By: Tony McGill
Every February in the United States, we celebrate Black History Month. We honor leaders like Frederick Douglass, Sojourner Truth, Rosa Parks, Martin Luther King Jr., and Malcolm X, remembering the violence, hate, and ignorance that they and millions of others fought back against in the ongoing struggle for racial equity. It’s important to remember though, that the history of persecution and oppression of Black people is not unique to the US. In Africa and the Caribbean, and in other places around the world, Black people have been enslaved and exploited and their futures have been stolen.
Many of the poorest countries in the world, including Haiti, Ghana, Kenya, and Uganda, are poor because colonial systems oppressed the people, and resources were appropriated for the benefit of the colonizers. These countries are not experiencing poverty because nobody had good ideas or wanted to work hard. On the contrary, the people in these, and most countries in the Global South, lack access to resources that support development. The continuing lack of investment makes it extremely difficult for people to build sustainable wealth for their families.
This is where microfinance, and WorldWise Microfinance, comes in. The microfinance system works by finding people with ideas and energy, but no access to capital. Microfinance is not a gift, it’s an opportunity. Borrowers get a low interest loan that they can use to take the next step in their business journey, which they must repay. Because microloans must be repaid, the microfinance system sustains itself by packaging money from repayment into new loans that can help another entrepreneur build their business and create sustainable wealth. At WorldWise, we like to say it’s “A hand up, not a hand-out.”
And it works. In 2024, WorldWise distributed 122 loans in Ghana and Kenya, all of which were repaid in full due to our low interest rates and community based lending practices. We focus on sustainable growth and quality of life improvements for all borrowers. 69 percent of borrowers became able to contribute to a savings account and 51 percent ate at least one more meal per day than previously.
WorldWise is committed to breaking the generational cycle of poverty that all too often began with a government that did not represent its people. There is no better way to honor Black History than by empowering current generations of Haitians, Ghanaians, Kenyans, and Ugandans. WorldWise Microfinance plays a small role in addressing the discrimination and oppression of the past, and recognizing the strength and resilience of Black people.
Black History Month is a time to reflect on how we got here and what we can do as we look toward the future. At WorldWise, we are committed to providing entrepreneurs the financial jump start they need to create lasting success for themselves through investing in their businesses with hand ups, not hand-outs.