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A SYNOPSIS ON IMPACT OF MICROFINANCE ON THE LIVING STANDARD OF THE URBAN AREA OF JALANDHAR

Submitted to KCL-IMT (PTU) In partial fulfilment of the requirements for the award of degree of MASTER OF BUSINESS ADMINISTRATION Submitted by: Sakshi 104762283683 Supervisor: Prof. Ramandeep Singh Deol Assistant Professor

DEPARTMENT OF MANAGEMENT KCL-IMT JALANDHAR
(2011-12)

Microfinance
“Microfinance” is often defined as financial services for poor and low-income clients offered by different types of service providers. In practice, the term is often used more narrowly to refer to loans and other services from providers that identify themselves as “microfinance institutions” (MFIs). These institutions commonly tend to use new methods developed over the last 30 years to deliver very small loans to unsalaried borrowers, taking little or no collateral. These methods include group lending and liability, pre-loan savings requirements, gradually increasing loan sizes, and an implicit guarantee of ready access to future loans if present loans are repaid fully and promptly. More broadly, microfinance refers to a movement that envisions a world in which low-income households have permanent access to a range of high quality and affordable financial services offered by a range of retail providers to finance income-producing activities, build assets, stabilize consumption, and protect against risks. These services include savings, credit, insurance, remittances, and payments, and others.

Microfinance is an economic development approach that involves providing financial services, through institutions, to low-income clients, where the market fails to provide Appropriate services. The services provided by the Microfinance Institutions (MFIs) include credit saving and insurance services. Many microfinance institutions also provide social intermediation services such as training and education, organizational support, health and skills in line with their development objectives. Microfinance refers to the small-scale financial services including both credits and deposits provided to people who operate small and microenterprise where goods are produced , recycled , repaired, or traded.

Key features of Microfinance: Lend to the poor people  Do not take security  Prefer saving over borrowing  Small short –term loans  Prefer women customer over men  Cost covering interest rate  Group appraisal and guarantee . Microcredit can be defined as the provision of credit services to poor clients. insurance. and no studies to date have done so On 13th October 2006. it is a movement whose object is "a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services. Loans to poor people without any financial security had appeared to be an impossible idea. which include microcredit. Eventually we are in a situation. Although microcredit by definition can achieve only a small portion of the goals of microfinance. the microfinance institution he founded 30 years ago. “Maybe our great-grandchildren will go to museums to see what poverty was like”. critics attack microcredit while referring to it indiscriminately as either 'microcredit' or 'microfinance'. but also in many other countries. Due to the broad range of microfinance services. the Nobel Peace Prize went to Muhammad Yunus and Gramen Bank. including not just credit but also savings. tells us the goal spread of microcredit and finance. in which Muhammad Yunus."[1] Those who promote microfinance generally believe that such access will help poor people out of poverty. the founder of Grameen Bank. conflation of the two terms is endemic in public discourse. it is difficult to assess impact. not only in Bangladesh.More broadly. Microfinance is a broad category of services. and fund transfers. which give us the hope. Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people. In other words.

which reflect the labour-intensive work associated with making small loans and allowing the microfinance intermediary to become sustainable over time. who wish to access money for starting or developing an income generation activity. The characteristics of microfinance products include:  Little amounts of loans and savings.  The clients who pay on time become eligible for repeat loans with higher amounts. Microfinance as a discipline has created financial products and services that together have enabled low-income people to become clients of a banking intermediary.terms loan (usually up to the term of one year). deposits).  Application procedures are simple. that is. they can repay.  Short processing periods (between the completion of the application and the disbursement of the loan). .  Payment schedules attribute frequent installments (or frequent Instalments made up from both principal and interest.  Easy entrance to the microfinance intermediary saves the time and money of the client and permits the intermediary to have a better idea about the clients’ financial and social status.  Higher interest rates on credit (higher than commercial bank rates  but lower than loan-shark rates).  Short. Microfinance came into being from the appreciation that micro-entrepreneurs and some poorer clients can be ‘bankable’. both the principal and interest. which amortized in course of time. on time and also make savings.Characteristics Of Microfinance Microfinance gives access to financial and non-financial services to lowincome people. The individual loans and savings of the poor clients are small. provided financial services are tailored to suit their needs.

