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The Wasil Foundation, a Pakistan-based microfinance institution, won the Islamic Microfinance Challenge, a global contest to identify innovative Sharia-compliant financial products. Wasil won the $100,000 grant award for its package of products aimed specifically at smallholder farmers. To view the Multimedia News Release, go to http://www.multivu.com/players/English/7065951-cgap-2013-islamic-microfinance-challenge-winner-the-wasil-foundation/

CGAP recently conducted a study of 426 Mexican households with income below $1,440 per month in an effort to better understand the financial habits, needs and wants of low-income customers. The nationally representative survey helped segment customers into six groups with common needs and behavior towards financial services. The study highlights in particular four lower-income groups – those living on US$4-10 per day (seasonal workers), US$10 per day (entrepreneurs), US$15 per day (informal salaried/wage workers) and US$12 per day (formal salaried workers) – and found that even across these income segments, households’ financial concerns and aspirations were similar. To view Multimedia News Release, go to http://www.multivu.com/mnr/50762-cgap-analysis-low-income-households-in-mexico-matches-financial-products