THE EFFICACY OF MICROFINANCE.PART 10

Whereas over 50percent of subsaharan african population still wallowsin mass poverty. Phenomenal progress has been recorded in the last two decades,impacting heavily on the millenium development goals of united nations.Little wonder the proportion of world's poor in relationto world poverty has declined from 50percent in 1990 to 14percent by 2015.Western Asia like therest of Africa and middleeast is seriously lagging behind by all indicators to the contrary.Though poverty is still a majorthreat in peoples lives but certainly retreated.The practice of microloans giving small loans to the poorbetween $10 to $500 can be traced to Grameen Bank Founder alongside other financial services such as saving mobilisation has come to stay.He started the practice back in the 70s,empowering poor women in the Bangladeshi village of Jobra.As reward for this breathtaking innovation,he was awarded nobel peace prize for himself and his baby giant Grameen Bank of Banglandesh that has influenced more than 70 countries ever since.