P2P-Banking.com

Kiva announced a new policy regarding inactive accounts:

So, later this month, we’ll be rolling out a new policy where credit that has been inactive for 12 months will turn into a donation to Kiva. This way, the funds will be put to use helping Kiva fulfill our philanthropic mission, and affected lenders will receive something of value – a tax receipt for a charitable donation.

Kiva says most lenders will not be affected, because lenders with active loans or those who logged in or received a repayment within the last 12 months are not inactive.

Update Dec, 13th: Long discussion by lenders about the proposed change here.

Non profit Wokai.org will allow contributers to donate to give microfinance loans to borrowers in China. Like Kiva and MyC4, Wokai partners with local MFIs which identify and screen potential microentrepreneur clients. Selected clients are then posted on the Wokai website through profiles that outline their business ventures and loan request. Contributers can select borrowers to fund and pay via Google Checkout, the money is then transferred to the MFI who disperse the capital to the microentrepreneurs. Field partners charge interest rates typically ranging from 8-20% to cover the high costs associated with providing loans, training, monitoring and support services to our borrowers. At the end of the loan-cycle the money is collected and re-issued by the MFI for new loans – so there is no payback to the contributers.

See this video for a good overview on Wokai.

The name “Wokai” means “I start” in Chinese.

Wokai has not launched yet, but I could participate in a pre-launch test drive. The platform has more social networking features then other platforms allowing for discussions and users asking questions to the MFIs/borrowers.

Wokai began in the fall of 2006 when Wokai co-founders Courtney McColgan and Casey Wilson met while studying advanced Chinese at Tsinghua University. The idea of Wokai gradually transformed into a plan of action and, with the help of a team of supporters, evolved into a startup nonprofit.

Wokai screenshot (pre-launch 10/20/08)