The global institutionalization of microcredit

Aagaard, Peter

doi:10.1111/j.1748-5991.2011.01111.x

Cited by 9 publications

(5 citation statements)

References 26 publications

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“…Structural adjustment, backlash, and the turn to the local: Explaining the rise of microfinance This chapter examines the rise and adoption of microfinance in the 1990s. The rise of microfinance has been widely discussed globally and in different contexts, with a number of authors emphasising the role of the World Bank and USAID, as well as a number of key NGOs and microfinance evangelists, in promoting the rise of microfinance globally and in different contexts (see Bateman 2017;Dalgic 2007;Aagard 2011;Mader 2015). Here I argue that the vogue for microfinance in the 1990s was a reflection of efforts to grapple with the failures of early rounds of neoliberal reforms within the confines on the wider patterns of uneven development mapped in this book.…”

Section: Marketising Shelter Financementioning

confidence: 99%

A Critical History of Poverty Finance

Bernards¹

2022

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Section: Marketising Shelter Financementioning

confidence: 99%

A Critical History of Poverty Finance

Bernards¹

2022

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“…Calling for more mutability: Socio-economic versus financial concerns Due to financialization, after 2000 microlending's goal of profit-making overtook its goal of poverty alleviation (Roy, 2010). One of the most prominent signals was the extremely profitable stock offering (IPO) of the Mexican MFI 'Compartamos' in 2007, featuring in the international media (Aagaard, 2011;Quayes, 2012;Worthen, 2012). Although this had been preceded by other initial public offerings, for instance the BRI IPO (Indonesia, in 2003), and the Equity Bank IPO (Ghana, in 2006) (Mader, 2014), the Mexican IPO caught global attention due to its intensity and the size of its profits, and triggered an overwhelming interest from financiers in microfinance.…”

Section: Imposing Mobility: Financialization and Standardizationmentioning

confidence: 99%

“…First, the original socio-economic ambitions were juxtaposed with commercial goals with a stronger focus on business interests and gains (Brière and Szafarz, 2015; Cull et al, 2009; Hermes and Lensink, 2011; Krauss and Walter, 2009; Morduch, 2000; Weber, 2004). Second, financialization called for more consistency at the global level, through a more uniform calculative practice (Aagaard, 2011; Aitken, 2013; Canales, 2011; Copestake, 2007; Henriksen, 2013; Marconatto et al, 2016). Organizations such as the World Bank took far-reaching initiatives to standardize definitions, rules and practices of what now became labelled as ‘microfinance’.…”

Section: Microlending’s Issue Trajectory: the Bringing To Presence Of...mentioning

confidence: 99%

The social vs. commercial ‘Dingpolitik’ of microlending: Mapping the glocal issue trajectory of a ‘messy object’

Lagendijk¹,

Simons²

2022

Environment and Planning C: Politics and Space

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Microlending (microcredit and microcredit) presents a complex, ‘glocal’ phenomenon meeting social concerns (poverty and community development) versus commercial interests, manifesting a myriad of practices and trends worldwide. This paper elaborates the concept of ‘issue trajectory’, enhanced by topological thinking, to understand the becoming of microlending and to consider possibilities for change. The issue trajectory maps microlending’s proliferation and divergence between 1980 and 2015, using an analytical lens drawing on a combination of the topological dimensions of mutability and mobility and Latour’s Dingpolitik. Using this lens, the study reveals how the continual grounding and proliferation of practices of microlending meet global drives towards standardization and financialization, and how this results in ‘problematization gaps’ between social and commercial aims. Through adaptation as well as confrontation, these gaps bend microlending’s issue trajectory towards new political modalities and publics, and potentially new forms of territorialization.

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“…This makes it possible for poor people to be self-employed and self-sustaining by buying seeds, tools and equipment, or starting a small chicken farm, for example. Instead of giving support and/or grants, the idea is to use the skills and initiative of poor people to change the circumstances of their lives [26,27]. Similarly, beneficiaries who are already in business are able to use loans to expand their existing businesses, which could lead to improvement in living conditions [25].…”

Section: Concise Review Of Literaturementioning

confidence: 99%

Challenges and Prospects of Sustaining Donor-Funded Projects in Rural Cameroon

Muluh¹,

Kimengsi

Azibo

2019

Sustainability

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For more than five decades, developing countries (including Cameroon) have been primary beneficiaries of donor-funded projects targeting many sectors, including agriculture and rural development. Cameroon’s rural landscape witnessed a series of project interventions which emphasized sustainability. Although research efforts have been directed towards understanding the planning, implementation and impacts of donor-funded projects, not enough scientific information exists on the determinants, challenges and prospects of sustaining donor-funded projects in rural communities in Cameroon. For this study, the Investment Fund for Communal and Agricultural Micro-projects (FIMAC I) scheme, was used to diagnose the determinants, challenges and prospects for sustaining development projects in the North West Region (NWR) of Cameroon. A representative sample of 150 beneficiaries drawn from 20 farming groups in the NWR was conducted, to generate data which was complemented by interviews. The binary logistic regression results reveal the following: Although there is a significant change in the level of incomes for the FIMAC I project beneficiaries, its sustainability (mirrored through continuity) is dependent upon a myriad of socio-economic factors including family size, length of stay in the community, gender, education and the status of the beneficiary. Furthermore, the less transparent loan application process and the lack of collateral security were the main challenges faced by project beneficiaries. We argue that the introduction of soft loans with minimal demands for collateral security could increase beneficiary participation in projects, while beneficiary groups should further diversify their sources of capital and productive activities. The study does not only contribute to existing theoretical constructs on sustainable rural development, but also makes a succinct request for future studies to unbundle the conditions, under which donor-funded projects are rendered sustainable in rural contexts.

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The global institutionalization of microcredit

Cited by 9 publications

References 26 publications

A Critical History of Poverty Finance

A Critical History of Poverty Finance

The social vs. commercial ‘Dingpolitik’ of microlending: Mapping the glocal issue trajectory of a ‘messy object’

Challenges and Prospects of Sustaining Donor-Funded Projects in Rural Cameroon

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