12ne-5824 - providing financial services to the poor
This is a description of the two main activities/programmes that will be supporting by AGriterra in 2012: Mutual Aid Services (micro-insurance) NEFSCUN Mutual Aid is a co-operative based financial security system. It is aimed at pooling resources among members those are excluded from formal social protection mechanism under co-operative principles & values. In 2012 we plan to expand services reaching bigger SACCOS, and having sold over 5000 policies reaching breakeven point. CSP policies, in 2013 this will be 7700and in 2014 this must be 9700 policies. We will do this by providing active follow-up by visiting those SACCOS that have received orientation, expressed interest in providing CSP to their members, and focusing the programme in the bigger saccos who have larger number of members to this date already 88 SACCOS signed the MoC (memorandum of Cooperation) and 66 SACCO started selling and/or sales promotion. CSP will be promoted as complementary service to traditional savings and credit services and part of the financial solutions SACCOS can provide to their members. Microfinance NEFSCUN’s microfinance is based upon Credit Union Microfinance Innovation (CUMI) method. Which aims to provide sustainable financial services to the poor by promotion of savings, provision of affordable terms of loans, entrepreneurship development training and providing general credit union financial solutions to the poor. Focused on the long-term well-being CUMI offers many advantages to the low-income poor, integrating low-income members into the mainstream of the society by contribution to their wealth building capacity. CUMI is the component in Micro finance services focusing on Women Entrepreneurs within the CUMI/microfinance groups. By the end of 2012 we want to enroll a cumulative 100,000 low income members, mainly women. This means an additional 24.380 (90% Female) new members for 2012.