project in Senegal

Loan Illustration

Après avoir terminé mes études coraniques au village, je me suis aventuré presque dans toutes les régions du Sénégal, à la recherche d'un boulot. J'ai f…

Making local food products

Senegal

Loan amount €1080

Funded 11%

by 4 members

Loan fully repaid by the entrepreneur

Disbursment date to the MFI: 07/01/2012
Final repayment of the loan: 05/01/2013

MicroWorld's investors have funded:

€120

Seydi Idrissa KA - Expand shop

Borrower

Last name: KA

First name: Seydi Idrissa

Gender: Male

Age: 38

Marital status: Married

Number of children: 5

Region: Grand Yoff

Main activity: Food / Food products / Making local food products

Loan Request

Purpose: Expand shop

Amount: €1080

Duration: 10 months

Repayment to MFI: Monthly

Repayment date to the MFI^*: 05/01/2013

^*The lender receives the repayment within a month afer this date.

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Project progress

Progress (month)

Reimbursement state

Successful partial reimbursement

Failed partial reimbursement

No data

Not yet reimbursed

The lenders on this project will be repaid in one payment at the end of the loan term. The loan is guaranteed by the MFI in case of default by the borrower.

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Borrower Quote

Après avoir terminé mes études coraniques au village, je me suis aventuré presque dans toutes les régions du Sénégal, à la recherche d'un boulot. J'ai fini par m'installer à Dakar la capitale, en 2000. Grâce à l'épargne collectée par les petits commerces que je faisais au début, j'ai réussi à ouvrir ma propre boutique. Aujourd'hui, mon objectif est d'agrandir la boutique et devenir grossiste. Avec le crédit que m'a octroyé MicroCred, j'espère réaliser mes objectifs afin de bénéficier d'une autonomie financière et mettre en place d'autres projets.

Economic and social context

Senegal

The relative economic and political stability in modern Senegal is a significant feat attributed to the country's growth through microfinance.

Country's key figures - source Worldbank
Population	12 534 228
GNI per capita	1 030 $
Economic Growth	3,30%
Poverty rate (less than 2 USD/ day)	60,4% (en 2005)
Unemployment rate	11,10%
Literacy rate (above 15 years of age)	42%
Life expectancy	56 ans

MFI Status

This loan is managed locally by our field partner MicroCred Senegal which is in charge of administrating the loan and repaying GDF SUEZ by MicroWorld lenders.

- Partnership status: Confirmed
- Credit score:
- Time on GDF SUEZ by MicroWorld: 32 months
- Repayment rate: 100%

You should be aware that lending involves a risk of non-repayment. However, the risk associated with this MFI is considered lower than average.

Rates and transparency

- This loan is at 0% and does not pay any interest to the lender.

- 100% of the money collected is sent to the MFI, even if the project is not fully funded on the site.

- The MFI then makes a loan to the micro-entrepreneur and charges an interest rate in order to cover its operational and financial costs.

- MicroWorld earns a commission from the MFI for the service it provides, which helps to fund its running costs.

- More effective than a simple donation, micro-credit promotes long-term sustainable economic development rather than short term help.

The MFI

MicroCred Senegal

MicroCred Senegal’s mission is to support Micro, Very Small, and Small-to-Medium Enterprises in their development through providing financial services that are appropriate to their needs. By taking a personalized approach, MicroCred Senegal assists merchants, artisans, and service providers in expanding their businesses by financing their income generating activities.

Key figures - December 2011
Legal status	NBFI (Non-Bank Financial Institution)
Number of borrowers	15,896
Gross loan portfolio	USD 21,290,144
Average loan balance	USD 1,339
Average interest rate for borrower	1% per month
Number of personnel	206
PAR (Portfolio at Risk)	1.0%