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What is Understanding Micro-Financing Institutions about?

Micro-financing institutions (MFIs) provide small loans, savings opportunities, and other financial services to low-income individuals who lack access to traditional banks. MFIs use group lending models where individuals form solidarity groups and are collectively responsible for loan repayments, reducing risks. They also use individual lending by tailoring loans to specific business needs but requiring collateral. The goal of MFIs is to alleviate poverty by funding micro-enterprises and improving incomes,

Author

Bekele Demissie

Language

EN