Victory Empowerment Centre is a micro-finance Non Governmental Organization (NGO) with a prime objective of improving the living of the poor women through innovative and flexible microfinance services.
Objectives of Victory Empowerment Centre Includes:
• To promote a lasting positive change in the lives of the less privileged and the small-scale business operators in Nigeria.
• To create an opportunity for poor citizens to achieve their vision
• To enhance a better standard of Living in the Nigerian Communities
• To ensure sustainable development through fund empowerment, and skill acquisition
• To support structures that promote self-reliance and economy development
• To assist and guide people in obtaining financial assistance for future development
• Provision of employment to Nigerian youths.
Date of Establishment
Why Grass Root Micro-finance
Microfinance being provision of financial services for poor and low-income clients without access to formal financial institutions offered by different types of service providers. In practice, the term is often used more narrowly to refer to loans and other services from providers that identify themselves as “micro-finance institutions” (MFIs).
Microfinance refers to a movement that envisions a world in which low-income households have permanent access to a range of high quality and affordable financial services offered by a range of retail providers to finance income-producing activities, build assets, stabilize consumption, and protect against risks. These services include savings, credit, insurance, remittances, payments, and others.
The Need for Micro-finance in Nigeria
The opportunity of Micro-financing was triggered by the poor performance of the conventional finance sector. The essence was to reach the overwhelming population of the poor in Nigeria and to assist in the drive to alleviate poverty. Barely a million had been provided with some small credit in Nigeria while over 40 million poor are yet to be attended to in terms of supply of microloans. Micro-finance specific institutions in Nigeria have not adequately addressed the gap in terms of credit, savings and other financial services required by the micro entrepreneurs.
The existence of Micro-finance institutions in Nigeria was based on the existence of a huge unserved market, over 80 million people with a population of over 150 Million been the most populous country in Africa, two third of Nigeria people are poor and they all depend on microloan for their livelihood.