THE CONTRAPTION CALLED MICRO FINANCE BANK

THE CONTRAPTION CALLED MICRO FINANCE BANK

INTRODUCTION

The micro finance bank is a reincarnation of the community bank, and the community bank a product of Professor Yunis grammeen model of poverty alleviation  which was a successful programme in Bangladesh.

Prior to the introduction of community banks, were poverty alleviation interventions with such names as:

-         Better Life

-         National Directorate of Employment (NDE)

-         Family Economic Advancement Programme (FEAP)

-         National Poverty Eradication Programme (NAPEP)

-         People’s Bank etc, etc

All these programmes operated as direct intervention except the People’s Bank which operated the same way our present day micro finance banks operate.

WHAT IS A MICRO FINANCE BANK

The word micro finance is a more inclusive term which encompasses credit, savings, and capacity building, and it is more preferable by developmental finance practitioners. The purpose of which is in accordance with the 2015 Millennium Development Goal which seeks to:

-         Eradicate extreme hunger and poverty

-         Provide Universal primary education

-         Ensure  gender equality and empower women

-         Reduce child mortality

-         Improve maternal health

-         Combat HIV/AIDS, malaria and other diseases

-         Ensure environmental sustainability

-         Global partnership for development

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