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savings. Jyothi does her rounds throughout the city, collecting Rs5 a day from people in the slums for 220 days, however not always 220 days in a row since these women do not always have the funds available to put them into savings. They ultimately end up with Rs1000 at the end of the process. However, there are some issues with this microfinance saving program. One of the issues is that while saving, clients are actually losing part of their savings. Jyothi takes interest from each clientâabout 20 out of every 220 payments, or Rs100 out of 1,100 or 9%. When these slum dwellers find someone they trust, they are willing to pay up to 30% to someone to safely collect and keep their savings. There is also the risk of entrusting their savings to unlicensed, informal, peripatetic collectors. However, the slum dwellers are willing to accept this risk because they are unable to save at home, and unable to use the remote and unfriendly banks in their country. This microfinance project also has many benefits, such as empowering women and giving parents the ability to save money for their children's education. This specific microfinance project is an example of the benefits and limitations of the "saving up" project.
1437:, previously known as the Microfinance CEO Working Group, is a collaborative effort of leading international organizations and their CEOs active in the microfinance and inclusive finance space, including direct microfinance practitioners, and microfinance funders. It consists of 10 members, including Accion, Aga Khan Agency for Microfinance, BRAC, CARE USA, FINCA Impact Finance, Grameen Foundation, Opportunity International, Pro Mujer, Vision Fund International and Women's World Banking. Harnessing the power of the CEOs and their senior managers, the PRFI advocates for responsible financial services and seeks catalytic opportunities to accelerate financial access to the unserved. As part of this focus, PRFI is responsible for setting up the Smart Campaign, in response to negative microfinance practices that indicated the mistreatment of clients in certain markets. The network is made up of the CEO working group, that meet quarterly and several subcommittee working groups dedicated to communications, social performance, digital financial services, and legal and human resources issues.....
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flexibility. Since they are managed by poor people, their costs of operation are low. Often, they do not need regulation and supervision, unless they grow in scale and formalize themselves by coming together to form II or III tier federations. If not prepared well, they can be 'captured' by a few influential leaders, and run the risk of members losing their savings. Experience suggests though that these informal but highly disciplined groups are very sustainable, and continue to exist even after 20â25 years. Formalization, as a
Cooperative of Credit Union, can help create links with the banking system for more sophisticated financial products and additional capital for loans; but requires strong leadership and systems. These models are highly popular in many rural regions of countries across Asia, Africa, and Latin America; and a platform for creating deeper financial inclusion.
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graduation of recipients from welfare programs and an improvement in their credit rating. In the US, microfinance has created jobs directly and indirectly, as 60% of borrowers were able to hire others. According to reports, every domestic microfinance loan creates 2.4 jobs. These entrepreneurs provide wages that are, on average, 25% higher than minimum wage. Small business loans eventually allow small business owners to make their businesses their primary source of income, with 67% of the borrowers showing a significant increase in their income as a result of their participation in certain micro-loan programs. In addition, these business owners are able to improve their housing situation, 70% indicating their housing has improved. Ultimately, many of the small business owners that use social funding are able to graduate from government funding.
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risk for microfinance institutes is very high, because customers need years to improve their livelihood and face many challenges during this time. Financial institutes often do not even have a system to check the person's identity. Additionally, they are unable to design new products and enlarge their business to reduce the risk. The result is that the traditional approach to microfinance has made only limited progress in resolving the problem it purports to address: that the world's poorest people pay the world's highest cost for small business growth capital. The high costs of traditional microfinance loans limit their effectiveness as a poverty-fighting tool. Offering loans at interest and fee rates of 37% mean that borrowers who do not manage to earn at least a 37% rate of return may actually end up poorer as a result of accepting the loans.
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maintenance and passivity. The result of these norms is that while micro-lending may enable women to improve their daily subsistence to a more steady pace, they will not be able to engage in market-oriented business practice beyond a limited scope of low-skilled, low-earning, informal work. Part of this is a lack of permissivity in the society; part a reflection of the added burdens of household maintenance that women shoulder alone as a result of microfinancial empowerment; and part a lack of training and education surrounding gendered conceptions of economics. In particular, the shift in norms such that women continue to be responsible for all the domestic private sphere labour as well as undertaking public economic support for their families, independent of male aid increases rather than decreases burdens on already limited persons.
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service needs of the world's poorest people, and the diverse settings in which they live and work. It also acknowledges that quality and range of financial services are also important for the banking system to achieve fuller and deeper financial inclusion, for all. Central banks and mainstream banks are now more intimately engaging in the financial inclusion agenda than ever before, though it is a long road, with 35â40% of world's adults remaining outside formal banking system, and many more remaining "under-banked". Advent of mobile-phone-based money management and digital finance is changing the scenario fast; though "social distance" between the economically poor or social marginalized and the banking system remains large.
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Through microfinancing small loans are produced and accessible. Microfinancing is based on the philosophy that even small amounts of credit can help end the cycle of poverty. Another benefit produced from the microfinancing initiative is that it presents opportunities, such as extending education and jobs. Families receiving microfinancing are less likely to pull their children out of school for economic reasons. As well, in relation to employment, people are more likely to open small businesses that will aid the creation of new jobs. Overall, the benefits outline that the microfinancing initiative is set out to improve the standard of living amongst impoverished communities.
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only to take on another in a cyclic pattern which is beneficial to the financier but hardly to the borrower. This gender essentializing crosses over from institutionalized lenders such as the
Grameen Bank into interpersonal direct lending through charitable crowd-funding operations, such as Kiva. More recently, the popularity of non-profit global online lending has grown, suggesting that a redress of gender norms might be instituted through individual selection fomented by the processes of such programs, but the reality is as yet uncertain. Studies have noted that the likelihood of lending to women, individually or in groups, is 38% higher than rates of lending to men.
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loans made in these sort of transactions to a maximum of $ 25,000. As a result, many people look to banks to provide these loans. Also, microfinance in Canada is driven by profit which, as a result, fails to advance the social development of community members. Within marginalized or impoverished
Canadian communities, banks may not be readily accessible to deposit or take out funds. These banks which would have charged little or no interest on small amounts of cash are replaced by lending companies. Here, these companies may charge extremely large interest rates to marginalized community members thus increasing the cycle of poverty and profiting off of another's loss.
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1678:. When investigating these inequalities through activities related to these issues, Gangadharan (2015) discusses, "marginal users are exposed and vulnerable to various forms of profiling (e.g. committed by corporate, government, or bad actors) that target unwitting users for both intentionally and unintentionally harmful purposes." Additionally, filling out the fields on their application without submitting the form can still send the information to the server, thus giving the company access to the information typed. However, many marginalized users come to expect a lack of data privacy given that companies engage in data profiling tactics, calling it "
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commitment to community all achieve positive results from prospective financiers. Unfortunately, these labels disproportionately align with women rather than men, particularly in the developing world. The result is that microfinance continues to rely on restrictive gender norms rather than seek to subvert them through economic redress in terms of foundation change: training, business management and financial education are all elements which might be included in parameters of female-aimed loans and until they are the fundamental reality of women as a disadvantaged section of societies in developing states will go untested.
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continue for 15 days and another woman within this group would receive the lump sum. At the end of the 15 days a new cycle would start. This ROSCA initiative is different from the "saving up" example above because there are no interest rates affiliated with the ROSCA, additionally everyone receives back what they put forth. This initiative requires trust and social capital networks in order to work, so often these ROSCAs include people who know each other and have reciprocity. The ROSCA allows for marginalized groups to receive a lump sum at one time in order to pay or save for specific needs they have.
982:(which now serves over 7 million poor Bangladeshi women) has inspired the world, it has proved difficult to replicate this success. In nations with lower population densities, meeting the operating costs of a retail branch by serving nearby customers has proven considerably more challenging. Hans Dieter Seibel, board member of the European Microfinance Platform, is in favour of the group model. This particular model (used by many Microfinance institutions) makes financial sense, he says, because it reduces transaction costs. Microfinance programmes also need to be based on local funds.
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1205:, Trilochan Tripathy and Biswajit Das have designed a model for the ecosystem of microfinance institutions (MFIs) in India. The researchers mapped the ecosystem and found the ecosystem to be very complicated, with complex interactions among numerous actors themselves, and their environment. This ecosystem framework can be used by MFIs to understand the ecosystem of microfinance and formulate strategy. It can also help other stakeholders such as donors, investors, banks, government, etc. to formulate their own strategies relating to this sector.
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empower women, and that it has not improved health or education. Moreover, as the access to micro-loans is widespread, borrowers tend to acquire several loans from different companies, making it nearly impossible to pay the debt back. As a result of such tragic events, microfinance institutions in India have agreed on setting an interest rate ceiling of 15 percent. This is important because microfinance loan recipients have a higher level of security in repaying the loans and a lower level of risk in failing to repay them.
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participatory program that educates on different gender roles, gender-based violence, and HIV/AIDS infections to strengthen the communication skills and leadership of women "The
Sisters-for-Life" program has two phases; phase one consists of ten one-hour training programs with a facilitator, and phase two consists of identifying a leader amongst the group, training them further, and allowing them to implement an action plan to their respective centres.
1449:(EMN) was established in response to many legal and political obstacles affecting the microfinance sector in Europe. The Network is involved in advocacy on a wide range of issues related to microfinance, micro-enterprises, social and financial exclusion, self-employment and employment creation. Its main activity is the organisation of its annual conference, which has taken place each year since 2004. The EMN has a wide network of over 100 members.
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owners of micro-enterprises within such communities often have limited skill sets and resources available. This can cause a "copycat" phenomenon among small business due to the limited variation in products and services offerings. The high number of individuals selling similar products and services can cause new entrepreneurs to be subject to cutthroat competition over a demand that has not expanded proportionally with the supply.
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characteristics pertaining the heterogeneity of their clientele. But in either way, this problem of selective funding leads to an ethical tradeoff where on one hand there is an economic reason for the company to restrict its loans to only the individuals who qualify the standards, and on the other hand there is an ethical responsibility to help the poor people get out of poverty through the provision of capital.
1154:(27 million accounts representing 4% of the total population, with the highest rate of penetration in West Africa, and the highest growth rate in Eastern and Southern Africa ). Considering that most bank clients in the developed world need several active accounts to keep their affairs in order, these figures indicate that the task the microfinance movement has set for itself is still very far from finished.
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operations in five Latin
American countries, combines microfinance and healthcare. This approach shows that microfinance can not only help businesses to prosper; it can also foster human development and social security. Pro Mujer uses a "one-stop shop" approach, which means in one building, the clients find financial services, business training, empowerment advice and healthcare services combined.
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initiatives require a large amount of social capital or trust in order to work effectively. The ability of poorer people to save may also fluctuate over time as unexpected costs may take priority which could result in them being able to save little or nothing some weeks. Rates of inflation may cause funds to lose their value, thus financially harming the saver and not benefiting the collector.
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selection bias can come not only through an increase in the average loan size, which allows for financially stronger individuals to get the loans, but also through the MFI's particular lending methodology, main market of operation, or even the gender bias as further mission drift measures. And as it may follow, this selective funding would lead to lower risks and lower costs for the firm.
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Rutherford calls this 'saving down'. Rutherford's point is that microcredit is addressing only half the problem, and arguably the less important half: poor people borrow to help them save and accumulate assets. However, microfinance is not the magical solution to take people out of poverty; it is merely a tool that the poor can use to raise their prospects for an escape from poverty.
1756:'s peer-to-peer platform is about $ 100 million as of November 2009 (Kiva facilitates approximately $ 5M in loans each month). In comparison, the needs for microcredit are estimated about 250 bn USD as of end 2006. Most experts agree that these funds must be sourced locally in countries that are originating microcredit, to reduce transaction costs and exchange rate risks.
1179:, and others. The 2011 report contains information on the environment of microfinance in 55 countries among two categories, the regulatory framework and the supporting institutional framework. This publication, also known as the Microscope, was first developed in 2007, focusing only on Latin America and the Caribbean, but by 2009, this report had become a global study.
450:, employment and growth through the support of micro-entrepreneurs and small businesses; for others it is a way for the poor to manage their finances more effectively and take advantage of economic opportunities while managing the risks. Critics often point to some of the ills of micro-credit that can create indebtedness. Many studies have tried to assess its impacts.
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BRAC, BancoSol, Gentera, Kamurj, LAPO, and SOGESOL. Microfinance services including Easy Paisa by
Telenor and Temeer Microfinance Bank, Jazz Cash by Jazz Telecom, and Zindigi have all been introduced by various telecom companies in Pakistan. These services provide lending services, retailer services, and online money transfer capabilities.
426:. The two main mechanisms for the delivery of financial services to such clients were: (1) relationship-based banking for individual entrepreneurs and small businesses; and (2) group-based model, where several entrepreneurs come together to apply for loans and other services as a group. Over time, microfinance has emerged as a larger
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was formally launched in
November 2000 and has established its secretariat in Abidjan (Republic of CĂ´te d'Ivoire), where AFMIN is legally recognized as an international Non-Governmental Organisation pursuant to Ivorian laws. Because of the political unrest in CĂ´te d'Ivoire, AFMIN temporarily relocated its office to Cotonou in Benin.
