Market opportunities for microfinance institutions
Taking a business scholar's standpoint I assess the future of the microfinance industry. The basic question I try to answer is why the microfinance market continues to grow while public support for the industry is shrinking. I identify six underlying forces – demographic transition, reduced poverty, urbanization, economic growth, technological innovations, and shifts in microfinance paradigms – that drive the growth of the microfinance industry. Furthermore, I identify six non-traditional microfinance markets that may present interesting opportunities in the years to come: insurance, housing, small and medium enterprise lending, savings, micropensions, and microfinance in high-income countries. I conclude the article highlighting that policymakers, regulators, and international support organizations may encourage or hamper the future of microfinance as outlined in this article.Aborderin, I. (2004) ‘Decline in material family support for older people in urban Ghana, Africa: understanding processes and causes of change’, The Journals of Gerontology, Series B 59(3): S128-S137 <http://dx.doi.org/10.1093/geronb/59.3.S128≯.
Acs, Z. (2006) ‘How is entrepreneurship good for economic growth’, Innovations: Technology, Governance, Globalization 1(1): 97-107 <http://dx.doi.org/10.1162/itgg.2006.1.1.97≯.
Ayyagari, M., Beck, T. and Demirgüc-Kunt, A. (2007) ‘Small and medium enterprises across the globe: a new database’, Small Business Economics 29(4): 415-34 <http://dx.doi.org/10.1007/s11187-006-9002-5≯.
CGAP (2013) CGAP Strategic Directions, 2014-2018: Advancing Financial Inclusion to Improve the Lives of the Poor, Washington, DC: Consultative Group to Assist the Poor.
CGAP/World Bank (2010) Financial Access 2010: The State of Financial Inclusion Through the Crisis, Washington, DC: Consultative Group to Assist the Poor/The World Bank.
Cohen, J.E. (2005) ‘The human population grows up’, Scientific American, September 2005: 48-55.
D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758-72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008≯.
D’Espallier, B., Guérin, I. and Mersland, R. (2013) ‘Focus on women in microfinance institutions’, The Journal of Development Studies 49(5): 589-608 <http://dx.doi.org/10.1080/00220388.2012.720364≯.
Duvendack, M., Palmer-Jones, R., Copestake, J.G., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
European Commission (2009) Financial Inclusion: Ensuring Access to a Basic Bank Account, Brussels: European Commission Consultation Document.
European Commission (2010) Gaining Scale in Microcredit: Can Banks Make it Happen? Brussels: European Commission Enterprise and Industry.
Ferguson, B. and Smets, P. (2010) ‘Finance for incremental housing; current status and prospects for expansion’, Habitat International 34: 288-98 <http://dx.doi.org/10.1016/j.habitatint.2009.11.008≯.
Giang, D.T.H. and Pheng, L.S. (2011) ‘Role of construction in economic development: review of key concepts in the past 40 years’, Habitat International 35(1): 118-25 <http://dx.doi.org/10.1016/j.habitatint.2010.06.003≯.
Gonzalez-Vega, C., Schreiner, M., Meyer, R.L., Rodriguez-Meza, J. and Navajas, S. (1997) A Primer on Bolivian Experiences in Microfinance: An Ohio State Perspective, book manuscript, Columbus, OH: The Ohio State University.
Helbling, T. (2013) ‘Policy actions improve prospects for global economy’, IMF Survey Magazine, 16 April [online] <www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm≯ [accessed 24 July 2013]. www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm
Holzmann, R., Robalino, D. A. and Takayama, N. (2009) Closing the Coverage Gap. The Role of Social Pensions and other Retirement Income Transfers, Washington, DC: World Bank.
ITU (2011) The World in 2011. ICT Facts and Figures. Geneva: International Communication Union.
Lloyd's (2012) Insurance in Low-income Countries: Exploring Opportunities in Microinsurance. Lloyd's 360° Risk Insight, London: Lloyd's Insurance.
Mersland, R. (2011) ‘The government of non-profit micro finance institutions: lessons from history’, Journal of Management and Governance 15(3): 327-48 <http://dx.doi.org/10.1007/s10997-009-9116-7≯.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’, World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Mersland, R. and Strøm, R.Ø. (2013) ‘Microfinance costs, lending rates and profitability’, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions and Infrastructure, Oxford, UK: Elsevier.
Mersland, R. and Thøgersen, J. (2013) ‘Stimulating economic growth in the least developed countries: direct cash transfers for the retired via mobile phones’, Journal of Economic Policy Reform 16(3): 259-71 <http://dx.doi.org/10.1080/17487870.2013.799905≯.
