European Microfinance Award: together for financial inclusion and sustainable development

Food security in uncertain times: the winner of this year’s Microfinance Award is Yikri, a microfinance institution (MFI) that is making a vital contribution to food security and quality in Burkina Faso. Read on to find out what makes this initiative stand out and why exactly Luxembourg plays a key role in microfinance.

This year’s winner

Yikri came out on top among a number of remarkable initiatives.

Yikri is a microfinance institution in Burkina Faso, a country that is grappling with some of the highest levels of food insecurity and violence. To help the poorest segments of the population, especially women and their families, Yikri combines financial assistance with training on health, nutrition and agriculture. Its trained employees can recognise signs of malnutrition in mothers and children at any early stage and refer them to subsidized support programmes. Yikri also provides agricultural loans and educates people on how to increase their earnings in an environmentally friendly way.

 

 

European microfinance award 2023

  1. The 2023 European Microfinance Award ceremony in Luxembourg.

    © EIB

  2. The three finalists: (left to right) Fundación Génesis Empresarial; Fortune Credit Ltd; unk..; Yikri; H.R.H. the Grand Duchess, unk.

    © Xantor SA

  3. © Grey Skies Productions

  4. (l. to r.) Claire Lossiane/Sawdogo, executive director; Daouda Barro, administrative and human resources manager

    © Yikri

  5. Yikri offers training courses on health, nutrition and agriculture.

    © Yikri

  6. Close support is provided by way of individual visits and ...

    © Yikri

  7. ... monthly group training sessions.

    © Yikri

The two other finalists

The institutions which came second and third also deserve a mention.

  • Fortune Credit Ltd, is a Kenyan MFI offering loans and services to people in rural areas who are affected by a lack of resources and by droughts. The services provided include support with the purchase of land or water tanks, etc. In addition to this, the institution not only works with traders to promote a seed programme that specifically benefits farmers, but it also offers various courses to boost food security in regions with low crop yields.

  • Fundación Génesis Empresarial in Guatemala advocates sustainable development in rural areas that are affected by malnutrition and disease. Its agricultural and livestock initiative combines loans with advice on better and greener farming practices. The institution also provides training on nutrition and financial planning and supports food banks and emergency assistance for people in need.

An award based on cooperation

Since 2006, the European Microfinance Award has been granted to honour outstanding achievements in the field of microfinance. The Award is organised, inter alia, by the Luxembourg Ministry of Foreign and European Affairs (MAEE), the European Microfinance Platform (e-MFP) and the Inclusive Finance Network in Luxembourg (InFiNe.lu). Together with partner countries, Europe supports microfinance innovation through this award in order to promote social justice and financial inclusion.

At this year’s edition, a total of 41 applicants were assessed over several stages. First of all, the Selection Committee chose ten semi-finalists before narrowing down the selection to the top three candidates. The finalists were then appraised by a Grand Jury, comprising HRH Grand Duchess Maria Teresa of Luxembourg among others, to determine the winner. The award ceremony was held at the European Investment Bank in Luxembourg on 16 November 2023, during European Microfinance Week (EMW 2023).

Honourable mentions

Below is a list of the seven semi-finalists:

The semi-finalists

  1. © Any Chi Em

  2. © Annapurna

  3. © Co-operative Bank of Kenya

  4. © The First Micro Finance Bank Syria

  5. © Friendship Bridge

  6. © MicroLoan Foundation Malawi

  7. © Sinapi Aba

A key topic for development

Food security and quality was chosen as this year’s theme, to tie in with the Sustainable Development Goals (SDGs) for 2030. The competition focused on the increasing numbers of people struggling with hunger, malnutrition and poor food quality.

Key aspects of financial inclusion, such as saving, investment and financial planning typically increase needy people’s ability to purchase top-quality food. Service providers in the field of financial inclusion therefore play a crucial role, not only by supporting the production and distribution of food, but also by improving the living conditions of people in need.

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