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Village banking is a microcredit and saving methodology whereby financial services are administered locally in a community bank rather than in a centralized commercial bank. Village banking has its roots in ancient cultures and was most recently adopted for use by micro-finance institutions (MFIs) as a way to control costs.
Community banking is a form of empowerment-based economics which falls under the larger umbrella of micro-finance.Micro-finance as a whole is focused on the entrepreneurship of individuals, generally with a goal of lifting low-income or disadvantaged groups out of poverty and providing the means for them to prosper. [3]
Solidarity lending involves collateral-free loans through solidarity groups and village organizations like this one in Bangladesh.. Solidarity lending is a lending practice where small groups borrow collectively and group members encourage one another to repay.
FINCA International is a non-profit, microfinance organization, founded by John Hatch in 1984. FINCA is the innovator of the village banking methodology in microcredit and is widely regarded as one of the pioneers of modern-day microfinance.
Grameen Bank is Bengali for "Rural" or "Village" Bank. [12] He began a research project, together with a national commercial bank and the University of Chittagong, extending microcredit to test his method for providing credit and banking services to the rural poor. In 1976, the village of Jobra became the first to be served by the project.
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A Revolving Loan Fund (RLF) is a source of money from which loans are made for multiple small business development projects. Revolving loan funds share many characteristics with microcredit, micro-enterprise, and village banking, namely providing loans to persons or groups of people that do not qualify for traditional financial services or are otherwise viewed as being high risk. [1]
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