14 DAY TRIAL // Microsoft has continually professed that technology has become an indispensable accessory to all aspects of life, and the company is more than ready to put its money where its mouth is, so to speak. The latest example in this regard, is a $1 million sponsorship that the software giant hopes will help microfinance institutions to expand their reach to the benefit of an increasing number of the world’s poor. Together with Grameen Foundation, Microsoft is cosponsoring the inaugural “Fueling Growth: Strategic Technology for Microfinance” summit, held in partnership with the Microfinance Council of the Philippines.
“Every nonprofit is faced with the challenge of doing more with less. Technology can help, but NGOs must advance their technological capabilities, and technology providers must ensure that today’s innovations are affordable and accessible,” explained Akhtar Badshah, senior director of Global Community Affairs at Microsoft.
The Redmond company has announced that eligible microfinance institutions (MFIs) attending the Microfinance summit will be eligible to receive a share of the $1 million (U.S.) in software that it will donate to participants. Both Microsoft and Bill Gates through the Bill and Melinda Gates Foundation have shown strong support for microfinancing as a way to alleviate poverty in third-world markets worldwide.
“Microsoft meets this challenge in two key ways. First, by donating software to more than 30,000 nonprofits each year, helping them establish stable and secure IT platforms,” Badshah said. “Second, by working very closely with key partners that can provide domain or technical expertise to the nonprofit community to make that technology as effective as possible. By working closely with Grameen Foundation, we can bring the benefits of technology to microfinance institutions around the world, translating into greater support for people in need. Partnership is at the center of bringing the benefits of technology to our society.”
Microsoft and Grameen Foundation’s summit is designed to introduce top Filipino MFIs with a new framework meant to showcase how technology can be leveraged in order for financial services to reach the most poor households. According to the Redmond company, this type of support for microfinance organizations will be available in additional countries in 2010.
“Technology is just one of the many challenges facing microfinance executives today. Microsoft and Grameen Foundation, as catalysts for change, can help microfinance executives make the right business and technology decisions to achieve sustainability and long-term growth,” added George Conard, executive director of Grameen Foundation’s Technology for Microfinance initiative. “By hosting this summit in one of the most vibrant microfinance markets, we will be able to demonstrate how microfinance institutions can cost-effectively integrate technology into their business strategy in a way that greatly enhances their ability to serve more of the world’s poor.”