Afde Group No. 5
Ms. N. sells breakfast, lunch and dinner and would like to use part of her loan to replenish her stock of poultry and meat. The other part she will invest in her side business: selling hair weaves.
Each member of the group receives 100,000 FCFA for their business. Like Ms. N., Seynabou F. also sells hair weaves; Ms. Fatma F. sells breakfast items (e.g. sandwiches with bean-spread, mayonnaise, eggs, etc.); Ms. Maguath F. sells frozen juices; and Ms. Baba Coumba L. sells fish.
L'Association des Femmes pour le Developpement d'Entreprises (AFDE: Association of Women for Business Development) is a cooperative of small-scale traders working in Thies, a city about seventy kilometers from Dakar. The Association was founded in 1993 by twenty entrepreneurial women as a cooperative to increase their purchasing power and to organize a tontine. A tontine is a revolving group loan in which each member contributes a small amount to a daily fund, with a different member financed each day.
The tontine has evolved to more formal group loans through UIMCEC. For such loans, the members are split into five-member groups, with a designated president and treasurer. These sub-groups may be the same for many years, but often change members depending on financing needs and other considerations. The AFDE organizes monthly member meetings and runs a cooperative for its members, allowing them to buy rice and other staples at a better price. The association's President is Ms. Mame Diarra Mar.
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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