Benin: Corrupt microfinance institutions profit from poorest

Local NGOs subcontracted by a multi-million-dollar microfinance programme are taking bribes from borrowers, according to the fund’s directors. Aboubacar Aboudou, the first director of the government-run “microloans to the poorest” programme, told IRIN a lack of oversight and the programme’s rapid growth since its creation in February 2007 has left it open to “unscrupulous intermediaries” hired to process loans.