Can you imagine having to carry all your money around with you, or having to hide it under your pillow each night to keep it safe, or being unable to transfer funds to your loved ones back home when the nearest money transfer facility is closed or 200 kilometers away? Without access to financial services, this is how billions of poor people live; their lives are marked by financial weakness and instability, which prevents them from planning ahead and taking risks to grow and move above the poverty line. And the economic crisis makes matters worse.
Microfinance clients aren’t free from these troubles. As a result of their remote locations, they often live hundreds of kilometers from the nearest branch of microfinance banks, and bear in mind that not all microfinance providers are banks either, so they cannot accept deposits. Is it possible to offer financial services anywhere, anytime? Thankfully, yes.
This article was originally posted by Fehmeen, a microfinance blogger. Please give due credit.
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