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A new approach to helping the world's poor: Is it working or just making the rich even richer?
Microfinancing has been hailed as a breakthrough in combating
global poverty by giving small loans to impoverished people in the
hopes of transforming their lives. But one very profitable Mexican
lending program is now under intense scrutiny. NOW takes a close
look at Compartamos bank, which started as a nonprofit organization
lending small sums of money to poor indigenous Mexican women to
help them start their own businesses. Today, it's a for-profit bank
with more than 600,000 Mexican clients. Interviewing both grateful
loan recipients and vocal critics - like Nobel Prize-winning
microfinance pioneer Mohammed Yunus - NOW investigates if
Compartamos is truly serving the poor, or exploiting them.
NOW online will offer more information on the power and promise of
microloans in developing countries, including a web-exclusive
interview with billionaire venture capitalist Vinod Khosla.