Metlife UK, the insurance and investment giant, has announced that it is working with non-profit crowdfunding platform Kiva.

Their new initiative, which is open to employees across Europe, Middle East and Africa, allows Metlife staff to direct a loan as small as £16 to a range of projects including businesses and entrepreneurs, and people funding education. It has been pioneered by Metlife’s charity, the Metlife Foundation, which is committed to building financial inclusion.

Kiva is a microfinance crowdfunding platform that aims to tackle poverty and create opportunities for those in countries where the necessary loans are hard to come by. Kiva arranges loans for those in need, which are then distributed through microfinance institutions in the borrower’s country with a repayment rate of 98 per cent.

Premal Shah, Kiva’s president and co-founder said: “Metlife was founded on a simple and powerful insight, that everyone needs access to the right financial tools to pursue more from life.

“We are proud to be a part of Metlife’s efforts toward that vision. Through this partnership, they are backing the dreams of thousands of entrepreneurs around the world, expanding financial access and empowering their employees to take part directly in that mission.”

Many financial institutions have similar charitable schemes, such as Deutsche Bank’s Small Grants Fund, however Metlife is the first to undertake one through crowdfunding.