History of Microfinance
I would like to add that poet
Rabindranath Tagore, Nobel laureate for Literature (1913), introduced microcredit over 100 years ago: “Rabindranath Tagore’s contribution to core financial sector is another reason to remember him, even when today’s hot topics like microfinance come across for discussions. A document, found in 2009 in Bilkrishnapur village under Raninagar Upazila of Naogaon district, shows that Tagore’s effort to bring common people financial comfort goes beyond the usual periphery of a poet where his role is more prominent as social reformist.
The document, actually some account statements of Kaligram (Patisar) Krisha bank and Shilaidaha estate, also indicates that the concept of collateral free micro-credit to rural borrowers originated from Tagore’s philanthropic activities when he founded the Kaligram Krishi bank back in 1905 in village Patishar in Naogaon district.
Tagore was president of the managing committee of Rabindranath Krishi college in Naogaon.”
Besides, financial education/literacy should be integrated with the micro(?) finance, or whatever that creates a social work space in BOP marketplace. It came with the advent of gfep-yme conf. Financial education 'supports the transition from economic dependence to independence'. It is largely viewed as self-empowering and foundational in terms of 'personal financial management' skills-set - it helps one as an enabler with one's inner core potential capacity enhancing capabilities for livelihood security. I would also like to remind the learned audience about the article 1 of the universal declaration of fundamental human rights that prompt us to call it an inclusive world, and treat every one with proper dignity and respect, and not to design those social instruments that literally pursue 'smallness', clearly with a disregard to today's human aspirations, needs and priorities. The concept of microfinance is already buried in the soil of 2000s.
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