Our Contribution to the Millennium Development Goal – Creating Jobs a dollar a time - Nov. 2007

In response to the call for Diaspora Engagement by the Executive Secretariat of the International Network for Microfinance Institution at the 2007 Global Forum Fadugu is launching the Fadugu Fund, our Remittance Matching Program with the sole aim of linking remittances sent with microfinance institutions to create jobs.

Launching on the 1st of January 2008, for every transaction completed through our website we will donate a dollar to the Fadugu Fund – The fund will be accumulated in a high interest deposit account. At the end of the 12 months we will lobby private organisations, development and government institutions to match the funds contributed by Fadugu on behalf of its migrant remittance customers.

On maturity the fund will be used as start-up grants to fund small and medium enterprises in the recipient country. As the old adage goes “charity begins at home” we are launching the program in Sierra Leone but hope to extend to other countries as we expand our operations into different regions.

We have partnered with Afford-UK to provide the business support through its Remittance Plus Program. In Sierra Leone Afford will be responsible for identifying and screening potential businesses in preparation for grant application and grooming them through the grant program. The businesses we fund with start-up grants will be monitored through a 3 year graduation program.

All business will go through a pre-funding business training course, then signed-on as customers of a microfinance Institution, at the end of the 3 year program all clients should have graduated on to become commercial bank account holders.

Whilst the funds mature, customers will have the option of directly funding small businesses that we will profile on this website.

Till Date Fadugu Contribution to Fadugu Fund 86USD