More on Microlending

April 6, 2011

I’ve written about microlending before:

because I believe it is a tremendously empowering concept.

That’s why a story like the one in yesterday’s Globe and Mail is particularly upsetting to me. “Nobel laureate loses final appeal to keep job at Grameen microlending bank.”

Here’s a quote from the article which describes Muhammad Yunus as a pioneer of the concept of microlending, now dismissed from his role as managing director:
“Mr. Yunus has said the dismissal was illegal and alleged that the government was trying to take control of his bank, which pioneered the practice of giving tiny loans to alleviate poverty. His work spurred a boom in such lending across the developing world, earning him and the bank the 2006 Nobel Peace Prize..”

Note that other publications are writing about this as well “US and France lament exit of Grameen’s Muhammad Yunus”:

One has to wonder why the Bangladeshi government would want to take this position. Some reasons are given in the articles, but if those reasons are not valid, then the consolation is that hopefully, in this era where, through transparency and the flow of information, more and more people will up find ways to get to the truth and navigate around this kind of centralized control.

After all, decentralization is what microlending (and social media) is all about.