Why have so many micro business as strategy failed to secure millions of people out of pverty? people have started the micro business in developing but no further developing. Although the poor people have been able to access finaancial services from private and govenmental Banks.
Having analysed how micro finance bank operate, one can conclude that micro finance has been taken as the leading tool or strategy by most developing nations in poverty eradication.
Depending on the iliteracy levels in developing nations, it would be of no use to invest millions of dollars in poverty eradication when other problems are not dressed up. people borrow money for other activities such as wedding, burrials, school fees which do not help in wealth accumulation. the govenments still have to educate the poor on which activities to tackle the poverty problem.
Money lenders has become another problem in developing countries.... being anew investment opportunities. most money lenders are not regulated by the financial authorities. most of the poor people has lost their properties to the money lenders due to defaulting.
I apreciate the author of this blog, and in particular for this article. I Ihave asked my self this similar question for long--hopefully I will find the answers here...keep up the good work!
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