This Brief explores implications of the rapid growth of MIVs for the microfinance industry.

The CGAP Cross-Border Funder Survey shows that funder commitments to financial inclusion reached a historic high of US$37 billion in 2016.

International funders have been adapting their priorities to meet this broader vision of financial inclusion, as reflected in the 2012 CGAP Funder Survey. This Brief analyzes trends in the international funding landscape for financial inclusion.

This Brief analyzes trends in the international funding landscape based on CGAP research. In 2013, international funders committed at least $31 billion to support financial inclusion—an estimated increase of 7 percent on average per year between 2011 and 2013.

In 2011, cross-border funders committed at least US$25 billion to microfinance or financial services for the poor. CGAP research shows that levels of cross-border funding continued to increase despite the global financial crisis and strained national budgets, but at a much lower growth rate.

After steadily increasing in previous years, international funding of financial inclusion is estimated to have plateaued at $31 billion in 2014.

Many apex institutions have dubious track records. This Donor Brief explains how donors can recognize a good apex institution and then support it, thus avoiding common donor mistakes with apexes.

The Occasional Paper reviews the experience of national microfinance apexes -- wholesale mechanisms that channel funds, with or without supporting technical services, to retail microfinance institutions in a single country or integrated market.

As impact investing continues to gain traction, DFIs and social investors have a unique opportunity to use their equity funding instrument to contribute further to the development of financially inclusive markets and achieve sustainable impact.