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Microfinance and Microfinance Institutions: History, Concept and Purpose

Author

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  • Md Aslam Mia

    (Universiti Sains Malaysia)

Abstract

Despite the origination of modern microfinance in Bangladesh, its mechanism has root in other countries, albeit in a different names or forms. In this chapter, we reviewed the historical setting of microfinance in the context of Bangladesh, followed by the direct and indirect effects of its financing schemes on the borrowers. Our assessment revealed that microfinance has a greater role than mere poverty eradication. This includes promotion of entrepreneurship, women empowerment and other socioeconomic development initiatives. While there are several types of MFIs currently operating across the countries, our assessment based on secondary data revealed that region-wise types of MFIs also differ. As an instance, NGOs dominate the microfinance market in South Asian; Non-Bank Financial Institutions (NBFIs) in the Latin America & the Caribbean (LAC), Middle East and North Africa (MENA), and Eastern Europe & Central Asia (EECA); and credit union/cooperatives (CU/C) in Africa.

Suggested Citation

  • Md Aslam Mia, 2022. "Microfinance and Microfinance Institutions: History, Concept and Purpose," Palgrave Macmillan Books,, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-981-19-0217-8_2
    DOI: 10.1007/978-981-19-0217-8_2
    as

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