Mercy Corps launches innovative microfinance program to help millions of people

In Indonesia 16 June – The global relief and development agency Mercy Corps today announced an innovative approach to poverty reduction in Indonesia and the Philippines that will support the growth of the microfinance sector. The project includes the creation of a commercial bank, which will operate as a “bank of banks” to partner with thousands of microfinance institutions (MFIs) and expand access to financial services for Indonesia’s poor. These services – offered using innovative platforms like mobile phones – will give the poor access to savings, loans, insurance and other resources to help build financial security. The “bank of banks” is part of Mercy Corps’ project MAXIS (Maximizing Financial Access and Innovation at Scale), which is receiving $19.4 million from the Bill & Melinda Gates Foundation’s Financial Services for the Poor initiative. The foundation works with partners to make high-quality, low-cost financial services available in developing countries so the poor can manage life’s risks and take advantage of life’s opportunities. http://www.mercycorps.org/countries/indonesia/2245″>http://www.mercycorps.org/countries/indonesia/2245