WAKILI : Social microfinance in Guinea

WAKILI : Social microfinance in Guinea

960 micro-entrepreneursin 2017

€143 average loanin 2017

700 training sessions in 2017

A microfinance institution for people suffering from social exclusion

Wakili, meaning willingness and perseverance in local dialect, is a programme that was created by Entrepreneurs du Monde in 2016 for people excluded from access to traditional systems of financing. It accompanies groups of micro-entrepreneurs from the most vulnerable communities: it helps them develop activities generating revenue and improve life conditions of their families.

The team offers social and economic services (training, individual support social referrals, etc.) and financial support adapted to their needs, such as microloans and savings book. Wakili is the only social microfinance institution in Guinea offering credit without collateral nor collective or personal guarantee. It also provides an instant access to savings account exempt of initial charges which pays interest once it holds a deposit.

Quick start, expansion into rural areas

Contacts with local associations, community leaders and market vendors were made in January 2017 to set up the first groups of micro-entrepreneurs in the Ratoma and Matoto districts, both very poor neighbourhoods in the capital.
After the first training sessions finished in April, the team distributed its first loans and later, in October, opened a first rural agency in the region of Boké, at Boffa, to serve the localities of Tamita, Colia and Boffa. The population lives on commerce, agriculture, fishing, salt production, gathering from the wild and forestry. Their most pressing needs are safeguarding their savings, mastering their economic activity and increasing their capital. Here, the proportion of men supported by Wakili is 25%, against 5% in urban areas.

Local team reinforced & well trained

The team has grown from 5 to 19 people in order to rapidly build its actions in Conakry and to extend them to Boffa. The technical advisors from Entrepreneurs du Monde trained the team in methods for working with groups of individually responsible members. The sessions were conducted through distance learning and several missions into the field.

Today, more than a thousand street food vendors, tradeswomen, seamstresses, cobblers and farmers have already started to improve and develop their businesses or their workshops.

 

Read the complete WAKILI’s fact sheet

WAKILI’s financial partners

For its first year, Wakili was able to count on the support and confidence of the Agence Française de Développement, Charente-Maritime Coopération, Fondation Lord Michelham of Hellingly, IMPALA Avenir, Entrepreneurs du Monde, FAET and Mérieux, Social Performance Task Force and a fund that wishes to remain anonymous. Wakili’s requirements in credit funding have been covered by loans from Microfinance Solidaire SAS.
Wakili has generated great interest and is pursuing its growth. Wakili is looking for new partners to continue its development.

 

Cookies ensure the proper functioning of the site, by continuing the navigation you accept their use.