Since the TV program about Muhammad Yunus, and how microfinance puts poor people in a really bad situation, was broadcasted on Norwegian national television some months ago (mentioned in my post here), the word has spread ALL over the net; in financial circles as well as in general fora… questions like: “has the media set out to take Yunus down from his ivory tower” has been put forward!
Again, this post is not to judge, but to remind you, what it means not to be connected to financial services. I have just returned from Nairobi and I have seen with my own eyes how the services MYC4 provides, can be a tipping point in the lives of the Borrowers. This was echoed by several of our Partners that are in constant contact with the Borrowers; “It has a direct impact on their living standards… it is a simple as that”!
Let it be crystal clear: terms in connection with a loan MUST be both fair AND transparent – and this is what MYC4 works to strengthen, day by day!!! Read more here about how we set “ability to repay” as THE most important element in providing our loans. This said, we think it is a good thing that microfinance, as a phenomenon, is not being looked upon as the “saviour” hence that microfinance now is being debated outside the industry.
The program about Yunus will be shown on national television in Denmark (DR1 @ 10pm CET)) in a couple of hours. Watch it here and let us know what you think.