A new model of microfinance for Africa, and beyond | Viola Llewellyn | TED Institute | microfinance คือ

A new model of microfinance for Africa, and beyond | Viola Llewellyn | TED Institute

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Financial institutions often impose Western models of risk assessment, which are often illfitted for diverse global markets especially in Africa, a continent made up of thousands of ethnic and cultural groups and more than 2,000 languages. Fintech entrepreneur, Viola Llewellyn, is determined to properly tap into the continent’s potential for wealth. Her firm, Ovamba, combines AI and local knowledge to develop custom risk models and algorithms, designed for Africa but applicable beyond. Llewellyn’s work means previously overlooked entrepreneurs now have the opportunity to access vital capital to grow their businesses. “In digitizing our future, we will preserve the beauty of our culture and unlock the code of our best wealth traits,” she says. \”Becoming global citizens gives us a seat at the table as equals.”
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What is MICROFINANCE? What does MICROFINANCE mean? MICROFINANCE meaning, definition \u0026 explanation

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What is MICROFINANCE? What does MICROFINANCE mean? MICROFINANCE meaning MICROFINANCE pronunciation MICROFINANCE definition MICROFINANCE explanation How to pronounce MICROFINANCE?
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/bysa/3.0/ license.
Microfinance is a source of financial services for entrepreneurs and small businesses lacking access to banking and related services. The two main mechanisms for the delivery of financial services to such clients are: (1) relationshipbased banking for individual entrepreneurs and small businesses; and (2) groupbased models, where several entrepreneurs come together to apply for loans and other services as a group. In some regions, for example Southern Africa, microfinance is used to describe the supply of financial services to lowincome employees, which is closer to the retail finance model prevalent in mainstream banking.
For some, microfinance is a movement whose object is \”a world in which as many poor and nearpoor households as possible have permanent access to an appropriate range of high quality financial services, including not just credit but also savings, insurance, and fund transfers.\” Many of those who promote microfinance generally believe that such access will help poor people out of poverty, including participants in the Microcredit Summit Campaign. For others, microfinance is a way to promote economic development, employment and growth through the support of microentrepreneurs and small businesses.
Microfinance is a broad category of services, which includes microcredit. Microcredit is provision of credit services to poor clients. Microcredit is one of the aspects of microfinance and the two are often confused. Critics may attack microcredit while referring to it indiscriminately as either ‘microcredit’ or ‘microfinance’. Due to the broad range of microfinance services, it is difficult to assess impact, and very few studies have tried to assess its full impact. Proponents often claim that microfinance lifts people out of poverty, but the evidence is mixed. What it does do, however, is to enhance financial inclusion.
One of the principal challenges of microfinance is providing small loans at an affordable cost. The global average interest and fee rate is estimated at 37%, with rates reaching as high as 70% in some markets. The reason for the high interest rates is not primarily cost of capital. Indeed, the local microfinance organizations that receive zerointerest loan capital from the online microlending platform Kiva charge average interest and fee rates of 35.21%. Rather, the main reason for the high cost of microfinance loans is the high transaction cost of traditional microfinance operations relative to loan size.
Microfinance practitioners have long argued that such high interest rates are simply unavoidable, because the cost of making each loan cannot be reduced below a certain level while still allowing the lender to cover costs such as offices and staff salaries. For example, in SubSaharan Africa credit risk for microfinance institutes is very high, because customers need years to improve their livelihood and face many challenges during this time. Financial institutes often do not even have a system to check the person’s identity. Additionally they are unable to design new products and enlarge their business to reduce the risk. The result is that the traditional approach to microfinance has made only limited progress in resolving the problem it purports to address: that the world’s poorest people pay the world’s highest cost for small business growth capital. The high costs of traditional microfinance loans limit their effectiveness as a povertyfighting tool. Offering loans at interest and fee rates of 37% mean that borrowers who do not manage to earn at least a 37% rate of return may actually end up poorer as a result of accepting the loans.
According to a recent survey of microfinance borrowers in Ghana published by the Center for Financial Inclusion, more than onethird of borrowers surveyed reported struggling to repay their loans. Some resorted to measures such as reducing their food intake or taking children out of school in order to repay microfinance debts that had not proven sufficiently profitable.
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About Microfinance

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A short introduction to microfinance

Microfinance: Matthias Adler at TEDxRheinMainChange

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Matthias Adler talks about microfinance and how the economy serves peoples’ needs, not the other way round.
He holds a master’s degree in economics (University of Tübingen). After working with the German Foreign Ministry in various embassies in developing countries for six years, he works at KfW Entwicklungsbank as principal financial sector economist and microfinance specialist. Since 2007, he has been working particularlx on the crosscutting issue of \”responsible finance\”. M. Adler is involved in global microfinance investment funds. Since August 2009, he has served as a member of the Executive Committee of CGAP a worldwide microfinance platform. Most recently, he has been actively involved in designing new financial instruments such as education finance.
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In the spirit of ideas worth spreading, TEDx is a program of local, selforganized events that bring people together to share a TEDlike experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, selforganized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are selforganized. (Subject to certain rules and regulations)
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How does Microfinance Work?

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A short introduction to Microfinance.
www.kiva.org

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