Accion is a nonprofit microfinance organization that has “founded, invested in, and helped operate” more than 235 partner organizations, including microfinance institutions and financial service providers, since its founding in 1961. ^{1 2} The organization partnered with the Mastercard Center for Inclusive Growth in 2018 and has also worked with Multicultural Insights, a consulting firm that provides research and analytics services to “international organizations, nonprofits, government agencies, and businesses.” Multicultural Insights claims to research topics on left-of-center policy positions on immigration and “gender equality.” ^{3 4 5}

Its president, Michael Schlein, previously worked at Citigroup and was the chief of staff at the U.S. Securities and Exchange Commission during the Clinton administration, as well as the chief of staff at the Office of the Deputy Mayor for Finance and Economic Development in New York from 1989 to 1993 under then-Mayor David Dinkins (D). Schlein was appointed by then-New York Mayor Bill De Blasio to be the chairman of the New York City Economic Development Corporation in 2014. According to the New York Times, Schlein is a “longtime friend” of De Blasio, who served with him in the Dinkins administration, and “the banker he knows best.” ^{6 7 8 9}

Accion receives part of its revenue in contributions from private grantmaking foundations and the U.S. Agency for International Development, which provided Accion with an estimated $1,144,39 in grant funding in December 1994. ¹⁰

Background

Accion International, also known simply as Accion, is a left-of-center nonprofit microfinance organization founded in 1961 by Joe Blatchford, the third director of the United States Peace Corps, an American government organization that educates and deploys volunteers internationally to assist communities with local issues. ^{2 11}

The organization began by launching microfinance initiatives in Recife, Brazil in 1970, and by the 1980s had expanded its initiatives to 14 countries across Latin America and created the Accion Bridge Fund. ²

Accion launched the microlending program Accion Opportunity Fund in 1991, and co-founded BancoSol, a “private commercial bank for the poor,” in 1992. ²

During the 2000s, Accion began operating in sub-Saharan Africa and Asia. The organization launched Accion Investments in Microfinance in 2003 and founded the Center for Financial Inclusion (CFI) in 2008. CFI was established as an independent think tank that works towards an “inclusive” financial system that focuses on data risks, consumer protection, providing financial opportunities to women, and climate change. ¹²

According to the organization, Accion has “founded, invested in, and helped operate” more than 235 partner organizations, including microfinance institutions and financial service providers. ¹

Affiliated Organizations

Accion partnered with the Mastercard Center for Inclusive Growth in 2018 to support financial service providers across Africa, Asia, and Latin America. The Mastercard Center for Inclusive Growth is the independent social action wing of Mastercard. It runs the Mastercard Impact Fund, a grantmaking nonprofit founded in 2018 that donates to organizations advancing left-of-center concepts of diversity and inclusion. The partnership aims to introduce small businesses, especially those owned by women, to digital financial services. ^{3 13}

As part of its partnership with the Mastercard Center for Inclusive Growth in 2022, Accion’s Center for Financial Inclusion also worked with Multicultural Insights, a consulting firm that provides research and analytics services to “international organizations, nonprofits, government agencies, and businesses.” Multicultural Insights claims to research topics on left-of-center policy positions on immigration and “gender equality.” ^{4 5}

While researching how micro, small, and medium businesses (MSMEs) used digital products during the COVID-19 pandemic, Accion used Multicultural Insights to run focus groups in Colombia, India, Indonesia, Nigeria, and Bolivia to “better understand the perspectives of MSMEs coming out of the pandemic.” ⁴

The partnership between Accion and the Mastercard Center for Inclusive Growth was renewed in 2023 and is funded by a $15.8 million grant from the Mastercard Impact Fund. ^{14 13}

People

Michael Schlein joined the organization in 2007 as a member of its board of directors, before becoming its president and CEO in 2009. ⁶

