CGAP
Annual Report 2025
Responsible and inclusive financial ecosystems that enable a green, resilient, and equitable world for all.
Letter From the CEO
In the thirty years since CGAP was established, the industry has made enormous strides in making financial ecosystems more inclusive. New data from the World Bank Global Findex 2025 shows that 75% of adults in low- and middle-income countries (LMICs) now have an account. The gender gap in account access in LMICs has narrowed to five percentage points, though more than 14 economies still show gender gaps greater than 20 percentage points.
Despite this progress, as we look back on the past year, one truth stands out: in a world marked by increasing turbulence and decreasing resources for development, it is essential that we keep outcomes front and center in our work. Multiple and compounding crises have continued to deepen vulnerabilities, slow development progress, and cause poverty reduction to stagnate.
Only six of the 26 countries currently classified as low-income are projected to graduate to middle-income status by 2050, based on recent trends; the remaining 20 will remain low income. In this environment, our collective work matters more than ever. While innovative technology and approaches will help as we continue to ‘close the gap’ for the 25% of adults in LMICs that do not have accounts, we know that inclusive finance must also go beyond account access and usage to deliver tangible improvements in resilience, opportunity, and wellbeing. As a vital enabler of development outcomes, inclusive finance has a key role to play in helping poor and vulnerable communities overcome challenges and improve their lives.
This conviction to leverage inclusive finance for positive development outcomes shaped CGAP’s work throughout FY25, which was the second year of our CGAP VII strategy. Our work continued to focus on some of the most pressing challenges that inclusive finance can help address, including the role of inclusive finance in building resilience, the nexus of climate change and financial services, women’ economic empowerment, micro- and small enterprise and entrepreneurship growth, and catalyzing private investment, as well as the most frontier inclusive finance solutions, including open finance, AI, embedded finance, tokenization, and more..
As CGAP enters its fourth decade, we remain committed to innovation, partnership, and above all, pursuing meaningful outcomes for the people we serve. This is made possible by the ongoing support of our members and strategic partners. Together with our global community, we will continue to push the frontier of inclusive finance—ensuring it fulfills its promise of creating a greener, more resilient, and more inclusive world.
Sophie Sirtaine, CGAP CEO
Snapshot of CGAP’s Impact in FY25
Stakeholder Survey Highlights
CGAP’s FY25 Global Footprint
CGAP’s approach includes both global research and country-focused work. This combination enables us to generate knowledge, insights, and guidance that are practical and actionable by a wide variety of stakeholders, whether their outlook is global or country-specific. In FY25, we conducted country-focused research, supported pilots, shared in-country lessons through knowledge products and peer exchange, engaged with public and private sector stakeholders, and more. Overall, our work covered 64 countries, demonstrating the reach of CGAP’s work during our second year of implementing the CGAP VII Strategy.
As part of this work, CGAP conducted 23 pilots in 28 countries to test solutions to advance financial inclusion. Our FY25 pilots tested topics such as an agri-finance product tailored to women in the maize and rice value chains in Tanzania, a parametric heat insurance product combined with non-insurance services to build broader resilience in India, implementation of responsible digital finance frameworks in Peru and Rwanda, piloting regulatory gender disaggregated data in Rwanda, and more. Pilots took place in: Armenia, Azerbaijan, Brazil, Cambodia, Chile, Colombia, Costa Rica, Dominican Republic, DRC, Ghana, Guatemala, India, Jordan, Kenya, Kosovo, Kyrgyz Republic, Malawi, Morocco, Mozambique, Nigeria, Panama, Peru, Rwanda, Sierra Leone, Tajikistan, Tanzania, Uganda, and Zambia.
