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Building Financial Literacy through Hands-on Learning |
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Thursday, 12 June 2008 |
Professor Yunus has often described Grameen Bank as a “University for the Poor” and that the loans act as an incentive to participate.
Following the practices of Grameen Bank, Grameen America is approaching financial education as an integrated part of its every day recruiting, lending and savings activities, and not as a separate academic exercise. This method provides our borrowers with some of the best financial literacy training around without requiring them to learn in a traditional classroom setting -– which for many people, is not the most effective learning environment (especially for adults whose school days are long behind them!).
One of our cornerstone efforts to provide integrated financial education is the five-day Continuous Group Training (CGT) program that each borrower completes before she is eligible to receive a loan. As the name implies, Grameen America emphasizes – right at the very beginning – that learning is a continual process when you are a Grameen America member and not an isolated activity. Topics covered during CGT include:
- The risks and rewards of taking out a loan
- Loan products
- Interest rates
- Savings products
- Credit establishment
- The value of discipline, trust and individual responsibility in the Grameen program
- The role of the Group in the Grameen lending and savings model
Grameen America has graduated over 225 borrowers through this initiative – and each one can immediately put these lessons into practice by opening a savings account (a requirement of each GA borrower) and using their loan to start or grow their small business. Moreover, CGT lessons learned are continually reinforced at required Weekly Center Meetings where borrowers discuss business issues as they arise, share best practices, and learn from their peers and the GA staff. Weekly Center Meetings are also the platform by which borrowers make weekly repayments and contributions to savings accounts and so, are an important way that GA builds a culture of savings, individual responsibility and accountability – three absolute essentials for any financially literate individual.
At the heart of all of this is Grameen America’s steadfast commitment to listen to the needs of our borrowers and serve them in the best possible way.
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Xiong Ning's Letter to the Nobel Peace Prize Winner Yunus |
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Tuesday, 20 May 2008 |
I have had the distinct honor of working with Professor Yunus over the past 25 years and in that time have learned just how devoted he is to helping improve the lives of the poor around the world. I have also learned that he holds a deep respect and appreciation for others around the world who are also committed to this noble work.
In that spirit, I want to share with you a recent memorial message he recorded for a heroic and visionary young women from China, Xiong Ning, who was tragically killed in a traffic accident on her way to help distribute disaster relief supplies to poor people in Qinghai.
In her belongings, a letter was discovered that she wrote to Professor Yunus. The letter is a true inspiration and speaks to the enormous devotion Xiong had to help those less fortunate in her country. I encourage you to read it below and also watch the video message from Professor Yunus that was aired on May 8th during a memorial event in her honor.
Xiong Ning's Letter to the Nobel Peace Prize Winner Yunus
"Dear Professor Muhammad Yunus,
Hello, how are you? First please forgive me if I take the liberty of writing this letter to you. I am a Chinese girl named Xiong Ning, 29 years old this year, and born in an ordinary city, to an intellectual family. Since I was young, I have had a dream that I will set up the same “socially conscience enterprise” as you advocated in Banker to the Poor. During the period of my high school and college, I have been continually attempting at my plan, and striving to put it into practice in order to start my own “socially conscience enterprise” and give more people equal chances to survive and be free from poverty.
For this reason I stopped pursuing a higher education; refused to work in the government departments arranged by a friend with authority; and also resolutely gave up the white-collar position in a foreign-invested enterprise, which everyone envies today in China. Perhaps many people think that I tend to go to extremes, but when I see the poor like me or even more outstanding than me, and the rural people, it is not known how much effort they will make, or even give up their dignity, and then can obtain the same opportunities as the rich and the city people.
Since learning about you and Grameen Bank through your book Banker to the Poor, I have been deeply attracted by your undertakings. Also I have nothing but praise and admiration for your wisdom and ability from the depth of my soul. In the book I have seen my dream, my role model and my teacher.
With your success and the success of Grameen Bank, and all you have done for the poor in the continuous thirty years, I have been even more determined to improve the living conditions of the poor and strive without cease for their human rights. But so far, I have encountered many obstacles, on one hand, because of my own limited capacity and on the other hand, due to other social causes.
