Microfinancing impacts on socio-economic development: An empirical study of grameen bank in Bangladesh

The main purpose of the study is to analyze the impacts of microfinancing of Grameen Bank (GB) on socioeconomic development in Bangladesh. The study used primary data where 100 samples have collected through survey in the selected GB branches. Towards its objectives the present study used descriptive statistical techniques and paired samples t- test to analyze the survey data. The study findings have shown that Grameen Bank microcredit has strong and significant positive contribution on the on socioeconomic development in Bangladesh. The study also summarized that The Grameen credit has influenced on the borrowers socioeconomic status through of increasing of annual income, number of school going children, employment generation, number of medical treatment, enhancement of social leadership as well as expansion of investment from savings after taking loan in Bangladesh. The study also recommended that Grameen Bank should increase amount of credit loan and open the scope for skill training for the poor borrowers.