The SmartAid Index (SmartAid) measures whether funders are set up to support financial inclusion effectively. It assesses a funder's internal systems and practices related to its financial inclusion projects—meaning all projects that contribute to a state in which all households and businesses have access and the ability to use a broad range of appropriate financial services that are provided responsibly and sustainably in a well-regulated environment.
Measuring the effectiveness of funding for financial inclusion is not easy, given the long chain from project design, to implementation on the ground, to impact on the lives of the poor. SmartAid focuses on the first part of this chain, funders' internal management systems, with the simple premise that funders with strong systems are more likely to deliver good projects on the ground. Many factors that affect project performance are beyond funders' influence, thus SmartAid focuses on those factors where funders have more direct control—their internal systems. SmartAid does not evaluate the performance of funders' financial inclusion projects on the ground; other tools (e.g., portfolio reviews) exist for that purpose.
In 2006, 29 major development institutions asked CGAP to create a tool that would help them improve the effectiveness of their support to microfinance. In response, CGAP developed the SmartAid Index. Twenty development institutions participated in SmartAid between 2007 and 2013, representing the major funders supporting financial inclusion.
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