A groundbreaking service called microfinance is making a difference providing financial solutions for those in need. It functions by providing financial services to entrepreneurs and small businesses that do not have access to a bank or other financial institution.
This means that those in especially poverty stricken areas can get the services they need to start a business. This method of empowering those without opportunity is making waves in the lives of families everywhere.
Within the microfinance industry, a group called Mifos is currently providing its services to 30 institutions that service almost 825,000 clients. This organized system is open sourced to benefit people everywhere, providing accurate bookkeeping and detailed performance analytics.
Due to the nature of microfinance, many small donations are made daily and need to be accurately kept track of and distributed to those in need. Mifos services are responsible for growing the Grameen Koota (GK), a microfinance group in India, clientele by 40 percent.
The founders of Kiva had a similar vision when they put together a plan to help those around the world get access to small loans. Teaming up and building off of PayPal’s payment system, Kiva functions successfully in 82 countries with 0 percent interest for borrowers. Today Kiva is closing in on a huge accomplishment, $1 billion loaned to create financial solutions for those in need.
Three sisters that used their loan to become fish farming pioneers in Zimbabwe are one of Kiva’s many success stories. B.E.N. Fisheries now farm around a thousand fish for distribution in an area experiencing food shortage and mass poverty. Women like Beauty, Ericah and Netsai of B.E.N. Fisheries are breaking down gender barriers as female business owners, and it is all thanks to small donations made by every people willing to invest in the happiness of others.
Micro financing is empowering hard workers around the world to create change in their countries and break the cycle of poverty. Stimulating business growth in the world builds up the people affected and is a reminder that ending global poverty is possible.
– Aaron Walsh