Before joining Accion, Schlein worked at Citigroup, an American multinational investment banking and financial services corporation headquartered in Manhattan, New York City, where he was president of International Franchise Management. Prior to that, Schlein oversaw human resources, branding, communications, government relations, and philanthropy for Citigroup. ⁶

Schlein was the chief of staff at the U.S. Securities and Exchange Commission, an independent agency of the federal government that regulates publicly traded companies, tradable securities, and financial exchanges, during the Clinton administration. He was also the chief of staff at the Office of the Deputy Mayor for Finance and Economic Development in New York from 1989 to 1993. ^{6 7}

Schlein was appointed by then-New York Mayor Bill De Blasio (D) to be the chairman of the New York City Economic Development Corporation in 2014, a position he held until January 2021. According to the New York Times, Schlein is a “longtime friend” of De Blasio, who served with him in the Dinkins administration, and “the banker he knows best.” ^{6 15} Colvin, Jill. “Morning Politics: ‘The Kind of Politician That Children Aren’t Allowed to Pet’.” Observer. April 3, 2014. Accessed December 2, 2024. https://observer.com/2014/04/morning-politics-a-43-part-seminar-in-intricate-ways-to-humiliate-a-new-mayor/.[/note]

Schlein is also a member of the Council on Foreign Relations, an invitation-only think tank specializing in U.S. foreign policy and international affairs. ^{16 17 18}

Financials

Accion had a total revenue of around $49.2 million in 2021, $36.2 million of which came from the sale of assets, while $6.4 million came from contributions and $4.6 million from program services. Its total expenses amounted to $32.9 million, about $12.8 million of which was spent on salaries and wages, while $2.8 million was spent on executive compensation. Accion net assets were calculated to be just under $450 million that year. ¹⁹

The organization’s revenue dropped to $26.1 million in 2022, $9.7 million of which came from the sale of assets, $6.4 million in contributions, $5.9 million from program services, and $3.3 million from investment income. Accion’s total expenses amounted to $30.8 million, $9.5 million of which was spent on salaries and wages, while $4.5 million was spent on executive compensation. The organization’s net assets amounted to just under $408 million that year. ¹⁹

Funding

Accion receives part of its revenue via contributions from private grantmaking foundations, and the U.S. Agency for International Development (USAID), an independent U.S. government agency that has traditionally managed and administered American foreign aid, financial support for developing nations, humanitarian assistance programs, climate-related issues, and various global health programs. USAID provided Accion with an estimated $1,144,39 in grant funding in December 1994. ^{10 20 21 22 23}

Other contributors to Accion have included the Bill and Melinda Gates Foundation, which provided a total of $19,379,970 to Accion via 12 grants between November 2005 and November 2024. ²⁴

The Conrad N. Hilton Foundation, a private grantmaking foundation created by Hilton Hotels founder Conrad N. Hilton and greatly expanded by Hilton’s son, Barron Hilton, awarded Accion a $1 million grant in November 2022. ²⁵

The Ford Foundation provided a total of $700,000 to Accion between May 2010 and June 2012. ²⁶

