When we (1) started thirty years ago in 1977, we did not know anything about how to run a bank for the poor. We therefore looked at how others ran their operations and (2) from their mistakes. In Bangladesh, conventional banks and credit co-operatives always (3) lump sum repayments. This created (4) problems because repaying in a lump sum was a mental hurdle for borrowers. They tended to delay repayment and get further into debt in the (5). In the end they usually (6) totally on the loan, which was a loss to the bank. In structuring our own loans, I decided to ask for a daily payment, Monitoring repayment was (7) and it filled people with (8) that they could repay their loans.
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