Microfinance is best way to reduce poverty : Samina Fazil

Lahore: Samina Fazil, founder President, Islamabad Women’s Chamber of Commerce and Industry (IWCCI) said microfinance is best way to reduce poverty but some of the institutions continue to ignore poor women. Government should take poverty eradication as a challenge and change situation through proper interventions, she said.

In a statement issued here today, she said that gender discrimination is a persistent problem faced by women all over the world including Pakistan.The role of microfinance in empowering women to lift them out of poverty cannot be overemphasized but some institutions are engaged in lip service only.

Samina Fazil said that microfinance brings about changes in women’s lives, household condition, family wellbeing and social status but majority is unable to avail the services of microfinance institutions. She said that 56 per cent of the adult population has no access to formal financial services with women worst hit, only 10 per cent of SMEs are served by banks resulting in socio-economic disparities. Microcredit can cause reduction in interest rates by 30-60 per cent and increase the level of savings among the poor, she informed.

We believe that microfinance is a sustainable means of poverty alleviation leading to lasting, holistic development. Financial tools and training empower entrepreneurs to build businesses, support their families and transform their communities, said Samina Fazil.