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dc.contributor.authorKaberia, Salome Kanini
dc.contributor.authorMuathe, Stephen M. A.
dc.date.accessioned2023-06-09T08:06:17Z
dc.date.available2023-06-09T08:06:17Z
dc.date.issued2022
dc.identifier.citationSalome Kanini Kaberia, Dr. Stephen M. A. Muathe (2022). Economic Empowerment of the Poor: Myths and Facts about Microfinance Institutions in Africa. International Journal of Social Science and Education Research Studies, 2(6), 179-186en_US
dc.identifier.otherhttps://doi.org/10.55677/ijssers/V02I06Y2022-05
dc.identifier.urihttp://ir-library.ku.ac.ke/handle/123456789/25736
dc.descriptionArticleen_US
dc.description.abstractPoverty remains a stubborn menace that has defied time the world over, with the relatively less developed economies suffering its brunt the most. Consequently, various stakeholders have explored and implemented all possible strategies to alleviate poverty. It is no wonder, therefore, that the prospect of microfinance solving this challenge led to aggressive embracing of microcredit by both local communities and other stakeholders alike. Through microfinance, stakeholders anticipated that affordable access to finance for the marginalized populations would see them start up or expand their businesses, hire more labor, grow family incomes and improve their living standards. Moreover, it was assumed that the business owners and their communities would cross over the poverty line and ultimately microfinance would alleviate poverty from the communities and empower them economically. However, microfinance is now proving to be yet another mirage in the elusive journey towards a poverty free world. Almost two decades since the United Nation’s declaration of the year 2005 as the International Year of microfinance, it is an opportune time to take stock of the impact of microfinance; what has worked well, what needs tweaking and what needs to be decelerated for the desired outcome to be achieved. The study used a desktop design where secondary data was reviewed extensively. There were mix findings where there was evidence that there were facts about microfinance institutions alleviating poverty and empowering the poor in Africa. However, there were also myths about microfinance institutions where the lenders were taking advantage of the poor and exploiting them through predatory lending, thus making the poor even poorer and with debts; thus, demonstrating that microfinance has been shrouded by myths rather than facts. Therefore, there is need for civic education and entrepreneurial education on microfinance. Additionally, governments should initiate clear regulations in order to protect the very poor Africa citizens. Future research should incorporate primary data to corroborate findings of this study.en_US
dc.language.isoenen_US
dc.publisherIJSSERSen_US
dc.subjectAfricaen_US
dc.subjectEconomic Empowermenten_US
dc.subjectFinancial Inclusionen_US
dc.subjectMicrocrediten_US
dc.subjectMicro Finance Institutionsen_US
dc.subjectPoverty alleviationen_US
dc.subjectPredatory lendingen_US
dc.titleEconomic Empowerment of the Poor, Myths and Facts about Microfinance Institutions in Africaen_US
dc.typeArticleen_US


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