micro-financing

Micro-financing involves providing small loans, savings, insurance, or other financial services to individuals or small businesses who lack access to traditional banking. This approach aims to support entrepreneurs and low-income populations to start or expand businesses, improve their livelihoods, and achieve financial stability. Micro-financing often emphasizes personalized service, flexible repayment terms, and community-based approaches to reduce barriers and promote economic development in underserved areas. It plays a vital role in fostering financial inclusion by empowering those typically excluded from formal financial systems.