eBay launches microfinance site
by Jan Harris
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Online auction site, eBay, which also owns the PayPal e-commerce service, has launched a website which allows ordinary investors to buy securities aimed at supporting development in the world’s poorest countries.
The microfinance site, called MicroPlace, accepts investments as low as $100. Microfinance is the supply of financial services to low-income households and businesses, usually without security.
Microfinance often takes place in emerging economies, such as many African, Asian, and Latin American nations. It is used in over 100 countries, and is generally provided by financial institutions or wealthier investors.
eBay’s MicroPlace service is the first web-based service for an ordinary investor to invest in microfinance and gain a return on their investment while also helping to address global poverty.
Investments can be made either through PayPal, or through a bank. Prospectuses are available online, and MicroPlace is regulated as a brokerage by the Financial Industry Regulatory Authority.
MicroPlace gains its revenues by charging issuers to list. Any profits from the site will be reinvested into eBay’s social programme.
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