What is microfinance?
Microfinance refers to a variety of devices and small-scale financial services such as loans, insurance, savings, mortgages, which are offered to low-income clients. The most common form of microfinance is microloans, which are small loans in the range of less than $ 100 to several hundred dollars, often given to women, to establish or expand small businesses that are sustainable
Who is the target of Bank Andara service?
Bank Andara service targets are those who still do not reach adequate access to financial services
Who are the customers of Bank Andara?
Bank Andara customers are local micro finance institutions which play the important role to reach and provide financial services to the unbanked and under banked people in Indonesia
Why Bank Andara chose to focus on assist in the development of the microfinance sector?
Consortium of investors, employees, and partners of Bank Andara have extensive knowledge financially and socially, which puts Bank Andara in a strong position to trust and understand how to increase the capacity in MFIs that do not have access to banking. It is a challenge to provide products and services that are really needed by MFIs and their clients to assist in the development of the microfinance sector locally.
How does microfinance help community escape poverty?
Microfinance is one of the most effective strategies to alleviate poverty. This strategy has been proven and sustainable to provide low-income residents access to capital and other financial services, which they cannot get from large-scale commercial banks. Microfinance services help low-income residents to start a business, collecting income and reduce their financial risk.