Generating Knowledge that Leads to Impact
Building Resilience to Shocks and Managing Risk
A notable highlight of CGAP’s resilience agenda in FY25 was convening more than 200 multi-sectoral decision-makers—funders, policymakers, financial institutions, and other development stakeholders— in Amsterdam for a CGAP Symposium titled, Rethinking Resilience: Why Inclusive Finance Can’t Wait. The event focused on the critical role inclusive finance plays in empowering low-income people and micro and small enterprises (MSEs) to navigate, adapt, and thrive amid uncertainty. It also served as a catalyst for action, inspiring collaborations and investments in innovative inclusive finance solutions that enhance the resilience of low-income communities and foster sustainable development. CGAP also launched a flagship Resilience for All paper at the Symposium. It calls for stakeholders working on increasing resilience to leverage inclusive finance to enhance the reach, speed, and impact of their work.
Beyond the Symposium, CGAP’s work on resilience throughout FY25 focused on two major areas: strengthening resilience in fragile or conflict-affected contexts, and fostering the development and growth of inclusive insurance.
In fragile and conflict-affected regions, we explored how to responsibly engage Hawala networks where formal financial systems are absent or inaccessible, analyzed the role of financial services in crisis-affected areas, such as Sudan, Ukraine, and Gaza and the West Bank as a resilience mechanism both during and after a major conflict, and identified six “big ideas” for funders of social protection programs to improve cash transfer delivery in fragile contexts, ultimately strengthening both immediate outcomes and the long-term resilience of recipients.
Insurance is a particularly powerful tool in securing the financial health of those most vulnerable to escalating risks because it helps households to build resilience to different kinds of shocks and stressors, and CGAP began exploring new inclusive approaches that integrate risk management across sectors, support scalable customer-centric solutions, and promote an enabling regulatory environment.
Reflecting the importance of insurance to CGAP’s resilience agenda, at the end of FY25 CGAP became the new host and convenor of the Access to Insurance Initiative (A2ii), and the International Association of Insurance Supervisors (IAIS) officially became a member of CGAP. A2ii works with insurance supervisors to promote inclusive and responsible insurance, thereby reducing vulnerability. Under CGAP’s stewardship, A2ii will: champion the Inclusive Insurance Declaration, advocating for its adoption within national financial inclusion strategies; lead Inclusive Insurance Innovation Labs (peer exchange platforms to explore and test innovative approaches), with insights shared widely to benefit the supervisory community; and ensure that knowledge from inclusive insurance work informs global policy discussions.
Inclusive Financial Services for Climate
CGAP remains committed to the premise that we cannot tackle climate change effectively without inclusive financial services. At the end of the previous fiscal year (FY24), we launched our flagship 8 Billion Reasons report that laid out this argument. During FY25, CGAP supplemented this argument with practical frameworks, guidance, and evidence to better equip financial sector actors to take appropriate action. More specifically, we:
(i) developed an analytical framework to identify the potential exclusionary effect of climate-related financial sector regulation;
(ii) used evidence from the Sahel to make the case for channeling more climate funds through existing social protection systems to get support to vulnerable communities faster, more efficiently, and at greater scale;
(iii) looked at the evidence of credit and insurance’s role in tackling climate change;
(iv) introduced a diagnostic process to help governments and funders build and strengthen financial systems that are inclusive, climate-resilient, and climate-responsive;
(v) argued the essential need for gender inclusion to ensure the permanence, equity, and scalability of carbon projects;
(vi) explored the role of donors, development finance institutions, and impact investors in supporting inclusive carbon project innovation, and
(vii) drew on evidence from Pakistan to show the importance of shoring up financial institutions that serve populations facing climate impacts.
We also continued our advocacy and convening efforts with the goal of building shared understanding and, ultimately, action between climate practitioners and financial sector actors. Publicly, we placed opinion editorials focusing on the role of inclusive finance in enabling grassroots climate action in key outlets such as Context (Thomson Reuters Foundation), the World Resources Institute, Carbon Pulse, Project Syndicate, The Business Times, MoneyFM’s Climate Connections podcast, and The Banker. We also hosted or presented in a strong program of public and invite-only roundtables at major climate sector events, including New York Climate Week, COP29, and London Climate Action Week, among others. In addition, we worked directly with several leading climate-focused organizations to advance aspects of this agenda – for example, we contributed to the Earthshot Prize’s report on the ‘Emerging Finance Models to Bridge the Climate Funding Gap’. As a result of our advocacy work, several influential climate stakeholders are exploring how to best incorporate inclusive finance in their broader climate action strategies, with announcements expected during FY26.
