The Microcredit Summit Campaign welcomes Musoni Services as the newest Campaign Commitment maker, joining a global coalition of 56 other commitment makers working to help 100 million families lift themselves out of extreme poverty. The Microcredit Summit Campaign’s 100 Million Project is building a movement among financial service stakeholders committed to helping to end extreme poverty through: public statements of commitment to action, expanding practices to reliably measure movement out of extreme poverty, and promoting innovations and best practices to accelerate movement out of poverty.
Musoni commits to the following by the end of 2015:
- To integrate the PPI Scorecards into the Musoni System enabling MFIs to easily capture and analyse social performance data
- To integrate the PPI Scorecards onto the Musoni tablet app making it possible for field officers to capture PPI data remotely, in both offline and online mode
- To develop the core PPI Reports and add directly to the Musoni System for all MFIs to benefit
- To encourage at least five of the MFIs using the Musoni System to start capturing PPI data, with the goal of capturing PPI data for over 50,000 entrepreneurs
Musoni commits to the following by the end of 2016:
- To encourage at least fifteen of the MFIs using the Musoni System to start capturing PPI data, with the goal of capturing PPI data for over 150,000 entrepreneurs
Cameron Goldie-Scot, CEO of Musoni Services:
“Musoni Services is honoured to join the Microcredit Summit Campaign and excited to be part of a movement helping to lift 100 million families out of poverty. The Musoni System gives MFIs the infrastructure they need to reduce their costs, improve their efficiency and to drive financial inclusion into rural areas where the majority of the unbanked live. End-clients benefit from increased security and flexibility, and in-time lower interest rates that MFIs using the Musoni System are able to offer. At Musoni, we fundamentally believe in increasing the amount of social performance measurement in the industry, which is why we have committed to including the PPI Surveys as standard in the Musoni System. By making it as easy as possible to capture and analyse PPI data, we aim to encourage MFIs to focus more on their social impact, and also improve our understanding of the impact microfinance has on reducing poverty.”
The Campaign looks forward to welcoming this new partner in the global coalition and sharing their progress towards the Commitment achievement at the 18th Microcredit Summit in 2015.
The Microcredit Summit Campaign (the “Campaign”), a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of extreme poverty. The 100 Million Project, focusing on Goal 2, was launched in response to World Bank President Jim Yong Kim’s call to end extreme poverty by 2030 and in recognition that full financial inclusion can only be achieved by targeting the extreme poor. The coalition of Campaign members announcing Commitments is aimed at motivating microfinance stakeholders to provide products and services that reach the extreme poor and facilitate their movement out of poverty.
About Musoni Services
Musoni is a microfinance software company that supports MFIs and SACCOs with its innovative and award-winning microfinance platform, the Musoni System (www.musonisystem.com). Aside from the core system functionality (clients & groups, loans & savings, reporting, and accounting), Musoni is known for pioneering new technology in microfinance in order to improve efficiency and reduce costs, including mobile money (over 2 million MMT transactions processed), SMS reminders (over 1.8 million SMS messages sent) and tablet apps (over 35,000 loans processed digitally).
As a result of pioneering new technology in microfinance, over the last three years the Musoni team has won multiple awards, including the award for ‘most innovative use of technology’ at the Global Microfinance Awards (July 2011), and the Frost and Sullivan award for ‘Technology Leadership’ (August 2014). Most recently, an MFI using the Musoni System won the ‘Financial World Innovation Awards’ in London for their use of the Musoni app in Tanzania.