business π Microfinance: Promise vs. Poor People's Debt Reality
Microfinance was initially promoted as a tool to eradicate poverty across Asia by giving small loans to low-income groups. This initiative targeted individuals in countries like Bangladesh, India, Cambodia, and the Philippines to foster business growth. While the World Bank notes over 1.7 billion people lack banking access, decades show credit alone hasn't brought promised economic change. Flawed assumptions about poor families being ready entrepreneurs lead to ineffective interventions, often fueling debt. Broader support including skills and infrastructure is needed, as capital access is not the only hurdle. π