WEEK 9. QUESTIONAIRE

This week we carried out a survey at A.U.N through questionnaire and these are the results we obtained.

1. INTEREST

a) All are interested in applying for a loan.
b) Most are not certain on whether to get a loan or not.
c) Non of them will go to their work mate when in need of extra money.

2. DEMOGRAPHY

a) Most are Males.
b) All attended Secondary School.
c) All are Singles. 3.PERCEPTIONS a) Most will use their extra money for business. b) Most of them know the difference between micro finance and traditional banks. c) Most of them have had of micro finance. 4. BEHAVIOR a)Most of them regularly save money b)Most of them keep their money in the bank c)All have received a loan from the bank.

WEEK 7: TED TALKS

FEED BACK ON CHAPTER 9.

This chapter opens us to a different picture about the poor who are now seen as natural born entrepreneurs. The poor have a greater shot of being an entrepreneur as their ideas are still fresh and have not been tried as well as the fact that they have been ignored by the rich entrepreneurs. Therefore the poor just need the right environment and a little bit of help to start their exit out of poverty. Thus if we are to help them out, we should bring the help down to them where they can get the assistance easily. This could be done by the poor themselves.  Another aspect which supports the fact that the poor are natural entrepreneurs is the fact that despite the things that militate against them, they are still willing to engage in business just as their rich counterparts. Thus given the help, even the poorest people will begin their exit out of poverty.

TED TALK 1: How to Start a Movement, by Derek Sivers.

  According to Derek Sivers, the following tips are of utmost importance when starting a movement;

•         The leader needs to stand out and be ridiculed.    
•    Your first followers must be your equals. You should treat them as equals or partners.

·        A movement must be a public show and not something secret as most people hold it.
·        To start a movement, you must have the courage to follow and teach others how to follow.
·        Your first followers are the ones who transform you into a leader and that leadership is over glorified.

TED TALK 2: Weird or Different, by Derek Sivers.

  Under this section, Derek Sivers encourages us to move out of our area of usual habitation and see how things work in other parts of the world as the opposite of what we hold or assume may tend out to be true. A good example is the case of address in America and Japan. In America, Streets are named not blocks while in Japan, they name blocks rather than streets and houses are numbered according to the order of their construction and not successively. Also, In China, doctors are being paid when people are healthy and not when they are sick, since their duty is to keep you healthy.

For more light, watch the following videos of Derek Sivers!!!!!!

WEEK 6: ATALK ON MICROFINANCE BY; ASONGO ABRAHAM

    

 Financial Literacy also known as Financial Education is the act of giving people the first-hand knowledge on how to access funds, manage their finances, how to borrow, save and payback. People who need financial literacy are actually the poor, living below the poverty line.

   Micro finance is a financial institution which has its prime motive being that of piloting the poor out of poverty to better their living standards, they do so by providing them with loans at a very low interest rate, teach them how to save and payback their debts. This movement was started by Mohammed Yunus who is seen as the founder of modern micro finance. The reason for the low interest rate is ensure sustainability. Therefore the role of the Micro finance is to help the poor do things differently by training one how to the business before giving him the finances. Before you obtain a loan from a Micro finance institution, you must have the culture of saving; they even try you first by asking you to save a given amount per day, week or so.

   Micro finance is divided into two, the formal and an informal sector. The informal sector refers to those local ones operated by petty traders on daily basis while the formal ones has to do with banks controlled by the central bank.

  Borrowers from a micro finance institution are grouped into common groups where each members of a group is liable for the debt of other group members. This is done to avoid the default. Thus the group acts in place of the collateral security collected by banks.

   The advantages of a loan from a bank over that from a friend is the fact that banks give training on how to use the money, give unlimited amounts in as much as you repay duly and there is greater prospect of continuity. Also, micro finance institutions also effect an insurance cover for its borrowers which is directly connected with the Nigerian Deposit Insurance Cooperation (N.D.I.C) and the Nigerian Agricultural Insurance Cooperation (NA.I.C).

WEEK 6- SNAP THIS

This week, we were requested to go out and snap any thing that represents financial literacy. This exercise is aimed at assessing our understanding and mastery of the course. The following images of children begging for something to eat illustrate a call to action as what we read in text books are equally happening right around us.