Esther Afua Ocloo

Pioneer of microfinance who revolutionized women's economic empowerment in post-colonial Africa

Before Nobel laureate Muhammad Yunus popularized microcredit, Esther Afua Ocloo (1919-2002) developed grassroots financing models in 1950s Ghana. Her journey began with a loan equivalent to $1.50 to start a palm oil business, eventually supplying jam to the British military during WWII as documented by UNDP.

Ocloo co-founded Women's World Banking in 1975, creating the first global network for female entrepreneurs. Her passbook system allowed illiterate market women to build credit histories - a concept now standard in microfinance institutions worldwide according to World Bank reports.

Her most radical innovation was the ‘Susu Collector’ system where trusted community members pooled small savings. This model achieved 98% repayment rates in rural Ghana, compared to 60% in conventional banks as shown in Journal of Development Studies (1998).

Ocloo's philosophy Not to be a museum specimen but a living example inspired Ghana's current National Board for Small-Scale Industries. Her methods are now taught in development economics programs from LSE to University of Ghana.