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Introduction

In: Inspired Finance

Author

Listed:
  • Michael Looft

    (Kiva Microfunds)

Abstract

Many of the world’s poor have virtually no way to access the financial services they need to overcome poverty. The term “money lending” typically does not evoke images of spirituality and community building, but that is exactly what has been happening as a result of people extending small loans to the poor. Over the past forty years, microfinance institutions have been at the forefront of helping to reduce poverty by giving the poor a chance to access microcredit loans as well as other financial services, such as savings and insurance that traditional banks will not extend to them.2 The power of microfinance lies in the collaborative relationships that it fosters with the poor in contrast to the paternalism inherent in traditional charity. These microfinance-based relationships offer people a chance to rise out of their impoverished conditions by giving them the tools and support they need to chart a new course in life and to achieve financial stability.

Suggested Citation

  • Michael Looft, 2014. "Introduction," Palgrave Macmillan Books, in: Inspired Finance, pages 1-4, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-45078-4_1
    DOI: 10.1057/9781137450784_1
    as

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