THE IMPACT OF MICRO FINANCIAL INSTITUTIONS ON THE GROWTH ON SMALL AND MEDIUM SCALE BUSINESS
CHAPTER ONE 1.1 BACKGROUND TO THE STUDY Microfinance constitute the facilitation of financial services to meet the needs of low income individuals such as micro-entrepreneurs, through the provision of small loans (microloans), small savings deposits (micro-savings), micro-insurance and enhancing simple payments services required by micro-entrepreneurs and economically active poor people who cannot gain access to financial services provided by the formal banking sector.(USAID, 2000). The loans provided are small in ...
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