A partnership between MetLife Foundation and Kiva, a global non-governmental organization, to support low-income entrepreneurs around the world saw thousands of employees from MetLife Asia directing micro loans worth USD 263,350.
In some of the markets, the ‘Take Action’ campaign saw hundred per cent participation from MetLife employees, said a statement.
In a two-week campaign at the end of May 2018, MetLife Foundation and Kiva, an online pioneer in crowdfunding, launched ‘Take Action’ only in Asia. Just one click will direct a US$25 loan on an employee’s behalf to an entrepreneur who has no access to traditional financing.
With this, an enterpreneur can buy a sewing machine to produce and sell garments or a farmer to buy seeds to expand their harvest that supports a whole community. The loan is fully funded by the Foundation, for disbursement to borrowers who have been vetted by Kiva.
The Kiva team is currently in the process of disbursing the loans to entrepreneurs in the four categories. With a 96 per cent loan repayment rate, Kiva projects that MetLife Foundation’s original contribution will help many more entrepreneurs.
Steve Goulart, executive vice president and chief investment officer, MetLife Inc., and interim president of Asia, said: “What our people have done with MetLife Foundation and Kiva truly expresses the heart of MetLife’s great culture and our heritage of helping people and communities. I could not be more proud of our people, and excited that our more than ten thousand loans will play a part in creating opportunity for so many who otherwise would not have had the financial access needed to make a better life for themselves or their families.”
Syed Hammadul Karim, General Manager of MetLife Bangladesh has also echoed Goulart’s message and said, “It is remarkable to see 323 employees out of 359 have participated in this campiagn from Bangladesh. 34 per cent of our employees directed their loan to agriculture category, followed by women, green and youth in descending order. I am happy to see that our employees, not only actively take part in local community drives, but also very active in pan-regional inititiatives as such.”
-rmc//