Unitus, an international nonprofit organization that provides funding and consulting services to microfinance institutions, has recently announced that it will be discontinuing its microfinance-related activities and will direct its remaining assets to “new early-stage, poverty-focused philanthropic activities” [1]. Before this shift of resources occurs, Unitus plans to complete current partner commitments and will dismiss its staff of 40 people in Nairobi, Kenya; Bangalore, India; and Seattle, Washington.
Ed Bland, President and Chief Operating Officer for Unitus, says, “The fact that we have become largely unnecessary in the microfinance arena is fantastic news…” [1]. According to Joseph Grenny, Unitus Board Chair “We now feel that there is greater need for our capital and energy in other areas—which we are currently exploring—aligned with our overarching mission of alleviating poverty through opportunity” [1].
Geoff Woolley, a former Unitus board member, will serve as the Chief Executive Officer for “new” Unitus. [1]. As of 2009, Unitus had total assets of USD 19.4 million.
By Julia Korn, Research Associate
About Unitus Inc.:
Unitus Inc. is an international nonprofit organization that aims to accelerate the growth of microfinance to alleviate poverty. Unitus draws on employees from a variety of backgrounds, including microfinance, banking, technology and consulting, to provide microfinance institutions (MFIs) with expertise and funding. As of 2008, Unitus worked with 23 MFIs in India, Southeast Asia, East Africa, South America and Mexico. Unitus also participates in the Unitus Equity Fund I, which is managed by Elevar Equity Advisors and invests in MFIs in India and Latin America. As of 2009, Unitus had total assets of USD 19.4 million. As of July 2010, Unitus is planning to refocus its efforts away from microfinance toward other “poverty-focused philanthropic activities.”
Sources and Additional Resources:
[1] Unitus Press Room. “Unitus Redirects Efforts from Non-Profit Microfinance Acceleration toward a Broader Array of Social Ventures” on July 2, 2010. http://www.unitus.com/news-and-information/features/unitus-redirects-eff…
MicroCapital Universe: Unitus Inc.: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Uni…
MicroCapital. “MICROCAPITAL BRIEF: Mimoza Enterprises Finance (Mimo) Receives $1.5m Loan from Unitus Incorporated, US Overseas Private Investment Corporation (OPIC) and Citi Microfinance” by Julia Korn on June 30, 2010. https://www.microcapital.org/microcapital-brief-mimoza-enterprises-financ…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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