The term ‘Microfinancing’ was first used in the 1970s during the development of Grameen Bank of Bangladesh, which was founded by ________.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Muhammad Yunus.
The term ‘Microfinancing’ was first used in the 1970s during the development of the Grameen Bank of Bangladesh, which was founded by Muhammad Yunus. He pioneered the concept of providing small loans to impoverished individuals, particularly women, to help them start or expand small businesses. Yunus's innovative approach aimed to alleviate poverty and promote economic independence, leading to the global spread of microfinance as a tool for financial inclusion and poverty reduction.