1. “How We Work.” Accion. Accessed December 2, 2024. https://www.accion.org/how-we-work/.
2. “Our History.” Accion. November 2, 2020. Accessed December 2, 2024. https://www.accion.org/about-accion/history/.
3. “Mastercard and Accion: Partnering for inclusive growth.” Accion. Accessed December 2, 2024. https://www.accion.org/mastercard-and-accion-partnering-for-inclusive-growth/.
4. “Digital Adoption of MSMEs During COVID-19.” Center for Financial Inclusion. Accessed December 2, 2024. https://www.centerforfinancialinclusion.org/wp-content/uploads/2024/02/Digital-adoption-of-Msmes-During-covid19-1.pdf.
5. “Home.” Multicultural Insights. Accessed December 2, 2024. https://multiculturalinsights.net/
6. Schlein, Michael. “Michael Schlein.” Accion. Accessed December 2, 2024. https://www.accion.org/people/michael-schlein/.
7. “Michael Schlein – Experience.” LinkedIn. Accessed December 2, 2024. https://www.linkedin.com/in/mschlein/details/experience/.
8. “Bill de Blasio’s Circle of Power.” NYTimes.com. November 8, 2013. Accessed December 2, 2024. https://archive.nytimes.com/www.nytimes.com/interactive/2013/11/08/nyregion/bill-de-blasios-circle-of-power.html.
9. Colvin, Jill. “Morning Politics: ‘The Kind of Politician That Children Aren’t Allowed to Pet’.” Observer. April 3, 2014. Accessed December 2, 2024. https://observer.com/2014/04/morning-politics-a-43-part-seminar-in-intricate-ways-to-humiliate-a-new-mayor/.
10. “Grant No. LAG-0820-G-00-4013-00, entitled, “Accessing Financial Markets: The Next Phase Of Microenterprise Development”.” USAID. December 6, 1994. Accessed December 2, 2024. https://pdf.usaid.gov/pdf_docs/Pdabk581.pdf
11. “About the Agency.” U.S. Peace Corps. Accessed December 2, 2024. https://www.peacecorps.gov/about-the-agency/.
12. “About Accion.” Accion. November 2, 2020. Accessed December 2, 2024. https://www.accion.org/about-accion/.
13. “The Center.” The Center for Inclusive Growth. Accessed December 2, 2024. https://www.mastercardcenter.org/about-the-center/the-center.
14. ^[1] Peterson, Megan. “Accion and Mastercard Renew Partnership, Aim to Connect 10.5 Million People to Digital Financial Services.” Accion. Accessed December 2, 2024. https://www.accion.org/news/accion-and-mastercard-renew-partnership-aim-to-connect-10-5-million-people-to-digital-financial-services/.
15. “Bill de Blasio’s Circle of Power.” NYTimes.com. November 8, 2013. Accessed December 2, 2024. https://archive.nytimes.com/www.nytimes.com/interactive/2013/11/08/nyregion/bill-de-blasios-circle-of-power.html.
16. Maizland, Lindsay. “Council on Foreign Relations.” January 31, 2022. Accessed December 2, 2024. https://www.cfr.org/membership/roster.
17. Gavrilis, George. “A Short History.” Council on Foreign Relations. Accessed December 2, 2024. https://www.cfr.org/sites/default/files/pdf/centennial-book.pdf.
18. Maizland, Lindsay. “Annual Report 2021.” January 31, 2022. Accessed December 2, 2024. https://www.cfr.org/annual-report-2021.
19. “Accion International – Nonprofit Explorer.” ProPublica. Accessed December 2, 2024. https://projects.propublica.org/nonprofits/organizations/132535763.
20. “Administrator Samantha Power at the Global Summit on Extreme Heat.” U.S. Agency for International Development. November 2, 2024. Accessed December 2, 2024. https://www.usaid.gov/news-information/speeches/mar-28-2024-administrator-samantha-power-global-summit-extreme-heat.
21. “Samantha Power.” U.S. Agency for International Development. Accessed December 2, 2024. https://www.usaid.gov/organization/samantha-power.
22. “Providing Humanitarian Assistance.” U.S. Agency for International Development. November 14, 2024. Accessed December 2, 2024. https://www.usaid.gov/providing-humanitarian-assistance.
23. “Promoting Global Health.” U.S. Agency for International Development. November 19, 2024. Accessed December 2, 2024. https://www.usaid.gov/promoting-global-health.
24. “Committed Grants.” Bill & Melinda Gates Foundation. Accessed December 2, 2024. https://www.gatesfoundation.org/about/committed-grants?q=accion.
25. “Accion International – Grants.” Conrad N. Hilton Foundation. Accessed December 2, 2024. https://www.hiltonfoundation.org/grant/accion-international/.
26. “Grants Database.” Ford Foundation. Accessed December 2, 2024. https://www.fordfoundation.org/work/our-grants/awarded-grants/grants-database/?search=accion.