We all win when we
#BankOnHer

2014
Annual Report
down

Our Process:

How we #BankOnHer

Who benefits
When we #BankOnHer

Women's World Banking

2014 by the numbers

  • 576,881 clients accessing new products;
    69 percent can access those products digitally
  • We work with 38 institutions in 27 countries
  • 10 studies conducted to identify women’s needs
  • 11,000 Twitter followers
    12,900 readers of blogs and publications
  • 19 institutions participated in leadership programs

Our
Impact

Piloted Mongolia Expanded The Dominican Republic, Ethiopia, India, and Nigeria
51,569 accounts opened, 56% by girls; financial education provided to 55,000 youth
Piloted Colombia Expanded Pakistan, Kenya, the Dominican Republic, Nigeria, Malawi and Tanzania
More than 1 million savings accounts opened in 7 countries
Piloted Jordan Expanded Peru, Morocco, Egypt and Uganda In development Mexico and Brazil
390,000 clients with policies
Piloted Paraguay Expanded Peru and Colombia In development Egypt, India and Mexico
53,000 new loans for rural clients, 24,240 urban clients

Our work:

2014 in Review

Research:

Reaching more women
At the heart of Women’s World Banking’s work is the commitment to ensure that the largest number of low-income women is served well with innovative financial products and services. Our research team leads the effort to better understand the needs of the more than one billion women worldwide who remain outside the formal financial system. In 2014, our research expertise helped us identify new markets and new segments of unbanked women, including:

Low-income salaried women who are employed cleaning houses, working in factories and hotels. Women’s World Banking’s research team visited Bangalore and Delhi, India to determine how to close the financial inclusion gap for garment factory employees. The research revealed that women factory workers, despite having their salaries deposited directly into a “no-frills” account, had little control over the account. Only 34 percent had sole ownership of their accounts, compared to 91 percent of men, and 57 percent of women handed their incomes over to someone else, compared to 12 percent of men. Women’s World Banking will move this research into action through partnerships to provide financial education and products for these women.

Read more on our blog

Women who own small- and medium-sized enterprises (SMEs). Full financial inclusion for women means access to a variety of appropriate financial products and services to meet their diverse needs. A projected 48 million female entrepreneurs and 64 million female business owners currently employ one or more people in their businesses. It is estimated that over 70% of these women-led enterprises are either un-served or underserved financially. In fact, the credit gap for these companies is estimated at over $300 billion. Women’s World Banking conducted research to identify best practices among banks that are successfully serving this market.

Read more on our blog

Low-income women affected by natural disasters. When natural disasters strike, low-income women feel the impact acutely. What can financial institutions do to support their clients and the community in crisis? What services do clients need? To answer these questions, Women’s World Banking began research in 2014, interviewing eight network institutions that suffered natural disasters or political unrest. We studied a range of approaches—from financial offerings such as bridge loans and expedited insurance payments to non-financial offerings including relief packages and child care during rebuilding. Best practices emerged in many institutions, for example Negros Women for Tomorrow Foundation in the Philippines, which sets aside budget each year for natural disasters like the 2013 typhoon Yolanda. This institution has also developed partnerships with the private sector and NGOs to help clients rebuild after a disaster.

Rural Women:

Serving an unrecognized market
Rural women, perhaps more so than their urban counterparts, fulfill a wide range of roles in a household. They serve as the primary caregiver, both to children and the elderly and take responsibility for the family’s housing, healthcare and education as well. They play the role of farm hand for large crops while also tending their own small livestock (chickens for eggs, goats for milk and cheese).

These women may also have other income-generating activities such as running a small shop or making and selling food. Although their financial contributions to the household are important, women rarely perceive them as such; they describe their activities as simply part of being a housewife. However, these women are valuable, unserved potential clients for a bank.

Women’s World Banking concluded a three-year project in 2014 to develop financial products for rural women in Latin America. We partnered with three network members: Interfisa Banco (Paraguay), Fundación delamujer (Colombia), and Caja Arequipa (Peru), each of which saw a growth opportunity in serving this untapped market segment. While all of these institutions had experience offering loans to entrepreneurs, most had developed that expertise among an urban clientele and employed the same lending methodology to their rural clients. They found that rural repayment rates were poor, clients were leaving after their first loans and women made up a much smaller part of the portfolio than in urban markets. Based on our customer research we were able to modify loans to ensure that they were appropriate for financing women’s rural businesses—the right amount, with repayment dates that match income and without onerous collateral or co-signatory requirements. As a result, more than 43,000 new loans have been issued to women—half of whom were new clients for the banks. Together these women are using this $45 million of new capital to grow their businesses and contribute to the well-being of their families.

