High risks or picky banks: Why is microfinance not taking off in SA?

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Nobel Peace Prize laureate Muhammad Yunus says the banking sector completely neglects the bottom 50%, yet microfinance has shown that the poor is creditworthy. (Photo By Chris Maddaloni/CQ Roll Call/Getty Images)
Nobel Peace Prize laureate Muhammad Yunus says the banking sector completely neglects the bottom 50%, yet microfinance has shown that the poor is creditworthy. (Photo By Chris Maddaloni/CQ Roll Call/Getty Images)

The structure of banking and financial systems prioritises the wealthy. This is the reason why they alone keep getting richer, Nobel Peace Prize laureate and Bangladeshi social entrepreneur Professor Muhammad Yunus has said.

Yunus, who was speaking at a recent Hogal Lovells' webinar on impact financing and investing, said banks continue to "neglect the bottom 50%" of the world's population, even in emerging markets that have world-class banks.

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