Fast Facts About Grameen Bank
Left: Grameen Bank Dhaka Headquarters. Right: View Atop 20th floor Library.
Below are some quick data points on Grameen Bank that many of have you requested:
- Dr. Yunnus, founder of the Grameen bank, explored the concept of microfinance first in 1974, when he lent $27 to 42 villagers, who otherwise succumbed to usurious money lenders
- The idea further developed in 1976 into various villages of Jobra, and officially became an independent bank in 1983
- In 2006, they won the Nobel Peace Prize-yes, poverty is seen as a threat to world peace!
- Currently 95% of the equity is owned by the poor borrowers of the bank, the remaining 5% by the government
- 7.84 Million Borrowers of which 97% of borrowers are women
- Interest Rates on MicroLoans: 20% for Income Generating Loans, 8% for Housing Loans, 5% Student Loans, 0% for Beggar Loans, Deposit Savings Rate is 8.5%
- No Contracts or Collateral is ever employed.
- Offer comprehensive Financial services: Microloans for business development, housing loans, education loans, savings accounts, pension schemes, loan insurance, life insurance
- Grameen has over 19 sister companies, some are run as for profit businesses, while others are run as no-loss, no dividend, sustainable “social businesses” which focuses on providing subsidized or low cost services (clean water, nutritious foods, healthcare services) to the poor of Bangladesh
