GIC COOP MFI-BOD
GIC COOP-BOD
This is a microfinance category 1 credit union with head office in Buea and Branches to be establish across the nation to leverage the new modern banking system to its members
Moto:
"To the members for the members"
GIC deposit account provides members the peace of mind that their funds are in safe hands and that they can access it at anytime
Deposit account holders are also privy to free financial literacy
Free seminars and work shops etc.
Free business advise and analysis
Our savings account makes you a member and an owner of the cooperative. Members of GIC COOP-BOD enjoy the following benefits;
Interest on savings
Eligibility of loans
Financial literacy
Free business seminars and workshops
Children scholarship opportunities
GIC COOP-BOD offers the following loans to its members
Personal loans
Business loans
student loans
Farm/agric loans
Equipment loans etc.
What is Microfinance?
Microfinance is the practice of providing financial services such as microcredit, (loans), micro-savings, remittance or money transfers, micro-insurance, pension to low income people who don't have access to conventional banks services for their sustainable livelihoods.
Microfinance institution gives members the opportunity to provide for their children and family through improve household income from the following services:-
- Small loans for working capital; - informal appraisal of borrowers;
- Collateral substitutes and alternatives such as group guarantee, compulsory savings; - Access to repeat and take large loan based on repayment performance;
- Streamlined or line of credit loan disbursement and monitoring; -Secured Savings.
GIC COOP-BOD Microfinance has 11 key principles summarized as follows:
1- Poor people need a variety of financial services, not just loan.
2- Microfinance is a powerful tool to fight poverty.
3- Microfinance means building financial systems that serve the poor.
4- Microfinance must pay for itself to reach large numbers of poor people.
5- Microfinance is about building permanent local financial institutions.
6- Microfinance is not the best tool for everyone or every situation.
7- Interest rate ceiling making it harder for poor people to get credit.
8- The role of the Government is to enable financial services environment, not to provide them.
9- Donor funds should complement private capital, not compete with it.
10- The key bottleneck is the shortage of strong institutions and managers.
11- Microfinance works best when it measures and discloses its performance.
