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Cottage Industries Microfinance Institute-(CIMI).Old unity Hospital Building, e Activities:
CIMI Cottage Industries Microfinance Institute. Reg-7555/02/01/0063. Oluwasegun Akinbonja Mulemora. Chiaman/CEO. Head Office: Mrs. Oluwakemi Monisola Alebiosu Finance Manager. Telephone: +2349098221733,08066571766. Offices Address: 12. Plot 51, Ubiaja Cr escent Opp. CBN Snr Staff Qtrs,Off Oladoke Akintola Boulevard, Garki 2, FCT, Abuja. E-mail: cimi@cottageindustrialists.org. Wwww:- cottageindustrialists.org/cimi Profile of:. Cottage Industries Microfinance Institution (CIMI). MFI-Microfinance is the provision of financial services for people living in poverty who don’t have access to traditional financial services. Besides loans, microfinance includes other services such as savings, money transfer and insurance and allows low-income earners to finance income-generating activities and protect against risks. CIMI, Cottage Industries Microfinance Institute is a subsidiary of the Association of Cottage Industrialists of Nigeria. is a product that provides specialized credit savings and other financial services to members of Association of Cottage Industrialists of Nigeria, other micro-entrepreneurs. This is achieved by providing access to finances to improve their economic status and well-being. We are a Nationwide Microfinance Institute, licensed by the Association of Non-bank Microfinance Institution of Nigeria and Central Bank of Nigeria to operate nationwide and we have office across our state of establishment with head office in Abuja. Mission:- To provide entrepreneurs with unique, people oriented, technology driven, value added products and services delivered by a well trained and motivated workforce in a sustainable and profitable manner for the economic benefit of our stakeholders. Vision:-To be the clear leader in the microfinance industry for Cottage Industrialists and to promote Nigerian Made Product in Africa. Core Values. Leadership Striving to always be ahead of the pack and leading by example. Integrity Integrity will always be at the heart of the bank’s dealing s with all its stakeholders. Focus Continuously conducting, objective self assessments of achievements in set objectives. Tenacity Always unrelenting in the pursuit of set objectives. Objectives 1. Encourage savings among the unbanked productive poor 2.To make credit facilities more accessible to Cottage industries, farmers and micro entrepreneurs engaged in real sector activities at an attractive interest rate and in a sustainable manner. 3. Improve on the business and financial skills of micro entrepreneurs through capacity building. Services provided by the Cottage Industries Microfinance Institution include: 1. Microcredit and loan disbursement. 2. Savings mobilization . 3. Group formation and integration. 4. Entrepreneurship training and development services. 5. Linkages to other none financial support services. Current Account : – Chequ Book – Fix Deposit Savings: – Daily Savings Passbook. – Saving Pluse Account. – Thrift Savings – Long/ Shot Term Savings. Loans: – Individual Loan . – Long/ Shot Term Loan.. - Solidarity Group Loans. –Food & Property Mortgage. -Cooperative/Cluster Group Loans. SYNDICATING THAT LOAN YOU NEED. We arrange the syndication of short and long term loans with the option of clothing them with trustee services. As a subsidiary of the premier industrial bank in the country, our unique experience in project appraisals, consortium financing and securitisation of loans is of immense benefit to our clients. Our Consultancy Unit is manned by highly experienced, multi-disciplinary professionals who will add value to your organization. We possess a rare mix of skills in the identification and delivery of business opportunities and solutions. We specifically offer a broad range of advice, support and solutions on project-related assignments to the SME and large enterprises sectors. Our Consultancy Unit can help you acquire a loan which is designed especially for your company, whether your desire is to start up a new business or to expand your existing business through an increase in production capacity. The first requirement needed before approaching any institution for financial assistance is a detailed feasibility report. The client must present a report that shows they understand the business they are in or intend to go into. Not all clients have the capacity or the time to carry out their own feasibility studies, and therefore hire outside institutions to do so. CIMI, being a one-stop finance house, can produce a feasibility study for the business or transaction you intend to enter into. This