Difference Between Microfinance and Microcredit
What do you mean by microfinance?
Microfinance is the process of extending financial services to those people who have low income and it becomes hard for them to get finance from the banks and other private money lenders. The living standard of the poor and the people having no jobs can be improved with the financial practice of microfinance. Simply, Microfinance means the broad spectrum of financial services such as loans, insurance, savings etc. provided to the people of low-income groups.