Micro finance
What is micro finance
Micro finance is the overarching term
describing a state of financial products (such as savings, loans and insurance)
that microfinance institutions (MFIs) offer to poor clients or people. They are
called microfinance products because they are particularly targeted at the poor
and those chronically underserved by traditional capital markets – the needs of
the working poor require that these products be small in nature. The
International year of microfinance was a success for it roused public awareness
around the globe regarding microfinance and micro credit. More than 100
countries participated in the activities while more than 60 National Committees
were established that had the aim of promoting microfinance and broader access
to financial services for the poor. Conferences and Seminars were also held for
the year.
