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Transforming Microfinance
Makonen Getu
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eBook - ePub
Transforming Microfinance
Makonen Getu
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About This Book
A unique book which chronicles the revealing 'story' of microfinance, captures the rich diversity of the industry and explores the invaluablecontribution of the Christian faith to this vibrant and fast-growingmulti-billion dollar global business. Professor Sam Afrane, Provost, College of Art and Social Sciences, Kwame Nkrumah University of Science and Technology, Kumasi
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Christian MinistryENDNOTES
1 The term âcase studyâ is used in a very loose manner here.
2 There are many other small and big international CMFIs. Some of these include: Catholic Relief Services (CRS), Mennonite Development Associates (MEDA), Ecumenical Loan Church (ECLOF), endPoverty (formerly known as Enterprise Development International), and Mercy Corps.
3 These are associations formed among a core of participants who make regular, but not necessarily equal, contributions to a fund for an agreed period of time. Participants cannot withdraw more than what they have contributed at a given point. Savings are often made for anticipated expenses such as school fees.
4 This does not apply to HOPE as it engages in open evangelism and discipleship with its clients.
5 Matthew 25:35-40.
6 As it will be noted from the case studies, each CMFI in this book seems to have varying views and practices on this issue.
7 Sherman.
8 Of the 5 CMFIs, HOPE witnesses through both deed and word and openly proclaims the Gospel.
9 Ibid.
10 A study of an opportunity partner in Zimbabwe undertaken in late 1990s undertaken by Reed and Maphenduka showed that the income of the local church where clients were participating in a microfinance increased by 30%. See Reed and Maphenduka in Yamamori et al., 1996.
11 Roodman, p. 35.
12 Ibid., pp. 36-64.
13 AfDB 2006.
14 Although there was similarity in utilization as the focus was on infrastructure (roads, bridges, dams, etc.), there were differences in the way Marshall Aid to Western Europe and foreign aid to developing countries were designed and bore different results.
15 International Food Policy Research Institute (IFPRI), Green Revolution: Curse or Blessing, www.ifpri.org/pubs/ib/ib11.pdf
16 Amanda Briney, âHistory and development of the Green Revolutionâ, geography. about.com/od/âŠ/a/greenrevolution.htm
17 Ibid., CGAP 2003.
18 Mercy Corps, http://www.globalenvision.org/library/4/1051. See also Banerjee and Duflo 2011, pp. 160-61. A brief reference is made to the many politically motivated government sponsored credit schemes which ended up in the hands of the well-to-do and not being fully recovered â about 40% default. This phenomenon still goes on side by side with modern microfinance practices.
19 Roodman, p. 74.
20 Ibid.
21 As will be noted in sections 1:3 and 1:4, the industry has seen more and newer innovations during the last two decades. This section relates to the foundational innovations that made microfinance what it is today.
22 The members contributed 40% of the authorized capital. The Government of Bangladesh contributed another 40% while two state banks contributed 10% each.
23 Roodman, p. 83.
24 Kropp, W.E. 2002 and Isern 2007.
25 Ibid., pp. 84-87. SHGs are also used for channeling and administering other non-financial services related to health, education, water and energy.
26 Hugh Allen, 2002
27 Stuart Rutherford in Foreword to Hugh Allen.
28 Hugh Allen, 2002, pp. 1-9.
29 Camion and White, 1999; Moser and Reed, 1996.
30 Johnson and Rogaly, pp. 6-7.
31 Remenyi, J., Where credit is due: Income-generating programmes for the poor in developing countries. London: IT Publications, 1991.
32 Moser and Reed 1996. According to a study commissioned by the Consultative Group to Assist the Poor (CGAP), microfinance was able to attract about a total of $4 billion in foreign investment (debt and equity) by 2008. Reille and Forester, 2008.
33 CGAP is based in Washington D.C. as part of the World Bank Group and operates on an annual budget of $10 million advising member donor countries and setting standards and tools used by ...