1977 First loans offered by Grameen Bank

The Grameen Bank was founded by Professor Muhammad Yunus in Bangladesh. In 2006 he won a Nobel Peace Prize for this work.

The Grameen Bank, known as the ‘bank for the poor’, reversed conventional banking practice by removing the need for collateral. It created a banking system based on mutual trust, accountability, participation and creativity. Yunus reasons that credit is a cost effective weapon to fight poverty and it serves as a catalyst in the over all development of socio-economic conditions of the poor. Find out more here.