Living On Less Than a Dollar A Day
Percentage of Population Living On Less Than a Dollar A Day
Credit unions and lending cooperatives have been around hundreds of years. However, the pioneering of modern microfinance is often credited to Dr. Mohammad Yunus, who began experimenting with lending to poor women in the village of Jobra, Bangladesh during his tenure as a professor of economics at Chittagong University in the 1970s. He would go on to found Grameen Bank in 1983 and win the Nobel Peace Price in 2006. (http://globalenvision.org)
Since then, innovation in microfinance has continued and providers of financial services to the poor continue to evolve.
Today, the world bank estimates that about 160 million people in developing countries are served by microfinance. However, potentially 1.4 billion could benefit from access to microfinance services. (http://web.worldbank.org)
Percentage of Population living on less than $1 a day (http://wikipedia.org)