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Yunus Was Wrong — Savings, Not Credit, is a Human Right: Here’s How the Financial Inclusion Sector Can Shift its Focus
After playing a key role in the early development of the microfinance sector, Jeffrey Ashe went to Bosnia in the mid-1990s to consult on a new microfinance project. In those days, microcredit was widely viewed as a silver bullet that could end poverty, but while working in Bosnia, he learned that informal savings groups were already providing an effective alternative to formal loans in the local community. Ashe has spent the subsequent decades studying and supporting savings groups in countries around the world. He shares research that illuminates these groups' vast global impact, and argues that they could achieve far more if the financial inclusion sector supported them.
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