Financial News | Microlending |

The Smart Campaign Launches MF Library

The Smart Campaign is a global initiative to unite microfinance leaders around a common goal: to keep clients as the driving force of the industry. Last week it announced the launch of a client education resource library. A group within its task force has compiled a comprehensive list of client education materials that are in use in contemporary MF Industry. The resources come from a diverse group of regions and institutions and include a wide range of mediums (for example brochures, post cards, capsules, videos and cartoons). The library is still in development and will continue to expand in the next months.
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Profile: Vision Microfinance

Microfinance projects and financial inclusion strategies are flourishing around the world. Vision Microfinance is one of them. This institution launched its first microfinance fund in 2006. A second fund was established four years later. The company believes that “by investing in microfinance you too can help others to help themselves in a meaningful and sustainable way” and has helped almost one million people. Its focus is on emerging markets in Latin America, Eastern Europe and Asia and is managed by the Austrian firm Absolute Portfolio Management GmbH. The core of its activities is “To invest and to do good”.

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Usurious Interest Rates in México

A note published by Forbes assures that Banco Azteca, a member of Mexican Grupo Elektra, “makes his billions by charging the poor usurious interest rates”. The note asserts that in Mexico credit cards are “outrageously expensive”. BanCoppel has the highest rate (88%). Azteca does not report its data but grows at a fast rate. Authorities of Condusef, the consumer protection agency for financial services users believe that’s ok: “There is no more expensive money than money that isn’t there.” said its spokesman Marco Carrera.

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Hillary Clinton Backs Dr. Yunus

Hillary Clinton, US Secretary of State has publicly backed Dr. Muhammad Yunus, the founder of modern microcredit in Bangladesh. He urged local authorities not to undermine the independence of Grameen Bank. “I don’t want anything that would in any way undermine what has been a tremendous model” she said after a meeting with Yunus last Sunday. Last year Dr. Yunus was removed as head of Grameen by Bangladesh Central Bank.

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1 in 3 Adults Saved Money in 2011

According to a new study by Gallup and the World Bank, 30% of the world’s adults reported saving or setting aside money last year. The study found that there are marked differences in how adults save. Men, adults with high income and those with more education reported having saved at a bank, credit union or microfinance institution. Worldwide 12% adults save money using methods other than a formal account, including informal savings clubs. 29% of all savers worldwide use alternative methods such as saving money at home or in commodities, for example livestock and gold. Some of them may resort to risky measures such as putting money under the mattress.

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