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Mr and Mrs AMENOUVOR have been making chalk at home for the past six years – a family business in the true sense of the word. Aménouvor Kokouvi and his wife worked at a five-star hotel in Lomé, the Togolese capital. When they were made redundant they began making chalk for school children.
« When we started off we really needed financial support. I heard about NEVAEME through one of my friends who told me about the help this organism provided for households. We weren’t disappointed when we went to see them: thanks to this institution we no longer felt ‘redundant’ – which was something we dreaded when we lost our jobs. We can support our children and participate towards their education. » Fortunately the couple had already learned to make chalk while working. Little by little their pass-time became their livelihood. Their success owes a great deal to their longstanding determination and courage – and to the loan they took out with the NEVAEME micro-finance institution. ITW AMENOUVOR Kokouvi, Chalk maker « NEVAEME came along at just the right moment to help us out. We have always been satisfied with this financial institution but like any entrepreneur we need help from time to time. Whenever we contact the NEVAEME financial institution they are there to help us.» Micro-finance institutions are spreading like wildfire across the country. They first appeared in the 1970’s and there are now over 33 of them officially recognised by the APIM-TOGO Professional Association of Micro-Finance Institutions – an organisation to protect and professionalize the micro-finance sector. ITW Ange KETOR, Executive Director of the Professional Association of Micro-Finance Institutions in Togo (APIM- Togo) « In order to protect people’s savings the regulatory body set up a draft of financial regulations that the institutions have to comply with. So we make sure the information reflects the actual condition of these institutions. We also have training sessions to teach the professional methods and techniques used around the world. The objective being to protect people’s savings. » A micro-finance sector that is increasingly professional providing valuable support for people like the Aménouvor or this poultry farmer from central Togo. Without a micro-finance institution he would have been at the mercy of loan sharks. ITW THEDRE Essodina, Poultry farmer. « Three years ago I went to the TIBI after setting up my poultry raising facilities. So I took out a first loan which meant I could stock up on the ingredients I needed to feed the hens. Then I took a second loan so I could pay for veterinary treatment and develop a system to sell the eggs. A third loan gave me enough to get some chickens to compensate for the shortage of chicken – I mean meat – and protein in general around the central region during holidays or feast days. » Yet the Micro-finance institutions in Togo system clearly lack any real system of follow-up for clients. An area that must be strengthened as soon as possible if these organisations are to fulfil their mission of remaining viable and sustainable while helping reduce poverty. ITW. KOKOUMEY Fédy, President of the Togolese Micro-Finance Committee. « At the end of December 2004 these institutions had just under 300,000 clients – at the end of 2007 there were over 400,000. The total amount of loans from all types of institution is around 90 000 dollars. So more and more people are concerned. Micro-finance institutions deal with people with low incomes, helping them out of the poverty trap. However if there is no real verification we will only make them even poorer. » Innovation, security and diversification: three key elements that make a successful business – a winning combination for these women engaged in individual or communal micro-enterprises. |
