Saturday, March 27, 2010

MasterCard and Cisco Support Grameen Bank Efforts to Expand Services

The Grameen Foundation announced its plan to expand it use of technology in the microfinance initiative with the support of MasterCard and Cisco Foundations. This support will allow micro-finance institutions (MFIs) to automate their operations, while providing a common platform for the microfinance industry in general.

$1.23 million from MasterCard will help fund the Mifos Platform, which will work on enhancing mobile payment systems and improving the integration of the Progress out of Poverty Index - a globally recognized poverty assessment tool that the Grameen Bank utilizes to assess their effectiveness.

Improving the technology of MFIs will hopefully create a more cost effective avenue to reach more people, and track their movement out of poverty.

-Michelle Leung

Source: PR Newswire