, Jan. 15, 2013 /PRNewswire/ -- In the latest issue of
Nobel laureate and microfinance pioneer
expressed frustration that microfinance is not always applied appropriately. "For us, the idea of microfinance stemmed from the fact we wanted to fight loan sharks, but some of these microfinance organizations took the idea and became loan sharks themselves," he told editor
in an exclusive interview.
Yunus is gratified to see the microfinance concept spread across the globe, but reiterates that the key point of microfinance is to help people build a way out of poverty. It should not be "a way to make money out of poor people," he stated.
Agreeing that certain microfinance organizations have made the social objectives of their activity subservient to financial ends, Schwartz noted that, "In some cases this has resulted in tragic consequences for the communities involved."
Yunus does not discourage foundations from engaging in microfinance, but believes microfinance should not be dependent in the long-term on donor finance. He said, "Why should Grameen Bank have to go and beg money from a foundation? The bank makes money and the money goes back as a dividend to the poor."
The complete story is available in the print edition and at the newly launched,
, which highlights multimedia offerings and provides daily online-only content.
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