Posted on January 19, 2009 - by James

Which way for African Microfinance?…

Nairobi, Kenya,  January 2009  –  In its bid to develop microfinance within the broader context of continental economic growth and poverty alleviation efforts, the African Union commissioned a workshop in Dakar, Senegal in 2008. The meeting was attended by 27 experts in the field of microfinance, regulatory agencies and staff of the AU Commission. 

The workshop hosted by the African Institute for Economic Development and Planning (IDEP) defined Microfinance as “ the provision of a broad range of financial products and services to people with low incomes who, by virtue of their social and economic status, are excluded from conventional financial institutions. Such provision must be sustainable both for the microfinance institutions and for the borrowers.” The workshop further observed that “Microfinance is a key component of financial systems and aims at changing and improving the lives of people with low incomes, creating jobs and contributing to the development of both the local and the national economy.”

The Consultant, Mr. Henry Oloo Oketch, presented a report on the study on the elaboration of a roadmap/action plan for the development of microfinance in Africa. On the state of microfinance in Africa, he observed the following… [click here to read the rest of this article...]