Supposedly founded by Genny Ghanimeh, Pi Slice is a web based social platform which represents a new (?!) channel of funding for Micro Finance Institutions. Its framework is unique (says the company itself), a connecting system that links individuals and companies – who wish to invest - with MENA based MFIs - which in turn use the funds to provide micro-credit to their customers. Hmmm... Isn't that "unique" framework called... crowdfunding?! And last time we checked, everybody seemed to have a "unique" crowdfunding concept up their sleeve... As Genny Ghanimeh humbly puts it: "through this web based platform, motivated individuals and companies can help MFIs in the MENA region to build a sustainable future for micro-entrepreneurs, as well as a favorable ecosystem for development at the macro level. The MENA region is home to approximately 370 million inhabitants of which at least 26 percent are estimated to be living on less than USD $2 / day. Half of the region’s population have to make ends meet with an income which barely covers their basic needs. To manage their unpredictable situation, they need access to funds and financial tools that traditional banks aren’t willing to provide, especially considering the fact that the supply of microfinance services in the region is modest, at best. It is estimated that there are approx. 6 million households eligible for a microfinance loan and that there is a gap of approx. 3 million potential microfinance customers for a total of nearly $3.5 billion in GLP. When you think about making a difference in developing the MENA region, you might consider donating to a charity of your choice or to a NGO, as most people do. What if you could instead direct a portion of your investment portfolio towards financing microfinance institutions? Not only would you get a return on your investment and diversify your portfolio, but you would as well participate responsibly in the social development from the base of the pyramid". Wow! You can now breath... In other words and cutting through the mumbo jumbo rhetoric, we're simply talking about a crowdfunding platform "using" the microfinance concepts to buy itself (or not) some "we're here to save the world" credibility. Whether the intentions of Pi Slice are to do so or amass cash on the back of the poor is up to you to decide. We felt, true to our no bullshit philosophy, that it was important to question the startup's real motives...
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