- Financial Services
Seed Money for Co-op Microlending Group UFAGRO (Ufani Agricultural Organization)
Villagers addressed their lack of access to financial services by founding the co-op microlending group UFAGRO.
As in most places throughout the world where the population consists mainly of the very poor, access to institutional financial services was nonexistent. The inability of the very poor to borrow money to, for example, build a business or address emergencies, provoked the surge in microlending that was led since 1997 by Grameen Foundation, inspired by the work of the Nobel Laureate, Muhammad Yunus. Following this practice, villagers in Dareda Kati, founded the co-op microlending group UFAGRO . Karimu provided money to seed fund UFAGRO. Members of the co-op microlending group are able to take microloans of $250 or less, repayable within three months, to assist their small businesses.
Member average income has tripled since UFAGRO’s founding
Number of participating families more than tripled
Learn more about Karimu Financial Services Program .