The Concept of Microfinance
• Microfinance refers to very small loans granted to the very poor.
• The pioneer of micro financing is Bangladeshi economist Muhammad Yunus, who several decades ago created the Grameen bank. Yunus won the Nobel Peace Prize for this effort in 2006. The Nobel committee adopted the view that reducing the gap between the rich and the poor is necessary to decrease the conflict in the world.
• The very small loans can help people start a small business or expand an existing one or meet an emergency rising from disease, theft or bad weather.
• Much of this micro lending is offered to women who tend to spend the money more carefully and more productively and are also more likely to pay back the loans.
• Lending money to women has helped empower women. Their participation in such programs gives them greater bargaining power and permits them to take part in family decisions while also increasing their mobility.
• Micro finance in Bangladesh has over 13 million clients and micro finance now exists in more than 100 countries.
• It is considered to play a significant but rather limited role in the development process nations.
I work in the microfinance sector. I am having problems in recovery. DO you have any insight on how we could improve it.?
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