The Next Stage of Financial Inclusion
Nonprofit organizations led the way in developing microcredit offerings for the poor. Then for-profit companies took over large swaths of that newly created market. Yet research on the needs and habits of the poor shows that nonprofits continue to serve a vital function when it comes to bringing financial services to those who need them most.
Finance can be a glue that holds all the pieces of our life together. It enables money to be in the right place at the right time for the right situation. To borrow and save is to move money from the future to the present, or from the present to the future. To insure is to move money from a “good” situation to a “bad” one. Ideally, we would never have to think about finance. It would be seamless, operating in the background. It would allow us to invest and consume exactly as we deem...
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