can be done for any business irrespective of whether they are using our consultancy service or not. Our financial advisory role in packaging your loan facility will include but not be limited to: Reviewing the major elements of your company’s financial plans to determine the appropriate level of financing required; Packaging the loan request for a group of commercial banks (both onshore and offshore), as well as conducting feasibility studies where applicable; Monitoring the application process to ensure prompt response; and Assisting in creating value through a post-loan approval advisory service until the final liquidation of the loan facility. ATTAINING LIFE’S GOALS WITH OUR FINANCE COMPANY SERVICES. CIMI provides a comprehensive, solutions-based platform that organizes and integrates all of the company’s products and services to better help you achieve the life you desire. We can address your financial services needs completely and holistically. With financial services that include retirement and estate planning services, as well as business solutions, you receive access to a broad range of products and services that can help meet your financial goals. Our dedicated team of Financial Consultants (FC) will design a long-term financial strategy that is not only flexible but customized to your needs and the goals you wish to attain in life. To ensure that this wealth-management strategy evolves with you, your FC will track the progress of your investment, ensuring achievement of your goals. As Fund Managers and a Finance Company, we manage tenured funds of large magnitude for high net-worth individuals, companies, cooperative and thrifts societies and other public organizations. We can also provide:  LPO and Trade financing  Import and Export financing  Financing for Commercial Papers  Warehouse financing.  Manufacturing & Farming finance  Finance for short-term credit facilities  Debt financing and asset trading  Insolvency Management including turnarounds  We offer attractive and high interest rates based on the amount and tenor of the expected placement. IDENTIFYING YOUR NEEDS Our strategy to protect and grow your investment begins by identifying your needs. Higher risks brings greater rewards and vice versa, we therefore need to determine exactly what you want. Our goal is to ensure that your wealth is protected and grows consistently over the long term. CIMI offers you diversified services, which we offer in the money, capital and commodity markets with a view to expanding and improving the quality of services in these sectors to your organization. INVESTING WITH TAXES IN MIND An average CIMI investor needs to invest with taxes in mind in order to reduce the tax burden. Our Financial Consultants will always ensure that any tax planning on your portfolio will be done within the confines of the current tax laws. Due to the decline in oil revenues, the State and Federal Governments have turned to internally generated revenue, however CIMI will ensure that this does not weigh down too heavily on a clients portfolio. Because Government taxing are graduated based on income, you can minimise their impact by working with your Financial Consultant and your lawyer to incorporate tax-advantaged trusts, tax-efficient investments and other strategies into your portfolio. Boosting the tax efficiency of your investments will put you in the best position to keep your long-term financial strategy in a healthy position. Tax-advantaged refers to investments that are tax-free, tax-deductible or have additional tax benefits, such as trusts. Tax-efficient applies to investments that generate relatively low levels of tax, such as mutual funds (with low portfolio turnover) and Government bonds. Once you place your assets in the most effective accounts, you can begin to think about your strategy holistically. For example, you may be able to minimize taxes by rearranging your investment portfolio and offsetting investment gains with losses in your taxable accounts. CASH MANAGEMENT ACCOUNT (CMA) The key factor in achieving your long-term financial goals is your ability to successfully manage your money on an everyday basis. As a leader in financial advice and management, CIMI will find all the day-to-day cash-management solutions that work best with your long-term investment strategies. At the request of the client, any depositor is given the opportunity to turn part or all of his investment into a CMA. A CMA provides a strong foundation for you and your FC to craft a plan for generating and managing the cash you need to achieve your long-term goals and objectives. With CIMI’s CMA, you will receive assistance with your daily income planning and cash