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Community-Based Financial Organizations : a solution to access in remote rural areas

This review assesses the extent to which Community-Based Financial Organizations (CBFOs) are able to provide sustainable financial services to the rural poor. The objective is to provide clarity to World Bank task teams on whether, and how, such entities can be part of a strategy for the economic development of the poor living in rural areas who are not well-served by financial institutions. First, a brief overview is provided of community-based financing models. Then the record of experience on the sustainability of CBFOs is assessed and critical factors for success or failure identified. The potential for CBFOs to link with formal financial institutions (FFIs), such as banks and microfinance institutions (MFIs), is explored, as well as issues of accountability to members. Factors are identified that World Bank task teams working on finance for the rural poor should consider in determining the most suitable types of financial intermediaries to support in a given project context, and steps are suggested for the development of a strategy for the provision of financial services to underserved rural populations.