Banking partnership attacks extreme poverty in Africa

Modern banking technology and "micro loans" are helping poor Africans work their way out of poverty, according to World Relief, the international relief and development arm of the National Association of Evangelicals, reports Baptist Press.

A "microfinance" program established by World Relief in Rwanda 10 years ago is being expanded in a partnership with Opportunity International, an organization in Oak Brook, Ill., focused on alleviating extreme poverty around the world. The Urwego Opportunity Microfinance Bank will provide small business loans, savings, life insurance services and even ATM cards in a country where most people have no way to keep their earnings safe.

The 17 microfinance banks opened by Opportunity International since 2000 offer poor people their first chance to put money in an interest-bearing savings account. Having a safe place to accumulate savings not only allows families to improve their lies, but it also helps countries like Rwanda develop capital resources for new business and municipal improvements.

"Microfinance has played a key role in building peace and reconciliation through trade as Rwanda continues to recover from the horrors of the genocide," said Sammy Mah, president of World Relief.

Laurie Cook, CEO of World Relief Canada, said, "We believe that providing financial services to those who are entrenched in poverty is actually a matter of justice and an imperative for those of us who are blessed with more than our share of resources. What is being provided with this new venture is the opportunity for many to reach the first rung on the ladder."

New iPad POLL! VOTE NOW! Will you buy new iPad?

[01/03/2008]

Print Version