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Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, and a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty. Many recipients are illiterate, and therefore unable to complete paperwork required to get conventional loans. As of 2009 an estimated 74 million people held microloans that totaled nearly US$40 billion. Grameen Bank reports that repayment success rates are between 95 and 98 percent. The first economist who had invented the idea of microloans was Jonathan Swift in the 1720s. Microcredit is part of microfinance, which provides a wider range of financial services, especially savings accounts, to the poor. Modern microcredit is generally considered to have originated with the Grameen Bank founded in Bangladesh in 1983 by their current Chief Adviser Muhammad Yunus. Many traditional banks subsequently introduced microcredit despite initial misgivings. The United Nations declared 2005 the International Year of Microcredit. As of 2012, microcredit is widely used in developing countries and is presented as having "enormous potential as a tool for poverty alleviation."
Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services.
Accion is an international nonprofit. Founded as a community development initiative serving the poor in Venezuela, it works with local partners in different countries to develop and scale digital financial solutions for underserved people globally.
Antoine Nduwayo was the Prime Minister of Burundi from 22 February 1995, until 31 July 1996. Nduwayo is an ethnic Tutsi.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Village banking is a microcredit and saving methodology whereby financial services are administered locally in a community bank rather than in a centralized commercial bank. Village banking has its roots in ancient cultures and was most recently adopted for use by micro-finance institutions (MFIs) as a way to control costs. Early village banking methods were innovated by Grameen Bank and then later developed by groups such as FINCA International founder John Hatch. Among US-based non-profit agencies there are at least 31 microfinance institutions (MFIs) that have collectively created over 800 village banking programs in at least 90 countries. And in many of these countries there are host-country MFIs—sometimes dozens—that are village banking practitioners as well. The latest developments globally can be seen in Southeast Asia, where digitization is pacing fast to reach rural areas with hybrid on- and offline solutions.
Microcredit for water supply and sanitation is the application of microcredit to provide loans to small enterprises and households in order to increase access to an improved water source and sanitation in developing countries.
Hattha Bank (HKL) is a Cambodian bank and microfinance institution (MFI) in Cambodia.
The Caisse d'épargne du Burundi, or CADEBU, was a public company that managed mandatory savings in Burundi. It collapsed in 1992 after competition was introduced.
The Caisse de Mobilization et de Financement, or CAMOFI, was a state-owned development bank in Burundi.
The Banque de commerce et de développement, or BCD, was a short-lived state-owned bank in Burundi.
The Meridien Bank Burundi, or MBB, was a bank in Burundi, a subsidiary of Meridien BIAO, a network of African banks with headquarters in Zambia. It was launched in 1988 and failed in 1995.
Coopératives d'Épargne et de Crédit, or COOPECs, are microfinance savings and loans cooperatives serving low income people in Burundi. FENACOBU is the umbrella organization for the cooperatives.
Caisse Coopérative d'Epargne et de Crédit Mutuel, or CECM, is a microfinance savings and loans bank serving low income people in Burundi.
Twitezimbere ASBL is a non-profit association serving low income peasant farmers in Burundi. It assists them in adopting good farming and business practices, obtaining micro-credit, finding markets and so on. Challenges include illiteracy, traditional biases about women's roles, potential environmental damage from development projects and rapid population growth. Twitezimbere Microfinance, originating from and associated with Twitezimbere ASDL, is now a public limited microfinance company under the Ministry of Environment, Agriculture and Livestock.
The Network of Microfinance Institutions, or RIM is a non-profit association of microfinance institutions in Burundi.
The National Bank for Economic Development is a bank in Burundi.
The Cooperative for Small Farmer Solidarity for Savings and Credit , or COSPEC, is a microcredit bank in Burundi.
The Management and Financing Bank, or BGF, is a bank based in Bujumbura, Burundi.
References
- 1 2 3 Hakisimana 2004, p. 44.
- 1 2 3 The experiences: Cofide.
- 1 2 Hakisimana 2004, p. 45.
- ↑ Former premier Pascal-Firmin Ndimira.
- ↑ Burundi Étude diagnostique sur l’intégration, p. 37.
- ↑ Niyongabo 2007, p. 131.
- ↑ Niyongabo 2007, p. 56.
- ↑ Hakisimana 2004, p. 46.
- ↑ Ashcroft, Djoi & Ndikumana 2007, p. 11.