The microfinance has evolved and developed in line with different growth patterns and paths in various countries and regions. According to Brown (2011), savings and credit groups that have operated for centuries include the "susus" of Ghana, "chit funds" in India, "tandas" in Mexico, "arisan" in Indonesia, "cheetu" in Sri Lanka, "tontines" in West Africa, and "pasanaku" in Bolivia, as well as numerous savings clubs and burial societies found all over the world. He also argue that the formal credit and savings institutions for the poor have also been around for decades, providing customers who were traditionally neglected by commercial banks access to financial services through cooperatives and development finance institutions.
The microfinance has evolved and developed in line with different growth patterns and paths in various countries and regions. According to Brown (2011), savings and credit groups that have operated for centuries include the "susus" of Ghana, "chit funds" in India, "tandas" in Mexico, "arisan" in Indonesia, "cheetu" in Sri Lanka, "tontines" in West Africa, and "pasanaku" in Bolivia, as well as numerous savings clubs and burial societies found all over the world. He also argue that the formal credit and savings institutions for the poor have also been around for decades, providing customers who were traditionally neglected by commercial banks access to financial services through cooperatives and development finance institutions.
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