📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

  • google app store apple app store
  • ✖

      Question

      Which of the following statements best defines a Micro

      Finance Institution (MFI)?
      A MFIs are investment firms that cater exclusively to high-net-worth individuals. Correct Answer Incorrect Answer
      B MFIs are non-profit organisations that provide financial services to low-income individuals and small businesses. Correct Answer Incorrect Answer
      C MFIs are banks that provide loans only to large corporations. Correct Answer Incorrect Answer
      D MFIs are government agencies that regulate the microfinance sector. Correct Answer Incorrect Answer

      Solution

      A financial institution that provides small loans and other financial services to individuals and small businesses who lack access to traditional banking services, typically focusing on low-income and underserved populations to promote financial inclusion and economic development.

      Practice Next

      Relevant for Exams:

      ask-question