Archive · Business Recorder
The business of staying small
A microfinance institution can double its loan portfolio, expand its borrower base and report another successful year without a single customer graduating into a larger, more productive enterprise. The institution has grown; whether its borrowers have progressed economically is another matter. It is a distinction that Pakistan’s financial inclusion debate has spent the better part of three decades avoiding. The industry’s performance is measured through outreach, disbursements, portfolio growth and repayment rates. These are legitimate indicators of financial intermediation. Yet none establish...
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