management, spend less time managing your finances all for a minimal service charge. Whether it’s your children’s school fees, travel expenses, home or office rent or any other expense, we can assist you in planning how to accommodate them while ensuring that your investment is growing. Just send us the bills and we will do the running around for you. This will enable you to enjoy peace of mind with the freedom you will receive, enabling you to focus on the important things in life. One simplified application process sets you up with an entire suite of money management products. You’ll immediately take advantage of many account features including, but not limited to, check writing, direct deposit, online web bill pay (where applicable) and a host of other time-saving features. A CMA allows you to either keep everyday transactions separate from your long-term investments, or have an all-inclusive account for both. PHILANTHROPY As a wealthy individual, family or business, you may be inclined towards helping society by giving towards the less privileged. There is the traditional method of allocating a portion of your income towards philanthropy, and giving such to registered charities. However there are other ways to give, such as setting up a Private Foundation or Blended Value Investing. CIMI can assist you with any form of philanthropy you choose. Private Foundation A private foundation can provide a great degree of involvement and control, as family members actively manage the investments and grants made. While private foundations require added time, administration, regulatory oversight and costs to operate, they can be an excellent way to give money to a number of charities according to the priorities the family sets. A Financial Advisor can be a key facilitator, explaining to families the resources and people (such as other professional advisors) they need to start a foundation. Blended Value Investing (BVI) We respect the fact that some of our clients may look at their donations as investments in solutions as a way of maximizing their impact on society. Many wealthy philanthropists desire to use the same entrepreneurial values that helped create their fortunes in making sure what they give has the maximum impact. An example of this is Blended Value investing. BVI is a form of giving in which a philanthropists invest in a project of which they expect both a financial and a societal return. An example would be a client who invests in a fund devoted to building low-income housing, of which he or she would receive a fixed rate of return, much like he or she would from a money market investment. However the rate would be lower because part of the return would contribute to the underlying cause. Whatever philanthropic strategy a donor chooses, it’s important to set up regular meetings with your FA to fully understand your philanthropic goals. With open communication, donors are more likely to come away more informed about where their money is going, and more satisfied that it is being spent as intended. CORPORATE GOVERNANCE At CIMI, we have put in place the highest international standards of Corporate Governance. This is to protect your interests and investments at all times. CONFIDENTIALITY As a professional body, we understand our obligation to our clients when it comes to your information. As such, CIMI ensures the strictest possible levels of confidentiality and will never share a client’s information unless a request is received in writing by us. BACKGROUND . 1. A complete cycle shall be 2-3 months 13 weeks. 2. Interest rate on lending is 7% Flat single digit to ACIN Member and 9% Flat single digit to the general public 3. Upfront Fee of 20%(instulment). 4. Mandatory Savings is 20% of amount disbursed 5. Compulsory weekly savings is 4 % of amount disbursed 6. At no point must a member be granted more than N1,000, 000:00 as Associate Member, Full Member N5,000,000:00, Fellow Member – N10,000,000:00 and Honorary Member N20,000,000;00 as first time borrower. 7. Incremental request of credit shall not exceed 50% of liquidated amount. 8. Disbursement shall be at branch (State)level for efficiency and speed at delivering services to members under the strict supervision of the RICO and CSM for checks and balances. 9. There shall be membership card for all members. 10. Membership Card to be centrally produced at the head office of the association under the supervision of the Director General and the CIMI- RICO. 11. Passport photograph to be taken at the branch at the cost of N200 12. Stamp duty at N200 13. Initiate training Programme for microcredit officers to build capacity and increase understanding of the scheme and methodology. 