On Bauer Business Focus — A conversation on how UH Bauer students are using microfinance to make a difference within their community with Andrew Schneider, business reporter for KUHF 88.7 FM.
The lack of financial literacy, locally and abroad, is a growing issue for many underdeveloped areas. Without basic financial knowledge, many people are living on a cash only basis, according to Saleha Khumawala, accounting professor at the C. T. Bauer College of Business at the University of Houston.
Khumawala, who teaches a course on the principles of microfinance, stopped by Bauer Business Focus recently to discuss how Bauer students are helping low socioeconomic areas, in Houston and abroad, get on the right track for financial independence.
“Microfinance is providing financial services to the underserved,” said Khumawala. “We start with education and then empower them by giving them the knowledge first and then getting them to save and then help them through a budget and a financial planning cycle, a business cycle if you will, for the small business that they want to start and ultimately give them the capital to do it.”
Bauer students not only learn microfinance theory from the course, but they also get hands-on experience with projects including working with the city of Houston on the Bank on Houston project and partnering with ACCION Texas to provide financial literacy to the Southeast Houston community. The students and the program are being recognized for their efforts with an invitation to participate in the Clinton Global Initiative University on March 30 to present their findings in five research projects, Khumawala added.
Click here to hear the full interview.