MICROCAPITAL BRIEF: Student Microfinance Movement Accepting Entries for Competitions to Raise Awareness of Microfinance

The Student Microfinance Movement, a US-based network of student organizations, through a partnership with US-based financial institution Citi and US-based nonprofit organizations AboutMicrofinance and Kiva U, is accepting entries for its student microfinance essay and video competitions, which are aimed at raising awareness of the impact of microfinance on poverty and gender inequality.

The essay competition is open to students in three categories: middle school students aged 13 and 14, high school students aged 14 through 17 and college students aged 18 years and over. Two winners will be selected from each age group. Winners in the middle school category each will receive cash prizes of USD 50, high school winners will receive USD 100 and college students will receive USD 200. The winners of the video competition, which is open to high school and college students, will each receive a cash prize of USD 200. The student microfinance essays and videos may be submitted to MofMFI[at]gmail.com until April 30, 2014.

Additionally, the Student Microfinance Movement and the Small Enterprise Education and Promotion (SEEP) Network, a US-based nonprofit organization that aims to develop tools to improve household income worldwide, have called for videos made by microfinance institutions (MFIs) that explain the MFIs’ approaches to microfinance. There is a cash prize of USD 100 for the winning video and an opportunity to attend the SEEP Network’s annual conference, which will be held from September 22 to 25, 2014, in the US city of Washington, DC. The videos may be submitted through the following link until April 30, 2014: https://docs.google.com/forms/d/1W4M9VCpSGn9IDzeRZBcv8f7Kh6f5OefqAvEbMC5gMI0/viewform.

The Student Microfinance Movement has also partnered with Bonsai People, the creators of a documentary on Grameen bank founder Dr Muhammad Yunus, to launch a t-shirt design competition. The competition seeks design ideas that will “spark a dialogue” on microcredit and the month of microfinance, which the Student Microfinance Movement promotes each April. To participate, Contestants are required to create their designs on the website of Zazzle, an online retailer that allows individuals to create their own merchandise, and email the designs to bonsaimovie[at]gmail.com by May 27, 2014. Participants can also enter to win the “most viral” t-shirt design award by sharing their designs on social media networks such as Twitter, Pinterest and Instagram. Winners will receive USD 100 as well as a Bonsai People DVD.

The rules and instructions for the competitions can be found on the Student Microfinance Movement website, http://www.monthofmicrofinance.org.

By Chikondano Faith Chisala, Research Associate

About the Student Microfinance Movement: The Student Microfinance Movement is a US-based network of student organizations that aims to bring together students, academics, microfinance professionals and other public and private stakeholders to promote awareness, dialogue and collaboration in the client-centered microfinance sector. The organization’s mission is to: (1) form a diverse learning community; (2) foster nuanced conversation; and (3) facilitate connections between students and the microfinance community.

About Kiva Microfunds: Kiva Microfunds is a US-based, nonprofit online portal that was established in 2005. It allows individuals to make loans to microfinance institutions (MFIs) to backfill loans that the MFI has made to low-income borrowers. As of 2012, Kiva has raised funds for loans totaling USD 383 million that have been disbursed by 173 MFIs and similar organizations in 64 countries. In 2012, Kiva launched a pilot platform, Kiva Zip, enabling users to lend directly to microentrepreneurs in Kenya and the United States. Kiva U was established in 2013 through a partnership between Kiva and Citi, a US-based financial institution, with aim of mobilizing microfinance clubs at high schools and colleges across the US to empower them to become agents of change in microfinance and to further the efforts to expand financial inclusion and broaden access to finance for traditionally underserved communities.

About Citigroup: Citigroup is a financial services corporation with its headquarters in the US city of New York. Citigroup offers services including consumer and commercial banking, brokerage, asset management and institutional securities and transactions services in approximately 160 countries. Citigroup’s philanthropic activities are carried out by the Citi Foundation. As of December 2013, Citigroup reported 200 million customers, total assets of USD 1.88 trillion, total deposits of USD 968 billion, return on assets (ROA) of 0.73 percent and return on average stakeholder’s equity of 6.9 percent.

