Abstract
Over the last decade or so, we have observed a proliferation of microfinance institutions (MFIs) in developing and transitional economies as well as in some developed countries such as USA and Canada.Modelled on infamously ‘successful’ institutions such as the Grameen Bank of Bangladesh, the Badan Kredit Kecamatan (BKK) of Indonesia or BancoSol of Bolivia, new strands of ‘innovative’ microfinance institutions have been established specifically for reaching ‘the poor’, in the field of ‘micro-enterprise finance’ and ‘poverty lending’. Drawing lessons from the widely acknowledged failure of the earlier experiments with credit interventions such as the targeted rural credit programmes based on subsidized interest rates, new microcredit programmes lean heavily towards ‘market-based solutions’, with use of concepts such as group lending and joint liability contracts.
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