What do you mean by 'microfinance'?
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Answer & Solution
Solution:
Microfinance refers to the provision of financial services to low-income individuals or those who lack access to typical banking services. These services often include small loans (microloans), savings accounts, insurance, and payment systems. The primary goal of microfinance is to empower economically disadvantaged populations by providing them with the necessary financial tools to become self-sufficient. This approach enables individuals to start or expand small businesses, manage risks, and improve their overall quality of life.
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