Travel to Peru to Learn More about Microfinance (and see Machu Picchu, too!)
September 5, 2011 1 Comment
Global Partnerships is organizing a delegation to visit partner microfinance institutions in Peru:
Join us for an unforgettable journey to one of the most fascinating countries in Latin America. We’ll travel to remote areas to witness firsthand how people are building businesses and improving their lives with the help of microloans and other support from GP’s microfinance partners. Along the way we’ll take in the amazing sights, culture and history of Peru, including a day at Machu Picchu and other Incan ruins.
As a GP delegation alumnus, I can personally attest to the value of these trips, and would encourage anyone considering investing in or donating to microfinance to consider this opportunity.
News and Commentary, Travel
Dear Organiser
A brief about Equitas fyi
Equitas Micro Finance India P Ltd, Chennai
In a matter of 3 ½ years, the company has set benchmarks in the Micro Finance industry:
1. A combination of process and technology innovation has helped us maintain an operational efficiency which is about 100% better than any other MFI in the country
2. CGAP (an arm of World Bank) have a blog in their website, that the technology we deploy at Equitas is the best amongst MFIs in the world
3. mfTransparency.org which is a global NGO floated to improve transparency amongst MFIs has confirmed to us that we are the only MFI in the world to transparently publish the true cost of funds for the clients in the passbook which are given to clients, and by way of reducing balance method
4. Harvard Business School has written a case study on Equitas (Harvard Business School Case 510-104.)
5. CRISIL has consistently rated us well and has given us the highest rating they have ever given to any other micro finance company in the country, though we are among the youngest
6. We crossed 1.5 million client base and operate out of 7 States and 290 branches with around 2500 staff
7. Conservative accounting policy: we provide 1.25% standard asset provisioning though RBI norms do not require us to do any such provisioning
8. We have recently been rated by CRISIL under their Corporate Governance rating and we have received a Level 3 rating (on a scale of 1 to 8, 1 being best). We are the only 8th corporate in the country to have got this rating, besides being of course, the first MFI.
We also do significant number of social initiatives, under aegis of EDIT (Equitas Development Initiatives Trust) all on not-for-profit basis:
9. Primary Health Care: Our primary health care medical camps done free has benefited around 598755 clients so far which is a record in the MFI sector globally – CSR Division
10. Secondary Health Care: Our tie up with large number of hospitals helps our clients get treated for serious illness at a discount to normal cost – Done by CSR Division
11. Health helpline: Members call this line for serious illness and the operator guides them
12. Livelihood support: We have given skill development (vocational training-Equitas Gyan kendra) to over 230884 people so far which is also a global record – Done by CSR Division
13. Education: Around 3000 children are studying through 50 tuition centres(Equitas Shiksha) we run as an after school education support – run through Equitas Trust
14. Schools: We have commenced four regular schools called Equitas Gurukul, (in Trichy and Dindigul,Salem & Coimbatore) – run by Equitas Trust
15. Retail: We run a chain of grocery stores where our clients can buy groceries. Benefit of aggregation is passed on to them. They also get a card from us with a limit loaded in it which acts just like a credit card to them – run by Equitas Dhanyakosha, a Sec 25 Company
16. Ultra Poor Programme: We have commenced a programme for Rehabilitation of Pavement Dwellers in Chennai and identified 115 families in the first phase. We have moved 71 families into houses and imparting them skill development training. Most families have attained self sustenance status. Houses being identified for remaining – run by Trust
17. Physically Challenged people: We have financially supported, so far, 5199 physically challenged people of whom 461 are blind in setting up some livelihood activity so that they can stand on their own feet