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Microfinance

Learn About Microfinance

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Summary

Microfinance is a model being applied in developing nations as a means of boosting local economies, with hopes of growing the global market.1 There are 2 billion people around the world who do not have a bank account, or lack the technology they need to access a financial institution, over 50 percent of which cite that their primary reason for not having a bank account is not having enough money.2 Microfinance institutions grant small business loans to individuals who would otherwise be unable to utilize a traditional bank services.3 They can also provide forms of insurance and savings accounts.4 An estimated 500 million individuals worldwide have received microfinance services,5 many are women from rural regions, accounting for 84 percent of microfinance borrowers in 2016.6 Show References
1 http://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/ 2 https://www.businessinsider.com/the-worlds-unbanked-population-in-6-charts-2017-8 3 http://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/ 4 https://group.bnpparibas/en/news/microfinance-barometer-2017-global-trends-sector 5 https://www.forbes.com/sites/dell/2012/07/24/microfinance-as-a-tool-to-alleviate-poverty/#1a5f9558474a 6 https://group.bnpparibas/en/news/microfinance-barometer-2017-global-trends-sector
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