Editing Muhammad Yunus (section)

=== Microfinance and the Global Impact ===
Muhammad Yunus's work with Grameen Bank revolutionized the financial industry and is widely regarded as one of the most effective ways to combat poverty. By providing the poor with access to credit, Yunus and Grameen Bank helped millions of people improve their standard of living, create businesses, and contribute to the economic growth of their communities.

One of the key innovations of the microfinance model was the concept of group lending. Borrowers formed small groups, and the success of one person’s loan depended on the group’s collective responsibility for repayment. This model minimized the risk for lenders while fostering a sense of community and mutual support among borrowers.

As a result, microfinance institutions (MFIs) inspired by Grameen Bank began to flourish globally. From Latin America to Africa, microfinance became a tool for poverty reduction, economic empowerment, and social transformation.