What is marketing plan in microfinance?
What is marketing plan in microfinance?
Marketing plan, which presents a roadmap for the MFI to understand its current position and to identify where it wants to be and how to get there. Two factors frame the overall level of development of the marketing program in MFIs: the nature of the market and the nature of the institution.
What is the special target market of microfinance companies?
To date, the majority of MFIs have broadly defined their target market. Most use very general categories such as ‘poor women,’ ‘urban microentrepreneurs,’ etc.
How do microfinance companies work?
Microfinance is a banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. Microfinance allows people to take on reasonable small business loans safely, and in a manner that is consistent with ethical lending practices.
What is Microfinance Development Strategy?
The Microfinance Development Strategy ensures permanent access to institutional financial services for a majority of poor and low-income households and their microenterprises.
What are the products of microfinance?
Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services.
What is microfinance lending?
Microfinance is a form of financial service which provides small loans and other financial services to poor and low-income households.
How do you incorporate a microfinance company?
Microfinance Company Registration as an NBFC
- Memorandum of Association and Articles of Association.
- Incorporation certificate of the company.
- Board resolution copy.
- Copy of Auditor’s report of receipt of fixed deposit receipt.
- Banker’s Certificate of No Lien stating the net owned fund.
- Banker’s report about the company.
How does microfinance help the environment?
On the environmental front, microfinance is, in and of itself, “green” in that it promotes businesses that can be sustained indefinitely. Others encourage greener businesses by offering lower interest rates to borrowers with sustainability-oriented plans.
What are the main features of microfinance?
Key Features of Microfinance
- The borrowers are generally from low income backgrounds.
- Loans availed under microfinance are usually of small amount, i.e., micro loans.
- The loan tenure is short.
- Microfinance loans do not require any collateral.
- These loans are usually repaid at higher frequencies.
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