The Breakthrough Which Could Have Been- Microfinan

Abstract

Microfinance is a financial assistance given to the ones who don’t have access to any other form of financing or financial service. In 2000, Morduch described micro finance as a form of financial assistance given to the underprivileged, which must be paid in small installments for what was lent to them. In 1999, Otero stated that microfinance is a financial service for class surviving on little income. Globally, microfinance is seen as a convincing tool for job creation, empowerment of women and poverty reduction. Well-managed Micro Finance Institutions (MFIs) make mindful use of limited finances, give improved financial assistance and reach the