Read our blog

Digital Savings:

Reaching women
where they are
Many of the barriers that unbanked women face will sound familiar—lack of decision-making power within their families, lack of education, lack of formal employment. We see these barriers to women's equality all around the world. However, two barriers to financial inclusion may be less obvious: time and distance. Take two examples:

1. A rural woman in Malawi needs to travel long distances to reach the nearest bank. The amount spent on bus fare as well as the time spent away from her work or family make it impractical to open a bank account and establish a safe place to save her money.

2. An urban woman in Nigeria can’t afford to take the time away from her busy market stall to visit a nearby bank branch. She doesn’t see the bank as being “for her” and faces great risk carrying her earnings home each night.

Women’s World Banking is working with two commercial banks to break down these barriers by delivering products through a new channel: digital technology. We worked with Diamond Bank in Nigeria to create BETA Savings, a savings account designed for women and men who run stalls in the open-air markets. Agents, knowns as BETA Friends, visit a client’s business to open accounts digitally and handle deposits and withdrawals using mobile technology. By the end of 2014, more than 154,000 accounts were opened, primarily from clients with no prior relationship with a formal financial institution.

In Malawi, NBS Bank worked with Women's World Banking to develop the Pafupi (meaning “close” in the local language of Chichewa) savings account, a digital account designed for low-income rural women with no previous access to a bank. Women can open accounts and make small deposits and withdrawals whenever they want at local shops with NBS Bank agents using mobile technology.

These digital savings products not only help women overcome time and distance barriers, they also offer a step toward economic empowerment. For many women, having a savings account is the first point of access to the formal economy. With digital technology, a woman, who may not have otherwise had access, can open a savings account in her own name. She can plan for her future and the future of her family, build a safety net for times of crisis, and even grow her business with access to loans and other offerings from the bank.

Monitoring and
Evaluation:

Measuring how well we serve women
Monitoring and evaluating our work is fundamental to delivering on our mission. We are constantly studying the impact of our work on women’s financial inclusion at three levels:

The client. Are clients accessing financial products and services that meet their needs and improve their lives?

The financial institution. Are we developing commercially viable products that contribute to an institution’s financial sustainability and increasing its capacity to serve low-income women?

The industry. Are we fostering a greater understanding of the financial needs of low-income women, knowledge about how to serve this market well, and an evidence base demonstrating both the financial and social impact of serving low-income women?

Women’s World Banking’s Gender Performance Indicators are the first metrics to help financial institutions measure how well they are serving women. A select group of five indicators are used by our network institutions to measure their success in serving women clients, as well as promoting women leaders within their institutions.

We are also returning to institutions where we introduced products to assess the impact of those products. Four years after collaborating with Banco ADOPEM in the Dominican Republic to develop a youth savings program called the Mía account, Women’s World Banking returned to the bank to evaluate the impact of the program and assess lessons learned. Data gathered through this exercise informed our understanding of the keys to ensuring sustainability for a financial institution’s youth savings program, particularly those serving the low-income market:

1. Offer products for both youth and parents
2. Design products without dormancy fees so small balances can grow
3. Establish a retention plan to ensure youth stay with the bank
4. Invest in marketing and financial education
5. Ensure products are financially sustainable

Read the report

Knowledge and Influence:

Advocating for women’s financial inclusion
Beyond working with financial institutions to develop products for women, Women’s World Banking has a role to play in influencing others to advocate for the financial inclusion of women. We share our knowledge with our network, funders, partners and policymakers to effect change globally. We also look for ways to engage other partners in making progress toward banking more low-income women in four ways:

As conveners. Only 30 percent of women in sub-Saharan Africa have a bank account. The reasons are many and potential solutions abound. Women’s World Banking has convened 12 high-profile African leaders committed to increasing women’s participation in the formal financial sector to form the Africa Advisory Council. Council members are from diverse backgrounds, geographies and industries, highlighting the wide range of people and organizations it takes to work together to close the financial inclusion gap. Members serve as ambassadors for women’s financial inclusion issues within their personal and professional circles.

