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International Finance and Accounting

Abstract

Growing demand for financial services, especially for smallholders in rural areas of developing and transforming countries is opening up challenges and opportunities for governments that they should consider for smoothing of rural poverty alleviation. By understanding of these calls the governments have started to develop incentives toward outreach of necessary financial services to the poor in rural population. Evidence from Uzbekistan has shown that in general government's incentives in expanding of affordable financial services to the poor were positive, however, there are still some concerns of reaching financial services to smallholders. In this paper, several financial innovations and theories have been explored and as an effective financial institution, credit cooperatives are proposed for linking smallholders to financial services.

References

1. Zeller, M (2003) "Models of rural financial institutions" Paving the Way Forward Conference. June. Vol., 2. p.2. 2. Mukhammad Yunus, Alan Joli. Sozdavaya mir bez bednosti: sotsialnыy biznes i buduщeye kapitalizma. Per. s angl. – M.: Alpina Pablisherz, 2010. – 307 s.; 3. Rutherford, S., Daryl, C„ Susan, J. (2013) "Clients". "The New Microfinance Handbook: A Financial Market System Perspective", p.49. 4. World Bank (2007) World development report 2008: Agriculture for development. World Bank, pp. 143-147. 5. Cuevas, S. E., Fischer, K. P. (2006) Cooperative financial institutions: Issues in governance, regulation, and supervision. No. 82. World Bank Publications, p.l. 6. The Cabinet of Ministers of Uzbekistan (2009) The Resolution #309 "On measures to develop microfinancing in the Republic of Uzbekistan". 7.http:// www.cbu.uz/eng/main 8.http:// www. Mikrokreditbank.uz/about/fillials/ 9.http:// www.cbr.ru

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