“The Seven Steps to Save the Soul of Microfinance”
Mr Larry Reed, Director, Microcredit Summit Campaign started the first session of the day by re-emphasizing the need to view Microfinance as a poverty alleviation tool and listed seven steps, which in his view were important for the future of microfinance:
- Recognize excellence: Recognizing that clients are the ones who are striving to get out of poverty and microfinance is merely a tool. He spoke of the need to learn from successes (best-case practices) in the sector.
- Be Transformative: Acknowledging that microfinance is only one tool to eradicate poverty and not the only tool, and needs to combine with other products meeting the clients’ needs.