Creating Transparency in Microfinance
I just returned from a conference in Bali, Indonesia. The Asia-Pacific Regional Microcredit Summit, where I helped to launch a new initiative with Muhammad Yunus and others to create transparency in the field of microfinance.
50% of the microcredit movement signed an endorsement statement calling for transparency so that investors, donors and microentrepeneurs could more clearly see interest rates that programs charge and how it all works. The intention is to keep the focus of the movement on ending poverty and not making big profits at the expense of the very poor.
You can learn more about the initiative at www.microcreditsummit.org --
or at www.MFTransparency.org
It was some meeting. It was kicked off by the President of Indonesia and ended with a very heartfelt and personal speech by the former President of Peru, Alejandro Toledo. Did you know he grew up in extreme poverty, with 16 brothers and sisters and since the end of his presidency has become dedicated to the ethical expansion of microfinance in his country and around the world.
I would like to share a few photos here...
This was perhaps one of the most inspiring meetings I have ever attended. You may also read about what happened in the news clippings I have attached here...Professor Yunus was interviewed by the world's top financial media from all over the world.