The global microfinance market is anticipated to grow at a considerable CAGR of around 14.8% during the forecast period (2024-2031). The market growth is driven by the rising demand for finance among the low-income and more overlooked sections of society, government support, and the continuous establishment of microfinance institutions across the globe. The World Bank estimated that over 7,000 microfinance institutions are operating across the globe, serving nearly 16 million low-income people in emerging economies, such as India and Bangladesh. Additionally, the government support for women empowerment in rural areas is further offering growth to the microfinance industry.
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The global microfinance market is segmented by service type (into group and individual micro-credit, leasing, micro investment funds, insurance, savings and checking accounts, and others), providers (into banks, and non-banks), and by geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
Market Highlights
- The group and individual microcredit segment contributes a major share of the microfinance market. The segment is growing attributing to the increasing business loans to small and medium enterprises. It includes salary loans to employees having low income, and individual cashflow solutions for the micro-entrepreneurs.
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- Additionally, the rising initiatives by the government for the micro-credit industry are driving the Micro, Small, And Medium Enterprises (MSME) in emerging economies, such as India, is significantly contribute towards segmental growth.
- The Asia-Pacific region holds a significant share of the global microfinance market. Bangladesh holds a major share of the regional market with India being the second largest contributor.
- The Government of India (GoI) is continuously striving for the promote of financial annexation in the banking sector through initiatives that are targeted primarily to bring India's underbanked population under the banking array. It is also making attempts to regulate, liberalize, and enhance the finance sector of the country.
- The Government and Reserve Bank of India (RBI) have taken several measures to facilitate easy access to finance for Micro, Small, and Medium Enterprises (MSMEs), such as unleashing the Credit Guarantee Fund Scheme for MSMEs. It also issued guidelines to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA).
The major players in the global microfinance market include Accion International, Bandhan Bank Ltd., Bangladesh Rural Advancement Committee (BRAC), Grameen Bank, Jamii Bora Bank, Kiva Microfunds, and National Bank for Agriculture and Rural Development (NABARD). The market players are contributing considerably to the market growth by the adoption of various market strategies and by providing advanced technology-based products. For instance, in March 2020, Bandhan Bank Ltd. launched 125 new outlets across 15 states in India. Through such expansion, the bank is seeing opportunities and setting up its presence in the largest microfinance market across the globe.
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