1. NNEW Cooperative Multipurpose Society Limited NIGERIA Category: Lobbying and Advocacy Provision of Services Governance Membership strategy

2. NNEW Cooperative Multipurpose Society Limited BRIEF DESCRIPTION OF THE INITIATIVE The NNEW CMSL was launched to enhance members’ opportunity to access finance and encourage them to develop a savings culture. It was inaugurated to service members of NNEW who register to become members of the society. About 20% women entrepreneurs in NNEW are members of the co-operative It was inaugurated on the 1 st of September, 2010 The co-operative is financed by the monthly contributions of members, interests from investments and buying of shares. The pool of funds are invested by the society and loaned out to members who are eligible to access the loans.

3. NNEW Cooperative Multipurpose Society Limited Annual General Meetings (AGM) are held to give account to contributors and the regulatory agency. The co-operative has a pool of qualified management committee members who ensure the judicious utilization of funds and the strict implementation of the co-operative bye- laws. We are regulated by the Lagos State Ministry of Agriculture and Co-operatives. General meetings are held at least thrice yearly where the management and members of the co-operative meet to deliberate on the well-being of the co-operative; there must a general consent on how the monies are utilised. The NNEW secretariat handles all its administrative activities.

4. NNEW Cooperative Multipurpose Society Limited POSITIVE RESULTS 23% have applied for loans and 19.7% of them have been able access it Over $57, 000 have been disbursed to them to improve and expand their businesses. The co-operative has also created another networking platform for the women It has put the organisation at an advantage to key into government initiatives for access to funds for women businesses. The members receive dividends at the end of the year The idea for a women focused microfinance bank was developed from the success story of the CMSL and plans are underway to achieve that. CHALLENGES Difficulty in enforcing payment when members default because of emotional ties with the network. Religious beliefs discouraging borrowing especially northern Nigeria Some members are reluctant to guarantee others to borrow

5. NNEW Cooperative Multipurpose Society Limited Supporting documents www.nnew.org Contact details Ann Adelaja NNEW, Executive Secretary 2348022093039 esosa.adelaja@gmail.comesosa.adelaja@gmail.com, nnewomen@gmail.comnnewomen@gmail.com