1637:. These "buy now, pay later" services are accelerating the automatization of the finance industry. Point-of-sale loans are embedded within retail websites to offer consumers the chance to take out a loan for the price of the product, and pay them back in installments. These "buy now, pay later" lenders either make money by having
1186:'s and informal associations that help people manage costs like weddings, funerals and sickness. Numerous case studies have been published, however, indicating that these organizations, which are generally designed and managed by poor people themselves with little outside help, operate in most countries in the developing world.
823:' (its ability to cover its operating costsâand possibly also its costs of serving new clientsâfrom its operating revenues). Although it is generally agreed that microfinance practitioners should seek to balance these goals to some extent, there are a wide variety of strategies, ranging from the minimalist profit-orientation of
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client accounts at over 3,000 institutions that are serving people who are poorer than those served by the commercial banks. Of these accounts, 120 million were with institutions normally understood to practice microfinance. Reflecting the diverse historical roots of the movement, however, they also included postal
1225:. Microloans in the U.S. context is defined as the extension of credit up to $ 50,000. In Canada, CRA guidelines restrict microfinance loans to a maximum of $ 25,000. The average microfinance loan size in the US is US$ 9,732, ten times the size of an average microfinance loan in developing countries (US$ 973).
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Unintended consequences of microfinance include informal intermediaton: That is, some entrepreneurial borrowers become informal intermediaries between microfinance initiatives and poorer micro-entrepreneurs. Those who more easily qualify for microfinance split loans into smaller credit to even poorer
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Critics say that microcredit has not increased incomes, but has driven poor households into a debt trap, in some cases even leading to suicide. They add that the money from loans is often used for durable consumer goods or consumption instead of being used for productive investments, that it fails to
1767:. The use of flat rates, which has been outlawed among regulated financial institutions in developed countries, can confuse individual lenders into believing their borrower is paying a lower interest rate than, in fact, they are. In the summer of 2017, within the framework of the joint project of the
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In Canada, microfinancing competes with pay-day loans institutions which take advantage of marginalized and low-income individuals by charging extremely high, predatory interest rates. Communities with low social capital often don't have the networks to implement and support microfinance initiatives,
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Complications specific to Canada include the need for loans of a substantial size in comparison to the ones typically seen in many international microfinance initiatives. Microfinance is also limited by the rules and limitations surrounding money-lending. For example, Canada
Revenue Agency limits the
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While all microfinance institutions aim at increasing incomes and employment, in developing countries the empowerment of women, improved nutrition and improved education of the borrower's children are frequently aims of microfinance institutions. In the US and Canada, aims of microfinance include the
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There are also many social and financial challenges for microfinance initiatives. For example, more articulate and better-off community members may cheat poorer or less-educated neighbours. This may occur intentionally or inadvertently through loosely run organizations. As a result, many microfinance
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This is also due to a general trend for interpersonal microfinance relations to be conducted on grounds of similarity and internal/external recognition: lenders want to see something familiar, something supportable in potential borrowers, so an emphasis on family, goals of education and health, and a
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Microfinance provides women around the world with financial and non-financial services, especially in the most rural areas that do not have access to traditional banking and other basic financial infrastructure. It creates opportunities for women to start-up and build their businesses using their own
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or ROSCAs initiative. This is a small scale example, however
Rutherford (2009) describes a woman he met in Nairobi and studied her ROSCA. Every day 15 women would save 100 shillings so there would be a lump sum of 1,500 shillings and every day 1 of the 15 women would receive that lump sum. This would
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The microfinance project of "saving up" is exemplified in the slums of the south-eastern city of
Vijayawada, India. This microfinance project functions as an unofficial banking system where Jyothi, a "deposit collector", collects money from slum dwellers, mostly women, in order for them to accumulate
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People find creative and often collaborative ways to meet these needs, primarily through creating and exchanging different forms of non-cash value. Common substitutes for cash vary from country to country, but typically include livestock, grains, jewelry and precious metals. As Marguerite S. Robinson
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The role of donors has also been questioned. CGAP recently commented that: "a large proportion of the money they spend is not effective, either because it gets hung up in unsuccessful and often complicated funding mechanisms (for example, a government apex facility), or it goes to partners that are
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However, economists Beatriz ArmendĂĄriz and Ariane Szafarz suggests that this phenomenon is not driven by cost minimization alone. She suggests that it happens because of the interplay between the company's mission, the cost differential between poor and unbanked wealthier clients and region specific
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that increasingly competes with traditional microfinance institutions, the Microfinance Network provides a space to discuss opportunities and challenges that arise from emerging technological innovations in inclusive finance. The Microfinance Network convenes once a year. Members include Al Majmoua,
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are engaged in microfinance. Ensuring financial services to poor people is best done by expanding the number of financial institutions available to them, as well as by strengthening the capacity of those institutions. In recent years there has also been increasing emphasis on expanding the diversity
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Mission drift refers to the phenomena through which the MFIs or the micro finance institutions increasingly try to cater to customers who are better off than their original customers, primarily the poor families. Roy Mersland and R. Ăystein Strøm in their research on mission drift suggest that this
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is a network of 20 to 25 of the world's largest microfinance institutions, spread across Asia, Africa, the Middle East, Europe and Latin America. Established in 1993, the Microfinance Network provided support to members that helped steer many industry leaders to sustainability, and profitability in
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In recent years, there have been calls for better understanding of the ecosystem of Microfinance. The practitioners and researchers felt that it was important to understand the ecosystem in which microfinance institutions operated in order for the market system actors and facilitators to understand
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Microfinance's emphasis on female-oriented lending is the subject of controversy, as it is claimed that microfinance improves the status of women through an alleviation of poverty. It is argued that by providing women with initial capital, they will be able to support themselves independent of men,
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According to a recent survey of microfinance borrowers in Ghana published by the Center for Financial Inclusion, more than one-third of borrowers surveyed reported struggling to repay their loans. Some resorted to measures such as reducing their food intake or taking children out of school in order
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Microfinance practitioners have long argued that such high interest rates are simply unavoidable, because the cost of making each loan cannot be reduced below a certain level while still allowing the lender to cover costs such as offices and staff salaries. For example, in Sub-Saharan Africa credit
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The work of Rutherford, Wright and others has caused practitioners to reconsider a key aspect of the microcredit paradigm: that poor people get out of poverty by borrowing, building microenterprises and increasing their income. The new paradigm places more attention on the efforts of poor people to
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on a much larger scale, and to play a role in reducing poverty. While much progress has been made in developing a viable, commercial microfinance sector in the last few decades, several issues remain that need to be addressed before the industry will be able to satisfy massive worldwide demand. The
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New research in the area of microfinance calls for better understanding of the microfinance ecosystem so that the microfinance institutions and other facilitators can formulate sustainable strategies that will help create social benefits through better service delivery to the low-income population.
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The impact of microcredit is a subject of much controversy. Proponents state that it reduces poverty through higher employment and higher incomes. This is expected to lead to improved nutrition and improved education of the borrowers' children. Some argue that microcredit empowers women. In the US
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defaulting on their payments to these point of sale lenders. Moreover, the companies benefit at the expense of the consumer, so they make it seem harmless while advertising. Yet, it may hurt the consumers' credit by reporting to a credit bureau, trap them with debt, and give the merchant access to
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In addition to commercial banks, these include state banks, agricultural development banks, savings banks, rural banks and non-bank financial institutions. They are regulated and supervised, offer a wider range of financial services, and control a branch network that can extend across the country
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and a variety of other members owned and governed informal or formal financial institutions. Informal groups, like their more traditional cousins, are generally small and local, which means they have access to good knowledge about each other's financial circumstances and can offer convenience and
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is an association of microfinance networks in Africa resulting from an initiative led by African microfinance practitioners to create and/or strengthen country-level microfinance networks for the purpose of establishing shared performance standards, institutional capacity and policy change. AFMIN
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Microfinancing produces many benefits for poverty stricken and low-income households. One of the benefits is that it is very accessible. Banks today simply won't extend loans to those with little to no assets, and generally don't engage in small size loans typically associated with microfinancing.
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Rutherford argues that the basic problem that poor people face as money managers is to gather a "usefully large" amount of money. Building a new home may involve saving and protecting diverse building materials for years until enough are available to proceed with construction. Children's schooling
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There has also been criticism of microlenders for not taking more responsibility for the working conditions of poor households, particularly when borrowers become quasi-wage labourers, selling crafts or agricultural produce through an organization controlled by the MFI. The desire of MFIs to help
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Yakub Opeyemi have impact on Microfinance Bank. No systematic effort to map the distribution of microfinance has yet been undertaken. A benchmark was established by an analysis of 'alternative financial institutions' in the developing world in 2004. The authors counted approximately 665 million
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If there were to be an exchange of labour, or if women's income were supplemental rather than essential to household maintenance, there might be some truth to claims of establishing long-term businesses; however when so constrained it is impossible for women to do more than pay off a current loan
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Utilizing savings, credit, and microinsurance, Microfinance helps families create income-generating activities and better cope with risk. Women particularly benefit from microfinance as many microfinance institutions (MFIs) target female clients. Most microfinance institutions (MFIs) partner with
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of enterprise and eventual self-sufficiency. This claim has yet to be proven in any substantial form. Moreover, the attraction of women as a potential investment base is precisely because they are constrained by socio-cultural norms regarding such concepts of obedience, familial duty, household
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One of the principal challenges of microfinance is providing small loans at an affordable cost. The global average interest and fee rate is estimated at 37%, with rates reaching as high as 70% in some markets. The reason for the high interest rates is not primarily cost of capital. Indeed, the
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Before determining loan prices, one should take into account the following costs: 1) administrative costs by the bank (MFI) and 2) transaction cost by the client/customer. Customers, on the other hand, may have expenses for travelling to the bank branch, acquiring official documents for the loan
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In Nigeria cases of fraud have been reported. Dubious banks promised their clients outrageous interest rates. These banks were closed shortly after clients had deposited money and their deposits were lost. The officials of Nigeria Deposit Insurance Corporation (NDIC) have warned customers about
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Microcredit has also received criticism for inducing market saturation and fueling problematically competitive, rather than collaborative business communities. The influx of supply generated by the creation of new microcredit-fueled-businesses can be difficult for small economies to absorb. The
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and input supply shops. These continue their services because they know each other well and live in the same community, they understand each other's financial circumstances and can offer very flexible, convenient and fast services. These services can also be costly and the choice of financial
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approach, Momentum offers opportunities to people living in poverty in Calgary. Momentum provides individuals and families who want to better their financial situation take control of finances, become computer literate, secure employment, borrow and repay loans for business, and purchase homes.
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is based on this premise, facilitating direct interaction between individual lenders and borrowers via an internet community rather than physical offices. Zidisha has managed to bring the cost of microloans to below 10% for borrowers, including interest which is paid out to lenders. However, it
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There are currently a few social interventions that have been combined with micro financing to increase awareness of HIV/AIDS. Such interventions like the "Intervention with Microfinance for AIDS and Gender Equity" (IMAGE) which incorporates microfinancing with "The Sisters-for-Life" program a
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The new financial systems approach pragmatically acknowledges the richness of centuries of microfinance history and the immense diversity of institutions serving poor people in developing and developed economies today. It is also rooted in an increasing awareness of diversity of the financial
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Microfinance in Canada took shape through the development of credit unions. These credit unions provided financial services to the Canadians who could not get access to traditional financial means. Two separate branches of credit unions developed in Canada to serve the financially marginalized
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methodology (99.3% female clients) and MFIs using individual lending (51% female clients). The delinquency rate for solidarity lending was 0.9% after 30 days (individual lendingâ3.1%), while 0.3% of loans were written off (individual lendingâ0.9%). Because operating margins become tighter the
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The answer to providing microfinance services at an affordable cost may lie in rethinking one of the fundamental assumptions underlying microfinance: that microfinance borrowers need extensive monitoring and interaction with loan officers in order to benefit from and repay their loans. The P2P
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Often, people don't have enough money when they face a need, so they borrow. A poor family might borrow from relatives to buy land, from a moneylender to buy rice, or from a microfinance institution to buy a sewing machine. Since these loans must be repaid by saving after the cost is incurred,
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found that those borrowers randomly selected to receive financial training as part of their borrowing group meetings had higher profits, although there was not a reduction in "the proportion who reported having problems in their business". Pro Mujer, a non-governmental organisation (NGO) with
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In recent years, the microfinance industry has shifted its focus from the objective of increasing the volume of lending capital available, to address the challenge of providing microfinance loans more affordably. Microfinance analyst David Roodman contends that, in mature markets, the average
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Microfinance is considered a tool for socio-economic development, and can be clearly distinguished from charity. Families who are destitute, or so poor they are unlikely to be able to generate the cash flow required to repay a loan, should be recipients of charity. Others are best served by
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families, its progress in delivering financial services in less densely populated rural areas was slow; creating the need for many and multiple models to emerge across the globe. The terms have evolved from Microcredit, to Microfinance, and now Financial Inclusion. Specialized microfinance
415:, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
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whose object is: "a world in which as everyone, especially the poor and socially marginalized people and households have access to a wide range of affordable, high quality financial products and services, including not just credit but also savings, insurance, payment services, and
1221:, microfinance organizations target marginalized populations unable to access mainstream bank financing. Close to 8% of Americans are unbanked, meaning around 9 million are without any kind of bank account or formal financial services. Most of these institutions are structured as
1745:. Another Web-based microlender United Prosperity uses a variation on the usual microlending model; with United Prosperity the micro-lender provides a guarantee to a local bank which then lends back double that amount to the micro-entrepreneur. In 2009, the US-based nonprofit
1821:. Criticism focuses on the impact on poverty, the level of interest rates, high profits, overindebtedness and suicides. Other criticism include the role of foreign donors and working conditions in companies affiliated to microfinance institutions, particularly in Bangladesh.
