Microfinance key to achieve MDGs–Nobel awardee

Monday, October 14, 2013

JUST like microcredit, Nobel laureate Muhammad Yunus, founder of Grameen Bank in Bangladesh, said on Friday the banking system needs to be redesigned so it can provide everybody access to financial services.

“Coming from the follow-up of the financial crisis, the whole idea of the banking system needs to be redesigned from a state of exclusive banking for the privileged people. It should be inclusive banking, where nobody will be denied from the access to financial services,” the 2006 Nobel Peace Prize awardee told reporters at the sidelines of the concluding leg of the three-day 2013 Microcredit Summit held at the Philippine International Convention Center in Pasay City.

According to the Global Findex study, more than half of the people worldwide at present do not have formal financial accounts, particularly the poor, women, rural folks and less-educated people.

Source: Business Mirror (link opens in a new window)

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financial inclusion, microcredit, microfinance