Hi this is Greg Casagrande with your MicroDreams Microfinance Minute.
This week we're going to discuss, "What is a microfinance institution or an MFI?"
A microfinance institution is a group that provides a range of basic financial services that are tailored especially to the needs of poor people—especially those living in 3rd world countries.
And so, for example, an MFI can provide to its clients access to basic savings accounts that have no minimum balance requirements or that have no recurring monthly fees.
Likewise, it can offer to its clients access to basic credit services to start a small business or to make basic housing improvements. And, that credit can be made available without any collateral requirements. And it can be made available without any formal wage deployment requirements.
In this way, an MFI provides the range of financial services that otherwise are completely unavailable to poor families living in 3rd world countries. These financial services can help poor families get a rung on the economic ladder and work their way up and permanently out of poverty.
That's it for this week. If you like our material, please be sure to share with your friends and follow us.
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