Microfinance
Microfinance arose from the idea that even the poorest individuals have the potential to be entrepreneurs. By providing small, accessible loans and financial services, microfinance empowers them to invest in income-generating activities, escape poverty, and contribute to their communities. This concept gained traction in the mid-20th century through visionary figures like Muhammad Yunus, who believed traditional banking models excluded the poor. Microfinance promotes self-sufficiency and fosters a cycle of financial inclusion.
Initial Reading
Banking the Poor (1996) by Muhammad Yunus:
This is a classic text by the pioneer of microfinance, Muhammad Yunus.
Where Credit is Due (2003) by Jacqueline Novogratz:
This book offers a broader perspective on microfinance, examining its effectiveness in various contexts.
Microfinance and Its Discontent (2008) by David Roodman:
This book takes a critical look at microfinance, raising questions about its impact on poverty and financial sustainability.
The Future of Microfinance (2012) by Alex Counts and Beatrice Wambugu:
This book explores the evolution of microfinance and discusses new innovations and challenges in the field.
Microfinance Handbook: Reaching the Poor with Financial Services (2015) edited by David Hulme and Rosalind Garton:
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