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.
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