Recently stunned by $300+M IPO of a microfinance institution in India.
Mo Yunus says of the recent exits of MFI institutions (which has been happening in India and Mexico): "It’s not mission drift. It’s endangering the whole mission."
I too am wary of a confused organization that is trying to have a "double bottom line" impact but only pays employees and investors with one of those bottom lines. What if you got a promotion and you were rewarded in "more goodwill" with no pay raise? I think it would be weird.
It reminds me of communist slogans about equality when all the bureaucrats really meant was "equality of no opportunity for you, but lots of money for me". I am highly skeptical of "idealistic" companies.
The biggest risk here is taking public money to invest, with quite possibly lax financial controls (at least relative to pure banking institutions), moreover having these for-profit institutions push loans on poor people quite like what happened with subprime lending in the US.
This RPCV is not a buyer.
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