After turning his back on a five-figure salary to set up his own venture in east Africa, Austin Harris earns a fraction of what he once did.
But Mr Harris, a student at the Said Business School, couldn’t care less.
He is one of a growing number of so-called social entrepreneurs, interested in returns other than cash.
The 37-year-old economics graduate, who lives in halls at New College, spent seven years working first in mergers and acquisitions and then as an analyst for financial giant Citibank.
But he quit to volunteer in Bangladesh and later moved to work for a not-for-profit bank in Rwanda, helping finance start-ups.
Realising there was little support for small and medium-sized businesses ready to grow bigger, 16 months ago he launched Inkomoko, which provides loans from £6,000 to £60,000.
Interest is charged at between eight and 12 per cent, radically lower than the 18 per cent that is the norm in Rwanda.
So far, Inkomoko has helped more than 60 businesses, ranging from chicken farms and electricians, through to footwear manufacturers, software developers, solar companies and a micro hydro plant.
Mr Harris admits his colleagues were “completely baffled” when he gave up his high-flying job but he has no regrets and finds what he does “incredibly rewarding.”
He explained: “I’d worked in traditional finance for several years and enjoyed the challenge but never felt very connected to the projects or people, or that we were making an impact.
“I started questioning whether I could use my skills to do something more socially useful.
“Rwanda was wonderful but I noticed there was a big gap between micro finance and what was needed for bigger companies and that inspired me.
“A developing country is cash-starved, so providing loans that are affordable and effective is difficult.
“It is not an attractive field for a traditional profit-minded entrepreneur, as the returns come in other forms.
“The businesses we work with generally have between five and 30 employees, so we are supporting a much larger group of people.”
Capital for loans comes from a mixture of grants and philanthropic individuals and institutions but prospective candidates are vetted thoroughly.
He added: “We run preliminary numbers to see whether they are viable.
“People put their life savings in and I don’t want to see them lose that.”

Love or hate the concept, social enterprises are set to become more mainstream, thanks to the Budget in March, which announced 30 per cent tax relief for those who invest in them. 

Agency Matter & Co compiles an index of social enterprises in the UK and lists almost 900, with a joint annual turnover of £11.3bn.

But given that the size of the UK economy last year was £1.6 trillion, this is a drop in the ocean.
And critics question whether social entrepreneurialism is simply smoke and mirrors, comparing the trend to companies who adopt ecologically sound policies on a purely surface level, in what is dubbed ‘greenwash’.
Tim King, of the Oxfordshire branch of charity Frederick’s Foundation, which lends money to entrepreneurs, pointed out: “I hear people talking about being social entrepreneurs but I think it is because it is the latest buzz phrase.
“A bit like eco-friendly and green.
“There are implications about being a social entrepreneur and I am not sure people fully investigate or understand them before they go down that route.”
Another social entrepreneur using his talents to make change, rather than money, is former professional dancer Jesse John ‘JJ’ Formento.
Mr Formento, 47, runs Littlemore-based social enterprise Ajos Trust, which includes Ajos Dance, an arts group recently chosen for a Lloyds Bank Social Entrepreneurs Programme.
With a team of dancers and choreographers, Mr Formento runs dance workshops and festivals around the country.
He said: “About 10 years ago, age got to me and I had to rethink what I was going to do. I went home to the Philippines for the first time in 30 years. I found myself in a rural province where my grandparents lived, rather than Manila where I spent my childhood and my eyes were opened to the poverty there.”
He launched a charity to help communities in the Philippines but the desire to do something socially useful continued when he returned to the UK. He added: “I started to think about how I could use my skills working in the community. Dance is wonderful in that it is a universal language everyone can understand, so a good way to bring a community together.”

Soushiant Zanganehpour, strategy and special projects consultant at Oxford’s Skoll Centre for Social Entrepreneurship, said: “There are an incredible number of highly skilled and talented people converting to social entrepreneurialism, including those with former careers in banking, law and consulting.
“They are looking to marry up their values with the way they make money — they don’t want to leave their values at the door.”