In recent years, and especially since Mohamad Yunus won the Nobel Prize in 2008, microcredit has become widely used on every continent. According to its proponents, it can reduce poverty levels for large numbers of people, particularly women. But there is a growing awareness that not only is microcredit not a panacea, in some cases investors are even making money off the backs of the poor, and indebtedness is growing.
At the same time, CED and social economy organizations in Canada and around the world are developing approaches that prioritizes the financial needs (credit, savings and insurance) of the poorest in our society while increasing their control over their own development. These approaches allow users to become members and owners of their institution. This webinar will present two mutuals, one in Guinea and one in Québec.
The Artisinal Fishers Savings and Loan Mutual of Guinea (MECREPAG) is an innovative financial institution that provides accessible credit to small-scale entrepreneurs from the savings of local residents, in a structure that is locally owned.
The Microfinance Mutual (Québec), a project of the Fonds d’emprunt Québec, was created by Bill 201 that Québec’s National Assembly adopted in December. The credit, savings and insurance mutual is the first of its kind in Canada.
- Emilio López: Consultant and Analyst, Fonds d’emprunt Québec
- Yvon Poirier: Chair, CCEDNet International Committee. Yvon has been extensively involved in international collaborations and recently spent a week with MECREPAG’s Director as part of a Uniterra-sponsored study tour.
- Watch the recording of the webinar
- Download the MECREPAG presentation (pdf)
- Download the Québec Microfinance Mutual presentation (pdf)
This session, part of the Canadian CED Network’s International Committee webinar series, is free thanks to a partnership with Uniterra
- Fonds d’emprunt Québec website
- Bill 201 passed by Québec's National Assembly
- Mutuelle de microfinance press release (in French)
- Media clippings on the Microfinance Mutual (in French)