The Man Who Made Banking Accessible To The Poor

Microcredit has been twisted beyond its original inception, idea, and agenda by the world at large. When the Nobel Peace Prize Winner, Professor Muhammad Yunus came up with the concept of micro-financing he didn’t expect the finance industry to change the whole meaning.

Nowadays, microcredit has a bad rep, especially in the United States, because the loan sharks have twisted the meaning. The 2014 documentary Spent: Looking for Change throws light on poor people who resort to unreliable credit options and end up being caught in an unending, vicious loop of debt, interest, and mortgage so much so that sometimes they pay up to 5000% interest rates. It’s crazy, right?

But before it took its evil form, Microcredit was intended to help the downtrodden, the impoverished, the forgotten sections of the society -- namely, the people who have no documentation or history to be able to even open a bank account. It was revolutionary, to create a system that helps people with absolutely no money to start their own businesses and more.

Prof. Muhammad Yunus is a man of many ideas, and during the 2018 TiE Conversation with Changemakers, he had a lot to share. Here are a few key takeaways:

1. Man is not selfish, as capitalism would have us believe. He is a mix of selfishness and selflessness.

2. Man is not born to be an employee, but an entrepreneur.

3. It’s every person’s job to be creative, take care of himself/herself and take care of the planet. Human is not born to be dependent on anyone.

If you want to reach a new destination, make sure to build a new road. The old road won’t take you to a new place.
— Muhammad Yunus

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