Bank of America Microfinance-2014
Executive Summary
This report illustrates the benefits of microfinance through a humanitarian perspective.
The purpose of this report is to show the potential benefits of expanding Bank of
America’s microfinance services in the country of Ethiopia, Africa.
Research has been gathered in order to select the best country to expand our microfinance
services. According to the Economist.com, Africa is one of the “Six of the world’s ten
fastest growing economies of the past decade are in the sub-Saharan desert.”
Microfinance is defined as financial services that are offered to those who do not have
enough to support themselves or make a sufficient amount of money for a healthy
lifestyle. The economy in Ethiopia would boom if more businesses could be started.
Since the government restricts investment in several part of the economy, the average
salary or even more, would not be enough to be able to own a business.
Ethiopia is the perfect country for our microfinance services to expand. Ethiopia has one
of the fastest growing economies in the sub-Saharan part of Africa. In just 2014 Ethiopia
has had improvements in a few of the economic freedoms such as labor freedom, fiscal
freedom, and business freedom. Ethiopians have very high income tax rates, which can
be as high as thirty-five percent. According to heritage.org “Incorporating a business has
become less time-consuming, but other regulatory requirements increase the overall cost
