Consider the frequent refrain that Yunus is the “pioneer” of the microfinance movement. In fact, the true pioneer of microfinance is a remarkable woman from Ahmedabad, India (where Mahatma Gandhi had his ashram), Ela Bhatt, a follower of Gandhi who established SEWA (Self-Employed Women’s Association) as a bank in April 1974, two years before Yunus founded his Grameen Bank Project in Jobra, Bangladesh.