As a person who saw the evolution of the Microfinance Industry in India over the last two decades, I can fully agree with Dr. Jeyaseelan’s thought-provoking views and the need for the “Purpose Centred Growth”. This provides very interesting reading and guidance for all the stakeholders towards facilitating a more meaningful microfinance industry in India that truly serves the bottom of the pyramid.
Scaling Up Micro Finance: What next?, by Dr. Jeyaseelan is a very rare treatise on the subject. The author, has narrated in the book, his ‘Hand in Hand ‘experience in the field—first as a Rural Banker, then as an NGO Executive. He has given a pointer to the future of Micro Finance through a top ten focus areas to achieve a “Purpose Centred Growth”. He had the rare honor of receiving an invitation from the then President Dr. A.P.J. Abdul Kalam, as a recognition of his good work. The new practitioners in the field of SHG—the Innovation that substituted Collateral and made millions of poor women across the world credit worthy, will find the book a boon.
Microfinance without client centricity is akin to worship without the heart or soul. Good microfinance should be a win-win for all stakeholders, more so for the clients. I fully endorse the “Purpose Centred Growth” approach prescribed by Dr. Jeyaseelan.
Dr. Jeyaseelan writes this book from the perspective of one who has seen the birth, development and explosive growth of microfinance in India. He has seen the good that microfinance, implemented responsibly, can deliver and the negative consequences of focusing solely on growth. His recommendations for purpose centred growth should have the serious attention of regulators, microfinance industry leaders, social impact investors, and development activists.
Drawing on Dr. Jeyaseelan’s extensive and varied microfinance experience, the book suggests a five-dimensional framework that can be customized and adopted by micro finance organizations in India. With the increasing emphasis on impact measurement in micro finance, this book will be of help to practitioners.
From its humble beginning micro-finance has come a long way in helping the poor households in starting and benefiting from micro-enterprises and supporting them in meeting consumption needs that are critical in meeting at least some minimum nutritional needs in difficult times. Arguably, it has contributed even more in empowering poor rural women. Dr. Jeyaseelan has seen this phenomenon very closely and has contributed in his own way in achieving these goals. His insights, therefore, are invaluable in the context of persisting poverty and food insecurity among rural households despite significant achievements made in the last four decades.
Built on solid experience and profound knowledge, this book elaborates on the potential of microfinance and related fields. It highlights the impact on inclusive growth and suggests a way forward, thus an essential book for everyone interested to lead a microfinance program.
This book gives a very thoughtful review of microfinance and valuable suggestions for the future. Important for all NGOs working with microfinance.
Dr. Jeyaseelan has devoted much of his working life to microfinance, in his work with Indian Bank and Hand in Hand. In this book, he summarizes what he has learned and his suggestions will be of great value in the future development of the field, particularly as regards the importance of savings as a service for poorer people as well as a source of funds for financial institutions, and the need for reduced government interference.
Dr. Jeyaseelan offers a practical list of structural reforms that will need to happen before the industry flourishes and provides real value for its low income and poor clients. A very thought-provoking book compiled on the back of three decades of experience of Dr. Jeyaseelan, this book is a must read for leaders who view microfinance as a poverty-alleviation tool. I remember Dr. Jeyaseelan, as one of the most thoughtful and action oriented leaders in the field. His book will benefit the readers definitely.