Success story:Grameen bank and its founder Dr. Muhammad Younus
Dr. Muhammad Yunus• Education University of Dhaka Vanderbilt University• Contributions Microcredit Grameen Bank• Recognition Independence Day Award (1987) World Food Prize (1994) Nobel Peace Prize (2006) Presidential Medal of Freedom (2009)
Starting Grameen Bank• Started by lending US$27.00 to a group of 42 families in 1976• Secured loan from the government owned Janata Bank to lend it to the poor in Jobra in December 1976• Extended to Tangail district• By 1982, the institution had 28,000 members• On the 1st October 1983 started operations as a full-fledged bank and was renamed the Grameen Bank
The BeliefDr. Yunus believed that making such loansavailable to a wide population would have apositive impact on the rampant rural poverty inBangladesh.
Objectives• Extend banking facilities to poor men and women• Eliminate the exploitation of the poor by money lenders• Create opportunities for self-employment for the vast multitude of unemployed people• Bring the disadvantaged, mostly the women from the poorest households, within the fold of an organizational format .• Reverse the age-old vicious circle of "low income, low saving & low investment", into virtuous circle of "low income, injection of credit, investment, more income, more savings, more investment, more income".
Service overview• Products Microfinance• Total borrowers - 8.349 million(97 % women)• Branches - 2,565,• Coverage - 81,379 villages,97% of total• Revenue 176.67 million USD• Net income 10.76 million USD• Total assets 1781.46 million USD• Employees 22,149
The difference• Conventional – The more you have, the more you will get• Grameen – You will get,even if you have nothing.
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