MEDIC Benin Scholarship Endowment Fund For
Promoting Education and Enterprise – the basic building blocks of every society.
Double the Power: Education and Community Enterprise Development
Donations to the Scholarship Endowment Fund have a double impact on the welfare and progress of the people of the West African nation of Benin, one of the most stable democracies in all of Africa but also one of the world’s poorest nations.
- Donations to the Scholarship Fund go to an endowment that provides micro-loans to individual and small group enterprises that can transform families and communities. Micro-loan financing returns 5% to the endowment fund.
- Three-quarters of the proceeds from the micro-loan financing provide merit-based scholarships to students in post-secondary education institutions; one-quarter of proceeds are retained by the Fund and reinvested in micro-loans to grow the endowment and thereby fund more scholarships.
The MEDIC Benin Scholarship Endowment Fund:
MEDIC Canada and its affiliate, MEDIC Benin, established the MEDIC Benin Scholarship Endowment in 2015 with an initial endowment of $80,000. Each year since, proceeds from the Fund’s micro-loan investments have added $1,000 to the endowment and provided a scholarship of $3,000 per year. The scholarship covers tuition fees, books and supplies, plus a living allowance if required. Scholarships can be renewed provided the award winner continues to meet the scholarship criteria. MEDIC Benin administers the award process.
The first scholarship recipient was Charlotte, a girl from a remote village. She is the youngest in a family of 13, She is the only girl in her family to go to school and the only person in her village to have an education beyond grade ten. She has received the scholarship for three years and is now in her third year in a university business program. She is consistently at or near the top of her class. Charlotte’s Christmas letter to a donor: I’m truly grateful for the Christmas present you sent me. This gift allowed me to do some things. Infinitely thank you. I also thank you for the greeting card you sent me. It contains best wishes so much that I cannot get rid of it. This gesture goes straight to the heart since it is the first time I receive a greeting card. It shows more your love for me. For my part, I promise you not to disappoint you. I will do my best to give the best of myself. Sent with love, Charlotte
Charlotte, her classmates and Professor
Scholarship Criteria: (with full consideration given to female applicants)
- ~ Superior academic achievement
- ~ Good Character, mature manner of living
- ~ Inability of student to secure funding from any other source
- ~ A stated commitment to work in Benin upon graduation in order to strengthen the country
- ~ An agreement to work at least two hours per week during the university year as a volunteer to contribute to the welfare of others who need assistance.
MEDIC Benin Micro-Loans:
Micro-loans provides funds to promote economic self-sufficiency to people who don’t have access to the traditional finance sector, especially women who remain vulnerable and continue to suffer from a lack of economic opportunities. Usually a micro-business has 1-5 employees and the loan amounts range from $50 to $1,000. A loan, even of these small amounts, can make a huge difference in the lives of families and communities, giving them, for example, the ability to purchase livestock, a sewing machine, an extra supply of materials to increase production. Eighty-five percent of loans go to impoverished women with families. Village Trust Banks – small groups of enterprises – are established that have cross guarantees between members. Loan repayments have exceeded 98% over the past fourteen years.
Micro-Loans in action:
My name is KESSOU Christiana. I am 34 years old and married. I am a seller of kitchen utensils. I have been an itinerant seller of these utensils from 2013. I was buying these utensils at credit every 10 days for $1,000 and have to repay with $100 of interest per 10 days or 30% interest per month.
With that system, I could not make a good profit and also this was impacting negatively my health because I have to walk a lot to find some customers. I was looking for solution to this situation when I have heard about MEDIC Benin and have applied for my first individual loan in October 2014. After loan review process, I received a loan from MEDIC Benin which allows me to buy my goods for cash and have started making some good profits. With monthly repayment system and lower interest rate available at MEDIC Benin I have been able to increase my stock and to open my own shop in 2015. My customers and my profit have increased so much that I am now able to repay easily my last loan that I have received from MEDIC Benin. God Bless MEDIC.
MEDIC Benin Management:
Christophe Alexandre Adande serves as Executive Director. He is an economist with a banking degree and is a consultant for International investors in Benin. Mr. Adande has consulted with the World Bank on several projects in West Africa. MEDIC Canada representatives make periodic visits to Benin for first-hand information on the way donations have improved the lives of people, communities and ultimately the nation.
Benin, West Africa: (Republique du Bénin – a former French colony)
Benin has a population of 11 million and is located immediately west of Nigeria on the Atlantic coast. Its economy is primarily subsistence agriculture and fishing. Despite its democratic stability and recent growth, Benin remains in the poorest 10% of countries; the national poverty rate has been persistently near 40%. Life expectancy is about 62 years; under five mortality is over 10%. The literacy rate is 52.2% for adult males and 23.6% for adult females.
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Please identify MEDIC Benin Scholarship Funds when donating via the donations link. Thank you!