Wakirike Development Coalition was established in 2009 to "lift our people out of poverty on the road to prosperity one family at a time". We have helped over 500 rural women with microfinance loans. They pay 5% interest on the loan. The interest is utilized by the women to support Orphans and Vulnerable Children (OVCs) in our communities (26 beneficiaries so far). A co-operative has been formed. We have selected 50 of the best performing women to have increased funding and business mentors.
The Wakirike (Okrika) communities of the Niger Delta area of Nigeria are situated in Okrika, Ogu/Bolo and Port Harcourt Local Government Areas with a population of about 500,000. 2 in 3 young people are unskilled and unemployed. Low academic attainment, environmental degradation, militancy and sexual exploitation of young women are common problems. By providing microfinance loans and business mentoring to 50 young women, we will make a positive impact in no less than 100 families.
1. Selection of beneficiaries: a) Personal interviews of previous Microfinance beneficiaries with excellent reports, currently engaged in an enterprise 2. One day training in Group Skills, revolving loan management and book keeping. 3. Loan disbursement 4. Monthly meetings where loan repayments are made and recycled to new beneficiaries. Repaid interests spent on education (books, clothes, school fees) of Orphans and Vulnerable Children (OVCs) chosen by the women. 5. Meetings with mentors.
The project will go beyond the current "back and forth exchange of funds" to the development of 50 female entrepreneurs whose families will be lifted out of poverty. The 5% interest paid by these women will provide one or more years' education for 10 OVCs - a unique feature of this form of microfinance. The women provide parental support for these children and see themselves beyond loan beneficiaries as they give back to their communities. We hope the Local Governments will support us in future.
This project has provided additional documentation in a Microsoft Word file (projdoc.doc).