See the article

By training mission-focused leaders. Serving low-income clients sustainably takes dedication and focus. Women’s World Banking has been training leaders of financial institutions to better serve women for more than a decade. Our current Leadership and Diversity for Innovation program helps financial institutions achieve their social and financial goals as they navigate ever-changing and competitive environments. In 2014 we trained senior managers in Nigeria, Bolivia and Colombia and held our signature Women in Leadership Program for high-potential women in Latin America.

As active shareholders. Financial institutions need capital from investors who understand that investing in “unbanked” women can provide both social and financial returns. Women’s World Banking Capital Partners, launched in 2012, is a $50 million private equity limited partnership that invests directly in women-focused financial institutions, providing much-needed capital for growth and product expansion, as well as strategic guidance on serving the women’s market.

As thought leaders. Women’s World Banking was recognized by The Guardian as one of the top 10 Twitter accounts to follow for financial inclusion. In 2014, Women's World Banking participated in women-focused initiatives of the World Economic Forum, the G20, the Better Than Cash Alliance and many other collaborations. Our staff members were featured speakers at high-profile events and organizations around the world, including the UN Women’s EmpowerWomen.org, Trust Women Conference, the Council on Foreign Relations, Mobile Money Americas, the Institute of International Finance, and the Clinton Global Initiative. In November 2015, we will convene our network members, industry leaders and allies from around the world—join us in Berlin for our Making Finance Work for Women Summit!

Our Global

Footprint

Brazil
Banco da Família
Colombia
Banco WWB S.A.
Fundación delamujer
Fundación Mundo Mujer
Fundación WWB Colombia
Dominican Republic
Banco de Ahorro y Crédito ADOPEM (Banco ADOPEM)
Mexico
*Compartamos Banco
Paraguay
Interfisa Banco
Peru
Caja Arequipa
Bénin
Association pour la Promotion et l’Appui au Développement des Micro-Entreprises (PADME)
Burundi
Caisse Coopérative d’Epargne et de Crédit Mutuel (CECM)
Ethiopia
Poverty Eradication & Community Empowerment (PEACE) MFI S.CO
Ghana
Women’s World Banking Ghana
Kenya
Equity Bank Limited
Kenya Women Microfinance Bank Limited
Malawi
*NBS Bank
Nigeria
*Diamond Bank
Tanzania
*National Microfinance Bank (NMB)
Uganda
Finance Trust Bank
Bosnia and Herzegovina
Microcredit Foundation MI-BOSPO
Egypt
Lead Foundation
Jordan
Microfund for Women
Lebanon
The Lebanese Association for Development (Al Majmoua)
Morocco
Association Al Amana
Tunisia
enda inter-arabe
Bangladesh
ASA
Delta Life Insurance Company
Shakti Foundation for Disadvantaged Women
India
Ananya Finance for Inclusive Growth Private Limited
Friends of Women’s World Banking India
Shri Mahila SEWA Sahakari Bank Ltd.
Ujjivan Financial Services Pvt. Ltd.
Mongolia
XacBank
Pakistan
Kashf Foundation
Philippines
CARD Bank, Inc.
Negros Women for Tomorrow Foundation (NWTF)
Sri Lanka
Women Development Federation (WDF)
* indicates non-network partners

Stichting to Promote Women’s

World Banking Financial Statements

Statement of
Financial Position
Statement of
Activities
Assets Total 2014 Total 2013
Cash and cash equivalents $ 9,822,850 5,215,494
Due from FWWB 284,250 126,907
Grants and contributions receivable, net 1,347,513 2,396,118
Grants receivable from FWWB 269,391 391,475
Investments 17,605,424 18,323,370
Other assets 183,613 354,253
Interest in net assets of supporting organization 2,330,172 896,962
Furniture, equipment, and leasehold improvements, net  625,799 39,922
Total assets 32,469,012 27,744,501
   
Liabilities and Net Assets  
Liabilities
     
Accounts payable and accrued expenses 630,155 508,980
Deferred revenue 38,050 60,311
     
Total liabilities 668,205 569,291
Net Assets
     
Unrestricted 5,055,973 2,951,232
Temporarily restricted 26,051,758 23,535,127
Permanently restricted capital fund 693,076 688,851
   
Total net assets 31,800,807 27,175,210
     
Total liabilities and net assets $ 32,469,012 27,744,501
Revenue and support  
Unrestricted
Temporarily
restricted
Permanently
restricted
 
