INSTITUTIONS OF MICROFINANCE AND THE PROGRESS OF RURAL AREAS

Abstract

Microfinance allows low-income and marginalized people who lack access to conventional banking to build wealth,
broaden their sources of income, and become more resilient in the face of economic hardship. Microfinance refers to
a wide range of financial services targeted on low- and middle-income earners and their small businesses, including
loans, deposits, payment services, and insurance. Microfinance institutions have had a significant impact on the lives
of the poor around the globe, raising incomes and improving living conditions in rural, semi-urban, and urban areas
alike.