Microfinance

Time to Take the Credit,
Article in Economic Times Corporate Dossier dated 30 March 2007, page 2

There are now 10,000 microfinance institutions lending an average of less than $300 to 40 million poor borrowers worldwide.

Procredit, made up of 19 microfinance banks in countries from Moldova to Ecuador was established in 1998 by International Financial Institutions. It is now wildly successful, boasts over 2.2 million customer accounts and arrears by volume of a miniscule 1.2%.

Still only a fraction of the world's 500 million impoverished micro entrepreneurs hve access to the financial system.