What is Microlending?

What is Microlending?

Microlending refer to granting of small loans to individuals, in most cases it is granted to people with entrepreneurial qualities to start or grow their businesses.

Microloans which are offered in micro lending can be as small as $10.

Microlending is also known for its unique motivation, it is known for its development agenda. Micro lenders may further provide training and even networking support to the borrowers.

Microlending started in 1974 when one man Muhammed Yanus lend some small amount to a Bangladeshi woman living in poverty to make and sell bamboo stools to feed her family.

Ever since microloans have grown in amount and source, with banks, microfinances, credit unions, SACCOs and Cooperatives now offering microloans to more people.

Though there are some micro lenders who lend for profit just like the other lenders, microloans was specifically intended to be an investment to someone working hard to start or a business.

Jisort is the single platform that enable any financial institution to launch a micro lending business in hours.

Jisort support multiple microfinance institutions and SACCOs and other lenders offering micro lending in Africa.

 

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