What is MicrocreditMarket?
Microcredit is refer to financial services that is provided to low-income individuals or the unwaged or groups of persons that do not have any resources to gain any financial facilities. Government of emerging economies are taking initiative to promote microcredit to increase number of small medium enterprises which are responsible for economic growth of the nation. In addition various types of agricultural, improved risk management practices, life and health micro insurance potentially growing the market.
Microcredit Market Report Coverage
Report Coverage | Details |
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Study Timeframe | 2018 to 2030 |
Base Year | 2023 |
Forecast Period 2023 to 2030 CAGR | 6.6% |
Growth Drivers | - Rising Number of Micro Enterprises
- Growing Government Initiatives
- Increasing Private Sector Banks in Emerging Economies
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Challenges & Pitfalls | - Evaluation of Lending Risk
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Opportunities
Growing Demand of life Micro Insurance, Health Micro Insurance
Restraints
The Players Covered in the Study are:
Albaraka (South Africa), ASA International (United Kingdom), Banco do Nordeste (Brazil), Bandhan Financial Services (India), Amana Microfinance (Morocco), Compart Amos Banco (Mexico) and ICICI Bank (India)
Available Customization:
A list of players that can be included in the study on an immediate basis are Standard Chartered (United Kingdom) and Wells Fargo (United States).
Market Development Activities
In February 2016,Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys announced that Albaraka, one of Morocco's leading microfinance institutions has successfully implemented Finacle Core Banking, Customer Relationship Management , and Wealth Management solutions.
In October 2023, Mikro Kapital, the Swiss-based impact finance and microfinance firm, has launched the market’s first tokenised bonds for microcredit.