Some of you might be interested in my invited piece for The Guardian looking at the disaster in South Africa that is microcredit and the cautionary tale of blindly pursuing 'financial inclusion'. The bulk of the current damage is NOT being inflicted by payday lenders, as some analysts mistakenly continue to suggest (though Wonga and others are operating in SA and making things worse), but by the mainstream banks that jumped into unsecured lending with the fullest possible support of the international donor community because their move was promoting the all-important mantra of 'financial inclusion'.
Milford Bateman
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