Loan needed for mobile-money business

Entrepreneur

About Me

My name is Yakubu Akanlug Stephen from the Northern Region of Ghana. I reside in Kakpagyili, a suburb of Tamale the capital of Northern Region and it has different tribes who live together peacefully .The indigenes of Tamale are Dagombas and they are predominantly farmers and their women seriously into petty trading to support their household. They are very kind and hospitable and have a unique dance call Damba.I had to engage in farming to lift some of the burden off my parents by buying study materials when i was a kid.Though it was tough, in Senior High School my mind was just on establishing a business for myself. Upon completion of my university degree I started a mobile money and sale of credit cards with my national service allowance.
I acquired a bachelor degree in Integrated Development Studies from University for Development Studies. I have therefore realised that the poverty level is high at areas and homes where women education is relegated to the background for the simple reason that their place is the kitchen and i believe that this is one of the reasons my region and area is described as high in poverty in Ghana. Because homes and areas where women education is a priority have recorded low poverty levels as can be seen in some regions and areas in Ghana. The region is characterised with one rainfall season out the two rainy seasons the other regions in Ghana experience because of the influence of the desert being closer to my region.
My hobbies include listening to music and surfing the Internet and studying the of business in Ghana.

My Business

My business is basically on providing micro credit to women groups as a way of supporting girl child education. In my own way of reducing poverty in my area and region, i therefore lend to women traders who have their girl child in school ,who are lower income earners and are classified as non-bankable and lack collateral security in accessing for credit facility from the traditional banks which has become the preserve of men in my community. Therefore, the criterion for any woman qualify for my loan is to a girl child in school.
However, i chose women due to what research in microfinance has established about women in microfinance as compared to men below:
Seventy percent of the world’s poor are women, which my region and community are of no exception, and microfinance is a powerful instrument of social change, particularly for women. Since women are often among the most vulnerable and poorest members of low-income societies, and given that 68 percent of global microfinance customers are women, it is no surprise that there are obvious economic and social benefits to involve women in microfinance programs. Recognizing that microfinance can empower women, women are also proving to be a good investment. Studies show that women in poor rural regions are more reliable borrowers of credit than men- that is women repayment rate are higher than men. Additionally, women tend to invest in sectors that improve their families’ welfare, such as education and healthcare. It easy for donors and government to create and fund credit program and ignore other potentially more serious problems faced by Rural poor who are mostly women.
Currently, I have 10 different women's groups in my community. I intend to move to different communities to help encourage girl child education with the hope of reducing poverty level in my area and Ghana as a whole.
I have discovered a line of business that will support the my course of providing one stop shop offers for the communities i operate to reduce cost and make the women groups and people in my community who are unbanked to also learn how to save.
The services that i will provide are MTN, TIGO, AIRTEL AND VODAFONE cash services. I will need an amount of $1000 to inject into that business. The profit will be reinvested back in supporting these women groups.

Loan Proposal

Dear lenders,
Thank you for giving me another opportunity to borrow from you. When this loan is granted, I will use the funds to establish a mobile money business to support the education of the girl child and the women groups in the communities i started the credit union.
The revenue generated will really help the business to grow
i will need $1000 dollars to invest in this business(MTN,VODAFONE, AIRTEL AND TIGO CASH)
I thereby promise to pay on time as well as abide by all the rules and regulations governing this loan when granted.
Thank you very much for your consideration.

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