Memunt, 46 years old, is a widow with four children, ages 9 to 20 years old. She sells yams to make sure she meets her family's financial needs. Memunt sells every day of the week except on Sundays. Her biggest priority is that she feed her family and make sure the children’s school fees are paid. As a widow, she does not have support from anyone; hence, she puts in her best to make sure she succeeds in her business.
Memunt wants to expand the size of her business by buying more yams to sell. She is asking for a loan of 170,000 nairas to purchase more yams to sell to her numerous customers. This will enable her to meet the demand of customers and also buy at a cheaper rate which will also increase her profit. She says thanks to Kiva and LAPO microfinance.
The Kiva Field Partner in Nigeria who administers this loan is called the Lift Above Poverty Organization (LAPO). Kiva’s Staff wants to call your attention to the fact that LAPO is the subject of controversy. While all Kiva Field Partners charge an interest rate on loans to sustainably operate, LAPO’s interest rates (see their “Portfolio Yield”) and profitability (see their “Return on Assets”) are amongst the highest on Kiva. Kiva’s Staff encourages you to learn more about this Nigerian Field Partner before making this loan. http://www.kiva.org/partners/20