what is Micro Finance?
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Microfinance is the extension of small loans to the very poor, in combination with other financial services, such as savings accounts, training, health services, networking, and peer support. The goal of microfinance is to ultimately give impoverished people an opportunity to become self-sufficient.
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Explanation:
Microfinance refers to a variety of affordable financial services that target low-income clients, living either on or below the poverty line, particularly women. It aims to empower these clients by providing them access to microcredit for income-generating activities, savings and insurance, and remittance services.
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