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Small Loans, Big Hopes
development economicsMicrofinance, the practice of making very small loans to people who have no access to ordinary banks, became famous after the Grameen Bank in Bangladesh and its founder, Muhammad Yunus, were jointly the Nobel Peace Prize in 2006. Supporters hoped that such loans would allow poor households to start businesses and themselves out of poverty. Later studies, many using randomised trials, produced more results. On average, access to credit helped some families to invest and to cope with emergencies, but it did not transform incomes for most borrowers. Researchers now tend to see microfinance as a useful financial service rather than a solution to poverty, and many argue that savings accounts and insurance are just as for poor families as loans.