Credit: EMA
On Thursday 14 November 2024, Grand Duchess Maria Teresa of Luxembourg presented the European Microfinance Award 2024 (EMA) to Ugandan microfinance institution, RUFI, at a ceremony held at the European Investment Bank (EIB) in Luxembourg-Kirchberg.
The theme of this year's award was "Advancing Financial Inclusion for Refugees and Forcibly Displaced People". The ceremony took place during European Microfinance Week, held in Luxembourg from Wednesday 13 to Friday 15 November 2024. First prize of €100,000 was awarded to Rural Finance Initiative Limited (RUFI), with runners up Al Majmoua from Lebanon and FATEN from the Occupied Palestinian Territories each receiving €10,000.
The awards were granted by the Directorate for Development Cooperation and Humanitarian Affairs of Luxembourg's Ministry of Foreign and European Affairs, the Inclusive Finance Network Luxembourg (InFiNe) and the European Microfinance Platform (e-MFP), in cooperation with the EIB.
The winner, RUFI, was represented by CEO Yengi Lokule, who outlined the organisation's initiatives to help refugees and displaced people in Uganda. Uganda has the largest refugee population in Africa, the majority coming from South Sudan and the Democratic Republic of Congo. RUFI embraces an inclusive approach and encourages cross community working between local and refugee communities. Mr Lokule spoke of RUFI being a refugee-led organisation: 80% of staff members have been forcibly displaced. He described the proactive nature of the staff who actively seek those they can help. Mr Lokule cited the importance of this initiative as refugees often are not aware of the help and support available or of how to access it.
RUFI offers a variety of loans to help people start small businesses as well as sourcing land for farmers. Their continued support allows refugees and displaced people opportunities to rebuild their lives, take control once more and restore dignity. Education regarding financial management is also encouraged by RUFI as is the implementation of environmental protective strategies.
This year saw a record number of 49 applicants from 26 countries since the award's launch in 2005.
In September 2024, following the announcement of the three finalists in contention for the prize, Luxembourg's Minister for Development Cooperation and Humanitarian Affairs, Xavier Bettel, said: "Forced displacement is a pressing global issue and represents one of the most significant challenges of our time. The financial inclusion sector plays an important role in supporting vulnerable populations in displacement-affected areas by providing them with critical financial assistance for adaptation, recovery and resilience purposes. The initiatives of the three shortlisted finalists offer valuable inspiration and guidance on how to address the urgent and complex needs of those affected by forced displacement."
