Microfinance is a $92 billion industry, with more than 100 million borrowers in more than 75 countries around the world. But as regular readers of NextBillion know, it is no silver bullet to poverty, and previously held assumptions that extending microloans to impoverished people is a sure path out of poverty have been challenged.
Microcredit alone can afford borrowers, especially women, more freedom in their choices, and can smooth shocks from unexpected events like illness, crop failures or livestock deaths. But the reality is that access to safe, affordable and reliable credit is just one important part of a broader set of resources needed by people living in poverty.
“The organizations that are helping us, like Friendship Bridge, are very important. With them, we don’t have to fear the future of our businesses . . . The women here can continue to advance in their work, managing their own projects, stores and other activities. Together, we can move forward.” -Ramos Hernandez
Read the full article by Gary Carrier on NextBillion
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