“The aim is to improve the quality of life for the majority of Syrians who are denied access to mainstream financial services,” David James, chief executive of the First Microfinance Institution-Syria (FMFI-S), the country’s largest micro-lender and part of the Aga Khan Development Network
In towns and villages across the country, Syria’s small but growing band of microfinance institutions (MFIs) are going about their business, offering loans to the poor, the marginalised and the drought-affected.
Through local officers, they provide loans as small as SYP 10,000 (USD 210) to individuals and communities who have few assets to provide as collateral, but who need the money to start small businesses such as market stalls, to pay for medical treatment or to invest in new farming equipment.
“The aim is to improve the quality of life for the majority of Syrians who are denied access to mainstream financial services,” David James, chief executive of the First Microfinance Institution-Syria (FMFI-S), the country’s largest micro-lender and part of the Aga Khan Development Network, explained.
He said that up to 90 percent of Syrians do not have adequate access to loans and other financial services, despite the recent growth in the traditional banking sector. There is therefore a high demand and potential for growth in the micro-lending market.
Ismailimail 