Increasing Microfinance Outreach and Effectiveness in Africa

This conference report highlights the objectives of African Microfinance Network (AFMIN) in the overall financial economic environment. The AFMIN 4th Annual Conference and Best Practices workshop was conducted mainly to:

• Present a platform to stakeholders to share and recommend policy strategies for increased outreach of microfinance in Africa;
• Reinforce the vision of building effectiveness, mutual accountability and good governance;
• Provide opportunities for lateral learning and linkages.

The paper elaborates on various events organized during the course of the conference, which had participation of different microfinance actors - clients, regulators, microfinance practitioners, network leaders, technical service providers, donors and investors.

The paper concludes by making the following points as conference conclusion and participants' declaration:

• Microfinance must be accommodated as part of the macro financial sector;
• Microfinance must be viewed as financial sector component and not as poverty or development program;
• Country level networks need to define framework for appropriate systems, effective and sustainable financial services;
• Donors should focus on microfinance sector as a whole, and not emphasize only on the strongest MFIs;
• Linkages with formal financial institutions must be increased to better serve the low income population;
• Appropriate vision that translates into reality thus impacting microfinance outreach in Africa needs to be developed;
• Information exchange across networks should be increased.