5 million members with more than US$5. India. and As MFIs become better versed in the microfinance markets . Development Of Microfinance.2 billion in disbursed loans. they applied their innovations in all processes from lending to the collection of deposits. Malaysia. The Grameen bank has been duplicated in China. Philippines. Large size loans are less costly to the MFI. flexible loan repayment.main clients for MFIs. the Grameen bank has grown to include more than 5. .  India is 2nd most populous country behind China with a large number of un- financed poor people. increased their client base and expanding their services through different products such as micro saving .In India:-  Microfinance in India has started to evolve in early 1989’s with an effort of forming informal small help group (SHG) to provide access of financial services to needy. The use of tapered interest rates (decreasing interest rates over several loan cycles) as an incentive to repay on time. Microfinance has spread to cover five continents and numerous countries. so some lenders provide large size loans on relatively lower rates. U.S. Thailand. Sri Lanka. Microfinance institutions have also begun to seek out public and international financing increasing their working capital. Developments In Microfinance Since 1976 . . MFIs have become more efficient .

94 million borrowers as of march 2008 with CAGR of 88. MFIs are estimated to have 7.24% over the last five years and cumulative outstanding loan portfolio of US$824 million.35 million of march 2008 . . it shows a CAGR growth of 78.21% from FY03.FY08.  SHG has loan outstanding of US$356.

Micro finance clients are poor and vulnerable poor who have a relatively unstable source of income.these are transfer of funds from people in one place to people in another. Micro saving:. • • In rural areas. Micro insurance:. service providers. Remittances:. Compared with other sources of capital that can fluctuate depending on the political or economic climate. Microcredit can be offered often without collateral without an individual or through group lending. In urban areas. street-vendors. Often without minimum balance requirements. . Access to insurance enables entrepreneurs to concentrate more on developing their business while mitigating other risk affecting property. health or the ability to work. usually across borders to family and friends.It is a system by which people . they are usually small farmers and others who are engaged in small income generating activities such as food processing and petty trade. micro finance activites are more diverse and include shop keepers . Micro finance clients are self employed . business or other organizations make a payment to share risk. Who Are The Clients Of Microfinance • The typical micro finance clients are low income persons that do not have access to formal financial institutions.these are deposit services that allow one to save small amount of money for future use. often household – based entrepreneurs.Major Activities In Microfinance Microcredit:-It is a small amount of money loaned to clients by a bank or any other institution. artisans. these saving accounts allow households to save in order to meet unexpected expenses and plan for future expenses.

from first contact to final repayment.Microfinance institutions(MFI):MFIs are extremely heterogeneous group comprising NBFCs. It would use the ability of the MFIs to get close to poor clients while relying on the financial strength of the bank to safeguard the deposits. holds the individual loans on its books for a while before securitizing and selling them to the bank. 2. In other words. the MFIs act as an agent and take care of all relationship with the clients. societies. commercial banks including regional Rural Banks have been providing funds to MFIs for on lending to clients poor. It would allow MFIs to collect saving deposits from the poor on the behalf of the bank. 3.Bank partnership model:This model is an innovative way of financing MFIs. They are provided financial support from external donors and apex institutions including the Rashtriya Mahila Kosh (RMK). their numbers have increased considerably today . This regulation evolved at a time when there were genuine fears that fly-by-night . the number of MFIs is estimated to be around 800. SIDBI foundation for microcredit and NABARD and employ a variety of ways for credit delivery. The bank is the lender and the MFIS acts as an agent for handling items of work relating to credit monitoring . supervision and recovery. Though initially. while there is no published data on private MFIs operating in the country. The model has the potential to significantly increased the amount of funding that MFIs can leverage on a relatively small equity base. trusts and cooperatives. only a handful of NGOs were “into “ financial intermediation using a variety of delivery methods.Microfinance Model 1.Banking correspondents:The proposal of “banking correspondents” could take the model a step further extending it to savings. as an NBFC . Since 2000. A sub.Variation of this model is where the MFI.

