Microfinance Market size to grow by USD 122.46 billion from 2021 to 2026, The market is fragmented due to the presence of prominent companies like Accion International, Al Amana Microfinance & AL BARAKAH MICROFINANCE BANK, and many more - Technavio

NEW YORK, Sept. 8, 2023 /PRNewswire/ -- The microfinance market is estimated to grow by USD 122.46 billion from 2021 to 2026, growing at a CAGR of 11.61%. The microfinance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer microfinance market are Accion International, Al Amana Microfinance, AL BARAKAH MICROFINANCE BANK, Annapurna Finance P Ltd., Banco do Nordeste do Brasil SA, Bandhan Bank Ltd., Cashpor Micro Credit, FINCA International Inc., Fusion Micro Finance Ltd., GENTERA S.A.B. de C.V., Grameen Foundation, IndusInd Bank Ltd., Kiva Microfunds, Kotak Mahindra Bank Ltd., Manappuram Finance Ltd., Opportunity International, Pacific Community Ventures, Pro Mujer Inc., PT Bank Rakyat Indonesia Persero Tbk, Stichting BRAC International, and Women World Banking Inc. The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

Company Offering:

Annapurna Finance P Ltd. - The company offers microfinance services such as Group Loans, MSME Finance, Housing Finance, Samarth Loan, Dairy Development Loan, Solar Loans, Consumer Durable Loans, Home Improvement Loan, and PMSVANidhi Loan. 

Cashpor Micro Credit - The company offers microfinance services such as Green Micro Credit Initiative which is a modified microfinance loan product to promote tree plantation.

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By Geography, the market is classified as APAC, South America, North America, Europe, and Middle East and Africa.

APAC is estimated to contribute 45% to the growth of the global market during the forecast period. The increasing penetration of the Internet and smartphones, the rapid growth of social media, the growing number of SMEs and startups, and the adoption of platforms. The growing online lending and the presence of global and regional providers are contributing to the growth of the microfinance market. The number of SMEs has increased significantly in the APAC region. For example, according to data provided by the National Association of Software and Services Companies (NASSCOM) in 2019, the number of startups in India is around 9,500. Hence, these factors are expected to drive market growth during the forecast period.

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• Impactful driver- Quick and easy access to credit
• Key Trend - Rapid growth in APAC
• Major Challenges - Inadequate risk management 

Market Segmentation

By Type, the market is classified into banks and non-banks. The microfinance market share growth by the bank segment will be significant during the forecast period. Microfinance banks (MFBs) are known as general financial services, including loans, savings accounts, and insurance for low-income people. Microfinance banks are mainly established by individuals, groups of individuals, community development associations, private companies, or foreign investors. Furthermore, these banks mainly target economically poor customers, low-income households, and the unbanked, including the most vulnerable groups such as women and young people, people with physical disabilities, and those who run the informal sector, such as micro-entrepreneurs and subsistence farmers. In developing countries like India and Nigeria, people in the low-income group prefer to use the services of microfinance banks. In addition, the need to provide easy credit and offer small loans to customers without any collateral further increased people's preference for MFB. Hence, these factors are expected to drive segment growth during the forecast period.

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Microfinance Market

TOC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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