Debunking Myths about the Poor and Financial Services

The Wall Street Journal published on September 4th an interesting article entitled Debunking Myths about the Poor and Financial Servicesby Suyash Rai, Senior Manager, and Sona Varma, Senior Advisor, with IFMR Trust, a private trust with the mission of ensuring complete access to financial services for individuals and enterprises in India.The poor are not credit worthy, finance falls lower in the ‘hierarchy’ of needs for the poor, below health or education,credit is the only financial service required by the poor and finally the poor are not sophisticated in using financial services. Read their full article to see how the two authors debunk those 4 major prejudices often held against microcredit.