Rao, M. (2011) Mobile Africa Report 2011. Regional Hubs of Excellence and Innovation [website], Mobile Monday <www.mobilemonday.net≯ [accessed 25 November 2013]. www.mobilemonday.net
Richardson, M. (2009) ‘Increasing microlending potential in the United States through a strategic approach to regulatory reform’, The Journal of Corporation Law 34(3): 923-42.
Rutherford, S. (2000) The Poor and their Money, New Delhi: Oxford University Press.
Schreiner, M. and Sherraden, M. (2007) Can the Poor Save? Saving and Asset Building in Individual Development Accounts, Piscataway, NJ: Transaction Publishers.
Shetty, P. (2012) ‘Grey matter: ageing in low-income countries’, The Lancet 379(9823): 1285-87.
United Nations (2013a) World Population Prospects: The 2012 Revision, Key Findings and Advance Tables, New York: Department of Economic and Social Affairs, Population Division.
United Nations (2013b) Human Development Report 2013. The Rise of the South: Human Progress in a Diverse World, New York: United Nations Development Programme.
World Health Organization (WHO) (2010) Hidden Cities: Unmasking and Overcoming Health Inequities in Urban Settings, Geneva: WHO and United Nations Human Settlements Programme.
MF Transparency: <www.mftransparency.org≯ www.mftransparency.org
Pension & Development Network: <www.pensiondevelopment.org≯ www.pensiondevelopment.org
The Livelihood School: <www.thelivelihoodschool.org≯ www.thelivelihoodschool.org
Aborderin, I. (2004) ‘Decline in material family support for older people in urban Ghana, Africa: understanding processes and causes of change’, The Journals of Gerontology, Series B 59(3): S128-S137 <http://dx.doi.org/10.1093/geronb/59.3.S128≯.
Acs, Z. (2006) ‘How is entrepreneurship good for economic growth’, Innovations: Technology, Governance, Globalization 1(1): 97-107 <http://dx.doi.org/10.1162/itgg.2006.1.1.97≯.
Ayyagari, M., Beck, T. and Demirgüc-Kunt, A. (2007) ‘Small and medium enterprises across the globe: a new database’, Small Business Economics 29(4): 415-34 <http://dx.doi.org/10.1007/s11187-006-9002-5≯.
CGAP (2013) CGAP Strategic Directions, 2014-2018: Advancing Financial Inclusion to Improve the Lives of the Poor, Washington, DC: Consultative Group to Assist the Poor.
CGAP/World Bank (2010) Financial Access 2010: The State of Financial Inclusion Through the Crisis, Washington, DC: Consultative Group to Assist the Poor/The World Bank.
Cohen, J.E. (2005) ‘The human population grows up’, Scientific American, September 2005: 48-55.
D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758-72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008≯.
D’Espallier, B., Guérin, I. and Mersland, R. (2013) ‘Focus on women in microfinance institutions’, The Journal of Development Studies 49(5): 589-608 <http://dx.doi.org/10.1080/00220388.2012.720364≯.
Duvendack, M., Palmer-Jones, R., Copestake, J.G., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
European Commission (2009) Financial Inclusion: Ensuring Access to a Basic Bank Account, Brussels: European Commission Consultation Document.
European Commission (2010) Gaining Scale in Microcredit: Can Banks Make it Happen? Brussels: European Commission Enterprise and Industry.
Ferguson, B. and Smets, P. (2010) ‘Finance for incremental housing; current status and prospects for expansion’, Habitat International 34: 288-98 <http://dx.doi.org/10.1016/j.habitatint.2009.11.008≯.
Giang, D.T.H. and Pheng, L.S. (2011) ‘Role of construction in economic development: review of key concepts in the past 40 years’, Habitat International 35(1): 118-25 <http://dx.doi.org/10.1016/j.habitatint.2010.06.003≯.
Gonzalez-Vega, C., Schreiner, M., Meyer, R.L., Rodriguez-Meza, J. and Navajas, S. (1997) A Primer on Bolivian Experiences in Microfinance: An Ohio State Perspective, book manuscript, Columbus, OH: The Ohio State University.
Helbling, T. (2013) ‘Policy actions improve prospects for global economy’, IMF Survey Magazine, 16 April [online] <www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm≯ [accessed 24 July 2013]. www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm
Holzmann, R., Robalino, D. A. and Takayama, N. (2009) Closing the Coverage Gap. The Role of Social Pensions and other Retirement Income Transfers, Washington, DC: World Bank.
ITU (2011) The World in 2011. ICT Facts and Figures. Geneva: International Communication Union.
