Malkhaz Dzadzua
Microfinance, as an important part of global financial system, has been a subject of great attention especially in
the recent decades. This article examines the process of origin and development of modern microfinance industry,
its historical context and evolution to the present stage, its impact on the socio-economic life of developing and
emerging countries. The paper tries to answer the question: can today’s microfinance be a real and affordable
alternative of classical banking system for poor and low-income groups?
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