SEPTEMBER 2008

A Letter from Mary Ellen

Greetings from WWB New York. There are several very exciting things happening in the next few weeks which are great news for the development of the network.

As part of our 2008 to 2010 strategy we identified product diversification as a way to deepen our impact on clients. We recognize that having access to a safe place to save is a primary concern for many households and I am thrilled to announce a major initiative that will increase our understanding of how families save and also help us reach a group whom we have previously not addressed – girls and young women. With a $1.7 million grant from the Nike Foundation, WWB will design, market and deliver savings products and financial education to girls and young women between the ages of 7 and 24 via a three-year program piloted at Xac Bank in Mongolia and ADOPEM in the Dominican Republic. The partnership will put resources directly in the hands of young women in the developing world, who hold enormous, untapped potential for changing the social and economic future of their families and communities.

Another goal of our current strategic plan is to increase outreach by bringing in new network members from regions where WWB can have high impact on poverty alleviation and women’s empowerment. Currently we are moving forward with our Middle East / North Africa (MENA) expansion strategy. We identified several countries that meet fairly rigorous criteria for expansion. Of these, Egypt is the most viable candidate and we will be exploring options for entering that market through existing microfinance institutions. In addition, we will visit several other countries that have high unmet demand in order to determine whether opportunities exist for future engagement.

In addition to MENA, we are also working on an expansion strategy for Africa. In developing our strategy we relied heavily on the “Diagnostic to Action: Microfinance in Africa,” which outlines the major achievements, challenges and growth trends in the African microfinance sector. Development of the document began in April 2007, when the Africa Microfinance Action Forum (AMAF) and Women’s World Banking convened a joint meeting of 20 African microfinance leaders, practitioners and development partners to launch the vision of microfinance solutions for Africa that are grounded on African realities. In the words of Jennifer Riria, Chair of AMAF, “Publishing this study is the first step to an African articulation of its own strategy to solving its problems.”

This week I had the privilege to join President Bill Clinton to announce our participation in the Clinton Global Initiative (CGI) Annual Meeting as part of a "mega-commitment" on mobile banking. WWB will join other organizations working to advance mobile banking by committing to complete a feasibility study to determine what challenges the microfinance sector and technology providers must jointly overcome in order to realize the potential of mobile banking. I will also be part of a panel on information technology and poverty alleviation. I am always honored to be the voice of the network, showcasing the impact of your work on the ground in changing our clients’ lives. I look forward to sharing the details of my experiences next month. All the events will also be available in live streaming media.

Looking forward, several members of the WWB global team will be in Paraguay for the IDB Inter-American Forum on Microenterprise. As part of the conference agenda, Louise Schneider will participate on the panel “International Crises and Microfinance” on Friday, October 10, 9:00 a.m.; also on Friday, at 2:30 p.m., Hans Dellien will join a panel on Technology and Microfinance: "Financial Services Technology: How to Scale-Up Emerging Initiatives?” In addition, Relationship Managers Luis Bocchio, Nestor Vazquez, and Mercedes Benavides will be in attendance as well as Miguel Arvelo from the Capital Markets Group.

While in Paraguay, I am particularly looking forward to a discussion and dinner on Wednesday, Oct. 8 at 5:00 p.m. with members of the WWB network. I am hoping for an exciting exchange of views on WWB’s proposed new eligibility criteria, performance standards and cost sharing arrangements. Similar discussions will be held with all network members between now and the end of the year.

WWB will occupy booth number 2 at the IDB Foro, and we encourage you to stop by and meet other network members, WWB staff and our web developer Rodney Gracia. He will have copies of several new Spanish publications and will be previewing the Spanish Financial Risk Management e-course.

Our WWB global team welcomes several new members. In pursuit of our goal of helping members access funding, we have added a position to the Capital Markets Team. Rebecca Ruf, who had previously been a consultant in the lateral learning team, joins WWB full-time as an associate for the Capital Markets Group. Her microfinance and international real estate investment background will be an important contribution to the team. In addition, Miguel Arvelo fills the senior associate vacancy, bringing his experience as part of Morgan Stanley’s Microfinance Institutions Group and, as a former volunteer for the Capital Markets workshop, a knowledge of and commitment to WWB’s goals.

Some of you have already met Katie Adler, who joins us as Board Liaison, a new position created to facilitate my interaction with the SWWB and Friends of Women’s World Banking (FWWB)/USA Boards. Improving WWB governance has been a priority for me since I joined the organization and Katie will play a key role in helping me continue to develop a more interactive partnership with both Boards.

For those of you not familiar with the FWWB/USA Board, it supports WWB’s global mission by raising awareness and funds from U.S.-based foundations, corporations and individuals. It currently has 10 members.

As you can see we are moving forward on several fronts and I look forward to your thoughts on any of these events. I’ll have much to report next month.

Best,
Mary Ellen