Lloyd's (2012) Insurance in Low-income Countries: Exploring Opportunities in Microinsurance. Lloyd's 360° Risk Insight, London: Lloyd's Insurance.
Mersland, R. (2011) ‘The government of non-profit micro finance institutions: lessons from history’, Journal of Management and Governance 15(3): 327-48 <http://dx.doi.org/10.1007/s10997-009-9116-7≯.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’, World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Mersland, R. and Strøm, R.Ø. (2013) ‘Microfinance costs, lending rates and profitability’, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions and Infrastructure, Oxford, UK: Elsevier.
Mersland, R. and Thøgersen, J. (2013) ‘Stimulating economic growth in the least developed countries: direct cash transfers for the retired via mobile phones’, Journal of Economic Policy Reform 16(3): 259-71 <http://dx.doi.org/10.1080/17487870.2013.799905≯.
Rao, M. (2011) Mobile Africa Report 2011. Regional Hubs of Excellence and Innovation [website], Mobile Monday <www.mobilemonday.net≯ [accessed 25 November 2013]. www.mobilemonday.net
Richardson, M. (2009) ‘Increasing microlending potential in the United States through a strategic approach to regulatory reform’, The Journal of Corporation Law 34(3): 923-42.
Rutherford, S. (2000) The Poor and their Money, New Delhi: Oxford University Press.
Schreiner, M. and Sherraden, M. (2007) Can the Poor Save? Saving and Asset Building in Individual Development Accounts, Piscataway, NJ: Transaction Publishers.
Shetty, P. (2012) ‘Grey matter: ageing in low-income countries’, The Lancet 379(9823): 1285-87.
United Nations (2013a) World Population Prospects: The 2012 Revision, Key Findings and Advance Tables, New York: Department of Economic and Social Affairs, Population Division.
United Nations (2013b) Human Development Report 2013. The Rise of the South: Human Progress in a Diverse World, New York: United Nations Development Programme.
World Health Organization (WHO) (2010) Hidden Cities: Unmasking and Overcoming Health Inequities in Urban Settings, Geneva: WHO and United Nations Human Settlements Programme.
MF Transparency: <www.mftransparency.org≯ www.mftransparency.org
Pension & Development Network: <www.pensiondevelopment.org≯ www.pensiondevelopment.org
The Livelihood School: <www.thelivelihoodschool.org≯ www.thelivelihoodschool.org
Aborderin, I. (2004) ‘Decline in material family support for older people in urban Ghana, Africa: understanding processes and causes of change’, The Journals of Gerontology, Series B 59(3): S128-S137 <http://dx.doi.org/10.1093/geronb/59.3.S128≯.
Acs, Z. (2006) ‘How is entrepreneurship good for economic growth’, Innovations: Technology, Governance, Globalization 1(1): 97-107 <http://dx.doi.org/10.1162/itgg.2006.1.1.97≯.
Ayyagari, M., Beck, T. and Demirgüc-Kunt, A. (2007) ‘Small and medium enterprises across the globe: a new database’, Small Business Economics 29(4): 415-34 <http://dx.doi.org/10.1007/s11187-006-9002-5≯.
CGAP (2013) CGAP Strategic Directions, 2014-2018: Advancing Financial Inclusion to Improve the Lives of the Poor, Washington, DC: Consultative Group to Assist the Poor.
CGAP/World Bank (2010) Financial Access 2010: The State of Financial Inclusion Through the Crisis, Washington, DC: Consultative Group to Assist the Poor/The World Bank.
Cohen, J.E. (2005) ‘The human population grows up’, Scientific American, September 2005: 48-55.
D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758-72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008≯.
D’Espallier, B., Guérin, I. and Mersland, R. (2013) ‘Focus on women in microfinance institutions’, The Journal of Development Studies 49(5): 589-608 <http://dx.doi.org/10.1080/00220388.2012.720364≯.
Duvendack, M., Palmer-Jones, R., Copestake, J.G., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
European Commission (2009) Financial Inclusion: Ensuring Access to a Basic Bank Account, Brussels: European Commission Consultation Document.
European Commission (2010) Gaining Scale in Microcredit: Can Banks Make it Happen? Brussels: European Commission Enterprise and Industry.
Ferguson, B. and Smets, P. (2010) ‘Finance for incremental housing; current status and prospects for expansion’, Habitat International 34: 288-98 <http://dx.doi.org/10.1016/j.habitatint.2009.11.008≯.
Giang, D.T.H. and Pheng, L.S. (2011) ‘Role of construction in economic development: review of key concepts in the past 40 years’, Habitat International 35(1): 118-25 <http://dx.doi.org/10.1016/j.habitatint.2010.06.003≯.
