He made the suggestion when he met Cape Verde Prime Minister José Ulisses de Pina Correia e Silva at the International Forum, CV (Cape Verde) Next on May 22-24.
Prof Yunus said the fund has to be set up with the participation of all banks in the country, said a press release issued on Tuesday.
The Nobel Laureate was invited by Silva to give the Prime Ministerial Lecture at the third international conference in Praia on reimagining Cape Verde.
Experts from many countries attended the Forum.
Prof Yunus explained that the right microfinance organisations are those which operate to help poor people, not to get the owners rich by charging high interest.
He said a microfinance organisation should preferably be a social business to remain 100 percent committed to its goal of helping poor women become entrepreneurs. He said the central bank can play the most important role in creating this fund.
He recommended taking initiatives to give banking licenses to social business banks for the poor.
Prof Yunus suggested Silva to encourage all companies create social business subsidiaries to address issues of healthcare, environment, education, vocational training, and entrepreneurship for the youth.