Therefore, I would like to seek your help, and hope you can treat me as your student and give me some recommendations as a parental advisor. I do not know whether you have a deep understanding of China. China has a population of nearly 1.4 billion (of which 1 billion live in rural areas).
Taking my own experience, I have been unceasingly exploring and experimenting “socially conscience enterprise”, but such enterprises have to compete in the market to make money, or at least maintain a balanced budget. Facing the fierce market competition, if I have chosen the “conscience”, it means more efforts are needed to grasp the game rules of the market competition. As a Chinese person, I love my country very much, and I shall “fight” like a soldier to change the status of China's poor people. Here I am wondering how I can start a Chinese Grameen Bank under present national conditions, and how this Chinese Grameen Bank, like your Grameen Bank in Bangladesh, is not just a bank, but it can care about all aspects of the poor people. Let the poor find their dignity in labor; participate in social affairs equally; and create their own destinies through their own efforts.
Would you please tell me whether Grameen Bank has ever had in the past or still have some projects now in China? What can I do in the future for Grameen Bank in China? Or can I work with you to start a Grameen Bank in China? I am an ordinary person, but my innate conscience spurs me on to live for my ideal (to help the poor and the suffering people); I have no power and influence, but I have a sense of social responsibility and mission; I am not an economist, but I am always striving to end the poverty and sufferings of the poor people.
I sincerely hope to have your guidance and help. I hope that China is also to have Grameen Bank for the poor and of the poor. No matter what kind of countries, races, religions, as long as they are in this world, they are all eager for equality. But “poverty”, like a tiger (a stumbling block) in the way, is a lasting impediment to its realization. However, you success and your Grameen Bank are coming, which has rekindled the hope of the numerous poor people for a better life; and had many entrepreneurs of a social conscience encouraged and learn the experience.
You and Grameen Bank are of no national boundaries, but the wealth and hope of the whole world and all human beings. You are also the role model for my life-long learning and efforts! Finally, please forgive me again if I take the liberty to trouble you. I fervently look forward to your reply!
Best wishes of health and happiness to your family!
Your new friend: Xiong Ning
June 26, 2007"
Professor Yunus’s Memorial Message in Xiong Ning’s Honor
Click here to see the video
Transcript of Professor Yunus’s Memorial Message
MUHAMMAD YUNUS: Good afternoon. I’m Muhammad Yunus from Bangladesh. I’m honored to be invited by XiAn Musical Radio Station to attend this very special event in memory of our dear friend, Xiong Ning.
Xiong Ning is a visionary Chinese girl who made a commitment to devote herself to help the poor people in China. The traffic accident clearly stopped her young life. But, she leaves the most beautiful story and the most precious spirit for all of us, for you, for me, for the rest of the world.
Juliet Wu’s translation of my book, Banker To The Poor, somehow inspired her. I had no idea that the book would inspire to the extent she has expressed herself through her letter. Juliet Wu translated her letter and sent it to me. I was amazed by the passion she has expressed, the commitment she has demonstrated in her letter. We’re all touched by the determination she has expressed in bringing end to the poverty in the whole of China. Her deep thought over the cause of poverty and the solutions to fight against it will touch everybody all over the world.
How much I wish that I could work with her to make her dream come true. It’s so unfortunate at such an early age she had to leave this world, leaving her dream unfulfilled. Now this is our turn now, on this particular day, to commit ourselves to promise that we’ll carry the spirit of Xiong Ning and fulfill her dream and make sure we end poverty on this planet.
With Xiong Ning we promise nobody in this world will remain a poor person. We’ll create museums for poverty; the only place people can see poverty will be the museums, poverty museums. We’ll introduce an award, the Xiong Ning award for helping poor people. And it will be named as Xiong Ning Yunus Award to female volunteers. This award will be given every year to remember Xiong Ning and also remember our commitment and recognize the person who contributed the most in bringing end to poverty. And I’m sure Xiong Ning will be very happy from the other world that her effort will not go in vain, will carry the torch and make sure the work she left incomplete, we’ll complete it on her behalf.
