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Before Grameen Bank what options did villagers have for borrowing money?
Wiki User
∙ 13y ago
There were limited options for villagers in Bangladesh for borrowing money before Grameen Bank was started in the 1970s. Bartering was a traditional form of exchange and people could barter from one good or service to another to eventually convert that particular good or service to cash.
In any country, there are still people who are considered "rich" by relative standards. Accordingly, if someone wanted to borrow money, specifically for a commercial enterprise, they would be introduced to one of the prosperous members of the village (or, in most cases, travel to another village as not all villages had wealthy members) and accept whatever terms were given by the money lender.
Wiki User
∙ 13y ago
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