HOW DO I BENEFIT FROM MICRO-FINANCING?

What is 'Microfinance?'

Microfinance, also known as microcredit, is a type of banking service offered to unemployed people or low income people or groups that do not normally have access to financial services. Although microfinance institutions are more often associated with loans (microcredit may range from $ 100 to $ 25,000), many offer additional services, including bank accounts and micro-insurance products, and provide financial education and finance job. Finally, the goal of microfinance is to empower the poor to become self-sufficient.

BREAKING DOWN 'Microfinance'
Most people trapped in poverty or with limited resources do not have enough revenue to do business with traditional financial institutions. Despite being excluded from banking, those who live up to $ 2 a day try to save, borrow, buy credit or insurance, and make payments for their debts. As a result, many seek help from family, friends, and even prejudice, who often charge negligible interest rates.
Microfinance allows individuals to safely take reasonable credit for small businesses in a manner consistent with ethical practices. Although there are worldwide, most microfinance operations take place in developing countries, such as Uganda, Indonesia, Serbia and Honduras. Many microfinance institutions (MFIs) focus on women in particular.
How It Works
Coming up soon on our next article…………

(Today’s Quote; start with what you have now, that idea, business will become clearer along the line…..)

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                                                                                                              Written by: Opara Steve,
                                                                                                                                      Opara Jr.