Microfinance Market Outlook 2024-2033: Trends and Projections

Market Size – The microfinance market size has grown rapidly in recent years. It will grow from $193.85 billion in 2023 to $215.51 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased usage of digital technology, commercialization and sustainability, an increased focus on response lending, increased access to loan facilities, and a rise in the adoption of online platforms for lending.
The microfinance market size is expected to see rapid growth in the next few years. It will grow to $330.98 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to evolving regulatory frameworks, an increasing focus on environmental sustainability, rising interest in socially responsible investing, growing demand for microfinance loans, and increasing financial inclusion. Major trends in the forecast period include the integration of cloud computing, biometrics and digital identity, microinsurance and parametric insurance, embedded payments and insurance, and standardization of digital operations.

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Scope Of Microfinance MarketThe Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Microfinance Market Overview

Market Drivers –The rising number of small and medium-sized enterprises (SMEs) is expected to propel the growth of the microfinance market in the coming years. Small and medium-sized enterprises refer to businesses characterized by their relatively modest scale in terms of revenue, assets, and employee count. The increase in SMEs can be attributed to a surge in entrepreneurial spirit, advancements in technology that lower entry barriers, supportive government policies, and enhanced global market access. Microfinance plays a crucial role in supporting SMEs by providing access to small loans and financial services, which assist in capital acquisition, cash flow management, and risk mitigation. For example, in February 2024, a report published by Startups.co.uk highlighted that new SME businesses surged by 19.5% in 2023, totaling 39,966 establishments, reflecting a 6.5% increase from 2022, while overall incorporations grew by 2% to 778,219 in 2022. Consequently, the increasing number of SMEs is driving the growth of the microfinance market.

Market Trends – Major companies operating in the microfinance market focus on developing innovative solutions with technological advancements, such as digital microfinance platforms, to enhance accessibility, streamline operations, and improve financial inclusion for underserved populations. A digital microfinance platform is an online or mobile-based system that provides financial services such as microloans, savings accounts, and insurance to underserved individuals and small businesses. For instance, in April 2021, Eamar Microfinance, a Nigeria-based microfinance company, launched pilot phase of Yemen’s first digital microfinance platform to help clients and communities by providing blended financial and non-financial digital services. This platform allows clients to digitally access financial and non-financial services, providing convenience and support to underserved communities. The platform includes services such as advisory support and training to facilitate access to e-money and transfers anytime and anywhere. This platform represents an effort to promote financial inclusion and support economic recovery during the country’s ongoing humanitarian crisis.

The microfinance market covered in this report is segmented –

1) By Service Type: Group And Individual Micro Credit, Leasing, Micro Investment Funds, Insurance, Savings And Checking Accounts, Other Service Types
2) By Providers: Banks, Micro Finance Institutions (MFI), NBFC (Non-Banking Financial Institutions), Other Provider
3) By Purpose: Agriculture, Manufacturing Or Production, Trade And Services, Household, Other Purposes
4) By End-Users: Small Enterprises, Micro Enterprises, Solo Entrepreneurs Or Self-Employed

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Regional Insights – Asia-Pacific was the largest region in the microfinance market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the microfinance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies – Major companies in the market are Bank Rakyat Indonesia (BRI), Oliver Wyman Group, Bandhan Bank Limited, LendingClub Corporation, ASA International Group PLC, Accion International, Annapurna Finance Private Limited, PRASAC Microfinance Institution Ltd., Prosper Marketplace Inc, Madura Microfinance Ltd. , Compartamos Banco, Pro Mujer International, Oikocredit International, Ujjivan Financial Services , Fundación Génesis Empresarial (FGE), Kiva Microfunds, Gojo & Company Inc., FINCA International, Fonkoze Financial Services S.A., Cashpor Micro Credit, Opportunity International, BSS Microfinance Limited, Asirvad Microfinance Limited

Table of Contents 1. Executive Summary2. Microfinance Market Report Structure3. Microfinance Market Trends And Strategies4. Microfinance Market – Macro Economic Scenario5. Microfinance Market Size And Growth…..27. Microfinance Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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