Microcredit and Microfinance

Microcredit and microfinance are financial services aimed at empowering low-income individuals or small businesses that lack access to traditional banking. Microcredit specifically refers to small loans offered to help entrepreneurs start or expand their businesses. Microfinance encompasses a broader range of services, including loans, savings accounts, and insurance. Both are designed to promote financial inclusion, improve living conditions, and foster economic development in underserved communities. These services are often provided by specialized organizations or NGOs, with the goal of supporting self-sufficiency and reducing poverty.