What is Microfinance?
Accion International is in the microfinance business. According to their website, here is a definition of “microfinance” and “MFI”:
Microfinance:
Banking and/or financial services targeted to low-and-moderate income businesses or households, including the provision of credit.Microfinance Institution (MFI):
A financial institution – can be a nonprofit organization, regulated financial institution or commercial bank – that provides microfinance products and services to low-income clients.
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