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Abdoulaye
The borrower is a married man who is father to two children. He has a fish trading business which he started seven years ago with loans from rich businessmen who actively back small fishing businesses. He has never been able to make consistent profits as a result of the exorbitant interest rates applied by his creditors. Furthermore he was under huge pressure because he had to pay all the money he took in the morning by the end of the day. This business did not give him sufficient income to provide for his family's food, health, clothing, lodging and schooling. In order to break free from these loan sharks' claws, he decided to open an account with IMCEC (a Senegalese association of mutual loan and savings institutions). He had a first loan of 250,000FCFA over 12 months which he managed to repay in just three months, and the institution left him the interest for the remaining nine months. His market share has thus grown so much that he supplies two fish-processing factories in the capital not far from his town. His ambition is moreover to get involved in the export of fresh fish to Europe and the USA. Today he is requesting a second loan of 250,000FCFA in order to satisfy strong demand by buying three crates of black "badèches" (a sea fish) and three crates of "thiof" (another fish, common in Senegal). The profits he makes from this investment will be used not only to provide for his family's needs but will also contribute to him achieving his short-term objective which is to buy and construct his own house.
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L'emprunteur est un homme marié , père de deux enfants. Il exerce l'activité de mareyage qu'il a démarré il y'a sept ans avec des prêts de riches hommes d'affaires qui interviennent dans le secteur de la pêche artisanale comme bailleurs d fonds.Il n'est jamais arrivé à faire des bénéfices consistants du fait du fort taux d'usure appliqué par ses créanciers.En plus, il subissait une très forte pression car devant rembourser globalement en fin de journée tout le montant reçu le matin.Cette exploitation ne lui permettait pas d'avoir les revenus nécessaires pour prendre en charge les besoins alimentaires, sanitaires, d'habillement, de logement et de scolarité de sa famille.Pour se libérer des griffes de ces usuriers, il décide d'ouvrir un compte à l'IMCEC.Il obtient un premier prêt de 250 000FCFA sur 12 mois qu'il parvient à solder en 3 mois seulement et l'institution lui laisse les intérêts des 9 mois. C'est ainsi que sa part de marché s’élargit si bien qu'il approvisionne deux usines de traitement de poisson basées dans la capitale non loin de sa localité. Il ambitionne d'ailleurs de s'engager dans l'exportation du poisson frais en Europe et aux USA.Aujourd'hui, il sollicite un deuxième prêt de 350 000FCFA afin de satisfaire la forte demande en achetant 03 caisses de badége noir et 03 caisses de "thiof".Les bénéfices tirés de cet investissement serviront non seulement à prendre en charge les besoins de la famille mais participeront aussi à l'atteinte de son objectif à court terme qui est d'acheter et de construire sa propre maison.

Additional Information

About UIMCEC

This loan is administered by UIMCEC, a Kiva Field Partner in Senegal since 2008. UIMCEC is a government-regulated microfinance institution whose mission is to improve the revenue and well-being of families through access to financial services, allowing principally women and young adult micro-entrepreneurs living in rural and semi-rural areas to develop their revenue-generating businesses and supporting them in becoming financially self-sufficient.

About Senegal

  • $1,759
    Average annual income
  • 35
    View loans »
    Senegal Loans Fundraising
  • $13,110,150
    Funds lent in using Kiva
  • 464.4
    Communauté Financière Africaine Francs BCEAO (XOF) = $1 USD

Success!! The loan was 100% repaid

A loan of $775 helped Abdoulaye to buy 6 boxes of fresh local fish.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 7, 2011
Listed
Jul 25, 2011
Currency Exchange Loss:
Covered
Ended:
Nov 15, 2011