How Microfinance Is Used – First World Application

Costco is glorious. I remember as a kid sitting in the cart and getting piled in massive boxes as my mom stocked up for the pleasure of having us kids running around all summer free from the prison that is school. Otter pops and bagel bites for days. Costco is often dubbed the “$200 dollar store” because […]

Why I Am Leaving Uganda (Part 2)

Leaving anything is difficult as there are many memories and relationships that have been made along the way. Stepping away from Uganda is no different but what helps the most is the road that lies ahead. Coming to 31 Bits was still the right decision even though is has been a very difficult time for a […]

Money Lending and Why People Borrow From the Mafia

By now most people are familiar with the outrageous interest rates money lenders charge the poor. In rural Pakistan the average interest rate was 78% even though the default rate was only 2%. In Chennai, India a working capital loan had an interest payment of 4.69% per day. To put that in perspective, a $5 […]

Microfinance in a Social Business

The greatest difficulty in opening banking services to the poor is the lack of information. The poor live on the margins of society and are absent from documented processes. The low volume of money they both earn and spend make it difficult for any type of financial history to be created for them.  Group lending […]