EKILI CLARENCE
Buea (CMR)
Role(s):
Other
CMU
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Startup
Location:
Buea
Industry:
Finance
Year Founded:
2011
Number Employees:
10-50 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
Executive Summary of the business.
Community Micro-Credit Union (CMU) was incorporated as a Savings and Loan Cooperative Society under the laws of the republic of Cameroon in the year 2011. It was registered in Bamenda, the North West Region
while its head office shall be located in Buea the South West Region of Cameroon. The Savings and Loan Cooperative Society was formed with the purpose of providing social and financial solutions to the poor.
The existent business plan provides a rational framework for the microfinance part of CMU with the registration Number: NB/CO/036/12/14342(CAT 1)
The Savings and Loan Cooperative Society was founded by Ekili Clarence
Tange. Ekili has been working in the area of community development for the past ten years, he founded a charity organization called friends of the orphans Cameroon, he is also the secretary General of the
Cameroon socio cultural association, and he was the youngest civil society leader that won peace award from the international Red Cross association in 2008 in Cameroon. After defending his certificate in
the area of entrepreneurship and business development at the Tallinn University Estonia, he saw a great need to create access to capital for all the undeserved. According to the survey, it shows that, the
micro lending pilot project in Cameroon has scheduled to roll out to 5000 families, 10.000 young Entrepreneurs and grass root groups etc, in all the Rural and Urban areas of Cameroon by the end of 2017, in
collaboration with other stakeholders. CMU intends to use the Grameen Bank model, developed by Nobel Peace Award winner, Muhammad Yunus.
CMU intends to reach out to millions of poor families, young entrepreneurs, small and medium size enterprise, organization that are working to create social impact through its microloans in the republic
of Cameroon. Achieving this goal CMU will expand its project in 2016 to cover the 10 Region of Cameroon. CMU management philosophy is to gain self sufficiency within five years.
CMU is at its startup phase below is the expected running capital and the time frame
(Targeted regions).
Year one (south west and north west region) $1.500.000
Year two (littoral and central region) $1.500.000
Year three (west and eastern region) $1.000.000
Year four ( extreme north and north) $500.000
Year five (south and Adamaoua) $500.000
Services
Savings/ current account,
Money Transfer,
Daily savings,
Social Insurance
Short and long term Loans,
Agricultural Loans,
Payment of salaries,
Monitoring and evaluation,
Consultancy (Business management),
Mortgage.
Network Marketing
Mission and Goals
CMU exists to empower people economically while ensuring that those who live in poverty, particularly vulnerable women and children, are served in body, mind, and spirit. The springboard of CMU is
compassionate micro-finance lending that includes a range of support services for its members through multiple local programs in strategic rural and urban areas of Cameroon, and will eventually spread to other
countries in Africa. By 2025, CMU expects to empower the population of about 3 million Cameroonians to move out of extreme poverty through its strategic goals:
a) Microfinance. This includes urban and rural lending, community owned banking, and asset development strategies.
b) Community Investment. This comprises consumer-owned businesses,
social businesses, and social investment.
c) Entrepreneurial of Entrepreneurship. This involves small-business development, hands-on learning, technical know-how culminating in self-employment, and life skills development.
d) Dynamic social network. This involves sharing resources, local and global interdependence, and mobilization of social networks.
e) CMU shall incorporate the cheapest and fastest means for members and none members to transfer money national and international so as to ease the risk of traveling with money.