Pennies for Life is a new scheme from the MicroLoan Foundation which will enable us to extend our life-changing work to more women in some of poorest countries in the world.
The idea is very simple.
You agree to pay an extra 1p every time you buy something from one of our partner businesses or brands, tweet on Twitter or update your status on Facebook through our app. We collect all the pennies – and lend them to small groups of women in Africa, to help them set up their own small businesses.
By Western standards, the loans are tiny (the average initial loan is just £25). But, with training and mentoring from us, they enable very poor women to become self-sufficient, often for the first time in their lives. They can feed their families, they can get their children to school and they can pay for essential health care.
When the business is up and running, the women pay back the money (amazingly, 99% of them do), and we lend it to another group of women, to set up their small businesses, and so on.
This way, your penny never goes out of circulation. In a virtuous circle, it just keeps going round, changing lives each time.
What do I do?
That’s pretty simple too.
Please look for our Update and Donate app on Facebook: sign up and you can donate a penny every time you change your status through the app.
(Please remember to update your Facebook status within the Update and Donate application, otherwise we can’t count your penny.)
Once you’ve signed up, a penny goes into your ‘pot’ each time you tweet.
We’ll keep track of how much you raise, and you can donate, via PayPal, whenever you like.
Check out the Pennies for Life partners here. Then look for the signs: on websites, in supermarkets, coffee shops, restaurants and on the high street.
And you’ll have used your small change to make a very large change in Africa.