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Microfinance: What is it?

What is microfinance?

Microfinance involves financing which provides access to small loans (micro - credit) for low income families in order to ensure the commencement of business or maintaining current business activities for family members incomes. Microfinance is a sustainable model of crediting that should meet the financial needs of the poor and marginalized segments of society. The importance of Micro - credit was highlighted in 1970 through the efforts of Muhammad Jonus, microfinance pioneer and founder of the Grameen Bank in Bangladesh. His efforts to create economic and social development of societies through microfinance got its recognition with the Nobel Prize in 2006.

What is а microfinance institution?

Microfinance institution (MFI) is an organization that provides financial services for low income families. Although every microfinance organization is different, all microfinance organizations share a common feature in terms of providing financial services to a clientele that is vulnerable and considerably more marginalized from classical banking clientele

Why the focus is on women borrowers?

In order for economies to grow and thrive, women must be included in each level. All these is particularly true in many developing countries where women constitute the majority of poverty, unemployment and social and economic marginalization. Research shows that women tend to invest the money they earn to their families, education and households which over time are strengthening and stabilizing the social and economic aspects of their communities.

Why loans include interest?

The inclusion of the interest is only necessary to create a financing, sustainable and viable credit program that will continue to generate more capital in order to enable more people to have access to credit.

About us

MFO is focused on supporting start-up entrepreneurs, micro and small enterprises, as well as all others who have difficulties to access to financial services (Roma, rural population, etc.).
For accomplishing the goals, MFO is working to establish strong links with other similar domestic NGOs, international organizations and foreign donors.
MFO is based on the following values: entrepreneurship, participation, partnership, accountability and transparency, sustainability and equal opportunities.
In achieving its goals and objectives MFO is using the following methods:

- Analysis and research;

- Monitoring the situation;

- Raising awareness through campaigns and other activities

- Preparation and suggestions of relevant legal acts and mechanisms supportive business environment;

- Capacity building through training and consultancy;

- Joint events and performances in public.

Our mission

Our mission

MFO mission is to contribute in creating a society in which sustainable microfinance sector will deliver adequate financial and non-financial services to reduce poverty through the promotion of entrepreneurship and development of micro and small businesses and others who have difficulties to access to financial services

Objectives

Objectives

MFO strives to accomplish the following objectives:

• Achieve the common interests of MFO members through intensive and active communication with all relevant stakeholders in the field of joint action

• Improved access to financial services as a powerful tool for entrepreneurship development and poverty reduction through intensive communication with target groups and the introduction of innovative products by using information and communication technologies

• Improved business environment through greater inclusion of the business community and civil society in making and implementation of legislation and regulations in an organized form

• Promoting and developing entrepreneurship, encouraging innovation and development of partnerships.

• Improved capacity of MFO members

OurTeam

tim М-р Горан Лазаревски

Извршен директор

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Моб. +389 78 364 913

Елена Цуцулоска

Оперативен менаџер

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Моб. +389 78 435 500

Наташа Јорданова

Проектен асистент

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Моб.: +389 78 274 283

Членови

- ЦЕП Можности Скопје

- ЗГ ФУЛМ Скопје

- Микрокредитна фондација Хоризонти Скопје

- Македонска Развојна Фондација за Претпријатија Скопје - МРФП

Members

- CEP Moznosti Skopje

- ZG FULM Skopje

- Microcredit fondation Horizonti Skopje

- Macedonian Enterprise Development Fondation - MEDF

Implementation partners

- Saving House Moznosti Skopje

- Saving House FULM Skopje

- Microcredit fondation Horizonti Skopje

- Macedonian Enterprise Development Fondation - MEDF

Media

Reports

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