Mission
ELP will support many disadvantaged persons starting or scaling petite businesses in local communities with requisite business training, technical support and interest-free loans pooled from the public in small units through simple-framed platforms so as to improve their economic and social freedom.
The Problem
56.3 million Adults, representing 64.1 per cent of the adult population in Nigeria, do not have bank accounts, about 80 percent of them females (EFInA). Only few of these women can access loan which have to be secured with heavy interest.
Target Beneficiary
Any low income person engaging in any trade or intend to, that shows high need to escape financial deprivation especially women, with significant community/group underwriting
Innovation
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MOBILE BUSINESS TRAINING FOR SMALL BUSINESSES.
We are pioneering the provision of community-based training systems delivered in local context where enrolment is a prerequisite for raising or receiving loans . Training fee will be very cheap as low as $2 (N1,000). Training fee can also be loaned and it’s a one-off payment that guarantees access to raise future loans.
SIMPLE-FRAMED SERVICE SYSTEMS
We will always ensure that donations and loan repayment systems are made simple & easy. We are recruiting a design team called "Easy D" to initiate & build our own simple-framed funding systems (both online, offline and communal). Currently, we are working with Cloudware Systems to ensure donations can be done via USSD short codes integrated to donor's commercial banks(e.g #123#.
OPERATIONAL EXCELLENCE
We eliminate high operational cost and increase loan repayment efficiency by making our field partners work as business partners as they earn a fixed stipend and share 20% of all training fees.Also, donors receive 50% royalty on all training fee.
