Martin Meeting Notes

·      When determining which SEC clubs will get money – we should mandate that at least 50% of the SEC opens a bank account. 

o   This will promote an environment of saving

·      Students should have a savings account to promote a culture of saving.

·      To open an account at Centenary requires a minimum if 10,000 USH ($5).  Every month the bank deducts 1,000 USH. 

·      Loan interest is paid at the end of every quarter.

·      Since Centenary Bank (and basically all the MFI’s and development banks) won’t lend to unregistered groups of individuals.  We’ll need to register each group as a “Community Based Organization.”

o   It’s free to register a community-based organization but we should give the person responsible for the paperwork 20,000 USH ($10) to move things along quicker.  

·      We need to create bylaws for each SEC organization.

o   Martin will give me copies of the Busiro bylaws so we can copy them.

o   Bylaws are important for future funding requirements

·      We’d need to create a memorandum of understanding between Centenary Bank and Educate!

·      Centenary will monitor the projects and advise if / when they are going wrong.

·      Next steps - registering the community groups and setting students up with bank accounts.

·      We need to let Centenary know how we are going to help them out (exposure to a whole new field of clients) – that is the value we’re going to add.

·      Centenary will help us facilitate this process – if the school has more than five students Centenary will go there and help open accounts.

·      We can use MTN mobile money to make payments to the SEC loans.  Students can text money via MTN SMS Banking and Mentor can physically deposit the money in Centenary Bank.

o   Students will be able to view SEC account balance and payment and borrowing history on their cell phones

·      Martin sets up his account at the Natete Branch