Muhammad Yunus and Grameen Bank were awarded the Nobel Peace Prize for their work in microfinance. One key to Grameen's success is that it mostly works with women. Susan Davis of the Grameen Foundation explains why this is so important.
How important are women for Grameen?
For one, nine of the twelve members of the Grameen Bank board of directors are village women. And there has been research that shows that when women make financial decisions, greater disposable income goes into improved nutrition, health status, and housing for their children and families.
That's why the industry shifted. When Grameen started, it was just trying to reach 50-50 parity between men and women, but then they noticed the difference.
When did Grameen start focusing on women?
In the 1990's. There are still several hundred thousand male borrowers of Grameen, but they stopped being prioritized; the same thing happened at BRAC and other microfinance institutions.
That's why the industry shifted. When Grameen started, it was just trying to reach 50-50 parity between men and women, but then they noticed the difference.
When did Grameen start focusing on women?
In the 1990's. There are still several hundred thousand male borrowers of Grameen, but they stopped being prioritized; the same thing happened at BRAC and other microfinance institutions.
At the end of 2005, 3,133 microcredit institutions worldwide reached 113 million people of whom 82 million were among the poorest when they took their first loan. Among those, 84.2 percent or 69 million were women.
Author: Valdis Wish
Read more at: http://knowledge.allianz.com/microfinance/microcredit/?108/microfinance-women-grameen-banking
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