Introducing the CGAP FY 2019 Annual Report
This report was originally published by the (Consultative Group to Assist the Poor) CGAP and discusses three broad areas where financial services could play a role in improving the well-being of poor people.
What matters to poor people? And how can financial services help them to improve their lives? CGAP spent the better part of the past two years thinking about these questions and how to frame their work differently. They've chosen three broad areas where financial services could play a role in improving the well-being of poor people, and where there is some evidence that financial services can make a difference in contributing to the broader development agenda:
- Income generation - People need reliable and predictable sources of income. This may come from a formal job, a family business, day labor, social commerce, gig work, or a government payment.
- Essential services - People need services that help them improve their capabilities or ensure their physical well-being, like access to electricity, clean water, sanitation, education, and health care on affordable and predictable terms.
- Protect basic standards of living - We are all subject to emergencies, but poor people are especially vulnerable, so we need to think broadly about solutions and go beyond consumer protection, social transfers, and insurance to consider ways to manage the effects of climate change or conflict.
CGAP's vision is a world where poor people, especially women, are empowered to capture opportunities and build resilience through financial services. While they recognize there are other topics that may have been included here, these three areas seemed to be the most essential and where there is some evidence that financial services can make a difference in contributing to the broader development agenda.
The FY19 annual report covers the period from July 1, 2018 - June 30, 2019, and provides further details on these three areas and highlights some work that CGAP is engaged in.
Access and download the full report below.