Finally, the lid is being lifted on the loan sharking business that has been masking itself as micro finance in Mexico and Nigeria. This has put large dollops of egg on the face of the Grameen Foundation and its Nobel Peace prize winning founder Muhammad Yunus. Both the Grameen Foundation and Deutsche Bank have invested in LAPO, knowingly investing in a fund which charges well over 100% interest on loans through which the lender keeps a portion of the loan. For the lead article in the New York Times on this, click here.
Africa is a Country joins Jacobin!
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