Oct 4, 2011, 1:41 PM
The provision of financial services such as loans, savings schemes, insurance and training to people living in poverty otherwise known as micro-finance is a way that could reduce poverty in the country.
Microfinance is today widely recognized as a just and sustainable solution in alleviating global poverty.
Providing small loans to our emerging entrepreneurs to start or expand their businesses would, no doubt, boost the national economy.
Since all our low-income individuals have access to typical banking services, we recommend that more micro-finance services be extended to them.
Microfinance could help low-income individuals to lift themselves out of poverty, if given access to financial services.
It is also seen as another tool for ending poverty.
Microfinance helps very poor households meet basic needs.
We, therefore, urge authorities to strengthen the capacities of our microfinance institutions to boost economic development.
Agriculture being an important engine for economic growth in developing countries like ours, rural micro-enterprise is, therefore, critical to that growth.
Providing micro-finance services to our local processors, producers and traders would greatly enhance the economic growth of the country.
The micro-finance institutions in the country should also provide non-financial services such as literacy training, group formation, organisational assistance, empowerment assistance, information dissemination, and skills training to ensure sustainability in the services.