Jordan is a great research and innovation laboratory for microfinance activities, Mary Ellen Iskenderian, president and chief executive officer of Women's World Banking (WWB) told The Jordan Times in an interview.
During a short stay in Amman on her way to Dubai, Iskenderian described the Kingdom as a leading member in the 54-country network in terms of designing cutting-edge services and products, development and marketing in regard to helping low-income people.
"The Jordanian market is broad but very competitive with many players involved in it," she said stressing that microfinance establishments here have shifted from individual status to institutional operations.
She expressed concern about banks entering this sector and considered it as a detriment to the successful work of microfunds, especially those dealing with women.
According to Iskenderian, the growth of microfinance has been significant as high as 40 per cent a year covering various components such as health, insurance and maternity. "Low-income people in Jordan seek products that are not necessarily financial," she said recalling her encounters with women at Hai Nazzal Centre which she visited and found running efficiently even when one person was serving 500 clients.
The WWB president highlighted women as having a greater will regarding poverty alleviation."Out of each dollar, women spend 89 cents on children, education, housing and health care whereas men spend 60 cents," she indicated.
Asked about the problems that impede microfinance work, Iskenderian said that recruiting, training and keeping the right people were the major difficulties faced by all microfunds around the world.
She concluded by stressing the importance of self-sustaining operations and women's empowerment impact.
WWB is a global not-for-profit financial institution devoted to increasing poor women's economic access, participation and power. Founded in 1979, WWB is at the forefront of microfinance globally. The WWB global network of over 50 microfinance institutions and banks provide financial services to over 23 million low income women and men in Asia, Africa, Latin America, Europe, North America and the Middle East.
-- MENAFN - Jordan Times
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