Malawi is one of the poorest nations in the world.
A visit to this country inspired Peter Ryan to start the Microloan Foundation which is aimed at poverty alleviation and improving gender equality in countries in Southern Africa.
It operates on the Grameen Bank model with individual loans given but collective responsibility for the loaned money by a small group of women.
This way the women help each other out to pay back each others loans and well performing groups can secure more loans. It is therefore in the best interests of the group to ensure that loans are paid back and that they maintain a good record.
This also incentives the group to only admit members that they can trust and that they are certain will do their best to pay back any money's received by way of loans.
Not only money is loaned but training is given and members are encouraged to save as well.
to find out more and participate, go to:
https://www.microloanfoundation.org.uk/
I like this foundation , They encourage the women to make modest savings. This is to provide insurance against future crop failure, family illness and other unpredictable situations. Consequently this gives them confidence in their ability to weather whatever life throws at them.
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Very true, tamaris. A fantastic initiative by Peter Ryan.
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Very interesting information. Our African countries need all the help they can get.
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I'm more amazed by the 98% repayment rate. These "poor women" have more discipline than some of the millennials that I know.
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It says something about or modern "instant gratification" society
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Grameen bank one of the best organisation to step out for poor.thats why they got novel prize.@sme
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Grameen bank has done a lot of good and demonstrates what can be done with out the box thinking
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Agree with you @sme
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In most less developed countries, reputation plays a much bigger role in the ability to achieve financing rather than 'credit-worthiness'. it definitely looks like it is going about micro financing the right way
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Very true!
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good post
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thank you
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NICE BRO, you are greate. my new friends you upvote and following me, thanks.
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Hi! I am a @rakib05l. I just upvoted and follow you! Impressive！Thanks for the post
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