Convergences has recently published the 6th Microfinance Barometer. The document offers an overview of the development of microfinance in France and all over the world.
For the sixth year in a row, the Microfinance Barometer, published by Convergences and its partners, presents the latest innovations that enabled more than 700 million people to open a bank account in a financial institution or to use mobile banking services between 2011 and 2014! This study reveals the advances regarding financial services, distribution channels and Microfinance Institutions organization.
The Microfinance Barometer outlines this ongoing (r)evolution and it seems that among these new approaches, the Southern countries and many microfinance protagonists feature among the most dynamic ones. Digital finance enabled the emergence of new protagonists and encourages the innovation of distribution channels, both for the financial institutions and for their recipients. Today, the use of Internet and new technologies enables people excluded from the banking system to have access to varied services necessary for the development of an income-generating activity.
Microfinance has kept growing since 2013 and gets involved in the digital revolution, in which Babyloan plays an important part. More than 11 million Euros have already been lent on the platform and it enabled to fund about 24,000 projects of microentrepreneurs so that they become more independent and they improve their living conditions by themselves. Together, let’s keep fighting together poverty and exclusion in the world!