ISSN 2360-7963
Abstract
The economic role that micro finance specifically in developing nations has been discussed thoroughly in this paper. Apart from touching on how microfinance institutions operate and render financial services to the low income individuals and small enterprises, the discourse emphasizes the significance of micro finance in enhancing women empowerment, poverty eradication, and stimulating economic growth. In light of both success stories but also critiques, the discussion seeks to highlight the impacts of microfinance in various sectors but also the many challenges that arise from the initiatives such as over indebtedness and sustainability. The results suggest that there are many issues and risks that have implications for financial inclusion which can best be addressed by the use of detailed approaches. The discourse makes its contribution to the broader discussion regarding the role of microfinance in achieving sustainable economic development through the analysis of successful and unsuccessful practices.
Keywords: Role, Microfinance, Economic Development