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PALGRAVE STUDIES IN
FINANCIAL SERVICES TECHNOLOGY

MicroFinTech
Expanding Financial
Inclusion with Cost-Cutting
Innovation
Roberto Moro-Visconti
Palgrave Studies in Financial Services Technology

Series Editor
Bernardo Nicoletti, Rome, Italy
The Palgrave Studies in Financial Services Technology series features orig-
inal research from leading and emerging scholars on contemporary issues
and developments in financial services technology. Falling into 4 broad
categories: channels, payments, credit, and governance; topics covered
include payments, mobile payments, trading and foreign transactions, big
data, risk, compliance, and business intelligence to support consumer and
commercial financial services. Covering all topics within the life cycle of
financial services, from channels to risk management, from security to
advanced applications, from information systems to automation, the series
also covers the full range of sectors: retail banking, private banking, corpo-
rate banking, custody and brokerage, wholesale banking, and insurance
companies. Titles within the series will be of value to both academics and
those working in the management of financial services.

More information about this series at

http://www.palgrave.com/gp/series/14627
 Roberto Moro-Visconti

MicroFinTech
Expanding Financial Inclusion with Cost-Cutting
Innovation
Roberto Moro-Visconti
Catholic University of the Sacred Heart
Milan, Italy

ISSN 2662-5083 ISSN 2662-5091 (electronic)

Palgrave Studies in Financial Services Technology
ISBN 978-3-030-80393-3 ISBN 978-3-030-80394-0 (eBook)
https://doi.org/10.1007/978-3-030-80394-0

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer
Nature Switzerland AG 2021
This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights
of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and
retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc.
in this publication does not imply, even in the absence of a specific statement, that such
names are exempt from the relevant protective laws and regulations and therefore free for
general use.
The publisher, the authors and the editors are safe to assume that the advice and informa-
tion in this book are believed to be true and accurate at the date of publication. Neither
the publisher nor the authors or the editors give a warranty, expressed or implied, with
respect to the material contained herein or for any errors or omissions that may have been
made. The publisher remains neutral with regard to jurisdictional claims in published maps
and institutional affiliations.

This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 Contents

1 Introduction 1
References 6
2 The Microfinance Background 9
2.1 Why Traditional Banking Is Unfit for the Poor 9
2.1.1 The Economic Lives of the Poor 13
2.1.2 Climbing the Social Ladder from the Bottom
of the Pyramid 15
2.1.3 The Key Principles in Microfinance 18
2.2 From Microlending to Microfinance: Moneylenders,
ROSCAs, Credit Cooperatives, and Group Lending 18
2.3 What Is Microfinance? Characteristics and Differences
with Traditional Banking 27
2.3.1 Different Ways of Achieving the Same
Result: Getting Money Back! 35
2.3.2 Precautionary Savings and Risk
Management: Microdeposits
and Microinsurance 36
2.4 The Magic in Microfinance: Is It a Solution
for Adverse Selection, Moral Hazard, and Strategic
Default? 40
2.4.1 Transaction Cost Governance 46
2.4.2 Value Co-creating Stakeholders 47

v
vi CONTENTS

2.5 The Interest Rate Paradox: Why Cheap Credit Might

Harm the Poor 48
References 53
3 Microfinance Issues 57
3.1 From Survival to Self-Sufficiency: How NGOs
with a Social Vision Might Become Commercial Banks 57
3.1.1 Microfinance Investment Vehicles: The
Missing Link in the Demand–Supply Chain
of Funding? 62
3.1.2 Uncorrelated Investments, Risk,
and Portfolio Diversification 65
3.2 Funding Sources and Lending Structures: Should
Finance for the Poor Be Subsidized? 72
3.3 The Interaction Between Microloans, Microdeposits,
and Microinsurance 78
3.4 Dreams for the Present and Goals for the Future:
Combining Outreach with Sustainability 80
3.5 Microfinance Banana Skins (Outreach
and Sustainability Bottlenecks) 86
3.6 Poverty Traps and Microfinance: From Financial
Inclusion to Sustainable Development 92
3.7 Green Microfinance and ESG Compliance 94
References 101
4 The Impact of Technology on Microfinance 105
4.1 Leveraging Financial Inclusion with Digital
Technology 105
4.2 Technology and Microfinance Risk Factors 110
4.3 The Impact of Technology on the Supply and Value
Chains 111
4.4 Credit Scoring with Electronic Payment Records 115
4.5 M-banking and Point-of-Service Payment Technologies 117
4.6 Geolocation of Clients and Branches 122
4.7 Digital Scalability and Cloud Computing 123
4.8 Digital Group Borrowing (Lending) and Social
Networks 127
4.9 Crowdfunding and Peer-To-Peer Innovations Linked
to Group Borrowing 131
 CONTENTS vii

4.9.1 Crowdfunded Digital Platforms Interacting

with Microfinance Institutions 134
4.10 Big Data and Artificial Intelligence 134
4.10.1 Financial Diaries and Social Habits
of the Poor: A Digital Collection Matching
Top-Down Budgeting with Bottom-Up
Evidence 141
4.10.2 Survival Cash Flow Management 144
4.11 Agency Banking and Biometrics 146
4.11.1 Blockchains 147
4.11.2 Internet of Value 152
4.11.3 Linking Blockchains to Social Networks
and P2P Lending 153
4.12 The Intangible Portfolio 155
4.13 Startup Microfinancing 155
References 158
5 Fintechs 165
5.1 Fintech Applications 165
5.2 Financial Bottlenecks: Inefficiencies and Friction
Points 172
5.3 Fintech Business Models 174
5.4 Banks Versus Fintechs: Cross-Pollination
and Scalability 178
5.5 Fintech Valuation 178
5.5.1 Insights from Listed FinTechs 179
5.5.2 The Accounting Background for Valuation 182
5.6 Valuation Methods 183
5.6.1 The Financial approach 186
5.6.2 Empirical approaches (Market multipliers) 193
5.7 Challenges and Failures: Why Fintechs Burn Out 197
References 200
6 Microfintech Applications 203
6.1 From Fintech to Microfintech: Upgrading
and Adapting the Business Model 203
6.2 The Uneasy Adoption of Fintech Strategies
for Financial Inclusion 208
6.2.1 Matching the Demand with the Supply
of Financial Products 210
viii CONTENTS

6.2.2 Regulatory Sandboxes 212

6.3 Boosting Scalability and Outreach
with Technology-Driven Sustainability 212
6.3.1 Sustainability Metrics 215
6.3.2 Operating Leverage and Scalability 220
6.3.3 Metcalfe’s Law and Network Scalability 226
6.3.4 Operating Leverage and Liquidity 228
6.4 Sponsoring Technology with Impact Investment
and Results-Based Financing 229
6.5 Leveraging MFIs With P2P Lending
and Crowdfunding 232
6.6 The Networked Digital Ecosystem 233
6.7 Digitalization of Self-Help Groups 234
6.8 The Dark Side of Microfintech 236
6.9 Microfinance Digitizers: From Kiva to M-pesa
and Lendwithcare 236
6.10 Reinterpreting the Key Microfinance Principles 238
References 241

Conclusion 245
References 249
Index 267
 List of Figures

Fig. 1.1 MFI simplified business model 6

Fig. 2.1 Supply chain/business model canvas 10
Fig. 2.2 From the (informal) micro to the (formal) macro-financial
system 27
Fig. 2.3 Evolution of the microfinance ecosystem 28
Fig. 2.4 Microdeposits interacting with microloans,
microinsurance, and financial consultancy 39
Fig. 3.1 Microfinance issues and the supply chain/business model
canvas 58
Fig. 3.2 Microloans igniting the microfinance model 79
Fig. 3.3 Microdeposits igniting the microfinance model 80
Fig. 3.4 Microinsurance interacting with microloans
and microdeposits 81
Fig. 3.5 Interactive risk matrix 90
Fig. 3.6 Microfinance and sustainability 100
Fig. 4.1 The impact of technology on microfinance 106
Fig. 4.2 Technology-driven microfinance development 114
Fig. 4.3 Traditional versus digital group lending 129
Fig. 4.4 Vertices and edges forming a network 130
Fig. 4.5 Dyads, Tryads, and Hubs 131
Fig. 4.6 Example of random network 132
Fig. 4.7 From crowdfunded investors to digital group lending 135
Fig. 4.8 Big data value chains 138
Fig. 4.9 Blockchain as a sequential chain of data 148
Fig. 4.10 Blockchain formation 149

ix
x LIST OF FIGURES

Fig. 4.11 Network structures 154

Fig. 4.12 The synergistic intangibles portfolio 156
Fig. 4.13 Business evolution and financial investors 156
Fig. 4.14 Interactions of income statement and variations
of the balance sheet to produce the cash flow statement
in a debt-free startup 158
Fig. 5.1 The Impact of Technology on Microfinance 166
Fig. 5.2 Main FinTech Activities 171
Fig. 5.3 Interaction of FinTech with BigTechs and Traditional
Banks 173
Fig. 5.4 Evaluation Methodology 180
Fig. 5.5 Business model and Value Drivers 181
Fig. 5.6 FinTech versus Technological and Banking Stock Market
Index 181
Fig. 5.7 Business Model and Valuation Approach of FinTechs 183
Fig. 6.1 Impact of MicroFinTech applications on the supply
chain/business model 204
Fig. 6.2 From microfinance to MicroFinTech 205
Fig. 6.3 MicroFinTech as a synthesis of microfinance and FinTech 206
Fig. 6.4 Main MicroFinTech activities 208
Fig. 6.5 Demand and supply drivers of Technology-driven
Financial Inclusion 211
Fig. 6.6 Technology fosters microfinance sustainability
and outreach 214
Fig. 6.7 Break-even analysis 225
Fig. 6.8 Break-even point 226
Fig. 6.9 Telephone connection 227
Fig. 6.10 Value for the user according to Metcalfe’s law 228
Fig. 6.11 Break-Even Point with Metcalfe’s law 229
Fig. 6.12 Operating leverage and cash flows 230
Fig. 6.13 Technology-driven microfinance evolution 234
 List of Tables

Table 2.1 The key principles in microfinance 19

Table 2.2 The Sustainable Development Goals and microfinance 20
Table 3.1 Microfinance investment vehicles 63
Table 3.2 Microfinance investment risks 68
Table 3.3 Microfinance banana skins 91
Table 3.4 Poverty traps and (microfinance) mitigation strategies 95
Table 4.1 Impact of innovation on microfinance risks 112
Table 4.2 Financial access survey 118
Table 4.3 Scalability drivers 125
Table 5.1 FinTech typologies and business models 176
Table 5.2 Comparison of the main evaluation approaches
of traditional firms, technological startups, and banks 184
Table 5.3 Cash flow statement and link with the cost of capital 191
Table 6.1 MFI balance sheet 216
Table 6.2 MFI’s income statement and cash flow statement 217
Table 6.3 Income statement of the MFI and its clients’ 218
Table 6.4 MFI income statement and impact of technology 219
Table 6.5 Benefits and challenges of Self-Help Groups (SHGs) 235
Table 6.6 The impact of technology on the Key Principles
in Microfinance 239

xi
 CHAPTER 1

Introduction

Microfinance is a renowned albeit controversial solution for giving finan-

cial access to the unbanked, even if micro-transactions increase costs,
limiting outreach potential. The economic and financial sustainability of
microfinance institutions (MFIs) is a prerequisite for widening a poten-
tially unlimited client base. Automation decreases costs, expanding the
outreach potential, and improving transparency and efficiency. Tech-
nological solutions range from branchless mobile banking to geo-
localization of customers, digital/social networking for group lending,
blockchain validation, big data, and artificial intelligence, up to
“MicroFinTech”—FinTech applications adapted to microfinance. This
study examines these trendy solutions comprehensively, going beyond the
existing literature and showing potential applications to the traditional
sustainability versus outreach trade-off.
Microfinance is by now a consolidated and successful mean to provide
credit to the neediest. Going beyond traditional banking, it helps the
poor to sort out bank exclusion, which is one of the main misery traps
(Collier, 2007) that prevents billions of underserved, especially women,
from escaping atavistic poverty.
While the success of microfinance, since the pioneering intuition of
Yunus, has gone beyond any expectation, its implementation is still
typically subsidized and raises growing concerns. Self-sufficiency and
economic sustainability represent, in most cases, a mighty goal, whose

© The Author(s), under exclusive license to Springer Nature 1

Switzerland AG 2021
R. Moro-Visconti, MicroFinTech, Palgrave Studies in Financial Services
Technology, https://doi.org/10.1007/978-3-030-80394-0_1
2 R. MORO-VISCONTI

attainment would allow microfinance institutions (MFIs) to broaden their

clientele (potentially unlimited, being represented by billions of unbanked
poor).
Microfinance is a renowned solution for giving financial access to the
unbanked, even if micro-transactions increase costs, limiting its outreach
potential.
The economic and financial sustainability of microfinance institutions
is a prerequisite for the capacity to widen their potentially unlimited client
base.
Microfinance, however, suffers from a business model that is typically
expensive and inefficient, with high operational fees that, unless subsi-
dized by forward-looking donors, translate to interest rates, up to the
boomerang point of promoting poverty, instead of eradicating it. Recent
evidence suggests only modest social and economic impacts of microfi-
nance. Favorable cost–benefit ratios then depend on low costs (Morduch
et al., 2018).
Consistently with this view, microfinance cannot be a silver bullet for
development and profit-oriented MFIs are problematic (“better unbanked
that unable to repay loans”). The business industry remains opaque, and
mission drift1 is a constant temptation, especially in India (Saxena & Deb,
2014). Microfinance must be regulated and subsidized, and other strate-
gies for viable financial inclusion of the poor and small producers must
be more actively pursued. Financial inclusion2 is generally considered
as a pro-growth strategy and improved access to (micro)finance reduces
income inequality and poverty (Agyemang-Badu, 2018). Mader (2017)
however claims that high expectations of financial inclusion serving as
a core pro-poor, private-sector-led development intervention lack justi-
fication. Bateman and Chang (2012) are even more skeptical, arguing
that microfinance constitutes a powerful institutional and political barrier
to sustainable economic and social development, and so also to poverty
reduction.
Technology, starting from electronic payments, may foster financial
inclusion and availability/affordability of financial services in developing
economies, softening the perverse effects of microcredit (Dos Santos &
Kvangraven, 2017).

