New entry

New entry

CameroonTiko, Cameroon
Organization type: 
nonprofit/ngo/citizen sector
Project Stage:
Idea
Budget: 
$100,000 - $250,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Management Service Foundation is involved in community banking with local farmers. community members are partners and partake in the sharing of dividend

About Project

Problem: What problem is this project trying to address?

The south and north west regions of Cameroon are made up of peasant and subsistence farmers who grow and sell food crops. Others are employed as laborers in agricultural establishments with an averaged income of $100 per month. These people need to grow through the essentials of life and save money to go build houses and send their children to school. Most of these persons are members of community credit unions and micro finance establishments. How ever the flexibility and security of these banks have a question sign as very unscrupulous managers misappropriate funds and put into their personal accounts at the expense of these poor farmers -Moreso

Solution: What is the proposed solution? Please be specific!

The solution is to create software with multiply functions. This pack will be able to avail customers with the opportunity to access and monitor their accounts using online and mobile devices -Customers will be able through a central bank system to transfer money from one account and from one bank to the other, make withdrawals using the ATM and VISA card facilities with extensive overdraft and credit facilities, at little or no charge -More so the product will allow employees, auditors and other stake holders to be able to view back office transactions of accounts movements even beyond the earth( in oceans) and far off forest as the central data will be linked to the earth. This will increase security of the customer’s money -the customer will with the use of mobile money transfer money using mobile phones
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

The software pack will be installed in micro finance establishments A customer who opens an account will be given a computer generated serially numbered account. An ATM card will be given to the customer with secured activation codes to withdrawal A customer will transfer money into his/her account and withdraw same from any Visa card/ATM facility around him
Sustainability

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

There are big banks operating this service for the well to do and highly paid individuals. These services have not been introduced in the micro finance and cooperatives credit unions before now in this part of the world. The difference my product has is to go to the roots, a service for the poor that will bring social change and reduce the income gap. The product is far cheaper than others will be welcome by these MFIs. My peers include the league of credit unions in Cameroon (CAMCULL) with a customer base of more than 3 million members all of peasant nature. We are also forming great tides with the league of microfinance institutions to consolidate the idea into a great success story
Team

Founding Story

This idea was born when went to do banking transactions in a Micro finance establishment. There were close to 100 persons waiting on the queue to be served.Customers waited for more then 3 hours to be served. I could hear complains of the services offered by the employees and complaints of fraud and misappropriation by the customers. This triggered do undertake a a research/fact finding on the problems and decided to provide a remedy for this situation. Amongst these was the fact that poor farmers save their monies but loans are given to those who could buy them.
About You
Organization:
Management Service Foundation
About You
First Name

Manyi

Last Name

Tabot

About Your Organization
Organization Name

Management Service Foundation

Organization Country

, SOU, Tiko

Country where this project is creating social impact

, SOU

How long has your organization been operating?

More than 5 years

Has the organization received awards or honors? Please tell us about them

Best Social innovator 2010
Recognision certificate for excellence in MIS for businesses

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Innovation
How long have you been in operation?

Still in idea phase, but looking to launch soon

Which of the following best describes the barrier(s) your innovation addresses? Choose up to two

Cost, Equity.

Social Impact
Please describe the goal of your initiative; outline what you are trying to achieve

the goal of the initiative is transform lives from poverty to prosperity through the provision of an excellent banking system that provide financial stability to the individuals and the community as a whole
-Provide banking with insurance facility and financial
-Greater loan facilities for the poor with grace periods

Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)

The lack of affordable financial products tailored to the needs of underserved and excluded communities,.

If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?

The primary target community is the South west and North west region of Cameroon. These communities are very much excluded from the benefits. A deprecating community with no tarmac roads, agriculture being the mainstay with host of the people living below the poverty line. the houses are in advanced state of decay with mostly thatched roof tops.
these people have been on the same spot for a very long time from one generation to another. having money and saving it to some a problem adds no value to life and to income. This banking products will help the individuals enjoy what others in the mega cities.

Could your solution work in other geographies or regions? If so, where?

Yes.all over the nation of Cameroon and to some neighboring countries like Nigeria, Gabon,Chad. This will be based on the business expansion.

If your solution is dramatically successful, how will things be different in 10 years?

The communities will experience a very huge and dramatic change within this 10 year period and there will be great social development and community development. Our plan is to open one new branch per year. So in the next ten years will shall be talking of ten new branches. More so through continues learning and value adding, we shall improve and bring forth innovations meeting the changing systems

What will have had to have changed to make this happen?

The level of taxes in Cameroon which is presently not fair. The tax regime really needs to change. However putting everything constant, the community education on loan policy will need to be changed and more aggressive approached used to foster growth. Since the more communities have ideas and decide to be self reliant and take on entrepreneurship, the more the bank and its services will aid the community to grow.

What has been the impact of your solution to date?

Though still in its early and creeping phase, the solution’s impact is great. The income of members in the bank have increased and their living conditions have also increased as the flexibility of the banking transactions have enabled them to be self employed through the contraction of loans with very loan interest and grace periods.

What is your projected impact over the next five years?

The project impact over the next five years will be to open up 5 new branches in 5 different communities with an average of 3,000 members per branch. Since each branch is partly owned by the community, projects financed will largely be tied to community development. By the next five years all our members must have been self reliant.

What barriers might hinder the success of your project? How do you plan to overcome them?

The main hindrance will be loan delinquency as many members/customer may exhibit bad fate in the repayment of their loans.
-As a remedy, we intend to develop an efficient loan policy and recruit qualified loan officers and establish a loan committee to analyze loans thoroughly before approval by the board.
Secondly competition is one issue that cannot be avoided
-To overcome this, we intend to place less costly banking products and a daily cash collection system to have more clientele base. Carry out frequent customer surveys and education campaigns
Thirdly, misappropriation and fraudulent transactions by staff.
This will be controlled by the implementation of a very efficient internal control systems and frequent checks and control.

Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact

No of membership/customers, interest on loans received, savings from members

Identify three major tasks you will have to complete to reach your six-month milestone
Task 1

Marketing campaigns

Task 2

Laon recovering task force

Task 3

Greater supervision

Now think bigger! Identify your 12-month impact milestone

Increase in number of branches and profit levels leading to increased dividend

Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1

Bench mark with the local community and do marketing campaigns

Task 2

Issue shorter term loans with short recovery plans

Task 3

Fund new ideas

Sustainability
Tell us about your partnerships

We have firm partnership with our local communities. Through community membership and ownership, the community is greatly involved in the bank
We have recently signed a memorandum of understanding with the CAMCCUL. This will enable have a large base of other services and will qualify us for larger grants

Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?

Yes, our target is to grow to cover the whole of Cameroon’s ten regions. So it is apparent for us to target other locations, populations and markets.

What type of operating environment and internal organizational factors make your innovation successful?

A solid internal control system has been put in place. There is an operation manual giving instructions on the operations carried on in the bank.
There is segregation of duties, authorization, organization chart, use of expense policies.
The operation of the supervisory committee of the board of directors, and the internal audit department to ensure that the laid down policies are followed to the latter and to check and prevent fraud and error

Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list

Innovative ideas will always be shared