Access to Microfinance and Millennium Develoopment Goals (MDGs)
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Date
2016
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Publisher
University of Pennsylvania, Clarion
Abstract
Access to micro finance is seen as one of the practical development strategies and approaches that could be implemented to attain the bold ambition of achieving the Millennium Development Goals. The objective of this paper is to discuss the impact of microfinance on Millennium Development Goals (MDGs). The study, through theory and numerous empirical studies, observed that access to finance is an important direct or indirect contributor to the achievement of the most of the goals in rural areas, because it reduces income inequality and poverty of the rural poor - key goal of the MDGs. Thus, the study suggests that government action should focus on institutional best practices for expanding and mainstreaming sustainable microfinance in every facet of the economy. There is need to also improve the dismal performance in children under nutrition, school enrolment, mortality rate, access to drinkable water, etc in post MDGs programme in order to improve and sustain the achievement recorded by the MDGs.
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Keywords
Microfinance, MDGs, Poverty, Rural Areas, Developing Countries, Sustainable Development