Reverting Mission Drift: A plead for Social Investors
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This is a guest post from Juan Arambarri, Director of Capace (www.capace.org.ar) Microfinance is financial services for the poorest which includes microcredit, micro savings and microinsurance. Back in 2006 at the Global Microcredit Summit, the microfinance sector set two goals by 2015 :1) reach 175 million of the world’s poorest families with microfinance and 2) help 100 million families lift themselves out of extreme poverty. By 2013, the microfinance community stated they have reached 114 million of people living in extreme poverty but they remarked that the number of poorest clients continue to fell for a third straight year. They said that growth in microfinance has been on those who live above U$1.90 a day. The microfinance community was going through the well referred “Mission Drift” as they were moving upwards in the economic level of their average clients. This opposes to the sector’s original goal of servicing the poorest families in the world.
Reverting Mission Drift: A plead for Social Investors
Reverting Mission Drift: A plead for Social…
Reverting Mission Drift: A plead for Social Investors
This is a guest post from Juan Arambarri, Director of Capace (www.capace.org.ar) Microfinance is financial services for the poorest which includes microcredit, micro savings and microinsurance. Back in 2006 at the Global Microcredit Summit, the microfinance sector set two goals by 2015 :1) reach 175 million of the world’s poorest families with microfinance and 2) help 100 million families lift themselves out of extreme poverty. By 2013, the microfinance community stated they have reached 114 million of people living in extreme poverty but they remarked that the number of poorest clients continue to fell for a third straight year. They said that growth in microfinance has been on those who live above U$1.90 a day. The microfinance community was going through the well referred “Mission Drift” as they were moving upwards in the economic level of their average clients. This opposes to the sector’s original goal of servicing the poorest families in the world.