Manulife Financial Corp, a prominent insurance firm, has entered into a partnership with Kiva, a non-profit microfinance organization, to bolster the prospects of microentrepreneurs in several key emerging markets in Asia. This collaboration involves Manulife offering resources to support microfinancing in the Philippines, Cambodia, Indonesia, and Vietnam over a three-year period. The infusion of $1 million (equivalent to P57 million) is expected to enhance opportunities for underserved communities and small business owners in these countries.
Under this agreement, the Manulife Match Fund will play a pivotal role in capitalizing microentrepreneurs on Kiva’s crowd-funding platform, streamlining the distribution of funds to support budding businesses. As loans are repaid, the returned resources will be reinvested in the fund, creating a sustainable cycle of financial empowerment.
Manulife’s Global Chief Sustainability Officer, Sarah Chapman, emphasized the transformative potential of this partnership, as it empowers entrepreneurs by providing them with the necessary financial resources to establish and grow their enterprises, ultimately contributing to the betterment of communities in key emerging markets in Asia.
Kiva, originally founded in 2005, has been a pioneer in crowdfunding, connecting individual lenders with entrepreneurs and communities worldwide. With the support of over two million contributors, Kiva has successfully facilitated the investment of $2 billion, benefiting around 4.7 million borrowers. In the Philippines, this initiative encompasses various beneficiaries, particularly those engaged in the agriculture sector, marking an important step towards fostering inclusive economic development.
