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Microfinance refers to the provision of financial services, such as microloans, savings, insurance, and remittances, to low-income individuals or groups who typically lack access to traditional banking systems. These services are offered on a small scale and are designed to meet the specific needs of the economically vulnerable sections of society. Microfinance is based on the principle of providing financial support to those who are excluded from formal financial institutions due to lack of collateral, poor credit history, or geographical remoteness. Microfinance institutions (MFIs) play a crucial role in bridging the gap between the formal financial sector and the underserved populations. These institutions include non-governmental organizations (NGOs), cooperatives, non-banking financial companies (NBFCs), and microfinance banks. The primary objective of microfinance is not only poverty alleviation but also the empowerment of marginalized groups, especially women, by enabling them to start and sustain income-generating activities. In the context of corporate governance in the banking and financial sector, microfinance aligns with the larger goals of inclusive growth and responsible financial practices. Good governance in microfinance operations ensures transparency, accountability, fair treatment of clients, and protection against over-indebtedness. It is essential that microfinance institutions adhere to ethical practices, prudent risk management, and customer-centric services to maintain trust and sustainability. Microfinance is deeply connected to the idea of financial inclusion. Financial inclusion refers to the process of ensuring access to appropriate financial products and services needed by all sections of society, including the vulnerable and low-income groups, at an affordable cost and in a fair and transparent manner. Microfinance acts as a _________ _____ _____ ____ _______ ___ ________ ________ _______ _____ ______.
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