Lending small amounts of money offering poor people a chance to raise their standard of living, defined as microfinancing and introduced in the late 70s, has created itself a significant spin-off and possible problem. Currently another radical concept is starting to take hold: that the thing people really need, more than business loans, is a safe place to save their money. Other than lending money, having a savings account and benefiting from other banking products are typically heavily regulated. Oxfam America has been working hard to break those regulations and taking deposits to the next level, it also however takes microfinancing back to its small, community-based roots.
Vanhaverbeke Johan
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