It remains to be seen whether the mechanics of such relationship can be worked out in a way that minimizes the risk of misuse.in this model . About 16% of SHGs and 13% of loan amount are using the model (as of march 2002) . In case of bank which have large branch networks. the bank itself act as self help group promoting institution (SHPI). On paper.SHGs-Bank Linkage model:NABARD is presently operating three models of linkage of banks with SHGs and NGOs: Model-1:. It takes initiatives in forming the groups . But . (b) The partnership model uses both the financial and infrastructure strength of the bank to create lower case and faster growth. it also allow rapid scale up. The service company model has the potential to take the burden of overseeing microfinance operations off the management of the bank and put it in the hands of MFIs managers who are focus on microfinance to introduce the additional products.The service company model:Under this model. 4. this allows the client to be reached at lower cost than in the case of a stand . nurtures them overa period of time and then provides credit to them after satisfying itself about their maturity to absorb credit. the model is similar to the partnership model: the model originates the loans and the bank books them.agents purporting to act on behalf of banks in which the people have confidence could mobilize savings of gullible public and then vanish with them. the bank forms its own MFI. In the partnership model. perhaps an NBFC and then works hand in hand with the MFI to extend loans and other services. MFIs may contract with many banks in an arm length relationship. 5.alone MFI. in fact this model has two very different and interesting operational features:(a) The MFI uses the branch network of the banks as its outlets to reach clients .

This model has also been popular and more acceptable to banks. About 75% of SHGs and 78% of loans amounts are using this model. as some of the difficult functions of social dynamics are externalized. (ii) About 9% of SHGs and 13% of loan amounts are using this model. empowerment are also included as variables indicating a level of standard of living.in this model . Microfinance programs target both economic and social poverty. While the bank provides loans to the groups directly.Due to various reasons . In such cases . after observing their operations and maturity to absorb credit. Microfinance Bank And Standard Of Living: Income is one of the important elements of living standard of the poor people as well as saving. there need to measure the impact on borrowers. other factors that contribute to human development. the group are nurtures and trained by these agencies. Model-3:. banks in some areas are not in position to even finance SHGs promoted and nurtured by other agencies. the facilitating agencies continue their interactions with the SHGs. they do following:(i) They promote the groups .Model-2:. the NGOs act as the both facilitators and micro-credit intermediaries . And according to Ghalid (2009). Most linkage begin with this model with NGOs playing a major role. nurture and train them They approach banks for bulk loans for on-lending to the SHGs. groups are formed by NGOs or by government agencies . This study endeavor to explore and find out to what extent the standard of living of people of s area of jalandhar has been influenced since they joined the microfinance program. and in essence it is important to assess the success of Microfinance Bank. The Microfinance Banks are to provide loans to the poor not only the increase their income but also to mobilize their savings . The bank then provides credit to directly to the SHGs. Apart from these. like education. Microfinance Bank .

quoted in Mosedale (2003. to effectively improve their well-being. Microfinance Impact On Empowering Women A key objective of many microfinance interventions is to empower women. building of assets and accumulating savings. Impact assessment studies look for indicators and variables that measure prosperity no terms of material and tangible assets that can be awarded numeric values such as increased income. consumption.interventions promote living condition of poor people by offering supportive service. Microfinance And Its Impact In Development Microfinance has a very important role to play in development according to proponents of microfinance. Within the South Asian context. • helps to empower women by supporting women’s economic participation and so promotes gender equity. beliefs. employment opportunities. Kabeer. Microfinance programs have been increasingly promoted in India for their positive economic impact and the belief that they empower women. Traditionally. development initiatives are synonymous with raising people’s incomes. customs and values through which societies differentiate between women and men”. She also states that empowerment refers to the “process by which those who have been denied the ability to make strategic life choices acquire such an ability”.2) states that women need empowerment as they are constrained by “the norms. p. . greater employment ownership of physical assets (Ghalid 2009). These supportive services are important indicators of the human development. where strategic choices are “critical for people to live the lives they want Therefore MFIs cannot empower women directly. It: • helps very poor households meet basic needs and protects against risks. women empowerment is a process in which women challenge the existing norms and culture. • is associated with improvements in household economic welfare. UNCDF (2004) states that studies have shown that microfinance plays three key roles in development.

Impact Of Microfinance At Household And Community Level: Microfinance can have a far wider impact at the household level and at the community level. Levels of impact Types of Impact Impact Variable Household Economic Economic Variables: Income Household assets Housing Access to food Community Social Human capital: Education Health Confidence Skills Empowerment Social Capital: Social networks Social mobility .

