In Bangaldesh in the early 1970s, Economics Professor Muhammud Yunus looked outside his University campus in rural Bangaldesh and saw extreme poverty everywhere after a devastating famine.
With a yearning to help, he went out and talked to the villagers. He learned that loan sharks were crippling local people's ability to rise up the ladder. With fair loans, he realised many people in poverty could grow their businesses and seriously improve their lives.
He realised further- normal banks only serve the rich, they do not have products for the poor. He set out on a mission, to create a financial instituiton for the poor.
The first loan given was to a group of 42 women for $27 split between them. Each person was bonded into the cooperative, they all pay back or no one gets another loan. They created values and community and profits from the loan were chosen by the women to invest in health care or other community needs.
As of 2017, the Grameen Bank has had 9 million borrowers, 96% of them women, with a repayment rate of 99.6%.... UNREAL
Read his book, Banker to the Poor 👌