(ibid.). Also‚ there is lack of education in Bangladesh. The proportion of adult literacy rate is only 33 % (ibid.). Microfinance has played an important role to fight poverty in Bangladesh. Nevertheless‚ microfinance might be criticised because small credit does not change poor society. Moreover‚ it fails to solve some gender issues. However‚ this essay argues that microfinance has been successful in alleviation of poverty‚ bringing positive effects in terms of economic and social aspects in developing
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Question 2 In 2006‚ Muhammad Yunus and Grameen Bank received the Nobel Peace Prize for their work in Microfinance. Muhammad Yunus was cited for developing “micro-credit into an even more important instrument in the struggle against poverty”. What is micro-credit? Why do poorer people need micro-credit? Discuss how the availability of credit might be able to help someone move out of poverty. Make sure to discuss empirical evidence as well. Having ‘about one billion people globally live in households
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Sustainability of Microfinance Institutions 1. Introduction It is a fact that about 4 billion people worldwide live on less than US$2 per day (Microfinance Bulletin‚ 2008a‚ 7) and poverty is one of the major problems that is still prevailing in today’s world. Surprisingly more than 3 billion poor people seek access to basic financial services worldwide (Helms‚ 2006‚ ix) and were ignored by commercial banks for a very long time. For commercial banks the poor were seen as “unbankable” for decades
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MICROFINANCE INSTITUTIONS : INTRODUCTION: Microfinance is the provision of financial services to low-income clients or solidarity lending groups including consumers and the self-employed‚ who traditionally lack access to banking and related services.” Microfinance is not just about giving micro credit to the poor rather it is an economic development tool whose objective is to assist poor to work their way out of poverty. It covers a wide range of services like credit‚ savings‚ insurance‚ remittance
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Overview Al-Amal Microfinance Bank started its actual operations In January 2009 on the base of five years business plan (2009-2013) and was established by Yemeni Law No. 23 of 2002 as the first Microfinance bank in the Middle East and North Africa. Its establishment came to crown efforts of the Yemeni Government‚ represented by SFD‚ and Arab Gulf Program for United Nations Development Organization (AGFUND)‚ as also contribution and support from both Yemeni and Saudi private sectors. Al
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work hard but could not save. Over the past 20 years that microfinance industry has emerged in response to the lack of access to formal financial services for most of the world’s poor‚ it has not been able to serve the needs of the ever-increasing number of poor clients. The reason is that they lack capacity due to the traditional business model they practice. To meet this demand‚ Gisyn microfinance is offering internet based microfinance. After a thorough scan of the business environment we observed
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Adamu‚ B. I. (2005). Small and Medium Industries Equity Investment scheme. Abuja: CBN Bullion‚ 29 (4)‚ 1-6 Adelaja‚ M. (2006). CBN Chief Seeks Consolidation of SMEs ’. Lagos Guardian Newspaper Vol. 26‚ no.3 July. Adetunji‚ A. (2006). The entry of Microfinance Banks. Nigerian Tribune‚ August 25‚ CBN (2005). Question Frequency Asked on the Ongoing Banking Sector Reform. An Article Posted on the CBN website bankonohelpdesk@cenbank.org. CIDA (2005) . A Poverty Reduction Approach: Toronto‚ Canadian International
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Md. Golzare Nabi* Abstract Microfinance has evolved as a potent driver of financial inclusion in Bangladesh with much positive impact on poverty alleviation and other social development indicators. Despite massive success in terms of outreach‚ employment generation and empowerment of millions of poor‚ a large number of low-income poor people have remained excluded from the network of the financial services. The article examines achievements of microfinance industry in Bangladesh‚ its present
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love we shared. To the Staff and Management of Growth Capital Microfinance‚ wish to express my sincere gratitude to you for your support and co-operation. Finally‚ I wish to thank all authors of various research works and articles I made use of in writing of this work‚ indeed‚ your research works and articles have served as major sources of literature and knowledge. ABSTRACT This study examined effects of microfinance on small and medium enterprises in the Accra Metropolis‚ in the
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the poverty alleviating power of microfinance with the mass participation of the internet. It lets individuals lend as little as $25 to help create opportunity around the world. Since 2005‚ nearly 570‚000 people have used Kiva.org to fund +$200M in microloans through MFIs to more than 526‚000 working poor entrepreneurs around the world. Source: Kiva.org (April 1‚ 2011). In order to ensure the true flow of Kiva processes with various field partners (Microfinance Institutions or MFIs)‚ Kiva sets
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