Mobilizing Financial Services for Women
To accelerate progress in closing the gender gap in access to financial accounts, CGAP is focusing on expanding the financial sector’s ability and willingness to serve women across different livelihoods, life stages, and risk appetites.
To that end, in FY25 CGAP launched a gender conceptual framework outlining the importance of an intentional whole-of-market response centered around five WFI levers: establishing gender-disaggregated data infrastructure, adopting enabling policies and regulations, driving inclusive investment environments, addressing gender norms, and aligning public and private sector goals.
In an effort to build coalitions for a gender-equitable financial system, CGAP partnered with Morocco's Ministry of Economy and Finance and Bank Al-Maghrib in FY25 to bring together more than 100 representatives from FSPs, public sector actors, and donors to discuss strategies for increasing women’s engagement with financial services.
During FY25, we also collaborated with the IFC, the World Bank, Mexico’s Ministry of Finance, and the Interinstitutional Committee for Gender Equality in Financial Institutions (CIIGEF) to identify gaps in women’s financial inclusion in Mexico and explore potential solutions that would influence the market positively. CGAP subsequently published a set of ten guidelines financial institutions can follow to adopt a more intentional strategy towards the financial inclusion of women.
But closing the access gap is just the first step. Women’s economic empowerment (WEE) is a core target outcome for many efforts to improve women’s financial inclusion. CGAP worked across seven countries with Innovations for Poverty Action (IPA) and the FinEquity community to test a menu of indicators for measuring WEE and to provide practical guidance on how to use them. These indicators were adopted by Bancosol in Bolivia.
In many markets, gender norms continue to shape financial regulation and CGAP undertook extensive work in FY25 to help funders, regulators, and other market actors to understand and account for such norms in their investment, program, and policy decisions. We published a framework to assess how regulation and supervisory practices can impact men and women differently, aiming to motivate financial regulators to move from gender-blind to gender-intentional approaches. We also wrapped up our field testing of how to diagnose gender norms and how to subsequently design suitable interventions, with strategic advice and practical guidance to be published in FY26.
Good policy is built on good data, but often jurisdictions are lacking the right gender data to inform policy and regulatory decisions, relying only on aggregate financial data. To help address this data gap, CGAP continued its work developing guidance on how to collect and use regulatory gender-disaggregated data (RGDD), which can sharpen the picture for decision-makers.
Mobilizing Financial Services for MSEs to Capture Economic Opportunities
MSEs play a crucial role in driving economic growth and creating jobs in emerging markets and developing economies, making up nearly 90% of businesses and providing around 70% of employment opportunities. However, despite their economic importance, MSEs remain consistently underserved by financial institutions.
This year, CGAP concluded a large body of work examining the different segments within MSEs, with a strong emphasis on nano enterprises and women-led businesses. We explored how their credit trajectories differ, the unique barriers they face in accessing finance, and ow tailored financial solutions can better serve their needs. During FY25, CGAP outlined different business models where embedded finance and digitization are making it possible for micro-retailers to participate on digital ordering platforms, better integrating them into fast-moving consumer goods (FMCG) supply chains and providing them with new financing options. We also outlined how innovative financing strategies can help reach inclusive credit fintechs in Africa.
For women-led nano and micro enterprises (WNMEs), we published technical guidance on how to undertake a gender-smart, data-driven approach to market sizing and segmentation to understand the WNME landscape, design targeted products, and foster inclusivity for growth. We also outlined a range of tailored solutions needed to support WNME growth based on in-depth research in India, Kenya, and Uganda.
