G-446

Revolving Micro Credit

Description

Financing

Documents

Photos

History Logs

Project Description

Region: Africa

Country: Nigeria

Location: Abuja

Total Budget: $35,000

Area of Focus: Economic and community development



Micro credit in Nigeria has been identified as the best way of putting the destiny of rural women in their hands. This money will be used to empower women in five to eight communities in Abuja rural areas. Rural Women Organisations that have been identified and sensitised will be used to disburse these funds. Ayenajayih Women Association, Gidan Mangoro will get five thousand dollars disbursed to them that will revolve around all the members of the association before the money is mopped up for upgrade or disbursement in another community. Like that we have over seven communities already and being sensitized. The way we do it: An Association ( for example of sixty rural members), we disburse like five thousand dollars to twenty women and each gets two hundred and fifty dollars. They bring twenty five dollars each month and the next two in the list takes. Like that it trickles down to all the women in the list. Whatever is collected at the end of each month is disbursed to as many women as it can take. Anybody that pays for eleven months has paid up. The eleventh month covers part of the operational charges so that the fund stays intact. Rotary Club of Asokoro takes care of the balance of operational cost and other costs. Prior to the disbursement, we visit the communities to know what businesses the funds will be invested in and sometimes we educate them on basic business ethics. We also get the participation of the community leaders to guarantee safety of the funds and credibility of the women. My Club has done this directly but now we are arranging with a Micro Finance Bank (Future Growth Micro Finance Bank Ltd) to come in and help in the spread.

Primary Host Partner

District: 9125

Rotary Club of: Asokoro

Primary Contact: Kanayo Chukwumezie

Email: sokanayo@yahoo.com

Primary International Partner

We are looking for a Club partner. Click here to pledge support for this project. Recording a pledge will make you the Primary International Partner for this project.

Project Status

Need $23,134
This project needs to receive some pledges to go to the next level. Please check the "Financing" tab to see the list of current pledges. Once the amount pledged is equal to the project budget, the status of the project will be automatically changed to "Fully Pledged".
Click here to pledge support for this project.

Project listed for the 2017-18 Rotary Year.

Proposed Financing

Existing Contributions Towards This Project

Date

Cash

DDF

Total

Asokoro (9125)

2-May-13

$200

-

$200

Remaining Amount to Raise

Additional Club Contribution (Needed) - Add a contribution

$23,134

-

$23,134

Amount Requested from The Rotary Foundation

$11,667

-

$11,666

Total

$35,000

Note: as of July 1, 2015 there is a 5% additional support fee for cash contributions. This fee does not appear in the financials above because it does not apply if the funds are sent directly to the project account (without going through TRF, and therefore without Paul Harris credit). Clubs sending their cash contribution to TRF must be aware they will have to send an additional 5%.

Project Supporting Documents


There are no documents yet for this project.
Go to the administration page to upload documents.

Project Photos


There are no photos yet for this project.
Go to the administration page to upload photos.

History Log Entries

2-May-13

System Entry

Creation of project page.

© 2010 Philippe Lamoise - Website design by Philippe Lamoise, D2G Online