Definition
Microcredit is the extension of very small loans
(microloans) to the unemployed, to poor entrepreneurs and to others
living in poverty who are not bankable. These individuals lack
collateral, steady employment and a verifiable credit history and
therefore cannot meet even the most minimum qualifications to gain
access to traditional credit. Microcredit is a part of microfinance,
which is the provision of financial services to the very poor; apart
from loans, it includes savings, microinsurance and other financial
innovations. The intention of microcredit institutions is to help poor
people, and those denied access to credit, to overcome poverty and to
fund income-generating activities for self-employment in order to build
social capital.
Keywords
microcredit, microlending, microfinance, access to capital,
collateral, credit as a human right, poverty reduction, financial
sustainability, financial empowerment, economic independence, social
capital, business, economics, credit societies, debt, credit union,
Grameen Bank |
Hi Colleagues,
There is a local women's organization based in Ibadan involved in assisting the poor rural women in giving them soft loans to help facilitate their petty businesses. The actvitities of this women's group is becoming so pronounced and benefitial to the extent that there are other groups of poor women who are also asking for for micro-credit assistance from Women's Rights Action Group (WRAG) -- that is the name of the dynamic women's NGO.
Could Grameen foundation come to the aid of WRAG? Their contact address:
Women's Rights Action group
Plot 5 Akingbade Street, Off Old Ife Road, New Gbagi Area, Box 15060, Agodi post office, Ibadan Nigeria
cafsowrag5@yahoo.co.uk
The Contact person: Deborah Salami debsalam@yahoo.com
We shall be grateful for any assistance that could be rendered.