The Microfinance Gateway has published the outcomes of a virtual conference on “Understanding Multiple Borrowing and Avoiding Over-indebtedness among Clients”, organised by CGAP, MicroSave and the Institution for Financial Management and Research.
The Gateway explains that “while there are no easy answers, several insights did emerge from the nearly 700 comments posted during the conference.” These insights are summarised in a brief publication posted by the Gateway last week.
The document is succinct – totalling just three pages – and a quick analysis of the word count is highly revealing. The terms below appear with the following frequency.
Loan (credit, borrowing): 9 times
Payment (pay, repay, repayment): 6 times
Savings: 0 times
Insurance: 0 times
The Gateway requests that you “stay tuned if you want to learn more on the topic and where to find practical tips and resources from the experts.”
And if the conclusions of this conference are disappointing to some readers, it is perhaps our responsibility to participate in and help shape the direction of this conversation…it may be the time for a savings revolution.