Zanele Mbeki | Microfinance empowers women, boosts confidence and alleviates poverty in communities
She never imagined her sweet potatoes, cabbage and maize would help her build a decent house, feed her family and send her two children to university.When Selina Letlalo from Matangari village in Limpopo started her small crop farming business 16 years ago, she never imagined her sweet potatoes, cabbage and maize would help her build a decent house, feed her family and send her two children to university.
As we celebrate 2024 Women's Month under the theme Celebrating 30 Years of Freedom towards Women's Development, microfinance is and has been creating new pathways with new possibilities for hundreds of women, like Selina, to usher in positive changes in society.
The informal sector represents the bulk of small-to-medium-sized enterprises and has helped people find employment and is a large component of our economy, and it benefits tremendously from sound microfinance. For background purposes, microfinance institutions, are different from banks, because their customers are poor and typically do not require or do not have collateral.
Within 21 years, the Grameen Bank has had a portfolio of over $260 million and 2.3 million borrowers. This programme also offers basic financial skills and credit management training. The women are assigned a business mentor and receive more substantive business skills training. We aim to reach more than 70 000 in five of our country’s poorest provinces, targeting from the bottom of the pyramid so that we can touch a large number of lives.Of course, the government has put in place a set of rules and regulations to govern the microlending industry.
Selina Letlalo Bangladesh Microfinancing
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