Kiva successfully pioneered the very simple idea of crowd-sourced microloans. If you are unfamiliar with Kiva, I wrote about them before here.
You donate very small amounts (eg US$25) via the website towards someone’s enterprise in a third world nation: someone for whom a total of $300 would make a huge difference. And you get your original ‘donation’ back.
Ingenious. You don’t need to be Gates or Buffet and raise billions to make a difference, but a little bit of help from many really can go a long way.
Where Kiva helped small businesses and enterprises, Vittana sets out to use the same model to help learning.
Still fairly new, Vittana features students who need relatively small amounts to complete their education – $300, $500… as a lender, you choose how much you put in – from $25.
While the list of countries is still fairly small, it will grow as Vittana develops. Right now 3 Asian countries are listed: Mongolia, the Philippines and Vietnam.
Nyamsuren needed $270 to finish her degree in Otgontenger University in Mongolia. She got the money from 9 lenders through Vittana, and has since repaid it.
With a degree, Nyamsuren’s monthly income will go from $120 to $620 per month.
Just imagine – your $25 investment propels someone who’s hungry to learn and to build a better life, achieve that.
And you get your original $25 back.
It’s a beautiful thing.
