MetroCredit; Micro Finance Benefiting Small Scale Farmers

MetroCredit, founded by Ntoko Franz Ajebe-Munge, is a start up financing and funding venture that provides affordable loan and savings services to local business set ups in the Cameroon. It helps community investors to create village banks and assist community innovators to open kiosk where they carry out money transfer services vis-a-vis the rural and urban areas. It also provides loans to farmers to leverage agricultural innovative business ventures.

It is a category 2 micro finance institution and a for-profit organizational in Buea, Cameroon. The company is founded to be a development micro bank—making loans in small amounts widely available to people of the low class (generally perceived as unbankable).

MetroCredit business idea has three different platforms, to provide venture capital services to innovative youth ventures in areas of agriculture, trade and ICTs, provide short & long term business loans to growing businesses, provide an App platform where people can send and receive money on mobile phones and open village banks to help communities

The finance startup is trying to bring micro credits to an under-served population of young farmers and small business entrepreneurs who want to establish their small startup businesses in the community but lack that very small venture capital to start up. In other words they want to build a strong community where financial solution to start up and small business is provided by metro credit thereby fighting poverty in the community. The community targeted is one of the most fertile in Cameroon, so they are kin to making sure small scale farmers will have a day to day contact with finance to buy agro-chemicals and fertilizers for higher productivity. Local farmers that they intend to work with are tomatoes, water melon, maize, sugar can, vegetable farmers.

For example, an educated inspired unemployed young man or woman conceives an idea or project on how he/she can do mass production of tomatoes to sell, preserve and process into paste but does not have the capital to invest in such a profitable seasonal project, that is where MetroCredit come in to make his/her ideas come through by providing small capital or loan to help them finance these projects.

Primary activity will be providing micro loans and credits to small business idealists who naturally cannot afford to get funding from other major stakeholders. MetroCredit will help them save their profits and bring experts on food preservation and processing so that production will be a yearly activity in which MetroCredit preserve remains for them.

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About the Author: Vanessa Wacera

Nessa Shera is a lawyer and blogger who enjoys writing article pieces that generally mirror her own interests. As a writer Nessa’s short articles have appeared on several online publications. When she is not writing, she enjoys reading, listening to music, and eating out.