Micro Finance at the ground level

I was surprised to see a micro finance organization operating in a remote village like mine. And make my pleasure more many people are utilizing the money and in the process of their betterment. The Institute is offering finance @2.5 % per month that is far less that what villagers pay to the local moneylenders (usually 5-10% per month). The institute has made a group of 5 people (only married females are eligible) and everyone in the group is equally accountable for the carrying on the transactions. They are offering the finance in the range of 6,000 to 20,000 rupees must be payable within 50 weeks. And at the same time if a person carries it out for 150 weeks regularly then she is eligible for 50,000 of finance for 50 weeks period. I feel it’s a great initiative by the organization and I hope this will help the poor people of my village to come over the debt trap of local money lenders. All the best.