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Provision Of Services In The Financial Sector - Essay Example

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In the contemporary world, there is an enormous demand for microcredit services in all countries. The article "Provision Of Services In The Financial Sector" discusses the fact that most adults in the society do not use formal or even semi-formal financial services…

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Provision Of Services In The Financial Sector

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Subject: Finance & Accounting
Type: Essay
Level: Ph.D.
Pages: 1 (250 words)
Downloads: 3
Author: ilang

Extract of sample "Provision Of Services In The Financial Sector"

Provision Of Services In The Financial SectorIn the contemporary world, there is an enormous demand for microcredit services in all countries. These services are offered by the microfinance institutions. According to the article, it is quite clear that the number of microcredit borrowers has significantly increased globally (Dommel 2). Research asserts that the growth in demand of the microfinance services is projected at approximately 28%. In addition, domestic savings are also considered as a key source of financing in the society.

This article will provide a general opinion regarding the power point presentation on the United States capital development fund building inclusive financial sectors. This article points out that most adults in the society do not use formal or even semi-formal financial services (Dommel 5). Most of these adults are located in Asia, Latin America and Africa. The mobile phone device is also changing the provision of services in the financial sector. The cell phones are regarded as cost effective.

The improvement in the technological sector has enabled the use of cell phones in the financial sector. The poor individuals in the society manage a wide range of financial instruments. In most cases, the microfinance sector have several requirements including insurance coverage, loans for emergency needs, pensions and microenterprise loans among others (Dommel 13). The financial sector should address the constrictions entailed in the financial service providers in order to reduce the poverty rates in most regions.

This is because most individuals will be supported to invest and also save their money for future use. For instance, the financial service providers should be able to increase access to remittances in the rural areas. They should also consider providing enhancing savings groups and increasing branchless banking. Work CitedDommel, Henri. UN Capital Development Fund: Building Inclusive Financial Sectors. New York: United Nations Press, 2012. Print.

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