Yesterday, today, and tomorrow of Microfinance

You might have heard the term microfinance many times. You might also have a rough idea as to what it is and why it is important. Most of us knows that the role of microfinance in economic development is to serve the needs of those who are economically marginalized. But do you know how it actually works? Or how did it all begin? and most importantly how will it shape in future?

In this blog we will try to give answers to all these questions one by one. But before that, let’s understand what microfinance is?

What is microfinance?

Microfinance which is sometimes also referred as microcredit is the banking services that are aimed at low-income or unemployed groups and individuals. The aim is to help those who don’t have the privilege to access financial services.
The banks or financial institutions that participate in this provide microloans that can range from something as small as $100 to something as big as $25,000.
Not only this, many banks also provide additional services like business education, savings accounts, and micro-insurance products. The prime objective of microfinance is to give the poverty-stricken people opportunities to become self-sufficient.

Original Sourc : Yesterday, today, and tomorrow of Microfinance 


Location: United States

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