Riverbank Credit SACCO Limited
managed by S. Odhiambo
About Riverbank Credit. see it here http://www.riverbankcredit.com/links.php# Riverbank Credit (2008) is special purpose vehicle for Riverbank Crescent Self Help Group-Registered in 2005. The Self Help Group applied, was vetted and given status of SACCO (Savings and Credit Society Limited by guarantee) in February 2009.
The purpose of this fundraising is for the organisation to have infrastructure such as would enable members to access credit at a more affordable rate. Assistance for this project then can be divided into three.
a) Technology- Any interested person with knowledge of web design and who can create a lending PLATFORM where borrowers interact directly with lenders would be much appreciated
b) Infrastructure/equipment purchase- The organisation has identified that in order to reduce interest rates and have funds available to more clients, there is need to be computerised and hold data in a reliable software. This costs Kshs 1.5 million according to tentative figures provided by craft silicon- local vendor of IT software(http://www.craftsilicon.com/offices.asp). We are appealing for this project
c) Infrastructure2- The organization started as an informal lending Self Help Group and all its resources are tied to lending to new entrants i.e. A new member puts in USD 6/- and is granted USD 30/- as first loan. Consequently , the organization is unable to support internal back office infrastructure as Human Resources, Audit nor strong senior management all of whom provide infrastructure for growth . We have estimated the cost at about USD 17,000/= and submitted details under - http://www.bidnetwork.org/module/ManageMyThings/list/mine
We seek those interested to help this project
d) Funds for on-lending – Subject to performance of a) Attainment of Online lending platform, we estimate the demand over the short term period to be another USD 16,000/-