Technology and Communications
Team
Log # 3
By Eric Suen
Productivity is the key to success. With the first loans given
out in January, everyone in the GLOBE program is very happy. It
gives us hope that the poverty in the world can be fought and the
GLOBE program will continue to fight the poverty so long as the
program is out there. I personally hope that there will be more
loans given out this semester. Our goal every semester is to give
out more loans and help fight poverty in the world.
To help the progress, every group has given their all. After
four weeks of classes, the IT team has been able to come up with
what we want to accomplish by the end of this semester. Everyone in
the group has been contributing to keeping Facebook, Twitter,
LinkedIn, the GLOBE website, and e-mails updated with the current
events. We were asked our goals and here they are. The first goal
is to create a sky drive which will allow all the students to have
any files from the GLOBE course available and easy to access. This
will most likely be done through Google documents or through the
St. John's University’s server.
The next goal is to obtain a Flip video camera which will allow
the IT team to record videos and take photos during events. These
videos and photos will all be posted on all the GLOBE websites.
This will be continued on through all the future IT teams. Another
goal that is central to GLOBE program will be to give out
additional loans by the end of this semester. This seems to be the
main focus of every semester and will be the focus for upcoming
future classes. The IT team will keep updates for when the loans
are given out and keep the donors and alums updated on what has
been happening.
From our first few loans given to Nigeria, we were given an
article to read entitled “Microfinance in Nigeria and the prospects
of introducing its Islamic version there in light of selected
Muslim countries’ experience.” This article explores the different
challenges that face the Microfinance institutions in Nigeria and
possible solutions. One challenge that is stated in the article was
outreach to the many that are in poverty. This seems to be the
focus for every microfinance institutions and even for the GLOBE
team.
Through use of IT and communications and marketing, we can
overcome the challenge and allow the world to be able to fight
poverty. Communication is key to getting the word out about what
we’re doing and through IT and marketing, we will help to make
aware everyone about the GLOBE program.
Marketing and Fundraising Team
Log # 3
By Nicole Pasciolla
I cannot believe we are almost at the half way point. My time in
GLOBE is going by very fast and there is still so much the
marketing team wants to do. This past week we have accomplished so
much and every time we get together we become more organized and
the goals become clear.
One of the main points we talked about this week is the upcoming
GLOBE event that will be held in April. We have thought a lot about
what the goal of the event will be, and it is decided that we are
going to aim our efforts at the St. John’s community. In order for
GLOBE to grow further, our own St. John’s community needs to
understand who we are, and how much of a wonderful impact we can
have in other countries. Plus, it is truly important to reach out
to our students because St. John’s is such a diverse campus. We
have students from all over the world that come from all difference
cultures that have been exposed to what Microfinance is trying to
fight. Many students can relate to our program so much, and I want
them to become exposed to GLOBE and see how, even though they may
be far away from their home and culture, that there are still great
things they can do. I feel that St. John’s students will be very
enthusiastic.
Students who have grown up in the United States can also greatly
benefit. I feel that many of us are closed off to the real world.
Even though there is inequality and poverty in the U.S. it does not
compare to some of the other countries that microfinance reaches
out to. Only being in the class for a short time, my eyes have
already been opened to a world that I did not know about. The
extreme poverty, abuses toward women, and the social norms that
some societies have accepted all over the world is something that I
never exposed myself to or took the time to learn about.
Microfinance has changed that for me, and if we can reach out to
St. John’s students, I hope it can do the same for them.
Being part of the marketing team, our goal is not just to raise
money, but we want to educate people on what microfinance is and
the great affect it has. Many business students have never even
heard of microfinance, and this is what needs to change. St. John’s
GLOBE can be a leader in this.
For GLOBE Day we are planning to have all mini events going on.
There will be GLOBE products like shirts being sold, there will be
an informational video playing, there will be informational booths,
there will be mud cookies, facts on all the tables, and great
decorations to attract students. We are still thinking on how we
can make it better, but this is a great chance to educate and raise
money.
Some other great strides this week is the outreach to other
communities and high schools. I have written up a preliminary
letter to send to an all girls catholic high school in New Jersey
that I feel would be perfect to reach out to. This is a great
audience to reach out to because they strive for women empowerment.
I would love to talk with them about microfinance because they
could truly help GLOBE and raise awareness about microfinance.
Also, the fundraising letters and the newsletter have been fine
tuned and are almost ready to send out.
I truly love microfinance and I really want to get the word out
about it. The more I read the more I learn and I cannot believe how
naive I was toward certain things. If people were more informed
about things, I feel there would be more active change. Just the
mix of cultures I have been exposed to by reading is amazing. The
wonderful part is that in many cultures microfinance has fit.
Microfinance can fit into many different cultures because it
respects the culture it is in. This is so special, and the more I
read the more I want to know and the more I want to
share.
Finance and Risk Assessment
Team
Log # 3
By Hadia Sheerazi
This past week has been a blur of activity: emails have been flying
back and forth, we’ve been doing research on the costs of computers
and chemist shops in Nigeria, poring over our books, tweaking the
loan application and trying to decide on our countries for the
research paper.