Total 2014
 
Total 2013
 
Grants and contributions $ 172,772 11,027,540 4,225 11,204,537 8,299,916
In-kind contributions 224,672 224,672 278,412
Investment return, net of fees 2,317 267,249 269,566 1,904,778
Change in interest in supporting organization 1,433,210 1,433,210 207,292
Foreign currency translation gain (loss) (200,155) (200,155) 234,900
Fee for services 842,771 842,771 708,414
Other income 88,817 23,780 112,597 330,465
Net assets released from restrictions 9,467,559 (9,467,559)
 
Total revenue and support 10,798,908 3,084,065 4,225 13,887,198 11,964,177
Expenses and loss
 
Program services
Institutional development programs 1,922,513 1,922,513 2,912,030
Functional products and services 3,216,744 3,216,744 2,844,027
Knowledge and influence 1,336,740 1,336,740 1,414,875
Total program services 6,475,997 6,475,997 7,170,932
General and administrative 1,222,253 1,222,253 1,028,347
Fundraising 817,820 817,820 822,124
Total expenses 8,516,070 8,516,070 9,021,403
Contributions to network members 168,327 168,327 595,602
Loss on refunds and uncollectible receivables 8,675 8,675 177,725
 
Total expenses and loss 8,693,072 8,693,072 9,794,730
Non-Operating activities
           
Return of donor funds 1,095 567,434 568,529
           
Increase in net assets 2,104,741 2,516,631 4,225 4,625,597 2,169,447
 
Net assets at beginning of year 2,951,232 23,535,127 688,851 27,175,210 25,005,763
 
Net assets at end of year $ 5,055,973 26,051,758 693,076 31,800,807 27,175,210

Friends of WWB/USA, Inc.

Financial Statements

Statement of
Financial Position
Statement of
Activities
Assets Total 2014 Total 2013
Cash and cash equivalents $ 1,161,336 1,419,304
Grants and contributions receivable, net 1,659,773 30,340
Equipment 70,021
Total assets 2,891,130 1,449,644
   
Liabilities and Net Assets  
Liabilities
     
Accounts payable and accrued expenses 7,317 34,300
Due to SWWB 284,250 126,907
Grants payable to SWWB 269,391 391,475
     
Total liabilities 560,958 552,682
Net Assets
     
Unrestricted 679,493 242,737
Temporarily restricted 1,650,679 650,000
Permanently restricted – income unrestricted 4,225
   
Total net assets 2,330,172 896,962
     
Total liabilities and net assets $ 2,891,130 1,449,644
Revenue and support  
Unrestricted
Temporarily
restricted
Permanently
restricted
 
Total 2014
 
Total 2013
 
Grants and contributions $ 399,793 4,579,876 4,979,669 2,779,172
In-kind contributions 153,737 153,737
Special events 577,789 577,789 450,381
Less direct benefits to donors (53,470) (53,470) (74,519)
Miscellaneous income 3,408 3,408 1,516
Net assets released from restrictions 3,583,422 (3,579,197) (4,225)
 
Total revenue and support 4,664,679 1,000,679 (4,225) 5,661,133 3,156,550
Expenses and loss
 
Program services
Grants and contributions to Stichting to
Promote Women's World Banking
3,582,522 3,582,522 2,387,124
Program development and education 52,621 52,621 77,940
Total program services 3,635,143 3,635,143 2,465,064
General and administrative 52,621 52,621 24,943
Fundraising 540,159 540,159 459,251
 
Total expenses 4,227,923 4,227,923 2,949,258
           
           
Increase (decrease) in net assets 436,756 1,000,679 (4,225) 1,433,210 207,292
 
Net assets at beginning of year 242,737 650,000 4,225 896,962 689,670
 
Net assets at end of year $ 679,493 1,650,679 2,330,172 896,962

Our

Supporters

Core Funders

Women’s World Banking relies on its core funding partners to make our operations possible. We share mandates to promote gender equality and increase financial inclusion, while reducing poverty and working toward achievement of the Millennium Development Goals. Women’s World Banking values the reciprocal relationship it has with each core funder. We are proud to partner with these leaders in the development community and are very grateful for their strategic inputs and financial support.

