MetLife and MetLife Foundation Announce Microlending Partnership With Kiva to Support Entrepreneurs and Build Financial Inclusion
LONDON, June 30, 2015 /3BL Media/ - Today, MetLife and MetLife Foundation announced a partnership with Kiva, a global non-governmental organization that will support entrepreneurs around the world through Kiva’s online crowd-funding platform.
MetLife’s 5,200 employees in its Europe, Middle East & Africa region have been invited to direct a $25 loan to help entrepreneurs start, sustain and grow their businesses. The initiative has been funded by MetLife’s charitable organization, MetLife Foundation, which is committed to building financial inclusion globally. To help meet this commitment, MetLife Foundation is investing $200 million over five years in pursuit of that mission with the goal of impacting the lives of more than two million people.
Michel Khalaf, MetLife EMEA President and MetLife Foundation Board member, said: “This exciting new partnership is a simple and effective way to make a difference to the lives of thousands of entrepreneurs and their families around the world. It also offers MetLife employees a unique, innovative and engaging opportunity to get involved and help build financial inclusion in countries that often lack access to formal financial services of any kind.”
Since 2005, Kiva has directed more than $715 million in microloans by connecting a growing global community of 1.3 million lenders to 1.6 million entrepreneurs across the world. As Kiva funded borrowers repay their loans, the money can be re-lent so that additional entrepreneurs can receive support, further helping increase financial inclusion.
“MetLife was founded on a simple and powerful insight, that everyone needs access to the right financial tools to pursue more from life,” said Premal Shah, Kiva’s President and co-founder. “We are proud to be a part of MetLife’s efforts toward that vision. Through this partnership, they are backing the dreams of thousands of entrepreneurs around the world, expanding financial access and empowering their employees to take part directly in that mission.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ("MetLife"), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About MetLife Foundation
MetLife Foundation was created in 1976 to continue MetLife’s long tradition of corporate contributions and community involvement. Since its founding through the end of 2014, MetLife Foundation has provided more than $670 million in grants and $70 million in program-related investments to organizations addressing issues that have a positive impact in their communities. Today the Foundation is dedicated to advancing financial inclusion, committing $200 million over the next five years to help build a secure future for individuals and communities around the world. To learn more about MetLife Foundation, visit www.metlife.org.
About Kiva.org
Kiva is the world’s first and largest crowdfunding platform for social good with a mission to connect people through lending to alleviate poverty. With as little as a $25 loan, anyone can visit Kiav.org to help a borrower start or grow a business, go to school, access clean energy and realize their potential. Since 2005, Kiva and their growing global community of 1.3 million lenders have crowdfunded more than $715 million in microloans to over 1.6 million entrepreneurs in 80 countries, with a 98% repayment rate.
