Microfinance is the provision of a broad range of financial services such as, deposits, loans, payment services, money transfers and insurance, to poor and low-income households and their microenterprises.
It also shares the concept that low-income individuals are capable of lifting themselves out of poverty if given access to financial service. Providing the poor with improved facilities to save and to have better access to credit and insurance helps them manage risk, build assets, increase income, and enjoy a better life.
Microfinance is an idea whose time has come.
Give a man a fish, he'll eat for a day. Give a woman microcredit, she, her husband, her children, her extended family will eat for a lifetime.
Microfinance stands as one of the most promising and cost-effective tools in the fight against global poverty.