Ali Schmidt-Fellner
Mastercard Foundation: Nathalie Gabala and Mercy Mutua
MetLife Foundation: Krishna Thacker and Tia Hodges
Development Finance Institutions
AFD Group: Christine Poursat, Jérémy Brault, Sandrine Bannwarth, Laurence Bottin, Pauline Angoso and Léo Eugène
British International Investment: Joe Huxley
CDC Group: Machal Karim
European Investment Bank: Sonja Mohnen, Isabelle Van Grunderbeeck and Emma Paul
FMO—Dutch Development Bank: Jeroen Harteveld and Esther Njoroge
IDB Lab: Irene Arias, Sergio Navajas and Terence Gallagher
International Finance Corporation: Martin Holtmann
Investment Fund for Developing Countries: Morten Elkjær and Barbara Vieyra Marcussen
KfW Bankengruppe: Matthias Adler, Carmen Colla and Teresa Pace
African Development Bank: Stefan Nalletamby, Sheila Okiro and Robert Zegers
European Commission: Laura Atienza and Christian Crivari
International Fund for Agricultural Development (IFAD): Marc de Sousa-Shields
United Nations Capital Development Fund (UNCDF) / UNDP: Henri Dommel and John Tucker
Indermit Gill and Mahesh Uttamchandani