Microfinance is essentially social, but its expansion and evolution towards diversified financial services for those who are excluded from the conventional system has compelled it to develop new codes and practices to reinforce the message that its goal is people - particularly the poor.
If Herod the Great was a controversial figure of his time, 2,000 years on the controversy isn’t about his legacy; it’s about who holds the rights to excavate and preserve his artefacts.
Campaigners are seizing on a new internal audit of financial-market lending by the International Finance Corporation (IFC), the World Bank arm that engages in private sector investment, pointing to unusually stark criticism of the institution’s commitment to due diligence.
The International Finance Corporation (IFC), the World Bank Group arm that focuses on the private sector, announced Wednesday that it would be backing a new microfinance institution in Myanmar aimed at reaching 200,000 people by 2020.
When the International Year of Cooperatives (IYC) concluded last week, some of the overwhelming success stories highlighted at a two-day interactive session came both from developing and developed countries, including India, Brazil, China, Kenya, Rwanda, Ethiopia, Italy, France and the United States.
The migratory seeds of cooperatives were sown and first thrived in Europe, but have since adapted to the climate of nations worldwide.
Cooperatives may face an immense challenge in garnering broader public recognition among consumers, but when it comes to chasing growth, they haven’t held back.
The international rally to take the global cooperative movement to the next level is in full swing at the
International Summit of Cooperatives here, which kicked off on Monday.
Youth worldwide are facing limited job prospects in the traditional channels of employment, and in the midst of the job crunch, cooperatives are seeking ways to connect with this untapped pool of talent.
The banner year for the global cooperative movement is winding down into its last months, but its leaders have echoed a resounding message: cooperatives, a values-based business model, can usher a transition to a more socially responsible economy.
"We were used to losing, so a group of us said to ourselves: let's lose something here," said Carmen Caravallo, describing the start of a "bankomunal", a self-managed microfinance fund based on investment, in her rural community in eastern Venezuela.
After decades of grinding poverty under successive military dictatorships, Myanmar’s rice farmers have a chance at a better future through rural reforms ushered in by the country’s quasi-civilian government. Microfinance is at the root of it.
Laboni Vhoumik’s lingerie manufacturing unit in the Gopai village of Noakhali district, about 180 km outside the capital, is a forceful argument in favour of the Grameen Bank microcredit model that fosters female entrepreneurship and also relies on it.
For several decades, microcredit presented itself as a magical and benign financial tool for the poorest people in the world, who were otherwise completely excluded from conventional commercial banking services, to secure easy access to loans in order to set up their own businesses and live a dignified life.
In a country with a disastrous record for microfinancing, a religious organisation has done well enough to claim this year’s Ashden award for initiatives in providing loans to poor farmers.
At Gakoromone Market in Meru, in Kenya’s Eastern Province, Ruth Muriuki arrives in a pickup full of tomatoes and cabbages despite the scarcity of rainfall in the area, thanks to the greenhouse technology she uses on her farm – and microcredit.
Occupy activists from Wall Street to San Francisco's financial district have dramatised their anger with big financial institutions by blocking JP Morgan Chase Bank doorways, dancing atop Wells Fargo counters, pitching a tent in a Bank of America lobby, hanging banners across Citibank windows, and accompanying the actions with the now-familiar chant "Banks got bailed out, we got sold out."
Amateurism, high prices, mismanagement, and a limited product range have discouraged Inderjeet Rajcoomarsingh, the former chairman of the Mauritius Agricultural Cooperative Federation, from shopping at cooperative stores.
Thomas Dlakama has experienced what he calls "January disease" all his working life. This phenomenon afflicts millions in Zimbabwe, and its symptoms include an empty purse, rising blood pressure among irascible breadwinners, and a general inexplicable hope of manna from heaven.
While the Swazi economy is teetering on the brink of collapse, the government is banking on the future by providing funds to help young people set up businesses.
On an elegant veranda adorned with a red carpet, Malawi's Vice President Joyce Banda recalls how her childhood friend Chrissie Mtokoma was always top of their class and how she struggled to beat her. But now decades later Banda is a likely contender for the country's presidency in 2014, while Mtokoma lives in poverty.