The Mbayongo Women Community Bam Development Association, a Community Interest Group, CIG in Branch Atser Community, Vandeikya Watershed, has experienced a remarkable transformation in their rice processing business as a result of a loan accessed from the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project’s Community Revolving Fund (CRF).
Previously, the all-women group, led by the President, Mrs. Margaret Ugoh, a 50-year-old mother of two, had the problem of limited funds to conduct their business. They restricted their purchases to just 10 bags of rice at a time, resulting in a modest annual profit of N60,000. They relied on local vendors and restaurants as their primary market, unable to meet the growing demand. After participating in ACReSAL CRF training, the association was qualified for the loan facility and accessed its first tranche of N4.2 million.
This financial boost enabled them to expand their operations, purchasing up to 55 bags of rice at a time from markets in Vandeikya LGA. This increased capacity allowed the supply to their existing local vendors and attracted buyers from neighboring Cross River State, who often purchase the entire stock.
Within six months, the CIG generated a profit of N2.1 million and fully repaid the loan, including the 5% interest. The financial success has led to significant improvements within the group and their families.
“Our husbands no longer shout at us in public again because they know we now have the money to solve our needs. We are enjoying our marriages now… members also assist in paying school fees, and buying soup for the house is not a challenge anymore,” exclaimed Mrs. Ugoh.
Key Changes Due to the ACReSAL CRF Loan Intervention:
Increased Profitability: The CIG has made a profit of N2.1 million in just 6 months.
Growing Membership: Membership has increased, and the group is now turning away interested individuals.
Larger Loans: Members can now access loans of up to N1 million per meeting through increased contributions.
Improved spousal relationship: Husbands are respecting their wives more
Improved Household Finances: Members contribute to their children’s school fees and household expenses.
Resourceful Waste Management: The group utilizes rice chaff as manure and broken rice to make rice flour, maximizing their resources.
The Mbayongo Women Community Bam Development Association’s success story demonstrates the impact of the ACReSAL CRF loan program in empowering women, boosting local economies, and fostering sustainable agricultural practices.