the concept of micro financing was developed by who in 1976
Muhammad Yunus
title: Microfinance text: however exist solely for profit. Loans to poor people by banks have many limitations including lack of security and high operating costs. As a result, microfinance was developed as an alternative to provide loans to poor people with the goal of creating financial inclusion and equality. Ela Bhatt had initiated women's own SEWA Cooperative Bank in 1974 in Ahmedabad, Gujarat, perhaps one of the first modern day microfinance institution of its kind. Muhammad Yunus, a Nobel Prize winner, had introduced the concept of Micro-credit in Bangladesh in the form of the "Grameen Bank". The National Bank for Agriculture and Rural title: Microfinance text: of the political unrest in Côte d'Ivoire, AFMIN temporarily relocated its office to Cotonou in Benin. The microcredit movement that began in the 1970s has emerged and morphed into a 'financial systems' approach for creating universal financial inclusion. While Grameen model of delivering small credit achieved a great deal, especially in urban and near-urban areas and with entrepreneurial families, its progress in delivering financial services in less densely populated rural areas was slow; creating the need for many and multiple models to emerge across the globe. The terms have evolved from Microcredit, to Microfinance, and now Financial Inclusion. Specialized microfinance title: Microfinance text: board member of the European Microfinance Platform, is in favour of the group model. This particular model (used by many Microfinance institutions) makes financial sense, he says, because it reduces transaction costs. Microfinance programmes also need to be based on local funds. The history of microfinancing can be traced back as far as the middle of the 1800s, when the theorist Lysander Spooner was writing about the benefits of small credits to entrepreneurs and farmers as a way of getting the people out of poverty. Independently of Spooner, Friedrich Wilhelm Raiffeisen founded the first cooperative lending banks to support farmers title: History of microeconomics text: History of microeconomics Microeconomics is the study of the behaviour of individuals and small impacting organisations in making decisions on the allocation of limited resources. The modern field of microeconomics arose as an effort of neoclassical economics school of thought to put economic ideas into mathematical mode. An early attempt was made by Antoine Augustine Cournot in "Researches on the Mathematical Principles of the Theory of Wealth" (1838) in describing a spring water duopoly that now bears his name. Later, William Stanley Jevons's "Theory of Political Economy" (1871), Carl Menger's Principles of Economics (1871), and Léon Walras's "Elements of Pure title: Microcredit text: popular tool for economic development, with hundreds of institutions emerging throughout the third world. Though the Grameen Bank was formed initially as a non-profit organization dependent upon government subsidies, it later became a corporate entity and was renamed Grameen II in 2002. Muhammad Yunus was awarded the Nobel Peace Prize in 2006 for his work providing microcredit services to the poor. Microcredit organizations were initially created as alternatives to the "loan-sharks" known to take advantage of clients. Indeed, many microlenders began as non-profit organizations and operated with government funds or private subsidies. By the 1980s, however the "financial systems approach,"