Can Microlending Improve Community Empowerment by Promoting Financial Inclusion?
Highlights: Microlending introduction Government support initiatives Technological advancements Recent development - American Express's digital hub Microlending involves offering small loans to communities or individuals who have limited access to financial services. These loans are provided by various entities such as microfinance institutions, online platforms, traditional banks, and peer-to-peer lenders. The practice of microlending is common in a range of sectors including healthcare, livestock farming, retail, technology startups, agriculture, crafts, catering, tailoring, transportation, recycling, and education . Its benefits include promoting financial inclusion, encouraging entrepreneurship, reducing poverty, empowering women in developing nations, or supporting local businesses in underserved areas. Moreover, micro lending helps communities recover from disasters, support sustainable development, improve financial knowledge, create job opportuniti