Portal links women to finance

BUSINESS

|
Image: Stephanie, a Rwandan widow and one of the entrepreneurs to benefit. By joinFITE.org
Stephanie, a Rwandan widow and one of the entrepreneurs to benefit

A new portal has been launched that will help women entrepreneurs around the world to get microloans to help them grow their businesses.

Financial Independence Through Entrepreneurship, FITE, is a campaign designed exclusively to benefit women entrepreneurs and marks the first time that an open microlending platform has been created that is accessible to consumers online, offline and through retail channels.

It targets entrepreneurs who are too poor to qualify for traditional financing. FITE notes that 70% of people living in poverty are women.

While research has shown that women who are financially independent can be the greatest agents of change in their communities, only 2% of all international aid money goes to women. The joinFITE campaign has as its initial goal helping at least 25 000 women start or grow a business in the next two years.

Its portal, www.joinFITE.org, was launched this week by personal microlending site Kiva.org with support from skin care firm Dermalogica.

The campaign reports that it is off to a promising start: only days into the project, it has made 88 loans so far and 37 people have already paid a percentage of their loans back, while two loans have been completely repaid.

Loans that are repaid into the fund are then used to help fund the next entrepreneur.

The new site allows members of the public, companies and other organizations to donate money for use in the programme, and select which entrepreneur, region or industry the funding should go to.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Nigeria will drive West African operations, says Asseco chief

L-R: Simon Melchior, Mrs Ogunboye, Majekodunmi and Communications M Akinwande Oluwatobi European software giant Asseco Group has decided to open shop in Nigeria to drive its presence in the sub-region from the country. Read More

Eaton Towers acquires Airtel towers in 6 countries

Eaton Towers and Bharti Airtel today announced an agreement for the acquisition of over 3,500 telecoms towers by Eaton Towers from Airtel. Read More

TNM first quarter net profit jumps to K1.8 billion

Malawi's mobile telecoms network service provider TNM continues to realise an increase in net profit from operations. Read More

Revenues from tablet games to triple

New data from Juniper Research has revealed that by 2019 worldwide revenues from tablet games will reach $13.3 billion – a threefold rise on the 2014 figure of $3.6 billion. Read More

Airtel Uganda hosts high value customers at Business Leaders’ Forum

Enterprise Director, Airtel Uganda, Mr. Oladapo P. Sorinolu Airtel Uganda has hosted an Enterprise Expo in Mbarara district, Western Uganda, as part of efforts to provide practical and modern business solutions to its high value customers.  Read More

Safaricom, Airtel complete yuMobile deal

Safaricom and Airtel have completed the US$120 million acquisition of yuMobile from Essar Telecom. Read More

GrowthAfrica, Usahibu partner to solve SME accounting issues

Kenyan accelerator GrowthAfrica has partnered cloud computing firm Uhasibu in a bid to address the accounting and financial software needs of East African startups and small and medium enterprises (SMEs). Read More

Top 10 risks worth considering when expanding into Africa

Companies planning to expand across Africa must make a concerted effort to understand the risks, and not assume they “know” Africa, says ContinuitySA. Read More

Shop Soko connects Kenyan artisans to lucrative international markets

A new e-commerce platform, Shop Soko, is helping Kenyans access a lucrative international market. Read More

Ricoh SA begins rollout of new services-led strategy, Africa expansion

Jacques van Wyk has been appointed Ricoh SA’s new COO to drive the expanded strategy that will enable the business to become a services-led organisation and see its expansion into the rest of Africa. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

MFarmer SMS redefines market access for Ugandan farmersMFarmer SMS redefines market access for Ugandan farmers

Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. 

IN DEPTH

NIG President speaks his mindNIG President speaks his mind

Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.