n AfricaGrowth Agenda - Credit with education : lessons from the Bonzali microfinance scheme in Northern Ghana

Volume 2011, Issue 1
  • ISSN : 1811-5187


The role of microfinance in promoting development is never in doubt (Barr, 2005; Bakhtiari; 2006). In doing this, pro-poor lenders have adopted various approaches all of which are aimed at making impacts on the lives of poor and under-served people. Minimalist outfits have adopted a "credit matters only" approach whilst maximalist advocates settle for integrated services. Among the maximalist approach is the Credit with Education (CWE) approach which recognizes that the subject of poverty is multidimensional in nature and will require the combined efforts of several actors in the development process to make substantial impacts in the poverty front. In other words, CWE is a methodology that integrates two services: financial and non-financial. Its fundamental purpose is to achieve a greater socio-economic impact on its clients. Among other benefits of the CWE approach is improved nutritional status and increased food security (Dunford, 2001; Dunford et al, 2000).

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