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“[T]he promoters of micro-credits promise to deliver us from poverty and emancipate women. In fact, it is the opposite that happens: we find ourselves trapped in a spiral of over indebtedness, launching infeasible micro-projects that, instead of keeping our heads above water, push us deeper into poverty, stress, humiliation and violence. We are at the end of our tether!

This is part of a declaration recently issued by women from fourteen countries, gathered in a meeting of African activists in Bamako, Mali, in November. Read the rest of this entry »

Two leaders of protests against microfinance institutions in Morocco have been sentenced to one year of prison each. In addition, they are to pay fines amounting to nearly 5,000 US Dollars, a judge ruled in Ouarzazate on 11 February. The defence complained about a number of irregularities during the trial.

Amina Morad and Benacer Ismaïni, activists of the Association for Defending Victims of microcredit in Ouarzazate, were given ten days to submit appeals to the court. The two activists had earlier been found not guilty in a previous trial, but were taken to court again by INMAA, a microfinance association linked to PlaNet Finance.

Read the rest of this entry »

Update (8.1.2014): The court case against the Moroccan anti-microcredit activists is postponed again until 28 January 2014, because a new judge is being sent from the capital, Rabat.

Update (18.12.2013): The verdict was postponed yesterday until 6 January 2014, due to nine prosecution witnesses not showing up. A demonstration was held in front of the courthouse.

A woman and a man who led protests against microfinance institutions in Morocco are on trial. They risk of five years prison sentence without a chance of parole.

Amina Mourad and Benasser Ismaili, this communiqué (via ATTAC Morocco) reports, are leaders of the Association de Protection Populaire pour le Développement Social, an organisation of roughly 4,500 women who have been rallying against the policies, practices and interest rates of MFIs in Morocco since 2011. Four MFIs took Mourad and and Ismaili to court on counts of libel and threats. After the activists were found “not guilty” in the first instance, a new organisation backed by Planet Finance went into appeal, threatening them again with imprisonment. The verdict is expected on 17 December at the courthouse of the desert city Ouarzazate.

Morocco was the site of a microfinance crisis in 2008, caused by ever-larger loans to groups of borrowers, leading to 10 percent of clients not repaying (or not being able to repay) their loans by June 2009. The central bank estimated that 40 percent of borrowers had loans from more than one MFI just as the repayment crisis began (source). Even the always-positive ACCION Centre for Financial Inclusion admits that there is no effective client protection in Morocco: “Measures have been put in place to advance the adherence to the principles of client protection. While much has been achieved to date, there remains much more yet to be accomplished.”

The World Bank is a major backer of microfinance expansion in Morocco, hoping to show that microfinance markets can recover from the repayment crises they generate. The two largest MFIs in Morocco (Al Amana and FBPMC) earned a rate of profit of 45 and 28 percent, respectively, in the second quarter of this year (Mixmarket).

Jailing the protestors will certainly not improve the reputation of MFIs in Morocco, and may lead to violence. ATTAC have called upon the court to release the accused, asking for an international demonstration of solidarity via letters like this: Read the rest of this entry »

The Book

Governance across borders: transnational fields and transversal themes. Leonhard Dobusch, Philip Mader and Sigrid Quack (eds.), 2013, epubli publishers.
April 2018
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