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With appropriate regulation and supervision, each of these institutional types can bring leverage to solving the microfinance problem. For example, efforts are being made to link self-help groups to commercial banks, to network member-owned organizations together to achieve
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in making payments on time, social media history, income level, education, and previous purchases. Regardless of whether or not the consumer accepts the terms of the loan, these fintech companies have access to this information. Many of them have stated that they
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conducted by the Data & Society Research Institute studying technological experiences of 3,000 adults found that, "52% of surveyed consumers from the lowest income group said they did not know what information is being collected about them or how it is being
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movement that began in the 1970s has emerged and morphed into a 'financial systems' approach for creating universal financial inclusion. While Grameen model of delivering small credit achieved a great deal, especially in urban and near-urban areas and with
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Microfinance generally agree that women should be the primary focus of service delivery. Evidence shows that they are less likely to default on their loans than men. Industry data from 2006 for 704 MFIs reaching 52 million borrowers includes MFIs using the
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Kim, J. C.; Watts, C. H.; Hargreaves, J. R.; Ndhlovu, L. X.; Phetla, G.; Morison, L. A.; et al. (2007). "Understanding the impact of a microfinance-based intervention of women's empowerment and the reduction of intimate partner violence in South Africa".
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was writing about the benefits of small credits to entrepreneurs and farmers as a way of getting the people out of poverty. Independently of Spooner, Friedrich Wilhelm Raiffeisen founded the first cooperative lending banks to support farmers in rural
1896:. Critics maintain that there are few if any rules or standards in these cases governing working hours, holidays, working conditions, safety or child labour, and few inspection regimes to correct abuses. Some of these concerns have been taken up by
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leading to the proliferation of pay day loan institutions. Pay day loan companies are unlike traditional microfinance in that they don't encourage collectivism and social capital building in low income communities, however exist solely for profit.
1355:
Created to help eradicate poverty, Montreal Community Loan Fund provides accessible credit and technical support to entrepreneurs with low income or credit for start-ups or expansion of organizations that cannot access traditional forms of credit.
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that have overcome barriers to serving poor populations. However, with boards that don't necessarily represent either their capital or their customers, their governance structures can be fragile, and they can become overly dependent on external
567:
is not used to carry them out. This is often the case when people need the services money can provide but do not have dispensable funds required for those services. This forces them to revert to other means of acquiring the funds. In their book,
1334:
Formed in 2005 through the merging of the Civil Service Savings and Loan Society and the Metro Credit Union, Alterna is a financial alternative to Canadians. Their banking policy is based on cooperative values and expert financial advising.
606:, the 1980s demonstrated that "micro finance could provide large-scale outreach profitably", and in the 1990s, "micro finance began to develop as an industry". In the 2000s, the microfinance industry's objective was to satisfy the unmet
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not held accountable for performance. In some cases, poorly conceived programs have slowed the development of inclusive financial systems by distorting markets and displacing domestic commercial initiatives with cheap or free money."
1785:'State MFO Register' text box) appeared search results on the Yandex search engine, informing the consumer that the company's financial services are offered on the marked website, which has the status of a microfinance organization.
640:
Microfinance is the proper tool to reduce income inequality, allowing citizens from lower socio-economical classes to participate in the economy. Moreover, its involvement has shown to lead to a downward trend in income inequality.
839:. This is true not only for individual institutions, but also for governments engaged in developing national microfinance systems. BRAC was ranked the number one NGO in the world in 2015 and 2016 by the Geneva-based NGO Advisor.
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may be funded by buying chickens and raising them for sale as needed for expenses, uniforms, bribes, etc. Because all the value is accumulated before it is needed, this money management strategy is referred to as "saving up".
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networks. It is not easy to distinguish microfinance from similar activities. It could be claimed that a government that orders state banks to open deposit accounts for poor consumers, or a moneylender that engages in
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as 60% of users are 18-34 years old and 40% earn under $ 40,000. As a result, they are trapping young consumers into a cycle of debt by ease of taking out a loan. This reinforces risky consumer habits and results in
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smaller the loans delivered, many MFIs consider the risk of lending to men to be too high. This focus on women is questioned sometimes, however a recent study of microentrepreneurs from Sri Lanka published by the
1527:
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and internationally. However, they have proved reluctant to adopt social missions, and due to their high costs of operation, often can't deliver services to poor or remote populations. The increasing use of
1707:, distinguishes between four general categories of microfinance providers, and argues for a pro-active strategy of engagement with all of them to help them achieve the goals of the microfinance movement.
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1719:
platforms have developed to expand the availability of microcredit through individual lenders in the developed world. New platforms that connect lenders to micro-entrepreneurs are emerging on the Web (
685:, about $ 2.50 came from other sources, mostly their clients' savings. This parallels the experience in the West, in which family businesses are funded mostly from savings, especially during start-up.
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Matin, Imran & Hulme, David & Rutherford, Stuart. (2002). Finance for the Poor: From Microcredit to Microfinancial Services. Journal of International Development. 14. 273-294. 10.1002/jid.874.
1322:
Founded by Sandra Rotman in 2009, Rise is a Rotman and CAMH initiative that provides small business loans, leases, and lines of credit to entrepreneurs with mental health and/or addiction challenges.
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borrowers. Informal intermediation ranges from casual intermediaries at the good or benign end of the spectrum to 'loan sharks' at the professional and sometimes criminal end of the spectrum.
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Help can come in the form of more and better-qualified staff, thus higher education is needed for microfinance institutions. This has begun in some universities, as Oliver Schmidt describes.
493:), have tested practices and built institutions designed to bring the kinds of opportunities and risk-management tools that financial services can provide to the doorsteps of poor people.
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There has been a long-standing debate over the sharpness of the trade-off between 'outreach' (the ability of a microfinance institution to reach poorer and more remote people) and its '
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so-called "wonder banks". One initiative to prevent people from depositing money to wonder banks is the mini-series "e go better" that warns about the practices of these wonder banks.
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institutions (MFIs) continue to expand their services, collaborating and competing with banks, credit unions, mobile money, and other informal and formal member owned institutions.
4910:
1809:, Microfinance and Mobile Financial Services (MFS) have provided marginal populations with access to basic financial services, including savings programs and insurance policies.
1053:"Microfinance can pay for itself." Subsidies from donors and government are scarce and uncertain and so, to reach large numbers of poor people, microfinance must pay for itself.
746:"). Hence, from a customer's point of view the cost of a loan is not only the interest and fees she/he has to pay, but also all other transaction costs that she/he has to cover.
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By type of service, "savings accounts in alternative finance institutions outnumber loans by about four to one. This is a worldwide pattern that does not vary much by region."
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Allison, T. H.; Davis, B. C.; Short, J. C.; Webb, J. W. (2015). "Crowdfunding in a prosocial microlending environment: Examining the role of intrinsic versus extrinsic cues".
3562:
Reynolds, Chantelle; Christian Novak (19 May 2011). "Low Income Entrepreneurs and their Access to Financing in Canada, Especially in the Province of Quebec/City of Montreal".
1168:. At the end of 2009, it was tracking 1,084 MFIs that were serving 74 million borrowers ($ 38 billion in outstanding loans) and 67 million savers ($ 23 billion in deposits).
795:
Practitioners and donors from the charitable side of microfinance frequently argue for restricting microcredit to loans for productive purposesâsuch as to start or expand a
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interest and fee rates charged by microfinance institutions tend to fall over time. However, global average interest rates for microfinance loans are still well above 30%.
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Since people in the developing world still largely depend on subsistence farming or basic food trade for their livelihood, significant resources have gone into supporting
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was opened using money borrowed from the Finance Sudan Limited (FSL) Program. This program was established in 2006 as one of the only microfinance lenders in the country.
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found that the return on capital for male-owned businesses (half of the sample) averaged 11%, whereas the return for women-owned businesses was 0% or slightly negative.
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and scope, and to support efforts by commercial banks to 'down-scale' by integrating mobile banking and e-payment technologies into their extensive branch networks.
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Mas, Ignacio; Kumar, Kabir (July 2008). Banking on mobiles: Why, how, for whom? (Report). Washington, DC: Consultative Group to Assist the Poor (CGAP), World Bank.
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concluded that "those with no option but to save in the informal sector are almost bound to lose some moneyâprobably around one quarter of what they save there".
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Jafree, Sara Rizvi; Ahmad, Khalil (December 2013). "Women microfinance users and their association with improvement in quality of life: Evidence from Pakistan".
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520:, was starting and shaping the modern industry of microfinancing. The approach of microfinance was institutionalized by Yunus in 1976, with the foundation of
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Another source of information regarding the environment of microfinance is the Global Microscope on the Microfinance Business Environment, prepared by the
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became the first peer-to-peer microlending platform to link lenders and borrowers directly across international borders without local intermediaries.
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803:, such a restriction is impossible to enforce, and that in any case it should not be up to rich people to determine how poor people use their money.
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Example of a loan contract, using flat rate calculation, from rural Cambodia. Loan is for 400,000 riels at 4% flat (16,000 riels) interest per month.
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Purkayastha, Debapratim; Tripathy, Trilochan; Das, Biswajit (1 January 2020). "Understanding the ecosystem of microfinance institutions in India".
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Based in Toronto, Ontario, ACCESS is a Canadian charity that helps entrepreneurs without collateral or credit history find affordable small loans.
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Pollinger, J. Jordan; Outhwaite, John; Cordero-GuzmĂĄn, Hector (1 January 2007). "The Question of Sustainability for Microfinance Institutions".
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Microfinance has also been combined with business education and with other packages of health interventions. A project undertaken in Peru by
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Microfinance must be useful to poor households: helping them raise income, build up assets and/or cushion themselves against external shocks.
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remains to be seen whether such radical alternative models can reach the scale necessary to compete with traditional microfinance programs.
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There are several professional networks of microfinance institutions, and organisations that support microfinance and financial inclusion.
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ArmendĂĄriz, Beatriz; Szafarz, Ariane (2011), "On mission drift in microfinance institutions", in ArmendĂĄriz, Beatriz; Labie, Marc (eds.),
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4042:"Microfinance for poverty alleviation: Do transnational initiatives overlook fundamental questions of competition and intermediation?"
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Bruton, G. D.; Chavez, H.; Khavul, S. (2011). "Microlending in emerging economies:building a new line of inquiry from the ground up".
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Due to the unbalanced emphasis on credit at the expense of microsavings, as well as a desire to link Western investors to the sector,
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Unfortunately, many vulnerable consumers come from low-income backgrounds and do not understand misleading practices, given their
1581:, headquartered in Washington, DC, these NGOs have spread around the developing world in the past three decades; others, like the
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Some principles that summarize a century and a half of development practice were encapsulated in 2004 by CGAP and endorsed by the
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1461:(MFC) has a membership of over 100 organisations, and is particularly strong in Eastern Europe, the Balkans and Central Asia.
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charge average interest and fee rates of 35.21%. Rather, the main reason for the high cost of microfinance loans is the high
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their borrower diversify and increase their incomes has sparked this type of relationship in several countries, most notably
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Recent studies have also shown that informal methods of saving are unsafe. For example, a study by Wright and Mutesasira in
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products limited and very short-term. Informal services that involve savings are also risky; many people lose their money.
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There have been problems with disclosure on peer-to-peer sites, with some reporting interest rates of borrowers using the
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hurt poor people by preventing microfinance institutions from covering their costs, which chokes off the supply of credit.
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In the late 1980s, microfinance institutions developed in the United States. They served low-income and marginalized
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4593:. Translated by Engelmann, Konrad. Neuwied on the Rhine, Germany: The Raiffeisen Printing & Publishing Company.
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Microfinance also means integrating the financial needs of poor people into a country's mainstream financial system.
201:
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Seibel, Hans Dieter; Khadka, Shyam (2002). "SHG banking: A financial technology for very poor microentrepreneurs".
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Wright, Graham A. N.; Mutesasira, Leonard K. (September 2001). "The relative risks to the savings of poor people".
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O'Donohoe, Nick; De Mariz, Frederic; Littlefield, Elizabeth; Reille, Xavier; Kneiding, Christoph (February 2009).
