Microfinance did not work for us, and I think I know why

We ran a small loan programme for four years. Repayment was 94 percent, which everyone told us was excellent. We closed it last year. The repayment number was hiding the thing that mattered. People were repaying on time by borrowing elsewhere. We were not growing businesses, we were moving debt around. I would rather say that publicly than let the 94 percent go on being quoted.