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A microinsurance scheme uses insurance devices whose beneficiaries are often individuals who generally do not have access to traditional social protection systems. Members contribute to at least part of the contributions that are to be redistributed in benefits. Thus, it is of particular use to informal economy workers. Such schemes were initiated by NGOs, International Organisations, and are now spreading at regional level through coordination networks of cooperative and mutual organisations in Africa, Asia, and Latin America.
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What services does the company Opportunity International offer?
Opportunity International helps people in the developing world work their way out of poverty. They provide both financial products and strategies to help these people reach their goals. The products include loans, microinsurance and training. The strategies include local staffing, rural outreach, and Trust Groups.
What is micro credit?
(From http://www.kivapedia.org/index.php/Main_Page ) Microcredit is the extension of very small loans (microloans) to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. These individuals lack collateral, steady employment and a verifiable credit history and therefore cannot meet even the most minimal qualifications to gain access to traditional credit. Microcredit is a part of microfinance, which is the provision of financial services to the very poor; apart from loans, it includes savings, microinsurance and other financial innovations. Microcredit is a financial innovation which originated in developing countries where it has successfully enabled extremely impoverished people to engage in self-employment projects that allow them to generate an income and, in many cases, begin to build wealth and exit poverty. Due to the success of microcredit, many in the traditional banking industry have begun to realize that these microcredit borrowers should more correctly be categorized as pre-bankable; thus, microcredit is increasingly gaining credibility in the mainstream finance industry and many traditional large finance organizations are contemplating microcredit projects as a source of future growth. Kiva is a non-profit organization with a mission to connect people through loans for the sake of alleviating global poverty. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help fund small businesses run by low-income entrepreneurs around the world. Visit www.kiva.org to make a loan of your own!
