Microfinance can be a major boon to low-income and underserved households, but understanding its full impact is often difficult to gauge. Hedera seeks to change this by providing digital tools that allow microfinance institutions to get a better insight into the needs of their clients.
Nobel Peace Prize laureate and father of microfinance, Muhammad Yunus, talks to RESET about social business, radical system change, and how the spirit of entrepreneurship that lies within all of us should be harnessed to tackle the planet’s most pressing challenges.
Billions of people around the world are excluded from conventional banking systems. One UK-based fintech startup believes it has come up with a solution - a new, alternative kind of financial infrastructure that’s available to anyone who owns a smartphone with an in-built camera - that connects them to the global economy and all the opportunities that it offers.
Entrepreneurs everywhere will experience the frustrating issue of poor or no access to finance. For entrepreneurs in developing countries, the issue poses a huge barrier not just to their chances for individual development, but to those of entire communities and regions.
The term "microfinance" or "microcredit" - the provision of financial services and small loans to people who don't qualify for traditional banking services - is a concept that many of us are familiar with. But when it comes to tackling poverty, how helpful is it really?