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From Microfinance to Inclusive Banking - Why Local Banking Works (Hardcover)
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From Microfinance to Inclusive Banking - Why Local Banking Works (Hardcover)
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Once praised as a panacea to overcome poverty microfinance has had
to face harsh criticism because of painful failures and unfulfilled
expectations. Still many people in particular in rural regions do
not have any access to formal financial services, many microfinance
institutions are weak, and others rather exploit their clients
driving them into over indebtedness than helping them out of
poverty. What should microfinance achieve? Can it help to build up
inclusive financial systems allowing access to basic financial
services for everybody? The historic templates for this book are
the German Sparkassen and Cooperative banks that have a strong
track record of development and growth spanning over 200 years. For
obvious reasons their results cannot be transferred directly into
specific solution options to today's challenges in developing
countries. Nevertheless the coming into existence of Sparkassen and
Cooperative banks can well be seen as part of a period of
revolutionary developments in the European economic and social
landscape, which can be viewed as analogous to the transformation
that emerging economies are undergoing today. While Europe faced
dramatically changing living conditions during the period of
industrialization these newly creatd banks made change possible by
unequivocally including the lower class population in the
transformationby providing access to savings and loans. And it is
this is parallel - even in the face of the many differences - which
is why their development and success deserves careful consideration
today. The authors' approach differsfrom other explorations by
specifically adopting an interdisciplinary strategy. They take into
account past developments as well as current global ones from a
historical, social science and economic point of view. Analysis and
the interpretation of data is supported by case studies to
illustrate their considerations. The authors identify general
parameters both for failure and for success and also indicate how
to optimize existing potentials - both for institutions and policy
makers. As a result of this interdisciplinary work the authors
advance an inclusive stylised facts based model. The will to build
up institutions, to adhere to corporate social responsibility and
creating conducive legal frameworks form the basic conditions for
success. More specifically, the guiding principles of these
successful business models are a fair savings and credit policy,
the promotion of capital transfers without reference to class and
gender, a focus on business activities in a well defined region,
decentralized organizational structures combined with national
networks which avoid regional capital drains and the securing of
economies of scale and scope. Llast but not least is the centrality
of objectives beyond that of the sheer maximisation of profits.
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