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As yet there are no studies that indicate the scale or distribution of 'informal' microfinance organizations like
5239:
4876:; Lehmann-Ortega, Laurence (April 2010). "Building social business models: Lessons from the Grameen experience".
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Ly, P.; Mason, G. (2012). "Individual preference over development projects:evidence from microlending on Kiva".
1888:, where hundreds of thousands of borrowers effectively work as wage labourers for the marketing subsidiaries of
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many of their largest markets. Today as the sector enters a new period of transition, with the rise of digital
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These factors incentivized the public and private supports to have microlending activity in the United States.
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local microfinance organizations that receive zero-interest loan capital from the online microlending platform
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579:: such as weddings, funerals, childbirth, education, home building, holidays, festivals, widowhood and old age
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Garrity, David M. (1 January 2015). "Mobile Financial Services in Disaster Relief: Modeling Sustainability".
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932:
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17:
3545:"PM BIO Become a Fan Get Email Alerts Bloggers' Index How Microfinance Is Fueling A New Small Business Wave"
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1142:(188 million accounts representing 18% of the total national population). The lowest concentrations were in
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consists of financial services targeting individuals and small businesses who lack access to conventional
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1014:. They buy insurance from state-owned companies. They receive funds transfers through formal or informal
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Change in social welfare policies and focus on economic development and job creation at the macro level.
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Microfinance institutions should measure and disclose their performance â both financially and socially.
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765:
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Sapovadia, M. (May 2013). "Microfinance and women's empowerment: Contemporary issues and challenges".
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The history of microfinancing can be traced back as far as the middle of the 1800s, when the theorist
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322:
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Sapovadia, Vrajlal K. (2006). "Micro finance: The pillars of a tool to socio-economic development".
4273:"Issue 13 Post 2015 - Implementation - Nigeria: Wonder Banks Debunked - Digital Development Debates"
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3860:(April 2002). "Village banking and maternal and child health: Evidence from Ecuador and Honduras".
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1974:
1246:. By 2007, there were 500 microfinance organizations operating in the US with 200 lending capital.
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815:
These goats are being raised by Rwandan women as part of a farm cooperative funded by microfinance.
195:
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Bee, Beth (2011). "Gender, solidarity and the paradox of microfinance: Reflections from Bolivia".
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reduce their many vulnerabilities by keeping more of what they earn and building up their assets.
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5234:
3891:"Teaching entrepreneurship: Impact of business training on microfinance clients and institutions"
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1222:
1585:, address larger regions. They have proven very innovative, pioneering banking techniques like
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is the shortage of strong institutions and managers." Donors should focus on capacity building.
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Informal Credit Markets and the New Institutional Economics: The Case of Philippine Agriculture
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what they have to do to achieve their objectives of participating in the ecosystem. Professors
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and Canada, it is argued that microcredit helps recipients to graduate from welfare programs.
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3356:"Microfinance ecosystem: How connectors, interactors, and institutionalizers co-create value"
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Financial institutions with a double-bottom line: Implications for the future of microfinance
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Financial institutions with a double-bottom line: Implications for the future of microfinance
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591:: such as wildfires, floods, cyclones and man-made events like war or bulldozing of dwellings
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2004:
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Automated Loans include point-of-sale loans offered by financial technology companies like
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857:
552:
447:
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Confessions of a Microfinance Heretic: How Microlending Lost its Way and Betrayed the Poor
3285:"Latin America tops Global Microscope Index on the microfinance business environment 2011"
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The Poor and Their Money: Micro Finance from a Twenty-first Century Consumer's Perspective
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Need for more dissemination and adoption of rural, agricultural microfinance methodologies
8:
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The Poor and Their Money: Microfinance from a Twenty-first Century Consumer's Perspective
1994:
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Two women talk about financial matters. The woman on the right is a loan officer for the
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The microfinance project of "saving through" is shown in Nairobi, Kenya which includes a
597:: expanding a business, buying land or equipment, improving housing, securing a job, etc.
58:
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Most needs are met through a mix of saving and credit. A benchmark impact assessment of
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obstacles or challenges in building a sound commercial microfinance industry include:
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4808:
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Sapovadia, Vrajlal K. (19 March 2007). "Capacity building, pillar of micro finance".
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4350:. Washington, DC: Published by Pact Publications for World Council of Credit Unions.
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Founded in 1946, Vancity is now the largest English speaking credit union in Canada.
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Proponents of microfinance often claim that such access will help poor people out of
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110:
47:
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Transforming microfinance institutions providing full financial services to the poor
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3757:"Zidisha Set to "Expand" in Peer-to-Peer Microfinance", Microfinance Focus, Feb 2010
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Global microscope on the microfinance business environment 2011: An index and study
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2911:. Microfinance Information Exchange. 1 August 2007. pp. 46, 49. Archived from
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1939:
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555:, and particularly in rural areas, many activities that would be classified in the
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See for example Joachim de Weerdt, Stefan Dercon, Tessa Bold and Alula Pankhurst,
2556:
1300:. These were the models of the modern institutions still present in Canada today.
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An important source of detailed data on selected microfinance institutions is the
621:
Poor regulation and supervision of deposit-taking microfinance institutions (MFIs)
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There were three key factors that triggered the growth in domestic microfinance:
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400:
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introduced the establishment of savings and credit services in late 1900 to the
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found that for every $ 1 they were lending to clients to finance rural non-farm
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2020:
1989:
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Creating a World Without Poverty: Social Business and the Future of Capitalism
3702:. Washington DC: Microcredit Summit Campaign. 31 December 2006. Archived from
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508:
The modern use of the expression "microfinancing" has roots in the 1970s when
5213:
5099:
5067:
5003:
4718:
4598:
4518:
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4348:
Striking the Balance in Microfinance: A Practical Guide to Mobilizing Savings
4007:
Biswas, Soutik (16 December 2010). "India's micro-finance suicide epidemic".
3814:
3379:
2780:
2214:
2206:
1434:
1143:
1132:
1062:"The job of government is to enable financial services, not to provide them."
1007:
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was found. You can help implement the merge by following the instructions at
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in Bangladesh. Another pioneer in this sector is Pakistani social scientist
5175:
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5050:
4911:"Small Loans, Big Promises, Unknown Impact: An Examination of Microfinance"
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Membership-based indigenous insurance associations in Ethiopia and Tanzania
2116:
2025:
2015:
1954:
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1930:
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4568:, Washington DC: Consultative Group to Assist the Poor (CGAP), World Bank.
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Why doesn't microfinance work? The destructive rise of local neoliberalism
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to repay microfinance debts that had not proven sufficiently profitable.
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4368:, Washington DC: Consultative Group to Assist the Poor (CGAP) World Bank.
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Armstrong, Kelly; Ahsan, Mujtaba; Sundaramurthy, Chamu (1 January 2018).
2974:
1964:
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1135:(35 million accounts) and specialized rural banks (19 million accounts).
937:
885:
800:
734:
482:
396:
4754:
4657:
3681:
3508:
Alterna (2010). "Strengthening our community by empowering individuals".
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Voluntas: International Journal of Voluntary and Nonprofit Organizations
1682:." Many feel that these marketplace and society see and target them as "
1271:
immigrants who came from societies where microenterprises are prevalent.
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Accion USA's Website, a microlender for businesses in the United States
4805:
Microfinance Systems: Designing Quality Financial Services for the Poor
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1999:
1984:
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moneylenders and save with informal collectors. They receive loans and
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Calmeadow Metrofund: A Canadian experiment in sustainable microfinance
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high interest rate, often higher than the average APR of a credit card
572:, Stuart Rutherford and Sukhwinder Arora cite several types of needs:
5057:
4122:"Microfinance Challenges: Empowerment or Disempowerment of the Poor?"
3199:
Christen, Robert Peck Christen; Rosenberg, Richard; Jayadeva, Veena.
2102:
Christen, Robert Peck Christen; Rosenberg, Richard; Jayadeva, Veena.
1944:
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of institutions, since different institutions serve different needs.
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4365:
2884:"One WaSH National Programme M&E support (Ethiopia) :: IRC"
2241:
The New Microfinance Handbook: A Financial Market System Perspective
2142:
799:. Those from the private-sector side respond that, because money is
585:: such as sickness, injury, unemployment, theft, harassment or death
4259:"Avoid Wonder Banks, Use Licensed DMBs, NDIC Boss Warns Depositors"
3815:"Bank of Russia to mark microfinance organisations on the Internet"
3110:
2239:
Ledgerwood, Joanna, Earne, Julie and Nelson, Candace (Eds) (2013).
2151:
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International Journal of Innovative Research & Studies (IJIRS)
4530:. Washington, DC Stockholm: World Bank MicroFinance Network Sida.
4052:(3). United Nations Conference on Trade and Development: 103â117.
3956:. Germany: Engagement Global â Service for Development Initiatives
3394:"2011 FDIC National Survey of Unbanked and Underbanked Households"
2414:
Hermes, N. (2014). "Does microfinance affect income inequality?".
1428:
1416:
1307:
from developing countries to Canada have met with little success.
1150:(14 million accounts representing 3% of the total population) and
912:
624:
Few MFIs that meet the needs for savings, remittances or insurance
418:
Microfinance initially had a limited definition: the provision of
27:
Provision of microloans to poor entrepreneurs and small businesses
4566:
Shedding Light on Microfinance Equity Valuation: Past and Present
3307:"Global Microscope on the Microfinance Business Environment 2011"
1817:
Most criticisms of microfinance have actually been criticisms of
1746:
1734:
1630:
1570:
1553:
lending to about 133 million clients by the end of 2006. Led by
1376:
1107:
828:
783:
721:
There are several key debates at the boundaries of microfinance.
502:
439:
392:
4972:
4610:. Washington, D.C. New York: World Bank Open Society Institute.
3429:
1292:
who did not have financial access. Approximately 30 years later
4944:
4364:
De Mariz, Frederic; Reille, Xavier; Rozas, Daniel (July 2011).
4289:
Adams, Dale W.; Graham, Douglas H.; Von Pischke, J. D. (1984).
3484:"Registered Charities: Community Economic Development Programs"
2936:"Comments Made at IPA/FAI Microfinance Conference Oct. 17 2008"
2629:
2599:
1772:
1657:
These services are often targeting marginalized groups such as
1289:
1214:
1208:
1151:
1138:
Regionally, the highest concentration of these accounts was in
995:
689:
644:
607:
471:
423:
4960:
2401:
The Micro Finance Revolution: Sustainable Finance for the Poor
1470:
1303:
Efforts to transfer specific microfinance innovations such as
907:
758:
of traditional microfinance operations relative to loan size.
665:
604:
The Micro Finance Revolution: Sustainable Finance for the Poor
37:
4366:
Discovering Limits. Global Microfinance Valuation Survey 2011
3334:
2098:
2096:
1626:
1535:
1183:
1139:
1020:
564:
422:
to poor entrepreneurs and small businesses lacking access to
2679:"BRAC ranked number one NGO in the world: Sierra Leone News"
2141:
Feigenberg, Benjamin; Field, Erica M.; Pande, Rohan (2010).
1645:. When applying for a loan, these companies data profile by
649:
4868:
4492:
Fighting Poverty with Microcredit: Experience in Bangladesh
4082:
GuĂŠrin, Isabelle; Labie, Marc; Servet, Jean-Michel (2015).
3618:"The Future of Financial Inclusion: A Leadership Challenge"
3353:
3244:
Microfinance Information Exchange, Inc. (1 December 2009).
2475:. Dhaka, Bangladesh: The University Press Ltd. p. 78.
2473:
Fighting Poverty with Microcredit: Experience in Bangladesh
1726:
1634:
2093:
1622:
927:
742:
application, and loss of time when dealing with the MFI ("
4673:. San Francisco, California: Berrett-Koehler Publishers.
1613:
is increasing commercial banks' interest in microfinance.
1550:
1402:
1056:
Microfinance means building permanent local institutions.
462:
Over the past centuries, practical visionaries, from the
4823:
United Nations Department of Economic and Social Affairs
4376:. Rugby, Warwickshire, UK: Practical Action Publishing.
3248:. Microfinance Information Exchange, Inc. Archived from
3246:"MicroBanking Bulletin Issue #19, December 2009, pp. 49"
3085:
1788:
985:
4950:
Microfinance in Asia and the Pacific: 12 Things to Know
4710:
People's Banks: A Record of Social and Economic Success
3561:
2616:
Due Diligence: An Impertinent Inquiry into Microfinance
922:
831:
to the highly integrated not-for-profit orientation of
4627:
Due diligence an impertinent inquiry into microfinance
4288:
4040:
Arp, Frithjof; Ardisa, Alvin; Ardisa, Alviani (2017).
3727:
Information Sharing and SMME Financing in South Africa
2196:
1464:
1458:
957:
716:
4312:(2nd ed.). Cambridge, Massachusetts: MIT Press.
3136:"Women's World Banking | Women's Financial Inclusion"
3065:
2106:. CGAP, Occasional Papers series, July 2004, pp. 2â3.
