Australia to Double Microfinance Aid

AusAid will double its annual microfinance budget to 20 million Australian dollars ($16 million) from 10 million Australian dollars over the next several years, Australian Parliamentary Secretary for International Development Assistance Bob McMullan annouced. "It's important that people know how to use formal systems to transfer money in the most cost-effective way," McMullan was quoted by

as saying. "More generally it's important that people understand their rights and responsibilities when it comes to banking and financial services."