Microcredit platform Pi Slice launched in Dubai
Dubai, March 14, 2013
Dubai-based microfinance funding platform, Pi Slice, has officially launched its operations enabling individuals and companies to lend to Mena-based microfinance institutions (MFIs).
In partnership with European microcredit platform MicroWorld.org, a subsidiary of the PlaNet finance Group, Pi Slice now offers a strategic choice for individuals and corporations to sustainably direct their socially responsible initiatives, said a statement.
Pi Slice empowers micro-entrepreneurs, who are otherwise excluded from access to credit by formal banking institutions, to start and grow businesses, engage in income-generating activities, and thereby transform their own lives as well as those of others by becoming job creators rather than job seekers, it said.
By giving a small online loan, a lender can provide aspiring micro-entrepreneurs with a life-altering opportunity to overcome poverty, enter the formal economy, and proliferate available employment opportunities, thus accelerating development. This would not only enable MFIs to build a sustainable future for the industry, but also help shape the region’s future economies, communities, and competitiveness, it said.
“Several challenges exist in the current microfinance industry in Mena, and investors have no access to projects that align with their social strategic goals” said Pi Slice CEO Genny Ghanimeh. “And this is exactly what Pi Slice will resolve by providing transparency, accountability, access, and choice. Together with the experience and know-how of Microworld, we are sure to meet our challenges.”
David Langlois, COO of MicroWorld, said: “At MicroWorld, we believe that people should be able to support the fight against poverty in a transparent, efficient, and respectful manner. Previously this was a dream, but now technology has made it a reality. Our success at developing meaningful connections between lenders in Europe and micro-entrepreneurs around the world has inspired us to bring our expertise to Mena.”
As key stakeholders in the region’s development process, the private sector is now presented with an unparalleled CSR channel to unlock the abilities of millions of unemployed youths, activate human capital in the labor force, and solve economic crises, hence actively contribute to the sustainable development of the Mena region, Pi Slice said.
Pi Slice has unveiled its Mena portal for individual and corporate investors, opening doors to a brighter future. “By making the Pi bigger, the private sector’s shares consequently increase, and the development process becomes a win-win situation aligning the interests of all stakeholders.” Ghanimeh said. “Our goal is to be the partner of choice for renowned MFIs and investors in the region, and together lead the change.”
Pi Slice, which was founded in March 2012, is supported by tier one strategic partners and a highly motivated and qualified team. It is headquartered in Dubai, with a branch in Beirut, and board members include many prominent figures from the region.- TradeArabia News Service