On November 2, 2022, marking the 31-year journey of establishment and development, CEP Microfinance is steadfast in its mission to reduce poverty among workers and low-income members of the community through the provision of financial and non-financial products in a practical, effective way.
Capital Aid For Employment Of The Poor Microfinance Institution (CEP Microfinance Institution), formerly known as the Capital Aid Fund for Employment of the Poor, supports poor workers to create jobs for themselves and is a non-profit organization, founded by the Ho Chi Minh City Federation of Labor and by the People’s Committee of Ho Chi Minh City in 1991. During 31 years of operation, CEP has always been consistent with the mission of working for the poor in order to contribute to ensuring social security through providing financial and non-financial services in a practical and effective manner.
From an initial capital of only 460 million VND, until now CEP’s capital has grown to more than 6,000 billion VND with a network of 36 branches in Ho Chi Minh City and 9 provinces in the Southeast region and the Mekong Delta. In 2022, the impact of the Covid-19 epidemic still had a direct impact on the organization’s operations, though CEP staff made efforts to restore operations, persistently bringing preferential capital to workers, helping customers restore income-generating activities, and stabilizing their lives. By October 2022, more than 338,000 poor workers and low-income members of the community are being supported by loans from CEP with a total outstanding balance of over VND 5,500 billion.
Along with providing credit and savings products, CEP always coordinates with Trade Unions at all levels and local authorities to implement Community Development activities to improve the welfare of workers in the most difficult situations. Over 31 years of operation, CEP has built and repaired 1,080 houses and donated 376,540 scholarships, study gifts, and many other activities under the Community Development program with a total budget of more than VND 262 billion. Particularly in 2022, proactively joining the implementation of the goals of the “National Financial Inclusion Strategy”, CEP has executed a financial education program to communicate the harmful effects of “black credit” to help workers and employees proactively avoid it. At the same time, organizing 11 trips “CEP – Sharing love, with workers and low-income members overcoming difficulties due to Covid” to provide practical support to those affected by the Covid-19 epidemic.
In the projection for 2030, CEP aims to expand the serving areas, increasing the number of poor workers using CEP products to 1 million people. CEP will strengthen the application of technology and develop diversified, safe, convenient, and appropriate products to continuously improve the service quality for workers and low-income members of the community.
Some pictures at the ceremony on November 13th, 2022:
