Muhammad Yunus of Bangladesh and the bank (Grameen Bank) he started in 1976 with $27 dollars - that’s right, $27 dollars - have won the Nobel Peace Prize for their pioneering work in microfinance. The bank has had some 6.6 million borrowers - 97% of whom are women and the default rate on loans is only 1%. Since Yunus started Grameen Bank, the per capita income in Bangladesh has grown from $280 to $440. Amazing.
It’s a great example of design as well. This guy designed a new financial model as well as a framework for implementation. Microfinance is now used in developing nations around the world -and even in some of the poorest parts of the U.S. (rural Arkansas, for instance).
Well done!!