Dubai-based microfinance platform funding organization, Pi Slice, announces that it has signed a partnership with European microcredit platform MicroWorld.org in order to launch a web-based social lending platform that will generate funding for the developing microfinance industry throughout the region.
Pi Slice has been working to bring a unique proposition to MENA individuals and companies who wish to make a social impact, by enabling them to invest in people who are excluded from the formal banking system and lack the means to start and grow income generating activities – via small online loans. These loans give such ‘micro-entrepreneurs’ the opportunity to develop their business activities and hence improve their lives and that of their families, as well as enabling microfinance institutions (MFIs) to build a sustainable future for the industry.
“Several challenges exist in the current microfinance industry in MENA, and investors have no access to projects that align with their social strategic goals,” said Pi Slice CEO Genny Ghanimeh. “And this is exactly what Pi Slice will resolve by providing transparency, accountability, access, and choice. Together with the experience and know-how of Microworld, we are sure to meet our challenges.”
David Langlois, COO of MicroWorld, commented: “At MicroWorld, we believe that people should be able to support the fight against poverty in a transparent, efficient, and respectful manner. Previously this was a dream, but now technology has made it a reality. Our success at developing meaningful connections between lenders in Europe and micro-entrepreneurs around the world has inspired us to bring our expertise to MENA.”
The re-launch is scheduled for January 2013, when Pi Slice and MicroWorld will unveil their new MENA portal for individual and corporate investors. “Our goal is to be the partner of choice for renowned MFIs and investors in the region, and together lead the change,” Ghanimeh said.
Pi Slice, which was founded in March 2012, is supported by tier one strategic partners and a highly motivated and qualified team. It is headquartered in Dubai, with a branch in Beirut, and board members include many prominent figures from the region.
MicroWorld.org, a European microcredit social business, has already launched a number of successful microcredit platforms in Europe that have enabled individuals and corporations to finance the businesses of micro-entrepreneurs in Peru, Senegal, Lebanon, Cambodia, and Tajikistan. It is part of the PlaNet Finance Group, an international microfinance organisation founded by Jacques Attali and Arnaud Ventura, with activities in 80 countries.
