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Grameen Bank founder wins Nobel Prize (watch related TEDTalk)

Posted by: June Cohen

Our warmest congratulations go out to Grameen Bank and its founder Muhammed Yunus, honored today with the Nobel Peace Prize. “Lasting peace cannot be achieved unless large population groups find ways in which to break out of poverty,” wrote Nobel Committee director Ole Danbolt Mjoes, recognizing the importance of micro-finance pioneer Grameen Bank. “Microcredit is one such means.”

Grameen Bank has been top of mind here, as this week’s TEDTalks focused on new approaches to fighting poverty, and featured Iqbal Quadir, who co-founded Grameen Bank spin-off Grameen Phone. Grameen Bank was a pioneer in micro-finance, and has transformed the lives of millions in Bangladesh, through small loans, provided without any collaterol or security, mainly to illiterate women, to support small business ventures. The model has been widely (and successful) implemented in other communities worldwide. And Grameen Phone later applied a similar model to mobile phone services.

Watch Iqbal Quadir on TEDTalks.