Serigne Babacar Sy No. 1 Group
Today, the association has evolved to secure group loans for its members through cooperation with UIMCEC, a Kiva partner. Groups of five are financed through 10-month loans in which each member receives an equal amount. On the 20th of each month, the members of the association hold a meeting to collect the repayments. CurrentL., there are 14 groups of women financed through UIMCEC. Sope Serigne Babacar Sy is headed by Ms. Coumba Faye, the president, and Ms. Oumu Ngom, the treasurer.
Ndeye Fatim P. heads group No. 1. She is partners with her older sister, Arame P., who is also in the group. Together, they take turns making the trip to their aunt's farm to purchase peanuts to sell in the market of Grand Thies, a neighborhood in the middle of the city. They have been in the business for some six years. Ndeye also sells breakfast to her neighbors, mainL. sandwiches with niébe (bean spread), mayonnaise or tuna.
The other three members are: Coumba L., who also sells peanuts; Mame Saye D., who sells Marmite cooking pots; and Diarra D., who sells detergents and soaps. Each member of the group receives 100,000 CFA francs to finance their activities.
About UIMCECThis 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.
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Success!! The loan was 100% repaid