Scaling microfinance to reach the underserved in communities around the world
By Bob Annibale, Global Director of Microfinance, and Francesco Vanni d Archirafi, CEO Citi Transaction Services July 13, 2012 01:00 PM
Business in the Community (BITC) awarded Citi this year's International Award for demonstrating that financial inclusion is embedded in our core business with a clear sense of social purpose.
This year's International Award recognizes Citi's work in addressing the 2.5 billion people around the world who lack access to financial services through a unique partnership involving the U.S. Overseas Private Investment Corporation (OPIC), Citi Microfinance and Citi Transaction Services. This program has, to date, provided financing to 29 microfinance institutions in 16 countries, directly reaching more than 330,000 local micro-entrepreneurs through small loans, with approximately 84% being women. We are also developing new financial capabilities that enable new distribution models to access micro-entrepreneurs in the developing markets.
This recognition is a significant milestone in our Responsible Finance journey. We congratulate and thank our colleagues across Citi's businesses that have contributed to this effort and Citi's triple bottom line.