An announcement was made at an event at New York University that FINCA (Foundation for International Community Assistance) will be launching its Village Banking Campaign, an initiative to supply the unmet demand for financial services to millions of low-income individuals.
FINCA International, established in 1984, is a nonprofit agency that works with several countries across the world, possessing an asset base of USD 133mm as of 2005, according to their annual report. They are often recognized for architecting the concept of Village Banking, a major form of microfinance. The method entails group lending, in which the group in question essentially works together as an alternative to collateral, each member accountable for the other.
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