ELIA FOUNDATION FOR COMMUNITY DEVELOPMENT (EFCO-DEV)

Home About Us and Contacts Projects CHI

EFCO-DEV MICRO-FINANCE (EMF) is one of Elia Foundation for Community Development (EFCO-DEV) programs that is aimed at creating a strong base of economic independence among community members through loaning micro-grants at an affordable interest rate for the community members’ improved livelihood. Unlike other savings and loaning financial groups who operate on a year basis interval plan, EMF is an ongoing program operating on a five year basis interval plan. This program is with a view to empower and enabling members to put up self managed micro-enterprises at the end of a five years saving plan. Community members who wish to participate in this foundation program upon meeting all requirements automatically becomes members of the foundation as a whole.

The Foundation view of this program is to construct an economic independent base for members towards self-employment and increasing their participation in different business ideas (micro-enterprises) that can economically empower them towards self support, sustainability and self reliance at both individual and household levels.

The program focal point/goal is to strengthen the capacity and supplementing on the efforts of members through micro-grants in form of loans towards poverty alleviation and increased members economic capabilities for self support, employment and improved health.

PROGRAM ACTIVITIES.

  • Savings and loaning.
  • Members’ capacity building on business ideas development.

PROGRAM REQUIREMENTS AND OBLIGATION

  • Members are obliged to pay 20,000= which will serve to meet costs attached to member’s registration, membership, subscription and 2 cards which includes saver and membership identity cards.
Upon meeting all requirements, a member is entitled to a free EMF savings account. NOTE: Children account is also available.
  • Meet shares of worthy 50,000=. A member can have more than one share up to 10 shares.
  • Members shall be obliged to pay 500= every saving time once a week which is termed as Social Security Fund. This make a total of 24,000= a year, where capable a member can meet this amount once and this is annually contributed and non refundable.
  • Local council one (LC I) letter is required plus a copy of your current identity card or voters cards and 3 coloured passport size photos.

CHILDREN ACCOUNT REQUIREMENT

  • 3 passport size photos
  • Minimum of 10,000=
  • Shares of 50,000=
  • Parent copy of identity cards or voters card.

NOTE: A parent can only conduct a transaction activity on this account once usually at the end of the year.

THE SIGNIFICANCE OF SOCIAL SECURITY FUND (SSF).

Upon being non-refundable, it serves he following purposes.

  • This fund is employed to overcome urgent and pressing problems by a member or the program its self. If a member meets an urgent need and he/she has no means of urgent relief, he/she is given an amount depending on the urgency of need but not exceeding 40,000=. A member is then given a period of one (1) month to return this money without any attached interest.
  • If a member looses a relative, child, wife or husband in death, such a member is given an amount from this fund determined by the program executive committee (PEC) and this money is not paid back from such a member.

Therefore, this is the significance for this fund (SSF) and the reason for being non-refundable.

TERMS AND CONDITIONS

EFCO-DEV Micro-Finance (EMF) and loan terms and conditions will be provided to a registered member shortly after conformation of his/her membership. However, the foundation (EFCO-DEV) general members’ terms and conditions are as below. Coped from the Foundation constitution article thirteen sub-section a)

Each member shall be bound by the decisions taken by the founder board.

 Any member shall be at fault if he/she.

  • Fails to promote the aims and objectives of the foundation as defined in the constitution.
  • Abuse his/her office or causes the Foundation to be in an embracing situation by conducting his/her self in a manner that disgraces the Foundation.  
  • Fails to pay annual subscription fee as specified.
  • Fails to attend any meeting as required of him/her without any sufficient causes.
  • Attempts to hijacking the office by taking away any office material illegally. Such a member shall be issued to higher authorities for further action.
  • For any member at fault, the executive committee or general meeting may take such action as deemed fit. Therefore, to such a member, his/her membership shall be cancelled depending on the fault.

For more information contact us at our ADDRESS HERE or reach us at COMMUNITY BASED INITIATIVE CENTRE-RWENZORI (COBIC-R) Office near MAWA Market Oposite Light of Hope Secondary School

Found in kasese Municipality within kasese town