Quote of the day: Microsavings in NYT


Some of you might know Nicholas D. Kristof. Today he agrees with me that microsavings is the future. Not bad:

“Another approach is microsavings, helping poor people save money when banks aren’t interested in them. It’s becoming increasingly clear that the most powerful part of microfinance isn’t microlending but microsavings.

Microsavings programs, organized by CARE and other organizations, work to turn a consumption culture into a savings culture. The programs often keep household savings in the women’s names, to give mothers more say in spending decisions, and I’ve seen them work in Africa, Latin America and Asia. “

Read the entire article.