Pi Slice, a start-up crowdfunding platform based in Dubai, reportedly plans to link poor entrepreneurs in the Middle East to microloans raised via social media. Supported by MicroWorld, an internet platform created by French NGO PlaNet Finance and French investment company Groupe Allard, Pi Slice aims to assist farmers as well as unemployed youth in Jordan, Lebanon and Palestine. Members of the public can make loans in increments of USD 20 via Pi Slice to partner microfinance institutions (MFIs), and the money is used to “backfill the account” of a borrower chosen from those whose profiles are listed on the Pi Slice website. Once the loan is repaid, the investor may choose to withdraw the money from his or her account; no interest is earned by the user of the Pi Slice website. Pi Slice’s MFI partners are Al Majmoua of Lebanon, the Arab Center for Agricultural Development (ACAD) of Palestine and Microfund for Women (MFW) of Jordan.
There reportedly is a funding deficit of USD 3.5 billion for poor entrepreneurs in the Middle East, including approximately 3 million households. Pi Slice intends to expand to include borrowers in Egypt, Morocco, Tunisia and Yemen in the future.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
The National: “Life of Pi to Bridge the Funds Gap,” http://www.thenational.ae/business/economy/life-of-pi-to-bridge-the-funds-gap
MicroCapital.org story, February 25, 2012, “MICROCAPITAL BRIEF: CapgeminiGroup, MicroWorld Launch Digital Microfinance Platform,” https://www.microcapital.org/microcapital-brief-capgemini-group-microworld-launch-digital-microfinance-platform/
MicroCapital.org story, October 25, 2011, “MICROCAPITAL BRIEF: Paris Commercial Court Dismisses Petition Filed Against Socially Responsible Invesment Platform MICROFIS by Microfinance Nonprofit PlaNet Finance, PlaNIS responsAbility SAS,” https://www.microcapital.org/microcapital-brief-paris-commercial-court-dismisses-petition-filed-against-socially-responsible-investment-platform-microfis-by-microfinance-nonprofit-planet-finance-planis-responsability-sas/
MicroCapital.org story, May 5, 2011, “MICROCAPITAL BRIEF: 17 Websites Now Allow Individuals to Commit as Little as USD 20 as Microfinance Loans,” https://www.microcapital.org/microcapital-brief-17-websites-now-allow-individuals-to-commit-as-little-as-usd-20-as-microfinance-loans/
MicroCapital Universe Profile: MicroWorld
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroWorld
MicroCapital Universe Profile: PlaNet Finance
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=PlaNet+Finance
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
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