Question

Which of the following bank is are not associated with Micro finance services?​

Answer 1

Answer:

What is a Microfinance Bank (MFB)? Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to microfinance clients.

Answer 2

Question:

Which class of people does Microfinances services tend to?

Answer:

Unemployed or low-income class of people.

Explanation:

• Microfinance services are offered to the unemployed or low-income individuals because most people living in poverty or with limited financial resources do not have enough income to do business with traditional financial institutions.
• Microfinance allows people to obtain appropriate loan safely and in a manner consistent with ethical lending practices. Although found worldwide, most microfinance is done in developing countries such as Uganda, Indonesia, Serbia and Honduras. Many microfinance institutions are particularly focused on supporting women. 64,444 Microfinance organizations support a variety of activities, from providing basic things such as bank checks and savings accounts to educational programs that teach small entrepreneurs seeding funds and investing principles. These programs may focus on skills such  as bookkeeping, cash flow management, and technical or professional skills such as bookkeeping.

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