HAQQ Partners TGMP to Streamline Microfinance Operations
TL;DR: HAQQ has partnered with the Turkish Grameen Microfinance Program (TGMP) to empower over 20 local women micro-entrepreneurs in Turkey with $100K in microfinance support. This strategic collaboration aims to enhance TGMP's platform using HAQQ's blockchain technology, making financial services more efficient, transparent, and globally accessible. By providing Sharia-compliant microfinance products, the partnership seeks to promote financial inclusion and economic growth, aligning with the UN's 2030 Sustainable Development Goals. This initiative focuses on poverty eradication, empowering marginalized groups, and promoting a sustainable, decentralized financial ecosystem.
HAQQ is thrilled to announce a strategic partnership with the Turkish Grameen Microfinance Program (TGMP), Turkey’s leading microfinance institution. This collaboration was inspired by our recent visit to one of TGMP’s centres, where we engaged with over 20 local women micro-entrepreneurs, creating and selling products like candles and bags. Understanding their needs firsthand, HAQQ has committed $100K in microfinance through our platform to support these industrious women. Our goal is to empower local entrepreneurs by providing the financial resources and support necessary to grow their businesses and improve their communities.
Empowering Micro-entrepreneurs and Women with Microfinance
Established by the Turkish Foundation for Waste Reduction (TİSVA), TGMP operates as a non-profit microfinance institution, pioneering financial services for women in poverty. Currently serving over 45,000 micro-entrepreneurs across 68 provinces with 95 branches, TGMP empowers micro-entrepreneurs through various Sharia-compliant microfinance products and services. These include Introductory Loans, Business Loans, Development Loans, Entrepreneurial Loans, Growth/Happytalist Loans, and Social Business Loans. In addition, TGMP provides Mini-insurance, Mini-housing, and Voluntary Savings programs, offering comprehensive financial support and security. This collaboration with TGMP aims to enhance operational efficiency and reduce processing fees for donations. Leveraging our technical expertise, we will advance TGMP's platform, extending its reach to more micro-entrepreneurs and financially challenged individuals through our Sharia-compliant blockchain solutions.
Long-Term Goals: Alleviating Poverty and Promoting Financial Inclusion
The primary goal of our partnership with TGMP is to alleviate global poverty, aligning with the United Nations' 2030 Sustainable Development Goals. By providing microfinance services to unbanked and financially challenged individuals, we aim to facilitate significant strides towards inclusive economic growth. Through this collaboration, TGMP will connect borrowers from financially underserved communities with lenders, utilizing smart contracts to automate and secure the loan approval and distribution processes. This method reduces the need for intermediaries, ensuring efficiency and trust.
Global Accessibility and Transparency
One of the key features of the enhancement of TGMP’s platform through HAQQ is its global accessibility. We will enable people from various geographical locations to participate as investors or borrowers, supporting multiple currencies and enabling easy conversion and transactions for users worldwide. Furthermore, HAQQ's blockchain ledger offers a transparent record of all transactions, ensuring the appropriate utilization of funds and building trust among its users.
Empowering Disadvantaged Social Groups
We place special emphasis on empowering women and marginalized groups, acknowledging their significant contribution to poverty alleviation and family well-being. By providing access to credit, we aim to play a crucial role in poverty reduction, enabling individuals and communities to invest in businesses, education, and healthcare.
Fostering a Sustainable Financial Ecosystem
Looking towards the future, this collaboration aspires to establish a self-sustaining decentralized financial ecosystem that supports social entrepreneurship and contributes to global economic development. By embracing technological advancements and continuously innovating in the microfinance sector, we are positioned to become key players in the global effort to eradicate poverty and promote sustainable economic development.
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