Qredits the new winner of the European Good Practices Microfinance Award
The Dutch microcredit foundation Qredits, an EMN member, has been selected as the winner of the European Good Practices Award 2010 organised by the European Microfinance Network and its member Giordano dell'Amore Foundation. The winner was selected among five finalists, which included The Prince’s Scottish Youth Business Trust (United Kingdom), Crédal – Crédit Alternatif (Belgium), Microcredit Foundation Horizonti (Macedonia), Partner MKF (Bosnia & Herzegovina). The Award organized by the European Microfinance Network and Giordano dell’Amore Foundation has rewarded his winner with a cheque of 50.000 euros that must be invested in new or existing project benefiting socially excluded people.
The project selected as award-winning by a group of experts during the annual EMN Conference in London the 24th of June is called “A new sustainable approach to microfinance. Blend of traditional banking and sophisticated IT support”. It is a new innovative approach to microfinance based on the use of a sophisticated Information Technology system combined with a voluntary coaching to support clients. In particular the IT system allows to reduce the time spent in performing different activities such as operational procedures, matching coach and clients, accountability and reporting. In this way also the costs decrease and the achievement of sustainability becomes easier. In fact this IT system lets to the organizations reduce the loan interest rate and consequently also the rate of client default decreases. For these reasons with this new approach Qredits forecasts to become sustainable within the next two years.
To date, only two years after its creation, Qredits has a portfolio of 9.926.335 euros and more than 510 clients, of which 31% are women.
The selection of the winner was made on the basis of different criteria such as the programme's innovation, impact, sustainability and replicability.
Giordano Dell’Amore Foundation has published a document containing the summaries of the experiences of all the short-listed institutions (download the publication here).
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