Counting down "Ten Most Exciting Stories of Change" ....No 8

No 8....Small-scale Banking

Sounds boring doesn't it? Well, its actually quite an exciting idea and concept.

.

In the wake of the 1974 famine in Bangladesh, US educated Bangladeshi economist, Muhummad Yunus, was inspired to do something about the poverty in his own country. He saw a need for the poor in Bangladesh to be given loans with reasonable terms to help them recover from the devastation.

.

Yunus founded the Grameen Bank in 1976, which provides a chance for millions of the world's poorest people to work their way out of poverty. It's a small-scale banking system based on mutual trust, accountability, participation and creativity. The bank focuses on lifting people out of poverty and they lend to beggars, home buyers and students to name a few.

.

The bank provides credit to the poorest of the poor in rural Bangladesh who don't have access to traditional banks, and it's clients are mostly women. As of May 2007, the bank had 7.16 million borrowers and 2,422 branches, covering more than 93 per cent of the villages in Bangladesh. Grameen Bank members have a household income 50% higher than those in villages who aren't involved with the bank.

.

The founder Muhammed Yanus won the Nobel Peace Prize for life changing work in 2006.

.

I'm going to be writing more about Muhammed Yanus. What I love about him is that he could have used his talents to become filthy rich instead he has used his gifts and talents to change the world.

.

For the thinkers http://www.youtube.com/watch?v=kW-4gJmXy5M