1 See Armendariz De Aghion and Szafarz (2009).

2 See World Bank (2018).
 1 INTRODUCTION 3

While there is an impressive literature on microfinance (for a compre-

hensive introduction, Armendariz De Aghion & Morduch, 2010; for
recent surveys, Garcia-Perez et al., 2017), and m-banking (Shaikh &
Karjaluoto, 2015), little attention has been dedicated to other more
innovative strands, as FinTech (Gai et al., 2018) or social networking
applied to microfinance group-lending (Ali et al., 2016) and peer-to-peer
(P2P) lending (Bruton et al., 2015; Dorfleitner et al., 2019). Whereas
some studies examine the impact of technology on microfinance (Ashta,
2011; Moro Visconti, 2015; Moro Visconti & Quirici, 2014), little atten-
tion has been dedicated to “MicroFinTech,” a neologism that combines
financial technology with microfinance, reshaping the delivery of finan-
cial services to make them more accessible and affordable. In emerging
markets where financial inclusion is a challenge, FinTechs are helping
bridge the exclusion gap and may be financed for instance by social impact
funds (described in Chiappini, 2017). Rapid urbanization, mobile and
Internet penetration, and ease of use are driving individual demand for
FinTech services. Leapfrog innovation can provide cutting-edge solutions
for the unbanked (Ernst & Young, 2019).
This study represents an advance in the debate about the trendy
opportunities of microfinance.
Consistently with this framework, the research question is the
following: given the economic and organizational bottlenecks that prevent
an optimal outreach of traditional microfinance, which is the impact on
microfinance sustainability of technology-driven innovation?
Traditional banking systems are unfit for illiterate poor with no guar-
antees, while ad hoc products, tailored to suit the needs of potentially
billions of peculiar and unconventional borrowers, might prove successful
in widening financial access, with a positive side effect of reducing
inequalities and fostering economic development. Financial innovation
and flexibility are key solutions for forms of lending that are collateral,
or cash flow-based only to a small extent.
Precursors of MFIs include rural moneylenders, often like usurers,
or credit and group lending cooperatives, while more formal MFIs
are increasingly like standard banks, albeit with peculiar characteristics.
Microfinance is proving a useful device for pooling risk and cross-
subsidizing borrowers; its greatest success is the demonstration that even
the poorest can become reliable borrowers.
4 R. MORO-VISCONTI

Group-lending with self-monitoring, short repayment installments,

and small loans can help to soften otherwise unbearable governance prob-
lems, such as adverse selection (the problematic distinction between those
who deserve credit and those who do not), moral hazard (temptation to
“take the money and run away”), and strategic default (false bankruptcy
to avoid repayment). Social networks mastered by digital platforms
reshape group lending patterns,3 linking them to P2P crowdfunding.
The supply of synergic products such as microdeposits, microinsurance,
or micro-consultancy allows passing from microcredit to microfinance and
represents a good parachute against endemic adversities.
High interest rates to repay substantial operational costs, due to the
small size of loans, make borrowing expensive for the poorest, even if
subsidized credit might worsen the situation.
The classic trade-off between maximum outreach to the destitute
and financial sustainability4 is related to an evolutionary growth pattern
from subsidized NGOs to commercial banks, together with proposals
for improving impact, using also lending sources from socially oriented
international funders, who might even look for a reasonable risk-return
profile.
Microfinance allows institutional investors and individuals to embrace
socially responsible opportunities and might offer a reasonable risk-return
profile, diversified from other investments.
The most exciting promise of microfinance is that—even without being
a panacea—it can reduce poverty with a self-fulfilling mechanism, once
adequately ignited, without requiring continuous donations that often
spoil and humiliate the poor, emptying the donors’ pockets.
Unsubsidized sustainability and profitability combined with deep
outreach to the underserved stands as the most ambitious and challenging
goal.
A key strategic issue to improve the micro-loan and make it a compet-
itive financial product should include minimization of intrinsic problems
as substantial costs with HR and offices, high default risks due to poverty,
geographical barriers, and low educational levels of borrowers.
Operational costs of MFIs that operate in rural communities (where
clients are scattered, and technology is less diffused) tend to be higher,

3 See Sangwan and Nayak (2020).

4 Tutino (2013).
 1 INTRODUCTION 5

and the banking model is performed through agent selling. Physical

branches are often far and last-mile proximity with the final client is often
hindered by organizational or physical bottlenecks.
Digitalized transactions that pass through the web allow for timely
recording of financial data with positive consequences on the business
model. They can fuel big data that nurture artificial intelligence patterns
for applications like credit scoring, insolvency forecasting, and client
segmentation.
FinTech solutions, using blockchains that secure payment recording or
other innovations, reshape the business model of traditional banks and
increasingly impact on MFIs, disrupting and reengineering old-fashioned
managerial patterns.
Technology and smartphones can revolutionize this system, replacing
sales agents with mobile banking and social media channels. User-friendly
Mobile Apps can re-engineer to the operativity of group lending, whose
members can use technology to build up digital networks. Internet
platforms, consistent with peer-to-peer lending or borrowing and crowd-
funding, bypass digital divide concerns and link customers to MFIs in
real-time and ubiquitously.
Technology can so play an important role in decreasing unitary
costs per transaction, widening the outreach potential, and improving
transparency and efficiency. Technological answers are represented by
complementary solutions ranging from branchless mobile banking to geo-
localization of customers, digital/social networking for group lending
and crowdfunding or peer-to-peer lending, FinTech (with blockchains),
and other applications. The latest frontier is represented by big data and
artificial intelligence, where information is stored and processed, fuelling
machine learning patterns. Technology is a multiple-sided strategy that
enables MFIs to cut operating costs increasing flexibility, with a scal-
able effect that improves marginality. Corporate governance interactions
among the main stakeholders through the supply and value chain are
reshaped by technology.
This study examines these trendy solutions comprehensively, going
beyond the extant literature and showing potential applications to the
traditional sustainability vs. outreach trade-off.
The business model of MFIs can be synthetically represented in
Fig. 1.1.
Technology has an impact on all three supply chain blocks.
6 R. MORO-VISCONTI

