Matt Flannery, CEO of KIVA is clear about his passion for microfinance. Matt signed up
at the beta test phase of the site. When we called him he said: "I love the cause and will
help anyone else involved in micro-credit."
His organization is also on the creative edge of microfinance. KIVA is a microfinance
website that allows people to invest directly in entrepreneurs around the world through
the internet.
The seeds for KIVA were planted in 2004 when Matt Flannery, a computer programmer
and Jessica Flannery, a staff member with Village Enterprise Fund (VEF) spent several
months working in rural Kenya, Tanzania and Uganda. They were struck by how small
businesses impacted both the entrepreneurs and the whole community. Matt and Jessica
wanted to get involved and with Matt's extensive computer background, the solution
would involve the internet.
KIVA was the result. They launched in March 2005 after much consultation with
numerous experts in economics, microfinance, law and technology. They began to raise
loans for 7 businesses in Uganda and by 2007 the website has facilitated $2 million in
loans given out to several thousand businesses in developing countries.
In addition to several major awards, KIVA's website has been featured in The New York
Times, The Wall Street Journal and The BBC. But it was exposure on PBS that blew the
doors wide open. The response to Frontline World's feature on Kiva was overwhelming.
Their website froze from the incredible amount of traffic and their inboxes were flooded
with literally hundreds of emails of people interested in helping the working poor through
microcredit.
What caught the heart of so many people? "It's the personal one-to-one feel," Matt
shares, "People respond to that. They feel that their money is going to where it says it is."
More and more people are realizing the importance of microfinance in solving problems
of poverty. And they want to feel the connection.
"Microfinance is a key part of alleviating poverty in the future," Matt continues, "It's a
small movement so far and we have a long way to go. Building infrastructure is to take
the first step - most people overseas have no access to financial institutions."
This is the same sentiment expressed by Professor Yunus, 2006 Nobel Peace Prize
winner. "We can make people to come out of poverty," Yunus shares, "The only thing we
need to do is to redesign our institutions and policies and there will be no people who will
be suffering from poverty..."
Technology is helping both KIVA and MEDA to pave the way for a new generation of
development that allows North Americans to engage in microfinance and help more people
receive the loans they need.
Matt stands along side MEDA's vision for microfinance as demonstrated through the new
MEDA Trust website: "The end goal," Matt shares, "is that the people are able to serve
more people - touching more lives."
MEDA is pleased to be helping lead the way together with KIVA and so many others
around the world. Together we can touch more lives.
You can visit KIVA at www.kiva.org/.
