Richmond, Feb. 02, 2024 (GLOBE NEWSWIRE) -- According to a research report "Microfinance Market”, by Providers (Banks, Micro Finance Institute, Non-banking financial institute), End-use (Small enterprises, Micro enterprises, Solo entrepreneurs), Purpose (Agriculture, Manufacturing, Trade & services, Household), Tenure (Less than 1 year, 1-2 year, More than 2 year) and Region - Global Forecast to 2030.
Global Microfinance Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 9.35 Billion |
| Market size value in 2030 | USD 13.3 Billion |
| CAGR (2023-2030) | 5.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Providers, End-use, Purpose, Tenure and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
| |
| |
| Sample of Companies Covered |
|
| |
|
Download the Sample - https://www.marketdigits.com/request/sample/3934
TOC Covers in Depth & Breath on Microfinance Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Microfinance is a type of financial service that low-income groups and individual ineligible for conventional financing options can obtain to satisfy their needs. Apart from lending smaller amounts to borrowers with easy eligibility conditions, many financial institutions also offer micro-savings accounts to benefit the account holders. The goal is to make impoverished people financially self-sufficient. Apart from SME loans, borrowers can also obtain instant Personal Loans to fulfil their personal needs like education, home renovation, medical emergency, vacation, or wedding. Recognizing area of the existing policies to cater to inferior people’s needs, the Indian government took steps to reduce their financial dependence on unorganized sectors. There are small-size, short-duration loans available without security and lengthy application procedures. it provides economic resilience, helping individuals and business owners work effectively and alleviate poverty. Business owners can use these loans to run and expand their businesses and accumulate capital for future needs. Since those looking for smaller loans do not attract the interest of most lenders, small loan sanctions from microfinance are great steps to gain financial independence. Female borrowers get better interest rates on these loans due to their higher sense of responsibility, loyalty, and honesty. Unemployed and disabled people and those who do not qualify for conventional loans can receive these loan products from MFIs.
Microfinance breaks the cycle of financial crunch in a family or business and makes more money available, helping them meet their basic needs and improve their well-being. When entrepreneurs borrow microfinance, they create more employment opportunities in the economy and help the nation develop faster. Helps people obtain loans without pledging any asset as security. The importance of microfinance, eligible applicants can enjoy the benefits with hassle-free procedures and minimal paperwork, enabling them to gain self-dependence quickly.
Major vendors in the global Microfinance Market:
- 51Give
- Al Amana Microfinance
- Al Rajhi Bank
- Al-Barakah Microfinance Bank
- Alinma Bank
- Annapurna Finance (P) Ltd.
- Asirvad Microfinance Pvt. Ltd.
- Banco do Nordeste do Brasil S.A.
- Bank Albilad
- Bank Rakyat Indonesia
- BRAC (originally an acronym for Bangladesh Rural Advancement Committee)
- BSS Microfinance Ltd.
- Grameen Foundation
- Kiva
- Riyad Bank
Request for Discount @ https://www.marketdigits.com/request/discount/3934
Additional consideration apart from savings
The poor exhibit resourcefulness by employing various informal savings methods, including storing cash and livestock. However, these methods come with risks and expenses, particularly in the case of livestock. And deeper into the crucial role of savings for the poor, emphasizing its necessity for covering significant expenses like weddings, funerals, school fees, and investment opportunities. By exploring savings tools that enable them to store money, we aim to address the challenges posed by unpredictable income fluctuations and periods without income. While banks offer a secure and formal means of building funds through savings accounts, accessing the commercial banking sector can be challenging for the poor due to physical and financial constraints. Rural villages often lack convenient bank branches, and minimum deposit requirements pose obstacles.
Market Dynamics
Drivers:
- Growing Importance of digitalization for traditional MFI
- Improves financial inclusion
- Provides emergency funds
- Encourages entrepreneurship
Opportunities:
- Technological advancements
- Focus on social and sustainability impact
- Digitalization raises data security concerns
- Growing significance of block-chain
Artificial Intelligence Poised to Transform the future of Microfinance
AI promises to completely transform everything some things more than others. The BFSI space has already seen the sheer efficiency of AI to process massive data logs and deliver masterful insights through pattern recognition. AI has made a huge difference in the world of payments and financial services which is plagued with incidences of identity fraud and imposter scams. With the need to deliver better experiences and customer conveniences, AI enables better and faster fraud detection in a hyper-digitised world where PII (Personally Identifiable Information) is available for a few hundred dollars on the dark web. Advanced risk monitoring and fraud detection enables prediction and detection in real-time and not post factum.
North America dominates the market for Microfinance.
North America stands out as the dominating region in the global Microfinance Market, with the United States leading in consumption and market share. The region's dominance can be attributed to waste water reclamation system makes it possible for the company to save 40 gallons of water per every case of glove produced, and running the plant with clean burning liquefied natural gas (LNG) reduces the carbon footprint of the manufacturing facility, especially as compared to coal-burning power plants, which are all too often the standard within the greater industry.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Microfinance Market. India has the largest microfinance market globally, followed by Bangladesh. The Government of India (GoI) is continuously striving in the promotion of financial annexation in the banking sector through initiatives that are targeted primarily to bring the India’s underbanked population under the banking array.
Another noteworthy region is the Middle East and Africa, where the demand for convenient financial solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient options.
Digital microfinance in rural areas is in growing trend
Digital financial services (DFS) lies at the heart of financial inclusion in India. Despite the government’s efforts to create interconnected digital infrastructure, the adoption of DFS in rural areas is marred by digital illiteracy, which has a direct bearing on the acceptance of digital products. E-commerce has gained traction among rural consumers in recent years. Banks and private companies are establishing a network of rural entrepreneurs to create a one-stop-shop for the financial needs of rural customers and help them shop online via digital platforms with built-in digital payment modes.
Inquire Before Buying: https://www.marketdigits.com/request/enquiry-before-buying/3934
Browse Similar Reports:
Decentralized Finance (Defi) Market 2023 – 2030 by Application (Payments, Stablecoins), Component (Blockchain Technology, Smart Contracts), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Digital Twin in Finance Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
NLP in Finance Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
About MarketDigits:
MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.
We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.
Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn |
