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Originally Published at Financial Access
Jonathan Morduch, Professor of Public Policy and Economics at the NYU Robert F. Wagner School of Public Service, speaks with Timothy Ogden, in an in-depth three-part interview about the state of microfinance today. They review the current literature, discuss the challenges and opportunities facing the sector, discuss innovations and much much more.
Notes:
1. We Were Too Enamoured In The Chain of logic About ‘Small Money, Big Impact’ of Microfinance, we Ignored the Perspective of Poor. Improving livelihoods is only one of them. It remains an untested hypothesis.
2. Measuring Impact’s most critical parameter: Exposure to Risk. How effectively can the poor smoothen their lives through ups and downs.
3. All consumption loans in Microfinance Loans are not bad. A lot of Microcredit is used to pay school fees, buy clothes, etc but the notion of Consumption Loans is not overtly bad. Not having them is a real problem but it’s critical that we draw a line where does the right product mix of Consumption + Livelihood Loans lie.
4. Research Work, although focused specifically in a target area, attempts generalizations and thereby, toughens further interlinking of context.
Microfinance in 2010
2010 marks CGAP’s 15th anniversary, providing an opportunity to reflect on the state of microfinance today and CGAP’s role within it. Is microfinance a mature industry, or one still experiencing growing pains? Are the ripples of the financial crisis still spreading, and what new forces are shaping the direction of microfinance in years to come?
