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https://www.tutor2u.net/economics/blog/unit-4-macro-micro-credit-and-development

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https://www.tutor2u.net/economics/blog/saving-in-poor-countries

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Nobel Prize in Economics and Nobel Peace Prize, Muhammad Yunus is nicknamed the “banker of the poor”. He is the inventor of microcredit through the Grameen Bank.

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Micro-credit: The provision of small loans to individuals who have no access to traditional sources.
Micro-finance: The provision of financial services, such as small loans, savings accounts, and insurance, that is geared specifically to the poor.

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poor people get exploited after catastrophies for sex-trafficking or drug industries, because they are desperate

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Micro-credit targets low-income individuals and entrepreneurs, to tackle irregular income flows and needs (medical bills, food prices, etc.).

By approaching economic development through micro-finance, low-income people are able to manage their assets and improve their product value, thus enabling them them to invest in health care, shelter, and education.

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Savings & Investments in Developing countries

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Savings & Investments in Developing countries

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Investment requires saving of people in the bank, and it is necessary for economic growth. However, saving is difficult for the people in the developing countries. The reasons are:
1. Poverty: People in developing countries have little or no income. Since they have to use most or all of their income for their living, there are no money left for them to save.
2. Limited access to Financial Services: Even though they have sufficient money to save, people in developing countries do not have sufficient access to credible financial services where they can safely save their money. Instead of saving, they tend to "save" in another form, such as buying capital.

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Micro-savings: voluntary savings club by charities.
Micro-insurance: protection of low income people (living on $1-$4 per day).
Remittance management: charities managing remittance payments sent from one country to another.

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The recipients of micro-credit are usually poor people in developing countries who do not have sufficient access to adequate financial system. The main goal for micro-credit is so that the people receiving it can start up very small business.
Women had a tendency to be the main recipients. This is because of the common thought that women would be more responsible of the money and is more likely to pay back the money due to their caring for their children. Also, any profit for women will directly translate into increase in education of children.

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What is MICROCREDIT? What does MICROCREDIT mean? MICROCREDIT meaning, definition & explanation

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What is MICROCREDIT? What does MICROCREDIT mean? MICROCREDIT meaning - MICROCREDIT definition - MICROCREDIT explanation - How to pronounce MICROCREDIT? Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment and a verifiable credit history.

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https://www.theguardian.com/global-development-professionals-network/2015/jun/10/the-microfinance-delusion-who-really-wins

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In rural Bangladesh, most women are confined home.  Girls are married off at 11-16 years old.  There are no medical professionals in attendance at the vast majority of births.

Muhammad Yunus' Grameen Bank began making small loans: women bought seeds, chickens or a cow
-> started small businesses.

Women could now provide for their children better and they could pay for medicine.
https://www.globalcitizen.org/en/content/the-impact-of-microcredit-on-womens-lives-in-bangl/

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People with no or little means of repayment would not be an appropriate target for micro-credit. Inability for repayment may be caused by geographically dispersed population, severe health problems, or barter system. Micro-credit for these people would not be able to help them and has risk for long-time debt, which will affect them negatively.

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After the apartheid in 1994, South Africa implemented microcredit to "bring new jobs, incomes, empowerment and dignity to the poorest black communities and townships". However, the microcredit movement has created an incredibly risky and expensive way to support the immediate consumption needs of the very poorest.

People paid microloan by selling off their household assets, borrowing from friends and family, which made debts rise and poverty worsen.
People couldn't pay the loans and unemployment was at its lowest.
https://www.theguardian.com/global-development-professionals-network/2013/nov/19/microcredit-south-africa-loans-disaster

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Unstable political/economical status include hyperinflation, absence of legal system, or civil war. These situations would hinder micro-credit from being efficient solution for the needed.

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Micro-credit was originally created to serve for the poor. However, nowadays, many "micro-credit institutions" do not use micro-credit for the purpose, but they use it for profit. They impose extremely high interest rates for the poor, making it difficult for them to pay back.
Example for it, according to Hugh Sinclair, the author of <Confessions of a Microfinance Heretic: How Microlending Lost Its Way and Betrayed the Poor>, is Lift Above Poverty Organization

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https://nextbillion.net/nexthought-monday-12014-the-tragic-failure-of-microcredit/

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Microfinance 101 [PovertyCure Episode 2]