Meaning of micro finance
Micro finance is the provision of savings and accounts, loans money transfers and other banking services to customers that lack access to traditional financial services usually because of poverty. Also micro finance is a source of financial services for enterpreneurs and small businesses lacking access to banking and related services.
ROLE OF FACILITATOR I N MICRO FINANCE
1. Micro finance is the delivery of financial services to low income workers and extremely poor self employed people.
2. Micro finance provide credit and other financial services in little amount to enable them to increase their level of income and enhance their standard of living.
3. Micro finance is a suitable way of assisting enterpreneurs.
4. The CBN acknowledged micro financing as an essential tool for poverty through empowering micro and Small enterpreneurs.
5. Micro finance involves making financial services available to the poor, who are usually not served by traditional financial institutions.
- What are the benefit of micro finance bank?
- how does a micro fiance bank work?