Technological Microfinance Ins tu ons → MicroFinTech

Funding Back Office Front Office

Tradi onal Microfinance Ins tu ons

Fig. 1.1 MFI simplified business model

Consistently with this simplified framework, the book is structured as

follows: Chapter 2 is dedicated to the microfinance background, analyzing
its main characteristics. Chapter 3 considers the main microfinance issues,
again within a traditional context. Chapter 4 describes the technolog-
ical devices and processes that may have an impact on microfinance.
Chapter 5 illustrates FinTechs, considered as an innovative template that
may inspire upgrading MFIs. Chapter 6 is eventually dedicated to trendy
MicroFinTech applications, where FinTech solutions are made compliant
to microfinance peculiarities.
The canvas of Fig. 1.1 will be adapted to each consequential step,
representing the backbone of the whole book.
This book is dedicated to my wife Alessandra and to our beloved son
and daughter, Luca and Elisa.
Università Cattolica del Sacro Cuore, Milan, Italy, August 2021
roberto.morovisconti@morovisconti.it www.morovisconti.com

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Ali, A., Jamaludin, N., & Othman, Z. H. (2016). Modeling microfinance accep-
tance among social network women entrepreneurs. International Journal of
Economics and Financial Issues, 6(S4), 72–77.
Armendariz De Aghion, B. A., & Morduch, J. (2010). The economics of
microfinance. MIT press.
 1 INTRODUCTION 7

Armendariz De Aghion, B. A., & Szafarz, A. (2009). On mission drift in micro-

finance institutions (Working Paper CEB 09.015.RS). Université libre de
Bruxelles. Available at http://ideas.repec.org/p/sol/wpaper/09-015.html.
Ashta, A. (Eds.). (2011). Advanced technologies for microfinance. IGI Global.
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erehdyksessä oli karhuttu väärää Haverista, kun kaupungissa oli
kaksi Heikki Haverista.

— Siinä on erehdys, joka korjataan; kyllä te olette maksaneet,

sanoi toimittaja ja rupesi jatkamaan kirjoittamistaan.

— Sitähän minä jo pojalle sanoin, ettei meillä pitäisi tänne olla

mitään velkaa, ja meistä oli niin ihmettä että maksettua asiaa
käydään velkomassa.

— Ei sitä enää velota, sanoi toimittaja ja siirtyi toiseen

huoneeseen kirjoittamaan, kun tunsi että eukko ei ole kiireinen
lähtemään pois. Vaan eukko tuli kohta hänen jälestään sinne ja alkoi
puhua:

— Ei suinkaan herra toimittajan pidä luulla, että meissä mitään

vilppiä olisi, me emme ole mistään ottaneet velaksi…

— Niin, niin, menkäähän nyt pois, kyllä se asia on jo selvä, virkkoi

toimittaja työstään vähän kiukkuisesta.

Mutta eukko vaan jatkoi:

— Niitä kyllä saattaa olla semmoisia, jotka väittävät maksaneensa,

vaikka eivät olekaan maksaneet, vaan ei herra toimittaja tarvitse
luulla, että me olisimme semmoisia.

— Uskonhan minä sen. Mutta olkaa hyvä ja menkää nyt pois, sillä
minulla on kiirettä työtä tässä.

Kun vaimo yhä jatkoi samaan suuntaan, meni toimittaja mitään

virkkamatta huoneesta etuhuoneen kautta kirjapainoon. Vaimo, joka
ei tahtonut yksin jäädä perähuoneeseen, siirtyi hänen jälestään
etuhuoneeseen odottamaan. Toimittaja teki vaan pienen kierroksen
kirjapainossa, palasi toista tietä perähuoneeseen ja lukkosi välioven
etuhuoneeseen, johon hän arvasi vaimon menneen. Nyt hän pääsi
rauhassa jatkamaan työtään.

Odotukseen pitkästyneenä aikoi eukko viimein mennä toiseen

huoneeseen, vaan ovesta ei päässyt. Hän alkoi arvata, että toimittaja
oli lukonnut oven ja oli siellä sisässä. Minkähän tähden toimittaja ei
tahtonut päästää häntä puheelleen? Toimittaja oli näyttänyt jo vähän
vihaiselta hänelle, vaan pitihän hänen toki saada asiansa toimittaa.
Sillä sitä ei ollut vielä milloinkaan ennen tapahtunut, että heiltä olisi
tultu mitään velkomaan, enemmän ryöstöherrat kuin muutkaan. Jos
kaikki olisivat niin velattomia kuin he! Mutta hänpä ei asiaansa jätä.
Kun ei ollut ketään käskemässä, istuutui hän omin lupinsa
konttoorissa tuolille odottamaan. Hän on se eukko, joka tekee
asiasta selvän!

