Innovations in Financial Inclusion – the 18th Microcredit Summit
Innovations in Financial Inclusion – the 18th Microcredit Summit
One of the highlights of this March was attending the 18th global Microcredit Summit – "Frontier Innovations in Financial Inclusion," which took place in Abu Dhabi from March 14 – 17, and attracted over 1,000 attendees from over 70 countries.
Presented by Microcredit Summit Campaign, in partnership with the Arab Gulf Fund Program for Development (AGFUND) and the Khalifa Fund for Enterprise Development, the annual conference showcased innovative programs, strategies, and financial products to help expand financial inclusion in vulnerable communities that are often excluded from mainstream financial services.
Speakers included the "Father of Microfinance," Muhammad Yunus, founder of Grameen Bank and the Grameen Foundation; Global 
microfinance spokesperson Queen Sofia of Spain; Prince Talal Bin Abdul Aziz of AGFUND; Hussain J. Al Nowais, Chairman of the Khalifa Fund for Enterprise Development; Anne Hastings, Global Advocate and Quality Assurance Advisor, Uplift; and Cassie Chandler, of Freedom from Hunger.
BCNA was honored to be featured during the breakout session – "The Role of Microfinance and Financial Services in Building Resilience" – about our Office of Refugee Resettlement (ORR)-funded programs for refugees who have been 
resettled in the U.S. We were happy to share the stage with Jane Giacaman, Chief of Microfinance Operations for The United Nations Relief and Works Agency for Palestine Refugees (UNRWA), which provides services in Jordan, Syria, and Lebanon as well as Palestine.
The audience was very interested in hearing the differences between how we help refugees resettled in the US start businesses and the situation in Europe, where there is greater legal compliance and fewer support systems. There was also discussion about the differences between the challenges UNRWA faces – including war, migration, and fluctuating currency rates – the the relatively easier – and not life-threatening – challenges BCNA’s clients face.
Another highlight was the announcement of the winners of the AGFUND International Prize for Pioneering Human Development Projects, totaling $500,000, for projects that help vulnerable communities get access to credit, advice, and markets. Congratulations to first prize winner Habitat for Humanity, for empowering women by providing eco-friendly and sustainable women’s housing project in Nepal; Sunbula Association, for Heritage Preservation in Palestine; the Khatwa (Step) for Domestic Projects Initiative by the Ministry of Social Development in Bahrain; and the marketing artisans and productive families project in Saudi Arabia by Princess Nora bint Muhammad.
Particularly impressive was the scale of some of the international organizations, the use of technology to achieve scale and efficiencies, and how several organizations were able to offer their services across borders with ease.
Finally, some notable words of wisdom from the conference:
- "Poverty is complex but we need solutions that are simple" – Nasser Al-Kahtani, ED of AGFUND.
- "Every mobile phone is becoming an ATM" – Pramod Varma of India Stack, a company developing a credit scoring system;
- "One of the poorest groups excluded from financial services are refugees" – Anne Hastings, Global Advocate at Uplift, USA, who also spoke in detail about the Graduation approach, a safety net of subsidies and coaching for the poorest of the poor, pointing out the cost benefit analysis of providing these services to the most vulnerable and how it ultimately benefits not only the individuals that we serve but also the communities they are part of.