As I embark on this twelve-month journey of reflection and giving back, my heart is drawn to a cause that has been close to me for many years: the Ogoloma Women’s Cooperative Microfinance Scheme. Since 2006, I have had the privilege of co-funding this initiative, which empowers women in a rural community through access to low-interest (5%) loans for their microenterprises.
Reflecting on my own upbringing, I realize how profoundly shaped I was by my mother, a widow who faced life’s challenges with unwavering strength and resilience. She taught me the value of hard work, determination, and the importance of community support. Growing up in an environment where financial resources were scarce, I witnessed first-hand the struggles that women often endure to provide for their families. This deeply rooted appreciation for women’s empowerment drives my commitment to this Microfinance scheme.
The Ogoloma Women’s Cooperative serves as a lifeline for petty traders — women who sell goods in local markets, often juggling multiple responsibilities as caregivers and entrepreneurs. Through this initiative, they can access small loans at very low interest, enabling them to invest in their businesses, purchase inventory, and expand their reach. This financial support not only uplifts their families but also strengthens the entire community, as these women reinvest in local economies.
A small beginning in 2006. I gave a trusted friend one hundred thousand naira and asked her to give the money to four women as interest-free loans. They paid back the money after eight months. I told my late mentor, Emeritus Professor Nimi Briggs about it. He added #150k. We gave out #250k next round. Same 100% return.
I saw the book “Banker to the Poor”, the Story of Grameen Bank and the work of Muhammad Yunus in Bangladesh by chance when I visited our Mankind Survival Project (NGO) office in Port Harcourt the following year. My interest in Microfinance for rural women was kindled.
In May 2008, as Guest speaker at the Wakirike USA conference in Minnesota I mentioned my small successes. The following year, I was given $2,000 at the 2009 Wakirike USA Conference in New Jersey to expand the initiative from Ogoloma to all four communities on Okrika Island. It was a bit more challenging as some women in the new communities saw the opportunity as “free government money.”
A year later, in Baltimore, Maryland, where Wakirike Development Coalition was inaugurated; with further success story, the fund increased to $7400 and all the nine ancestral clans of Wakirike people in Okrika, Ogu/Bolo and Port Harcourt Local Government Areas had microfinance projects for women. MANKIND (NGO) had the responsibility of running the project. We also partnered with Global Giving to raise ~£4,000 in grants from friends and family at home / abroad to support the Microfinance programme.
Unfortunately, in 2015, the project was temporarily halted for evaluation but was never restarted.
When my Mum passed on, I felt the need to restart the Microfinance programme. I went back full cycle to Ogoloma where it all began. I had a million naira to get things going again. The good news is that the Ogoloma Cooperative group members are well motivated. They meet every month and contribute small funds from where they occasionally make loan repayments if a member is temporarily unable to meet up with her responsibility for a month. Via our community WhatsApp, there has been further support and the money has been doubled and our plan is to double the loan amount each year the women achieve 100% repayment.
Though the women pay 5% interest, that money does not come to us. It is collected upfront and the women are given the opportunity to decide on how it is spent helping a young person in the community. They oversee that project – their way of giving back too.
There are many stories about how this little intervention has made a difference in the lives of our women. I remember an acquaintance who once told me his sister in her 40s once asked him for money every month. A few months passed and she did not ask him for money. When he picked up courage to ask her, she informed him that she was a beneficiary of the Microfinance loan scheme and with that she was able to manage her life better.
My hope is that someday (not too far away), we will have an Ogoloma Microfinance Bank, providing ethical loans to Ogoloma women, men and young entrepreneurs! In supporting the Ogoloma Women’s Cooperative, I am reminded of the essential role of women in building a better future and this initiative embodies the spirit of empowerment and community that I believe is vital for sustainable development.
I encourage everyone to think about the women in your community. Can you do something similar? Help spread the word about the power of Microfinance.
As I continue the countdown to a landmark birthday, I am filled with hope and gratitude for the opportunity to contribute to a cause that uplifts others while honouring my past. Together, we can create a ripple effect of positive change that not only transforms lives but also fosters a sense of community and solidarity.
Post script: None of this story could have been written but for the dogged determination of Mrs Minabo Austen-Okoroafor, Country Director of MANKIND, who the Ogoloma Cooperative women call “Mina Nyengi” (our Mother). It takes a (wo)man with a heart of God to see the end from the beginning. Thanks, Mina!
