Overview of Microfinance (MFI)
Microfinance (MFI) is the provision of financial services to usually low income households and small businesses; that is the provision of specialised financial facilities like small loans and savings accounts to these groups who do not typically have access to finance or even bank accounts.
This product line also presents an opportunity for the allotment of loan facilities to employees of organizations, cooperative societies or union groups.
This provides a low risk opportunity for workers to access loan facilities and repay in flexible terms.
But MFI facilities can also be targeted towards some mainstream eligible groups like employee groups, unions, and other band groups.
Currently we offer two types of MFI products:
1) IFS Micro Scheme Loans (MSL) for salaried workers
2) IFS Micro Growth Loans