Canadian Student Microfinance Alliance

In the summer of 2012, Alnur interned at Micro Africa, a microfinance institution located in Nairobi, Kenya. He witnessed firsthand both the extremely high loan repayment rate and the positive impact that the loans were having on the nation’s small businesses. MicroAfrica opened Alnur's eyes to endless possibilities. When he returned, he was shocked by the number of Canadians who don’t understand the impact microfinance has in empowerment. Alnur had marvelled at how small loans ignite entrepreneurship in people mired in squalor, and enable women to pursue their talents in male-dominated societies. He became determined to bridge the knowledge gap between countries. That led him to start the Canadian Student Microfinance Alliance (CSMA); an entirely student run microfinance organization. His objective: to bridge the funding gap between North America and the developing world. Microfinance, or the provision of loans to entrepreneurs, drives commerce in many countries in Africa and Asia. The loans tend to be small, and can range from $100 to $1,000. Through CSMA, Alnur sought to open a channel for microfinance capital and, in the process, teach students about the principles of borrowing and lending. In a short span of time, the CSMA has processed thousands in dollars in loans and funded nearly 100 entrepreneurs in the developing world and impacted close to 1000 youth across Canada; including over 100 at risk youth. Through his Financial Literacy and Microfinance Project, Alnur has been able to establish the same program he started at UCC at almost 20 schools across Canada. 

About the Founder - Alnur Kassim - Lakha