BANKING AFFAIRS

Detailed explanation-1: -Microfinance is the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services.en.wikipedia.org/wiki/Microfinance.

Detailed explanation-2: -To many people, microfinance means providing small loans (microcredit) to very poor families to help them engage in productive activities or nurture their tiny businesses.

Detailed explanation-3: -microcredit, also called microbanking or microfinance, a means of extending credit, usually in the form of small loans with no collateral, to nontraditional borrowers such as the poor in rural or undeveloped areas.

Detailed explanation-4: -Individual banking model is a shift from the group-based model. The MFI gives loans to an individual based on his or her creditworthiness. It also assists in skill development and outreach programmes. This model suits product-oriented small businesses.

Detailed explanation-5: -Microfinance is a type of banking that provides financial services to low income individuals or groups of people who would otherwise have no access to finance. Microfinance includes the full provision of training and support from microfinance institutions (MFIs). This is usually why repayment rates are so high.