Microfinance; Solution to Poverty Reduction
Author(s):
Vaibhavi Ann James, Harsh Kumar Jha, Harsh Parmar, Sakshi Jadhav, Ram Kumar Solanki
Keywords:
Microfinance, credit, empowerment, economic development.
Abstract
Microfinance may be a concept that has been around for centuries, but it was not until the 1970s that it started to pick up acknowledgment as an attainable degree of poverty alleviation. Today, microfinance has advanced into a multi-billion-dollar industry with significant clienteles worldwide Microfinance has been recognized as one of the foremost compelling tools for decreasing poverty by giving access to credit and helping individuals build assets and create employments which leads to expanded salary levels. Moreover, women's empowerment through microcredit is seen as a tool for eradicating extreme poverty from developing countries. The microfinance industry at first was just limited to small physical associations, organizations, and groups but with changing times and increasing digitization, it was necessary that microfinance also goes digital. One such emerging online microfinancing organization is ‘Kiva.org’. Kiva.org is a non-profit organization that provides microfinance loans to people in need all over the world. Through its innovative platform, Kiva.org has made it possible for individuals from all walks of life to make a meaningful impact on global poverty. The authors of this research paper thus believe that supporting microfinance with the help of projects and clones help in alleviating poor sections of the society by providing them with credit and financial services, with which they can uplift themselves and break their poverty cycle.
Article Details
Unique Paper ID: 159864

Publication Volume & Issue: Volume 9, Issue 12

Page(s): 897 - 900
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