The Chemonics managed AEFP established SUMI, (Sudan Microfinance by xvi10492

VIEWS: 21 PAGES: 1

									                  Sudan Microfinance Institution – SUMI
The Chemonics managed AEFP established SUMI, (Sudan Microfinance Institution)
in 2003, with the primary objective of achieving outreach on a scale that will ensure
the sustainable delivery of financial services to the Southern Sudanese population
who had no access to financial services. AEFP was tasked with the responsibility of
ensuring permanent self-sufficiency and sustainability well into the future. SUMI has
tried to adopt a private sector-oriented, financially-sustainable business model as it
develops. The strategy for achieving this objective over the five year duration of the
project includes:

          Establishment of the institution;
          Capacity building;
          Geographical expansion of operations; and
          Continued product development.

The entire first year and part of the second year of the project involved establishment
of SUMI as a viable microfinance institution. This included conducting a detailed
market assessment to determine the viability of potential markets as branch locations,
and to assist in loan product design; establishment of a Board of Directors,
familiarizing the board with microfinance best practices; hiring and training all staff
necessary to start and expand operations; constructing SUMI offices; community and
stakeholder outreach; and developing and institutionalizing the required policies and
operational systems. Capacity building is an ongoing activity.

SUMI was formed to play a leadership role in the economic development of Sudan
and in particular in the alleviation of poverty. To this end, SUMI has offered loans
and members have been able to improve their businesses, pay school fees, build
houses etc. It has over 5,000 clients. The products and services provided are:

−   Group Loans (Micro enterprises)
−   Individual Loans (Small Businesses)
−   Consumer Loans (Salary Guaranteed)
−   Money Transfer (Local and Regional)
−   Money Exchange (Dollars to Local Currencies only)

SUMI is already operating out of five branches in Southern Sudan i.e., Yei, Rumbek,
Maridi, Yambio and Juba. To date SUMI has achieved the following milestones:

By the end of June, 2007, 10,222 loans had been disbursed cumulatively, and the
value of cumulative group and individual loans disbursements as at the end of June
2007 was US$ 5,682,888, with an outstanding loan balance of US$ 2,627,808. The
Compulsory savings stood at US$ 419,368.

								
To top