Jonkun ajan päästä tuli toimittaja toisesta huoneesta, kädessään

papereita. Eukko nousi ylös ja rupesi hänelle puhumaan, vaan
toimittaja ei kuunnellut, kiirehti vaan tiehensä.

— Hyvä jumala, ajatteli vaimo taas yksin jäätyään, kuinka ylpeä se

herra on! Pitäisi sitä toki kuulla köyhänkin puhetta, vaikka eipä sillä,
että he niin köyhiäkään olisivat, harvat ne ovat niin velattomia kuin
he. Hän istuutui jälleen ja päätti odottaa konttoorineitiä.

Neiti tuli jonkun puolen tunnin kuluttua. Hänelle kertoi eukko taas
pojan käynnin ja näytti tilauslipun. Neiti katseli kirjoja, huomasi
saman erehdyksen kuin toimittajakin ja selitti eukolle sen pariin
kolmeen kertaan, päästäkseen hänestä erilleen. Mutta eukko ei
heittänyt; hän kertoi:
 — Täällä oli äsken herra toimittaja ja hän katseli myös kirjoja, vaan
ei hän puhunut mitään toisesta Heikki Haverisesta. Niinpähän se oli
erehdys niin kuin Heikki jo arveli. Me emme ole milloinkaan jättäneet
maksamatta. Sepä nyt on paha, että on toinen Heikki Haverinen;
nehän voivat meidän nimiin tehdä velkaa ympäriinsä, ja sitte tullaan
meiltä velkomaan.

— Ei saa toki niin pahaa uskoa lähimäisestään, muistutti neiti.

— Ei niitä tiedä. Me on saatu paljo kärsiä toisten tähden.

Eukko alkoi luetella, kuinka paljo heillä oli saamisia, joista saa
vetää ristin perään, ja paljo muita petoksia kaupoissa j.n.e.

Kun konttooriin tuli muita asiamiehiä, ei neiti kuunnellut eukkoa

ollenkaan. Vaan eukko odotti vielä kahdenkeskistä hetkeä, ja sen
tultua alkoi hän valituksensa toimittajasta, miten se oli ollut hänelle
vihainen ja ylpeä ja kuinka asian selvitys oli sen vuoksi keskeytynyt.

Vihdoinkin sai neiti eukon lähtemään kehoittamalla häntä

menemään toimittajan luokse hänen kotiinsa, jos luuli olevan jotakin
asiaa, kun eukon puhe toimittajasta ei loppunut.

Vaan toimittajalla oli vielä kiirettä kirjoittamista kotonaan, ja

nähdessään eukon tulevan rappusissa hyppäsi hän panemaan oven
lukkoon aivan hänen nenänsä edessä.

Mutta eukko kiersi kyökin puolelle rouvan puheille, jolle hän selitti
juurta jaksain pojan käynnin, käyntinsä lehden konttoorissa neidin
luona, jutun tuosta toisesta Heikki Haverisesta y.m. ja että hän nyt
tahtoisi tehdä asian selväksi myöskin toimittajan kanssa. Rouva
kuunteli hartaalla osanotolla, käski vaimon odottaa ja lupasi sanoa
miehelleen, sitte kun hän viimeinkin joutuu päivällispöytään, johon
häntä on jo kauvan odotettu.

Istuuduttuaan päivällispöytään kuunteli toimittaja hetken

hajamielisenä rouvansa kertomusta eräästä Heikki Haverisen
vaimosta, joka on tullut valittamaan sitä ja sitä, ennen kuin hän
havahtui ja teki epätoivoisen liikkeen.

— Eikö siitä akasta pääse milloinkaan erilleen! Johan minä

konttoorissa selvitin hänelle sen asian. Menköön tiehensä!

Rouva ei tiennytkään että eukko oli jo ollut toimittajan puheella.

Niin kohteliaasti kuin suinkin toimitti hän eukolle, että toimittaja on
väsyksissä kovasta työstä ja että kun emäntä on jo toimittajaa
tavannut, niin toimittaja ei voi ottaa häntä puheelleen.

Eukko, joka oli kuullut kaikua toimittajan äkäisestä "menköön

tiehensä!" oli hyvin pahoillaan, pyysi rouvan selittämään toimittajalle
heidän syyttömyytensä ja lupasi ottaa selon tuosta toisesta Heikki
Haverisesta, joka ei maksa asioitaan ja siten syyttömiltä tullaan
velkomaan.

— Nyt siitä asiasta alkaa jo tulla selvä, sanoi Haverisen vaimo

miehelleen, kun mies iltasella palasi työstään. Hän kertoi
käynnistään sanomalehden konttoorissa ja tuosta toisesta Heikki
Haverisesta, joka oli syypää koko rettelöön. Hän oli niin
tuohuksissaan kuin olisi hän aikonut rumpun kanssa lähteä koko
kaupungille kuuluttamaan, että se on toinen Heikki Haverinen, joka
on jättänyt maksamatta sanomalehtensä.

