Received:
2018-06-14 | Accepted:
2018-12-10 | Published:
2019-03-30
Title
Local wisdom in rural microfinance: a descriptive study on villagers of East Sumba
Abstract
Developing microfinance in rural areas by considering local wisdom in Sumba-island becomes an urgent issue due to limited access to formal financial services experienced by the majority of the villagers. This study aims at describing the forms of local wisdom in rural microfinance to overcome problems of access to financial services. This is in line with the government program of financial inclusion for villagers in the remote area. This study uses the qualitative method in the form of a case study in Mbatakapidu village in East Sumba region. Data was collected through observation and focus group discussion with community leaders and several non-government organizations. The findings show the existence of local wisdom in saving and investing by the villagers to overcome the limited access to formal financial services. In addition, there is evidence of village development using a bottom-up approach by considering the local wisdom to reduce poverty through microfinance development. Thus, culture-led development might be an alternative policy for the local government in developing microfinance.
Keywords
microfinance, local wisdom, sustainable development, Sumba
JEL classifications
G23
URI
http://jssidoi.org/jesi/article/299
DOI
Pages
1485-1496
Funding
This research was supported by the project, which has received funding from the Satya Wacana Christian University under the 2018 internal competitive funding program for the scheme of university basic research
This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License
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