Who pioneered the concept of microcredit?

The concept of microcredit was pioneered by the Grameen Bank, which was founded by Muhammad Yunus in Bangladesh in the 1980s. The primary goal of microcredit is to provide small loans to individuals who do not have access to traditional banking services, particularly in developing countries. This approach empowers the poor, especially women, by allowing them to start small businesses, improve their living conditions, and become financially independent.

Grameen Bank's innovative model demonstrated that even those with no collateral could repay loans when they were given the opportunity and support. The success of microcredit has had a significant impact on alleviating poverty and has inspired similar initiatives globally. As a result, the Grameen Bank stands out as the original institution that effectively implemented and popularized the microcredit concept.