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Doing Development in West Africa: A Reader by and for Undergraduates
Edited by
Duke University Press
Copyright:
This content is made freely available by the publisher. It may not be redistributed or altered. All rights reserved.
ISBN electronic:
978-0-8223-7403-9
Publication date:
2016
With a small pot of money ($500), a Duke student established a microfinancing project for teens in the northern Togolese village of Farendé in 2013. After schooling herself in principles of the local economy, especially local conceptions of debt and credit, and interviewing the heads of other microfinance lenders to learn best practices, she conceived an innovative lending scheme and vetted applicants, selecting seven for small loans. Unheard of in this area, where microfinance lending is reserved for adults alone, this lending arrangement boasts inordinately high rates of return (greater than 90%). The chapter details the road to teen micro-lending success in this area.
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