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community based micro financing
Transcript of community based micro financing
in communities Ultimately, the goal of microfinance is to give low income people an opportunity to become self-sufficient by providing a means of saving, borrowing, and insuring their money.
banks don't loan to people without cash, income, or assets
high costs to manage an account
it is risky and difficult to collect from small clients
DR. MOHAMMAD YUNUS
Professor of Economics at Chittagong University in the 1970's
Founded Grameen Bank to begin lending to women in Bangladesh
Mr. Yunus won the Nobel Peace Prize in 2006 for his work with microfinance. "There is an influential view that argues that, by putting more spending power in the hands of poor families, and, perhaps more importantly, in the hands
of women, microcredit can expand investment in child health and education, empower women and reduce discrimination against them."
Nicholas D. Kristof, NY TIMES
"The Role of Microfinance" “After eight years of borrowing, 55 percent of Grameen households still aren’t able to meet their basic nutritional needs – so many women are using their loans to buy food rather than invest in business.”
Thomas Dichter of CATO
"Evaluating the Criticism of Microfinance, Microloans, and Microlending" "However, as we see it, micro credit seems to have delivered exactly what a successful new financial product is supposed deliver—allowing people to make large purchases that they would not have been able to otherwise."
Nicholas D. Kristof NY TIMES
"The Role of Microfinance" For almost all significant impacts, the magnitude of impact is positively related to the length of time individuals have been using the program
"Microfinance" Today, the World Bank estimates that about 160 million people in developing countries use Microfinance in some form
worldbank.org other issues:
gender roles globalvision.org borrowers are able to take their future into their own hands instead of simply being a charity case