CEDA launches new micro-finance product

Called Mabogo-Dinku, the product allows micro-entrepreneurs to apply for loans of up to P150, 000 payable in three to 12 months to fund working capital and asset purchases. CEDA chief operations officer, Andrew Madeswi said the product will be issued through a group methodology of a minimum of five and maximum of 15 people, adding that it has easy application procedures, no collateral required, shorter turnaround time, and flexible repayments. “The product is for citizens aged 18 years and above and for one to benefit from the product, they should belong to a group. Those who are employed and earning below P3, 000 also qualify for Mabogo-Dinku,” he said. For ease of managing the affairs of the group, CEDA has developed a standard constitution for the members to adopt as the governing framework.

Madeswi noted that loan processing forms shall be completed by the members in need of the loan and presented to the group for consideration and endorsement before submission to CEDA.