Comments on: Michael Schlein: Everyone has a role to play in FI2020 http://cfi-blog.org/2013/10/31/michael-schlein-everyone-has-a-role-to-play-in-fi2020/ Fri, 12 Sep 2014 16:16:32 +0000 hourly 1 http://wordpress.com/ By: Hugh Sinclair http://cfi-blog.org/2013/10/31/michael-schlein-everyone-has-a-role-to-play-in-fi2020/#comment-23778 Thu, 21 Nov 2013 16:35:25 +0000 http://cfi-blog.org/?p=13069#comment-23778 I wonder what Mr Schlein thought of the recent downgrade of Grupo ACP, the main shareholder alongside Accion in Peru’s leading microfinance bank MiBanco? Surely this is a step backwards for financial inclusion? Also, given the focus on client protection in the microfinance sector, inlcuding transparent pricing, I wonder if it is about time to define “affordable” credit? It seems hard to distinguish between exploitatively priced credit and affordable credit without a definition. Mr Schlein is presumably aware of the controversy surrounding the interest rates charged by Accion’s investment company Compartamos, reported by David Roodman to reach rates approaching 200% per year?

If we are to make financial inclusion a reality for all, surely we need to do so from a transparent platform, and take note when major rating agencies such as Fitch downgrade major players such as Grupo ACP?

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