Annette Brooke MP visit to Malawi
November 1, 2007 12:00 AM
Annette Brooke MP who chairs the All Party Parliamentary Group on Microfinance has just returned from a visit to Malawi with Opportunity International. Microfinance involves the granting of very small loans to operate a business and is regarded as one of the most important poverty alleviating tools.. Examples of businesses which Annette visited in Malawi included rearing chickens, making clothes, running a small restaurant, and trading goods bought from Tanzania in the local market. Borrowers are predominantly women and the profits which they earn from growing their businesses enables them to keep their children in education longer as well as generally boosting household income.
A particular feature of the visit was to see the automated banking system used by Opportunity International's Malawi Bank. Poor people are usually unable to access banking services because they do not have a passport or a driving licence for identification and have very small savings. With Opportunity they are able to deposit very small levels of savings and withdraw their savings using a smart card which incorporates their fingerprints. The bank is opening more branches nearer to the customers and even has a mobile bank to visit villages. Annette said 'this advanced use of technology has already facilitated financial inclusion for thousands of poor people.'
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