microfinance

noun mi·cro·fi·nance \ ˌmī-krō-ˈfī-ˌnan(t)s , -fə-ˈnan(t)s , -fī-ˈnan(t)s \
Updated on: 15 Nov 2017

Definition of microfinance

: financial services especially in the form of microloans provided to impoverished individuals and groups in poor and developing regions
  • Muhammad Yunus starts lending money to the rural poor in Bangladesh. His Grameen Bank kicks off a worldwide movement in microfinance as lenders start to see poor people, especially women, not as bad credit risks but as profitable customers.
  • —Barbara Kiviat

First Known Use of microfinance

1995


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