January 30, 2012 – The Senegalese microfinance institution, Union des Institutions Mutualistes Communautaires d’Epargne et de Crédit (U-IMCEC) signed a memorandum of understanding today to provide access to financing and set up savings accounts for GIEs and GIE members in the Options Senegal Ecolign Entrepreneurial Program.
U-IMCEC was formed in 1997 by ChildFund Senegal with the goal of increasing children’s well-being through increased family income. Today U-IMCEC is an independent financial institution with over 50,000 members served by more than 40 branches in urban, suburban, and rural communities throughout Senegal. 56.75% of loans made by U-IMCEC are to women entrepreneurs.
U-IMCEC continues to work closely with ChildFund Senegal to promote its goals of entrepreneurial development, capacity building, the creation of jobs in rural communities, and working towards an economy that is not dependent on foreign aid.
In addition to providing start-up loans to GIE members involved in the Options Senegal Ecolign Entrepreneurial Program, U-IMCEC participates in Options Senegal training sessions to teach participants how banks operate and how different banking products can assist them as they launch their businesses and manage their personal finances.