Gonzalez-Vega, C., Schreiner, M., Meyer, R.L., Rodriguez-Meza, J. and Navajas, S. (1997) A Primer on Bolivian Experiences in Microfinance: An Ohio State Perspective, book manuscript, Columbus, OH: The Ohio State University.
Helbling, T. (2013) ‘Policy actions improve prospects for global economy’, IMF Survey Magazine, 16 April [online] <www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm≯ [accessed 24 July 2013]. www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm
Holzmann, R., Robalino, D. A. and Takayama, N. (2009) Closing the Coverage Gap. The Role of Social Pensions and other Retirement Income Transfers, Washington, DC: World Bank.
ITU (2011) The World in 2011. ICT Facts and Figures. Geneva: International Communication Union.
Lloyd's (2012) Insurance in Low-income Countries: Exploring Opportunities in Microinsurance. Lloyd's 360° Risk Insight, London: Lloyd's Insurance.
Mersland, R. (2011) ‘The government of non-profit micro finance institutions: lessons from history’, Journal of Management and Governance 15(3): 327-48 <http://dx.doi.org/10.1007/s10997-009-9116-7≯.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’, World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Mersland, R. and Strøm, R.Ø. (2013) ‘Microfinance costs, lending rates and profitability’, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions and Infrastructure, Oxford, UK: Elsevier.
Mersland, R. and Thøgersen, J. (2013) ‘Stimulating economic growth in the least developed countries: direct cash transfers for the retired via mobile phones’, Journal of Economic Policy Reform 16(3): 259-71 <http://dx.doi.org/10.1080/17487870.2013.799905≯.
Rao, M. (2011) Mobile Africa Report 2011. Regional Hubs of Excellence and Innovation [website], Mobile Monday <www.mobilemonday.net≯ [accessed 25 November 2013]. www.mobilemonday.net
Richardson, M. (2009) ‘Increasing microlending potential in the United States through a strategic approach to regulatory reform’, The Journal of Corporation Law 34(3): 923-42.
Rutherford, S. (2000) The Poor and their Money, New Delhi: Oxford University Press.
Schreiner, M. and Sherraden, M. (2007) Can the Poor Save? Saving and Asset Building in Individual Development Accounts, Piscataway, NJ: Transaction Publishers.
Shetty, P. (2012) ‘Grey matter: ageing in low-income countries’, The Lancet 379(9823): 1285-87.
United Nations (2013a) World Population Prospects: The 2012 Revision, Key Findings and Advance Tables, New York: Department of Economic and Social Affairs, Population Division.
United Nations (2013b) Human Development Report 2013. The Rise of the South: Human Progress in a Diverse World, New York: United Nations Development Programme.
World Health Organization (WHO) (2010) Hidden Cities: Unmasking and Overcoming Health Inequities in Urban Settings, Geneva: WHO and United Nations Human Settlements Programme.
MF Transparency: <www.mftransparency.org≯ www.mftransparency.org
Pension & Development Network: <www.pensiondevelopment.org≯ www.pensiondevelopment.org
The Livelihood School: <www.thelivelihoodschool.org≯ www.thelivelihoodschool.org
Aborderin, I. (2004) ‘Decline in material family support for older people in urban Ghana, Africa: understanding processes and causes of change’, The Journals of Gerontology, Series B 59(3): S128-S137 <http://dx.doi.org/10.1093/geronb/59.3.S128≯.
Acs, Z. (2006) ‘How is entrepreneurship good for economic growth’, Innovations: Technology, Governance, Globalization 1(1): 97-107 <http://dx.doi.org/10.1162/itgg.2006.1.1.97≯.
Ayyagari, M., Beck, T. and Demirgüc-Kunt, A. (2007) ‘Small and medium enterprises across the globe: a new database’, Small Business Economics 29(4): 415-34 <http://dx.doi.org/10.1007/s11187-006-9002-5≯.
CGAP (2013) CGAP Strategic Directions, 2014-2018: Advancing Financial Inclusion to Improve the Lives of the Poor, Washington, DC: Consultative Group to Assist the Poor.
CGAP/World Bank (2010) Financial Access 2010: The State of Financial Inclusion Through the Crisis, Washington, DC: Consultative Group to Assist the Poor/The World Bank.
Cohen, J.E. (2005) ‘The human population grows up’, Scientific American, September 2005: 48-55.
D’Espallier, B., Guérin, I. and Mersland, R. (2011) ‘Women and repayment in microfinance: a global analysis’, World Development 39(5): 758-72 <http://dx.doi.org/10.1016/j.worlddev.2010.10.008≯.
