Self-Reliance Economic Advancement Programme

Gross Loan Portfolio USD, 2010: 26.2 million

Number of active borrowers 2010: 157,344

Average loan balance per borrower USD, 2010: 166.7

Deposits USD, 2010: 19.2 million

Assets USD, 2010: 28.5 million

Number of depositors 2010: 233,139

Mission:

Promoting sustainable livelihood and bridging development gap between the rural and urban communities towards solid financial and economic empowerment.

Background and Main Challenges:

SEAP started in 1998 without any Grant/Donation but loans and personal contibutions. Until 2000 before receiving a UNDP/MSP Grant, SEAP faced financial challenges. There were many clients but no funds to reach them. Today, staff training has received attention and Annual staff retreat training ... Read more

Address:

No. 30 Western Reservoir Road Olorunshogo, Ilorin PO Box 4065

Kwara

Nigeria

Phone:

234 02 411 350

Email:

seapilorin [at] yahoo [dot] com

Website:

seapmicrofinance.org

Main Funding Sources:

Grants

Loans

Savings

Products and Services:

Loans

Voluntary Savings

Insurance

Training and Consulting

Products:

Loans, voluntary savings, Insurance, training and consulting.

Services Provided:

Business Development Services

Health

Education

Other

Looking for (Investment Types):

Loans in Local Currency

Donations

Capacity Building Grants

Other Investment

Loans in US$

% Operations Comprised by MF:

91 - 100

Date established:

Aug 22 1998

FYE:

31-Dec

Current Legal Status:

NGO

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
+ Development goals (ranked by importance)
+ Poverty targets
+ Governance
Has trained members of its board on social performance management
Has a formal board committee that monitors social performance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
Loans for agriculture
Loans for education
Housing loans
Accomodation scheme
+ Savings products offered
Voluntary savings accounts
Compulsory savings accounts (cash collateral)
Fixed term deposits
+ Compulsory insurance products required
+ Voluntary insurance products offered
+ Other financial products and services offered
+ Non-financial services offered
+ Enterprise services offered
Business development services
+ Education services offered
+ Health services offered
Basic medical services
+ Women's empowerment services offered
Leadership training for women
Counseling/legal services for female victims of violence
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Flat interest method
+ Social responsibility to staff
+ Human resources
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
This institution trains/educates clients regarding environmental improvements
This institution includes specific clauses in its loan contracts to mitigate specific environmental risks
+ Poverty measurement tools in use
Grameen Progress out of Poverty Index (PPI)

Partnerships

Current
Name	Relationship
AMT	Network Affiliation

MFI Report