Shaping the Enabling Environment for Inclusive and Responsible Finance
Open finance frameworks can spur innovation, improve competition, enhance customer empowerment, and foster financial inclusion. As a growing number of countries consider, design, or implement open finance frameworks, CGAP, BIS, IMF, UNSGSA, and the World Bank collaborated to outline key considerations for designing an inclusive open finance framework that reaches and benefits underserved populations. Also in FY25, CGAP customer research with smartphone users in India offered insights on key drivers of adoption of Account Aggregator (AA) – India’s version of open finance – and areas for improvement to enhance customer experience.
The digital credit market is also rapidly evolving, and while this evolution brings financial, experiential, and welfare benefits to borrowers, it also introduces heightened consumer risks. A new CGAP technical guide described actionable solutions to identify, prevent, mitigate, and resolve key risks facing digital borrowers. It draws on real-world initiatives from over 40 countries that were carried out by regulators, providers, and other digital credit ecosystem actors, to tackle issues such as over-indebtedness, fraud, data misuse, and inadequate redress mechanisms.
Beyond open finance and digital credit, CGAP continued to demonstrate its commitment to policy and regulatory frameworks that foster responsible and inclusive financial systems. Our partnership with the G20’s Global Partnerships for Financial Inclusion (GPFI) continued in FY25.
For example CGAP led the technical working group supporting the GPFI deliverable on policy options to improve last mile access and quality of financial inclusion. The research presents the most current knowledge on population segments who remain financially excluded and the policy and regulation practices that have shown to both enable their financial inclusion and improve the quality of financial services required to meet their needs.
In addition, CGAP contributed to a GPFI policy note on financial well-being. As part of this work, we collaborated with the office of the UNSGSA to develop a conceptual framework articulating the role of financial inclusion in contributing to financial wellbeing/health, as well as the influencing and contextual factors and the linkages financial wellbeing/health has with broader development outcomes.
During FY25, CGAP continued its engagement with global standard-setting bodies on financial inclusion. We collaborated closely with the IAIS on its consumer engagement initiatives and its application paper for inclusive finance. We also co-organized a workshop with the Financial Stability Institute, which focused on open finance and data protection. In addition, we continued to contribute to working groups and publications from the G20/OECD Task Force on Consumer Protection. CGAP also maintained its engagement with standard-setting bodies and international organizations on financial inclusion issues under the BIS/FSI Enhanced Cooperation Arrangement, which was established with CGAP’s support.
Specifically on AML/CFT we contributed to the revisions of the standards and financial inclusion guidance of the Financial Action Task Force’s (FATF) to better align with financial inclusion objective and incorporate the risk posed by financial exclusion to the integrity of the financial systems. As a result of CGAP public outreach and participation in FATF working groups, the adopted text is much more aligned with CGAP’s positions as discussed in our blog series on FATF Standards Revisions and Financial Inclusion Impact.
Providing Better Evidence of Inclusive Finance’s Impact
In FY25, CGAP launched the Impact Pathfinder, an evidence platform that illustrates when and how financial inclusion contributes to key development outcomes, such as women’s economic empowerment, jobs and entrepreneurship, and climate change mitigation, adaptation, and resilience. The Impact Pathfinder will be updated with new pathways in FY26 that focus on other areas of development, including poverty reduction, access to essential services such as health, and broader economic growth and financial stability. We also convened approximately 120 decision makers, investors, and impact measurement experts from both public and private sectors to discuss the shift to an outcomes-focused agenda in the financial inclusion sector, and the role new tools and technologies could play to provide the evidence base for such an agenda.
The Impact Pathfinder is an important component of CGAP’s Financial Inclusion 2.0 initiative, which aims to catalyze the financial inclusion sector around outcomes. As part of this initiative, CGAP is working with financial service providers to test a new methodology that leverages machine learning for understanding impact and enabling providers to design products that better meet client needs. This, in turn, is expected to lead to stronger outcomes for individuals and their communities. We continue to be grateful for the leadership of the Champions Group, which includes senior-level financial inclusion leaders and has been instrumental in advancing the work of Financial Inclusion 2.0.
