The biggest misconception about microfinance is that it is the miracle pill to put an end to poverty. This is just untrue. No one said that microfinance is the key to stopping poverty or to lift all people in developing countries out of poverty.
Poverty is an issue that has confronted several countries over the years. Not even the best leaders have been able to do something to fix the problem. Therefore, to put this kind of burden on the concept of microfinance is just unfair.
Microfinance targets poor people because the idea is for them to have easy access to loans as long as they use the money wisely and repay the loans.…Continue reading