Small Loans - Microcredit Means More People Can Borrow Money - but More Scrutiny Is Also Needed TC_Africa: Africa
. Innovations are giving people more access to financial services through mobile and computing services, the internet, and payment cards. One of these services is microcredit: small loans for individuals and informal businesses.
In an attempt to restore confidence, global development agencies quietly rebranded microfinance. But the microcredit element of financial inclusion still presents problems. It's even worse now that there is a shift in the funding patterns of microfinance institutions from donors to private capital driven by profit maximisation objectives.that the fintech drive in the name of financial inclusion mirrors colonial-style extractivism to maximise profits.
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