Microfinance

 Microfinance- this is a term used to describe financial services to low income people or those who don't have access to a banking service. It is also the provision to financial services such as loans, insurance, savings and training to people who live in poverty.

Many people and communities are using microfinance successfully because it's a way to fight off poverty in rural areas. It puts savings, credit, insurance and other basic financial services within the reach of the people living in poverty. Through microfinance many institutions can have small loans, receive money from relatives that are working and safeguarding their savings. It is used for entrepreneurs and small businesses lacking access to related services or a bank. One of the places where microfinance is used is Southern Africa. It is used to supply financial services to the low- income employees. Mirofinance is a wide category of services which includes microcredit. Microcredit is a provision that is given to poor, low income clients.