MICRO FINANCE & SKILL DEVELOPMENT
I n several communities, businesses and families find themselves either cut off from conventional banks or making too little to qualify for any conventional bank services. Hence, they can’t save or loan money; neither can they enjoy the benefits of insurance.
This is why locations like this need smaller financial institutions called Microfinance banks. These institutions are dedicated to providing low-income earners, entrepreneurs, and enterprises with the right financial plans, accounts, loans, insurance, traditional banking services, and backing needed to secure their developmental pursuits.
Where we come in
Various studies have revealed that nearly half of the world’s population survives on $2-5.5 a day, with 10% of the world sinking down to $1 daily. Putting that into perspective, this means that approximately 760 million people survive on $1 daily, whereas up to 3.8 billion people in the world do the same on lesser than $5.5.
These shocking stats show that more than half of the world remains poor and unable to gain access to the right quality of life and advantages offered to society. To remedy this, Sinai Foundation has created another scope of our humanitarian assistance— Microfinance Banking & Skill Development.
Through this service, we intend to:
- Improve the life standard of people and families
- Make credits easily accessible to residents of our various communities
- Provide microcredits to the less privileged
- Offer skill development and education to residents
- Create real jobs
- Make it possible for families to educate their children
- Encourage saving and financial management
- Create investors
- Motivate and encourage residents to embrace local programs on trade, agriculture, and livestock
- Educate residents on building great credit scores and financial relationships
- Encouraging micro-finance assistance through donating organizations
We have come to understand that microfinance banking works hand in hand with skill development. Without the needed skills and infrastructure for locals, most will lack the means to engage in proper savings, investing, and financial management. This also means a persistent low standard of living across families and the community suffering stagnancy in various degrees. By providing each local with the right skill acquisition programs, business principles education, and microfinance loans and support, we are able to give families what they need to earn a higher income, grow, and develop their community.