One of the problems contributing to wealth inequality internationally is people’s lack of access to banking services in developing countries. Traditional banks avoid providing banking services to people living in material poverty due to the perceived risks and high proportional overhead. This often leaves people living in poverty without access to bank accounts to store their money or start-up capital for entrepreneurial activities, excluding them from access to key financial services that help enable wealth creation. 

 

-Content Level: Advanced-

In this episode we speak with Jesse Casler, VP of Finance and Administration at HOPE International, about the basics of the microfinance industry and HOPE’s involvement in the industry. In a generalized sense, microfinance provides lending and banking services specifically to underserved people in developing countries. HOPE International is a Christ-centered nonprofit network of microfinance programs working in 16 countries around the world that serves over 900,000 clients.

 

In the episode, we discuss:

-What microfinance is

-The purpose of microfinance

-The history of the microfinance industry

-The current level of microfinance activity globally

-When microfinance activity is “good” and when it is “bad”

 

We showcase HOPE International in the discussion for their spiritual integration of microfinance activity and desire to give people living in poverty the opportunity to lift themselves out of the poverty. If you or someone you know is interested in working for a Christian microfinance institution, applying for an internship or fellowship, or getting involved in other ways HOPE offers more information here.

 

 

 

Supplemental Resources:

Wikipedia – Microfinance

Microfinance Information Exchange

Consultative Group to Assist the Poor

Kiva

Zidisha

Grameen Bank