Today, Xiong Ning has brought us together. Her memory will inspire us and we’ll make a commitment to fulfill the dream of Xiong Ning. And we’ll revisit every year what she hoped, what she wanted to see this world to be, and see how much success we bring to it, how much contribution we could make in making this dream come true.
I express my heartfelt condolences to the family of Xiong Ning and all her friends. Today, the only thing I can tell the members of the family, we’re all Xiong Ning. We are your family members. All the people in China and all the people who commit themselves to ending poverty in the world are members of your family. And we’ll work together and keep the memory of Xiong Ning alive. She will inspire us to move forward.
Thank you very much.
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Over 165 Borrowers and Growing |
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Thursday, 17 April 2008 |
It’s been eight months since I touched down to the U.S. and I cannot believe how far Grameen America has come in so short a time. I have set up our first branch office in Jackson Heights, Queens and I have recruited two trainee Grameen bankers. These two trainees have done an amazing job and had no prior experience in micro-credit programs before joining Grameen America. The diversity, energy and entrepreneurial spirit of the Jackson Heights residents have made this the perfect place to begin our work in America.
One of our trainee bankers, Alethia Mendez, started talking to her local hairdresser about Grameen America’s mission and found herself pushing on an open door. As soon as she explained how Grameen loans work, how you could cut out the need for pawn shops and predatory lenders, her hair stylist Elizabeth immediately got the message. Once Alethia told her more details, Elizabeth yelled to her friends across the salon and everybody in the room came over to talk.
Elizabeth and her fellow workers pay by the day for chairs at a salon in Corona, Queens and also pay for own beauty products. Hair and beauty products do not come cheap in New York. Elizabeth and her colleagues often needed credit to stock up on essential products and had to rely on the only credit available. For Elizabeth, this meant using someone local in Queens who was been charging her over 300% (Annual Percentage Rate). You can imagine how thrilled she was to hear that Grameen America gives loans at a fraction of the cost (15%) – and not only that, would help her set up a savings account and establish a credit history. One of our first borrower groups was formed right then and there!
We now have over 165 borrowers, all of whom are women, organized into 33 different lending groups in 16 Centers. So far we have distributed over $380,000 in loans to help these women start and grow their small businesses. Our borrowers are engaged in activities ranging from cosmetology, pet grooming, day care, clothing and the sale of products ranging from clothing, jewelry, pursues to home-cooked food and baked goods. Our borrowers are entrepreneurial and I can see their sense of pride growing at each week’s center meeting. Through our program, I know they will improve their lives and the lives of their children.
This is just the beginning. I hope you will stay tuned to hear how we grow – there will be many more inspiring stories to come.
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Building Grameen America: Project Gotham |
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Wednesday, 19 March 2008 |
My name is Shah Newaz, Senior Vice President and General Manager of
Grameen America LLC. I’m from Bangladesh and have over 20 years of
experience building microfinance programs on behalf of Grameen Bank and
its affiliates. I’ve helped implement Grameen’s group lending model in
both Bangladesh and the Dominican Republic. Now I’ve come to the United
States to ry and achieve the same success for Grameen, starting with
New York City. I recently moved from Bangladesh to Queens, New York,
and have committed myself to the success of Grameen America. At the
moment I am completing field research: identifying the best locations
to establish Grameen branches and preparing for client recruiting.
First Impressions
After arriving in New York, the first place I went was the neighborhood
of Jackson Heights, which features a large Bengali population. Several
members of the community suggested I visit the neighborhood restaurants
to interact with Bangladeshi people, many of whom would be potential
clients. I was introduced to someone who showed me around Jackson
Heights, which was very helpful. Soon enough, two meetings were set up
in the Aladdin restaurant, giving me a chance to talk to potential
borrowers in a comfortable setting. [article truncated for comp
purposes]
On September 1, 2007, I moved out of the hotel and into an apartment on
Woodhaven Blvd. I am looking forward to completing my research so we
can implement the Grameen model and begin lending. It is an exciting
time!
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