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FOREWORD
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Generalised System |
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The year 2002 was a critical year for Grameen Bank. The bank had ventured into an unknown path in 1976, equipped only with a determination and total faith in poor people's ability to change their lives. It has come a long way since then. More so it has been successful in inspiring many other persons and organisations to become co-travellers. 2002 was the year during which we completed transition from Grameen Bank I to Grameen Bank II the change over from the classic Grameen operating system which has been named as "Grameen generalised system". It has created a methodology which can provide custom-made credit to our borrower and now considered a creative methodology to deliver credit almost in all types of countries, economics and cultures. The shift from the classic system to the new system was initiated in 2000 after a thorough preparation to develop a new flexible system. We strongly feel that Grameen generalised system has created a "micro credit highway" on which borrowers can cruise along safely, confidently with individually acquired and determined speed. It allows enterprising borrowers to move faster than others. The new system would make micro credit, for the first time, truly tension-free. It can work equally well both in normal and disaster situations.
The year 2002 continued to be an exciting year for all the 12,000 staff of Grameen Bank at all levels. They went through a process of intensive learning process to acquire full understanding of this new operating system. In turn, they had to "sell" the new system to the 2.48 million borrowers to make them accept it enthusiastically and feel comfortable in working with it. Borrowers have come to love the new features of the new system. Of course, some were more liked than others. The staff worked very hard throughout the year to complete the conversion process within the target date. The system had to be supported simultaneously by a new monitoring system and a new accounting system. Everything proceeded smoothly and according to schedule.
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Savings to surplus outstanding loans |
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One immediate impact on the new system was felt on the savings of the borrowers. It started rising steadily. New system also encourages the non-borrowers to put their deposits in Grameen Bank. Looking at the results of 2002, we can safely predict that by 2003 Grameen Bank will have more in deposits than in its outstanding loans. One thing become very clear in 2002 that Grameen Bank in future will not need to borrow from outside, to carry out its normal credit programme. At the branch level, each branch look forward to running its operation with its own deposits and even generate a surplus. At the end of 2002 we were pleased to see that 292 branches generated surplus. Monthly deposits to the "pension account" became the most attractive features of the new system to the borrowers. That also became an important source of deposits for the bank.
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Earning 'Stars' |
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Creating "Five Stars branches" is now the most exciting challenge for the staff. They love the idea creating a "Five Star branch," and went right on to earn their "Stars"; 'green star' for keeping repayment level at 100 per cent; 'blue star' for earning profit; 'violet star' for having more deposits than the outstanding loans; 'brown star' for ensuring primary education for all the Grameen children; 'red star' for getting 100 per cent of the borrowers out of poverty. Staff has taken up the challenge willingly and got to the task in right earnest, eager to be ahead of his peers in reaching the goal. 2002 has consolidated the foundation of a new Grameen Bank, Grameen Bank II. We believe Grameen Bank II will take microcredit to a new height, and generate more confidence in our common dream to overcome poverty on this planet. While we commit ourselves to play a strategic role in bringing that day closer, we are happy to present the detailed information on the working of Grameen Bank during 2002. Professor Muhammad
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