Grameen Foundation : Resource Center : Print Newsletter : Fall 2007 : Diary from Morocco
Diary from Morocco
Vikram Gandhi, a GF Board Member, and his wife Meera Gandhi are loyal friends of Grameen Foundation. Here, Meera describes her recent trip to Morocco, where she got the chance to see microfinance in action.
This past June, I had the privilege of visiting FONDEP, a thriving Moroccan microfinance bank, whose client base has grown by nearly four times in the last two years! I witnessed how microcredit can truly empower a person with little or no means to realize a dream.
FONDEP benefits from exceptionally talented management and the on-the-ground operations are just as impressive. For example, staff visit clients on foot or by bike, rather than driving, to lower costs and increase efficiency. Also, the loan officers described their revolving client policy, which guards against bias in the loan grants or collection process. By far, the most compelling part of my experience was meeting borrowers of FONDEP. They were so proud of their ventures that they dropped what they were doing to energetically describe their businesses. One borrower used her loan of $800 to open her own tailoring shop. Microcredit enabled her to quadruple her client base in just one year, and she now employs an assistant. The positive effects of microfinance also went beyond the material. For example, one borrower admitted that she had originally opened her jewelry store to gain greater independence from her husband. However, since starting her business he has actually become more attentive and arrives at the store every evening to help her close up and walk her home.
One thing remained constant among all the conversations I had with these ambitious and resilient women: they all felt very secure in their current situation, and were confidently looking ahead to the future. Personally, I believe that women should honor their families and also pursue life-sustaining careers in an ever-expanding global economy. Microcredit can be the bridge between these two values for women across the world.
Grameen Foundation : Resource Center : Print Newsletter : Fall 2007 : Diary from Morocco
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
+1-202-628-3560 www.grameenfoundation.org
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