Muhammad Yunus

Revolutionized poverty alleviation through microfinance

Muhammad Yunus, the Nobel Peace Prize laureate from Bangladesh, made a monumental difference by pioneering the concept of microcredit and founding Grameen Bank. Born in 1940, Yunus challenged traditional banking systems by providing small loans to impoverished individuals without collateral—a radical idea that empowered millions.

His work began in 1976 during a famine when he lent $27 to 42 villagers in Jobra. This experiment proved that tiny loans could spark entrepreneurial activities among the poorest. By 1983, he established Grameen Bank, which now serves over 9 million borrowers, 97% of whom are women.

Yunus's model demonstrated that trust-based lending could achieve repayment rates exceeding 95%, debunking myths about the "unbankable poor." His Social Business concept further expanded solutions for global issues like healthcare and renewable energy. According to the Nobel Committee, Yunus created "economic and social development from below."

Despite controversies, his legacy reshaped global finance policies and inspired initiatives like the UN's Sustainable Development Goals. Yunus remains a symbol of how innovative thinking can disrupt systemic poverty.