In contemporary societies, microfinance has emerged as one of the main tools for development. In fact, most countries across the globe are adopting it to increase economic growth and improve livelihoods. In the article, Bringing Development Back, Into Microfinance, Otero, Maria suggests that organizations and individuals can still use micro financing as a way of achieving their development goals and objectives (Otero 9). Specifically, the author outlines how organizations can model microfinance to enhance and contribute to various developmental objectives, including economic and social security for the poor, empowering women, promoting livelihoods, and transforming day-to-day social systems (Otero 13).
When Otero’s arguments are taken seriously, it means that micro financing will play an integral role in reducing poverty levels across the globe. Furthermore, the article suggests that micro financial is crucial to achieving economic empowerment and financial inclusion in any region across the globe. Moreover, the author’s arguments imply that microfinance is a solution to some of the economic, social, and political challenges that confront individuals across the globe (Otero 17).
If I were to sit across a table with the author of this article, I would ask them whether micro financial organizations could effectively achieve their objectives of poverty alleviation and profit making at the same time. Furthermore, I would ask them to outline some of the challenges that can prevent micro financial institutions from achieving their poverty alleviation objectives. On the other hand, if I would sit across a table with other individuals that have read this article, I would ask them whether the impact of micro financial institutions could be viewed in isolation, irrespective of other activities that individuals and families undertake.
Works Cited
Otero, Maria. "Bringing Development Back, Into Microfinance," Journal of Microfinance / ESR Review: 1.1 (1999): 8-17. Print.
