What is microfinance, you ask? In a nutshell, it is ‘banking for the unbankable’. Practically speaking, microfinance provides credit and banking services for those who do not have access to these amenities otherwise, whether it be because they lack collateral, credit history, proximity to a bank or some other reasons. It is a type of social business that has been made popular in the past few decades through the works of 2006 Nobel Peace Prize Winner, Muhammad Yunus, and the Grameen Bank. Their successful use of microcredit – small loans starting around $20 – with impoverished potential entrepreneurs in Bangladesh sparked this upward trend. In recent years, the field of microfinance has taken off at an unprecedented pace with a vast amount of microfinance institutions (MFIs) popping up throughout Asia, Africa, the Middle East, along with Central and South America.