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Financial Inclusion in Kiva Org

Financial Inclusion in Kiva Org Access to financial services is a crucial element of economic development and social mobility. It is sad to see the World Bank’s estimates of nearly 2.5 billion having no access formal financial services. Only 24% of people in the low income group for instance own a back account and only 11% of them can save and access loans. This trend calls for concerted efforts at achieving financial inclusion. CFI works to attain financial by 2020 through generating information on the needs of the financially excluded so that they are understand and better served. Technology has been identified one very viable vehicle for transporting financial services even to the most remote areas of the world. Kiva is one organisation working to bring financial services closer to the excluded the world over and it leverages on technology to achieve its mission. The organisation’s goal is to connecting people across the world through lending with the sole aim of alleviating poverty. It gives opportunities for people to lend a minimum of $25 which is used in creating opportunities for poor people around the world. The whole 100% of the lenders money towards funding affordable loans to the needy and once repaid the lenders could withdraw their money in full or lend again to the needy borrowers. Kiva is currently present in 86 countries around the world, works with 293 MFI as field partners and has already disbursed loans worth $683,511,700 with an impressive repayment rate of 98.75% (Kiva.org, 2015) The organisation envisions a world where everyone in the world has the power to create and unleash their own opportunities. For this reason they are making possible for those who are financially excluded to also access capital that is cheap and safe. Kiva has a worldwide network of volunteers who collaborate with partners to make it possible for the smooth running of its programs. Most of the organisations funds come from donors and corporate sponsors who share the vision. References.1. Centre for Financial Inclusion. (2015). Investing in Inclusive Finance. Available at: http://www.centerforfinancialinclusion.org/programs-a-projects/investing-in-inclusive-finance 2. Kiva.org. (2015). How Kiva Works. Available at: http://www.kiva.org/about/how 3. Kiva.org. (2015). Mobile Banking in Indonesia. Available at: http://fellowsblog.kiva.org/fellowsblog/2014/03/16/mobile-banking-in-indonesia

Financial Inclusion in Kiva Org