Micro-Banks
We strongly believe in raising the awareness of the poor on the fact that they are the solely accountable for their destiny. In this light, a unique model for wealth creation was developed in Cameroon by Dr. Paul K. Fokam based on the principle that Victory over Poverty (VP) is possible if the Means (M) and the Competences (C) of the Community are combined, that is, VP = MxCxC = MC². The model consists of the following stages:
- Raising the awareness of the elites and rural population;
- Collecting savings;
- Financing economic projects;
- Realizing community economic projects necessary for sustainable growth;
Developing community social projects.
The implementation of the model is through two entities: rural development micro-banks (MC²), based in rural areas, and the Mutuelle Financière des Femmes Africaines (MUFFA), a micro-finance institution that targets low income urban women.