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MICRO BANKING Microfinance - a powerful poverty-fighting tool: Microfinance helps people to escape poverty by giving them collateral-free loans and other financial services to support income-generating businesses. As each loan is repaid, the money is redistributed as loans to others, thereby multiplying its impact Bold thinking, new ideas and techonology are critical if we are to win the fight against global poverty.
MICRO BANKING… • With more than 400 million poor people cut off from financial services, there is a huge, unmet need for microfinance. To reach them, MFIs need capital beyond the traditional philanthropic support to rapidly expand their operations and increase outreach. MFIs are harnessing the vast resources of local and international capital markets to bring new financial resources to microfinance institution partners.
MICRO BANKING… MFIs and other poverty and developmentfocused organizations strengthen their capacity for attracting, developing and retaining talented staff. Like other rapidly growing businesses, these organizations need talented, dedicated staff at all levels— entry, mid, and senior—to help them achieve their mission. vision is to help organizations align their human capital management practices with their overall business strategy, which will allow them to better maximize their employees’ skills, achieve more sustainable growth and reach more people.
MICRO BANKING… • New ideas and innovative thinking will drive the expansion and effectiveness of microfinance. Knowledge sharing is an important component of work. To have the greatest impact on global poverty, MIFs are committed to sharing ideas and innovations with the wider microfinance community.
MICRO BANKING… India is said to be the home of one third of the world’s poor; official estimates range from 26 to 50 percent of the more than one billion population. About 87 percent of the poorest households do not have access to credit. The demand for microcredit has been estimated at up to $30 billion; the supply is less than $2.2 billion combined by all involved in the sector.
MICRO BANKING… Due to the sheer size of the population living in poverty, India is strategically significant in the global efforts to alleviate poverty and to achieve the Millennium Development Goal of halving the world’s poverty by 2015. Microfinance has been present in India in one form or another since the 1970s and is now widely accepted as an effective poverty alleviation strategy. Over the last five years, the microfinance industry has achieved significant growth in part due to the participation of commercial banks. Despite this growth, the poverty situation in India continues to be challenging.
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