word
Microfinance
MY-kroh-fy-nance
/ˈmaɪkroʊfaɪnæns/Listen
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Syllable breakdown
microfinance
Dictionary meaning
The provision of small-scale financial services — including credit, savings, insurance, and money transfers — to low-income individuals or groups, particularly in developing countries, who lack access to conventional banking; pioneered by institutions like the Grameen Bank of Bangladesh.
Examples
- Microfinance enabled thousands of women entrepreneurs in rural Bangladesh to start small businesses.
- Critics of microfinance argue that high interest rates can trap borrowers in cycles of debt.
Synonyms: microcredit, microloans, community banking
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