SIM, the new microfinance which intends to give loans without guarantee

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Until now in Africa, the existing microfinances did not have social programs. Most of these microfinances do not give loans without collateral. Gilbert Ewehmeh, founder and CEO of YES Cameroon, a social innovation enterprise that supports and promotes start-ups and SMEs across Africa explained to the Digital African News Agency that:” If you are an entrepreneur, an SME, a Star’tup… if you don’t have a guarantee, such as a land title, you don’t have access to bank credit. SIM wants to change this paradigm. We believe that with SIM, we can change everything that is happening now. SIM members will need a guarantee, they will need to better structure their project, to mature their project, and the next step is funding. We intend to give credits on the basis of trust. We will not give cash credits. What we are going to do is that, if a young person involved in juice processing needs a machine, we prefer to buy the machine instead of giving him cash. So it’s kind of this kind of system that we’re going to innovate. We think we will have a definite impact in the economic and microfinance space in Africa“.

The “START UP NKAP INNOVATIVE MICROFINANCE” is a boon for young entrepreneurs in areas such as digital, agriculture, culture, trade and many others.

The new microfinance intends∙ to contribute to training in entrepreneurship and youth leadership.

In an exclusive interview granted to the Digital African News Agency (ADIA),Gilbert Ewehmeh, CEO of Startup’Nkap Inc., Seasoned entrepreneur and also promoter of the “START UP NKAP INNOVATIVE MICROFINANCE” explained that:” the sim goprovide funding for the projects of its members; and more generally, carry out all operations (commercial, civil, movable and/or real estate that may be directly or indirectly related to the effective implementation of its various projects or likely to facilitate their development or termination). To this end, it can perform operations such as the study of projects relating to the entrepreneurial field of its members and the allocation of the necessary financing, the realization of projects relating to various fields of activity of the economy; the cultivation and sale of market gardening and cash crops, and possibly livestock activities; Iorganization of training and capacity building seminars for its members; Iseeks funding from national or international institutional or private partners”.

The “START UP NKAP INNOVATIVE MICROFINANCE” has set up a luxurious headquarters in the Bastos district in Yaoundé, a place called behind the Bastos factory, and answers the phone: +237 222 201 857 / 656 961 883, email: [email protected] Web: www.startupnkap.finance .

However, the promoters indicated, if necessary, the registered office of the cooperative can be established in any other place on the national territory.

For now, membership is voluntary and open to all. The “START UP NKAP INNOVATIVE MICROFINANCE” has was created for a period of ninety-nine (99) years, from the day of its registration in the Register of Cooperative Companies, except in the event of early dissolution or extension provided for in the articles of association adopted at the Constitutive General Assembly of StartupNkap Innovative Microfinance (SIM) which took place on Thursday August 05, 2021 at the headquarters of StartupNkap Inc in Bastos.

As a reminder, Startup’Nkap is an innovative financing and investment company designed to attract
angel investors, venture capitalists, equity investors, crowdfunding and
other financial services from various finance sectors for inclusive financing of small and
medium-sized enterprises with an emphasis on industrialization. Its role is to connect, mobilize
funding and channeling resources from different sectors to invest in SMEs and
start-ups in its portfolio./.

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