After the success of Muhammad Yunus, which established the Grameen Bank in Bangladesh, Microfinance has been recognised as an economic tool for bridging social and economic gaps in developing countries. Despite the positive impacts of Microfinance in lifting sectors of the population out of poverty, especially in Asia, many challenges are still to be tackled – among them, opportunities and realistic expectations.
Microfinance works within developing communities and could reinforce growth beyond small enterprises for the creation of new jobs and better standards of living. There are many key tools however that are needed to supplement Microfinance and family funding in Asia to help organisations flourish to the benefit of lifting millions of people out of poverty.
Self-belief is an essential psychological support for young entrepreneurs and those facing hardship. Another tool is training and mentorship in order for the funds to be better allocated and to enhance the efficiency of such financial inputs.
Greater flexibility is required in policy to support entrepreneurs across Asia to ensure sustainable growth and bring greater equality to society. The phenomenal growth of the Asian continent over the past years is commendable, but the countries cannot become complacent as they still face multiple societal, economic and environmental challenges.
The sharing of knowledge, networks and best practices from within Asia and from across the globe must include young people and multinational companies, governments and NGOs, Universities and other stakeholders to build a truly entrepreneurial and progressive Asia, for it is this which will drive change.
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