Accra Credit Union- Giving Steem to Dreams

in #accracreditunion6 years ago (edited)

Screenshot_2018-07-09-07-42-50-1.png

Accra, July, 2018.

A typical loan application from the ubiquitous Savings and Loans agencies dotted all around the city may take mere minutes or days. They collect the savings of people who normally generate an income daily, namely small and medium scale businesses who would like to save this income on a short term basis.The interest accrued on such savings is quite minimal.

On the other hand, another small business seeking funds may apply to these agencies. The loans are processed and a hefty interest rate imposed. Surprisingly, the loans are in high demand, simply because the options are pretty limited- the big banks ordinarily would not consider a small or medium business a good investment and funding from shrewd loan givers are even taxing since interest rates of up to a 100% are pretty common.

The lack of initial capital or cash injection into new start ups is a major linkage to poverty growth among young people in Ghana.

To elucidate better, let's look at the data. Ghana's population is overwhelmingly youthful. Over 65% of the population is under 30. At the same time, unemployment rates within this cohort is over 35%. According to Government statistics, the formal sector is over satured and unemployment chances in this sector are almost negligible.

Thus, most people young and old, are involved in the informal sector, ie, hairdressers, tailors, photographers, shop owners and the like.

Yet, poverty prevails because most people struggle to pay for the equipment or necessities needed to start an income generating endeavour. For many young people, all they need is their first hair drying machine, sewing machine, shop space or even a camera to kick off a profitable business venture.

This is where the Accra Credit Union steps in. As a cooperative focused on mutual growth, the power of Steem is our major tool for lifting poverty off people.

Credit Unions identify worthy enterprises and members agree to invest in them not for the profit but to provide funds necessary for the financial growth of the relevant member.

The Accra Credit Union is poised to deliver such support and more. The Union would place in the hands of trustworthy entrepreneurs a loan agreed on by the credit union which would of course, be paid back.

Unlike banks or savings and loans agencies, which require and actually seize collateral in the case of a default in repayment, the main requirement from the Credit Union is trust and a preference for investments in productive assets.

Distinctively, a pay back of the loan is flexible and considerate to enable and empower small business grow and the growth of the cooperative society.

Nonetheless, the lendee shall lodge keys to his or her Steem account with the Credit Union as a guarantee or safety valve.

This is the envisaged pathway of delivering a means of achieving financial strength to entrepreneurs without the burden of the treacherous banking system wilting their dreams.

The Accra Credit Union is very much interested in providing a means of wealth creation to all.

Let's Steem the Dream.

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This is a well-written piece on an exciting topic.

It is amazing to consider the possibilities with platforms like Steem. It is equally exciting to engage with the practical matters like key management. I look forward to a broader discussion about how the @accracreditunion community will grow and evolve to best suit its members.

Full support and steem on.

@Accra community has so many prospects in the pipeline

I daresay Africa's tech skill force is blooming within the @Accra community.

Hi @richforever , I noticed you are working with Yensesa, which is a great creation for the people in Africa, well done!

By the way, there is an opportunity now on the steem blockchain, were you can get anywhere from 20 usd to $80 depending on your Steem user reputation. It is the byteball airdrop to Steem Users.

First we need to Download the Byteball Wallet, and after downloading it, follow the instructions below.

Check this link from the core team devs with very simple instructions: https://steemit.com/steemit/@punqtured/official-byteball-airdrop-to-steemians

I can send you the needed funds to finish the attested process, since I already got my reward.

I made this post with the instructions: Steem Ambassadors - (Around 60 USD to 80 USD for free) - Already got mine - The Byteball Token Airdrop to Steem Token Holders

Regards, @gold84

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This is a great project and wonderful news to hear, hopefully this will go a long way to help us with our bussiness and financial freedom

You're right. Financial freedom has never been so easily within reach.

This is very interesting. As an American business person who has extensively traveled third world countries, I have spent much time understanding the complicated environment that contributes to these circumstances and the characteristics of effective programs that help these people. I think Micro Loans are great. I think the very basic Business Consulting that also takes place... when people answer the hard questions the business plans ask is also just as important.

Very informative post on here. Steadily looking forward to its manifestation.

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