With 390 beneficiaries, Munafa’s new agency is generating excitement
It has been a productive summer for Munafa! In July, the microfinance institution opened its seventh branch in Bo, the country's second largest city.
This establishment marks a new stage in the expansion strategy towards rural and semi-rural areas, which began with the opening of the Waterloo and Moyamba branches.
This new branch is aimed at the most vulnerable communities in Bo, many of whom depend on subsistence farming. These populations will now have access to new financing solutions and training tailored to their needs.
After two market studies in the field, the entire local team was recruited and trained for an effective opening in early July.
First groups formed and first loans granted
With the support of an operations manager, the facilitators went out to meet local communities to promote the services on offer.
They organized meetings with the first groups created to explain the methodology and rules of the group, ensure that everything was clearly understood, and verify that the beneficiaries matched our target audience.
Once this step was completed, they filled out identification forms with them and visited them at home before starting the training sessions.
Already 390 beneficiaries
To date, 18 groups have already been formed, bringing together 390 beneficiaries, 35 of whom have already obtained their first loan, which shows real enthusiasm! All signs are positive for reaching the target of 500 active borrowers by the end of the year.
The next steps include hiring an agricultural advisor to provide technical support to farmers and assistance to operational teams, as well as continuing with the first loan disbursements.
We will keep you posted on further developments!