Demand for transparency about the impact of impact investments is growing, as is the need for clear, verifiable, and comparable data on the social and environmental effects of such investments. This is making CGAP’s work on impact measurement and management (IMM) more pertinent than ever. This year, CGAP outlined key enablers that help advance an outcomes-focus within impact measurement and management (IMM) of financial inclusion investments. We shared these insights with impact investors through Impact Alpha, the Global Impact Investing Network (GIIN) Impact Forum, and the 2024 European Microfinance Week. We also established an Advisory Group of capital allocators, DFIs, fund managers, board members, standard setters, and FSPs, and established partnerships to promote broader alignment with norms and standards and uptake of outcomes-focused IMM practices.
CGAP's Outcome Areas and Projects
Sharing the Frontier Knowledge We Generate
Publishing Across Multiple Channels
CGAP works closely and behind-the-scenes with many partners to develop and share frontier knowledge that can advance inclusive finance. As a global public good, we make our knowledge freely available to all by publishing and sharing it through a wide variety of channels.
Through our core channels, this knowledge reached a large number of people. In addition, as our influence model is based on partnership, we know that many more people and organizations were reached as others shared this knowledge through their own social media, newsletters, and other channels.
Convening Communities for Collaborative Impact
CGAP continues to host the four FinDev Gateway knowledge sharing platforms in English, French, Spanish, and Arabic. Engagement with the platforms remained strong in FY25, as 279 experts contributed to FinDev Gateway through blog posts, webinars, and other content. More than a dozen organizations hosting major regional financial inclusion events partnered with FinDev Gateway to disseminate and amplify knowledge shared during their events. In addition, FinDev published over 2,000 publications, news updates, events, and jobs. This knowledge was consumed by around 290,000 visitors to FinDev websites, along with the more than 31,000 people who subscribe to FinDev’s newsletters and its 20,000+ LinkedIn followers.
During FY25, CGAP integrated the FinEquity women’s financial inclusion community of practice into the FinDev Gateway platform. FinEquity is evolving from its first phase, which emphasized a high volume of content and frequent outreach in pursuit of expansion and growth, to a deepening phase that is centered on deepening the level and quality of engagement with its community. This new phase will focus on sharing knowledge and fostering collaboration across the community in order to drive progress on women’s financial inclusion.
At the end of FY25, CGAP became the new host and convenor of the Access to Insurance Initiative (A2ii).
Financial Statements
Notes on CGAP VII FINANCIAL STATEMENTS for Fiscal Year 2025
CGAP is a trust-funded consortium of more than 40 members with a mandate for advancing access to financial services for the world’s poor. It is housed in the World Bank’s Prosperity Vice Presidency (Prosperity VP). The Prosperity VP, 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 FY25 Financial Update, FY25 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 2025
Donor Contributions. Total member contributions in FY25 were $19.1 million, or 7% more than the $17.9 million received in FY24. FY25 contributions included direct member contributions to CGAP’s trust funds, the World Bank’s contribution via budget transfers, and earned investment income on CGAP’s trust funds. Private foundations provided 33% of funding, bilateral institutions 63%, the World Bank 3%, and other multilateral institutions 1%.
Operating Expenses. Our FY25 operating expenses were $29.7 million, compared to $27.5 million in FY24. Our FY25 expenses of $29.7 million are nominally 7% over FY24, or 4% more if adjusted for inflation, and in line with our budget allocation of $30.0 million.
Cash Position. CGAP ended FY25 with $9.6 million in cash on hand.
1. Basis of Accounting
CGAP financial reports are prepared on a 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 related to the hiring of individual CGAP consultants.
- Travel is 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.
