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Sope Serigne Babacar Sy Group No. 3
In this Group: Awa, Mareme, Gnangna, Maimouna, Aly
Sope Serigne Babacar Sy is an association of female commercantes (vendors) working in Thies, a city about 70km from Dakar. The association, named after an important marabout (a religious leader in West African Islam), was founded in 2006 by a group of entrepreneurial women from the Cité Lamy neighborhood. The aim was to help the members finance their small businesses through a revolving savings fund called a tontine, in which members contribute a small amount to the pot each month to finance one member's activities. Today, the association has evolved to secure group loans for its members through cooperation with UIMCEC. 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. Currently, there are 14 groups of women financed through UIMCEC. Sope Serigne Babacar Sy is headed by Ms. CoumB. Faye, the president, and Ms. Oumu Ngom, the treasurer.

Awa B. heads group No. 3. She has been selling perfumes and cosmetics for about four years. Awa chose perfume sales as they sell quite quickly - currently, the Casablanca and Aqua de Gio scents are the best sellers, she says. Awa is married and the mother of two children, aged 2 and 6.

The other groups members are: Mareme D., who sells detergents and soaps; Gnangna D. who has a small kiosk selling small items from perfumes to candies; Maimouna F. who has a small vegetable stall in the market of Grand Thies; and Aly T. who sells marmite cooking pots in the same market. Each group member receives 100,000 FCFA in loan financing to bolster her respective activity. This is the second loan for the group.

Additional Information

About UIMCEC

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.

About Senegal

  • $1,759
    Average annual income
  • 39
    View loans »
    Senegal Loans Fundraising
  • $13,110,150
    Funds lent in using Kiva
  • 458.3
    Communauté Financière Africaine Francs BCEAO (XOF) = $1 USD

Success!! The loan was 100% repaid

A portion of Sope Serigne Babacar Sy Group No. 3's $1,100 loan helped a member to finance each member's small business.
100% repaid
Repayment Term
12 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 21, 2009
Listed
Jan 15, 2010
Currency Exchange Loss:
Covered
Ended:
Nov 20, 2010