MicroCapital: Muhammad Yunus, the microfinance pioneer and winner of the Nobel Prize for founding the Grameen Bank, spoke out against the growing trend of commercial microfinance.
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BusinessWeek: In an effort to head off a potential crisis in the fast-expanding microfinance industry, its leaders are adopting global truth-in-lending standards and creating a system for comparing loan terms offered by competing lenders. To manage the effort, a new self-monitoring organization, MicroFinance Transparency, is being set up as the industry’s policeman.
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Forbes: Muhammad Yunus, lender to the very poor and winner of the 2006 Nobel Peace Prize, thinks traditional bankers could learn from his business model. Consider: for all their fee income and credit analysis, they’re the ones having the financial crisis.
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Reuters: Lenders to the world’s poor should disclose how much they charge their borrowers, a global network of microcredit agencies said on Monday, urging more transparency and greater protection of the poor.
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MFTransparency was launched on July 28, 2008 at the Asia Pacific Microcredit Summit Council of Practitioners in Bali, Indonesia. View the launch presentation here.
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Lancaster Newspapers: In the United States, the cost of borrowing money is stated clearly and consistently, thanks to federal law. The Truth in Lending Act requires lenders to tell customers the annual percentage rate they would pay, so customers can easily shop for the best deal. But in developing countries, it’s truly a different world.
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