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News you WANT to read – Microfinance

January 29, 2009

Most people have never heard of microfinance; maybe 1 in 100 might have a foggy notion of what it is. Yet it is the most powerful tool the world has seen to help end poverty and empower the indigenous businesses of the poor in any country.

I will provide a brief overview here and then list many urls for anyone who is interested in learning more and who has a desire to help poor people help themselves. The concept has never been more relevant than now during the financial meltdown of global economy.

In 1976 an man in Bangledesh named Muhammad_Yunus began lending small amounts of money to very poor rural women to help them start small businesses to support their families. There was and still is no loan contract, no penalties for defaulting on the loans (except the person could not borrow again) and the repayment rate is over 95%. In 2006, Yunus won a Nobel Peace Prize for the incredible success of his work.

In fact, now 30 years later, microfinance is everywhere it seems, even helping the poor of New York City. The concept has reached the time when it flowers into hope for millions of poor people the world over.

For anyone who has ever thought, ‘I wish I could help, but charities are corrupt and I don’t know how.’ microfinance is a program well worth knowing about. The stories will touch your soul and give hope in a world that sadly needs it.

I hope you will enjoy the material I have provided here and spread the good word. Recently a man has had the brilliant idea to take Microfinance to the internet on a site called Kiva. It has been wildly successful.

Microfinance is not only a proven way to alleviate poverty but a way to find hope in an increasingly dismal world. And it follows the age old wisdom of helping by allowing people to help themselves without funds siphoned off by corrupt governments and dodgy charities.

Have a looksee. I think you will be as impressed as I have been. And if you are, please spread the word.

The real story of Kehinde Azeez.

Recent articles about Microfiance.

Good News in the Global Economy

Students start Olneyville microfinance bank

Liberia Gets First Microfinance Bank

‘Lend to End Poverty’ Campaign Calls On World Economic Forum to …

A stimulus package for the world

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4 comments

  1. Microfinance is indeed worth knowing about. I am an active contributor to Kiva. I am also currently reading Yunus’ book Banker To the Poor which is so compelling it’s hard to put down. Highly recommended!

    – Schev


    • Yes it is exciting to have some practical hope …thank you for the book recommend…will have a look see. Together we are stronger for sure.

      Cheers.


  2. Hey, thank you for such an interesting article about microfinance. United Nations Capital Development Fund is UNs department for Microfinance, they have a very interesting online training course about the power of microfinance. You can access it at: http://www.uncdf.org/mfdl/index.php?_mode=students.home


    • Thank you, nice of you to comment. I’ll take a look at the url. TY



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