Venice Microfinance Initiative – EIB Institute

WHAT

The Venice Microfinance Initiative (VMI) is a European Investment Bank-financed project run by Invenicement ETS, a student organisation of Ca’ Foscari University of Venice, Italy (the University).

The aim of VMI is to provide microfinance and other similar institutions (MFIs) with pro bono services (developing already existing services or bringing new ones), according to their needs, in four key areas:

-Risk and Sustainability Management;

-Social Engagement Activities;

-Remote Opportunity Desk (Helpdesk); and

-Comprehensive Digitalisation Process.

HOW

VMI’s Task-Force Team will select a small delegation of top students within the University (the number of students is to be decided together with the hosting MFI) and carefully train them in different areas of expertise according to the specific areas needs of the hosting company.

After receiving their preparatory training, the students are expected to take part in a 2-3 month unpaid internship at the hosting MFI/financial service company.

The group of students will use their technical skills to reinforce MFIs’ social impact, facilitate their access to funding and improve their levels of transparency, communication and digitalisation, contributing to the MFI’s growth and overall trustworthiness.


WHEN

The programme is ready to be launched; the length of the internships will be decided according to the availability of the hosting company and other factors; internships are intended to run for around 3 months.


       WHERE

    Currently, eligible countries are any country of the EUas well as Serbia, Albania, Montenegro, Bosnia-Herzegovina and Kosovo.

TO FIND OUT MORE ABOUT THE OFFERED SERVICES, PLEASE LOOK AT THE FOLLOWING PAGE, WHICH IS THE OFFICIAL WEB PAGE OF THE PROJECT:

  • https://www.invenicement.com/venice-microfinance-initiative

Testimonials from previous beneficiary companies:

Risk and Compliance

Benefits for the hosting company of the presence of the student:

The student was a very big support for the department. With his help we were able to develop new practices that facilitate the work of the employees as well as finalize important projects that had a big impact on the company (controls).

Were there any improvements of the existing processes?

Yes, the intern created a lot of added value for our department:

  • Batch screenings: optimizing screenings and reduce workload of employees;
  • Controls: setting up an efficient way to screen the entire portfolio of the company on anti- money laundering. This brought very useful and important insights; on the quality of the work done by our employees on our client’s files regarding anti-money laundering.

Communications and Business Development

Benefits for the hosting company of the presence of the student:

Both students contributed to the fundraising efforts of the firm’s newest fund. They conducted thorough research that required creative research, close attention to detail and most importantly, dedicated time. They were able to contribute their time and resources when the rest of the team could not. They also assisted with creating and updating new marketing materials that are currently being used by the business development team.

Were there any improvements of the existing processes?

Yes, the hosted students effectively created a new database for contacting new investors and analyzing competitor funds.

Technical Assistance (TA)

Benefits for the hosting company of the presence of the student:

The student contributed to the TA team effort to streamline processes, which includes optimizing operating procedure documents and templates, folder structure, etc. She designed tools that helped to implement a survey among a hundred company clients in Latin America. Angelica also supported research on TA donors, preparation of TA project proposals, as well as project management, including preparation of legal documents, payment requests, etc. She also helped with the TA audit by collecting various documents and reviewing the audit reports. She also supported the finalization of the TA Programme with Inter-American Development Bank.

Were there any improvements of the existing processes?

Thanks to the students, the TA team is now equipped with a set of optimized operating procedure documents and templates in Spanish, client survey templates, a more rigorous folder structure.

Overall Assessment

Risk and Compliance: “The support from the student has proven to be very valuable. We are certainly open to recruit/invite interns on a regular basis. It has turned out to be a positive experience for both the company and the intern himself.”

Communications: “The student was a positive team member to have and contributed greatly to our team.”

Business Development: “The student’s eagerness to learn and enthusiasm for the business was a strong asset to the team.”

Technical Assistance: “The student provided a very valuable contribution to the team. Her motivation and proactive attitude as well as ‘humbleness’ have inspired us to further drive innovation in our team.“

“The process went very well and overall there are no real points of improvement required.

As already mentioned, the internship has been a very positive experience and we remain interested in hosting more interns from your university in the future.”