Social banker

Social banker

Buea, CameroonBuea, Cameroon
Organization type: 
for profit
Project Stage:
Idea
Budget: 
$50,000 - $100,000
Project Summary
Elevator Pitch

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

We provide accounting and financial training to grass root poor people

About Project

Problem: What problem is this project trying to address?

Starters of business lack the financial know-how,people and capital to start up a business One of the greatest tools for helping people break the cycle of poverty is financial education. Green believes that an educated borrower is a successful borrower. Ultimately, forming the habit of saving money takes time to learn. Green has instituted a mandatory financial education program for our borrowers to help pave the way for financial success and self-sufficiency.

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

Open a community bank to provide seed funding to members without any financial history and account. Members need to have the following; • Have a dream of a business o Be in need and living below the poverty line o Create or join a 5-member group of like-minded individuals who want to start or expand their own businesses o Live in a community with the bank,live close to your group members We provide both online and manual tools for help people break the cycle of poverty is financial education. I believe that an educated borrower is a successful borrower.I intend to institute a mandatory financial education program for our borrowers to help pave the way for financial success and self-sufficiency. . All borrowers go through an initial 5-day Continuous Group Training with their group. The purposes of training are to teach basic financial literacy, to open a savings account at a local bank, and to ensure that borrowers understand the loan process as well as the terms of the loan.
Impact: How does it Work

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

Integral to the model are the notions of Group and Center. The Group is a self-identified unit of five entrepreneurs, each of whom wants a loan to build or expand a small business. A Center is composed of Groups and meets weekly with a Center Manager to repay loans and make savings deposits. Just as “networking” is an essential notion for professionals, the Group and Center structure provides the basis for effective networking for borrowers, linking them to resources and ideas that may be otherwise unavailable. Through the Group and Center, borrowers share solutions to business challenges, identify opportunities for sales growth, and provide support and encouragement both personally and professionally.
Sustainability

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

MC2 bank. The main innovation we are bringing forth is the Group and Center idea,financial education and the online training information
Team

Founding Story

Many wonderful ideas in Cameroon end up as ideas. During a social outing in one impoverished village, I heard wonderful ideas but realized that banks do not give loans to these people because they do not have the following • Current bank account • Credit history • Collateral • Guarantors This was in March 2011 and I have researched and found the idea worthy of been a success
About You
Organization:
Green Consulting
About You
First Name

Manyi

Last Name

Tabot

About Your Organization
Organization Name

Green Consulting

Organization Country

, SOU, Buea

Country where this project is creating social impact

, SOU, Buea

Age of Innovator

18-34

Gender of Innovator

Male

How long has your organization been operating?

1‐5 years

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Innovation
How long have you been in operation?

Still in idea phase, but looking to launch soon

Social Impact
What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)

Access to financing, Access to technology, Access to economic opportunity.

What has been the impact of your solution to date?

Still in the idea phase

What is your projected impact over the next 1-3 years?

Savings
All borrowers will open personal savings accounts with a local bank and must contribute at least 5000frscfa per week; however, many borrowers will deposit significantly more than this required minimum. However we intend to work with other local banks to establish savings accounts that are interest bearing, without fees, and without a minimum balance. In addition to this personal savings account, all borrowers receive an ATM card

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

Risk of delinquent loans and in the event of death of of a member.
We shall mitigate that through insurance

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

Grass root education campaigns

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

Grass education and marketing

Task 2

Group identification

Task 3

Local authorities

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

New branches

Task 2

Issue shorter term loans with short recovery plans

Task 3

Fund new ideas

Sustainability
Tell us about your partnerships

Bench marking for partners

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

We are great think tanks and we carry out research