TAILIEUCHUNG - {MICROFINANCE IN AFRICA } STATE-OF-THE-SECTOR REPORT BRINGING FINANCIAL SERVICES TO AFRICA’S POOR

Beginning in the 1970s, a microfinance revolution swept through Asia and Latin America, helping countless millions of poor people get the economic boost they needed to start small businesses and work their way out of poverty. Somehow, the revolution bypassed Africa: While there are more than 300 million economically active individuals in sub-Saharan Africa, only about 20 million of them – less than 10 percent – have access to any kind of formal financial services. A 2006 World Bank report shows a strong correlation between reductions in poverty and the development of the financial sector. If African countries are to. | Executive Director M IC RO FI N A N C E IN A F RI C A STATE-OF-THE-SECTOR REPORT BRINGING FINANCIAL SERVICES TO AFRICA S POOR Kristin Helmore Writer and Researcher Sybil Chidiac Technical and Strategic Lead Lauren Hendricks Access Africa EXECUTIVE SUMMARY Background Beginning in the 1970s a microfinance revolution swept through Asia and Latin America helping countless millions of poor people get the economic boost they needed to start small businesses and work their way out of poverty. Somehow the revolution bypassed Africa While there are more than 300 million economically active individuals in sub-Saharan Africa only about 20 million of them - less than 10 percent - have access to any kind of formal financial services. A 2006 World Bank report shows a strong correlation between reductions in poverty and the development of the financial sector. If African countries are to achieve long-term development more quickly the poor in Africa - like people everywhere - must have access to an array of flexible cost-effective financial products and services targeted to their needs including savings credit and insurance. The goal of microfinance is to adapt financial services to meet the needs of poor people who usually lack access to mainstream banks. Microfinance can provide very small loans - for example from 5 to 50 - and accept savings deposits of less than 1 which despite the small size can be essential to creating income-generating activities and sustainable livelihoods. CARE has pioneered a microfinance methodology that has worked more than million people around the world. CARE s Experience Women have long been at the heart of Africa s informal member-owned rotating savings cooperatives - among the world s oldest and most prevalent savings mechanisms. These cooperative associations form the foundation for CARE s pioneering approach to microfinance. They are sustainable self-funded credit sources at the village level built by members through their own savings. CARE

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