Sadly, we discovered of Md Shafiqual Haque Choudhury’s passing, one other of the world’s leaders and innovators in microfinance.
Shafiqual based the Affiliation for Social Development (ASA) in Bangladesh in 1978, then remodeled the organisation into ASA Worldwide in 2007 to offer small, socially accountable loans to low revenue, financially underserved entrepreneurs, predominantly ladies. ASA Worldwide is now one of many world’s largest microfinance establishments, with virtually 2,000 branches throughout 13 international locations serving 2.5 million shoppers.
The distinctive microfinance mannequin Shafiqual created is predicated on an ecosystem of decentralised branches enabling value effectivity, fast decision-making, and replicability. Lending is predicated on teams, however with out joint legal responsibility, with loans given for income-generating functions solely and with compensation in full required to be eligible for a brand new mortgage.
ASA is a member of the Banking with the Poor community, and Shafiqual was the keynote speaker at its inaugural Asia Microfinance Discussion board in 2006.
He’s remembered as a humble particular person with boundless power and a ardour for social mission.