I joined the Peace Corps for many reasons, but the biggest one of all was to serve. Serve my country, serve others, serve the world. In the world of international development, it can be hard to know what works and if it makes a difference. From two years of primary research, I can say: The Village and Savings Loan Association works.
The Village Savings & Loan Association, created by CARE International, is a global microfinance model that provides access to capital and a means of savings for the most impoverished and illiterate members of our world. If you care to learn more logistics, see my previous post or watch the video below.
I've had the opportunity of creating and maintaining 14 of these groups with 375 members. Ninety percent of the participants are women and 80% are illiterate. Our average group ROI is 30% annually and the project is done in almost 60 countries with 6 millions participants worldwide. Like I said, it works.
Showing posts with label microfinance. Show all posts
Showing posts with label microfinance. Show all posts
Tuesday, 10 July 2012
Friday, 9 December 2011
And What Didn't Make News Headlines...
This story won't make the major news broadcasts tonight nor will it be written about in any newspapers. Even though a cyber cafe can be found down the street (very rare in general in West Africa), the most coverage this story will get will be this lonely blog post, lost amongst millions of personal blog posts worldwide.
You see, the Petite Marche ("Small Market") burnt down last night. At 11PM, a gas tank accidentally exploded in the Jolie-Soir neighborhood of Ngaoundere, Cameroon. I know this because I live down the street from it all. There were motobikes and police cars going to and from the market; my friends called to see if I was okay. My home is made from cement, so there was nothing to worry about...for me at least.
While I was with the wife of a traditional chief today, she told me that her husband's friend had lost everything in his boutique. The African fabric, the luggage, and the products that were imported. Muslims here don't have bank accounts or insurance, another friend says. People have been afraid of banks since the financial crash of the 1990s. Every time a microfinance institution closes due to insufficient loan reimbursements, all the clients lose everything. He had hid his life savings underneath the boutique. Everything burned with it.
My best friend Dali and I went to see whatever remained of the market. I looked for the guy that I buy my soccer jerseys from. Was he here? I would have no clue; his boutique has vanished. Merchant that I bought shoes from last week? Nowhere, nothing.
The mommas selling vegetables are still there as well as the butchers. They were untouched. The part that burned down is the "Beverly Hills" section of the market - the boutiques that sell the most expensive products in the city. Ironic right? Dali tells me that some people lost over 15,000,000CFA (~$30,000US). The World Bank estimates that the average income in Cameroon is just over $1100US.
That's just an estimate though. Wikipedia also estimates Ngaoundere's population to be 200,000, but all the locals tell me it's around 400,000. And if you ask the locals how many boutiques were lost, you'll hear estimates of varying numbers.
That's how everything just is here sometimes. Guesses, uncertainty.
The kids are digging through the ashes for coal to cook with. They aren't really aware about what's going on. But then again, who really is?
You see, the Petite Marche ("Small Market") burnt down last night. At 11PM, a gas tank accidentally exploded in the Jolie-Soir neighborhood of Ngaoundere, Cameroon. I know this because I live down the street from it all. There were motobikes and police cars going to and from the market; my friends called to see if I was okay. My home is made from cement, so there was nothing to worry about...for me at least.
While I was with the wife of a traditional chief today, she told me that her husband's friend had lost everything in his boutique. The African fabric, the luggage, and the products that were imported. Muslims here don't have bank accounts or insurance, another friend says. People have been afraid of banks since the financial crash of the 1990s. Every time a microfinance institution closes due to insufficient loan reimbursements, all the clients lose everything. He had hid his life savings underneath the boutique. Everything burned with it.
My best friend Dali and I went to see whatever remained of the market. I looked for the guy that I buy my soccer jerseys from. Was he here? I would have no clue; his boutique has vanished. Merchant that I bought shoes from last week? Nowhere, nothing.
The mommas selling vegetables are still there as well as the butchers. They were untouched. The part that burned down is the "Beverly Hills" section of the market - the boutiques that sell the most expensive products in the city. Ironic right? Dali tells me that some people lost over 15,000,000CFA (~$30,000US). The World Bank estimates that the average income in Cameroon is just over $1100US.
That's just an estimate though. Wikipedia also estimates Ngaoundere's population to be 200,000, but all the locals tell me it's around 400,000. And if you ask the locals how many boutiques were lost, you'll hear estimates of varying numbers.
That's how everything just is here sometimes. Guesses, uncertainty.
The kids are digging through the ashes for coal to cook with. They aren't really aware about what's going on. But then again, who really is?
Monday, 13 September 2010
So What Do You Do Exactly?
After hearing adventures of daily moto rides and frequent marriage proposals, folks from home always pose this question as the development work of a Peace Corps Volunteer can vary dramatically. In Cameroon, there are four projects: Education, Community Health, Agroforestry, and Small Enterprise Development (a fifth Girl's Empowerment-ish program is currently planned for late 2011).
As for me, I am a Business Advisor in the Small Enterprise Development program. The primary goals of the project are to:
As for me, I am a Business Advisor in the Small Enterprise Development program. The primary goals of the project are to:
-Promote the development and sharing of resources available to businesses and entrepreneurs
-Strengthen community members’ management and business skills through training and consulting
My host institution is MC2, a popular microfinance institution that can be found all over Cameroon. MC2's mission is to "provide local populations with a development tool that will help them achieve self-reliance both at individual and community levels". The name derives from the formula:
My host institution is MC2, a popular microfinance institution that can be found all over Cameroon. MC2's mission is to "provide local populations with a development tool that will help them achieve self-reliance both at individual and community levels". The name derives from the formula:
VP = M x C x C = MC2
Victory over Poverty (VP) can be achieved provided that the Means (M) and Competences (C) of the Community (C) are pooled together.
*As of July 2012, MC2 has organized a targeted promotion increasing its women's savings accounts by 16%, strengthened its community outreach, trained all of its employees in information technology, and evaluated its due diligence procedures to decrease loan disbursement meeting times by 15%.
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