Australian Government, Department of Foreign Affairs and Trade (DFAT)
Ministry for Foreign Affairs of Finland
Swedish International Development Cooperation Agency (Sida)
$500,000+
  • Agence Française
    de Développement (AFD)
  • Credit Suisse Foundation
  • Financial Sector
    Deepening Africa (FSDA)
  • Irish Aid
  • MetLife Foundation
$100,000–499,999
  • Anonymous (1)
  • Barclays
  • Cisco Systems Foundation
  • Citi Foundation
  • Citi Inclusive Finance
  • ExxonMobil Foundation
  • GE Foundation
  • Hivos Foundation
  • Inter-American
    Development Bank
  • McGraw Hill Financial
  • Moody’s Foundation
  • Swiss Capacity
    Building Facility (SCBF)
  • United Charities
  • Honorarium to
    Queen Máxima
    of the Netherlands
  • United Nations Capital
    Development Fund
$25,000–99,999
  • AIG
  • Alliance for
    Financial Inclusion
  • Anonymous (2)
  • Connie Collingsworth
  • Estee Lauder Companies Inc.
  • European Bank for
    Reconstruction
    and Development
  • Maryfrances Metrick
  • Elizabeth Munson
  • NYSE
  • Euronext Foundation
  • Stuart Family Foundation
  • Triodos Investment
    Management
$10,000–24,999
  • Anonymous
  • Bloomberg LP
  • Franklin Templeton
    Investments
  • French American
    Charitable Trust
  • Goldman Sachs
    10,000 Women
  • Theresa McCabe
  • Beth Roberts
    and Natan Vaisman
  • May Seeman
  • United Way of New York
  • Michael Useem
  • Walmart
  • White & Case LLP
$5,000–9,999
  • Banco WWB S.A.
  • Natan & Jessica Bibliowicz
  • Francie Downing
  • Inger Dewey Golob
  • Nicole Gresham Perry
  • Guy Carpenter
  • Honeybee Capital
  • Keith V. Kiernan
    Foundation
  • Carien van der Laan
  • MGR Foundation
  • Sara Dawes Price
  • Rockefeller and Co., Inc.
  • Hollis Rafkin-Sax
  • Gene Sykes
  • David Solomon
  • The Philip and Lynn
    Straus Foundation
  • Verizon Foundation
  • Marissa Wesely
$1,000–4,999
  • Frances Alexander
  • Foundation
  • Pamela Averick
  • Jeanne Berger
  • Jack Bigio
  • Deborah Chapin
  • Michelle Chiang
  • Sylvia Chin
  • Janet Christopher
  • Eric Dobbin
  • Dina Dublon
  • Mary Houghton
  • Anne Hale and
    Arthur Johnson Fund
  • Maybank Kimeng
  • Gary Kochubka
  • Francine Lefrak
  • Erika Long
  • Katherine McCurdy
  • Maureen O’Toole
  • Pfizer Foundation
  • Phebe Farrow Port
  • Rabobank
  • Dorothy Roberts
  • Perri Roberts
  • Standard Chartered Bank
  • Carol and
    David J. Thomas
  • Melanie Vinson
  • Sonali Wilson

Governance and

Advisory

Stichting to Promote Women’s World Banking Board of Trustees

Women’s World Banking is governed by a Board of Trustees, whose members are all recognized leaders in banking, finance, business, law, community organizing or women’s economic participation. The organization is enhanced by this powerful combination of leaders from various disciplines who together ensure that Women’s World Banking’s work is relevant and grounded. The Board has fiduciary responsibility for the organization and is charged with approving Women’s World Banking’s policies, strategies and annual budgets.

Officers

Dr. Jennifer Riria
Chair

Mary Houghton
Vice Chair, Treasurer

Connie Collingsworth
—Secretary

Trustees

Ela Bhatt—Honorary member for life
Samit Ghosh
Marleen van den Horst
Suzanne Nora Johnson
Nejira Nalic
Julie Redfern
Beth Roberts
Muna Sukhtian
Angela Sun
Micheala Walsh—Honorary member for life
Roshaneh Zafar

Thank you to Anthony Noto for his board service, which concluded in 2014.
Friends of WWB/USA Board of Directors

Friends of WWB/USA, Inc. is a 501(c)(3) tax-exempt organization, which raises donations from U.S. foundations, corporations and individuals in support of Women’s World Banking’s global mission. Friends of WWB maintains a separate Board of Directors comprised of leaders in law, business, marketing, finance and academia who provide fundraising capability and strategic guidance on Women’s World Banking’s global initiatives and U.S. presence.

Officers

Beth Roberts
—Chair

Elizabeth Munson
—Secretary

Members
Inger Dewey Golob
Maryfrances Metrick
Nicole Gresham Perry
Phebe Farrow Port
Hollis Rafkin-Sax
Michael Useem
Thank you to Lisa Myers for her board service, which
concluded in 2014.

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