WAKILI : Social microfinance in Guinea
For the poorest, who have had very little schooling, especially women, it is very difficult to find paid stable employment in Guinea. So, to support themselves, they take action! They set up small street businesses or workshops overnight. But without access to capital and training, they have difficulty developing and sustaining their activities. To succeed in their endeavours, escape a survival economy, achieve success and put themselves forward, they have a great need for support.
In 2016, Entrepreneurs du Monde created Wakili, which means “willingness and perseverance”, to support these vulnerable but enterprising women and men, help them develop their income-generating activities in a sustainable way and improve their families’ well-being. The WAKILI team pays particular attention to people with disabilities or living with HIV.
A unique and social methodology in Guinea
The team offers socio-economic services to microentrepreneurs (training, individualized support, social referencing, etc.) and adapted financing (microcredit, savings). Wakili is the only social microfinance institution in Guinea to grant loans without any material guarantee or joint or personal guarantee, to offer to open a savings account without opening fees and to disburse these savings on demand.
Support by Entrepreneurs du Monde
Entrepreneurs du Monde has recruited and trained a team, particularly in Togo within SMI ASSILASSIME’s team which they created in 2012. Entrepreneurs du Monde’s experts (accounting and reporting systems, methodology, HR, Finance, Legal) and the Wakili team prepared the management tools, procedures and training modules.
The team continues to be supported to build capacity, structure the programme and transform it into an independent local legal entity.
Read the complete fact sheet