Get Involved for Mamadou - MicroCred Sénégal - Grand Yoff - microcredit

Loan Illustration

J’évolue dans le secteur du commerce de denrées alimentaires où la concurrence est très forte. Avec l'expérience, j'ai pu asseoir une notoriété dans mo...

Selling groceries

Senegal

Loan amount 400€

Funded 100%

by 7 members

Funding disbursed to MFI, repayments ongoing

Disbursment date to the MFI: 04/01/2012
Final repayment of the loan: 02/01/2013

MicroWorld's investors have funded:

400 €

Mamadou SÈNE - Purchase food stocks

Borrower

Last name: SÈNE

First name: Mamadou

Gender: Male

Age: 20

Marital status: Single

Number of children:

Region: Grand Yoff

Main activity: Sales / Food Sales / Selling groceries

Loan Request

Purpose: Purchase food stocks

Amount: 400€

Duration: 10 months

Repayment to MFI: Monthly

Lender repayment date: 02/01/2013

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.

Learn more

Borrower Quote

J’évolue dans le secteur du commerce de denrées alimentaires où la concurrence est très forte. Avec l'expérience, j'ai pu asseoir une notoriété dans mon activité et fidéliser la clientèle. Actuellement, je viens demander un crédit à MicroCred pour diversifier mes stocks et répondre à la demande des clients afin de subvenir aux besoins de ma famille qui m'apprécie beaucoup. A l'avenir, j'aimerais devenir grossiste et multiplier mes revenus.

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

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 2010
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%