It is announced that crowd-funding micro-lender Kiva has launched its first service in India. Leveraging the internet and a worldwide network of microfinance institutions, Kiva lets individuals lend as little as $25 to help create opportunity around the world, says the company. In India, the lender is expected to reach out to `underserved and vulnerable group’ through three field partners located in Odisha and Manipur.
Premal Shah, President (India), Kiva, said, “With more than 32 per cent of India’s population falling below the international poverty line and 68 per cent living on less than $2 a day, the country is in dire need of responsible, affordable sources of capital.’’
Kiva’s Field Partnerships in India are selected to operate in regions with a low-concentration of microfinance services. These include People’s Forum and Mahashakti Foundation from Odisha and (Weaker Sections Development Society) WSDS based in Manipur.
