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- Title
An Overview of Microfinance: History and Evolution, Definition and Practice.
- Authors
Widad Ali A/Rahman
- Abstract
This overview paper has been developed by revisiting literature around the concept of microfinance, and has exhibited basic theoretical dimensions around the concept. It has given the most important features of the evolution, and definition of microfinance. It has shown how the potential for innovation of MFIs can improve the conditions of the microfinance clients who are basically from the low-income and the poor, especially women who are the poorest and least empowered group. A set of products offered by MFIs was shown and considered not yet adequate to satisfy the needs of the poor households over their life-cycle. The paper brought to focus the role that governments and regulatory systems can play in supporting MFIs, and how technological advancements can facilitate the enhancement of the microfinance industry. The paper gives a very brief description of the most recognized success story of the microfinance practice which is the Grameen Bank in Bangladesh.
- Subjects
MICROFINANCE; FINANCIAL services industry; SMALL business; GRAMEEN Bank (Company); TECHNOLOGICAL innovations
- Publication
Ahfad Journal, 2010, Vol 27, Issue 2, p3
- ISSN
0255-4070
- Publication type
Article