Call for Microcredit Legislation for the Poor

Grameen Bank founder says a lack of microcredit laws in many African countries is denying millions of the continent's poor access to loans

Grameen Bank founder, Mohammad Yunus, says a lack of microcredit laws in many African countries is denying millions of the continent's poor access to loans.

Yunus, who won a Nobel prize in 2006 for championing tiny microcredit loans to the poor in Bangladesh, is now pioneering an idea he calls ‘social business’ as a way to fight poverty - business not for profit, but to solve social problems.

"To create a new kind of bank, which works with the poor people, we need new legislation but in most of the countries in Africa that legislation has not taken place, so we have left the microcredit scenario to the NGOs," explained Yunus, on the sidelines of an annual microcredit summit in Kenya.

To read the article titled, “Africa needs microcredit legislation for poor – Yunus,” click here.

Source: 
Independent Online

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