Microfinance in Times of COVID-19

Microfinance is the endowment of small-scale financial products and services to poor individuals and households. The focus is to provide financial services to low-income households to improve their income and standard of living. Low-income households typically have limited access to conventional services provided by mainstream banks and other financial institutions. The professed promise of microfinance is to bridge this gap by reaching out to low-income households and fighting against poverty and vulnerability. Microfinance aims to improve the incumbent standard of living. In our country’s landscape, around 6 million people are now active borrowers under microcredit, and the growth is imposing like 20 percent is grown over the last year.