First among these developments is the changing face of microfinance itself. Gone are the days when microfinance was synonymous only to microcredit or small loans. Today, microfinance institutions are providing a wide range of financial services to their clients such as savings, remittances, transfers and, increasingly, micro-insurance.
It is also striking in Slide 11 that, contrary to popular notions about the link between the growth in money and the inflation rate, the rate of growth of money remained constant even as inflation declined. The reason for this was that the expansion in money was absorbed by the growing volume of transactions that involved money exchange.