New Delhi, Aug 22 (UNI) ICC Academy, the educational arm of the International Chamber of Commerce (ICC), on Thursday launched the Microfinance Associate Certificate in partnership with Satin Creditcare Network, one of the world’s leading microfinance providers.

This specialised online programme is designed to provide a practical overview and leverage a deeper understanding of the processes required to achieve business-readiness for anyone joining the microfinance industry.

In developing economies, microfinance, also known as microcredit, is viewed as a critical tool in the fight against poverty and entering the financial mainstream. Microfinance provides financial services - such as deposits, loans, payment services, money transfers and insurance - to low-income households, entrepreneurs and nascent businesses, who would otherwise not have access to such services, according to a statement here.

Commenting on the launch of the certificate programme, ICC Academy Managing Director Daniel Kok said, 'Over the last four decades, microfinance has had a worldwide impact. According to an estimate published by World Bank, more than 16 million people are served by more than 7,000 microfinance institutions across the world. According to the Microfinance Barometer 2018, Micro Finance Institutions (MFIs) have served an estimated 139 million low-income and unbanked clients from various parts of the world with loans totaling an estimated 114 billion dollars.'

'Despite this progress, a huge gap in the loan portfolio still exists, with only 20 per cent of the world’s poor benefitting from these operations, as per International Finance Corporation (IFC). Therefore, it is crucial to train and get people in the front line of microfinance ready for the task. We are delighted to have partnered with leading industry players to design the Microfinance Associate Certificate aimed at microfinance providers, financial institutions, aspiring students, SME finance and legal/regulation teams.'

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