“Microfinance can play a key role in poverty alleviation.” Explain this statement in the context of poor women’s self-help groups (SHGs).

Microfinance has emerged as a vital tool for poverty alleviation, particularly through its association with self-help groups (SHGs) comprised predominantly of poor women. These groups provide a structured approach for women to gain access to credit and financial services, which are often unavailable to them through traditional banking channels. This access is crucial, as it empowers women to take control of their financial futures and contributes to their families’ well-being and the broader community's economic development.

One of the significant advantages of microfinance through SHGs is the focus on group lending. In this model, women come together to form groups that facilitate savings and borrowing. This collective approach mitigates the risk for lenders, as the group members support each other in repayment, thereby enhancing the likelihood of loan recovery. It instills a sense of responsibility among the members, as they are directly accountable to one another. The social pressure __________ ___ ___ ________ _________ ________ _____ _______ ______ ___ ________ ____.
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