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MFN is pleased to welcome three new members that were approved at the General Assembly Annual Meeting held on November 9, 2007, during the MFN Annual Conference in Marrakech, Morocco. New members are: BURO (Bangladesh), DBACD (Egypt), and LAPO (Nigeria).
BURO is a medium size MFI in Bangladesh, with 455,256 active clients and loan portfolio of over 31 million USD (as of September 30, 2007). BURO's products range from nine loan products, three savings products and one microinsurance programme. Different from other MFIs in Bangladesh, they accept savers even when they do not take loans. BURO also works with non-financial social development programmes such as water supply project, disaster management programme and livelihood programme.
DBACD (Dakahlya Businessmen's Association for Community Development) is one of the largest MFIs in Egypt that aims to provide financial and non-financial services to low income families in Dakahlya Governorate. Currently DBACD serves 76,462 clients that sums up to the loan portfolio of nearly 15 million USD (as of September 30, 2007). DBACD offers individual and group loans, as well as training courses on language, computer and business skills.
LAPO (Lift Above Poverty Organisation) is the largest MFI in Nigeria, with 118,969 active clients and loan portfolio of nearly 15 million USD (as of September 30, 2007). LAPO's products range from loans, savings (mandatory and voluntary) and microinsurance products, to non-financial programmes such as business development services and social development projects.
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