Whenever you complain about your 'hole in the wall' being out of cash, think about this event told us last night at our Microfinance without Borders course by Sadrudin Akbarali, of the Aga Khan Agency for Microfinance (AKAM). He started microfinance in Tajikisthan in 1995 when the only sign of entrepreneurship he could find was one woman with a stall selling random items.
Sadrudin told us about a person who walked 200 kilometers over the mountains to the branch he opened in 2000 to get a loan. With inflation at 20% the poor person would have lost some of the value of the money by the time he returned. Happily today there are 30,000 borrowers of micro loans in Tajikisthan and many more branches of the Microfinance Bank that the Aga Khan Agency for Microfinance has set up.
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