The group Darou Salam is composed of four vendors of vegetables and condiments from an area marketplace in the city of Mbour. Created two years ago, the group enables its members to gather each day 100 francs CFA in dues, which are submitted daily to a group member by turns. This sum is injected into commerce to bolster the group’s working capital. Facing a deficiency in dues for meeting the need for working capital, the group is requesting a loan. Most of the group members have left their village to become settled in the city in order to have something for feeding their family.
Le groupe Darou salam regroupe quatre (4) vendeurs de légumes et condiment d’un marché de quartier de la ville de Mbour. Le groupe crée depuis deux (2) ans permette à ses membres de réunir chaque jour des cotisations de cent fracs CFA qui sont versées chaque jour à un membre du groupe à tour de rôle. Cette somme est injectée dans le commerce pour renforcer le fonds de roulement du groupe. Face à l’insuffisance ses cotisations à régler leurs besoins en fonds de roulement, le groupe sollicite un prêt. La plus part des membres du groupe ont quitté leur village pour s’installer à la ville à fin d’avoir de quoi nourrir leur famille.
This loan is administered by UIMCEC, a Kiva Field Partner in Senegal since 2008. UIMCEC is a government-regulated microfinance institution whose mission is to improve the revenue and well-being of families through access to financial services, allowing principally women and young adult micro-entrepreneurs living in rural and semi-rural areas to develop their revenue-generating businesses and supporting them in becoming financially self-sufficient.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.