Summary: Vittana is the pioneer provider of digitally crowd-funded microloans to students in the developing world who could otherwise not afford higher education. It partners with on-the-ground microfinance institutions to jumpstart the market for lending to low-income students. --- Vittana provides microloans, mostly generated by small donations from individuals on its website, to students in developing countries who could otherwise not afford higher education. There are 100 million young people worldwide who have no way to access either universities or technical schools because they are unable to secure financing; Vittana recognized this gap and stepped in to fill it in 2008. Over the past few years, VIttana has exponentially scaled...
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Description of Scale and Reach
In 2009, Vittana started off with 78 students and a 70,000 USD loan portfolio. Since then Vittana has scaled up almost exponentially (in 2010, Vittana supported 723 students, then 2,139 in 2011, 8,200 in 2012, and a projected 33,000 in 2013) and expanded to 13 countries across the globe. The program has scaled up by focusing on growing their most successful pilot lending projects after the first 1-2 years of operation. Over time, some of Vittana’s partners have begun to target students of higher need by offering loans in their first year of higher education.
Bolivia, United States of America, Bolivia, Cambodia, Ghana, Honduras, Indonesia, Rwanda, Philippines, Peru, Paraguay, Jordan, Nicaragua, Mongolia, Vietnam