What I see missing in the middle is that there needs to be an understanding that they can provide information to each other that can lead to the innovations which can significantly shift the trajectory of poverty.
Despite the clear need and obvious benefit to our economy, ACCION and other microlenders have reached but a small percentage of the millions of microenterprises in the U.S. Getting the word out -- that we are lending -- is part of our challenge.
Microfinance efforts show that the poor are indeed creditworthy, and that women borrowers in particular spend the proceeds from their businesses in ways that have a longer-lasting, more profound impact on the lives of their families.
The meagre savings that the poor do manage to accumulate are rarely enough and there is a need for insurance against unfortunate events such as going hungry, undernourishment for children, and pulling children out of school.
70% of India's population is excluded from formal financial services that most people reading this blog take for granted. If financial services are to become a reality, they have to be delivered non-traditionally.