About AboutMicrofinance: AboutMicrofinance is a US-based nonprofit organization that was established with the aim of disseminating information on microfinance and financial inclusion for professionals and students.

About Small Enterprise Education and Promotion (SEEP) Network: The Small Enterprise Education and Promotion (SEEP) Network, which was founded in 1985, connects microenterprise practitioners from around the world to develop practical guidance and tools, build capacity and help set standards to advance its mission of sustainable income in every household. Its members reportedly are active in 170 countries as of 2012.

About Bonsai People: Bonsai People is a 79-minute documentary on Dr Muhammad Yunus and his work in microcredit and social business. The movie was directed by independent filmmaker Holly Mosher and was released in 2010. Dr Muhammad Yunus is a Bangladeshi banker, economist and Nobel Peace Prize recipient. As a professor of economics, he built on the concepts of microcredit and other forms of microfinance. Dr Yunus is also the founder of Grameen Bank, a Bangladeshi microfinance institution. In 2006, Dr Yunus and the bank were jointly awarded the Nobel Peace Prize.

Sources and Additional Resources

[1] Student Microfinance Movement website, contest page, http://monthofmicrofinance.org/contests

[2] Student Microfinance Movement, essay page, http://monthofmicrofinance.org/student-essay/

[3] Student Microfinance Movement, video page, http://monthofmicrofinance.org/student-video/

[4] Bonsai People, “T-Shirt Contest,” http://bonsaimovie.com/contest/

MicroCapital, April 15, 2014, “Small Enterprise Education and Promotion (SEEP) Annual Conference, Arlington, Virginia, USA, September 22 – 25, 2014,” https://www.microcapital.org/microfinance-event-2014-small-enterprise-education-and-promotion-seep-annual-conference-arlington-virginia-usa-september-22-25-2014/

MicroCapital, March 3, 2014, “Crowdfunders Kiva, Vittana Partner to Extend Student Loans for Higher Education in Developing World,” https://www.microcapital.org/microcapital-brief-crowdfunders-kiva-vittana-partner-to-extend-student-loans-for-higher-education-in-developing-world/

MicroCapital, October 7, 2013, “OPIC to Support Citi in Loaning up to $200m to Support Small Businesses in Africa, Asia, Eastern Europe, Latin America,” https://www.microcapital.org/microcapital-brief-opic-citi-to-loan-up-to-200m-to-support-small-businesses-in-africa-asia-eastern-europe-latin-america/

MicroCapital, March 30, 2012, “April ‘Month of Microfinance’ Promoted by Student Microfinance Movement,” https://www.microcapital.org/microcapital-brief-april-month-of-microfinance-promoted-by-student-microfinance-movement/

MicroCapital, February 8, 2012, “Muhammad Yunus Documentary “Bonsai People” to be Screened in Los Angeles, New York February 10 – February 16, 2012,” https://www.microcapital.org/microfinance-event-muhammad-yunus-documentary-bonsai-people-to-be-screened-in-los-angeles-new-york-february-10-february-16-2012/

MicroCapital Universe profile: Student Microfinance Movement, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=student+microfinance+movement

MicroCapital Universe Profile: Kiva Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Kiva

MicroCapital Universe Profile: Citigroup, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup

MicroCapital Universe Profile: SEEP Network https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SEEP+Network

MicroCapital Universe Profile: Grameen Bank https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Bank

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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Chikondano Faith joined MicroCapital after holding various rolse at a commercial bank, where she improved and diversified her skill set by exploring many banking functions including: trading, treasury management, credit analysis and business development. She developed an interest challenges faced by entrepreneurs in emerging economies after taking up a small business development and entrepreneurship course during her undergraduate studies at the University of Pretoria in Pretoria, South Africa. She holds also Masters degree in Strategic Management from the University of Derby, her independent study topic focused on strategies to support Small and Medium Enterprises (SMEs) in Malawi. In working with MicroCapital, she hopes to expand her knowledge of microfinance and to use this internship as a foundation to pursue a career in micro and developmental finance. Chikondano Faith enjoys travel, drawing, jazz music, and improving her French during her spare time.