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Bono once put an interesting twist to an old adage: Give a man a fish and he’ll eat
for a day. Give a woman microcredit, she, her husband, her children and her
extended family will eat for a lifetime. The simple quote sums up the power of
microfinance, to develop entire societies in a bottom-up manner instead of just the
top-down manner traditionally employed by the commercial sector.
What is Microfinance?
deposits
finance schemes or micro loans up to $3,000
payment services
money transfers
insurance to poor and low-income households and their micro-enterprises
Just like any other new venture, microfinance too faces obstacles that will eventually
be ironed out as governments alter their priorities, and as the commercial sector
understands the economic viability of the development sector, considering the
relative immunity of the microfinance sector to the global financial meltdown.
Already, a few encouraging trends have emerged in the microfinance sector.
As Kofi Annan once put it, microfinance not only recognizes the needs of the poor,
it also empowers them and taps into their remarkable reservoir of energy and
knowledge. In short, microfinance has tremendous potential, its time is now and is
here to stay.
You can read other articles about microfinance theory and practice here.
Please remember to leave a comment. I would love to hear your views.
1.
Alhaji Cherno Ceesay
July 16, 2010 at 10:35 am | #1
Reply | Quote
Fehmeen
July 16, 2010 at 4:32 pm | #2
Reply | Quote
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