New eBay site lets people finance the world's poor

EBay Inc, the world's largest online auctioneer and payments company, launched on Wednesday a Web site allowing ordinary investors to buy securities aimed at improving conditions in the world's poorest countries. MicroPlace, located at http://www.microplace.com, will allow people to invest as little as $100 to support development in impoverished areas.

So-called microfinance is the supply of loans, savings, insurance and other basic financial services to low-income households and businesses, typically without collateral. It is often conducted in emerging economies, where people cannot typically obtain bank loans.

Microfinance is at work in more than 100 countries, and is generally provided by financial institutions or wealthier investors. It gained wider renown last October when Bangladeshi economist Muhammad Yunus, who pioneered it in 1976, and the Grameen Bank he founded won the Nobel Peace Prize.

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If you'd like a real-life example of the power of micro-lending see http://beckstrom.com/kaputei.html

Seven years ago, Wilson Naima was a homeless, glue sniffing young thief, using knives and sometimes guns to extort the poorest of the poor in Kibera to earn his next meal or rush. As he slept beside the rusting tin shacks piled on top of each other, he sometimes rolled in human excrement that covers the paths and nooks of this wretched slum in Kenya.

Next month Wilson will move into a brand new clean home, built by the poor, for the poor in the Kaputei project north of Nairobi. The project has outside equity and debt capital, but every concrete block and roof tile will be paid for by Wilson who now owns four businesses. Wilson got a lift from Jamii Bora, a local microlending group that first loaned to Wilson back in 2000 when they first got started.

o please n_k don't be such a downer. whats wrong with 100 dollers or something that gives them a good chance to do something good in there lives =/
if you get it back. .thats even better... yesh

lets `give people a loan that we know they will not be able to pay back and watch as we sue the hell out of them`... yeh, great way to end poverty...

n_K said,
lets `give people a loan that we know they will not be able to pay back and watch as we sue the hell out of them`... yeh, great way to end poverty...
If you are scared to loan as little as 100$ and not get it back than maybe you are part of those who needs money.

Pip'

Pippin666 said,
If you are scared to loan as little as 100$ and not get it back than maybe you are part of those who needs money.

Pip'


i was talking about ebay sueing them, come on ebay wouldnt offer a free service and like banks, they make most there money from repossing homes and making people homeless, if i lost £50 which i have many times yeh its a pain in the ass, if it went to a charity then i wouldnt mind. But with all the phone-in scams, it wouldnt suprise me if the BBC comic releif was fraud, like a few million that people donate is kept by the phone runners and they just lie and say it wasnt sent it.
if you want to make a difference, give $100 to them - dont loan it