Hugh Sinclair's Page
Confessions of a Microfinance Heretic
http://blog.microfinancetransparency.com/
Hugh Sinclair holds an Economics degree with a specialization in econometrics; a Masters degree in corporate finance; and an MBA from IESE Business School. He worked at Barclays and ING Barings in corporate finance, derivatives, and as a trader, in Canada and the UK. Since 2002 he has worked in...
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What if there was evidence that micro-loans DON'T make a dent in long term poverty?
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Hugh Sinclair posted a blog post
I apologise for the recent radio silence from the microfinance heretic. This has not been due to a shortage of items to write about – to the contrary. I have lost track of how many frauds, collapses and scandals there have been in Ghana; some of the Finca data emerging currently is deeply distu...
July 29, 2015
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Hugh Sinclair posted a blog post
Too Big to Fail (Just Got Bigger)
Credicorp bought MiBanco for $179m. According to the stated equity on the MixMarket, this would suggest they paid 1.25x the net equity of the bank, for a 61% stake. This is a low price compared to most microfinance transactions, but let’s face it, it wasn’t Peru’s best bank. The owner already h...
March 6, 2015
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Hugh Sinclair posted a blog post
Spincofin – a Flawed Interview with the CEO of Incofin
There was a lovely article published recently. Concise, and in a single question one can see the fundamental flaws in the presentation of microfinance. BxLConnect interviewed Loïc De Cannière, CEO of microfinance investment fund Incofin. One question from the article is worth examining closely: Q...
March 6, 2015
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Hugh Sinclair posted a blog post
Incestuous Relationships, Spin & PR in Microfinance
My friend Beth Rhyne (of Smart, CFI and Accion) recently posted a bizarre article on the CFI blog (i.e. on her blog) in which she pleads for money. The premise is that the infrastructure of the microfinance sector, by which she refers to her own institution and those of her buddies, needs fixin...
March 6, 2015
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Hugh Sinclair posted a blog post
How Can I Invest in Microfinance? Part 1
The question recurs frequently. Well-meaning individuals, and occasionally institutions, contact me asking how they can invest in microfinance. Sometimes they are disillusioned with their existing choice of investment vehicle, other times they are considering microfinance for the first time. Sinc...
March 6, 2015
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Hugh Sinclair posted a blog post
How Can I Invest in Microfinance? Part 2: My Zidisha Experience
I first came across Zidisha on a radio program with Rose Aguilar in San Francisco. Kiva had refused to participate, so Rose arranged for Zidisha to participate by phone. Knowing very little about them I was a little nervous. However, as we discussed matters, live on-air, I found myself provisiona...
March 6, 2015
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Hugh Sinclair posted a blog post
In 2009 I bought a 5-year bond issued by IFFIm – the International Finance Facility for Immunisation. I invested £5000 and received £5810 a few days ago (with accumulated interest). Not the best return on capital in history, but not bad considering current interest rates and the intervening fin...
March 6, 2015
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Hugh Sinclair posted a blog post
Mysterious Update from Microfinance P2Ps
Readers of this blog or the Next Billion blog will have detected a certain cynicism of mine regarding peer-to-peer organisations (P2Ps) operating in the microfinance sector. In fact most of my concerns are focussed upon Kiva. I find Zidisha a refreshing and innovative alternative to Kiva, but not...
March 6, 2015
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Hugh Sinclair posted a blog post
A fascinating story emerged on the BBC today. A controversial payday lender called Wonga came to a voluntary settlement with the UK regulator (FCA) after admitting it had been lending recklessly, at high interest rates, to people otherwise excluded from the financial sector. It has agreed to writ...
March 6, 2015
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Hugh Sinclair posted a blog post
Smart Campaign rarely speak in public. They lecture, but dislike questions. This is a rational response given their flawed certification model, which has just managed to praise one of the world’s most vilified institutions, Compartamos. Besides a few MIVs paying lip-service to client protection i...
March 6, 2015
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Hugh Sinclair posted a blog post
Generous or Excessive Salaries at Accion?
I was scanning the 2014 Charity CEO Compensation Guide published by Charity Navigator. It’s an interesting read. Needless to say the numbers were substantially higher than what I earn, and occasionally seemed distasteful to me. “We know that many donors continue to be concerned by what they belie...
March 6, 2015
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Hugh Sinclair is now a member of Berrett-Koehler Community
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Hugh Sinclair posted a blog post
Taking a Closer Look: The Images of Microfinance
The image: a local, smiling woman sitting in her hut with a newly-purchased sewing machine, surrounded by her grateful children and her friendly next-door neighbors. Unfortunately this picture is a myth. Here’s why: Such cases are surprisingly hard to find in practice. The clients ...
April 8, 2014
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