Best Projects 2021 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.
Combatting Rural Povery Through Table Banking
Published on May 7, 2021 um 22:39
Type of Enterprise
Year the ngo or company was founded
Explain your project in details:
Combating Rural Poverty through Table Banking has as its target, rural women in Cameroon. The Primary goal is to enable rural women have access to capital to invest in income generating activities that will allow them to move away from the cycle of poverty, reduce their dependency on their husbands, provide means to bring their children to school, and ultimately increase equality and foster human rights. Access to capital will be granted via Table Banking, a self-managed pool of capital that is made available to the women in a given group. Income, saving and reinvestment are the 3 Pillars of success for Table Banking - women borrow from the pool to invest in a business and generate Income that allows her to pay back the loan with interest, Save the additional income and borrow additional capital to Reinvest.. Table Banking is a group funding strategy in which members save once per month and the money is immediately borrowed by the members. Table Banking has the following features: Fund is owned by the group; the group set rules and regulations for lending and repayment; members pay interest on the loan which will contribute to higher availability of capital to the group. In order to start with Table Banking it is necessary to place initial capital that will allow you to buy a defined amount of times what you have saved. This model constitutes itself to a virtuous cycle: 1) it gives access to capital to women who would not have the means to get it. 2) Women participating on the Table will agree on defined participating rules on how to self-distribute the capital to fund the projects of all the participants. 3) Women return the investment with a small amount of interest that will enable new projects be funded.
Impact of your enterprise on sustainable development
Table Banking will not only help women but: Improved health and reduce child mortality rates: a study done in 138 countries by the UNDP has proven that child mortality and gender inequality are strongly correlated. Benefit families: Increasing the share of household income managed by women changes spending in ways that benefit children and the whole family. Strengthen economies: if women have the same access to productive resources as men. Violence reduction: women empowerment allow women to be less dependent on their husbands and give them higher capacity to get out of abusive partner. Main Objectives of the Project are: To help women to exit the poverty cycle by providing access to financial funds and entrepreneurial support. To ensure self-sustainability and create the basis to expand Table Banking in Cameroon. To enable women to have an access to hassle free short term credit each month to finance their other commitments. To provide women with a steady flow of money each month so that they can take care of small educational requirement of the kids during the month. To provide a self-sustainable Model for their business that will attain financial independence at the fifth month. To help women develop a disciplined saving and investing habit and help them understand power of systematic investment and mobilization of resources. To inculcate entrepreneurial and leadership skills. To give rural women opportunities to showcase their abilities. To end generational cycles of poverty and diseases and providing a foundation for sustainable development. To allow women to turn their passions into money and use the profits to send their children to schools. To empower women with financial stability and decision making which will boost economic activities in their various communities.
Sustainability and future plans
In order to bring Table Banking, the following process has been defined:: (I) Select women of a homogeneous nature into groups of 12 each. (II) Use part of a grant to contribute to the initial money women will put on the Table, (III) Supervise the first meeting where women will arrange the first loans and rules of the Table, (IV) women will use the borrowed money to invest in income generating activities, (V) women will meet on a monthly basis to track each loan and give additional loans, (V) Our organization will provide education and support throughout the initiative. I. Women selection Women to benefit from the program will be identified by working through school authorities, traditional councils, village heads, and local churches II. Initial capital Grant money is distributed to women in groups of 12 each. The rest of the initial capital will be added by the participating women. Each woman needs to add a minimum amount of 50,000 FCFA (or about 83 USD) and a maximum amount of 100,000 FCFA (about 163 USD) to participate, this amount can be added at the start or fractioned in several months with an interest. The money each woman puts on the Table is called Shares and will be used to determine the money she will be able to borrow. The reason to establish a minimum and a maximum is to ensure that all the women are on the same economic level. III. First Table Banking meeting Women will first meet and put all the money on the Table. The first meeting will be moderated by a GMM supervisor and will serve two purposes: (i) to decide on the roles and rules for the Table, and (ii) to decide on the short term and long term loans given to the participating women.
Your profile as an entrepreneur
Teh Francis was born on the 2nd of May 1977 in a small village called Ngwah in the Fundong Sub Division of Cameroon. Serving as a clergy man, he is also founder and director of Goodness and Mercy Missions, Cameroon. The organization was founded in 2007 to help the rural poor, and to provide tools and means to the underprivileged for a sustainable livelihood. The organization went on to empower hundreds of women economically in Boyo Division of Cameroon, sponsor more than a 1000 underprivileged children in school, engaged young mothers in vocational skills acquisition as well have provided computer to the Belo community and its environs. In 2011, the organization won the Cameroon Development Market Place Award under the project, Childrens Education through Women Empowerment, and was awarded a Certificate of Recognition by The World Bank and The Catholic Relief Services in 2013 for best project implementation. In 2016, Teh Francis was awarded a scholarship to be trained at the Kanthari Leadership training course for Social Change agency in Kerela, India. In 2017, he became a kanthari graduate. During the course of training in India, he developed a flagship program of Goodness and Mercy Missions, EnKindle Cameroon which has been providing hands on business training to rural people which discovers and ignites their passions. He has also served in several capacities in the community development sector; as Secretary General of the Association of Baptist Christians for Development (ABCD) and as President of the Boyo Network of Private Social Structures organized under the Ministry of Social Affairs. He is married and has four children.
GMM EnKindle Cameroon Table Banking photo
Teh Francis Yai