{"id":639629,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/the-father-of-microfinance-finds-a-new-home-in-politics\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"the-father-of-microfinance-finds-a-new-home-in-politics","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/the-father-of-microfinance-finds-a-new-home-in-politics\/","title":{"rendered":"The father of microfinance finds a new home in politics"},"content":{"rendered":"

The fa<\/strong>ther o<\/strong>f microfinance is shaking up politics in Bangladesh.<\/strong> Muhammad Yunus \u2014 a familiar face to many Enterprise readers as the face and arguably founder of microfinance<\/a> \u2014 is now making headlines as Bangladesh\u2019s interim leader following protests that led to the resignation<\/a> of Prime Minister Sheikh Hasina. <\/p>\n

Yunus is a household name across the globe as the face of microfinance. <\/strong>Fans of Yunus \u2014 who refer to him as the banker of the poor \u2014 claim that his founding of the Grameen Bank in 1983 transformed the way that we approach development and opened up the way for people across the globe to lift themselves out of poverty. Many point to Yunus winning the Nobel Peace Prize in 2006 for making microfinance mainstream and spreading the idea across the globe \u2014 including here in Egypt.<\/p>\n

But what is microfinance exactly? <\/strong>Microfinance is about providing small loans \u2014 sometimes of only a few USD \u2014 and other financial services to people that don\u2019t have access to traditional banking. Supporters of microfinance claim that it helps individuals in low-income and underserved communities grow and start small businesses, better manage household finances, and deal with unforeseen circumstances, which in turn promotes economic development and tackles poverty.<\/p>\n

Yet Yunus\u2019s model faces criticism.<\/strong> Some argue that microfinance\u2019s high-interest rates can trap borrowers in debt, and research on the effectiveness of microcredit is mixed, suggesting it doesn't always have the desired effect. With private sector players also starting their own microfinance operations alongside NGOs and government-supported projects, critics claim that some microfinance providers are prioritizing profit over social impact.<\/p>\n

\n

\n

Apple\u2019s AI demonstration failed to inspire investors and comfort consumers.<\/strong> In case you missed it, a thirty minute presentation by the tech giant over the weekend showcased their Apple Intelligence tech, focusing on its applications to Siri, calendar, and emoji\u2019s successor, Genmoji. The company\u2019s stock price fluctuated wildly<\/a> during the demonstration, peaking when CEO Tim Cook mentioned AI for the first time. But interest dropped sharply after, and Apple shares closed the day with a 1.9% dip in stock price, settling at USD 193.12 at the end of the day.<\/p>\n

Lofty AI promises are the way to investors\u2019 hearts, and Apple chose to be practical.<\/strong> Apple has been the last of Silicon Valley\u2019s major players to hop onto the AI bandwagon, with this demonstration marking their largest effort to join in. This may have been awful timing on the company\u2019s part, with investors reportedly falling out of love with AI<\/a> investment, and Wall Street questioning whether or not the industry will ever be profitable. Instead of an AI takeover, Apple presented AI integration into its software, perhaps underwhelming bigwigs used to a more creative \u2014 and perhaps contrived \u2014 imaginations when it comes to the potential of AI use.<\/p>\n

Despite Apple\u2019s attempts to temper consumer concerns over AI, many were <\/strong>unconvinced. <\/strong>Recent studies have found that mentioning AI in marketing copy has been hurting sales<\/a>, pointing towards hostile consumer sentiment in the face of the growing industry. Earlier this year, Apple\u2019s iPad Pro commercial (watch, runtime: 1:08<\/a>) was testament to how Big Tech was failing to read the room \u2014 watchers saw the destruction of instruments, art, arcade games, and books to signal the maliciousness of AI and its intent to replace and\/or destroy human creativity.<\/p>\n

Privacy, please: <\/strong>Consumers don\u2019t trust tech companies with their data. It\u2019s no secret that AI is built<\/a> on scraping human data, work, and information from across the internet, typically without consent. Apple assured the audience that most of its AI operations will run \u201centirely on device,\u201d and that those that don\u2019t will store information on a \u201c private cloud computer<\/a>,\u201d ensuring that Apple servers will never keep \u2014 and more importantly, never share \u2014 data. Despite their promise to set new privacy standards<\/a> for AI and \u201capply this technology in a responsible way,\u201d according to Cook, users remain skeptical.<\/p>\n","protected":false},"excerpt":{"rendered":"

Muhammad Yunus won the Nobel Peace Prize in 2006 for his work in microfinance<\/p>\n","protected":false},"author":1,"featured_media":639630,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[633,638,311],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-639629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-enterprisepm","tag-for-your-commute","tag-microfinance","wpautop","entry"],"acf":{"mongo_id":"2f7fbe7e-bb70-4d04-95de-a54cb0ea00a0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/972.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[639624],"teaser":"Muhammad Yunus won the Nobel Peace Prize in 2006 for his work in microfinance","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.f8213bd9-80f8-49e8-9f11-d69433dd8e4a.mp3"},"yoast_head":"\nThe father of microfinance finds a new home in politics - 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The Egyptian Microfinance Union will be cooperating with the bank to provide technical support during the unit\u2019s launch, El Kady said. No additional details were\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600900,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/13\/egypts-fra-makes-insurance-mandatory-for-microfinance-provider\/","url_meta":{"origin":639629,"position":2},"title":"Egypt\u2019s FRA makes insurance mandatory for microfinance provider","author":"enterpriseam admin","date":"13 February 2019","format":false,"excerpt":"REGULATION WATCH- FRA makes insurance mandatory in micro- and SME finance: The Financial Regulatory Authority (FRA) is forcing microfinance and SME finance players to provide insurance coverage for their borrowers, the authority said in a statement (pdf). The contracts will pay out an amount equivalent to the loans in the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604384,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/02\/united-bank-considers-providing-online-options-for-microfinance-unit\/","url_meta":{"origin":639629,"position":3},"title":"United Bank considers providing online options for microfinance unit","author":"enterpriseam admin","date":"2 December 2018","format":false,"excerpt":"The United Bank of Egypt is considering offering funding to micro projects through its online banking tools, Vice President Nevine Kashmiry told Al Mal. The bank had announced its plans to launch a specialized microfinance unit by the end of the year back in August.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604872,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/16\/pharos-to-launch-egypt-microfinance-company\/","url_meta":{"origin":639629,"position":4},"title":"Pharos to launch Egypt microfinance company","author":"enterpriseam admin","date":"16 December 2018","format":false,"excerpt":"Pharos to launch a microfinance venture in 1Q2019: Our friends at Pharos Holding will expand into microfinance in 1Q2019, co-CEO Alaa El Afifi told Reuters. The firm is planning to scale up the portfolio to EGP 600-800 mn in the first half and is also planning to grow its private\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":602340,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/25\/aman-for-microfinance-plans-to-double-capital-to-egp-100-mn-by-year-end\/","url_meta":{"origin":639629,"position":5},"title":"Aman for Microfinance plans to double capital to EGP 100 mn by year-end","author":"enterpriseam admin","date":"25 March 2019","format":false,"excerpt":"Raya Holding\u2019s Aman for Microfinance is planning to double its capital by year-end to EGP 100 mn, Aman\u2019s CEO Ahmed El Khatib said, according to Al Mal. The increase is part of its expansion strategy, as the company is planning to raise its loans portfolio to EGP 500 mn and\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=639629"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/639629\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/639624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/639630"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=639629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=639629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=639629"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=639629"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=639629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}