Please describe the goal of your initiative; outline what you are trying to achieve
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
We are currently trying to raise funds to start a program for returning refugees in Juba, South Sudan. (Israel and other countries are sending back refugees to South Sudan.) In the first year we want to reach 100 entrepreneurs, build relationships with the different stakeholders as well as build and train a local team of paid field workers and volunteers. We expect to grow fast as there is urgent need for finance. With the right funding we would expect to reach 500 entrepreneurs in the second year and 2,500 in the third year.
Could your solution work in other geographies or regions? If so, where?
If your solution is dramatically successful, how will things be different in 10 years?
- Microfy programs will be operating in countries with large refugee populations around the world, providing more refugees with basic access to finance and creating scalable impact around the world.
- Refugees will be more capable and motivated to turn their lives around. They will be better equipped to face the challenges of going back home and rebuilding a post war economy.
What will have had to have changed to make this happen?
Microfy will need to become a professional and structured International organisation with:
- Diverse strategic partnerships with local NGOs, governments, companies and local communities
- A professional and passionate team of people who believe in Microfy's vision to change the world
- A tailored and adaptable methodology with a proven success record
What has been the impact of your solution to date?
- 120 refugees & asylum seekers have participated in our programs
- 60 of them have completed the business course
- 30 of them have started new businesses (out of which 20 of them are still running)
- 100% of them repaid their loans
What is your projected impact over the next five years?
What barriers might hinder the success of your project? How do you plan to overcome them?
- Funding for Loans: We expect a much higher demand for loans than previously attained. In order to increase our loan fund, we want to partner up with Kiva, other crowd funding sources and private companies looking to make a social impact.
- Loan Repayments: Until today Microfy has 100% return on the loans provided. As the number of loans / customers increases and the change in working environments, the risk of default will increase. Adapting our current methodology to local communities will be crucial in minimizing this risk.
- Local Partners: It’s important to find the right partners and synergy between us, whilst continuously looking at ways to improve the nature and scope of our relationships.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Microfy’s new structure will be in place 6 months after receiving the funding in one or more different worldwide locations.
Now think bigger! Identify your 12-month impact milestone
100 loans provided to refugee entrepreneurs