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Togo > Women and Associations for Gain both Economic and Social (WAGES)

WAGES (Women and Associations for Gain both Economic and Social) is a microfinance institution created in 1994 by the initiative of CARE International in Togo under the form of a savings and loan program. In September 1999, WAGES became an autonomous microfinance NGO recognized by, among others, the Ministry of Economy, Finance and Privatization under framework convention no.029/MFP/CAS-IMEC.

As the institution developed, WAGES diversified its clientele, going from working exclusively with women to working primarily with women but also with men and microentrepreneurs. Its geographic coverage also increased, going from exclusively urban areas to more rural ones, thanks to the creation of agencies and service delivery points further inland and in rural areas.

WAGES’s vision is to “Become a sustainable and exemplary microfinance institution in Togo” and to actively participate in the socio-economic development of the communities it serves.

Services offered include:

Savings

- Obligatory savings before granting loans: makes up 1/3 of loan granted

- Demand deposit

- Fixed term deposit

- Tontine funds: collecting small sums directly from microbusinesses

Lending

- Ordinary lending to associations and solidarity groups that have previously amassed savings worth 1/3 the amount of the loan

- Individual lending to those who have previously amassed savings worth 1/3 the amount of the loan

- Direct lending without previous savings; small loans for under USD 200 granted in rural, underprivileged areas

Training

- Administrative organization of associations

- Managing savings

- Managing income-generating businesses

- Marketing

- Accounting documents

- Functional literacy

- AIDS and malaria awareness

- Food processing and production techniques

Institutional Support:

We provide solidarity groups and associations with the documents they need for a sound legal foundation. These documents include articles of association and by-laws, among others.

Income:

On November 30, 2007, outstanding amounts of loans and savings were USD 9,500,339 and USD 6,026,119, respectively. There were 46,886 members.

Photo : 1st Row, right to left :

- Ayika Kangni : Chef Service Comptabilité/Finances

- Tounou-Akue Akuélé : Chef Département Administration/Ressources Humaines

- Nassirou Ramanou : Directeur Général

- Souleymane Rékia : Responsable Informatique

-Sossa Hokindé : Chargé de la clientèle

Second Row, right to left :

- Logou Manubé : Assistant Chef département Programme

- Samey Y. Comlan : Chef Service Audit et Contrôle Interne

- Ouro-Djobo Abdella : Coordonnateur des agences

- Akamah Bénédicte : Secrétaire de direction

- Pisso Amana Elliot : Chef Département Programme

- Akuété Sowada : Comptable Sénior