As you have heard Anna-Kim-Hyun-Seung talk about microfinance. Now I would like to summarize the definition of Microfinance schemes.
Microfinance, also called microcredit, is a type of banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services.
While institutions participating in the area of microfinance most often provide lending—microloans can range from as small as $100 to as large as $25, 000—many banks offer additional services such as checking and savings accounts as well as micro-insurance products, and some even provide financial and business education.
The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient.
As
you have heard
Anna-Kim-Hyun-Seung
talk about microfinance.
Now
I would like
to summarize
the definition of Microfinance schemes.
Microfinance,
also
called
microcredit
, is a type of banking service provided to unemployed or low-income individuals or groups who
otherwise
would have no other access to financial services.
While institutions participating in the area of microfinance most
often
provide lending—microloans can range from as
small
as $100 to as large as $25, 000—
many
banks offer additional services such as checking and savings accounts
as well
as micro-insurance products, and
some
even provide financial and business education.
The goal of microfinance is to
ultimately
give impoverished
people
an opportunity to become self-sufficient.