Microfinance, which consists mainly of micro-loans (less than €25,000) tailored to micro-enterprises (91% of all European businesses) and people who would like to become self-employed but are facing difficulties in accessing the traditional banking services, is an increasingly important tool to bolster financial inclusion.
That’s according to the World Economic Forum, which published a report on 9 September setting out how 1.4 billion people around the world still don’t have access to a bank account.
“Integrating the 1.4 billion people around the world with no access to a bank account into the financial system is a top priority for governments around the world. Not only would it drive economic growth at the macro level, but it would also encourage the economic empowerment of traditionally underserved communities, providing them with secure conditions to thrive,” the WEF report…