Members & Strategic Partners
Collaboration with CGAP’s 40+ members and strategic partners is central to delivering on CGAP’s strategy and enabling development outcomes through inclusive finance. In FY25, CGAP welcomed six new members: Expertise France, the French Treasury, International Association of Insurance Supervisor (IAIS), LuxDev, Switzerland’s State Secretariat for Economic Affairs (SECO), and Swedfund. All of our partnerships – new and existing – are critical to CGAP’s work and underpin our collective learning and impact.
Throughout FY25, CGAP’s active engagement with its member community—spanning bilateral and multilateral institutions, DFIs, foundations, and private-sector partners—helped inform member strategies and practices, amplified member voices within our joint agendas, and served as an incubator for new initiatives. The strength of our collaborations was reflected in CGAP’s stakeholder survey, in which 86% of funders reported consuming CGAP knowledge and insights and 26% reported taking action based on CGAP’s work.
CGAP’s Member Technical Conversation Series is an example of how CGAP’s knowledge work has informed member’s investment strategies during FY25. Convening 25–35 senior representatives per session, the series connected CGAP’s frontier research to practical investment decision-making. KfW co-hosted a session with CGAP showcasing the new Impact Pathfinder platform. The session highlighted how outcomes evidence can guide smarter investments, validate the effects of reportable impact metrics, and shape future Impact Measurement and Monitoring (IMM) research. Another session previewed new CGAP insights on addressing consumer risks through regulatory and private-sector mechanisms in digital credit—prompting some members to evaluate how they could apply CGAP’s findings and embed responsible digital finance practices within their institutions. Organizations that joined these conversations have used the insights to change their due diligence criteria for responsible digital finance, adjust their outcomes measurement reporting, and provide concrete evidence for the first time to substantiate a new strategic direction.
In terms of partnering to incubate new initiatives, CGAP helped unlock new opportunities for members in fragile markets. In the Democratic Republic of Congo (DRC), CGAP is incubating a new sector support institution, together with the Gates Foundation, FMO, BII, and Proparco (through the DFI consortium Africa Resilience Investment Accelerator - ARIA). This multi-year effort leverages CGAP’s experience and insights, along with concessional investment and technical assistance from other partners, in order to catalyze local market support in the DRC, improving the ability of the financial system to serve the underbanked. In Sudan, CGAP is working with the Cash Consortium of Sudan – a collaboration of over 20 international NGOs supported by FCDO, SDC, and ECHO – to develop shared contracting and payment systems for cash transfers. These efforts allowed NGOs to be more efficient and cost-effective in how they contract with local service providers. This collaboration is mobilizing diverse funders to act in high-risk environments and generating critical lessons to shape future social protection investment and coordination in fragile contexts.
These are just a few examples of the impact delivered in collaboration with our member community. We look forward to continuing to partner with our members and strategic partners in FY26 to achieve our shared agenda of transforming lives through financial inclusion.
Executive Commitee
(As of June 30, 2025)
Ola Sahlen — SIDA
Anouk Aarts — Netherlands Ministry of Foreign Affairs
Audrey Brulé-Françoise — AFD Group
Henri Dommel — UNCDF
Payal Dalal — Mastercard Center for Inclusive Growth
Daniel Hailu — Mastercard Foundation
Buhle Goslar — Lula and Aceli Africa
Paula Arregui — Mercado Pago
Jean Pesme — FCI (Appointed by EFI VP)
CGAP Council of Governors & Representatives
The Council of Governors (CG) is the membership and governance body of CGAP, chaired by the Vice President of the Global Practice where CGAP is housed. 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.
