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Posted: September 5th, 2023
The position of Microfinance
The position of Microfinance
The challenge of poverty has often led to several difficulties in the society. However, the most significant problem in dealing with poverty is finding a way to ensure that poor people can be incorporated in the financial market. Most of the efforts by policymakers have never led to much success. The reason for the failure of these efforts is always the mismanagement of resources in the state-owned projects. Besides, restriction and policy issues around banks made it impossible for banks to offer financial help to the poor. In the midst of this challenge, they have emerged the aspect of microfinancing. Several types of research have pointed to the effectiveness of this microfinance. Today, most of the microfinance has grown to banks and can now offer help to the poor. However, the question that seems to emerge from time to time is whether this microfinance have any impact to the poor society. The focus of the study is whether the practice of group lending strengthens social relations (of foster collective action).
The need to understand the role of group lending emerges from the emergence of these institutions in some regions and the success they have experienced. In areas such as Bangladesh and India, there is a wealth of information that shows the emergence of microfinance and how they have flourished. However, there is little research that shows the impact of this microfinance in strengthening social relationships. Do they help people to come together and bring about a change in the society? Answering these questions might help to shift the approach that policy marker takes when looking at issues related to alleviating poverty.
The study would seek to bring about a clear understanding of the role that microfinance might bring to the society. We hypothesise that the group lending has a significant role in the changing of the community. Several scholars such as (Banerjee et al. 2015, Barnett, 2011, Taylor, 2011, Armendáriz, & Morduch, 2010) have tried to show the role that these institutions play, and this is not something that can be underestimated.
References
Armendáriz, B., & Morduch, J. (2010). The economics of microfinance. MIT press.
Banerjee, A., Duflo, E., Glennerster, R., & Kinnan, C. (2015). The miracle of microfinance? Evidence from a randomized evaluation. American Economic Journal: Applied Economics, 7(1), 22-53.
Barnett, B. (2011). The economics of microfinance. Cato Journal, 31(1), 166.
Taylor, M. (2011). ‘Freedom from poverty is not for free’: rural development and the microfinance crisis in Andhra Pradesh, India. Journal of Agrarian Change, 11(4), 484-504.
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