Microfinance Management Software Sharing Signing Ceremony
This posting was adapted from the press release published by the China Association of Microfinance on January 21st, 2011. China Ass
On January 21st, 2011, Plan International China (PLAN), Youcheng Purong Information Advisory Co., Ltd. (YPR) and China Association of Microfinance (CAM) jointly announced an agreement for sharing microfinance management software for the development of microfinance in China.
Based on the agreement, PLAN will share its microfinance management software to CAM’s 92 member microfinance institutions while YPR will provide pro-bono maintenance and software update services to end users. Originally developed in 2006 to support PLAN’s microfinance programs, the software has been used internally for the last four years and is reported to have improved the financial efficiency of participating microfinance institutions.
Established in 2005, CAM’s membership body is predominantly comprised of non-government organizations supporting microfinance and poverty alleviation in China. Prior to this agreement, CAM member institutions conducted financial management work on Excel or manually; this resulted in low efficiency rates and difficulties guaranteeing the accuracy of data. The computerized PLAN management system aims to enhance financial management and improve transparency across microfinance institutions (MFIs) in China.
PLAN China has been involved with microfinance projects for many years. Beginning in 2002, PLAN established a regional office in Shaanxi Province and began a pilot rural microfinance project in Jia County, Shanxi Province. In 2005, PLAN developed a five-year plan in conjunction with the county-level branches of the All-China Women’s As of December 2010, this microfinance program has provided micro-loans to over 30,000 women and benefitted 100,000 villagers. As of January 21st, 2011, PLAN has invested more than RMB 17 million in microfinance projects.
In August of 2010, PlaNet Finance was invited to conduct an impact study in the five counties which focused on the impacts of microfinance on children and households since 2005, a study which enabled PLAN International to document marked improvements in nutrition, health and household access to cash revenue.
Chief Representative of PLAN China Mark Leighton expressed delight in PLAN’s involvement. When asked about the partnership, Leiden said, “PLAN is happy to share the software with China’s microfinance players. We would like to promote the development of microfinance in this big country. Using microfinance as a tool, we hope to enable more families living in poverty, especially children, live a better life.”