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Citi Microentrepreneurship Awards: Enabling Progress in China through Microfinance

April 06, 2015
Lingzi Liu, Head of Corporate Citizenship, Citi China

Together with my colleagues, I recently had the privilege of celebrating the 10th anniversary of the Citi Microentrepeneurship Awards (CMA) in China. Leading the CMA program in China, which is funded by the Citi Foundation, has been a priceless experience; one that has been both humbling and meaningful. I never tire of feeling a rush of pride when watching how the program's winners, mostly low-income women, enable progress in their communities and achieve the unexpected.

Through these women I have learned many things. Their experiences are unique and incredibly inspiring; ranging from first-time entrepreneurs who have opened first stores and in time, expanded to include stores in multiple cities, to women who have opened senior centers to provide care for the elderly in their villages, and those who have started countless industrious enterprises and now provide employment for others in their towns and villages. After having recognized the incredible work being done by the individual winners, I was delighted in 2012 when the CMA program expanded to also recognize the outstanding service providers who ensure greater accessibility to microfinance services. These organizations play a critical role in bringing financial services to those who struggle in joining China's financial system.

Already, the program has evolved to become the country's leading platform for microentrepreneurs, microfinance practitioners, policy makers, academia and sector support to exchange ideas leading to the advancement of microfinance in China. Since 2005, over 1,200 individuals have been recognized through the program and these winners have in turn gone on to touch the lives of thousands of others across the country.

Still, despite the strides made in the microfinance space in China, there is still room for much improvement to ensure inclusive finance. Challenges include the lack of a proper regulatory framework in the microfinance sector, more government support as well as high barriers to access credit. Despite these industry complexities, the Citi Microfinance Awards program has significantly helped advance microfinance in China and has made a significant difference in the lives of our local microentrepreneurs.

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