In June, we celebrate the birthday of a man who has devoted his life to addressing poverty for poor people around the world.
Muhammad Yunus — founder of microfinance and Nobel Peace Prize laureate — was born in late June in Bangladesh. His Grameen Bank model, built on extending very small loans to very poor people, became the standard for modern microlending and the inspiration for WorldWise Microfinance.
In addition to his groundbreaking work on the impact of small loans, he recently answered the call to serve as Chief Advisor to Bangladesh’s interim government. He set aside his life’s work to serve — and then stepped aside when the job was done.
Yunus began his anti-poverty work in the wake of Bangladesh’s devastating 1974 famine. Moved by the resourcefulness and resilience of poor women, he observed that providing small loans without collateral allowed borrowers to escape the predatory lending practices common at the time. Additionally, Yunus discovered that repayment rates on these small loans exceeded the repayment rates for larger loans at local banks.
Over the last 16 years, WorldWise Microfinance has built on Yunus’s model and demonstrated what a difference a loan makes in the life of a loan recipient. One thousand families have been lifted out of extreme poverty and our repayment rate is greater than 96%.
We stand with Yunus, who reminds us:
“Microfinance is about giving hope to poor people, so they can generate their own income. It’s a key tool in achieving sustainable development because it empowers individuals and communities to break the cycle of poverty.”
When you fund WorldWise Microfinance, you become a social entrepreneur. Your dollars help poor families launch and grow businesses — making you a creator of jobs, of dignity, and of family resilience.