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- W3125583221 abstract "This paper argues that in south Asia, like mainstream finance in North America and Europe, has lost its moral compass. Microfinance institutions have increasingly focused on financial performance and have neglected their declared social mission of poverty reduction and empowerment. Loan officers in field are under enormous pressure to achieve individual financial targets and now routinely mistreat clients, especially poor women. The values of neo-liberal mainstream finance in rich world have spread to microcredit in villages of Bangladesh and India. This situation is hidden from western publics who are fed lie of the magic of microfinance by their media, guided by needs and interests of mainstream finance seeking to provide some good news about financial sector as scandal after scandal unfold. Urgent action is needed, particularly from leaders of industry, to refocus their organisations and workforce on achieving both financial and social performance targets." @default.
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- W3125583221 date "2014-11-29" @default.
- W3125583221 modified "2023-09-23" @default.
- W3125583221 title "Has microfinance lost its moral compass" @default.
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