A loan of $775 helped to buy 6 boxes of fresh local fish.


Abdoulaye's story

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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Translated from French by Kiva volunteer Alison Le Bras



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