In Memory of Vijayalakshmi “Viji” Das, A Leader in Women's Financial Empowerment

Earlier this week, we were all shocked by news of the passing of Vijayalakshmi “Viji” Das, a pioneer of women's financial empowerment and leader of Friends of Women's World Banking in India. After reflecting on how much she means to me and the Women’s World Banking family around the world, I wanted to share my own experiences and thoughts about her and her legacy. She was unfailingly generous with her time and insights and I learned so much about the lives of low-income women in the years I was privileged to work with her.

Viji was a pioneer for women's financial empowerment in India at a time when it was not only a difficult topic to address, but it could come at some personal risk to do so. This was in the 1970s, and studying economics in Madras, Viji saw that the exploitative nature of informal credit was keeping low- income, rural communities from climbing out of debt - indeed, it was trapping them in a cycle of debt that bled into other areas such as health and education, access to clean water and food. She was among the first to recognize the potential of microfinance as a way to help people access finance without being exploited. 

In 1989, after many years studying and working in this sector, Viji met one of our founders Ela Bhatt, who immediately saw the passion and potential that Viji had for women's empowerment, and asked her to become the leader of Friends of Women's World Banking in India. While we were still a relatively small organization then, Viji chose to join because it gave her the opportunity to have a say in the direction we were taking. She said “What attracted me the most was the fact that the organization focused on women and had a board of women leaders working for financial inclusion.” She was responsible for the strategic positioning of the organization as well as its first business plan. Under her leadership, Friends of Women's World Banking expanded its operations across India, providing technical assistance to Indian financial institutions, and in some cases providing low interest loans. She was also one of the earliest, and strongest, voices for women in leadership positions. 

I have so many vivid memories of Viji, and two come to mind that really show a sense of not only her achievements, but her honesty and tenacity as a leader. The first time I met her, I was moderating a discussion at the Asia Society in New York with a panel that included Viji and several of the (male) “titans” of the Indian microfinance sector. In response to my questions, each of the men extolled the size, impact and limitless potential of their respective organizations. Nevertheless, each one of them, went to great pains to humbly thank Viji for providing them with their first loans when no one else would take a chance on them. Viji, of course, took it all in stride, using the moment to “encourage” each of them to do even more for their women clients. She had held a vision for the power of microfinance that went far beyond those first loans, allowing them to reach millions of women, their families and their communities.

The second memory is from a workshop Women’s World Banking held in New Zealand for several microfinance organizations in the Pacific Islands. We brought members of the Women’s World Banking global network of partners, leaders from some of the world’s leading MFIs, to Auckland to address the strategic challenges the Pacific Islanders faced and Viji was our keynote speaker. The workshop took place just after the Andhra Pradesh crisis had rocked the Indian microfinance sector. Over-indebtedness was rampant and there were stories of women microfinance clients being driven to suicide because they could not repay their loans. It was truly an existential moment for the microfinance industry and, in a speech given far from India, Viji could have chosen to skip the subject entirely. Instead, she addressed it head on. She was thoughtful and reflective about the perils of only providing credit to low-income people and questioned what she personally might have done differently. It was an extraordinary opportunity to see truly courageous leadership in action as she shared the lessons from this tragedy, determined to continue in her quest to improve the lives of low-income women.  

While we are all devastated by Viji's passing, we should also recognize a life full of meaning. Viji fundamentally influenced change in India and around the world with her leadership, passion and determination. If the mark of a great legacy is that the next generation will be taken to heights previously unimagined, I think that Viji's legacy will stand the test of time. Thanks to her, millions of women in India and around the world have better lives. Many will not even know who they have to thank for that. But we know, and we will be thankful every day for women as strong, visionary and determined as Viji Das.