Microfinance Market Share 2021: Global Trends, Key Players, Industry Analysis Report to 2026 | Top Key Players - Bandhan Bank, Grameen Bank, BRAC Bank

The microfinance market is anticipated to receive strong contribution from the agricultural sectors and households. The Asia-Pacific segment is expected to benefit from factors such as rapid industrialization, strong demand for goods and services, and consumer awareness. The issuance of the sukuk, Islamic financial bonds compatible with sharia law by Islamic financial services and banks, is expected to lead to the conquest of the microfinance market.

The key drivers are the rising inequalities in wealth distribution and the number of unbanked people. Number of billionaires’ wealth should be equal to the wealth of the bottom 50% of the population, however, there is a wide wealth gap in the countries like South Africa (68%), China (73%), India (77%), etc.

They also provide services such as micro-insurance products, savings accounts, financial literacy, etc. Loans are charged at a lower interest rate. Microfinance operations are popular in developing countries such as India, Indonesia, Uganda, Serbia, etc. The World Bank estimates that over 500 million people have benefited from microfinance.

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MICROFINANCE MARKET DYNAMICS

• In microfinance, the market is classified based on the services offered, such as group and individual microcredit, insurance, leasing and more.

• The microcredit segment is the largest contributor to the microfinance market and is expected to deliver a high CAGR over the forecast period. However, COVID19 has impacted the microfinance market worldwide and is expected to grow slowly after the pandemic with government support.

• The geographic segmentation of the microfinance market is North America, Europe, Asia and the Pacific and the rest of the world. The Asia-Pacific region has the largest global market share and higher growth rates thanks to continued research efforts in regions such as India, China, South Korea and Japan.

• India has the largest share of the Asia-Pacific segment with Bandhan Bank Ltd and the National Bank for Agriculture and Rural Development (NABARD) being the main players.

CONCLUSION

• The microfinance market is popular in developing countries, and India is one of the promising markets. Overall, the key growth of the global microfinance market depends on factors such as income and wealth inequality, people without banking, etc. Some companies expand their products and services to digital services and compete with the traditional banking system.

• For example, Bandhan Bank offers other banking products and services such as internet banking, EDCPOS terminals, distribution of third party insurance products, etc. Microfinance organizations have successfully benefited low income individuals and will continue to grow by adapting to technology.

COMPANIES PROFILED
• Bandhan Bank
• Grameen Bank
• BRAC Bank

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