Access to finance is a fundamental index for determining the poverty status of a population. It is critical to achieving socio-economic enhancement and to “end poverty in all its forms everywhere” – SDG1. Through microcredit, DEC has provided access to finance, financial services and financial inclusion to, especially the unserved and underserved persons and communities.
DEC has served over 300,000 women, groups; and functioned as a financial service provider to organizations and government agencies including the Central Bank of Nigeria (CBN), Bank of Agriculture (BoA) and the Bank of Industries (BoI).
How this works? “Save to Produce”
DEC’s fundamental ideology imparted on beneficiaries encourages nurturing a savings culture for posterity. DEC has a wide range of savings products for ease and convenience of the beneficiary. Through savings, a person is able to grow a capital base for subsistence and enterprise use and avoid unnecessary borrowing- this is financial independence.
DEC supports small start-ups and encourages women working in groups of 10-25 members. These small groups are self-help groups (SHG) with the common ideas of association and leadership. Members of the groups have access to credit facilities to start-up or boost new or existing enterprises respectively.
Apex organizations such as cooperatives are also supported to provide financial services to their members.
DEC continues to develop dynamic products and solutions to meet peculiar business needs such as micro, small entrepreneur, small & medium enterprise (SME), on-lending, home asset, housing, and agricultural loans.
All surplus generated at the end of a financial period is ploughed back into the social program to accommodate more beneficiaries.