July 28, 2008: 03:45 AM EST
NEW YORK (Associated Press)
When Nobel Peace Prize winner Muhammad Yunus began making $27 loans to women in Bangladesh three decades ago, he never dreamed of initial public offerings, return on equity and securitization. Those terms weigh heavily on his mind today, as the once-charitable field of microfinance has become increasingly commercialized.
"Poor people should not be considered an opportunity to make yourself rich," Yunus said by phone from Bali, Indonesia, where he is attending a microcredit conference, which opened Monday.
3 comments:
Profitting from the poor is unethical business, unfortunately the rate at which microfinance leaders of today emphasize on microfinance could have a negative effect on the future of the indusryy in the developing world. Its becoming a rich man eat poor man society.
Microfinance can do better than this.
Mzee Njoroge
What happened to the poor we used to sing about inmicro lending? Microfinance are just not different form the mainstream banks. We've lost it. These are capitalists of the worst order - but disguising themselves as poverty fighters. Kwendeni huko wakora and nyie wahuni.
Jest
Mohammed Yunus - remains the only visionary who knew what he wanted. Thanks Yunus
Post a Comment