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To most, microfinance means providing poor families with very small loans (microcredit) to help them engage in productive activities to grow their tiny businesses. Over a period of time, microfinance has come to include a broader range of services (credit, savings, insurance and others) as it has been realised that the poor, who lack access to traditional formal financial institutions require a variety of financial products. Microfinance started with the recognition that poor people had the capability to lift themselves out of poverty if they had access to affordable loans. High repayment rates in the industry have changed the perception that the poor are not credit worthy. With the right opportunities, the poor have proved themselves to be productive and capable of borrowing, saving and repaying, even without collateral. Find out more about microfinance in this section.
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