The Role of Micro Finance Institutions in the advancement of socioeconomic development.
Answer (1)
Microfinance institutions (MFIs) provide small loans, savings, and financial services to individuals or small businesses, especially those who don't have access to traditional banking. These services help people in low-income communities improve their economic conditions.By offering affordable financial support, MFIs enable people to start or expand small businesses, improve their education, health, and housing, and reduce poverty. This leads to greater financial independence, job creation, and overall socioeconomic development in communities. In short, MFIs play a key role in helping individuals build better futures and contribute to the economic growth of their societies.
