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The Microfinance Network is a network of 20 to 25 of the world's largest microfinance institutions, spread across Asia, Africa, the Middle East, Europe and Latin America. Established in 1993, the Microfinance Network provided support to members that helped steer many industry leaders to sustainability, and profitability in many of their largest ...
Banker to the Poor: Micro-Lending and the Battle Against World Poverty is an autobiography of 2006 Nobel Peace Prize Winner and Grameen Bank founder Muhammad Yunus. The book describes Yunus' early life, moving into his college years, and into his years as a professor at Chittagong University. While a professor at Chittagong University, Yunus ...
Grameen Bank in Bangladesh is the oldest and probably best-known microfinance institution in the world. Grameen Bank launched their US operations in New York in April 2008. [ 21 ] Bank of America has announced plans to award more than $3.7 million in grants to nonprofits to use in backing microloan programs. [ 22 ]
In light of the lack of financial access for the poor, over the past few decades developments in micro finance institutions have managed to provide financial services to some of the world's poorest, and achieved good repayments. There are still work to be done to build inclusive financial systems.
The Première Agence de MicroFinance in Madagascar (PAMF-Madagascar) was established in December 2006 as a credit institution, with the first four branches established in the region of Sofia, a rural area in the north of Madagascar. In late 2008, PAMF-Madagascar became a microfinance institution. It began taking deposits in July 2009.
Microfinance has also provided non-farming rural citizens with employment opportunities by allowing them to more easily launch small businesses, such as carpentry and food vending. [ citation needed ] Although the adoption of this economic practice is somewhat low in rural households, studies show that if fully adopted, microfinance could ...
Hands Around the Globe: A History of the International Credit Union Movement and the Role and Development of the World Council of Credit Unions, Inc. Horsdal & Schubart Publishers Ltd, 1999. F.W. Raiffeisen. The Credit Unions. Trans. by Konrad Engelmann. The Raiffeisen Printing and Publishing Company, Neuwid on the Rhine, Germany, 1970.
The real average portfolio yield cited by the sample of 704 microfinance institutions that voluntarily submitted reports to the MicroBanking Bulletin in 2006 was 22.3% annually. However, annual rates charged to clients are higher, as they also include local inflation and the bad debt expenses of the microfinance institution. [20]