Subject: Meeting the financial needs of poor people
"One of our major partners, VSO Nigeria has asked us to submit comments on the ongoing DGID- World Bank consultations about how to strengthen the microfinance sector to meet the financial needs of poor people. The UK’s Department for International Development (DFID) and World Bank are finalising plans to set up a Microfinance Capacity Building Facility for Sub-Saharan Africa, known as MICFAC.
We have been asked to explain the relationship between Dadamac Foundation and Dadamac Limited. It is causing some confusion for people who think it must be like the relationship between, for instance, Ford and the Ford Foundation or Microsoft and the Bill and Melinda Gates Foundation (i.e step one: become a great commercial success; step two: share the resulting financial wealth through philanthropy). Dadamac is very different. We didn't start on the commercial side and then create the foundation. We started with our voluntary work and are now at the start of building our commercial operation (Dadamac Limited). We don't have financial wealth; our wealth is harder to quantify. We have a considerable amount of social capital and a wealth of knowledge and information, built up through years of voluntary work.
The various faces of Dadamac
We are creating an online presence under one brand name – Dadamac – which brings together