Fifteen members of the Nkongho-Mbeng Farmers’ Cooperative, based in Mbetta, have benefited from the Biodiversity Community Trust (BCT) micro-loan.
The revelation was made known recently after a Board meeting scrutinised some loan application forms. According to the Board Chairperson, Christian Fonkeng, the loan worth Five Hundred Thousands Francs (500,000 FRS) is expected to yield a 30% interest by August, 2018. He indicated that 70% of the interest will be shared to members’ savings, and the remaining 30% will go to the Forest Protection Fund (FoProF).
It is important to note that the Cooperative’s members have set aside every Sunday to carry out their loans and savings activities. This is to ensure sustainability, as well as raise income for the smooth running of BCT in the Cooperative.
The purpose of this loan is to enable the members engage in economic activities that will help improve on their livelihoods.
“I thank ERuDeF for introducing BCT in our community. At first, I was unable to have access with micro-loan to help me set up a business that will improve on my livelihood and that of my family. But with the introduction of BCT in Mbetta, our people are now able to save their money and obtain loans to carry out their respective economic activities,” said Elumba Sixtus, one of the beneficiaries.
Also, Cooperative and BCT activities are introduced by ERuDeF through the Community Conservation Social Enterprise Development (CoCoSED) Initiative with Financial Support from Rainforest Trust USA.
By: Njang Quddus