Question:
What is the difference between bank and microfinance?
Banking system:
This is a group of institutions whose goal is to provide financial banking services to people. They provide money transfer, deposits, withdrawal, and lending services. Such institutions include commercial banks, investment banks or even microfinance institutions.
Answer and Explanation:1
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A microfinance institution offer loans with little to no asset to the clients while in a bank one has to have collateral to receive a loan.
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Banking Systems | Overview, Forms & Types
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Chapter 11/ Lesson 11
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Learn to define banking and the banking system. Learn to describe the components and types of the banking system. Discover the types of commercial banks.
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