V. Non-Material Benefits of Microfinancing
|
| Tweet |
|
Free PDF Download VI. Module III: National, Regional, and International Support - By United Nations Economic Commission for Africa |
Microfinance initiatives offer more than just material benefits; they can also address
issues associated with "non-material" poverty, which includes social and psychological effects
that prevent people from realizing their potential. Microfinance initiatives individually and
collectively empower people. A steady income, a savings account, training, and the discipline to
honor loan repayments usually raise the self-esteem and status of clients, in societies where they
are often treated as second-class citizens. MFIs often utilize microfinance groups to provide
training in financial management, legal rights, business management, as well as other supportservices.
Principles of collective organization and solidarity empowered people to bargain for
higher wages, better work conditions, health services, child-care, and common forms of
insurance to protect their lives and livelihoods.
MFI participants, especially women, are often empowered to speak out more, assume
leadership roles, and address issues beyond their workplace, such as domestic violence. For
many women, the group is the first opportunity to meet formally with other women to discuss
problems and develop joint action. The groups serve as a channel of information. For example,
members may tell each other about counseling services that have been established for women
victims of violence and drug and alcohol addicts. Many women participants experience a change
in their household and community status. Some experience an increase in financial
responsibilities when their husbands noticed that they are involved in lucrative activities.
Microfinance in Africa: Combining the Best
Practices of Traditional and Modern
Microfinance Approaches towards
Poverty Eradication
Related Articles
Home
> African-Accounts
> United Nations Economic Commission for Africa
> V NonMaterial Benefits of Microfinancing
> Google +
|
Free PDF Download VI. Module III: National, Regional, and International Support - By United Nations Economic Commission for Africa |
|
About the Author: United Nations Economic Commission for Africa RSS for United Nations's articles - Visit United Nations's website The United Nations Economic Commission for Africa (ECA) is the regional arm of the United Nations, mandated to support the economic and social development of its member States, foster intra-regional integration, and promote international cooperation for Africa's development. Click here to visit United Nations's website. 16 International migration and remittances Economic Report on Africa 2007 Overview V Economic Report on Africa 2007 Overview IX Economic Report on Africa 2007 62 Trade and sectoral policies for diversification Economic Report on Africa 2007 31 Developments in trade negotiations III Economic Report on Africa 2007 |
Related Forum Posts
Share this article. Fund someone's dream.
Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva.
Over $50,000 raised and counting - Please keep sharing! Learn more.
Featured Video
Trending Articles
|
|
Like this page? PLEASE +1 it! |
Newsletter
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Suggestions
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.







