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Reflection On How Microfinancing Helps To Alleviate Their Current Situation Right Now Especially in The Midst of Covid-19 Pandemic

The document discusses how microfinancing helps alleviate situations for people, especially during the Covid-19 pandemic, by providing financial services and credit access to low-income individuals and small businesses. Microfinancing aims to help support people by increasing income sources and access to necessities. It is proving to be an essential tool for empowering less fortunate people during times of crisis.

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Cassandra Karolina
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22 views

Reflection On How Microfinancing Helps To Alleviate Their Current Situation Right Now Especially in The Midst of Covid-19 Pandemic

The document discusses how microfinancing helps alleviate situations for people, especially during the Covid-19 pandemic, by providing financial services and credit access to low-income individuals and small businesses. Microfinancing aims to help support people by increasing income sources and access to necessities. It is proving to be an essential tool for empowering less fortunate people during times of crisis.

Uploaded by

Cassandra Karolina
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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“Reflection on how microfinancing helps to alleviate their current situation right

now especially in the midst of Covid-19 pandemic”

Living in remote rural areas, or even urban slums, the access to financial
services is never easy thus the so-called “Microfinance” is developed. One of the most
important aspects of microfinance is savings mobilization wherein it helps families,
individuals especially the poor and small businesses to prosper mainly at times of crisis
like what we are currently facing right now in which we're in the midst of Covid-19
pandemic.

As I interviewed my aunt who is engaged into micro financing activities, I’ve


learned that the financial services it provided are mainly for unemployed or low income
households or individuals. It aims to help and support these people to somehow
increase their sources of income, their access to health and education, and basically
help them meet their financial needs.

In relation to Covid-19 pandemic that we are currently facing, I believe that the
microfinance sector is a great help to people who are in crisis and dealing with financial
problems. I believe that it increases the productive activities of the poor and at the same
time have shaped saving components for them. Since it focuses on helping people to
have access to credit and is one of the viable strategies considered to reduce poverty.
Thus, microfinance has been proved to be an essential tool in the development process
of empowering people especially for the less fortunate as it brings confidence, courage,
and skill development to them. In addition, it significantly forms part of promoting
economic growth and development as it boosts income and adds jobs for individuals.

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