BANK FOR THE POOR

BANK FOR THE POOR

BANKING FOR THE POOR BANK FOR THE POOR PEOPLE

The bank for the poor is by definition any financial institution that has the objective and the role to lend to the poor population or the persons and households that are at the very low income level or even who have got income.

Banking for the poor is an expression that appeared some decades ago as some social financial institutions have realized that an urgent financing intervention has had to take place to help the very low income earners people.

The poor man's bank was called this why when microfinance first appeared in poor countries and helped the poorest to recover socially and financially by giving to this population access to microcredits (small funding facilities) so that they can establish their own business existence.

The bank for the poor is also existing in rich countries where for example in France banking for the poor consists of pawnbroking as it is managed by the state and in other countries, banking for the poor is purely taking the form of microfinance and other financial services for the poor such as:

  • Social welfare microcredit.

  • The bankless account for the poor.

  • The bankless payment card for the poor.