901:
4961:
USAID Microenterprise Results Reporting (MRR) Portal
4831:
Building inclusive financial sectors for development
4223:
Access for All: Building Inclusive Financial Systems
3745:
Access for All: Building Inclusive Financial Systems
2273:
Access for All: Building Inclusive Financial Systems
2192:
2190:
2140:
1920:
1879:
Working conditions in enterprises affiliated to MFIs
1847:
1705:
Access for All: Building Inclusive Financial Systems
1260:, as a strategy for improving the lives of the poor.
4786:
Remittances development impact and future prospects
4450:
Savings Services for the Poor: An Operational Guide
2802:"Small change, Big changes: Women and Microfinance"
2709:"Brac ranks world's number one NGO | Dhaka Tribune"
1093:
141:
may be too technical for most readers to understand
4666:
4575:Venture: A Collection of True Microfinance Stories
3747:. CGAP/World Bank, Washington DC, 2006, pp. 35â57.
3220:. Making Finance Work for Africa. 5 November 2010.
2960:
2600:Geoffrey Muzigiti; Oliver Schmidt (January 2013).
2523:
2521:
2519:
1310:Selected microfinance institutions in Canada are:
1106:(SEF). The conversation shown is taking place in
1039:Poor people need not just loans but also savings,
860:to provide additional services for their clients.
4307:
4192:
4147:Mersland, Roy; Strøm, R. Ăystein (January 2010).
4081:
3186:
3184:
3182:
2769:"Women as Microfinance Leaders, Not Just Clients"
2378:. Warwickshire, UK: Practical Action. p. 4.
2187:
677:and two other large microfinance institutions in
5211:
4629:. Washington DC: Center for Global Development.
4308:ArmendĂĄriz, Beatriz; Morduch, Jonathan (2010) .
4293:. Boulder, Colorado and London: Westview Press.
3775:Microfinance: An emerging investment opportunity
3696:"State of the Microcredit Summit Campaign Repor"
3232:Financial institutions with a double-bottom line
2495:
2266:
2264:
1856:
1440:
399:, the provision of small loans to poor clients;
4687:
4525:
4511:Micro-enterprises: Perspectives and Experiences
4494:. Dhaka, Bangladesh: The University Press Ltd.
4411:
4397:. Bloomfield, Connecticut: Kumarian Press Inc.
4291:Undermining rural development with cheap credit
4039:
3944:
3797:. MicroFinance Transparency. 11 November 2008.
3795:Why We Need Transparent Pricing in Microfinance
2516:
2373:
1429:Partnership for Responsible Financial Inclusion
1123:(318 million accounts), state agricultural and
994:A group of Indian women have assembled to make
806:
384:An Afghan woman doing microfinanced sewing work
4713:(4th ed.). London: P. S. King & Son.
4688:Rutherford, Stuart; Arora, Sukhwinder (2009).
4591:The credit unions (Die Darlehnskassen-Vereine)
4394:The Poor Always Pay Back: The Grameen II Story
4237:"The metamorphosis of the micro-credit debtor"
4225:. CGAP/World Bank, Washington DC, 2006, p. 97.
3889:Karlan, Dean S.; Valdivia, Martin (May 2011).
3888:
3179:
2374:Rutherford, Stuart; Arora, Sukhwinder (2009).
2143:"Building Social Capital Through MicroFinance"
2069:
2067:
1477:
4988:
4784:Maimbo, Samuel Munzele; Ratha, Dilip (2005).
4371:
4146:
4116:
4114:
3945:SĂślle de Hilari, Caroline (11 October 2013).
2349:"Farming + Finance for a Path out of Poverty"
2261:
2047:"Microfinance: What It Is and Why It Matters"
1780:
1528:Village Savings and Loan Associations (VSLAs)
889:Women of Malawi posing with their savings box
446:. For many, microfinance is a way to promote
4643:
4526:Ledgerwood, Joanna; White, Victoria (2006).
4513:. Hyderabad, India: ICFAI University Press.
4412:Floro, Sagrario; Yotopoulos, Pan A. (1991).
4345:
4021:Microfinance: Emerging Trends and Challenges
2656:"Micro-finance, Lending a Hand to the Poor?"
2604:. D+C Development and Cooperation/ dandc.eu.
2253:: CS1 maint: multiple names: authors list (
1209:Microfinance in the United States and Canada
1195:
913:Khushhali Microfinance Bank Limited Pakistan
645:Ways in which poor people manage their money
636:Members' lack of collateral to secure a loan
395:and related services. Microfinance includes
4783:
4466:
4452:. Bloomfield, Connecticut: Kumarian Press.
4023:, pp. 15â16. Cheltenham, UK: Edward Elgar.
3784:. Deutsche Bank Research. 19 December 2007.
2766:
2536:
2452:. New Delhi: Oxford University Press, 2000.
2064:
2038:
1970:Microcredit for water supply and sanitation
1667:the consumer data profile. This creates a "
965:
538:
470:of the 15th century to the founders of the
119:Learn how and when to remove these messages
57:, consensus to merge this article into
4995:
4981:
4585:
4447:
4390:
4111:
3654:"Telenor Launches 'easypaisa' in Pakistan"
3503:
3501:
3499:
3497:
2539:"Banks Making Big Profits From Tiny Loans"
1710:
1035:leaders at the G8 Summit on 10 June 2004:
466:friars who founded the community-oriented
457:
4769:
4742:
4725:
4372:Dichter, Thomas; Harper, Malcolm (2007).
4234:
4177:
4077:
4075:
3725:Turner, Michael; Varghese, Robin; et al.
3616:Velarde, Raul; et al. (April 2017).
3538:
3536:
2963:Journal of International Business Studies
2767:Iskenderian, Mary Ellen (16 March 2011).
2549:
2150:
1869:
958:Social aid for Common Humanitarian - SACH
368:Learn how and when to remove this message
350:Learn how and when to remove this message
289:Learn how and when to remove this message
231:Learn how and when to remove this message
169:Learn how and when to remove this message
153:, without removing the technical details.
4664:
4605:
4544:
4489:
3425:
3423:
3421:
3419:
2933:
2732:
2730:
2398:
2044:
1097:
989:
884:
810:
764:
728:
710:Rotating Savings and Credit Associations
664:
648:
542:
379:
194:This article includes a list of general
4827:United Nations Capital Development Fund
4624:
4508:
4430:
4346:Branch, Brian; Klaehn, Janette (2002).
4326:
3974:
3732:Political and Economic Research Council
3615:
3507:
3494:
3115:Microfinance Council of the Philippines
3030:
2470:
2010:Rotating savings and credit association
1812:
1410:
1256:Encouragement of employment, including
1065:"Donor funds should complement private
547:Financial needs and financial services.
14:
5212:
4908:
4833:. New York, New York: United Nations.
4802:
4692:. Warwickshire, UK: Practical Action.
4072:
3899:The Review of Economics and Statistics
3542:
3533:
3464:
2627:
2618:. Center for Global Development, 2011.
2557:"Kiva Help - Interest Rate Comparison"
2413:
1452:
1403:Microfinance Networks and Associations
477:movement in the 19th century (such as
4976:
4847:
4706:
4416:. Boulder, Colorado: Westview Press.
3856:
3416:
3402:Federal Deposit Insurance Corporation
2938:. Philanthropy Action. Archived from
2727:
2653:
2270:
2073:
1789:Microfinance and social interventions
1435:Partnership for Responsible Financial
986:Microfinance standards and principles
535:agriculture in developing countries.
151:make it understandable to non-experts
4807:. London New York Dhaka: Zed Books.
4235:Chowdhury, Farooque (24 June 2007).
4197:, Singapore Hackensack, New Jersey:
3432:Journal of Small Business Management
3230:Christen, Rosenberg, and Jayadeva.
3203:. CGAP Occasional Paper, July 2004.
2738:"4 Ways Microfinance Empowers Women"
2234:
2232:
1500:Informal financial service providers
998:products that they intend to resell.
300:
242:
180:
125:
84:
31:
4572:Rai, Achintya; et al. (2012).
4571:
4435:. Dhaka, Bangladesh: Grameen Bank.
4010:, BBC News. Retrieved 15 July 2015.
3593:See for example Cheryl Frankiewicz
3458:
2995:
2934:McKenzie, David (17 October 2008).
2809:International Labour Office, Geneva
2630:"Alles over een Klein Bedrag Lenen"
2537:MacFarquhar, Neil (13 April 2010).
1471:Africa Microfinance Network (AFMIN)
1465:Africa Microfinance Network (AFMIN)
717:Microfinance debates and challenges
627:Limited management capacity in MFIs
24:
4391:Dowla, Asif; Barua, Dipal (2006).
4282:
3979:. Springer, Cham. pp. 45â54.
2676:
2654:Katic, Gordon (20 February 2013).
1263:The increase in the proportion of
1127:(172 million accounts), financial
902:Organizations supporting this work
877:in a manner which would encourage
516:, founded by microfinance pioneer
200:it lacks sufficient corresponding
25:
5266:
5002:
4934:
3947:"Microinsurance: Healthy clients"
3845:American Journal of Public Health
2229:
2045:Caramela, Sammi (23 April 2018).
1848:Competition and market saturation
1166:Microfinance Information Exchange
100:This article has multiple issues.
4606:Robinson, Marguerite S. (2001).
3543:Harman, Gina (8 November 2010).
3444:10.1111/j.1540-627X.2007.00196.x
3086:"Kiva â Loans That Change Lives"
2744:. 20 August 2017. Archived from
2399:Robinson, Marguerite S. (2001).
2145:. NBER Working Paper No. 16018.
1923:
1805:According to technology analyst
1779:(a green circle with a tick and
1763:instead of the familiar banking
1647:recording the customer's history
1549:counted 3,316 of these MFIs and
1237:
1094:Scale of microfinance operations
442:, including participants in the
305:
247:
185:
130:
89:
46:This article is currently being
36:
4746:Social Science Research Network
4265:
4251:
4228:
4215:
4186:
4140:
4033:
4013:
4001:
3968:
3954:D+C Development and Cooperation
3938:
3882:
3850:
3836:
3807:
3787:
3768:
3750:
3737:
3718:
3688:
3674:
3660:
3646:
3609:
3600:
3587:
3555:
3476:
3386:
3347:
3321:
3299:
3277:
3256:
3237:
3224:
3206:
3193:
3170:
3153:
3128:
3103:
3078:
3059:
3024:
2989:
2954:
2927:
2901:
2876:
2851:
2822:
2794:
2760:
2701:
2670:
2647:
2621:
2608:
2593:
2571:
2530:
2489:
2464:
2455:
2442:
2407:
2392:
2367:
2341:
2314:
1902:socially responsible investment
1680:the price of using the internet
1676:lack of digital literacy skills
1177:Inter-American Development Bank
790:
724:
485:movement in the 1970s (such as
108:or discuss these issues on the
5194:Alternative financial services
4788:. Washington, DC: World Bank.
4490:Khandker, Shahidur R. (1999).
4374:What's wrong with microfinance
4170:10.1016/j.worlddev.2009.05.006
2628:Istazk, Lennon (4 July 2014).
2297:
2134:
2109:
1799:Innovations for Poverty Action
1368:community economic development
13:
1:
4803:Wright, Graham A. N. (2000).
4587:Raiffeisen, Friedrich Wilhelm
4448:Hirschland, Madeline (2005).
4310:The economics of microfinance
4149:"Microfinance mission drift?"
3876:10.1016/S0305-750X(01)00128-0
3597:, Calmeadow Foundation, 2001.
2471:Khandker, Shahidur R. (999).
2032:
1857:Mission drift in microfinance
1752:The volume channeled through
1601:Formal financial institutions
1447:European Microfinance Network
1441:European Microfinance Network
1340:Access Community Capital Fund
933:Alkhidmat Foundation Pakistan
5128:Tax refund anticipation loan
5018:Annual percentage rate (APR)
4195:The handbook of microfinance
3977:Technologies for Development
3372:10.1016/j.bushor.2017.09.014
3010:10.1080/0966369X.2011.535298
2498:Small Enterprise Development
2428:10.1080/00036846.2013.864039
2243:. The World Bank. p. 5.
2074:Kagan, Julia (7 June 2018).
1960:Market Governance Mechanisms
1503:These include moneylenders,
1350:Montreal Community Loan Fund
1296:introduced credit unions to
807:Reach versus depth of impact
630:Institutional inefficiencies
479:Friedrich Wilhelm Raiffeisen
7:
5023:Effective annual rate (EAR)
4854:. New York: PublicAffairs.
4608:The microfinance revolution
4483:10.14431/aw.2013.12.29.4.73
4431:Gibbons, David S. (1994) .
4084:"The Crises of Microcredit"
3985:10.1007/978-3-319-16247-8_5
3271:Economist Intelligence Unit
2998:Gender, Place & Culture
1916:
1824:
1609:in credit scoring, such as
1547:Microcredit Summit Campaign
1478:Inclusive financial systems
1284:segment of the population.
