6.3 Citi Foundation
The Citi Foundation supports the economic empowerment and financial inclusion of low- to moderate-income people in communities where Citi operates. It works collaboratively with a range of partners to design and test financial inclusion innovations with the potential to achieve scale and support leadership and knowledge-building activities. Through a "More than Philanthropy" approach, the Foundation puts the strength of Citi's business resources and people to work to enhance their philanthropic investments and help improve communities.
They utilize a results-oriented measurement framework that informs the way they assess the impact of the programs they fund.
The Foundation grants approximately US$78,000,000 in 91 countries. Every grant is carefully tracked to identify ways to ensure success and understand what works and why. This framework helps them define more clearly the results they seek in each of their core focus areas, which include:
Financial Capability and Asset Building – Increases in the number of low- to moderate-income adults and/or youth who adopt positive financial behaviors and accumulate and preserve financial assets
Microfinance – Increases in the supply and use of financial products, supplied by microfinance institutions, that improve and accelerate the financial inclusion of low- to moderate-income individuals
Enterprise Development – Increases in the number of micro- or small-enterprises that provide new income generation and/or employment opportunities for low- to moderate-income individuals
College Success (in the U.S.) – Increases in the number of low- to moderate-income secondary school students who are meeting the academic, financial, and social milestones to enroll in and complete postsecondary education
Youth Education and Livelihoods (outside the U.S.) – Increases in the number of low-income youth, ages 13-25, who complete secondary school, become employed, start their own income-generating business or obtain postsecondary education or training
Neighborhood Revitalization (in the U.S.)– Increases in the number of small businesses, affordable housing units, or community facilities that contribute to the economic and/or environmental sustainability of low- to moderate-income communities
Disaster Response – Supporting preparedness, immediate response, and rebuilding efforts, that all contribute to the long-term economic recovery of communities
In addition, the Citi Foundation recently commissioned and supported a publication entitled, “Bridging the Gap: The Business Case for Financial Capability.” (http://www.citifoundation.com/citi/foundation/pdf/bridging_the_gap.pdf). For more information on this research, please visit the Youth-Inclusive Financial Services & Capabilities chapter.