12:05 | [Comment From Hugh Allenn]
There is very little debate remaining about the importance of savings (especially for the poorest), but hardly any debate about how this should be done. The presumption seems to be that 'institutions' will somehow figure out how to do it, hand-in-hand with smart technology. But no-one seems to question whether or not the established players are properly configured to reach the bottom of the pyramid and, even if they do, to offer attractive returns.
In the light of the SHG revolution (and the emerging work of CARE, Oxfam, CRS, Plan and a myriad of local agencies in Africa, promoting community-managed approaches), is it not time to agree that this is something that the very poor might be able to do better and more profitably for themselves? Or are we going to be stuck with a self-serving industry perspective that somehow this is too risky, illegitimate, simple and irrelevant (or at least in need of regulation)? |
