Global Microfinance Market

Microfinance Market Size, Share, Growth Analysis, By Provider(Banks, Micro Finance Institute (MFI), NBFC (Non-Banking Financial Institutions), Others), By End-User(Small Enterprises, Micro Enterprises, Solo Entrepreneurs or Self-Employed), By Region - Industry Forecast 2024-2031

Report ID: SQMIG40F2001 | Region: Global | Published Date: March, 2024
Pages: 207 | Tables: 64 | Figures: 75

Microfinance Market News

  • In June 2023, The Global Microfinance Institute (GMI) released a report on the impact of microfinance on poverty reduction.
  • In May 2023, The World Bank Group released a report on the state of microfinance in the world.
  • In April 2023, The United Nations Capital Development Fund (UNCDF) launched a new initiative to promote the use of mobile money for microfinance in developing countries.
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FAQs

Global Microfinance Market size was valued at USD 220 billion in 2022 and is poised to grow from USD 244.20 billion in 2023 to USD 562.77 billion by 2031, growing at a CAGR of 11% during the forecast period (2024-2031).

The competitive landscape of the global microfinance market is characterized by a dynamic interplay of diverse players striving to cater to the financial needs of underserved populations and small businesses. Microfinance institutions (MFIs), traditional banks, non-banking financial institutions (NBFCs), and innovative fintech startups contribute to a multifaceted ecosystem. 'Grameen Bank (Bangladesh)', 'SKS Microfinance (India) - Now part of Bharat Financial Inclusion Limited (BFIL)', 'Compartamos Banco (Mexico)', 'ASA International (Netherlands)', 'BRAC (Bangladesh)', 'Bandhan Bank (India)', 'Opportunity International (United States)', 'FINCA International (United States)', 'Accion International (United States)', 'Kiva (United States)', 'Oikocredit (Netherlands)', 'Fundación Génesis Empresarial (FGE) (Ecuador)', 'Ujjivan Financial Services (India)', 'Equitas Small Finance Bank (India)', 'Amhara Credit and Savings Institution (ACSI) (Ethiopia)', 'Fonkoze (Haiti)', 'PRASAC (Cambodia)', 'SKDRDP (Shri Kshetra Dharmasthala Rural Development Project) (India)', 'Pro Mujer (United States)', 'Women's World Banking (United States)'

Microfinance plays a pivotal role in providing financial services to underserved and low-income populations, contributing to broader financial inclusion goals globally.

Digital Transformation: Increasing digitization of microfinance operations enhances efficiency, reduces costs, and improves customer experience, fostering the integration of technology into microfinance services.

A noteworthy trend in this market is the substantial dominance of the European and North American regions. This dominance can be attributed to the increasing demand for both individual and small business lending across these areas. Furthermore, the presence of major microfinancing service providers, coupled with their proactive engagement in research and development activities aimed at enhancing security measures, significantly contributes to the anticipated growth of the global microfinance market throughout the forecast period.

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Global Microfinance Market

Report ID: SQMIG40F2001

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