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MIF receives highest SmartAid score to date from CGAP

Jul 2, 2013

The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, has received the highest SmartAid score awarded to date to a development finance institution for promoting financial inclusion. The SmartAid Index is produced by the Consultative Group to Assist the Poor (CGAP), a think tank focused on financial inclusion housed at the World Bank, and measures funders’ effectiveness in supporting financial inclusion, including microfinance. Five categories are evaluated by SmartAid: strategic clarity, staff capacity, accountability for results, knowledge management, and appropriate indicators.

In the 2013 SmartAid evaluation, the MIF earned a score of 85, making it SmartAid’s top-rated funder. In eight out of nine indicators, the MIF received a score of 4 or higher (on a scale of 0 to 5).

 “As noted in the 2011 SmartAid review, MIF still represents the ‘best in class,’” CGAP said in its review. “The advances made by the MIF since 2011 are impressive, showing a commitment at the highest levels, strong execution on the ground and astute design of operational systems...  [and] a focus on refining systems and ensuring staff have the tools and knowledge to support new directions.”

“The SmartAid Review supports these accomplishments and encourages the MIF to continue its momentum and share its stellar work in market building with other funding agencies,” noted the review.

“The MIF is very honored to have received this recognition from CGAP,” said MIF General Manager Nancy Lee. “From our long experience in microfinance and financial inclusion, to our more recent investments in knowledge sharing and impact measurement, we are proud of the progress we and our partners in Latin America and the Caribbean have made in  expanding access to financial services for the poor and vulnerable. We appreciate CGAP’s thoughtful recommendations on how we may strengthen our efforts even further in the future.”

Participation in the SmartAid evaluation is voluntary on the part of the funders. Over three rounds of evaluation, 19 funding institutions have participated in SmartAid. CGAP prepares a report for each participating institution, detailing its strengths and weaknesses and providing feedback for improvement. The MIF’s 2013 evaluation report is available via the CGAP website.

About the MIF

The Multilateral Investment Fund (MIF), funded by 39 donors, supports private sector-led development benefitting low-income populations and the poor - their businesses, their farms, and their households. The aim is to give them the tools to boost their incomes: access to markets and the skills to compete in those markets, access to finance, and access to basic services, including green technology. A core MIF mission is to act as a development laboratory - experimenting, pioneering, and taking risks in order to build and support successful micro and SME business models. More information at
www.fomin.org.

About CGAP 
The Consultative Group to Assist the Poor works toward a world in which everyone has access to the financial services they need to improve their lives.

CGAP develops innovative solutions for financial inclusion through practical research and active engagement with financial service providers, policy makers, and funders. Established in 1995 and housed at the World Bank, CGAP combines a pragmatic approach to market development with an evidence-based advocacy platform to advance poor people’s access to finance. Its global network of members includes over 35 development agencies, private foundations, and national governments that share a common vision of improving the lives of poor people with better access to finance.

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