IFC makes case for microsavings
In light of the controversy surrounding the merits of microlending to impoverished borrowers – which has largely been a commentary on some MFIs’ operations in India - a report from the World Bank’s investment arm, the International Finance Corporation (IFC), has highlighted the importance of the flip side, microsavings, for low-income Indians.
According to an IFC statement, a boost in microsavings is critical to improving access to basic financial services. Overall, the report estimates that 2.7 billion people cannot access services such as...
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