YIKRI : Social microfinance in Burkina Faso
It is very difficult to access education, employment, banking and social services, water and electricity in rural areas and in the areas that surround Ouagadougou, where the population is growing at a spectacular rate. Young people and women are the first to suffer from extreme hardship, making entrepreneurship a necessity for them. So, overnight, they set up a retail activity, a small restaurant, a smallholding or a sewing workshop, but they need support to develop their businesses and make them sustainable.
Social microfinance for the most vulnerable
In 2015, Entrepreneurs du Monde set up a social microfinance offer for marginalised people and those in extreme poverty who have very limited access to classic microfinance services. Offering tailored services (training, savings, microloans), the team supports micro-entrepreneurs until they are able to permanently improve their living conditions.
Methodology of Yikri
The micro-entrepreneurs form groups to gain access to individual savings accounts and loans tailored to the needs of their business. These loans are advanced without requesting of a guarantee or any security. Once or twice a month, the micro-entrepreneurs take part in a training session on a subject linked to business (accounting, sales, stock management, etc) or family life (preventing sickness, domestic violence, civil rights, etc). In each branch there is also a social worker who helps anyone in need to resolve any temporary problems.
Support by Entrepreneurs du Monde
As with all the programmes it sets up and incubates, Entrepreneurs du Monde is supporting YIKRI to become independent on all fronts. YIKRI already achieved 62% operational sustainability by the end of 2018 but it is now in a growth phase with a pressing need for finance. Entrepreneurs du Monde is supporting the new locally incorporated MFI to help it to achieve its social and economic objectives.
Read the complete YIKRI’s fact sheet
Partnerships with local associations