Rotarians Partner with Okicredit to Support MFIs

April 13, 2011

The Rotary Foundation today announced that it's partnering with Okicredit International under which Rotarians worldwide provide technical and financial support for microfinance institutions (MFIs) and the communities those institutions serve.

The partnership, the first such arrangement under what the Foundation refers to as its Future Vision Plan, opens the doors for local Rotary Clubs to work with MFIs that are part of the Okicredit network. Together, these groups will identify local needs, then devise and implement training programs that help to improve micro-entrepreneurs business skills.

"Knowledge and training are as important as financing," explained Tom G. Gull, Okicredit's managing director. The work Okicredit does with regional MFIs and micro-entrepreneurs places it in an ideal position to understand and contribute to social and economic development needs, Gull said. "Rotary funding and expertise from volunteers will greatly facilitate this effort," he added.

Founded in 1975, Okicredit has invested more than $684 million invested in over 800 organizations in more than 70 countries.

The Rotary Foundation is part of Rotary International, a worldwide network of clubs with members representing all types of businesses that is dedicated to helping individuals and communities. Rotary Foundation grants support large, international projects with sustainable, high-impact outcomes.

Although the partnership with Okicredit is a first for Rotary International, several local Rotary Clubs have worked with the international microfinance group on past projects. In 2007, for example, Rotary Clubs in Kenya and the Netherlands received funding from the Foundation to work with Okicredit on building a milk cooperative near Nairobi.

2.5 billion adults, just over half the world's adult population, do not use financial services to save or borrow

^{_{The Financial Access Initiative}}