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Currently, microfinance developments are perceived as being the best vehicles towards economic development in developing nations of Africa and Asia. Undeniably, these small scale financial approaches are instrumental in poverty reduction within economically weak communities. However, the effectiveness of microfinance development in Africa and South Asia is often overestimated. Despite being a practical alternative towards social and economic developments in poverty-stricken societies, effectiveness of microfinance approaches are riddled with technical weaknesses which include but not limited to poor coaching, shallow monitoring programs, and limited consultancy services (Hal and Shams 21). Basically, small-scale microfinance developments provide direct resources that fuel developments on economic fronts within developing communities in Africa and South Asia. However, microfinance approaches do not independently foster development. Besides creating a favorable environment for improvement, developmental importance of small-scale microfinance developments is dwarfed by other influential factors like government stability, low crime rates, and favorability of commercial environments in developing nations.
Admittedly, microfinance development services have provided a myriad of economic benefits to medium and small scale enterprises in developing nations of Africa and South Asia. For example, entrepreneurial projects in poor communities of Northern Nigeria have been elevated by approximately 12% annually, since 2005 (Smith 52). Based on a research by USAID, microfinance services have strengthened small and medium enterprises in Northern Nigeria. In partnership with private microfinance service providers, the Nigerian government has eased accessibility of micro-insurance, micro-credit, and micro-lease services to members of poor communities. For example, governmental organizations and private banks have provided group loans to women associations
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