Microfinance is put forward by developed country governments and aid recipients alike as a way of fostering economic growth in the developing world without create a culture of dependency. Poor people (though it is not claimed to work for the very poorest) take out small loans without security in order to help them start up economic activity. The loan must be repaid.
So it is particularly ironic, not to mention painful, to hear about the impact on microfinance activity and clients of a global economic crisis derived from a financial system crisis.
While here in Dushanbe I have had tremendous help from Humo, a major microfinance institution in Tajikistan, in finding stories of people impacted by the crisis. I took the opportunity this week to interview Humo’s Director General, Mavsuda Vaisova, about Humo’s work and about how their clients have been affected by global economic events over the last few years. The videos of the interview are here, in three parts:
Part 1
Part 2:
Part 3:
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