Microfinancing Goes Facebook

Microfinancing goes Facebook....but a different version; it's a Facebook for farmers, says James Davison of the World Bank.

Technology has been introducing innovative ways of connecting capital and people. This should lead to more productivity and progress.

From Mr. Davison, (accompanying video likewise from the World Bank)

``Wokai has been dubbed by some as a “Facebook for farmers,” yet it may be more comparable to well-known microfinance sites like Kiva, which allow people with an Internet connection to give loans directly to entrepreneurs in developing countries. Wokai, however, focuses solely on impoverished people living in rural China.

``The site has been around for about two years and says it has raised $45,000 from about 500 contributors. The money has gone to more than 160 rural Chinese entrepreneurs, who put loans to a variety of uses, such as pig farming, furniture making and starting a restaurant.

``The comparison to Facebook is made because individual donors and borrowers have profiles on the site, and contributors can read about (and watch the progress of) the people their loans go to. Casey Wilson, one of the site’s founders, explains more about the organization in this video shot by a reporter based in China." (emphasis added)

Facebook for Farmers from grubbylens on Vimeo.