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Microfinance - visibility
Microfinance was established at Fantsuam Foundation, Nigeria in 2001 following the Grameen model.
Its success has been overseen by Kazanka Comfort and John Dada.
Since it started it has benefited 12,500 individuals directly and an estimated 62,500 additional people indirectly.
- In the last year the Fantsuam Foundation Microfinance bank has disbursed over 3,000 micro-loans to 73 centres in communities across the region.
- Deepened its reach in new communities such as Dangoma (Kaniinkon chiefdom) and Kwoi where Fantsuam is now working with over 100 clients in each community.
- Consolidated delivery of Business Development Services training to over 300 microfinance clients under a Partners for Development/ World Bank sponsored programme with 90% of client’s businesses recording increases in sales 6+ months after training.
- Introduced a new microfinance service: ADASHE enabling Fantsuam to participate in the traditional savings culture of rural Nigerians and meet the savings and loans needs of local entrepreneurs.
- Received a 40 million Naira Programme Related Impact loan from the Packard Foundation enabling expansion of the loan disbursement and the ability to reach more communities.
(Information source: Fantsuam Foundation's 2010 Annual Report)
Currently Fantsuam has five field officers supporting almost 1,000 active group loan clients across 80 centres, and 50 individual loan clients.
In addition over 400 individuals have savings accounts with the organisation.
All loan clients receive health, HIV/AIDS and business development services training. Fantsuam Foundation has worked with over 15,000 clients since it started.