OREANDA-NEWS. December 29, 2014. Citibank (China) Co. Ltd. (“Citi”) and the China Banking Association today announced the winners of the 10th annual Citi Microentrepreneurship Awards (CMA) in China.

The awards ceremony was held in Beijing to commend outstanding microentrepreneurs and institutions in the microfinance field in the past year. A 10th anniversary booklet and a video were also unveiled at the ceremony to review the major milestones in the development of CMA and Chinese microfinance industry. CMA also took the opportunity to launch the 2014 Chinese Microfinance Industry Development Report.

Over 400 microfinance practitioners and representatives from the government, non-profit organizations, banks, industry research institutions and awards winners attended the ceremony. They include Executive Vice President of China Banking Association Yang Zaiping, Managing Director and Head of Global Banking of Citi China Eugene Qian, President of China Foundation for Poverty Alleviation (CFPA) Duan Yingbi, Chairman of China Association of Microfinance Professor Du Xiaoshan, and Father of international microfinance Muhammad Yunus from Bangladesh.

This year’s institutional awards feature, for the third consecutive year, the Microfinance Institution of the Year Award, as well as five categorical institutional awards, namely: Most Innovative Microfinance Institution, Best Inclusive Financial Award, Best Sustainable Award, Best Social Performance Award, and Best Risk Management Award. Each categorical award is further segmented into bank, non-bank and nonprofit organizations. The awards committee received nearly 160 applications from NGOs, commercial banks, rural credit cooperatives, microcredit companies, and other service providers for these categories from 26 provinces.

On the individual awards front, besides the regular Microentrepreneur of the Year Award and 50 Individual Awards, Business in Hometown Award and Microentrepreneur Award for College Graduates were introduced so as to recognize contributions to urbanization. Nearly 100 individual applications were shortlisted for the final selection, involving a variety of microentrepreneurs from industries like retail, farming, processing.

Xu Xiao’en, the Individual Award winner of the first Microentrepreneurship Award in 2005, now owns 13 stores and more than 60 partner stores in Nanyang City, also made a special trip for presenting individual awards.

Ningxia Huimin Microcredit Company won the Microfinance Institution of the Year Award and Miss Wen Lijie from Chifeng City of Inner Mongolia won the Microentrepreneur of the Year Award.

The 2014 Chinese Microfinance Industry Development Report launched at the ceremony is supported by Citi Foundation and developed by the awards committee. The report features 82 microfinance institutions, from their organization and governance, to financial and social performance, and their innovation on microfinance products and services. It also summarizes the state of development of the Chinese microfinance industry and different types of microfinance organizations, and analyzes inclusive finance and microfinance industry trends in China.

Yang Zaiping said, "Microfinance is an important and the most effective financial tool for developing countries to alleviate disadvantaged groups from poverty by means of job creation, income increment, asset accumulation, and common prosperity promotion. Over the past ten years, the Awards program has recognized over 1,000 microentrepreneurs, loan officers and a number of outstanding microfinance institutions. By promoting the role of microfinance in poverty reduction and the achievements of these microentrepreneurs, it enhances the construction of China's financial inclusion system and the development of microfinance technique. The China Banking Association will continue to be their bridge and advocate the development of microfinance, so that more people can benefit."

Eugene Qian said, “Our heartfelt congratulations go out to all the winners. Citi has been a proud supporter of this prestigious award in China for the past ten years, participating in and witnessing the fruitful development of China's microfinance industry. Citi will continue to support the microfinance sector and financial inclusion in China, so as to make financial services more accessible to underserved individual and small businesses, and improve their living standards and build stronger communities.”

2014 marks the tenth anniversary of the Citi Microentrepreneurship Awards. Supported by the Citi Foundation and carried out by the China Banking Association, the annual program aims to promote the prominent role of microfinance in poverty alleviation nationwide, as well as commend the important contributions of microentrepreneurs to the economic development of families and communities. The CMA program has since become the largest and most influential platform for Chinese microfinance practitioners to network with and learn from each other.

Citi is one of the leading corporate supporters of microfinance, microenterprise and financial inclusion in China and around the world. In China, Citi has helped to establish the China Association of Microfinance, Microfinance Training Center, and support the capacity building of the microfinance sector. The Awards were established in China in 2005 through the support of the Citi Foundation to recognize the efforts of microentrepreneurs while also raising awareness of the importance of microfinance efforts to increase access to finance.