Of course, it would be most appropriate to directly interview people who have taken loans from microcredit agencies. They will be the ideal persons to tell their own stories. That being said, my activities led me to meet villagers to collect their testimonies on microcredit. I shall try to share
A unit of ownership interest in a corporation or financial asset, representing one part of the total capital stock. Its owner (a shareholder) is entitled to receive an equal distribution of any profits distributed (a dividend) and to attend shareholder meetings.
their stories here.
The general history of microcredit in Bangladesh is well known. It began in the 1980s. Before that, people took loans -small or relatively big- from local usurers. To some extent, this is practiced still today. In 1976 Muhammad Yunus founded the Grameen Bank which introduced the first microcredit loans. Other agencies, including the BRAC Bank (created in 2001), joined the initiative later.
Microcredit, in its “classical” sense, implies the grant of small loans to a single group of several borrowers. A debtor group is made up of about 25-30 people committed to 16 principles (intended to ensure that the borrowers act collectively and inclusively as a group). Members of a group first form a joint savings fund and then apply to a microcredit agency for a loan on the strength of that fund. More recently, microcredit agencies have begun lending to…