Microfinance Manager in Fafinesu village-TTU District

Since December 2008, AusAID-ANTARA has supported Yayasan Mitra Tani Mandiri (Independent Farmer Partner Association) to set up and run a savings and loan cooperative in Fafinesu village-TTU District in West Timor. The chair of the association explained ” in the beginning we had 43 members, who each contributed R 10,000. Now we have over 300 members and over R 110 milion. Our members borrow between R 100,00 and R 1 million, and pay 2% interest per month. They use the money for income generating activities like purchasing livestock, setting up  kiosks or for paying expenses like school fees. Half of our members are women and half are men. The women manage the money, and have provided their labour for free while we are starting, but soon we hope to be able to pay them for their time. Before we had the savings and loan facility, people from our village had to borrow money from sharks loan who charge 20-30% per month interest. We are just starting our, but already it is different in this village since the Farmers Association has been working with us-they have helped build our personal confidence asa well as helping us economically”.

* Yayasan Mitra Tani Mandiri will receive $ 1.4 million between 2007 and 2010 through AusAID’s Australia Nusa Tenggara Assistance for Regional Autonomy (ANTARA) Program.

Sent by Rachael Moore, AusAID Indonesia and East Timor Branch (Nov 2009)