Less than 35 percent of the people hold formal employment, and poverty is rampant at the bottom of the economic pyramid. Opportunity seeks to address this problem using micro-financing services.
What is the issue, problem, or challenge?
Many South Africans face extreme poverty, in fact, half of its 49 million people live below the poverty line. Often times, poverty is a result of lack of financial services, such as savings accounts, insurance, and microloans so entrepreneurs can start their own businesses. In order to expand these services to the most remote places of the world, like South Africa, Opportunity is building banks to meet the needs of the poorest of the poor who are often denied access to such basic services.
How will this project solve this problem?
Bank building will work towards eradicating poverty in South Africa by offering financial services as well as training, trust groups, and a variety of technologies including mobile banks to meet the basic needs of those in poverty.
Potential Long Term Impact
We are working toward the day when all Africans can safely deposit their savings, access capital to grow their businesses and purchase affordable insurance to protect their assetsâ€”with all these services readily available in their own communities.
Total Funding Received to Date: $145
This project is now in implementation and no longer available for funding. Received funds will be used to accomplish concrete objectives as indicated in the project's "Activities" section. Updates will be posted under the "Project Report" tab as they become available.
Donors' contributions and pledges to this project totaled $145 . The original project funding goal was $1,000.