1173:Economist Intelligence Unit
1104:Small Enterprise Foundation
1023:, or a charity that runs a
928:akhuwat Foundation Pakistan
699:
444:Microcredit Summit Campaign
325:. The specific problem is:
10:
5271:
4068:. UNCTAD/DIAE/IA/2017D4A8.
4046:Transnational Corporations
2510:10.3362/0957-1329.2001.031
1980:Microfinance organizations
1828:
1669:feedback loop of injustice
1519:Member-owned organizations
481:) and the founders of the
5184:
5141:
5090:
5036:
5010:
4890:10.1016/j.lrp.2009.12.005
4707:Wolff, Henry W. (1910) .
4509:Krishna, Sridhar (2008).
4327:Bateman, Milford (2010).
3045:10.1007/s11266-011-9255-8
2199:Social Enterprise Journal
1781:
1739:Opportunity International
1703:Brigit Helms in her book
1575:Opportunity International
1278:
1228:
1196:Ecosystem of Microfinance
978:While the success of the
852:other organizations like
4848:Yunus, Muhammad (2007).
4578:. Zidisha Microfinance.
3780:29 December 2009 at the
3467:"SBA Information Notice"
3164:14 December 2011 at the
2713:archive.dhakatribune.com
2450:The Poor and Their Money
2207:10.1108/SEJ-08-2019-0063
1975:Microfinance in Tanzania
1907:
1164:, which is published by
1090:financial institutions.
1002:Poor people borrow from
966:Benefits and limitations
842:
595:Investment Opportunities
570:The Poor and Their Money
539:Microfinance and poverty
261:may need to be rewritten
5255:Sustainable development
4665:Sinclair, Hugh (2012).
4646:Savings and Development
4625:Roodman, David (2012).
4555:CGAP Focus Note, No. 48
4243:. Dhaka. Archived from
4019:Sundaresan, S. (2008).
3682:"AFMIN Website - About"
3625:microfinancenetwork.org
2909:"MicroBanking Bulletin"
2830:"What is microfinance?"
2773:Harvard Business Review
2353:Whole Planet Foundation
2327:Encyclopedia Britannica
2117:"What is microfinance?"
1711:Microcredit and the Web
1686:". In addition, a 2015
1223:nonprofit organizations
1191:Mind the management gap
1069:, not compete with it."
938:Whole Planet Foundation
602:describes in his book,
458:History of microfinance
215:more precise citations.
5240:Bangladeshi inventions
4952:Asian Development Bank
4909:Cooper, Logan (2015).
4099:Cite journal requires
3823:Central Bank of Russia
3762:8 October 2011 at the
3575:Cite journal requires
3521:Cite journal requires
3111:"Link Against Poverty"
2308:10 August 2007 at the
2271:Helms, Brigit (2006).
2175:Cite journal requires
1870:Role of foreign donors
1769:Central Bank of Russia
1765:Annual Percentage Rate
1507:, savings collectors,
1316:Rise Asset Development
1203:Debapratim Purkayastha
1115:
1080:Interest rate ceilings
999:
890:
816:
770:
738:
670:
654:
548:
385:
65:and the resolution on
4915:The Apollonian Revolt
4331:. London: Zed Books.
4126:FinDev Gateway - CGAP
3801:25 March 2009 at the
3700:MicroCreditSummit.org
3140:Women's World Banking
1831:Impact of microcredit
1829:Further information:
1761:flat rate methodology
1722:peer-to-peer sponsors
1684:second class citizens
1654:back to the merchant.
1162:MicroBanking Bulletin
1101:
993:
953:Women's World Banking
888:
814:
782:microlending service
768:
732:
668:
652:
559:as financial are not
546:
383:
5245:Pakistani inventions
5225:Economic development
4966:4 March 2016 at the
4201:, pp. 341â366,
4058:10.18356/10695889-en
3912:10.1162/REST_a_00074
3341:10 July 2010 at the
3333:For other cases see
3190:Helms (2006), p. xii
2975:10.1057/jibs.2010.58
2838:Habitat for Humanity
2579:"About Microfinance"
2448:Rutherford, Stuart.
2005:Peer-to-peer lending
1813:Impact and criticism
1743:Microloan Foundation
1664:1 out of 6 borrowers
1652:sell the information
1422:financial technology
1417:Microfinance Network
1411:MicroFinance Network
1244:minority communities
858:Habitat for Humanity
848:skills and talents.
615:Inappropriate donor
583:Personal Emergencies
553:developing economies
448:economic development
332:improve this article
327:terrible formatting.
321:to meet Knowledge's
5167:Personal bankruptcy
4878:Long Range Planning
4755:10.2139/ssrn.975088
4728:Development Gateway
3793:Waterfield, Chuck.
3706:on 22 December 2007
3490:on 6 December 2005.
3465:Hedgespeth, Grady.
3252:on 24 January 2010.
3176:Helms (2006), p. xi
2859:"Global Engagement"
2742:FINCA International
2121:FINCA International
2051:Business News Daily
1995:Opportunity finance
1579:FINCA International
1459:Microfinance Centre
1453:Microfinance Centre
1286:Alphonse Desjardins
72:Process started in
59:Financial inclusion
5199:Financial literacy
4874:Moingeon, Bertrand
4433:The Grameen reader
3950:(Digital magazine)
3656:. 17 October 2009.
3404:. 26 December 2012
2689:on 13 January 2017
2634:Klein bedrag lenen
2543:The New York Times
1698:economies of scale
1587:solidarity lending
1305:solidarity lending
1294:Father Moses Coady
1116:
1000:
891:
879:sustainable growth
866:solidarity lending
817:
771:
739:
671:
655:
549:
526:Akhtar Hameed Khan
386:
5207:
5206:
5154:Credit counseling
4247:on 10 April 2008.
4157:World Development
3994:978-3-319-16246-1
3863:World Development
3858:Smith, Stephen C.
3360:Business Horizons
2942:on 5 January 2009
2915:on 5 January 2010
2748:on 12 August 2020
2527:Rutherford, 2009.
2416:Applied Economics
2290:978-0-8213-6360-7
2201:. (3): 243â261.
1659:low-income people
1125:development banks
1114:in February 2010.
744:opportunity costs
405:checking accounts
378:
377:
370:
360:
359:
352:
323:quality standards
314:This article may
299:
298:
291:
271:lead layout guide
241:
240:
233:
179:
178:
171:
123:
83:
82:
78:
16:(Redirected from
5262:
5189:Personal finance
5104:Home equity loan
5046:Credit card debt
4997:
4990:
4983:
4974:
4973:
4930:
4928:
4926:
4917:. Archived from
4901:
4884:(2â3): 308â325.
4865:
4844:
4818:
4799:
4779:
4766:
4739:
4722:
4703:
4684:
4672:
4661:
4640:
4621:
4602:
4582:
4557:
4541:
4522:
4505:
4486:
4463:
4444:
4427:
4408:
4387:
4361:
4342:
4323:
4304:
4277:
4276:
4269:
4263:
4262:
4255:
4249:
4248:
4232:
4226:
4219:
4213:
4212:
4199:World Scientific
4190:
4184:
4183:
4181:
4153:
4144:
4138:
4137:
4135:
4133:
4118:
4109:
4108:
4102:
4097:
4095:
4087:
4079:
4070:
4069:
4037:
4031:
4017:
4011:
4005:
3999:
3998:
3972:
3966:
3965:
3963:
3961:
3951:
3942:
3936:
3931:
3895:
3886:
3880:
3879:
3854:
3848:
3840:
3834:
3833:
3831:
3829:
3811:
3805:
3791:
3785:
3772:
3766:
3754:
3748:
3741:
3735:
3722:
3716:
3715:
3713:
3711:
3692:
3686:
3685:
3678:
3672:
3671:
3664:
3658:
3657:
3650:
3644:
3643:
3641:
3639:
3634:on 20 March 2018
3633:
3627:. Archived from
3622:
3613:
3607:
3606:Rutherford, 2009
3604:
3598:
3591:
3585:
3584:
3578:
3573:
3571:
3563:
3559:
3553:
3552:
3540:
3531:
3530:
3524:
3519:
3517:
3509:
3505:
3492:
3491:
3486:. Archived from
3480:
3474:
3473:
3471:
3462:
3456:
3455:
3427:
3414:
3413:
3411:
3409:
3390:
3384:
3383:
3351:
3345:
3325:
3319:
3318:
3316:
3314:
3303:
3297:
3296:
3294:
3292:
3281:
3275:
3274:
3268:
3260:
3254:
3253:
3241:
3235:
3228:
3222:
3221:
3210:
3204:
3197:
3191:
3188:
3177:
3174:
3168:
3157:
3151:
3150:
3148:
3146:
3132:
3126:
3125:
3123:
3121:
3107:
3101:
3100:
3098:
3096:
3082:
3076:
3075:
3068:Entrepreneurship
3063:
3057:
3056:
3039:(4): 1036â1055.
3028:
3022:
3021:
2993:
2987:
2986:
2958:
2952:
2951:
2949:
2947:
2931:
2925:
2924:
2922:
2920:
2905:
2899:
2898:
2896:
2894:
2880:
2874:
2873:
2871:
2869:
2855:
2849:
2848:
2846:
2844:
2826:
2820:
2819:
2817:
2815:
2806:
2798:
2792:
2791:
2789:
2787:
2764:
2758:
2757:
2755:
2753:
2734:
2725:
2724:
2722:
2720:
2705:
2699:
2698:
2696:
2694:
2685:. Archived from
2677:Blyden, Sylvia.
2674:
2668:
2667:
2665:
2663:
2651:
2645:
2644:
2642:
2640:
2625:
2619:
2614:Roodman, David.
2612:
2606:
2605:
2602:"Moving forward"
2597:
2591:
2590:
2588:
2586:
2575:
2569:
2568:
2566:
2564:
2553:
2547:
2546:
2534:
2528:
2525:
2514:
2513:
2493:
2487:
2486:
2468:
2462:
2459:
2453:
2446:
2440:
2439:
2422:(9): 1021â1034.
2411:
2405:
2404:
2396:
2390:
2389:
2371:
2365:
2364:
2362:
2360:
2355:. 27 August 2018
2345:
2339:
2338:
2336:
2334:
2318:
2312:
2301:
2295:
2294:
2277:Washington, D.C.
2268:
2259:
2258:
2252:
2244:
2236:
2227:
2226:
2194:
2185:
2184:
2178:
2173:
2171:
2163:
2161:
2159:
2154:
2138:
2132:
2131:
2129:
2127:
2113:
2107:
2100:
2091:
2090:
2088:
2086:
2071:
2062:
2061:
2059:
2057:
2042:
1940:Alternative data
1933:
1928:
1927:
1926:
1784:
1783:
1607:alternative data
1524:self-help groups
756:transaction cost
683:micro-enterprise
498:Lysander Spooner
373:
366:
355:
348:
344:
341:
335:
309:
308:
301:
294:
287:
283:
280:
274:
267:improve the lead
251:
250:
243:
236:
229:
225:
222:
216:
211:this article by
202:inline citations
189:
188:
181:
174:
167:
163:
160:
154:
134:
133:
126:
115:
93:
92:
85:
75:
70:
40:
32:
21:
5270:
5269:
5265:
5264:
5263:
5261:
5260:
5259:
5210:
5209:
5208:
5203:
5180:
5158:Management plan
5137:
5086:
5032:
5006:
5001:
4968:Wayback Machine
4937:
4924:
4922:
4921:on 28 July 2015
4870:Yunus, Muhammad
4862:
4841:
4815:
4796:
4700:
4681:
4637:
4618:
4580:(Kindle E-Book)
4538:
4502:
4460:
4424:
4405:
4384:
4358:
4339:
4320:
4301:
4285:
4283:Further reading
4280:
4271:
4270:
4266:
4257:
4256:
4252:
4233:
4229:
4221:Helms, Brigit.
4220:
4216:
4209:
4191:
4187:
4151:
4145:
4141:
4131:
4129:
4128:. 11 April 2014
4120:
4119:
4112:
4100:
4098:
4089:
4088:
4080:
4073:
4038:
4034:
4018:
4014:
4006:
4002:
3995:
3973:
3969:
3959:
3957:
3949:
3943:
3939:
3893:
3887:
3883:
3855:
3851:
3841:
3837:
3827:
3825:
3813:
3812:
3808:
3803:Wayback Machine
3792:
3788:
3782:Wayback Machine
3773:
3769:
3764:Wayback Machine
3755:
3751:
3743:Brigit Helms.
