Microfinance unscathed by financial crisis: Yunus

ENEVA (AFP) — The financial crisis has not hit the microfinance system, Nobel Peace Prize winner Muhammad Yunus said Thursday, as he called for tougher regulations to prevent such shocks in future. “One good news in the middle of all these bad news: microfinance still works. Not hit by the meltdown process,” Yunus said at the sidelines of an International Labour Organisation symposium on microfinance.

microfinance simpsons yunus

Yunus, nicknamed the “Banker to the Poor”, won the 2006 Nobel Peace Prize for helping millions escape poverty through so-called “micro-credit” financing projects which enable people without collateral or steady income to get small loans.

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