Best Projects 2019 features all the nominated entries submitted ‘Submit your Project’ category. All the entries consist of innovative projects run by existing enterprises in the form of businesses, NGOs or informal programs.
Honeypays Interest-Free Loan
Explain your project in details:
From our research, we discovered that the active poor and the small business owners/traders are at a disadvantage when it comes to raising funds to improve on their businesses despite their huge contributions to the growth of the GDP, Nigeria being our model. This is one of the discoveries that birthed Honeypays Micro Credit and Investment Ltd. At Honeypays, we are passionate about contributing our own quota to putting an end to extreme hunger and poverty and hunger in West Africa and Africa as a whole, starting from Nigeria. We try to achieve this objective by giving Stress and interest free loans to small entrepreneurs and the 'active poor'. This is not a handout, as we try to be involved in your business to ensure the success of your business so as to ensure you are able to repay out loans. We play advisory roles, we organize training periodically on how to manage and grow businesses. We also encourage our members and beneficiaries to save for the rainy days, these savings are, of course, at no price to the members or beneficiaries. We are currently planning a project tagged #HoneypaysSaveToEmpower Project. This will enable some of our members qualify for a 'draw' where they are to 'win' Power Tools, Sewing Machines, etc., on other words, the organization intends to give our things that will encourage entrepreneurship and self-sustainability.
Impact of your enterprise on sustainable development
We have been at this for over 2 years and over the years, we have empowered over 300 businesses with Interest-free loans.
Sustainability and future plans
We currently do not have external funding, this has restricted the scope of our reach but has not stopped us. However, we are striving to grow so as to be able to reach more businesses. Our primary source of fund is savings from our members and our own personal contributions. If we are able to get more funds, it will make us grow our reach exponentially and for us to be able to empower more people.
Your profile as an entrepreneur
I am a College graduate with few years experience in the finance industry. I have also tried my hands on a couple of business and entrepreneurial endeavours which would later serve as a major drive for the Honeypays Dream, coupled with my experience as a business developer in the Banking industry. I saw first hand how difficult it is to access funds for small businesses and during my days in the Banking industry in Nigeria, I met a lot of people who needs funding, even if it's just a very little amount to be able to grow their businesses but because of the scope and focus of the Nigerian Banks, are not able to access any funding. This prompted my decision to resign my appointment with the Bank and go into partnership with the Co-midwife of the Honeypays Dream who is also a staunch entrepreneur and a Business trained fellow. I was born on the 19th of March, 1990. This passion to end extreme hunger and to see more people living above the poverty line has been one of my major drivers in this business.