Microfinance’s Macro Potential
Despite the microfinance industry’s widely publicized pitfalls, its potential to advance financial inclusion and reduce poverty cannot be ignored. Three steps must be taken to ensure that microfinance becomes the industry that the world's poor and financially excluded need.
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LONDON – Microfinance is, at its heart, an effort to provide financial services to people who are not served – or are under-served – by the formal banking system. With appropriate, accessible, and fairly priced financial services, people can build their savings, cover the costs of unexpected emergencies, and invest in their families’ health, housing, and education.