Micro Finace
Microfinance is a tailor made type of financial product for individuals and small businesses whose access to conventional banking and related services is hampered by the many requirements such as collateral, historical financial information etc. Microfinance includes microcredit, the provision of small loans, and salary advances to people in formal employment recoverable over a period of time usually (short to medium term). It seeks to address the needs of the unbanked by fostering economic justice and financial inclusion for all. The delivery mechanisms include; - A relationship-based banking for individual entrepreneurs and small businesses; - A group-based model, where several entrepreneurs come together to apply for loans and other services as a group. - Payroll-based recovery system for individuals in formal employment