14. Develop entrepreneurship training for microcredit clients to be delivered before draw down as a way to ensure their entrepreneurship capacity and enhance their understanding of the scheme and the areas of improvement the scheme seeks to address. 15. Branch Supervisor to conduct daily monitoring of savings and loans and send daily report to management team and the Finance Manager 16. Credit officers and Internal Control to report directly to the branch supervisor. 17. Internal control to verify all members before drawdown. 18. The Market Expert on a weekly basis map out new communities to be covered and the unit henceforth uses the map of Abuja to determine communities, towns and villages already covered by the scheme and move to areas not yet covered. 19. Verification Officers, LOs to be recruited from each cluster Group as Agent. 20. Credit Officers to be recruited as a staff not a member or customer. WORK FLOW. 1. LO mobilizes customer. 2. Open account with N2000 3. Pays for ATM card with N1500. 4. Pays for stamp with N200 5. Total income per customer is N3700. 6. Account is opened by CSO within twenty (20) minutes of receipt of account package and account details and necessary account instruments are passed to the customer 7. Verification is carried out within Forty- Eight (48) hours, KYC 8. Credit analyst analysis and appraise customers businesses, capacity, viability, Credit need and sensitizes members on procedures. 5 LOAN TENETS The importance of group members abiding by the loan tenets cannot be over emphasized. Before a loan is disbursed to any group, each member is appraised and verified based on ACIN’s appraisal guide. Loans to be given out are short term (24 months). 1. Loan Size – under this scheme the single obligor loan limit is ₦200,000 2. Registration fees - ₦2,000 per person (non-refundable) 3. Group members (minimum of 15 persons and maximum of 25persons) 4. Duration of loans (12 months after 3 months grace period ) 5. Equity contribution: 20% of loan amount 6. Interest rate – 7% flat single Digit for ACIN Member and 9% flat single Digit to other Costumer yearly. 7. Upfront/MGT fees – 5% of loan amount (one off payment) 8. Compulsory savings – 2% flat per week of loan amount 9. Loan repayment – equal amount for each week for the complete loan tenor 10. The weekly repayment therefore is comprised of: i. Loan Principal (every two week installment)= loan amount/no of weeks ii. Loan interest = 7% or 9% of principal amount. iii. Compulsory savings =4% of principal amount/week TOTAL WEEKLY REPAYMENT = i + ii + iii 6 Clients’ files are put together and analyzed at the branch by the Files sent to Supervisor for approval and preparation of offer letters. Soft copy of offer letters for approved loans sent in PDF format to the branch. The Branch CSM and Branch Supervisor sign off on the offer letters. Member signs off on the offer letter. Resident Branch RICO verifies the customers’ signatures and does final CSM effects the loan disbursement. Groups apply for a loan renewal Loans are paid off and liquidated at the Head Office LMU after the 18 months loan cycle. WORKFLOW FOR MICROCREDIT LOAN DISBURSEMENT AT THE BRANCH. A. Microcredit Client- The Micro client initiates the loan process. He or She is required to request for the loan and ensure documentation is completed. The Microcredit client makes a request by stating the amount requested for and proposed tenure of the loan. He or She is also expected to provide all information honestly that will ensure uptake of the loan for businesses to be determined as viable by the bank. B. Credit Officer - This Officer ensures that the forms are properly filled. C. Credit Analyst- He or She ensures that the file is properly analysed; documentation is complete and loan disbursement is made. The Credit Analyst also has the roles and responsibilities of monitoring the loan to ensure that repayment patterns are adhered to. D. Internal Control- He or She ensures there is due diligence in verifying the client and his/her business. He or She is to generate a verification report. E. Branch Supervisor - He or She Co-ordinates the Scheme therefore it is expected that the branch supervisor does the necessary finally due diligence, the branch supervisor is also responsible for booking the loans on the system if he or She approves. This process is to ensure that the credit process is simple and a turnaround time of 48hours from application to disbursement is maintained. RISK MANAGEMENT A risk management process that will prevent potential defaults, detect none performing credits and correcting defects will be applied. The following have been identified as risks inherent in the Microcredit programs: Default in repayments. Late repayment . Loan Officers Colluding To effectively manage this, clients will be expected to understand that microloans are not charity and strategies put in place to ensure that loans are given only to viable businesses. Clients will also be made to understand the sanctions for these and proper documentation done that reflects this. Responsibilities will be assigned to Credit Officer handling Microcredit transactions to ensure proper Know Your Customer (KYC) and appraisal is done to reduce risks associated with defaults. Clients shall be screened on a case by case or group basis to ensure that the 5C’s of credit are thoroughly applied. This 5 C’s are: A. Character- This focuses on the client’s willingness to repay and run the business B. Capacity-This ensures that the cash flow of the business as articulated in appraisal by the Relationship Manager or Credit Administration department can service the loan repayments and interest C. Capital-There should be more assets in the business or households D. Collateral and Collateral substitutes- The client will be expected to provide security and provide guarantee in case of default E. Conditions- Other conditions shall be required by the bank that ensures the loan will only be used for business. 9 Branch Supervisor Internal Control Credit Analyst Credit Officer. LOAN REQUIREMENTS – CHECKLIST BORROWER’S BASIC REQUIREMENTS • 2 Recent Passport Photographs • Utility Bill • Nepa Bill (Photocopy) • Psp Waist Bill (Photocopy). • ACIN District Secretary/ Area Secretary Report MEANS OF IDENTIFICATION (ANY OF THE FOLLOWING) *National ID *Drivers License *International Passport. *ACIN Membership I.D Card. GUARANTOR’S BASIC REQUIREMENTS *1 Recent Passport Photographs *Utility Bill *Nepa Bill (Photocopy) *Psp Waist Bill (Photocopy) *Cheqe NOTE : - The client must have a fixed place of business - The business premises and borrowers residence will be visited and evaluated. - The bank lends to the following sectors – Manufacturing and Processing – Agriculture and Forestry – ACIN Members first. – Trading (in combination with the above mentioned sectors) Board of Directors The Board of the Bank is comprised of the following persons: Chairman/CEO – Hon Oluwasegun A. Mulemora MD – Mr.Olaolu Eniolorunda Finance Manager - Mrs. Felicia Ezeh Chairman/CEO -Sir. Olusegun Akinbonja Mulemora, is a seasoned Industrialist consultant, and manufacture, he has traveled worldwide but locally and internationally, he started his career with Group commercial et Industry in Belgium as project coordinator, he is a graduate in Chemistry Science, Federal University of Technology. And a Theologian of Christi International College of Ministry- with Dip in theology (Living sprig Chapel Church), A Industrial & laboratory Researcher, CEO Seakat Global Resources, Chief Inspectorate Seakat Science & Industrial Laboratory, Proprietor-Seakat Vocational Institutes, CEO-Seakat Beauchamp Incorporation, CEO- Mulemora Farm, Founder- Mulemora Action Group, a politician, and philanthropist. He served as the first Oyo State President- Reformed Youth Alliance for four years, a man of many parts he lecture in International and National Conferences. He join polities in 1995 and become the party local government chairman with Late Lamidi Ariyibi Adedibu of Ibadan and later, in 2010/2011 he contested for House of representative in Ido/Ibarapa federal constituency, Ibadan Oyo State. He is the originator, Founder and Member Board of Trustee of Association of Cottage Industrialists of Nigeria. He is an indigene of Isua Akoko, Akoko South East Local Government of Ondo State, born to the family of Late Com Theophilus Atere Mulemore JP , Married with kids. Managing Director-Mr.Olaolu Eniolorunda Finance Manager :-. Mrs. Felicia Ezeh. Microcredit Client: Credit Officer:- Credit Analyst:- Area Finance Officer/Branch Supervisor:- Internal Control:- Regional Branches. - Adamawa State. Cottage Industries Microfinance Institute(CIMI). Address: 4, Ibadan, street, behind Jimeta Shopping Complex, Yola North, Adamawa State. Niger State. Cottage Industries Microfinance Institute(CIMI). Address: Old unity Hospital Building, Kpakungu, Bida road Minna Niger State. Ondo State. Cottage Industries Microfinance Institute(CIMI). Address: SINA VILLA, 5, Shina Street, Owode oba ile, Akure Ondo State. Abia State. Cottage Industries Microfinance Institute(CIMI). Address: Umahia, Abia State. Kano State. Cottage Industries Microfinance Institute(CIMI). Address: kano State. Cross River State. Cottage Industries Microfinance Institute(CIMI). Address: Calaba Cross-river State. Tags: NGOs in Nigeria
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