The Practice of Project Management in New Product Development: This article is concise form of the project. This is very useful for the students of management. Some of the contents are given down below and you can download the entire project as well.
Poverty is a big problem in developing countries and the eradication of poverty continues to be a key political agenda in most developing countries. Despite serious efforts by local governments as well as bilateral and multilateral donor communities over the past few decades, many people still suffer from poverty (Kono and Takahashi, 2010, p. 15). Estimates by the World Bank in 1998 showed that over 1.2 billion people continue to live in extreme poverty, living on less than US$1 a day (World Bank, 2000). In the Millennium Development Goals, the United Nations intends to tackle poverty by halving the proportion of people suffering from extreme poverty by 2015 and calls for commitment from all nations (World Bank, 2000).
Africa is the poorest continent in the world with most countries in the Sub-Saharan region being classified as poor (UNDP, 2010). To improve upon the livelihood of poor households would require that they get some access to financial services to engage in entrepreneurial activities (Kono and Takahashi 2010). But such groups are considered as high risk clients and are denied financial services by formal financial institutions (Kono and Takahashi, 2010; Khavul, 2010). Campbell (2010) defines microfinance as the provision of loans to a group of poor individuals without collateral, for the purpose of income generation. Microfinance is now promoted as a means to solve poverty that faces the world’s population by stimulating growth through entrepreneurial initiatives, and spans a range of financial instruments including credit, savings, insurance, mortgages, and retirement plans (Morduch, 1999; Khavul, 2010).
The microfinance industry (MFIN) in Africa is dynamic and increasingly growing. It has expanded in activities and is thought to be among the most productive globally in terms of its acceptance or patronage (Lafourcade et al., 2005). Microfinance in poor economies has received a lot of research attention because of the potential benefits that it is expected to yield. The microfinance institutions (MFIs) cover diverse programs, but all concentrates on providing financial services to the poor (Morduch, 2000).