Posted on January 20, 2010 - by James
Microfinance Could Be Hazardous For Teens…
Microfinance is on the rise and not only reaching women, but a growing number of female teens. One industry participant warns that lenders must step carefully with this age group to avoid causing unintended harm.
UNITED NATIONS, New York (WOMENSENEWS)– Microfinance might be a panacea for women’s poverty, as many claim, but concern is growing in the nongovernmental community about such loans to teens. Several in the field warn that microfinance loans to teen girls could actually increase their vulnerability.
Since the 1980s, microfinance has grown and spread to become a major tool in fighting poverty across the globe. Grameen Bank, a community development bank established by microfinance godfather and Nobel Prize winner Mohammed Yunus in 1983, has loaned money to over 7 million women in Bangladesh.
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