Abstract: As one of the countries in the Global South, Bangladesh has experienced
numerous development challenges since its liberation in 1971. Bangladesh has
showcased how to fight against poverty and to initiate meaningful change and
development in human lives. Nobel Prize (2006) winner Grameen Bank is one of the
popular development innovations in the country. Since the beginning of this Bank in the
early 1970s, microfinance and entrepreneurship development with small amounts of
money have proliferated to nearly every corner of the globe with the paramount goal of
alleviating global poverty and ensuring human development. Like all other new social
science techniques, the societal revolution brought about by microfinance expansion has
left substantial room for refinement and further support by empirical evidence. This
article critically evaluates a non-governmental initiative to empower extremely poor
women through entrepreneurial microfinance, and examines the socioeconomic impacts
in achieving the United Nations Millennium Development Goals (UNMDGs). This article
covers both primary and secondary information. The aim is to demonstrate how countries
of the Global South can use carefully designed microfinance projects to address major
development challenges and meaningfully contribute to creating a more equal, humane
society.