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According to the World Bank report close to 1.4 billion people in the different countries don’t have access to the financial service and that’s where Micro-financial Institution play a major role.
Goals of MFI’s:
- Assists the development of community which follow sustainable development.
- Providing resources to lower section of the society.
- Evaluation of option to end the poverty.
- Mobilize self-employment benefits to under privilege.
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Features of MFI’s:
- It provides easy access to credit– people get money when it needed the most.
- It makes future investment possible– MFI’s provide the credit for constructing houses, health facility, better future opportunity.
- It served under financed section of society– it provides loans to women, unemployed man etc.
- It gives better education– families benefiting from micro loans, and improvement in family income imply that the children may not pull out from school for monetary reasons.
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MFI’s shifted their focus from ruler urban areas to urban area, MFI’s have more client then rural area, from the latest data of self-regulating organization. Sadhana shows 67% of the 37 million customer lives in urban areas.
Reasons for Urban Shifting:
- The growth of urban portfolio is more than in rural area, as the density of population is much higher.
- Saving the cost of involved in searching new location.
- Per head employee cost is reduced as there is no need to travel for reaching customers.
- The cot of operation is much lower due to elimination of need for offices.