Alex Counts is president, CEO and founder of Grameen Foundation, and author of several books, including Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World.
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At Grameen Foundation, our goal is to spur innovation in the global movement to eliminate extreme poverty. Part of that work is to develop better solutions and share them with people like you.
On GF Insights, we share lessons learned from our leaders in the field, news about efforts to expand access to financial and information services for the poor, and how poverty-focused organizations are using data to improve the way they work.
Estelle Martinson is a Bankers without Borders® (BwB) volunteer who recently returned from a project in the Philippines. A Six Sigma Black Belt, Estelle began her career working as a business analyst in information technology, and is currently a credit risk manager at Standard Bank, where she has worked for 10 years. She also has experience in the fields of disability, computer literacy, adult education and community development.
As I sat sipping some lemongrass tea, one of the many gifts I brought back home with me from my trip to the Philippines, I reflected on the series of events that led me there, and what the experience meant to me.
On the plane, someone asked me, “What motivated you to go?” That was pretty easy to answer. I am a banker, and the vision of microfinance – a world without poverty – is something I support passionately, so I grabbed the opportunity to get involved with an organization working in microfinance when it presented itself.
My interest in microfinance started when I was exposed to Grameen Bank’s work during a leadership training session at my organization. I expressed my interest in microfinance to a friend who, three years later, e-mailed me a volunteer project, saying, “This is really you – have a look at it and see if you’re interested.” Of course I was interested!
[caption id="attachment_2290" align="aligncenter" width="300"] BwB volunteer Estelle Martinson (second from right) rides by water back to town after visiting one of RSPI's 25 branch offices with staff members (from left) Alice, Paul and Jeannette.[/caption]
I joined BwB and signed up for a project with Rangtay sa Pagrang-ay, Inc. (RSPI), a 25-branch microfinance organization that has been operating in the Philippines for the past 25 years, to train their research department in reviewing operations through “process mapping.”
Todd Bernhardt is Director of Marketing and Communications at Grameen Foundation.
As you might have read in the news this week, the Bangladeshi government seems to be moving into the end game in its longtime effort to take over Grameen Bank, a move that has been widely criticized within Bangladesh and around the world. To briefly summarize, the cabinet – presided over by Prime Minister Sheik Hasina – voted on Thursday to amend the Grameen Bank Ordinance of 1983, effectively removing the Board of Directors’ right to choose the Bank’s Managing Director, and vesting that power instead in the Board’s government-appointed (and aligned) chairman.
Alex Counts is President and CEO of Grameen Foundation. He recently wrote this post on his own blog. We have included an excerpt below, followed by a link to the full post.
Ananya Mukkavilli is a Bankers without Borders® (BwB) volunteer who served as an institutional relations intern for Grameen Foundation's External Affairs team in 2012. She is a rising junior at Haverford College, majoring in political science, with a minor in economics. Ananya will spend the next academic year studying international relations at The London School of Economics and Political Science.
When I first learned about microfinance, I was a freshman in high school in Bangkok, Thailand. Professor Muhammad Yunus, founder of Grameen Bank, had just won the coveted Nobel Peace Prize, and by happy coincidence I was representing Bangladesh in the Economic and Social Council of our Model United Nations Conference. The subject of microfinance could not be more relevant. I found the idea of microfinance revolutionary. It wasn’t about charity or donations; it was about giving people opportunities to economically sustain themselves, as part of an overall effort to address the ever-increasing global income gap. Cutting poverty in half by 2015 was a big part of the UN’s Millennium Development Goals, and the actors involved were always striving to look at bigger-picture, long-term solutions to poverty. Prof. Yunus had created an effective and simultaneously empowering means of doing just that.
[caption id="attachment_2263" align="aligncenter" width="300"] Bankers without Borders volunteer Ananya Mukkavilli, pictured here during a trip to Dubai's Old Town, discovered some essential truths about fighting poverty when she served as an intern at Grameen Foundation this summer.[/caption]
Having grown up in Vietnam, Thailand and India, I am no stranger to the realities of absolute poverty and the importance of “giving back” to one’s community. What drew me to the subject of microfinance was that it challenged the “us versus them” mentality that often differentiates givers from receivers. Microfinance opened my eyes to what is now a widely accepted idea of creating shared value among everyone.
But the more I have been exposed to microfinance and international development through my academic, cultural and extracurricular experiences, the more I have realized that there is not a one-size-fits-all solution to the problem of poverty. When the Andhra Pradesh crisis was unraveling in 2010, I saw for the first time how microfinance can fail when practitioners don’t put the poor at the center of their efforts. Working at Grameen Foundation this summer, I have seen the benefits of approaches to microfinance that innovate and cater to the needs of the poor, rather than those that follow a cookie-cutter, formulaic approach.