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All over the world the art of microfinance is the best known human
development strategy .Without development no society can survive
Certainly the art of development in any society is determined by
development planning which can be preceded by development ideology and
strategy mapping .In the economy of man development is a binding factor
for all humanity and the sole sustainable factor of social life .From the
antiquity into modern times it is a fundamental fact in human history .
However development brands and models differ across territories but
certainly the original context of mass development is incontrovertible and
the same and a legal framework for all societies and humanity to build .The
disparity common to development antecedence among diverse societies is
the issue of development density which measures the quality and quantity of
development in an economy and strategic impact on population market
using cultural indices.
It is to be noted that this density which varies markedly or is exceptionally
very high according to prevailing standard in advanced countries and the
inherent models that nurtured this density is grossly inadequate by practice
and modeling to developing countries market . Such cultural hazards bred by
intellectual imperialism tends to mystify the importance of this density
highly unsuitable to the repressed territories. This demystication cultivated
by duress has brazenly promoted gross underdevelopment and a degradation
of the environment of development of these territories which has depressed
development standard imbibing unworkable models as kith and kin of
ineffective development agenda .
Consequently the dividend is mass poverty .Although serious factor such as
dark age mentality is gripping the territories especially Africa. To escape
cultural hazard –the so called counter-development trap cycles and western
intellectual terrorism sensible countries of the world predominantly the
emerging market have opened a new era adopting and imbibing hook line
and sinker this development concept that gained renaissance in the 20th
century
To build capacity which is the author of development they have embraced
the concept as the panacea to ever increasing mass poverty in their
territories. Today there are over 11,000 MFIs in the world and prior to U.S
meltdown had successfully touched the lives of over 500million people
.[CGAP,2008.].And to understand microfinance effectively with new models
is to chart a new development era in our world today despite giant stride
made so far is still in the preschool of the practice and industry dark age in a
potential 80% of 6.5 billion mass poverty market worldwide .This indeed is
the richest market worldwide . It is to be noted that development comes by
using and cultivating more than adequate capacity with multi pronged
strategy for effective practice and sustainability .This has eluded the industry
since the renaissance of modern microfinance .
Effective use of microfinance promotes sustainable capacity and can
nurture capital development with the right technology. The challenge is
how to erase ignorance using the media and good use of institutional art
creating such awareness across the world as included in this revised
international version . Elusive development is a major barrier in the country
which the technology can resolve too well in view of alien tested
empiricism . And the practice of microfinance since 1960s has been below
expectation vis-vis corporate obligation and strategic impact over poverty
reduction let alone eradication and grossly underperformed in the face of
ballooning mass poverty . .Several reports find out that this is due to poor
technology .Understanding microfinance is a sure antidote to build
development density in this part of the world and beyond and perhaps
return Nigeria to the path of development golden age of the 1940s 50s 60s
and 70s Indeed , the journey has just begun
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