SAN FRANCISCO, August 11, 2021 / PRNewswire / – A new market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Microfinance – Trajectory and analysis of the world market”. The report presents new perspectives on the opportunities and challenges in a dramatically transformed post-COVID-19 market.
FACTS AT A GLANCE
Editing: 5; Posted: May 2021
Executive pool: 11472
Companies: 93 – Players covered include 51Give (China); Microfinance Al Amana; Al-Barakah Microfinance Bank; Annapurna Finance (P) Ltd; Asirvad Microfinance Pvt. Ltd. ; Banco do Nordeste do Brasil SA; Bandhan Financial Services Pvt. Ltd. ; Rakyat Bank Indonesia; BRAC; BSS Microfinance Ltd .; Grameen Foundation; Jamii Bora Bank; Kiva and others.
Blanket: All major geographies and key segments
Segments: Type of institution (banks, non-banks)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global microfinance market to reach $ 271.4 billion by 2024
Microfinance focuses on providing microcredits to low-income and unemployed people who do not have access to traditional financial services. Microfinance encompasses a wide range of services, including loans, savings, payments and insurance, to help the unbanked population achieve growth and become self-sufficient. Following the implementation of the Sustainable Development Goals (SDGs) in 2016, the microfinance sector has focused its efforts on promoting access not only to credit, but also to agriculture, health, housing , education, energy and education. Amid COVID-19 Crisis, Global Microfinance Market Expected to Reach US $ 271.4 billion by 2024, registering a compound annual growth rate (CAGR) of 15.1% over the analysis period. Asia Pacific represents the largest regional microfinance market, representing an estimated 42.8% share of the global total. The market is expected to reach 144.4 billion US dollars before the end of the analysis period. China is expected to spearhead the growth and become the fastest growing regional market with a CAGR of 17.5% during the analysis period.
The global microfinance market is expected to experience a high rate of growth in the coming years due to the growing number of microenterprises, government efforts to promote microfinance, and falling interest rates. Market growth is positively influenced by the central role played by microenterprises in economic development. Some of the main factors supporting the expansion of the market are the growth of SMEs and low income groups including women in rural areas, their potential to maintain family and social life as well as government initiatives to promote competition. fair and improve the national payment system. As efforts to serve socially marginalized people with quality financial services spur growth, better risk management, increased attention to microinsurance, and initiatives to educate consumers are creating new avenues for growth. Asia Pacific The region represents a key regional market and growth is influenced by factors such as rapid industrialization, high demand for goods and services and growing consumer awareness. In addition, the emergence of various Islamic financial services and banks coupled with the issuance of Sukuk is expected to further increase the market growth in the coming years. Following
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SOURCE Global Industry Analysts, Inc.