D’Espallier, B., Guérin, I. and Mersland, R. (2013) ‘Focus on women in microfinance institutions’, The Journal of Development Studies 49(5): 589-608 <http://dx.doi.org/10.1080/00220388.2012.720364≯.
Duvendack, M., Palmer-Jones, R., Copestake, J.G., Hooper, L., Loke, Y. and Rao, N. (2011) What is the Evidence of the Impact of Microfinance on the Well-being of Poor People? London: EPPI-Centre, Social Science Research Unit, Institute of Education, University of London.
European Commission (2009) Financial Inclusion: Ensuring Access to a Basic Bank Account, Brussels: European Commission Consultation Document.
European Commission (2010) Gaining Scale in Microcredit: Can Banks Make it Happen? Brussels: European Commission Enterprise and Industry.
Ferguson, B. and Smets, P. (2010) ‘Finance for incremental housing; current status and prospects for expansion’, Habitat International 34: 288-98 <http://dx.doi.org/10.1016/j.habitatint.2009.11.008≯.
Giang, D.T.H. and Pheng, L.S. (2011) ‘Role of construction in economic development: review of key concepts in the past 40 years’, Habitat International 35(1): 118-25 <http://dx.doi.org/10.1016/j.habitatint.2010.06.003≯.
Gonzalez-Vega, C., Schreiner, M., Meyer, R.L., Rodriguez-Meza, J. and Navajas, S. (1997) A Primer on Bolivian Experiences in Microfinance: An Ohio State Perspective, book manuscript, Columbus, OH: The Ohio State University.
Helbling, T. (2013) ‘Policy actions improve prospects for global economy’, IMF Survey Magazine, 16 April [online] <www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm≯ [accessed 24 July 2013]. www.imf.org/external/pubs/ft/survey/so/2013/res041613a.htm
Holzmann, R., Robalino, D. A. and Takayama, N. (2009) Closing the Coverage Gap. The Role of Social Pensions and other Retirement Income Transfers, Washington, DC: World Bank.
ITU (2011) The World in 2011. ICT Facts and Figures. Geneva: International Communication Union.
Lloyd's (2012) Insurance in Low-income Countries: Exploring Opportunities in Microinsurance. Lloyd's 360° Risk Insight, London: Lloyd's Insurance.
Mersland, R. (2011) ‘The government of non-profit micro finance institutions: lessons from history’, Journal of Management and Governance 15(3): 327-48 <http://dx.doi.org/10.1007/s10997-009-9116-7≯.
Mersland, R. and Strøm, R.Ø. (2010) ‘Microfinance mission drift?’, World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.
Mersland, R. and Strøm, R.Ø. (2013) ‘Microfinance costs, lending rates and profitability’, in G. Caprio (ed.), Handbook of Key Global Financial Markets, Institutions and Infrastructure, Oxford, UK: Elsevier.
Mersland, R. and Thøgersen, J. (2013) ‘Stimulating economic growth in the least developed countries: direct cash transfers for the retired via mobile phones’, Journal of Economic Policy Reform 16(3): 259-71 <http://dx.doi.org/10.1080/17487870.2013.799905≯.
Rao, M. (2011) Mobile Africa Report 2011. Regional Hubs of Excellence and Innovation [website], Mobile Monday <www.mobilemonday.net≯ [accessed 25 November 2013]. www.mobilemonday.net
Richardson, M. (2009) ‘Increasing microlending potential in the United States through a strategic approach to regulatory reform’, The Journal of Corporation Law 34(3): 923-42.
Rutherford, S. (2000) The Poor and their Money, New Delhi: Oxford University Press.
Schreiner, M. and Sherraden, M. (2007) Can the Poor Save? Saving and Asset Building in Individual Development Accounts, Piscataway, NJ: Transaction Publishers.
Shetty, P. (2012) ‘Grey matter: ageing in low-income countries’, The Lancet 379(9823): 1285-87.
United Nations (2013a) World Population Prospects: The 2012 Revision, Key Findings and Advance Tables, New York: Department of Economic and Social Affairs, Population Division.
United Nations (2013b) Human Development Report 2013. The Rise of the South: Human Progress in a Diverse World, New York: United Nations Development Programme.
World Health Organization (WHO) (2010) Hidden Cities: Unmasking and Overcoming Health Inequities in Urban Settings, Geneva: WHO and United Nations Human Settlements Programme.
MF Transparency: <www.mftransparency.org≯ www.mftransparency.org
Pension & Development Network: <www.pensiondevelopment.org≯ www.pensiondevelopment.org
The Livelihood School: <www.thelivelihoodschool.org≯ www.thelivelihoodschool.org
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