Microfinance Institution of YOWEC hit over 3000 Beneficiaries
YOWEC Microfinance Institution (YOWEC MFI) a subsidiary of Youth and Women Empowerment
Centre is currently reaching 3000 beneficiaries in Rivers State of Nigeria as at October 2018 and still
counting. The loans range between N10,000 to N100,000 for owners of Micro, Small and Medium
Enterprises (MSME) also provides a platform for individuals, low income workers to save daily
(Thrifting ) and low income earners to thrift on daily basis; these have helped over 5000 market men
and women including artisans save their profits with our scheme.
The Program Director of YOWEC, Mrs Gloria Ken-Idehen who led staff of the MFI to different
markets within the Rumuomasi-Elekaiah and Oil mill market at Rumukrusi all at Obio/Akpor Local
Government Area of Rivers State sensitized petty traders and other artisans on the culture of
savings; educated with her team why it is necessary to save daily as the returns may actually be the
huge profits in their businesses at a given month.
The loan scheme with no interest were also introduced to them as a way of elevating their
businesses especially those artisans who have to buy new machineries or traders who want to
increase their goods for more profitability.
The elated traders received the teams in all visited markets with joy as they complain about their
inability to get loan from commercial banks and even at conventional microfinance banks because of
stringent conditions that they can’t provide.
YOWEC MFI, is in its 3 rd year have helped move businesses to new levels as we have flexible
repayment model that won’t really put burden on the creditor.
An artisan by name Effiong, who have two small hand grinders at Elekaiah Model Market,
approached the team to get loan to enable him purchase bigger engine grinder. MFI will buy the
engine for Mr Effiong and watch him make daily returns to us depending on the agreed returns
model adopted will determine the duration.
WE are hoping in the next quarter of 2019 to expand her reach to other part of the city. Already,
machineries are on ground to kickoff the second phase of our “Safe keeping” (a campaign meant for
traders to continue to save) on January, 2019.