Nobel-Prize winner Muhammad Yunus pioneered the concept of microfinance, making it a keyword in the credit and lending space. In its simplest form, microfinance entails providing credit to small business owners and entrepreneurs. Access to capital can be detrimental to such business owners who otherwise do not have the option to raise capital from traditional sources of finance. Without microfinance, it would be harder for them to access loans, insurance, and investments that can help them grow their business. In the developing world, microfinance becomes even more meaningful as it can play an important role in breaking the cycle of poverty, decreasing unemployment and improving economic productivity by giving a boost to small enterprises.