Open AccessMICROFINANCE; A POVERTY REDUCTION TOOL, SOCIO-ECONOMIC PROSPECTIVE
Author(s) -
Ada Jaffery,
Dawood Mamoon
Publication year - 2019
Publication title -
journal of management and research
Language(s) - English
Resource type - Journals
eISSN - 2519-7924
pISSN - 2218-2705
DOI - 10.29145/jmr/12/0102004
Subject(s) - microfinance , poverty , government (linguistics) , poverty reduction , joint and several liability , perspective (graphical) , social security , economics , economic growth , business , liability , finance , computer science , market economy , linguistics , philosophy , artificial intelligence , tort
This paper aims to critically evaluate the microfinance approach in social and economic perspective. Critical analysis reveals that microfinance can be used as an efficient tool to reduce poverty, thus contributing towards economic as well as social development. Moreover, paper highlights the role of institutional design and indicates that microfinance institutions working on the lines of non government organizations and following the double bottom line approach performs better than the other institutional frameworks. Joint liability and the role of group leader are eminent in enhancing the performance of these institutions. Poverty can be decreased if microfinance institutions are driven in a more systematic manner keeping in mind primarily the well being of society.