The Importance Of Microfinance
Microfinance provides various financial services, to the poor and marginalized section of the poor like loans, savings and insurance, who have no collateral and wouldn 't otherwise qualify for a standard bank loan.
Microfinance has experienced tremendous growth in the substantial way. Along with the growth in clients and in products and services offered, there has also been a large increase in the number of microfinance providers, known as microfinance institutions. The broad definition of these institutions encompasses a wide range of all of them share the common characteristic of providing financial services to poor and socio-economically vulnerable people who would not normally be served by traditional financial institutions. Today, microfinance institutions include Non-governmental organizations, credit unions, cooperatives bank, commercial bank, regional rural bank and non-bank financial institutions.
Microfinance is facilitating the underprivileged, especially women, through improved incomes, self-employment and empowerment. There is wider awareness of the positive impact of microfinance on the lives of the poor, but the challenge of scaling up its impact remains. The significance of microfinance is due in part to a growing recognition that the poor are needy customers and to the entry of mainstream financial institutions into the microfinance business, which has provided alternative sources of funds for microfinance. By adapting new technologies, microfinance is
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