The global microfinance market is growing at a major CAGR of around 14.8% in the course of the forecast interval (2020-2026). Microfinance business serves the low-income and extra neglected sections of the society. Within the latest years, the microfinance industry has reached out numerous small borrowers with important help from the government. Therefore, a modest growth in the worldwide microfinance industry is seen within the final decade. The expansion is supported by the steady institution of microfinance establishments across the globe. The World Bank estimated that over 7,000 microfinance institutions are operating throughout the globe, serving almost sixteen million low-revenue folks in emerging economies, such as India and Bangladesh.
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