Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed, who traditionally lack access to banking and related services.
In Nairobi’s largest slum, the Msingi Bora (Good Foundation), is a microfinance group that holds weekly meetings. With 23 members, each contributing 50 shillings (62 Canadian cents), they formed a pool from which loans can be made.
Loans from Msingi Bora range from 500 shillings ($6.6 CAD) upwards, enable local slum dwellers, many of whom have to pay for children’s education, to borrow money to pay for many necessities that cannot be provided without a steady income.
http://allafrica.com/stories/201004131004.html
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