The Microfinance Story

When Professor Muhammad Yunus started modern day microfinance with just $27, i believe friends, family and adversaries would have called him crazy. The intention was to help the active poor and not to take advantage of their condition as we find in this present age were the poor are most vulnerable to financial impropriety as a result of improper conduct of some MFBs whose intention is to worsen the living condition of these people.

What do we have today?

Muhammad Yunus has through this act created a microfinance revolution that has given birth to different kind of lending methodologies, mobile banking for low income earners, tailored products and solutions that meets the needs of specific target market, agent banking and financial inclusive tools that meets the needs of specific target market.

My point exactly is;

Mohammed Yunus started something that we all recognize and has made an impact on the global financial inclusive landscape having a positive effect on lives of millions of the active poor who ordinarily don’t know how to secure capital for their little businesses.

Lapo, an organization in Nigeria has distinguished itself with the way it started and has now grown to be a formidable microfinance institution with other MFBs learning from their success story.

We can be the Mohammed Yunus and the LAPOs of today is we put first the passion to build a culture of financial prudency and appreciation of the opportunity to build a developing economy which we can all come home. This can only happen if stakeholders in the microfinance industry understand that passion is the key to creating and achieving economic and social development.

My advice.

Put good use to that little $27 you have and believe me, the sky won’t only be your limit. I have started something. Have you?

https://www.lifegate.com/people/news/microfinance

https://en.wikipedia.org/wiki/Muhammad_Yunus