— No, selvähän se on nyt koko asia, sanoi mies.

 — Ei se vielä ole selvä, väitti eukko. Minun pitää etsiä käsiini se
toinen Haverinen.

— Mikäs syy siinä on, syytönhän se on.

— Niinhän sinä aina sanot ja sen tähden me onkin niin paljo

vahinkoa saatu kärsiä. Mistä sen tietää, kuinka paljo se on meidän
nimiin tehnyt velkaa.

— Ole nyt hupsimatta! Ne tekevät velkaa omiin nimiinsä.

— Se on ihmeellistä että sinä aina tahdot puolustaa semmoisia,

jotka meille vahinkoa tekevät. Tuskin me saisimme omaa
palastamme syödä, jos minä en olisi vähä pitämässä kiini. Sinä olet
semmoinen helppoluontoinen ja sinua saa pettää kuin pientä lasta.

Haverinen ei enää jatkanut puhetta, sillä hän oli rauhallinen mies.

Seuraavana päivänä liikkui Haverisen vaimo kummallisessa

vimmassa, kysellen kaikilta erästä Heikki Haverista, joka heidän
nimiinsä tekee velkaa kaikkialla. Vihdoin hän pääsi miehen perille.
Se oli eräs työmies kaupungin laidassa. Siellä kävi Haverisen vaimo
vieraisilla, ja saivat ne nimensä kuulla. Ensin oli koko perhe
hämmästyksissään ja häpeissään maksamattomasta asiastaan,
mutta lopulta tuntui Haverisesta haukkuminen jo liijemmoiselta, hän
kierteli ja houkutteli vierasta hyvällä, vaan kun siitä ei ollut mitään
apua, sieppasi hän sopelta halon ja sanoi:

— Emäntä on hyvä ja menee nyt paikalla ulos!

Haverisen emäntä oli oikeastaan luonteeltaan hyvin pelkuri;

hänelle pakkautui veri päähän, jos hän luki Kuopion Uutisista
suurempata tappelujuttua. Niin raivossa ja voiton puolella kuin hän
oli tässä ensin ollutkin, oli hän pyörtyä nähdessään tuon väärän
Haverisen uhkaavan häntä halolla. Hän ei tiennyt itse, mitenkä hän
tuli ulos, vaan koko matkan kotiinsa piteli hän sydänalaansa ja luuli
kaatuvansa joka askeleella. Hän sairastui vuoteen omaksi
muutamaksi päiväksi, jolloin hän kiivaasti vaati miehensä nostamaan
kanteen tuota toista Haverista vastaan. Mutta mies kartteli ja odotti,
että puuska menisi ohi.

Oikeusjutun jätti vaimokin puolestaan sikseen, sillä hän pelkäsi

kovasti kulunkeja, vaan sen sijaan keksi hän mielestään vielä
paremman keinon. Asiahan oli vielä selvittämättä toimittajalle, ja nyt
hän pyytää samalla toimittajaa kirjoittamaan lehteen tuosta
petturista, joka toisen nimiin tekee velkaa, ja kun menee siitä hänelle
puhumaan, uhkaa tappaa. Semmoisia roistomaisia ihmisiä! Siitä
tulee hyvä kirjoitus sanomalehteen.

Parattuaan meni hän toimittajan asuntoon. Toimittaja oli taas

kiireessä työssä, vaan otti eukon kohteliaasti puheelleen. Kun eukko
rupesi kertomaan entistä juttua tilausrahasta, keskeytti hänet
toimittaja, huomauttaen että se asia oli jo selvitetty.

— Ei, hyvä herra, nyt siinä vasta selvittämistä onkin. Herra

toimittaja ei tiedäkään, että täällä on eräs toinen Heikki Haverinen,
joka on tehnyt meidän nimiin velkaa.

— Teidän nimiin?

— Niin. Se se on jättänyt uutisetkin maksamatta, jota sitte tultiin

meiltä perimään, ja kun minä menin sinne siitä sanomaan, uhkasi
minut tappaa ja halon jo kohotti lyödäkseen, vaan pääsin toki
pakoon.
 Toimittaja käsitti heti asian oikean laidan ja päätti uhalla tehdä
eukolle asian selväksi. Mutta niin selvästi hän ei osannut selittää,
että se olisi eukon päähän mennyt. Haveriska vaan nauroi ja sanoi:

— Herra toimittaja on aivan kuin minun mieheni. Hänkin tahtoo

uskoa kaikista vaan hyvää, vaikka on saatu kyllä paljo petosta ja
vahinkoa kärsiä. Herra toimittaja on vaan hyvä ja kirjoittaa tästä
uutisiin, kyllä minä maksankin, jos se tulisi jotakin tekemään.

