Muhammad Yunus is one of the pioneers and founders of microcredit and financing. Muhammad Yunus was born on June 28, 1940, and as the founder of the Grameen Bank, he received a Nobel Prize for his contribution to the global community.
In 1983, Muhammad Yunus worked as a researcher in Bangladesh and wanted to know whether he could fight against poverty among families with microcredits. The story is that one day he wanted to give a disadvantaged mother the opportunity to start a business with a very small loan. The bank he asked for did not want to know anything about it, so he decided to use his own money. The bank's reasoning was that disadvantaged people are not reliable when it comes to paying back a loan. The reasoning of Muhammad Yunus was that because of the urge to build up a right to exist for her family and because of social control within the community, there was a greater chance of getting a loan repaid.
His personal loan was repaid so quickly that he decided to do this several times with other mothers. After he proved himself to be right, he once again asked for support from the various banks. When, after factual evidence, he received no approval, he decided to set up his own bank in 1976. The Grameen bank became one of the larger banks in the world and by far the largest in the field of micro-credits.
What is special is that the average loan amount is around 100 dollars and 97% is borrowed by women. In addition, 95% of the loan amounts are repaid in full and on time. That is higher than many a traditional bank can and will claim.
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