In 2017, our Myanmar partner ZMF Bank has continued to thrive and provide affordable credit to thousands of entrepreneurs in some of Myanmar's poorest communities. 2,027 loans were made, totalling $472,500. 86% of these loans were to women.
Microfinance is a lifeline in communities like Kalaymyo, Myanmar (where ZMF Bank operates), because of otherwise prohibitive interest rates. Many people are forced to turn to loan sharks and pawn shops, where interest rates can exceed a frightening 200% per annum. This is a prohibitive cost to starting a sustainable small-scale business for most people. ADC's micro loans give skilled, enterprising communities another option.
Here are some highlights from the Myanmar project in 2017:
- Enabled 2,027 loans totalling $472,500
- 86% of loans to women
- 91% on time repayments
- A low loan default rate of 2.3%
- 128% operational efficiency (income/expenses)
Here in New Zealand, we celebrated some great highlights in 2017:
- Screenings of On the Backs of Women have raised almost $10,000 in 2017. Screenings were held in homes and workplaces around the country, including the Ice House Auckland (New Zealand entrepreneurs supporting entrepreneurs in Myanmar) and Dentsu Aegis
- The On The Backs of Women film is now available to view via our website
- Another fantastic #GiveHerCredit event in Auckland where female young professionals heard from three inspirational New Zealand women helping to make the corporate and humanitarian worlds collide
- Our tenth annual quiz night (and our most successful yet!), raising over $15,000
- Our Board has grown. We have welcomed Kate Tindall Lum and Ellen Read, who bring a wealth of experience and leadership to help ADC have an even bigger impact.