Why OVO believes in this project
There’s no question that a credit institution has a major socio-economic impact. It directly creates money that is spent on micro-businesses and so boosts the income of the market vendors. What’s more, no micro-loan institution is operating in this district of Kinshasa as yet. Bijou Tshiunza originates from Kinshasa and works at the BNPP bank in Brussels. She is extremely keen to do something for Congo and after an assignment to Africa she came up with the idea of providing funds to combat poverty in an inclusive manner.
The start-up budget for this project is USD 70,000. The external funding via OVO is USD 50,000 (EUR 44,000). The own contribution is USD 20,000. The OVO funding is fully insured and will be spent on awarding the loans. The own investment will primarily be spent on the start-up investments. The loan of EUR 44,000 will be paid back over six years at an interest rate of 7 percent. Funding has been secured thanks to the contribution of Rotary Club Beveren and Bettie Elias. The OVO Acceleration Fund deposited 9,000 euros for Microdev.
By providing micro-loans for female entrepreneurs, Microdev is adding major value to help solve the problem of poverty in the DRC. The project is backed by a highly motivated initiator.