NGO-MFIs 400 to 500 Societies Registration Act.1882 b. Mutual benefit MFIs a. Non-profit Companies 2. For Non-Profit MFIs a.Legal forms of MFIs in India:Type of MFI Estimated Number* Legal acts under which they registered 1. 1956 Reserve Bank Of India Act. 1934 Total 700-800 . For profit MFIs a. 1869 or similar provincial Acts Indian trust Act . 1956 Mutually Aided cooperative Societies Act enacted by State Government 200 to 250 6 Indian Companies Act. Mutually aided cooperative societies (MACS) and similarly set up institutions 3. Non-banking financial companies (NBFCs) 10 Section 25 of the companies act .

NEED OF THE STUDY .

They use financial services for some reason like:    Seize business opportunities. Poor people need not just loans. Deal with emergencies like illness etc. Microfinance means building permanent local institutions. SCOPE OF THE STUDY Micro financing has greatest scope in India especially in developing urban cities like Jalandhar because many of the people don’t have high income resulting in low purchasing power and micro finance institutions target market as low income group and it is common impression is that the poor people need ad use a variety of financial services including deposits. build up assets. insurance and money transfer services.The main purpose of doing this project was to know about the impact of the microfinance on the people. loans etc. OBJECTIVES OF THE STUDY . Microfinance must be useful to poor households: helping them raise income. but also saving. To fulfil their needs of necessities. Improve their standard of living. By doing this project I want to study the impact of microfinance on the living standard of the people of urban area of jalandhar.

To analyze the rate and reasons of default in repayment.The objectives of the study are as follows:1. 3. 4. 5. To find out how feasible will the replication of micro finance in jalandhar. 2. To find the most appropriate strategy/micro finance delivery mechanism for the jalandhar. To study the repayment capacity of the borrowers. . What are the various sources available for the micro finance in Jalandhar.

REVIEW OF LITERATURE .

They reviewed only more “rigorous studies” and did not cover studies using qualitative or participatory approaches. remains broadly valid. Montgomery and Kurmanalieva (2003) reviewed the evidence of the microfinance impact on poverty in Asia and subsequently Weiss and Montgomery (2005) provided an update including studies using Latin American data. that is. Furthermore.” These indirect benefits would include “reduced cost of consumption . A few research studies that have influenced the preparation of this paper substantially are discussed in this section M. H.Literature on microfinance performance evaluation is enormous. Akram. Zeller et al. Weiss. that whilst microfinance clearly may have had positive impacts on poverty it is unlikely to be a simple panacea for reaching the core poor. Imtiaz. Using data from Bangladesh. but also the effect of access to credit. The estimated annual average impact was Tk37 per Tk100 credit available. They found different impact estimates depending on the season. (2011) conducted a study to assess the contribution of microfinance in raising the living standard of low income people. The study concluded that microfinance positively impact the level of income. (2001) estimated the impact of microfinance on household income microfinance by comparing eligible households in the Association for Social Advancement and Bangladesh Rural Advancement Committee villages with eligible households in the Rangpur Dinajpur Rural Service village. the ability to borrow sometime in the future even if the household in the current period chooses not to borrow. their results show that 85.40% of the respondents replied that their income level has improved after receiving microfinance facilities and enhance their living status. Weiss and Montgomery (2005) summarized their review by saying that the conclusion from the early literature. They noted the substantial difference between their estimate and that of Pitt and Khandker (1998) and explained that their “measures were not only the effect of actual borrowing. Reaching the core poor is difficult and some of the reasons that made them difficult to reach with conventional financial instruments mean that they may also be high risk and therefore unattractive microfinance clients.

. According to Rutherford (1996). And concluded that Among the economically active poor of the developing world. To identify the association of microfinance with income. Where available. crop production. asset formation. Furthermore. Their study concluded positive relation between the microfinance and the above identified variables. their result stated that the microfinance supports poor people effectively and also increases the status of living in rural areas. there is strong demand for smallscale commercial financial services—for both credit and savings. smooth income flows and consumption cost. Simanowitz (2003) conducted a study in India and concluded that the three fourths clients of microfinance Institution resulted in economic improvements and half of these families shifted above the poverty line. saving.smoothing. Robinson.” Ahmad at (2004) conducted a study in Pakistan to assess the function of microfinance in dropping rural poverty. Marguerite. increase productivity. such as decrease in distress sale and an increase risk-bearing capacity favoring more profitable production and investment portfolios. micro credit is considered as one of the major factors of microfinance. Their study shows that level of income of the clients of Bank Rakyat Indonesia (BRI) increased by 112% and 90% of these families shifted above the poverty line. Conducted a study in Washington “The Microfinance Revolution: Sustainable Finance for the Poor”. It supports the businesses for small loans that are not eligible for established bank loans. enlarge and diversify their micro business and increase their incomes. Mostly in developing countries it has been found that micro credit serves poor individual hold self-employment that enhances the level of income and status of living. these and other financial services help low income people improve household and enterprise management. and farm expenses correlation analysis was used. 2001. Panjaitan-Drioadisury (1999) conducted a study in Indonesia and concluded that microfinance directly improves the level of income of poor people.

