NNEW Cooperative Multipurpose Society Limited

NIGERIA

Category: Lobbying and Advocacy

Provision of Services

GovernanceMembership strategy

NNEW Cooperative Multipurpose Society Limited

BRIEF DESCRIPTION OF THE INITIATIVE• The NNEW CMSL was launched to enhance members’ opportunity

to access finance and encourage them to develop a savings culture.

• It was inaugurated to service members of NNEW who register to become members of the society.

• About 20% women entrepreneurs in NNEW are members of the co-operative

• It was inaugurated on the 1st of September, 2010• The co-operative is financed by the monthly contributions of

members, interests from investments and buying of shares. The pool of funds are invested by the society and loaned out to members who are eligible to access the loans.

NNEW Cooperative Multipurpose Society Limited

• Annual General Meetings (AGM) are held to give account to contributors and the regulatory agency.

• The co-operative has a pool of qualified management committee members who ensure the judicious utilization of funds and the strict implementation of the co-operative bye-laws.

• We are regulated by the Lagos State Ministry of Agriculture and Co-operatives.

• General meetings are held at least thrice yearly where the management and members of the co-operative meet to deliberate on the well-being of the co-operative; there must a general consent on how the monies are utilised.

• The NNEW secretariat handles all its administrative activities.

NNEW Cooperative Multipurpose Society Limited

POSITIVE RESULTS• 23% have applied for loans and 19.7% of them have been able access it• Over $57, 000 have been disbursed to them to improve and expand their

businesses.• The co-operative has also created another networking platform for the women• It has put the organisation at an advantage to key into government initiatives for

access to funds for women businesses.• The members receive dividends at the end of the year• The idea for a women focused microfinance bank was developed from the

success story of the CMSL and plans are underway to achieve that.CHALLENGES• Difficulty in enforcing payment when members default because of emotional ties

with the network.• Religious beliefs discouraging borrowing especially northern Nigeria• Some members are reluctant to guarantee others to borrow

NNEW Cooperative Multipurpose Society Limited

• Supporting documentswww.nnew.org

• Contact detailsAnn AdelajaNNEW, Executive Secretary2348022093039esosa.adelaja@gmail.com, nnewomen@gmail.com