Exploring the Impact of Microfinance on Socio-Economic Development: Empirical Evidence from Balunnaghar Village
Journal Title: International Journal of Social Science And Human Research - Year 2022, Vol 5, Issue 04
Abstract
Micro-credit was designed to organize poor people's tiny savings into funds that could be accessed by the poor, particularly rural women. Microfinance is a powerful technique for affecting the socio-economic condition of respondents and their family members to generate more cash for personal purposes. The additional money enables the respondents' families to purchase nutritious food, land, and construction houses, have access to contemporary health care, multiple cultivations, and small business, and send their children abroad as well as to school. The objective of this study is to explore the reasons for the received microcredit and the impact of microfinance on socio-economic enrichment based on primary and secondary data by using previous studies and direct personal interviews, in-depth interviews through open-ended questionnaires conducted with microcredit receivers from BRAC, Grameen Bank, and ASA as well as field staff respectively at Balunnaghar in Cumilla, Bangladesh in 2021. Both random and Snowball sampling technique was adopted to select respondents. This study highlighted that microfinance has brought a lot of positive changes in respondents' income, family status, and overall socio-economic condition but somewhere few borrowers were unable to mobilize the credit appropriately; therefore, some bad loans arise. So, some recommendations are given for reducing the misuse of loans and also to be self-reliant.
Authors and Affiliations
Mohammad Al-Amin, Harun Ar- Rashid Mamun
Keywords
Related Articles
- EP ID EP703682
- DOI 10.47191/ijsshr/v5-i4-10
- Views 112
- Downloads 0
Legal Protection for Workers on Job Loss Guarantee in the Tourism Sector
In Indonesia, labo u r social security is a right of workers, as exemplified by the provision of job loss insurance . In essence, social security is designed to ensure that workers retain a decent standard of living in t...
Democratic Principles-Based Reconstruction of Presidential Threshold Provisions on Indonesian Presidential Elections
The problem raised in this paper is how to reconstruct the Presidential Threshold Provisions for the Election of the President and Vice President in Indonesia, based on the principles of democratic elections. In this pap...
The Role of Profitability in Moderating the Relationship between Capital Structure and Company Values (Empirical Study on Healthcare Companies for the Period 2018 – 2022 Listed on the IDX)
During the COVID-19 pandemic in 2020, several companies experienced a decline. However, Healthcare Companies experienced an increase in Company Value. Judging from the PBV Ratio value, the health sector was in the spotli...
Manager Ethical Behaviour and Employee Affective Commitment
The influence of manager behaviour on employee positive work behaviour has sought empirical evidence against the backdrop of robust conceptual and theoretical positions on the subject. Considering this debate, this study...
The Use of Transformative Learning Models in the Education of Prospective Guidance and Counselling Teachers
Many Guidance and counseling teachers who cannot carry out guidance and counseling in schools. This issue can be a reminder for universities that organize guidance and counseling programs. Guidance and counseling teachin...