Now more than ever, I realize the enormous responsibility that
has been bestowed upon us – we have to decide the fate of the
hopeful borrowers who have sent us applications for loans. As
I read and re-read their applications, and deliberate (both
internally and over emails with my group) I wonder if I’m making
the right decisions. I am moved by their stories and I am
enthused by the opportunity to literally make a difference, and yet
I have a responsibility to the GLOBE managers, our fund, and the
university to make the right decision. As I try to piece
together the stories of these two candidates, I find myself trying
to imagine their circumstances. I know that I must not allow
emotion to guide my decision making, but how can I not think of
their circumstances, of their frustration at being unable to make
ends meet, or their disappointment at not being able to find
adequate employment? Risk is a part of the endeavor we’re
undertaking. Calculated risk, however, will allow us to make
wise decisions.
We’re trying to change the loan application slightly, so that we
can gather more information about our borrowers, their communities
and their lives. We have too many unanswered questions, and
too many queries. Yet I worry that the application might be
too long. It’s hard to decide what the line between “not enough”
and “too much” is, especially given our technological and
communicational limitations. I’m hoping that the cell phone
or calling card ideas get approved so that we have some way of
communicating with the Daughters. I’ve been racking my brains
for other options but I should probably wait to hear what the
Steering Committee decides.
On that note, we’ve also been trying to list factors that will
help us evaluate the impact of microfinance on these individuals
and their families’ lives. It’s hard to gauge the impact, and
as Armendariz points out in Chapter 8 of The Economics of
Microfinance, “we have to ask whether these changes would have
happened without microfinance,” (Armendariz 200). This is
even more important as we need this data as proof that microfinance
is the most effective way (if not the ONLY way) to pull people out
of poverty. We face several critics, skeptics and theorists
who doubt the value of microfinance, and we need all the proof we
can get to prove them wrong.
I especially liked Chapter 19 of Bornstein’s How to Change the
World. I could relate to the example of the provision of ORS
(oral rehydration salts) to prevent children from dying from
diarrhea (249). As I read this chapter I recalled the
countless commercials I had seen on television, having grown up in
a third world country where disease was a foe the poor battled
daily. It’s tragic that so many people live lives of
deprivation and despair – why should they have to go without, when
there is enough to go around?
Yunus, as always, is providing me the most food for thought and
the best advice. In last week’s class, I suggested that we
consider giving some sort of reward or bonus to the borrowers for
repaying their loans on time. Yunus writes about the difficulty
poor people face when it comes to parting with large sums of money,
and how that can be alleviated by making them return the loans a
little bit at a time. I think the idea of a bonus or gift of
some sort might be a useful incentive (as humans we can’t help but
respond to such offers!). I just hope that the idea gets a
nod from the steering committee.
I think what I love the most about this class is how I’m finally
able to actually DO something, and each day I find myself coming up
with newer and more creative ideas on how to make GLOBE more
effective. I always wondered what kind of executive or
decision-maker I’d be, I wondered if I’d be able to rise to the
occasion and come up with solutions to problems. I’m so glad
that I have a chance to see that I can do it. My dream to make a
difference is not just an intangible idea, it’s slowly but surely
becoming a part of tangible reality.
Accounting and Program Audit
Team
Log # 3
By Mae Hassanien
Culture, a major influential issue that has arisen in the world
of microfinance, was the topic of this weeks lecture. The
differences in the traditions and values of a country’s culture are
always obstacles when trying to present new ideas. In one country,
it may be considered disrespectful to shake the hand of a new
acquaintance while in another it is an honorary gesture. Spreading
the idea of microfinance also faces the issue of culture.
Muhammad Yunus discusses the issues of culture differences he
faces when trying to establish loans to potential borrowers. The
main problem he comes across is the concept of purdah which “refers
to a range of practices that uphold the Koranic injunction to guard
women’s modesty and purity.” This was a major interference in the
works of Muhammad Yunus because he was unable to interact directly
with the women to allow them to feel at ease with the concept of
microloans. The only approach Yunus could take to getting the
borrowers to hear his ideas was to have on of his female students
work as a middle man and run back and forth between Yunus and the
women of the village. This was a disadvantage because sometimes
words would get lost in translations and ideas wouldn’t be fully
transferred. Not only were the woman of the village hesitant about
speaking to Yunus, but even his female employees faced troubles
explaining their job to their family and sometimes were forced to
quit. It is truly astonishing how different of a technique Yunus
has to use based on his target population. Had Yunus wanted to
speak to women in another country, such as America, he would not
face any of the troubles he went through in the Islamic villages of
Bangladesh.
Other cultural issues can have an effect on the terms of a loan
and the manner to which the loan is given. For example, a country
in which a borrower’s reputation is known and considered extremely
important giving group loans may be the most effective approach
because the borrower will be less likely to default in fear of
tarnishing his/her image. Also some communities may be used to
working in groups and may functions better that way, while others
will succeed with a single handed approach. Overall the issue of
culture is one that plays a massive role in the idea of
microfinance whether it be helpful or hurtful.