Toimittaja katseli pitkään eukon yksinkertaiseen muotoon, jossa

kuitenkin oli paljo ahnetta ja itsekästä. Eukko koetti olla hyvin
makeana, kun näki että toimittaja oli niin hyvällä tuulella. Mutta
toimittaja katseli häneen oikeastaan keksiäkseen hänessä paikkaa,
mihin valonsäde olisi heijastutettava. Toimittajan kuvaannollinen
selitys näet oli, että ihmisen ymmärrys riippuu siitä, minkä laisessa
kulmassa valon säde hänen aivoihinsa heijastetaan, ja että
yksityisten ihmisten ja koko ihmiskunnan sivistämistyö on
valonsäteitten heijastuttamista peilin asettelemisen kautta. Kun hän
toimittaa lehteään, asettelee hän vaan heijastuspeiliään, valaisten
pimeitä paikkoja ja herättäen eloon niitä, jotka tiedottomuudessa
nukkuvat. Tulilasia hän käyttää myös. Mutta tämän ihmisen edessä
hän seisoi neuvotonna, hän ei löytänyt siitä sitä pistettä, mihin
hänessä säde pystyisi; häneen ei olisi pystynyt polttolasikaan.

— Minä nyt en jouda teidän kanssanne enempää, minulla on hyvin

kiirettä: menkäähän nyt pois.

Näin hän sai eukon vihdoinkin pois.

Mutta seuraavana päivänä näki toimittaja hänen tulevan taas, ja

hän pani oven lukkoon aivan nenän edessä, jääden lasioven taakse
katsomaan vaimoa.
 Vaimo nykäsi ovea, vaikka näki ja kuuli sen lukkoamisen, ja oli sen
näköinen kuin jostakin myöhästynyt. Aivan varmaan hän olisi
lähtenyt kyökin puolelle rouvan kautta pyrkimään, vaan hän älysi
toimittajan kasvot lasioven takana. Se teki vaimoon kummallisen
vaikutuksen. He katsoivat hetken vastakkain, vaan vaimo joutui heti
hämilleen ja neuvottomaksi, hän punehtui ja vaaleni eikä osannut
mitään. Ensimäisellä käynnillään hän oli myös nähnyt toimittajan
lukkoavan oven hänen edessään, vaan siitä hän ei ollut mitään
välittänyt, hän oli kiertänyt kyökin kautta. Mutta miksi toimittaja jäi
häntä nyt noin katselemaan? Se teki häneen kummallisen
masentavan vaikutuksen, niin että hän häpesi omaa itseään,
tietämättä kuitenkaan minkä tähden. Hän meni häpeissään pois, eikä
voinut kertoa miehelleenkään tästä, vaikka hän tavallisesti kertoi
kaikki.

Tämän jälkeen Haverisen vaimo vähemmän puhui väärin velotusta

tilausrahasta, vaan asia oli hänelle kuitenkin salaisena sydämen
ahdistuksena yhä eteen päin. Vuoden lopussa hän epäili, tilaisiko
hän enää koko Kuopion Uutisia, vaan ei hän voinut niitä
tilaamattakaan olla; hän kuitenkin vei vieraan miehen mukanaan
maksaessaan tilausrahan. Alituinen pelko oli hänellä, että
ryöstöherra voi tulla minä päivänä tahansa kirjoittamaan heidän
tavaroitaan tuon toisen Haverisen tekemistä veloista.

Mutta Uutisten toimittajaa hän oli ruvennut pelkäämään; nuo

tarkastelevat kasvot lasioven takana tulivat hänen painajaisekseen,
jota hän ei voinut karkoittaa pois. Kun hän näki toimittajan tulevan
samaa katua vastaan, piti hänen päästä toiselle kadulle, ja hän kiitti
luojaansa, kun pääsi pakoon. Miksi hän pelkäsi häntä? Siitä hän ei
päässyt selville, mutta hän pelkäsi ja häpesi.
 Monen vuoden kuluttua Kuopion Uutisten toimittaja kuoli ja
haudattiin. Haverisen vaimolla oli tapana käydä melkein jokaista
hautaan laskemista katsomassa, ja hän tuli toimittajankin haudalle.
Nähtyään erään tuttavansa vaimon haudalla, meni hän hänen
luokseen ja kertoi hänelle tuon vanhan jutun väärästä sanomalehden
tilausrahan velkomisesta. Se oli kuin kuuluva sen miehen
elämäkertaan, joka nyt laskettiin maan poveen.

— En minä kuitenkaan voi siitä toimittajavainaata ollenkaan

syyttää, sanoi Haverisen vaimo, syytönhän hän oli. Vaan sanopas
sinä, oliko hän milloinkaan ylpeä? kysyi hän hiljaa ja ikään kuin
arvoitusta, jota hän on kauvan miettinyt.

— Ei suinkaan, kaikki kiittelivät toimittajaa kohteliaaksi ja mainioksi

mieheksi.

— Niin, ei suinkaan hän ollut ylpeä, en minä tahdo sitä toki

sanoakaan, vakuutti Haveriska, jääden miettiväisenä tuijottamaan
eteensä.
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