3742:
3738:
3723:
3719:
3709:
3707:
3694:
3693:
3689:
3680:
3679:
3675:
3666:
3665:
3661:
3652:
3651:
3647:
3637:
3635:
3631:
3620:
3614:
3610:
3605:
3601:
3592:
3588:
3576:
3574:
3565:
3564:
3560:
3556:
3549:Huffington Post
3541:
3534:
3522:
3520:
3511:
3510:
3506:
3495:
3482:
3481:
3477:
3469:
3463:
3459:
3428:
3417:
3407:
3405:
3392:
3391:
3387:
3352:
3348:
3343:Wayback Machine
3326:
3322:
3312:
3310:
3305:
3304:
3300:
3290:
3288:
3283:
3282:
3278:
3266:
3262:
3261:
3257:
3242:
3238:
3229:
3225:
3212:
3211:
3207:
3198:
3194:
3189:
3180:
3175:
3171:
3166:Wayback Machine
3158:
3154:
3144:
3142:
3134:
3133:
3129:
3119:
3117:
3109:
3108:
3104:
3094:
3092:
3084:
3083:
3079:
3064:
3060:
3029:
3025:
2994:
2990:
2959:
2955:
2945:
2943:
2932:
2928:
2918:
2916:
2907:
2906:
2902:
2892:
2890:
2888:www.ircwash.org
2882:
2881:
2877:
2867:
2865:
2857:
2856:
2852:
2842:
2840:
2828:
2827:
2823:
2813:
2811:
2804:
2800:
2799:
2795:
2785:
2783:
2765:
2761:
2751:
2749:
2736:
2735:
2728:
2718:
2716:
2707:
2706:
2702:
2692:
2690:
2675:
2671:
2661:
2659:
2652:
2648:
2638:
2636:
2626:
2622:
2613:
2609:
2598:
2594:
2584:
2582:
2577:
2576:
2572:
2562:
2560:
2555:
2554:
2550:
2535:
2531:
2526:
2517:
2494:
2490:
2483:
2469:
2465:
2460:
2456:
2447:
2443:
2412:
2408:
2397:
2393:
2386:
2372:
2368:
2358:
2356:
2347:
2346:
2342:
2332:
2330:
2320:
2319:
2315:
2310:Wayback Machine
2302:
2298:
2291:
2269:
2262:
2246:
2245:
2237:
2230:
2195:
2188:
2176:
2174:
2165:
2164:
2157:
2155:
2139:
2135:
2125:
2123:
2115:
2114:
2110:
2101:
2094:
2084:
2082:
2072:
2065:
2055:
2053:
2043:
2039:
2035:
2030:
1929:
1924:
1922:
1919:
1910:
1881:
1872:
1859:
1850:
1833:
1827:
1815:
1791:
1725:), for example
1713:
1617:Automated Loans
1591:village banking
1583:Gamelan Council
1489:entrepreneurial
1480:
1467:
1455:
1443:
1431:
1413:
1405:
1399:
1328:Alterna Savings
1281:
1258:self-employment
1240:
1231:
1211:
1198:
1096:
988:
968:
904:
845:
809:
797:microenterprise
793:
727:
719:
702:
647:
577:Lifecycle Needs
557:developed world
541:
460:
413:payment systems
374:
363:
362:
361:
356:
345:
339:
336:
329:
310:
306:
295:
284:
278:
275:
264:
252:
248:
237:
226:
220:
217:
207:Please help to
206:
190:
186:
175:
164:
158:
155:
147:help improve it
144:
135:
131:
94:
90:
79:
73:
52:
41:
28:
23:
22:
15:
12:
11:
5:
5268:
5258:
5257:
5252:
5250:Sustainability
5247:
5242:
5237:
5235:Social economy
5232:
5227:
5222:
5205:
5204:
5202:
5201:
5196:
5191:
5185:
5182:
5181:
5179:
5178:
5169:
5164:
5151:
5145:
5143:
5139:
5138:
5136:
5135:
5130:
5125:
5119:Car title loan
5116:
5111:
5096:
5094:
5088:
5087:
5085:
5084:
5079:
5074:
5072:Signature loan
5065:
5060:
5055:
5054:
5053:
5042:
5040:
5034:
5033:
5031:
5030:
5028:Credit history
5025:
5020:
5014:
5012:
5008:
5007:
5000:
4999:
4992:
4985:
4977:
4971:
4970:
4958:
4953:
4947:
4936:
4935:External links
4933:
4932:
4931:
4906:
4866:
4860:
4845:
4839:
4819:
4813:
4800:
4794:
4781:
4767:
4740:
4723:
4704:
4698:
4685:
4679:
4662:
4652:(2): 133â150.
4641:
4635:
4622:
4616:
4603:
4583:
4569:
4562:
4542:
4536:
4523:
4506:
4500:
4487:
4464:
4458:
4445:
4428:
4422:
4409:
4403:
4388:
4382:
4369:
4362:
4356:
4343:
4337:
4324:
4318:
4305:
4299:
4284:
4281:
4279:
4278:
4264:
4250:
4227:
4214:
4207:
4185:
4139:
4110:
4101:|journal=
4071:
4032:
4029:978-1847209207
4012:
4000:
3993:
3967:
3937:
3906:(2): 510â527.
3881:
3870:(4): 707â723.
3849:
3835:
3806:
3786:
3767:
3749:
3736:
3717:
3687:
3673:
3659:
3645:
3608:
3599:
3586:
3577:|journal=
3554:
3532:
3523:|journal=
3493:
3475:
3457:
3415:
3385:
3366:(1): 147â155.
3346:
3320:
3298:
3276:
3255:
3236:
3223:
3214:"Microfinance"
3205:
3192:
3178:
3169:
3152:
3127:
3102:
3077:
3058:
3023:
2988:
2969:(5): 718â739.
2953:
2926:
2900:
2875:
2850:
2821:
2793:
2759:
2726:
2715:. 19 June 2016
2700:
2669:
2658:. Terry.ubc.ca
2646:
2620:
2607:
2592:
2570:
2548:
2529:
2515:
2488:
2481:
2463:
2454:
2441:
2406:
2391:
2384:
2366:
2340:
2313:
2296:
2289:
2281:The World Bank
2260:
2228:
2186:
2177:|journal=
2152:10.3386/w16018
2133:
2108:
2092:
2076:"Microfinance"
2063:
2036:
2034:
2031:
2029:
2028:
2023:
2021:Social finance
2018:
2013:
2007:
2002:
1997:
1992:
1990:Microinsurance
1987:
1982:
1977:
1972:
1967:
1962:
1957:
1952:
1947:
1942:
1936:
1935:
1934:
1918:
1915:
1909:
1906:
1880:
1877:
1871:
1868:
1858:
1855:
1849:
1846:
1826:
1823:
1814:
1811:
1790:
1787:
1712:
1709:
1693:
1692:
1672:
1655:
1639:high late fees
1619:
1614:
1602:
1599:
1595:mobile banking
1543:
1540:
1522:These include
1520:
1517:
1501:
1479:
1476:
1466:
1463:
1454:
1451:
1442:
1439:
1430:
1427:
1412:
1409:
1404:
1401:
1381:
1380:
1364:
1363:
1353:
1352:
1343:
1342:
1332:
1331:
1320:
1319:
1280:
1277:
1273:
1272:
1265:Latin American
1261:
1254:
1239:
1236:
1230:
1227:
1210:
1207:
1197:
1194:
1095:
1092:
1087:
1086:
1083:
1077:
1070:
1063:
1060:
1057:
1054:
1051:
1048:
1045:money transfer
1033:Group of Eight
987:
984:
967:
964:
963:
962:
960:
955:
950:
945:
940:
935:
930:
925:
920:
915:
910:
903:
900:
844:
841:
821:sustainability
808:
805:
792:
789:
726:
723:
718:
715:
701:
698:
646:
643:
638:
637:
634:
631:
628:
625:
622:
619:
599:
598:
592:
586:
580:
540:
537:
518:Muhammad Yunus
487:Muhammad Yunus
459:
456:
433:fund transfers
409:microinsurance
376:
375:
358:
357:
313:
311:
304:
297:
296:
279:September 2018
256:The article's
255:
253:
246:
239:
238:
193:
191:
184:
177:
176:
138:
136:
129:
124:
98:
97:
95:
88:
81:
80:
67:the discussion
44:
42:
35:
26:
9:
6:
4:
3:
2:
5267:
5256:
5253:
5251:
5248:
5246:
5243:
5241:
5238:
5236:
5233:
5231:
5228:
5226:
5223:
5221:
5218:
5217:
5215:
5200:
5197:
5195:
5192:
5190:
5187:
5186:
5183:
5177:
5173:
5170:
5168:
5165:
5163:
5159:
5155:
5152:
5150:
5149:Consolidation
5147:
5146:
5144:
5140:
5134:
5131:
5129:
5126:
5124:
5120:
5117:
5115:
5112:
5109:
5105:
5101:
5100:Mortgage loan
5098:
5097:
5095:
5093:
5089:
5083:
5080:
5078:
5075:
5073:
5069:
5068:Personal loan
5066:
5064:
5061:
5059:
5056:
5052:
5049:
5048:
5047:
5044:
5043:
5041:
5039:
5035:
5029:
5026:
5024:
5021:
5019:
5016:
5015:
5013:
5009:
5005:
5004:Consumer debt
4998:
4993:
4991:
4986:
4984:
4979:
4978:
4975:
4969:
4965:
4962:
4959:
4957:
4954:
4951:
4948:
4946:
4942:
4939:
4938:
4920:
4916:
4912:
4907:
4904:
4899:
4895:
4891:
4887:
4883:
4879:
4875:
4871:
4867:
4863:
4861:9781586484934
4857:
4853:
4852:
4846:
4842:
4840:9789211045611
4836:
4832:
4828:
4824:
4820:
4816:
4814:9781856497879
4810:
4806:
4801:
4797:
4795:9780821357941
4791:
4787:
4782:
4778:(5): 590â606.
4777:
4773:
4768:
4764:
4760:
4756:
4752:
4748:
4747:
4741:
4737:
4733:
4729:
4724:
4720:
4716:
4712:
4711:
4705:
4701:
4699:9781853396885
4695:
4691:
4686:
4682:
4680:9781609945183
4676:
4671:
4670:
4663:
4659:
4655:
4651:
4647:
4642:
4638:
4636:9781933286488
4632:
4628:
4623:
4619:
4617:9780821345245
4613:
4609:
4604:
4600:
4596:
4592:
4588:
4584:
4581:
4577:
4576:
4570:
4567:
4563:
4560:
4556:
4552:
4548:
4543:
4539:
4537:9780821366158
4533:
4529:
4524:
4520:
4516:
4512:
4507:
4503:
4501:9789840514687
4497:
4493:
4488:
4484:
4480:
4477:(4): 73â105.
4476:
4472:
4471:
4465:
4461:
4459:9781565492097
4455:
4451:
4446:
4442:
4438:
4434:
4429:
4425:
4423:9780813381367
4419:
4415:
4410:
4406:
4404:9781565492318
4400:
4396:
4395:
4389:
4385:
4383:9781853396670
4379:
4375:
4370:
4367:
4363:
4359:
4357:9781888753264
4353:
4349:
4344:
4340:
4338:9781848133327
4334:
4330:
4325:
4321:
4319:9780262513982
4315:
4311:
4306:
4302:
4300:9780865317680
4296:
4292:
4287:
4286:
4274:
4268:
4261:. 3 May 2015.
4260:
4254:
4246:
4242:
4238:
4231:
4224:
4218:
4210:
4208:9789814295659
4204:
4200:
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4180:
4179:11250/2428249
4175:
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3796:
3790:
3783:
3779:
3776:
3771:
3765:
3761:
3758:
3753:
3746:
3740:
3734:(PERC), p58.
3733:
3729:
3728:
3721:
3705:
3701:
3697:
3691:
3683:
3677:
3669:
3663:
3655:
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3324:
3308:
3302:
3286:
3280:
3272:
3265:
3259:
3251:
3247:
3240:
3233:
3227:
3219:
3215:
3209:
3202:
3196:
3187:
3185:
3183:
3173:
3167:
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3160:
3156:
3141:
3137:
3131:
3116:
3112:
3106:
3091:
3087:
3081:
3073:
3069:
3062:
3054:
3050:
3046:
3042:
3038:
3034:
3027:
3019:
3015:
3011:
3007:
3003:
2999:
2992:
2984:
2980:
2976:
2972:
2968:
2964:
2957:
2941:
2937:
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2914:
2910:
2904:
2889:
2885:
2879:
2864:
2860:
2854:
2839:
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2797:
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2763:
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2714:
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2688:
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2657:
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2624:
2617:
2611:
2603:
2596:
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2574:
2558:
2552:
2544:
2540:
2533:
2524:
2522:
2520:
2511:
2507:
2503:
2499:
2492:
2484:
2482:9789840514687
2478:
2474:
2467:
2458:
2451:
2445:
2437:
2433:
2429:
2425:
2421:
2417:
2410:
2403:. p. 54.
