17 March 2005
HSBC hosted a United Nations-organised discussion forum on microfinance, involving UK political bodies and opinion formers.
The high level symposium, at the bank’s London headquarters, addressed the issue of microfinance – or financial services provision for the poor. Despite the efforts of governments across the world, it remains a matter of global concern, with banking facilities still inaccessible to a staggering 99 per cent of the world’s poorest people.
The London forum – which brought together 60 microfinance experts from non-governmental organisations, charities and commercial enterprises – is one of a series of international forums organised by the UN as part the first officially designated Year of Microcredit.
The results of the consultations will be used as a framework for the UN’s “Blue Book on Building an Inclusive Financial Sector for Development”, designed to urge governments across the world to take positive action to tackle the issue.
HSBC is piloting a number of approaches to microfinance around the world and is currently working with local microfinance organisations in Brazil, India and the Philippines.
Phyllis Santa Maria, co-ordinator of the UK National Committee on Microfinance, said: "I was delighted that we had such a high-level delegates at the meeting – from the political, non-governmental and business worlds. It really shows the level of commitment to microfinance in the UK.
"We benefited so much from the delegates’ experiences; some of them have been working in microfinance for 15 years and thanks to them, we now have a much clearer view of the risks and constraints of taking microfinance forward, and the actions we can take to mediate these.
"The meeting was much more than a talk show. Many of the delegates who attended are exploring microfinance opportunities abroad, and the discussions gave them a better idea of the lessons that have been learnt so far, and the opportunities in the field.
"We're really beginning to think outside the box, and to see how businesses, governments and NGOs can all play a part in supporting microfinance initiatives around the world."
