The microcredit 'universal financial inclusion' disaster that is South Africa appears to be coming to a head. Key investors are now pulling out because they find the sector and concept to have nothing to do with sustainable development and poverty reduction. In South Africa last week, Muhammad Yunus meekly criticised the spectacular profiteering he found, but he knows where his bread is buttered, and so, as usual, he has refused to take the matter any further; that is, to CGAP, ACCION, USAID, the World Economic Forum, and all the other hardliners who stand behind the horrendously damaging commercialisation of microfinance. Over-indebtedness is peaking and a Nicaragua-style scenario where the poor spontaneously refuse to repay their exploiters is an increasing possibility.
Milford
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