Microfinance: How it works and helps people to fight poverty

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Reinvent - Hosted By Pranay

pranay dasari

8 episodes

4 days ago

At times we all get frustrated by the problems our country is facing. Often we limit this to our usual rants in our tea time discussions. Very few of us tend act upon our ideas and take them forward. Re-invent is a weekly podcast where I’ll bring to you, conversations with people who are doing great work in fields of education, healthcare, and governance to unpack how they are reinventing ways, services, and perspectives to solve different aspects of a problems. The conversations include discussions on policy and product designing, community engagement, collaboration, and problem solving.

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Non-Profit

Business

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Microfinance: How it works and helps people to fight poverty

Reinvent - Hosted By Pranay

54 minutes 55 seconds

5 years ago

Microfinance: How it works and helps people to fight poverty

If you look at the statistics, the extent of disparity in credit in our country is seemingly unbelievable.

The rural population comprising 60% of the total population makes up for only 2.3% of the total credit. Credit plays an important role in everyones life and helps us to progress to next big thing. Banks generally doesn’t give loans to poor households and government schemes are not helping to bridge this credit gap.

Of course, there are various factors - both qualitative and quantitative that are responsible for this.

So this is where micro finance institutions come into picture, they provide micro loans to poor and provide access to credit for poor households.

How micro finance institutions do this?

Strong community engagement

Personal agency

Focused discussion groups to help people improve their businesses

I talked to Sushil Thaker, the Vice President of Avanti Finance on my podcast (link in the comments) to better understand how #microfinance institutions function on a deeper level, how they sustain themselves and much more.

If you want to understand macro, there’s no way you can do so without understanding micro.

Do check it out for some really valuable insights that might help you in your pursuit of entrepreneurship.

Also check out,

https://www.investopedia.com/terms/m/microfinance.asp

Microcredit was a hugely hyped solution to global poverty. What happened?: https://www.vox.com/future-perfect/2019/1/15/18182167/microcredit-microfinance-poverty-grameen-bank-yunus

Challenges faced by Microfinance Institutions ; https://www.nelito.com/blog/challenges-faced-microfinance-institutions.html

Advantages and Disadvantages of Microfinance Companies : https://enterslice.com/learning/advantages-disadvantages-microfinance-companies/

What is microfinance and how it changed the world: https://www.lifegate.com/microfinance

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