The Metamorphosis of Micro-Lending
When Bangladeshi national and economics professor, Mohammed Yunus, introduced the concept of microlending over 40 years ago, the idea was to uplift village artisans who were hamstrung by poverty despite their skill.
In those days, basket weavers in their homeland were considered poor credit risks and, thus, were forced to borrow money at high-interest rates to be able to purchase bamboo. In the end, they made no profit after repaying moneylenders.
