QUESTION 1 (20 Marks) Microfinance is not a new concept. Small operations have existed since the 18th century. The first occurrence of microlending is attributed to the Irish Loan Fund system, introduced by Jonathan Swift, which sought to improve conditions for impoverished Irish citizens. In its modern form, microfinancing became popular on a large scale in the 1970s. Source https://www.investopedia.com/terms/m/microfinance.asp

Reading the extract provided above on Microfinance, you are required to consider how far Microfinance has developed as a concept and discuss whether it has been beneficial for society overall.