Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, and a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million people held microloans that totaled US$38 billion. Grameen Bank reports that repayment success rates are between 95 and 98 percent. The first economist who had invented the idea of micro loans was Jonathan Swift in the 1720’s. Microcredit is part of microfinance, which provides a wider range of financial services, especially savings accounts, to the poor. Modern microcredit is generally considered to have originated with the Grameen Bank founded in Bangladesh in 1983. Many traditional banks subsequently introduced microcredit despite initial misgivings. The United Nations declared 2005 the International Year of Microcredit. As of 2012, microcredit is widely used in developing countries and is presented as having "enormous potential as a tool for poverty alleviation." Microcredit is a tool that can possibly be helpful to reduce feminization of poverty in developing countries.
Martha Beatrice Webb, Baroness Passfield, was an English sociologist, economist, feminist and social reformer. She was among the founders of the London School of Economics and played a crucial role in forming the Fabian Society. Additionally, she authored several popular books, with her most notable being The Cooperative Movement in Great Britain and Industrial Democracy, co-authored by her husband Sidney Webb, where she coined the term "collective bargaining" as a way to discuss the negotiation process between an employer and a labor union. As a feminist and social reformer, she criticised the exclusion of women from various occupations as well as campaigning for the unionisation of female workers, pushing for legislation that allowed for better hours and conditions.
Microfinance consists of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
A telethon is a televised fundraising event that lasts many hours or even days, the purpose of which is to raise money for a charitable, political or other cause.
BRAC is an international development organisation based in Bangladesh. In order to receive foreign donations, BRAC was subsequently registered under the NGO Affairs Bureau of the Government of Bangladesh. BRAC is the largest non-governmental development Organisation in the world, in terms of the number of employees as of September 2016. Established by Sir Fazle Hasan Abed in 1972 after the independence of Bangladesh, BRAC is present in all 64 districts of Bangladesh as well as 16 other countries in Asia, Africa, and the Americas.
ONE Campaign is an international, non-partisan, non-profit organization advocating for the investments needed to create economic opportunities and healthier lives in Africa. The campaigning organization uses data, grassroots activism, political engagement, and strategic partnerships to get political leaders to support policies and programs that save lives and improve futures.
Kilifi is a town on the coast of Kenya, 56 kilometres (35 mi) northeast by road of Mombasa. The town lies on the Kilifi Creek and sits on the estuary of the Goshi River. Kilifi is the capital of Kilifi County and has a population of 122,899.
Veronica Webb is an American model, actress, writer, and television personality. The first African-American to have a major cosmetics contract, Webb has appeared on covers of Vogue, Essence and Elle magazines and on the runway for Victoria's Secret and Chanel.
Grameen Foundation, founded as Grameen Foundation USA, also known as "GFUSA", is a global 501(c)(3) non-profit organization based in Washington, DC, that uses digital technology and data to understand very poor people, in detail, and offer them—and the entire ecosystem of agencies and actors surrounding them—empowering tools that meet and elevate their everyday realities. Its CEO is Zubaida Bai. Grameen Foundation's mission is, "To enable the poor, especially women, to create a world without poverty and hunger." According to the OECD, Grameen Foundation’s financing for 2019 development increased by 33% to US$45.5 million.
Opportunity International is a 501(c)(3) nonprofit organization chartered in the United States. Through a network of 47 program and support partners, Opportunity International provides small business loans, savings, insurance and training to more than 14 million people in the developing world. It has clients in more than 20 countries and works with fundraising partners in the United States, Australia, Canada, Germany, Switzerland, Singapore, Hong Kong and the United Kingdom. Opportunity International has 501(c)(3) status as a tax-exempt charitable organization in the United States under the US Internal Revenue Code.
Veronica de la Cruz is an American television news anchor and philanthropist.
Bharat Financial Inclusion Limited or BFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India. It was founded in 1997 by Vikram Akula, who served as its executive chair until working. The company's mission is to provide financial services to the poor under the premise that providing financial service to poor borrowers helps to alleviate poverty. In 2011, the company operated across 11 Indian states.
Grameen America is a 501(c)(3) nonprofit microfinance organization based in New York City. It was founded by Nobel Peace Prize recipient Muhammad Yunus in 2008. Grameen America is run by former Avon Chairman and CEO Andrea Jung. The organization provides loans, savings programs, financial education, and credit establishment to women who live in poverty in the United States. All loans must be used to build small businesses.
Innovations for Poverty Action (IPA) is an American non-profit research and policy organization founded in 2002 by economist Dean Karlan. Since its foundation, IPA has worked with over 400 leading academics to conduct over 900 evaluations in 52 countries. The organization also manages the Poverty Probability Index.
Fonkoze is Haiti's largest microfinance institution serving the poor in Haiti, with 44 branches located throughout the country.
Premal Shah is an Indian-American entrepreneur who co-founded Kiva, a global poverty alleviation non-profit that has raised over $1 billion for low-income entrepreneurs in eighty countries.
Women's World Banking is a global nonprofit organization dedicated to women's economic empowerment through financial inclusion.
The Kravis Prize or Henry R. Kravis Prize in Nonprofit Leadership is a philanthropic award for leaders in the nonprofit sector. According to Bloomberg News, the prize "honor[s] those who have demonstrated 'bold leadership' in the nonprofit sector and have shared their best practices with others."
Julie Macklowe is an American socialite. After marrying into the Macklowe family, she was briefly a hedge fund manager after spending 12 years working on Wall Street. She is a philanthropist. In 2021, she released The Macklowe, an American single malt whisky. She previously founded vbeauté, a former skincare line for women.
Cherie Amie is a U.S.-based retailer of ethical lingerie with production and operations in Cameroon, Central Africa. It is the first fair trade intimate apparel company to adopt the Good Returns business model and use 100 percent of its net profits to fund microloans. Styling itself as a "do-good" lingerie producer, the company also finances sustainable development projects in sub-Saharan Africa by contributing 10 percent of its net income to Peace Tree Africa, a 501(c)3 tax-exempt nonprofit organization.
