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  • Arnaud Ventura, président et ci-fondateur du groupe PlaNet Finance

07.04.2011

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La Rédaction

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Arnaud Ventura: Muhammad Yunus' removal was a political maneuver

Source : Youphil.com

According to Arnaud Ventura, cofounder of PlaNet Finance, the dismissal of Muhammad Yunus from Grameen Bank was a political maneuver, as described in his article on Youphil.com. Ventura believes that Grameen Bank is now at risk of being used by the Bangladeshi government as a tool to keep them in power.
"In many countries, politicians create their own microfinance programs. In reality these subsidized lending programs are meant to encourage clients to keep the politicians in office," says Ventura. "This is done by granting loans." The Bangladeshi government, a minority shareholder of Grameen, did not create this institution, but with Yunus pushed aside, will now have free rein to take control of it, according to Ventura.

He adds that politicians are often tempted to promise borrowers that they will not have to pay back their loans. "While these electoral promises may help some people get elected, they ruin the hard work of hundreds of small microfinance banks that will inevitably fall apart once the elections are over, as clients stop paying back their loans."
Ventura says that three billion people worldwide do not have access to banking services. He believes that government authorities should regulate and support the development of the microfinance sector instead of interfering with how microfinance is run.
Nevertheless, the PlaNet Finance Vice-President remains optimistic about the future for microfinance. Ventura says, "Despite the political interference that might limit its growth, microfinance's calling is to develop in the coming years."

Translation: Catherine Jan

This article is part of the special report: