Microfinance services Micro finance Services refer mainly to small loans; savings mobilization and training in micro enterprise investment services extended to poor people to enable them undertake self employment projects that generate income (Onuaman, 2002). Micro finance came into being from the appreciation that micro entrepreneurs and some poorer clients can be ‘bankable’, that is,…

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What is microfinance? Microfinance is a form of financial development that has primarily focused on alleviating poverty through providing financial services to the poor people in the country (Sinha, 2008). Most people view microfinance as being about micro-credit i.e.it is involved in lending small amounts of money to the poor in order to uplift their…

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Introduction Background of the Study The need for development that saw the Kenya develop several strategies and plans such as the vision 2030 and the millennium development goals has led to development of the finance sector. The need for financing of the development projects has developed microfinance institutions in the country. Microfinance has received a…

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The amount and rate of borrowing are increasing in the country. This indicates a growing appetite for loans by Kenyans. Some of the factors driving this growth of taking a loan in Kenya is the increase in the number of loan service providers both in terms of the number and convenience. Currently, it is possible…

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The process of opening a savings account is pretty straightforward. Below are the steps you need to follow when opening a savings account: Step 1: Decide On Account Type The first thing you need to do is to determine the kind of savings account that is most suitable for you. Do you need a regular…

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How SACCOs in Kenya Work A Savings And Credit Co-Operative (SACCO) is an association of like minded individuals, registered under the Ministry of Ministry of Cooperative Development & Marketing in Kenya, and authorized to take deposits from and lend to it’s members. SACCOs are governed by the SACCO bylaws which state the objectives, membership, share capital, organization structure, management…

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An interest rate is the percentage of principal charged by the lender for the use of its money. The principal is the amount of money loaned. Interest rates affect the cost of loans. As a result, they can speed up or slow down the economy. The Federal Reserve manages interest rates to achieve ideal economic growth. What…

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