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The author traveled the world, from Mexico to Mongolia, with Nigeria and Mozambique in between, working for several banks, agencies and institutions. He saw microfinance at all levels, from the first-world banks who called him in the night to hush up negative publicity, to the street vendors whose lives were sometimes transformed by microloans--but all too often were not. Because microcredit is largely unregulated and poorly understood by individual investors the potential for abuse is rampant. And seduced by the high pay-back rate of the loans, banks like DB and Citibank helped push the microfinance sector to bubble-like highs. The author describes his firsthand experiences of the result: rampant corruption, exorbitant interest rates, and microloans leading to fraud, child labor, and even suicide. Much of the book centers on the scandal he uncovered involving the corrupt Nigerian nonprofit LAPO and its dealings with industry darlings Kiva and Triple Jump. Microfinance can work--the author had direct experience of this too, and lays out the conditions necessary for success. But he authoritatively debunks the myth that putting the poor of the world into debt is always a good idea.
Confessions of a Microfinance Heretic is essential reading for anyone interested in development economics, a disturbing and yet ultimately hopeful expose. <br>--John Perkins, New York Times bestselling author of Confessions of an Economic Hitman <br> This is a very important and courageous book. Hugh Sinclair tells a gripping story of idealism, naivete, callousness, greed, and corruption in the microfinance industry to show how it has been overrun by a new breed of loan sharks who make us believe they are helping the poor when they are actually exploiting them. This sobering tale should be a valuable guide to a reform program that will save what is still good in microfinance and help it make the contribution it can make without the absurd hype that has characterized the industry. <br>--Ha-Joon Chang, Reader in the Political Economy of Development, University of Cambridge, and author of Bad Samaritans and 23 Things They Don't Tell You About Capitalism <br> An intriguing book that cuts to the core of microfinance. If you are looking to understand and invest in effective microfinance, this book provides an overview and helps you select the vehicle that suits your needs. Good microfinance is undoubtedly possible...structure, dedication, and full transparency is the way forward. <br>--Mads Kjaer and Tim Vang, cofounders, MYC4.com <br> In often shocking but sometimes hilarious detail, Sinclair describes how he was sucked into the global feeding frenzy created by the microfinance industry's determined search for profit, and he angrily exposes how microfinance ended up destroying the lives of the very people it was supposed to be helping. For anyone who still labors under the illusion that microfinance is all about helping the poor, Sinclair's passionate, lively, and eye-opening expose of the inner workings of the microfinance industry is an absolute must-read. <br>--Milford Bateman, freelance consultant, Visiting Professor of Economics, University of Jurajl
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