and education as independent variables and income of household as dependent variable.1%. Chavan (2002) examined the role of micro-credit on poverty reduction.Masahiro Shoji:Does contingent repayment in microfinance help the poor during natural disasters? This study concluded that the Microfinance’s in Bangladesh introduced a contingent repayment system beginning in 2002. This effect is even higher on the landless and females. In using evidence from a flood in 2004. which allowed rescheduling of savings and instalments during natural disasters for affected members. Along with borrowers. This study attempts to contribute to the issue regarding the poverty reduction effect of Microfinance’s. Primary data has been collected from borrowers of the Grameen Bank and Bangladesh Rural Advancement Committee (BRAC) operating in three major districts in Bangladesh. This study analyses the impact of per capita monthly expenditure and other household characteristics on the budget share of eleven items (food and non-food) consumed by borrowers and non-borrowers. assets. Results from the estimation on linear and quadratic model suggest that borrowers of microcredit programs are better off in terms of consumption than non-borrowers. Morduch (2002) conducted a study to determine the impact of microfinance on poverty reduction using micro credit. Control-group method (non-borrowers from non-program villages) has been used to compare the differences in consumption patterns between the two groups. The study concluded that micro credit programs and institutions had created a positive change in the income of borrowers. . I find that rescheduling plays the role of a safety net by decreasing the probability that people skip meals during negative shocks by 5. non-borrowers data has also been collected from non-program village to avoid endogeneity. Sayma Rahman. This paper is one of the first attempts to evaluate the system employing a unique dataset. family size. the consumption difference b/w micro credit borrowers and non borrowers? This paper investigates the consumption behaviour of borrowers of two major microcredit institutions in Bangladesh and compares that with nonborrowers. The study concluded the positive impact of microfinance on poverty reduction.

N. He used Primary and secondary data for that study and interviewed 68 households. purchases of homestead land. subsidized and charitable nonfinancial methods of reducing poverty and creating jobs for the extremely poor. Joe and Quinones. Microfinance Systems: Designing Quality Financial Services for the Poor: A recent Asian Development Bank (1997) report notes that “In Bangladesh. Their findings suggested that micro-credit helps to reduce poverty and improve income and the general standard of life. subsistence household expenditures on food and clothing. between one quarter and on third of the loans were used fully or partly for purposes that were not directly related to production. these uses included (in descending order of frequency) payment for medical expenses. Robinson. loan repayments. Meyer (2002) reached a similar conclusion. results differ substantially across countries and programs both in magnitude and statistical significance and robustness. In urban areas. housing improvements. Benjamin. Surveying available evidence for Asian countries. and the release of mortgaged land.choice of means can limit the goals that can be reached. Remenyi. The Microfinance Revolution : Robinson states that there are two means for microcredit—“the ‘poverty-lending approach’ which promotes donor-funded credit for the poor. Microfinance and Poverty Alleviation: Household income of families with access to credit is significantly higher than for comparable households without access to credit. he concluded that while access to microcredit seems to have an overall positive effect on income and education. In rural areas.9 per cent annual average rise in income from borrowers was observed while only 3 . Marguerite. Wright. tubewells for drinking water. these uses included (in descending order of frequency). and the ‘financial systems approach’ which advocates commercial microfinance for the economically active poor and other. Graham A.Waheed (2009) conducted a study to identify the role of microfinance in the reduction of poverty. 2000. In Indonesia a 12. The data was analyzed using multiple regression analysis. 2001. especially the poorest of the poor. 2000.

when the sample was broken down into general beneficiaries and committee members. R. Hulme and Mosley (1996). Haimovich (2007) used household survey data on poor households from a number of Latin American countries to undertake their analysis. in Bangladesh. The impact was sensitive to the size of the loan.5 times (Haiti at 5% level of significance).7 times to the average income of credit borrowers and 6. Access to credit increased the hourly labor income of poor individuals compared with a similar population without access to credit by 4. and 4. Bebczuk and F.2 times for those without access to credit. concluded that growth in incomes of borrowers always exceeds that of the control group. a 29.3 per cent annual average rise in income was recorded and 22 percent annual average rise in income from no-borrowers. The effects were higher for those just below the poverty line while income improvement was lowest among the very poor.per cent rise was reported from nonborrowers (control group). Montgomery (2005) using data from Pakistan found a mild significant impact on per capita food expenditure in the months after the beneficiary first borrowed. Remenyi notes that. In the case of India.. access to microcredit did not have a significant impact on nonfood expenditure. . Coleman (1999) found no significant impact of access to microcredit on improving household wealth using a sample of households from north-eastern Thailand. for instance. They found that. Coleman (2006) found that the insignificance was limited to general beneficiaries and that a positive impact was found among committee members who received access to financing. However. However. a 10% increase over the average amount of credit translates into an increase in hourly labor income of 4. They found that credit increased labor income in a statistically and economically significant manner. in Guatemala.5 times (Guatemala at 1% level of significance). 46 per cent annual average rise in income was reported among borrowers with 24 per cent increase reported from non-borrowers. 12.8 times (Bolivia at 10% level of significance). They also found that the positive impacts on income are larger for better-off borrowers.

Pitt and Khandker (1998) explained that their “measures were not only the effect of actual borrowing. such as decrease in distress sale and an increase risk-bearing capacity favoring more profitable production and investment portfolios. .” These indirect benefits would include “reduced cost of consumption smoothing. the ability to borrow sometime in the future even if the household in the current period chooses not to borrow. but also the effect of access to credit. that is.

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Research Instrument: For the purpose of research. the sampling procedures. Though a large sample gives more reliable results than a small sample. It includes the overall research design. SAMPLING DESIGN The data was collected from various customers by the use of sample survey method. The purpose of the methodology section is to describe the research procedure. we not only talk of research methods but also consider the logic behind the methods. the field methods and analysis procedures. The data is analyzed in a tabular form and in well and easy to understand manner. The respondents were selected on the basis of non-probability convenience sampling. the data collection method. In research methodology. . Sampling Procedure: This refers to the procedure by which the respondents should be chosen. The following factors have to be decided within the scope of sampling plan: - Sample Size: It indicates the number of units to be surveyed.RESEARCH METHODOLOGY Research methodology is a design to systematically solve the problem. a structured questionnaire was developed. So to get the more reliable results the sample size is 60 customers. RESEARCH DESIGN:It is Descriptive research design.

The  Secondary Data: . questionnaires were filled by the respondents. particularly in surveys and descriptive researches. Graphs and Pie-Charts. and thus happen to be original in character. . TOOLS OF ANALYSIS:• Data collected would be analyzed by method of percentages and hypothesis testing. There are several methods of collecting primary data.The secondary data are those which have already been collected by someone else and which have already been passed through the statistical process. • This data has been collected from the field work. In case of secondary data the nature of data collection work is merely that of compilation. • To collect primary data a questionnaire was made.DATA COLLECTION Research has collected necessary information to fulfil this report through primary data and secondary data.  Primary Data:. which are collected afresh and for the first time.The primary data are those. • To analyze the data obtained with the help questionnaire following tools would be used: Percentage.

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pdf JOURNAL:• Journal of Development Studies.org/ref/morduch_02_analysis_effects.WEBSITES:• • http://www.wri. • .com/Presentation/jiwant-296104-microfinancemarketing-education-ppt-powerpoint/ • • • • http://pdf.authorstream.com/doc/49692112/microfinance http://freedownload.authorstream.org/files/Cause1-2/Independent%20research%20on %20microfinance/GFUSA-MicrofinanceImpactWhitepaper-1.is/ppt/impact-microfinance http://www.scribd.givewell. London.com/Presentation/jiwant-296104-microfinancemarketing-education-ppt-powerpoint/ http://www.pdf http://www. Feb 2010 The Journal of developing area.