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The concept of microfinance has transformed the way people access financial services. Microfinance institutions provide small loans to individuals or groups who lack access to traditional banking. These loans empower recip to st or exp small busin, improving th living condi and commu. By encou financial lite and adva financial inclusion, microfinance helps reduce poverty, foster economic development, and build long-term stability at the grassroots level. Understanding this system helps design effective financial inclusion strategies.
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