Microfinance

Empowering small-scale entrepreneurship and economic independence through access to socially beneficial assets and services using microfinance loans.

Economic Growth

Why Microfinance?

Enabling financial independence, access to social assets, and economic opportunities is one of the most powerful and efficient ways to alleviate poverty across the globe. However, with a vast majority of adults having no access to formal lending or banking, promoting local entrepreneurship and small business growth is a significant challenge. Further, this is almost impossible for an individual seeking economic support to elevate and stabilise their standard of living in their home and community.

In Malawi, access to finance is the biggest obstacle to business establishment, growth, and success (Malawi Enterprise Survey 2014). Malawians are alienated from formal financial services, such as banks and loans, due to a lack of collateral, high interest rates, fear of indebtedness, and low or inconsistent incomes. Whilst some ingenious and informal solutions have been created locally, such as village banks (a collaborative effort by a group of 20-30 women to distribute micro-loans amongst their community), 73% of these community groups claim to have insufficient funds and want access to more capital.

With small-scale entrepreneurship and the desire for more income-generating activities growing rapidly, and mostly amongst women, accessing financial assets and solutions remains frustratingly beyond reach.

In Malawi, only 18% of adults have access to a bank account, with only 6% of the nation’s population having access to formal lending (PEV, 2020)

About 131 million or 41% of formal MSMEs (Micro, Small and Medium Enterprises) in developing countries have unmet financing needs. (UN, 2020)

The financial inclusion gender gap in developing countries remained at 9 percentage points in 2017, unchanged since 2011. (UN, 2020)

Our Awards and Certifications

What we are doing

Working alongside established village banks, PEV has developed a microfinance service, providing additional capital and loans to the village bank funding pool, allowing more loans to be distributed to support local enterprises and new ventures. Leveraging the already established and trustworthy village bank systems simplifies the process and promotes community-wide economic independence, and so far this has resulted in a near 0% default rate.

As Village Banks are the primary source of capital for lower socio-economic areas, this increased investment has a direct positive impact on economic welfare and combating poverty. With the majority of the loan recipients being women, the social and economic benefits for women range from increasing individual financial empowerment, boosting and diversifying household incomes, increasing GDP per capita, and overcoming long-held barriers to gender equality.

124
Loans provided to local community members

$10,342
AUD provided in loans in the Nancholi region

87%
Of customers, within 6 months, followed up with confirmed improved situations

The United Nations Sustainable Development
Goals

Goal 8: Decent Work and Economic Growth

Targets:

8.10 Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

How to Get involved

Connecting young change-makers and technology partners you will be testing social enterprise solutions in real-world contexts at the very early stages. This is an opportunity to deeply understand our community members and work with them to develop a meaningful social impact.

Locations
Dates Available
Price

Global Impact Program

Malawi

June 2021
June 6 – 25 2021

July 2021
June 29 – July 24 2021

December 2021
November 28 – December 22 2021

January 2022
January 3 – 28 2022

February 2022
February 1 – 26 2022

4 Weeks – $4980 AUD

Our Impact
Partners

“I chose to undertake this with Project Everest in Malawi working with the Microfinance Team to determine the viability of offering loans to village banks. This experience has enabled me to apply the skills I have learnt within my degree, whilst considerably expanding my capabilities beyond what can be learnt theoretically. The month has been an unforgettable experience and I will be forever grateful that my university enabled me to undertake this placement.”

Courtney Dudgeon

Our
Impact
Projects

You can join over 9 active projects we have developed in countries such as India, Timor-Leste, Fiji and Malawi, as well as rural communities around Australia. You can even make a social impact from the comfort of home as a social impact consultant through our Virtual Impact Program. Our innovative project solutions span across a range of areas for maximum impact, including agriculture, microfinance and solar energy solutions.

Fuel Biodigesters

A safe, low-cost fuel alternative for 3 billion people worldwide by converting agricultural waste into clean energy.

Clean Energy

India

Sustainable Engineering Solutions and Food Security

4 Weeks

See Project

Solar Infrastructure Consulting

Providing Indian businesses and households with reliable and safe electricity through affordable, clean, solar energy.

Clean Energy

India

Sustainable Engineering and Clean Energy

4 Weeks

See Project

4Ize Consulting

Changing the lives of over 1 billion people who suffer from vision impairment, with an end-to-end testing and spectacles dispensing system that can be used by local people with no prior vision testing experience.

Gender Equality Good Health

Fiji, Timor-Leste,
Australia, Virtual

Med Tech
 

2 - 4 Weeks

See Project

Ag-Tech Consulting

Ensuring food security, nutritious diets and economic empowerment for 500 million smallholder farmers around the world, whilst safeguarding biodiversity and boosting developing economies through sustainable and efficient agricultural supply chains.

Life On Land No Poverty Zero Hunger

Fiji, India, Timor-Leste, Malawi, Australia, Virtual

AG Tech, Food Security and Environmental Sustainability

2 - 4 Weeks

See Project

Anti-Poaching

Preventing mass extinction and guarding biodiversity by stopping illegal wildlife poaching using AI technology.

Life On Land

Malawi,
Virtual

Animal Welfare and AI
 

4 Weeks

See Project

Female Sanitation | Menstrual Cups

Empowering women and girls through safe sanitation practices and access to education and opportunities, using reusable and hygienic menstrual cups

Clean Water Gender Equality Recycling & Reuse

Malawi, Timor-Leste

Empowering Women and Girls

4 Weeks

See Project

Female Sanitation | Reusable Pads

Empowering women and girls through safe sanitation practices and access to education and opportunities, using reusable and hygienic pads.

Clean Water Gender Equality Recycling & Reuse

Malawi, Timor-Leste

Empowering Women and Girls

4 Weeks

See Project

Financial Literacy Consulting

Empowering small-scale entrepreneurship and economic independence through access to financial literacy and resources to enable growth opportunities.

Economic Growth

Fiji

Economic Empowerment

4 Weeks

See Project

Microfinance

Empowering small-scale entrepreneurship and economic independence through access to socially beneficial assets and services using microfinance loans.

Economic Growth

Malawi

Economic
Empowerment

4 Weeks

See Project

Solar Solutions Consulting

Electrifying the 16.5 million Malawians with no access to electricity using affordable, clean, solar power.

Clean Energy

Malawi

Sustainable Engineering and Clean Energy

4 Weeks

See Project

Sustainable Stoves

Providing access to cleaner, low cost and fuel-efficient energy to 3 billion people worldwide whilst maintaining long-held cooking practices and traditions.

Clean Energy

Fiji, Timor-Leste

Sustainable Engineering Solutions and Food Security

4 Weeks

See Project

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