... of alternative financial institutions including microfinance institutions, community development finance institutions and revolving loan funds, we mean by development finance institutions state-owned ... deposit-taking institutions. For these reasons, they are all under banking regulations. Modern microfinance provide a range of services and products, such as credit products, saving products, ... microfinance programs are developing new credit and savings products specifically tailored to school expenses. The evidence on the effect of inclusive financial development in promoting universal...