Bilaterals I
Canada: Philip Halliday, Reneta Lambreva
Denmark (Danida): Henrik Vistisen
Jersey Overseas Aid: Edward Lewis, Gillian Challinor
Norway NORAD: Paul Wade
Swedish International Development Cooperation Agency (SIDA): Ola Sahlén
United Kingdom: UKAID FCDO: Keith Barnes
Bilaterals II
Germany: BMZ: Tim Posert
Germany: GIZ: David Bratocha, Hayder Al-Bagdadi, Lukas Keller, Florian Berndt
Italy Ministry of Foreign Affairs and International Cooperation: Filippo Lonardo
Japan International Cooperation Agency (JICA): Keiko Mizoe, Rie Komahashi, Suzuka Sugawara-Sato, Tsukasa Sasazawa, Yuto Okuhata
Japan (Ministry of Finance): Kosake Inoue
Luxembourg Ministry of Foreign Affairs: Christina Pinto, Louis DeMuyser, Sophie Schram
Luxembourg Development Agency (LuxDev): Anne Contreras-Muller, Francesca Randazzo
Netherlands: MFA: Anouk Aarts
Republic of Korea (KOICA): Jin-kyung Kim
Switzerland: SECO (State Secretariat for Economic Affairs): Gisela Roth
Switzerland: Swiss Agency for Development Cooperation (SDC): Derek George
Expertise France: Yasmine Galloul, Seliatou Kayode-Anglade, Fadella Fakret
French Treasury: Clarisse Senaya, David Alix
Foundations
Gates Foundation: Ariadne Plaitakis, Deon Woods Bell, Mark Wensley, Michael Wiegand
Mastercard Foundation: Daniel Hailu, Atsuko Toda, Mercy Mutua, Aissata Sow
Development Finance Institutions
British International Investment, plc: Gieltje Adriaans
European Investment Bank (EIB): Denitsa Berkhoff, Isabelle Van Grunderbeeck, Emma-Jayne Paul
France: Agence Française de Développement (AFD): Audrey Brule-Francoise, Solene Le Bleis
France: Proparco: Sophia Hanaizi, Jérémy Brault
Germany: KfW: Karl von Klitzing, Matthias Adler
Inter-American Development Bank (IADB) - IDB Invest: Terence Liam Gallagher,
International Finance Corporation (IFC): Adel Meer
Investment Fund for Developing Countries (IFU): Barbara Marcussen, Njeri Ngaruiya
Netherlands: FMO: Guido van Heugten, Rein Jansons
Swedfund: Johanna Raynal, Markus Forster, Ebba Sjödahl
Multilateral Members
African Development Bank (AfDB): David Ashiagbor, Mariam Yeo-Dembele, Sheila Okiro
European Commission (EC): Adolfo Cires-Alonso, Ophelie Bouquet, Paz Velasco-Velazquez
IFAD: Marc de Sousa-Shields, Xavier Desmoulin
The International Association of Insurance Supervisors (IAIS): Conor Donaldson
Inter-American Development Bank (IADB) - IDB Lab: Irene Arias Hofman, Sergio Navajas
International Labour Organization (ILO): Craig Churchill
UNCDF: Henri Dommel, Krishnan Narasimhan, Ahmed Dermish
World Food Programme (WFP): Astrid de Valon, Suzanne Van Ballekom
World Bank: Jean Pesme
Private Sector
AXA EssentiALL: Garance Wattez-Richard, Wendy Smith and Quentin Gisserot
Baillie Gifford - Positive Change: Catherine Flockhart, Edward Whitten and Apricot Wilson
BBVA Microfinance Foundation: Javier Flores, Elizabeth Prado Núñez and Maria Oña, Tula Ducasse Beltrán
Citi Social Finance: Jorge Rubio Nava and Eugene Amusin
Mastercard Center for Inclusive Growth: Payal Dalal, Luz Gomez, Carolina Zuluaga, Ali Schmidt-Fellner
MetLife Foundation: Tia Hodges, Alfredo Esparza, Neha Sodhi
About CGAP
CGAP is a global partnership of more than 40 leading development organizations that works to advance the lives of people living in poverty, especially women, through financial inclusion.
We work 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.
As a global public good, our independent research and analysis is available to all.
Photo credits, in order of appearance: Emiliano Capozoli, Melanie Lemahieu, Annika Hammerschlag, Sayed Habib Bidell, Patrick Baz, Ullas Kalappura, Trung Vo Chi, Melanie Lemahieu, David Huamani.
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