Businesswoman Accelerates Her Business Growth
Already an experienced fabric dyer, Nabintou Sangare Diakite became a soap manufacturer/ merchant in 1994 after training in Ivory Coast. Starting her soap business with her own savings, the growth of her activities allowed her to diversify her suppliers, as she now uses palm oil from Ivory Coast and shea butter from Mali. The quality of the soap she produces now reflects the affluence of her clientele. As demand increases, so does the need for funding to increase production. To fulfill this need, Mrs. Diakite has relied on Kafo Jiginew who has provided her successive loans of $2,000, $4,000, and two $20,000 loans, all of which she has repaid in full. more
A member of the Artisanal Organization of Sikasso, Mrs. Diakite became aware of Mali Finance through its partner NGO, ACOD who proposed that she attend a ComptEx training (a completely simplified system of accounting, without debit or credit and without account numbers, notions that are sometimes confusing for the layperson). She attributes her improved business to the guidance provided in the training: “Previously, I worked in a very informal manner. For example, I allowed people to purchase up to $1000 of soap on credit, who would then claim its value at only $200. I couldn't effectively argue such matters with my clients because I never recorded transactions. The training has solved all of this. The trainer taught me how to use consistent bookkeeping methods to follow-up on payments. Now I'm more careful about the management of funds and I check my liabilities, receipts, refunds, gains and losses on a monthly and yearly basis. At first, I wasn't aware of any of these procedures. Now I am capable of monitoring my debt and credit.”
Today, Madame Diakite is proud to be her own accountant. With the help of the ACOD project-monitoring agent, she hopes to master the process of regular assessment. With about thirty employees, the business has advanced beyond the level of informal management. Additionally, the business owner wants to halt production of her product in her own home since the ingredients used are hazardous to the health of her family. She met with Kafo Jiginew for a loan of $40,000 for the development of an adapted workspace that meets environmental security standards.
Mother of 5 children, Mrs. Diakité has realized with the help of Mali Finance training that her company is a legal entity that must check itself for clear data on a regular basis. Now she knows that good accounting practices, in addition to allowing her increased control of the business services, is a means for financial partners to gauge confidence, allowing her and her business increased access to credit. She is now aware that increased access to credit is not just convenient, but necessary for the healthy growth of her business, which continues to improve the quality of life for her and her family.
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last updated: monday, february 25 2008