Problems with Microfinance: Beneficiaries Lack Financial Expertise

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Problems with Microfinance: Beneficiaries Lack Financial Expertise
Emmanuel Daniel., Student (University), Tanzania

Microfinance provides the poor with access to funds, but the beneficiaries are not well empowered to use them, due to a lack of financial skills and knowledge. The LACK OF FINANCIAL EDUCATION is the biggest challenge facing the poor. Poor people lack access to finance due to having poor resources. The financial institutions have to be shaped or structured not only in response of the needs of the poor but also account their resource capabilities and mostly considering the institutional sustainability.

Problems with Microfinance: Government must Provide Enabling Environment
Majoyeogbe Samson, CEO, Nigeria
It is all about provision of financial services to the active poor, majority of them illiterate. To record any tangible success, there is the need for all stakeholders to be involved in providing enlightenment programs and business tips on how to manage and grow small scale businesses. And most importantly the regulatory bodies need to ensure the provision of an ENABLING ENVIRONMENT FOR ALL STAKEHOLDERS.
In my country Microfinance is becoming a major player in contributing to the GDP of our economy as it empowers households and SMEs to meet their immediate needs and by so doing putting smiles on the faces of those who initially had no access to funds.



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