Contact: Irene Mwakesi
UNIC Nairobi
Tel: 254 20 762 36 77
Email: irene.mwakesi@unon.org

FOR IMMEDIATE RELEASE

Opening by His Excellency Hon. Mwai Kibaki, C.G.H., M.P., President and Commander-in-Chief of the Armed Forces of The Republic of Kenya;

Key Remarks by Her Royal Highness, the Grand Duchess of Luxembourg, Maria Teresa

Conference to Generate Next Steps for African Leaders and International, Regional, and Local Institutions Dedicated to Microfinance and Women’s Empowerment in Africa

New York, NY, USA and Nairobi, Kenya, May 26, 2009 - Women’s World Banking (WWB) and the Africa Microfinance Action Forum (AMAF) will host “Diagnostic to Action: Microfinance in Africa,” a multi-stakeholder conference on June 4, 2009 at the United Nations offices in Nairobi, Kenya on the state of the microfinance sector and its future in Africa.  Intended to generate next steps for African microfinance leaders, as well as for local, regional and international institutions committed to development in Africa, the one-day conference will showcase findings from Diagnostic to Action: Microfinance in Africa, a joint study by AMAF and WWB conducted in partnership with the Spanish Agency for International Cooperation and Development, the Government of Luxembourg, ADA, and Care.  His Excellency Hon. Mwai Kibaki, C.G.H., M.P., President and Commander-in-Chief of the Armed Forces of The Republic Of Kenya and Her Royal Highness, the Grand Duchess of Luxembourg, Maria Teresa are scheduled to address the conference.

“It is essential to adopt an African-driven social enterprise model that addresses all dimensions of poverty,” says Dr. Jennifer Riria, Chairperson of AMAF and CEO of Kenya Women Finance Trust.  “There is also a pressing need to develop an African agenda and an African-driven strategy for accelerating the development of business through sectors and institutions that target poor people, in particular using approaches that are based on accurate data from an African perspective.  The Diagnostic to Action: Microfinance in Africa conference is a positive step in this direction.”

“This conference will bring together diverse stakeholders from around the world to identify a common vision for the way forward in expanding access to financial products and services that can help move millions of African micro-entrepreneurs and their families out of poverty,” adds Mary Ellen Iskenderian, President and CEO of Women’s World Banking.  “Microfinance will be a key component of any successful growth and economic development strategy for Africa, but for it to succeed, collaboration among the public, private, and nonprofit sectors is required.”

The study, Diagnostic to Action: Microfinance in Africa, is an in-depth look at the African microfinance sector and a reference tool for all microfinance providers, institutions and policy makers interested in promoting economic development and poverty alleviation throughout Africa.  It reveals the most difficult obstacles preventing poor African communities from accessing financial products and services, including serious illnesses such as AIDS, isolation, low population density and a lack of basic services and infrastructure.  The study also outlines the greatest challenges that microfinance providers face in their efforts to deliver microfinance products and services, from insufficient financial resources to a lack of enabling regulatory frameworks, qualified human resources and industry expertise.

WWB is a leading global network of 41 microfinance providers and banks, working in 29 countries to bring financial products and services to low-income entrepreneurs, especially women.  The network is supported by an international team of experts based in New York who deliver expertise in product design and distribution, access to capital markets, and customer care and insight. The network serves over 21 million micro-entrepreneurs.  For more information on WWB, please visit www.womensworldbanking.org.

The Africa Microfinance Action Forum is a voluntary think tank and advocacy group of African leaders who are committed to the advancement of microfinance in Africa.  Its members are recognized as advocates for development in Africa and have a strong presence in the global microfinance community. AMAF’s vision is to anchor effective microfinance solutions in the realities of the African continent and provide lasting economic and social benefits for low income families in Africa.  AMAF seeks to build a movement that will serve as an impetus for more accountable approaches to microfinance development and is committed to contributing and mobilizing resources to achieve this goal. AMAF has 20 confirmed members, with Dr. Jennifer Riria of Kenya serving as Chair.

Sponsored by Casa Africa, African-Spanish Women’s Network for a Better World and UNIFEM, and ADA in addition to WWB and AMAF, the conference will feature leaders of the microfinance industry in Africa; African regional and sub-regional organizations such as the African Union, Africa Development Bank, NEPAD, the Economic Commission for Africa and regional economic and monetary unions; representatives of other development organizations; ambassadors representing developed countries in Kenya; African and Spanish women’s organizations; NGOs working in the field of women economic empowerment and microfinance; and national policy makers who are recognized as champions of the poor and women in Africa.  These various stakeholders will share their strategies for the continued development of microfinance as a tool for poverty reduction and the empowerment of low-income women in Africa – and discuss how to overcome common challenges. For more information, please visit http://www.swwb.org/kenyaevent.

### 

About WWB

WWB is a leading global network of 41 microfinance providers and banks, working in 29 countries to bring financial products and services to low-income entrepreneurs, especially women. The network is supported by an international team of experts based in New York who deliver expertise in product design and distribution, access to capital markets, and customer care and insight. The network serves over 21 million micro-entrepreneurs.

About The Africa Microfinance Action Forum

The Africa Microfinance Action Forum is a voluntary think tank and advocacy group of African leaders who are committed to the advancement of microfinance in Africa.  Its members are recognized as advocates for development in Africa and have a strong presence in the global microfinance community. AMAF’s vision is to anchor effective microfinance solutions in the realities of the African continent and provide lasting economic and social benefits for low income families in Africa.  AMAF seeks to build a movement that will serve as an impetus for more accountable approaches to microfinance development and is committed to contributing and mobilizing resources to achieve this goal. AMAF has 20 confirmed members, with Dr. Jennifer Riria of Kenya serving as Chair.