This is because the microfinance industry has evolved from a narrow focus on microcredit to a more holistic, sustainable and “value-adding” provision of financial services to our target market. For example, 69 of the 183 banks with microcredit operations now hold 1.7 million microdeposit accounts. In early 2012, there were only 22 such banks.
In addition, 86 of these banks have decided to offer microinsurance to their clients. Furthermore, 26 of these banks now provide e-banking services, including mobile money – a more cost-efficient transactional platform for both banks and clients. Ladies and gentlemen. The availability, accessibility and affordability of these financial products have drawn more microentrepreneurs to do business with banks.