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Discuss the potential of such microfinance programs in lower-income communities where irregular income is common and their impact on reducing social and economic disparities.
Microfinance banking services are provided to individuals who are out of work or have low-income with no access to financial services, and also permits one to take on small business loans securely using ethical practices (Kagan & Anderson, 2020). In addition, microfinancing help with savings, insurance, and money transfers to increase economic stability within communities to stop poverty (Ireland, 2017). However, due to the lack of access to banking services, many low-income communities start their own microfinance ministries. This allows individuals to save money, start small businesses, pay school fees, afford medication, and supply additional needs for the community (Ireland, 2017). Otherwise, individuals in low-income communities would have to rely on loan sharks who charge high-interest rates and practice unethical lending. Additional microfinance programs used in lower-income communities that have an impact on reducing social and economic disparities include savings and credit associations which are created by the community, and this allows individuals to lend their own money to each other (Ireland, 2017).
Microfinancing in a low-income country and example
Africa has seen great growth through microfinancing from2002 to 2012 seeing industry expansion by more than 1,300 percent (Njiraini, 2015). Although Africa has seen great results in microfinance opportunities the impact it left on poverty remains the same. The loans are a great way for families to earn money, pay bills, school fees and invest but some challenges stem from very expensive and short-term loans (Njiraini, 2015). For example, some loans were restricted to under $200 at very high-interest rates and had to be paid back immediately (Njiraini, 2015).
Microfinancing and social inequalities
Microfinancing is seen as emergency funding to uplift poor areas but the high-interest rates and restrictions can be a burden on most local economies. Microfinance programs can be beneficial in reducing poverty, however, it has inadequately entered the poorer levels of the world. Individuals who suffer from minor access to healthcare and education do not have the right to entry to microfinance (Lara et al., 2017). Microfinance does not work for everyone, and those individuals experiencing wealth and health inequality such as mental health and additional illnesses would not be good applicants for this program. However, integrated microfinance, and health education and interventions can increase knowledge health, and behaviors (Lara et al., 2017).
Ireland, J. M. (Ed.). (2017). For the love of God: Principles and practices of compassion in missions. Eugene, OR: Wipf and Stock. ISBN-13: 9781532616389. http://www.gcumedia.com/digital-resources/wipf-and…
Kagan, J., & Anderson, S. (2020, April 21). Microfinance. https://www.investopedia.com/terms/m/microfinance….
Lara M J Lorenzetti, Sheila Leatherman, Valerie L Flax, Evaluating the effect of integrated microfinance and health interventions: an updated review of the evidence, Health Policy and Planning, Volume 32, Issue 5, June 2017, Pages 732–756, https://doi.org/10.1093/heapol/czw170
Njiraini, J. (2015, November 13). Microfinance: Good for the poor? Africa Renewal. https://www.un.org/africarenewal/magazine/august-2…
Respond to the bold paragraph ABOVE by using one of the option below… in APA format with At least two references and a minimum of 200 words….. .(The List of References should not be older than 2016 and should not be included in the word count.) Include at least one scholarly reference and appropriate in-text citations and Address all points on the DQ. One point will be deducted for not addressing each item mentioned above. Remember that presenting someone else’s work as your own is plagiarism.
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Be sure to support your postings and responses with specific references to the Learning Resources.
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To get maximum points you need to follow the requirements listed for this assignments 1) look at the word/page limits 2) review and follow APA rules 3) create subheadings to identify the key sections you are presenting and 4) Free from typographical and sentence construction errors.
REMEMBER IN APA FORMAT JOURNAL TITLES AND VOLUME NUMBERS ARE ITALICIZED.