Microloan Foundation and Musoni Services joined the Microcredit Summit Campaign's project to help 100 million families lift themselves out of extreme poverty. The project is building a movement among financial service stakeholders committed to helping 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. As a part of the project, MicroLoan Foundation commited to successfully complete a pilot program offering products tailored to meet the needs of the poorest clients in two of its branches in Malawi and one branch in Zambia. On the other hand, Musoni Services committed to integrate progress out of poverty index (PPI) scorecards into the Musoni System enabling MFIs to easily capture and analyze social performance data by the end of 2015. It also committed to encourage at least 15 MFIs using the Musoni System to start capturing PPI data, with the goal of capturing PPI data for over 150,000 entrepreneurs by the end of 2016.
"At the MicroLoan Foundation we're committed to ongoing innovation and learning in our mission to reach the poorest women and enable them to move out of poverty. This project is all about responding to client needs with products and services that enable them to overcome difficulties and improve their standard of living," said Peter Ryan, Founder and CEO of the MicroLoan Foundation. "Musoni Services is excited to be part of a movement helping to lift 100 million families out of poverty. At Musoni, we fundamentally believe in increasing the amount of social performance measurement in the industry. By making it as easy as possible to capture and analyze 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," said Cameron Goldie-Scot, CEO of Musoni Services.