Nobel Peace Prize recognizes Microfinance

Mifex is thrilled to congratulate Nobel Peace Prize winners Muhammad Yunus and the Grameen Bank. They are responsible for first formalizing the concept of microfinance as a poverty alleviating tool in Bangladesh.

In a time when no one believed the poor were bankable, Yunus and his Grameen Bank went against conventional thinking and broke the paradigms of traditional banking. While formal banks only made substantial loans to mid-high income individuals, the Grameen Bank would lend small amounts to poor people. In a society where women were marginalized, Yunus and his organization chose to only lend to groups of women. As governments worldwide struggled to alleviate poverty with macroeconomic policies, the Grameen bank chose to directly empower the poor through microfinance.

Mifex is proud of Yunus and the Grameen Bank's historical accomplishment and is grateful for the contributions they have made to the microfinance community.