Helping Rural Women build assets to better lives!
Founded by women in the Washington, D.C. area, WMI provides financial resources and training to village-women in East Africa. Issuing its first microloans in January 2008, by the end of 2019 WMI had issued 54,000 loans totaling over $7.2 million to rural women in more than 1,500 villages in Uganda, Tanzania and Kenya. WMI is now on track to issue 7,500 loans each year. Because the loans carry interest, they produce income to issue more loans to new borrowers and to fund on-the-ground operations so that the loan program becomes self-sustaining. WMI is making financial inclusion a reality for village women in East Africa.
WMI borrowers use their loan money to grow and sell produce, open small shops and roadside food stands, raise chickens, tailor clothes, open beauty salons and carpentry shops and grow coffee. The women use their profits to pay school fees, buy better food, improve their homes, obtain healthcare for their families, and expand their businesses!
WMI promotes social justice and human capacity building, and provides financial literacy training. The loan program is run by teams of village women, who work together to ensure repayments. No collateral is required and the women guarantee each other’s loans. They take their repayment responsibilities seriously, use their money cautiously and manage their businesses carefully!
For more information about Women’s Microfinance Initiative and its ongoing efforts to combat rural poverty in East Africa, please go to our website at http://www.wmionline.org