Lending to Africa

Courtesy of Dani Rodrik’s blog

Our Center for International Development launched its new Empowerment Lab with a conference yesterday, and one of the most interesting new social entrepreneurship initiatives I learned about is something called MyC4.com.  This is a web-based platform that allows you to look up a list of African entrepreneurs who need funding for their projects (described briefly on the site) and to offer them loans.  You bid a certain interest rate, which is accepted as long as it is below the maximum the entrepreneur is willing to accept and as long as others have not bid below you.  You can lend as little as 5 euros.  The average interest rate accepted is 12.8 percent per year, and I am told that the rate of default has been so far in the low single digits.

So here is a chance to make money while you contribute to Africa’s development.

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