Answer:
Microfinance is a model being applied in developing nations as a means of boosting local economies, with hopes of growing the global market.
✓1. There are 2 billion people around the world who do not have a bank account, or lack the technology they need to access a financial institution, over 50 percent of which cite that their primary reason for not having a bank account is not having enough money.
✓2. Microfinance institutions grant small business loans to individuals who would otherwise be unable to utilize a traditional bank services.
✓3. They can also provide forms of insurance and savings accounts.
✓4. An estimated 500 million individuals worldwide have received microfinance services,
✓5. many are women from rural regions, accounting for 84 percent of microfinance borrowers in 2016
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