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The Microfinance Network is a network of 20 to 25 of the world's largest microfinance institutions, spread across Asia, Africa, the Middle East, Europe and Latin America. Established in 1993, the Microfinance Network provided support to members that helped steer many industry leaders to sustainability, and profitability in many of their largest ...
The United Nations Economic and Social Council proclaimed the year 2005 as the International Year of Microcredit to call for building inclusive financial sectors and strengthening the powerful, but often untapped, entrepreneurial spirit existing in communities around the world. There are five goals associated with "The Year" which are:
Grameen Bank in Bangladesh is the oldest and probably best-known microfinance institution in the world. Grameen Bank launched their US operations in New York in April 2008. [ 21 ] Bank of America has announced plans to award more than $3.7 million in grants to nonprofits to use in backing microloan programs. [ 22 ]
The First MicroFinance Institution Syria (FMFI-S) was established as a program in March 2003 and was the first private-sector microfinance service provider in Syria. In 2009, the institution was transformed into a regulated non-bank financial institution under the new Syrian microfinance law. This allowed it to invite other shareholders, such ...
The real average portfolio yield cited by the sample of 704 microfinance institutions that voluntarily submitted reports to the MicroBanking Bulletin in 2006 was 22.3% annually. However, annual rates charged to clients are higher, as they also include local inflation and the bad debt expenses of the microfinance institution. [20]
Microfinance stills remains a relatively new in Tanzania since it has not penetrated yet. Since 1995, microfinance has been linked to poverty alleviation programs and women (Harvey et al., 2018). [1] The government made efforts to ensure commercial banks have continued to provide financial support to the small entrepreneurial business.
By 2010 there were more than twenty large micro finance institutions in Kenya, which provided US $1.5 billion to approximately 1.5 million active borrowers. With over 100,000 clients, Equity Bank Kenya had the largest share of business loans representing market share of 73.50% followed by Kenya Women Microfinance Bank with 12.06%.
The Zimbabwe Association of Microfinance Institutions (ZAMFI) is a government institution established in 1999 with the aim of advocating for an enabling regulatory and funding environment and to promote best practices in the provision of demand-driven services for the growth of the Microfinance industry in Zimbabwe. [1]