MFIs get grant to upgrade MIS infrastructure

Friday, November 01, 2013

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FOUR microfinance institutions (MFIs) are the beneficiaries of US$75,000 in grant awards to upgrade their management information system (MIS) infrastructure.


The grants come under the Caribbean Microfinance Capacity Building Project (CARIB-CAP II), a regional project sponsored by the Multilateral Investment Fund (a member of the Inter-American Development Bank Group), European Commission, Caribbean Development Bank and Citi Foundation. CARIB-CAP II provides technical support to 13 microfinance institutions in the Caribbean and institutional strengthening and capacity building to the Caribbean Microfinance Alliance (CMFA) a regional network representing the microfinance industry.


Receiving the MIS grants at a ceremony hosted by CARIB-CAP II at the Courtleigh Hotel in Kingston on Wednesday were National People's Co-operative Bank; St Thomas Co-operative Credit Union Ltd; COK Sodality Co-operative Credit Union Ltd; and Grenada Public Service Co-operative Credit Union Ltd.


The objective of the MIS upgrades is to improve the MFIs information management processes leading to improved data collection, storage and retrieval and increased transparency and reporting.


It is expected that the resulting improved capacity of MFIs is to provide timely and accurate information with respect to their performance will greatly enhance their ability to raise capital and gain client confidence as well as contribute to a more developed microfinance industry in the English-speaking Caribbean in keeping with the mission of the CARIB-CAP II Project.


CARIB-CAP II is supporting microfinance institutions in Jamaica, Belize, Grenada, St Lucia, Trinidad & Tobago, Suriname and Guyana.


All have, since the advent of CARIB-CAP II, launched new or modified microcredit products in their respective countries and are registered to the Microfinance Information Exchange Market.


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