Maureen Webber: Goddess of microfinance
SHE has been described as a powerhouse, a woman who has been dominating the microfinance arena, promoting economic and social inclusion of underserved young people, and helping small businesses to capitalise on their individual potential.
But getting there was never easy. The hallmark of brilliance and accomplishments that has always been associated with the Webber name was not always true for Maureen. Having failed her A’level examinations in high school, her father, who was a disciplinarian, scolded her for believing that she could underperform because she was privileged. His reaction to her less than glorious performance was not what many of his stature would have opted for — he enrolled her in the National Youth Service (NYS) programme, which at the time was seen as an avenue for young people without money.
While this may have been punishment for others of a similar status, Webber used the opportunity as a foundation to find her purpose as well as to contribute to the lives of others through her voluntary work, while gaining experience in the different capacities which she served.
“At NYS I was able to see that not everyone had something to eat every day or had access to resources that they needed for their development and growth. This was one of the many things that ignited a passion to contribute to the lives of those who are socially and economically excluded,” she explained
“It’s hard to have lived in the period of the 70s and not have the desire to give back,” she told All Woman.
The experience of the 70s was an eye-opener to the conditions of the poor, Webber said. But more importantly, it was pillars on which Webber’s passion for microfinance developed.
“I saw that people were struggling and failing,” she said.
She said this observation was what piqued her interest. It was from there that a greater love for microfinancing flourished, a love she could not deny because it was embedded in her genes.
Her dominance of the microfinance industry has earned her the title, ‘Goddess of microfinance’. But it was not until July of this year that the title was secured, when Webber, founder and CEO of Development Options, was named the region’s Most Outstanding Microfinance Leader, copping the Citi-CMFA Annual Caribbean Microfinance award in Miami.
The award was founded from a desire to recognise the efforts of individuals and institutions that are committed to developing and ensuring the social and financial returns within the microfinancing sector throughout the Caribbean.
It is the hope of the organisers that the awards will create an environment for greater awareness on the importance of microentrepreneurship and microfinance in supporting the financial inclusion and economic empowerment of low-income individuals in the Caribbean.
Webber told All Woman that she never imagined that she would have been recognised for the work she has been doing, but the award has propelled her to revisit her vision for microfinancing, not just for Jamaica but for the Caribbean.
“I cried. I don’t believe I have ever functioned, knowing I would be awarded for something that is in my DNA, something I have a talent to do,” she gushed.
“This [award] has given me the energy and strength that I need for the next leg, to address the issues that we have evaded for far too long. I want to start the conversation on financial literacy; consumers have a right to know.”
Webber said that microfinancing in Jamaica, and by extension the Caribbean, is at a very vulnerable stage. She said not enough is being done to assess the implications of lending to lower-income households.
“When we started the microfinance business 15 years ago, one per cent may have been acceptable because we did not have the technology and methodologies to assess the situation, but now we do and we need to see a change,” she explained.