2402:
2395:
2387:
2385:9781853396885
2381:
2377:
2370:
2354:
2350:
2344:
2329:
2328:
2323:
2322:"Microcredit"
2317:
2311:
2307:
2304:
2300:
2292:
2286:
2282:
2278:
2274:
2267:
2265:
2256:
2250:
2242:
2235:
2233:
2224:
2220:
2216:
2212:
2208:
2204:
2200:
2193:
2191:
2182:
2169:
2153:
2148:
2144:
2137:
2122:
2118:
2112:
2105:
2099:
2097:
2081:
2077:
2070:
2068:
2052:
2048:
2041:
2037:
2027:
2024:
2022:
2019:
2017:
2014:
2011:
2008:
2006:
2003:
2001:
1998:
1996:
1993:
1991:
1988:
1986:
1983:
1981:
1978:
1976:
1973:
1971:
1968:
1966:
1963:
1961:
1958:
1956:
1953:
1951:
1948:
1946:
1943:
1941:
1938:
1937:
1932:
1921:
1914:
1905:
1903:
1899:
1895:
1891:
1887:
1876:
1867:
1863:
1854:
1845:
1841:
1837:
1832:
1822:
1820:
1810:
1808:
1807:David Garrity
1803:
1800:
1795:
1786:
1778:
1774:
1770:
1766:
1762:
1757:
1755:
1750:
1748:
1744:
1740:
1736:
1732:
1728:
1724:
1723:
1718:
1708:
1706:
1701:
1699:
1689:
1685:
1681:
1677:
1673:
1670:
1665:
1660:
1656:
1653:
1648:
1644:
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1632:
1628:
1624:
1620:
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1612:
1608:
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1596:
1592:
1588:
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1576:
1572:
1568:
1564:
1560:
1556:
1552:
1548:
1544:
1541:
1537:
1533:
1532:Credit unions
1529:
1525:
1521:
1518:
1514:
1510:
1506:
1502:
1499:
1498:
1497:
1493:
1490:
1485:
1475:
1472:
1462:
1460:
1450:
1448:
1438:
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1426:
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1418:
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1400:
1397:
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1389:
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1379:
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1359:
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1318:
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1301:
1299:
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1291:
1287:
1276:
1270:
1266:
1262:
1259:
1255:
1252:
1251:
1250:
1247:
1245:
1238:United States
1235:
1226:
1224:
1220:
1216:
1206:
1204:
1193:
1192:
1187:
1185:
1180:
1178:
1174:
1169:
1167:
1163:
1158:
1155:
1153:
1149:
1145:
1144:Latin America
1141:
1136:
1134:
1133:credit unions
1130:
1126:
1122:
1121:savings banks
1113:
1109:
1105:
1100:
1091:
1084:
1081:
1078:
1075:
1071:
1068:
1064:
1061:
1058:
1055:
1052:
1049:
1046:
1042:
1038:
1037:
1036:
1034:
1029:
1026:
1022:
1017:
1013:
1009:
1005:
997:
992:
983:
981:
976:
972:
961:
959:
956:
954:
951:
949:
946:
944:
941:
939:
936:
934:
931:
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926:
924:
921:
919:
916:
914:
911:
909:
906:
905:
899:
895:
887:
883:
880:
874:
872:
867:
861:
859:
855:
849:
840:
838:
834:
830:
826:
822:
813:
804:
802:
798:
788:
785:
779:
775:
767:
763:
759:
757:
753:
747:
745:
736:
733:This shop in
731:
722:
714:
711:
706:
697:
693:
691:
686:
684:
680:
676:
667:
663:
659:
651:
642:
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629:
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623:
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614:
613:
612:
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584:
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578:
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527:
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515:
511:
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499:
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488:
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476:
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455:
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449:
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436:
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429:
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421:
416:
414:
410:
406:
402:
398:
394:
390:
382:
372:
369:
354:
351:
343:
333:
328:
324:
320:
319:
312:
303:
302:
293:
290:
282:
272:
269:and read the
268:
262:
259:
254:
245:
244:
235:
232:
224:
221:February 2013
214:
210:
204:
203:
197:
192:
183:
182:
173:
170:
162:
152:
148:
142:
139:This article
137:
128:
127:
122:
120:
113:
112:
107:
106:
101:
96:
87:
86:
77:
74:February 2020
68:
64:
60:
56:
51:
49:
43:
39:
34:
33:
30:
19:
18:Micro-finance
5220:Microfinance
5176:Repossession
5174: /
5160: /
5156: /
5123:Logbook loan
5121: /
5102: /
5070: /
5051:cash advance
5011:Key concepts
4941:Microfinance
4923:. Retrieved
4919:the original
4914:
4881:
4877:
4850:
4830:
4804:
4785:
4775:
4771:
4744:
4727:
4709:
4689:
4668:
4649:
4645:
4626:
4607:
4590:
4579:
4574:
4554:
4527:
4510:
4491:
4474:
4468:
4449:
4432:
4413:
4393:
4373:
4347:
4328:
4309:
4290:
4267:
4253:
4245:the original
4240:
4230:
4222:
4217:
4194:
4188:
4164:(1): 28â36.
4161:
4155:
4142:
4130:. Retrieved
4125:
4092:cite journal
4049:
4045:
4035:
4020:
4015:
4003:
3976:
3970:
3958:. Retrieved
3953:
3940:
3903:
3897:
3884:
3867:
3861:
3852:
3844:
3838:
3826:. Retrieved
3818:
3809:
3789:
3770:
3752:
3744:
3739:
3726:
3720:
3708:. Retrieved
3704:the original
3699:
3690:
3676:
3662:
3648:
3636:. Retrieved
3629:the original
3624:
3611:
3602:
3594:
3589:
3568:cite journal
3557:
3548:
3514:cite journal
3488:the original
3478:
3460:
3438:(1): 23â41.
3435:
3431:
3406:. Retrieved
3397:
3388:
3363:
3359:
3349:
3329:
3323:
3311:. Retrieved
3301:
3289:. Retrieved
3279:
3258:
3250:the original
3239:
3231:
3226:
3217:
3208:
3200:
3195:
3172:
3155:
3143:. Retrieved
3139:
3130:
3118:. Retrieved
3114:
3105:
3093:. Retrieved
3089:
3080:
3071:
3067:
3061:
3036:
3032:
3026:
3004:(1): 23â43.
3001:
2997:
2991:
2966:
2962:
2956:
2944:. Retrieved
2940:the original
2929:
2917:. Retrieved
2913:the original
2903:
2891:. Retrieved
2887:
2878:
2866:. Retrieved
2862:
2853:
2841:. Retrieved
2833:
2824:
2812:. Retrieved
2808:
2796:
2784:. Retrieved
2772:
2762:
2750:. Retrieved
2746:the original
2741:
2717:. Retrieved
2712:
2703:
2691:. Retrieved
2687:the original
2682:
2672:
2660:. Retrieved
2649:
2637:. Retrieved
2633:
2623:
2615:
2610:
2595:
2583:. Retrieved
2573:
2561:. Retrieved
2551:
2542:
2532:
2504:(3): 33â45.
2501:
2497:
2491:
2472:
2466:
2457:
2449:
2444:
2419:
2415:
2409:
2400:
2394:
2375:
2369:
2357:. Retrieved
2352:
2343:
2331:. Retrieved
2325:
2316:
2299:
2272:
2240:
2198:
2168:cite journal
2156:. Retrieved
2136:
2124:. Retrieved
2120:
2111:
2103:
2083:. Retrieved
2080:Investopedia
2079:
2054:. Retrieved
2050:
2040:
2026:WWB Colombia
2016:Savings bank
1955:Crowdfunding
1950:Credit union
1931:Banks portal
1911:
1890:Grameen Bank
1882:
1873:
1864:
1860:
1851:
1842:
1838:
1834:
1816:
1804:
1796:
1792:
1782:РооŃŃŃ ĐŚĐ Đ Đ¤
1775:, a special
1758:
1751:
1720:
1717:peer-to-peer
1714:
1704:
1702:
1694:
1616:
1611:trade credit
1555:Grameen Bank
1509:money-guards
1494:
1481:
1468:
1456:
1444:
1432:
1414:
1406:
1398:
1394:
1390:
1386:
1385:
1382:
1375:
1365:
1360:
1354:
1349:
1344:
1339:
1333:
1326:
1321:
1314:
1309:
1302:
1282:
1274:
1248:
1241:
1232:
1212:
1199:
1188:
1181:
1170:
1161:
1159:
1156:
1137:
1129:cooperatives
1117:
1112:South Africa
1088:
1030:
1001:
980:Grameen Bank
977:
973:
969:
896:
892:
875:
862:
850:
846:
818:
794:
791:Use of loans
780:
776:
772:
760:
748:
740:
725:Loan Pricing
720:
707:
703:
694:
687:
675:Grameen Bank
672:
660:
656:
639:
603:
600:
594:
588:
582:
576:
569:
550:
530:
522:Grameen Bank
510:Grameen Bank
507:
495:
491:Al Whittaker
475:credit union
461:
452:
437:
417:
389:Microfinance
388:
387:
364:
346:
337:
330:Please help
326:
315:
285:
276:
265:Please help
260:
258:lead section
227:
218:
199:
165:
159:January 2011
156:
140:
116:
109:
103:
102:Please help
99:
71:
63:Help:Merging
55:a discussion
45:
29:
5172:Foreclosure
5108:credit line
5082:Microcredit
5077:Moneylender
5063:Payday loan
4470:Asian Women
4132:31 December
3960:12 February
3920:10419/39347
3145:22 November
3120:22 November
3095:22 November
3074:(1): 53â73.
2893:22 November
2868:22 November
2843:22 November
2834:Habitat.org
2814:22 November
2786:22 November
2752:22 November
2085:16 February
2056:16 February
1965:Microcredit
1904:advocates.
1819:microcredit
1505:pawnbrokers
1484:microcredit
1387:Limitations
1298:Nova Scotia
1175:(EIU), the
1025:heifer pool
735:South Sudan
669:Saving down
563:: that is,
533:smallholder
483:microcredit
397:microcredit
334:if you can.
213:introducing
5214:Categories
5162:Settlement
5142:Management
5133:Pawnbroker
5114:Remortgage
3819:www.cbr.ru
3668:"Overview"
3269:(Report).
2946:17 October
2919:15 January
2719:11 January
2693:11 January
2639:11 January
2563:10 October
2559:. Kiva.org
2033:References
2000:Pawnbroker
1985:Microgrant
1886:Bangladesh
1777:check mark
1737:, myELEN,
1563:Bangladesh
1511:, ROSCAs,
1366:Using the
1074:bottleneck
1016:remittance
871:World Bank
837:Bangladesh
679:Bangladesh
514:Bangladesh
464:Franciscan
420:microloans
196:references
105:improve it
5058:Overdraft
5038:Unsecured
4898:154512507
4763:167722868
4719:504828329
4599:223123405
4589:(1970) .
4519:294882711
4441:223123405
3828:18 August
3452:153541395
3380:0007-6813
3234:, pp. 5â6
3218:MFW4A.org
3053:154774435
2983:167672472
2863:Water.org
2781:0017-8012
2436:154583577
2333:1 October
2249:cite book
2223:213274658
2215:1750-8614
1945:Chit fund
1290:Quebecois
1148:Caribbean
1072:"The key
1047:services.
1041:insurance
1012:charities
854:Water.org
653:Saving up
617:subsidies
589:Disasters
561:monetized
468:pawnshops
340:July 2024
111:talk page
4964:Archived
4829:(2006).
4658:25830790
4066:73558727
3928:34545504
3799:Archived
3778:Archived
3760:Archived
3710:25 March
3638:19 March
3398:FDIC.gov
3339:Archived
3162:Archived
3018:53696094
2359:31 March
2306:Archived
2158:10 March
1917:See also
1741:and the
1631:Afterpay
1361:Momentum
1217:and the
1146:and the
1004:informal
825:BancoSol
801:fungible
700:Examples
472:European
428:movement
316:require
5230:Poverty
5106: (
5092:Secured
4925:31 July
4551:1655282
4241:New Age
3408:11 June
3313:19 June
3291:19 June
3273:. 2011.
2683:news.sl
2662:11 June
2585:11 June
2126:9 April
2012:(ROSCA)
1747:Zidisha
1735:Zidisha
1635:Quadpay
1598:donors.
1571:Bolivia
1377:Vancity
1108:Tzaneen
1067:capital
829:Bolivia
784:Zidisha
503:Germany
440:poverty
401:savings
393:banking
318:cleanup
209:improve
145:Please
4945:Curlie
4896:
4858:
4837:
4811:
4792:
4761:
4736:955062
4734:
4717:
4696:
4677:
4656:
4633:
4614:
4597:
4549:
4534:
4517:
4498:
4456:
4439:
4420:
4401:
4380:
4354:
4335:
4316:
4297:
4205:
4064:
4027:
3991:
3926:
3472:. SBA.
3450:
3378:
3051:
3016:
2981:
2779:
2581:. Kiva
2479:
2434:
2382:
2287:
2221:
2213:
1898:unions
1825:Impact
1773:Yandex
1691:used."
1688:survey
1633:, and
1627:Klarna
1623:Affirm
1577:, and
1567:Prodem
1536:CVECAs
1279:Canada
1229:Impact
1215:Canada
1152:Africa
1008:grants
996:bamboo
690:Uganda
608:demand
424:credit
411:; and
198:, but
53:After
48:merged
4894:S2CID
4759:S2CID
4654:JSTOR
4152:(PDF)
4062:S2CID
3924:S2CID
3894:(PDF)
3632:(PDF)
3621:(PDF)
3470:(PDF)
3448:S2CID
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