Business in the Community’s International Large Business of the Year is awarded at BITC’s Awards for Excellence.
The Awards for Excellence showcase the best of responsible business in action. They are the UK’s most influential, independent, peer assessed corporate responsibility awards.
Citi - Scaling Microfinance to Achieve Financial Inclusion
As a cornerstone example of its long-standing commitment to expand financial inclusion, Citi has formed a successful partnership with the Overseas Private Investment Corporation (OPIC).
Under this partnership launched in 2006, Citi and OPIC have funded 29 microfinance institutions in 16 countries, directly reaching more than 330,000 local micro-entrepreneurs through small loans, approximately 84% of whom are women. More than 2.5 billion people in the world do not have access to financial services that those in the developed world consider essential to daily life. To expand access to financial tools and the education needed to use them wisely Citi integrates core businesses, a global perspective and local presence to expand financial inclusion and contribute to the UN Millennium Development Goals (MDGs).
- Generates acceptable risk-adjusted returns and new client relationships with microfinance institutions
- Fuels innovation and strengthens Citi’s relationships with key stakeholders and partners
- Expands access to capital at the bottom of the pyramid by providing the necessary financing to reach more than 330,000 micro-entrepreneur borrowers.
- Empowers women, with approximately 84% of microloans going to women.
- Forges new frontiers for the microfinance industry by continuing to innovate and engage with other multilateral organisations to expand microfinance.