Microbanking

I thought it'd be nice to focus on some good news today. I read about this man, Muhammad Yunus, a few months ago and recently found out that he and the bank he founded, the Grameen Bank, won a Nobel Peace Prize this year.

He is being recognized for the innovative banking system that he created which has helped many of the world's poor to start small businesses to support themselves. I found it interesting that he noticed that the poor were often more reliable in paying back their (very small) loans than the rich were. He also found that women more often used the money to help benefit the family so 96% of the loans he gives are to women.

Good stuff, it seems.