What is Financial Inclusion?

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Microfinance > Best Practices

Jaap de Jonge, Editor, Netherlands
As explained above, microfinance was an initial, PRIVATE effort pioneered by Muhammad Yunus to reduce poverty by giving impoverished entrepreneurs access to microcredits and other financial products and services. In 1976 Yunus started the Grameen Bank in Bangladesh. In 2006 the Grameen Bank and its founder Yunus were awarded the Nobel Peace Prize. However, according to the United Nations (UN), three billion people around the world still do not have access to formal financial services like savings accounts, credit, insurance, and payment services. More than half the population in developing countries and more than 80 percent of households in most of Africa are financially excluded. On 29 December 2003, Former UN Secretary-General Kofi Annan said: ”The stark reality is that most poor people in the world still lack access to sustainable financial services, whether it is savings, credit or insurance. Financial Inclusion (FI) (from ±2004) is an economic POLICY of various governments and (...) Read more? Sign up for free

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  Gabriel Femi Adewara, Management Consultant, Nigeria
 

Financial Inclusion Should Be the Policy Framework to Drive Microfinance

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More on Microfinance
Summary
Forum
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Problems with Microfinance: Beneficiaries Lack Financial Expertise
Microfinance Types: Group and Individual Lending
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What is Poverty Reduction in Development Economics?
History of Microfinance
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Influence of Economic Crisis on Microfinance
Management and Business Coaches Needed in Microfinance
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